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The Evolution of the US Airline Industry : Theory, Strategy and Policy
For over three decades the airline industry has continued to maintain a high profile in the public mind and in public policy interest. This high profile is probably not surprising. There does seem to be something inherently newsworthy about airplanes and the people and companies that fly them. The industry was one of the first major industries in the United States to undergo deregulation, in 1978. It thereby transitioned from a closely regulated sector (the former Civil Aeronautics Board tightly controlled everyt thing from prices to routes to entry) to one that is largely market oriented. The incumbent carriers transformed themselves from the point-to-point operators that the CAB had required to the hub-and-spokes structures that took better advantage of their network characteristics. This legacy, when combined with the high-fare end of the yield-management pricing structure, has made them vulnerable to entry by new carriers with lower cost structures.
The Econometrics of Panel Data : Fundamentals and Recent Developments in Theory and Practice
Provides a general overview of the econometrics of panel data, both from a theoretical and from an applied viewpoint. Since the pioneering papers by Kuh, Mundlak, Hoch and Balestra and Nerlove, the pooling of cross section and time series data has become an increasingly popular way of quantifying economic relationships. Each series provides information lacking in the other, so a combination of both leads to more accurate and reliable results than would be achievable by one type of series alone. This third, enhanced edition provides a complete and up to date presentation of theoretical developments as well as surveys about how econometric tools are used to study firms and household’s behaviors. It contains eleven entirely new chapters while the others have been largely revised to account for recent developments in the field.
The Eastern Enlargement of the Eurozone
The Eastern Enlargement of the EU will not be complete until the new member states join the EMU. Lower transaction costs, elimination of exchange rate risk and the danger of currency crises, further trade and investment creation, lower interest rates and large fiscal gains, should outweigh the loss of the exchange rate as adjustment tool.
Surviving Globalization? : Perspectives for the German Economic Model
Society, and state Interspersed between these most commonly named elements are the following: First, the high political integrating force of the German Model after WWII was based on the adoption and transformation of corporatist political structures from National Socialist Germany. Liberal capitalism was (re)introduced under political competition between Christian Democrats and Social Democrats, who eventually found common ground in the politically mediated compromise between capital and labor: “This compromise was negotiated and institutionalized at a time when the communist wing of the workers movement and the authoritarian voices of German capital – for various reasons – were excluded from political participation
Preferences and Procedures : European Union Legislative Decision-Making
Preferences and Procedures presents and tests game-theoretic models of European Union legislative decision-making. It is inspired by the idea of linking statistical testing strategies firmly to formal models of EU policymaking. After describing salient features of the EU legislative process and comparing different models of how the EU negotiates new legislative measures, the models' predictive power is evaluated. On a more general level, Preferences and Procedures answers questions regarding the empirically recognizable effects of institutional arrangements on joint bargaining outcomes.
Portfolio Management with Heuristic Optimization
Portfolio Management with Heuristic Optimization consist of two parts. The first part (Foundations) deals with the foundations of portfolio optimization, its assumptions, approaches and the limitations when "traditional" optimization techniques are to be applied. In addition, the basic concepts of several heuristic optimization techniques are presented along with examples of how to implement them for financial optimization problems. The second part (Applications and Contributions) consists of five chapters, covering different problems in financial optimization: the effects of (linear, proportional and combined) transaction costs together with integer constraints and limitations on the initital endowment to be invested; the diversification in small portfolios; the effect of cardinality constraints on the Markowitz efficient line; the effects (and hidden risks) of Value-at-Risk when used the relevant risk constraint; the problem factor selection for the Arbitrage Pricing Theory.
