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| Author | : Peter M. Kort |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 196 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642489044 |
Download Optimal Dynamic Investment Policies of a Value Maximizing Firm Book in PDF, ePub and Kindle
1.1. Scope of the Book This book is a contribution to the area of "dynamic models of the firm". The motivation for this kind of research is the following: Empirical studies (e.g. Albach (1976)) have shown that the development of the firm over time can be divided into different stages. such as growth. stationarity and contraction. In order to understand and evaluate these stages in a proper way. it is important to develop a suitable theoretical framework. To that end. economists have applied dynamic mathematical techniques. such as optimal control theory. calculus of variations and dynamic programming to design and analyse dynamic models of the firm. In this way. the economic theory of the firm is extended to a dynamic context. Within the field of the dynamics of the firm this book - develops a general investment decision rule. based on the concept "net present value of marginal investment". which is applicable in deterministic dynamic models of the firm; - studies the influence of adjustment costs of investment on optimal dynamic firm behavior; - extends the stochastic dynamic theory of the firm by connecting it with a dynamic version of the Capital Asset Pricing Model. Before elaborating on "the dynamics of the firm". we first review the subject of net present value in the classical analysis.
| Author | : Mark W.J. Blok |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 199 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642484018 |
Download Dynamic Models of the Firm Book in PDF, ePub and Kindle
This book contributes to the scientific field of optimal control theory applied to dynamic models of the firm. It discusses optimal investment, financing and production policies of the firm, that have to deal with a variety of aspects, such as financial constraints, start-up costs, business cycles, increasing returns to scale, production life cycles and experience curves. In contrast to many other publications on this subject, here, in combination with an analytical approach, the dynamic optimization problems are solved numerically with the aid of a powerful computer and specific programs for optimizing non-linear functions of a finite number of variables and non-linear constraints.
| Author | : Onno van Hilten |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 237 |
| Release | : 2013-03-14 |
| Genre | : Business & Economics |
| ISBN | : 3662027186 |
Download Optimal Firm Behaviour in the Context of Technological Progress and a Business Cycle Book in PDF, ePub and Kindle
This thesis is a theoretical study of the optimal dynamic policies of a, to some extent, slowly adjusting firm that faces an exogeneously given technological progress and an exogeneously given business cycle. It belongs to the area of mathematical economics. It is intended to appeal to mathematical economists in the first place, economists in the second place and mathematicians in the third place. It entails an attempt to stretch the limits of the application of deterministic dynamic optimisation to economics, in particular to firm behaviour. A well-known· Dutch economist (and trained mathematician) recently stated in 1 a local university newspaper that mathematical economists give economics a bad reputation, since they formulate their problems from a mathematical point of view and they are only interested in technical, mathematical problems. At the same time, however, "profound as economists may be, when it comes to extending or modifying the existing theory to make it applicable to a certain economic problem, an understanding of optimal control theory (which is the mathematical theory used in this thesis, ovh) based solely on heuristic arguments will often turn out to be inadequate" (SydS
| Author | : Marcel Savioz |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 222 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642846912 |
Download New Issues in the Theory of Investment Book in PDF, ePub and Kindle
The investment good market, together with the consumer good market, the money market and the labour market, are indeed the most extensively studied markets. The exhaustive survey of investment theory by Eisner and Strotz, already quoted four hundred references in 1963, although this work advocating for adjustment costs, was in fact only carried out at the very beginning of modern investment theory! This chapter gives an introduction of the extensive field and is an attempt to present some key ideas of investment theory. 1) We show that modern investment theory is the integration of many traditional approaches. The content of the chapter is set as follows. Section 2 presents an illustrative model of investment theory. Section 3, using this model, describes the investment decision of the firm. Sections 4 to 10 each present a "classical" investment hypothesis within the framework of the model. Section 11 concludes. For convenience, the key to the symbols used is given in Table 1. 2. The Model of the Firm Investment theory was born with the claim of Keynes (1936) that besides the capital demand (demand for a stock of capital at a point in time), an investment demand (demand for the increment of the capital stock in a period 1) Recent surveys are: Abel (1988), Coen and Eisner (1987) Artus and Muet (1984). The book on investment theory by Nickell (1978) is outstanding.