Optimization in Economics and Finance : Some Advances in Non-Linear, Dynamic, Multi-Criteria and Stochastic Models
Optimization in Economics and Finance extends and improves the usual optimization techniques, in a form that may be adopted for modeling social choice problems. Problems discussed include: when is an optimum reached; when is it unique; relaxation of the conventional convex (or concave) assumptions on an economic model; associated mathematical concepts such as invex and quasimax; multiobjective optimal control models; and related computational methods and programs. These techniques are applied to economic growth models (including small stochastic perturbations), finance and financial investment models (and the interaction between financial and production variables), modeling sustainability over long time horizons, boundary (transversality) conditions, and models with several conflicting objectives. Although the applications are general and illustrative, the models in this book provide examples of possible models for a society's social choice for an allocation that maximizes welfare and utilization of resources. As well as using existing computer programs for optimization of models, a new computer program, named SCOM, is presented in this book for computing social choice models by optimal control.
Optimal Control and Dynamic Games : Applications in Finance, Management Science and Economics
The book consists of a collection of essays by some of the best known scientists in the field, covering diverse aspects of applications of optimal control and dynamic games to problems in Finance, Management Science, Economics, and Operations Research. In doing so, it provides both a state-of-the-art overview over recent developments in the field, and a reference work covering the wide variety of contemporary questions that can be addressed with optimal control tools, and demonstrates the fruitfulness of the methodology.
Numerical Methods in Finance
The use of mathematical models and numerical techniques in finance is a growing practice, and an increasing number of applied mathematicians are working on applications in finance and business. This book presents some exciting developments arising from the combination of mathematics, numerical analysis, and finance. It covers a wide range of topics, from portfolio management and asset pricing, to performance, risk, debt and real option evaluation. It also presents applications of a variety of cutting edge approaches and techniques, including robust control, min-max optimisation, Bessel processes, stochastic viability, variational inequalities, and Monte-Carlo test techniques. The book also presents surveys of models and approaches in specific areas in finance, such as corporate debt valuation and portfolio selection
Multidisciplinary Economics : The Birth of a New Economics Faculty in the Netherlands
Multidisciplinary economics deliberately uses the insights and approaches of other disciplines and examines what consequences their contributions have for existing economic methods, theories and solutions to economic problems. Multidisciplinary economists should be at home in their own discipline and meet the high international standards of economic teaching and research that the discipline has developed. At the same time they should be able to recognise the limits of economics and be willing to open up new horizons by following new, discipline-transcending paths on which new insights into the analysis and solutions of economic problems can be found in collaboration with representatives of other disciplines. As a result of this search, economic methods and theories may have to be adjusted in such a way that they take insights from other disciplines into account. They may even have to be replaced by methods and theories that have been developed by other disciplines.
Income Elasticity and Economic Development : Methods and Applications
Income Elasticity and Economic Development: Methods and Applications is mainly concerned with methods of estimating income elasticity. This field is connected with economic development that can be achieved by reducing income inequality. This is highly relevant in today's world, where the gap between rich and poor is widening with the growth of economic development. Income Elasticity and Economic Development: Methods and Applications provides a good example in showing how to calculate income elasticity, using a number of methods from widely available grouped data. Some of the techniques presented here can be used in a wide range of policy areas in all developed, developing and under-developed countries. Policy analysts, economists, business analysts and market researchers will find this book very useful.
Improving Healthcare : A Dose of Competition
Improving Healthcare: A Dose of Competition systematically examines the American health care system from a competition-oriented perspective. The volume surveys the performance of each major sector of the health care system, and identifies impediments to more effective competition. Improving Healthcare examines such issues as competition v. regulation, public and private sector approaches to health care financing, cross-subsidies, licensure, provider market concentration, financial and clinical integration, payment for performance, quality, pharmacy benefit managers, direct-to-consumer advertising of pharmaceuticals, certificates of need, mandates, unionization, the significance of organizational status (nonprofit v. for-profit), and the role of antitrust and consumer protection in health care. It offers concrete recommendations to improve the quality and cost-effectiveness of the American health care marketplace.
Handbook of Entrepreneurship Research : An Interdisciplinary Survey and Introduction
The Handbook will provide a roadmap to an emerging complex but intriguing field of entrepreneurship. The focus on advanced economies or the advanced sectors of developing countries reflects the emphasis in the extant research and theory. This new Handbook sets the framework for an expansion of attention to the vast majority of entrepreneurs–who are operating in the third world.The Handbook also includes reviews of the vast array of work closely related to entrepreneurship that has appeared primarily in economics, psychology and sociology journals
Globalization and culture at work : Exploring their combined glocality
Behaviour at work can no longer be stereotyped as global or local – modern or traditional – with very little in-between. Instead work behaviour is a complex interplay between Global and Local values. It takes place in a Glocality. Thus individual achievement co-exists with group aspirations, pay diversity takes place in a social context, teamwork reflects cultural narrative, and labour mobility is bound by community bias. Globalization and Culture at Work: Exploring their Combined Glocality breaks new ground by exploring such glocalities, and the implications they create for managing human potential better. The volume is essential reading for researchers, managers, culturalists and consultants of work behaviour alike.
Experimental Business Research ; Vol. III: Marketing, Accounting and Cognitive Perspectives
the book presented at the conference and a few others that were solicited especially for this volume contain original research on individual and interactive decision behavior in various branches of business research including, but not limited to, economics, marketing, management, finance, and accounting. Experimental Business Research is suitable as a secondary text for a graduate level course, and as a reference for researchers and practitioners in industry.
Experimental Business Research ; Vol. II: Economic and Managerial Perspectives
Experimental Business Research adopts laboratory based experimental economics methods to study an array of business and policy issues spanning the entire business domain including accounting, economics, finance, information systems, marketing and management and policy.
East Asian Economic Regionalism: Feasibilities and Challenges
Economic regionalism has become a worldwide phenomenon. Since the Asian financial crisis, East Asian countries are accelerating the ongoing market-driven economic integration as well as institutional economic integration. The question is whether East Asia can reach an East Asian FTA (EAFTA), which is the first step towards institutional economic integration. East Asian Economic Regionalism attempts to analyze the feasibilities of economic integration in East Asia and to discuss emerging economic integration efforts in East Asia with special reference to an East Asian FTA. Although economic integration is desirable economically, positions and approaches of each regional economy toward East Asian economic integration may differ depending on the circumstances of the countries concerned. East Asian Economic Regionalism provides diverse positions on East Asian economic integration by ASEAN countries, as well as the Northeastern countries of China, Japan and Korea. The volume also provides economic assessment of EAFTA and evaluates East Asian economic integration.
Dynamic Modeling of Monetary and Fiscal Cooperation Among Nations
The first four chapters introduce the reader to the dynamics of fiscal and monetary policy cooperation. Issues covered include: fiscal coordination, fiscal stringency requirements, structural and bargaining power asymmetries and the design of monetary and fiscal policymaking in a monetary union. In the four last chapters multiple-player settings with aspects of fiscal and/or monetary coordination are analyzed using the endogenous coalition formation approach. The analysis is focused on shock and model asymmetries and issues of multi-country coordination in the presence of (possibly many) monetary unions.
Dynamic Games : Theory and Applications
Dynamic games continue to attract strong interest from researchers interested in modelling competitive as well as conflict situations exhibiting an intertemporel aspect. Applications of dynamic games have proven to be a suitable methodology to study the behaviour of players (decision-makers) and to predict the outcome of such situations in many areas including engineering, economics, management science, military, biology and political science. Dynamic Games: Theory and Applications collects thirteen articles written by established researchers.
Making European Merger Policy More Predictable
Making European Merger Policy More Predictable analyses European Merger Control with regard to its capacity to generate predictability among the concerned parties. Starting from the premise that predictability is of overwhelming importance for the functioning of market economies, Voigt and Schmidt ask to what degree European Merger Control has been predictable over the last couple of years. The authors show both theoretically and empirically that there have been serious shortcomings with regard to the predictability of competition policy. They identify the insufficient recognition of the consequences of globalization on the competitive processes as well as an often inconsistent application of economic theory as the root causes for the lack of predictability. The inconsistent application of economic theory is particularly relevant with regard to potential competition and the evaluation of collective dominance. The authors generate a substantial number of proposals that could help to improve predictability. On this basis, Voigt and Schmidt critically assess the recent reforms of European Merger Control.