| Author | : Frank W. van Tongeren |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 288 |
| Release | : 2013-03-09 |
| Genre | : Business & Economics |
| ISBN | : 3642520685 |
Download Microsimulation Modelling of the Corporate Firm Book in PDF, ePub and Kindle
My interest in microsimulation started to develop when I was exposed to the works of Guy Orcutt and his associates on microsimulation of households in the USA, and those of Gunnar Eliasson and his associates on simulatio~ of Swedish firms. Their approaches promised the exciting possibility to represent an by simulating the behaviour of individual microeconomic entire economic system units on a computer. The construction of a large scale microsimulation model seemed to be a worthwhile adventure which could yield much more detailed results than existing models. It was also evident that microsimulation of firms is a relatively underdeveloped area, in spite of the large number of operational microsimulation models of households in the USA and Europe. Developing the computer implementation has been an integral part of the research. Translating initially vague ideas into mathematical formulae and subsequently into a structured computer language provides a testing ground for 10Bical consistency of ideas. When writing this book I have purposefully abstained from describing the computer program and dedicated solution algorithms. The reason is that the book is primarily directed towards readers interested in economics and therefore uses the language of economics and not that of computer science. The simulation model has been programmed for the personal computer in Turbo Pascal. Sophisticated memory management techniques have lifted constraints on the number of firms which can be simulated on the PC.
| Author | : Leo Kaas |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 166 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642584799 |
Download Dynamic Macroeconomics with Imperfect Competition Book in PDF, ePub and Kindle
This thesis was stimulated throughout the time of my participation in a research project on Dynamic Macroeconomics, supported by the German Research Foundation (DFG). The starting point was the central question of how to integrate price setting firms in a dynamic disequilibrium model. Almost all recent literature on imperfect competition in macroeconomics applies the objective demand approach by assuming that firms know the true demand curve they are faced with. While this approach can be ap plied in temporary monetary equilibrium models, it proves inadequate for formulating price adjustment in a dynamic disequilibrium model, where it has to be replaced by the concept of subjective demand. Based on this distinction, the thesis starts out with a comparison of the concepts of subjective and objective demand in an abstract framework and surveys the literature on general equilibrium theory with imperfect competition. The objective demand approach is criticized not only on the grounds of its strong rationality requirements and existence problems, but also by the observation that it cannot be applied successfully to characterize determinate rational expectations equilibria in intertemporal macroeco nomics. Finally, price setting firms using subjective demand functions are integrated in a dynamic disequilibrium model in order to study mo nopolistic and oligopolistic price adjustment.
| Author | : Nguyen M. Hung |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 201 |
| Release | : 2013-04-17 |
| Genre | : Business & Economics |
| ISBN | : 3642515088 |
Download Dynamic Timing Decisions Under Uncertainty Book in PDF, ePub and Kindle
Jay Forrester's Economic Dynamics was published in 1971 and The Limits to Growth by Dennis Meadows and his associates appeared a year later. The publication of those two books gave rise to twenty years of intense research into the economics of exhaustible resources, research which everywhere has had a substantial impact both on public debate and on academic curricula. And now, just as that line of research is losing steam, economists are focussing on problems associated with the degradation of the natural environment, problems which call for models which, in their formal structure, are quite similar to those already developed in resource economics. This is therefore an appropriate moment for the appearance of a thorough exposition of the economics of exhaustible resources. For that is what Nguyen Manh Hung and Nguyen Van Quyen have provided. Their splendid new book covers equally well the older Hotelling-inspired theory of cake-eating and the economics of search and R&D designed to uncover new and cheaper sources of supply. It provides an entree to the whole subject of resource economics, as well as many new discoveries which will be of interest to experienced researchers.
| Author | : J. K. Sengupta |
| Publisher | : Springer |
| Total Pages | : 164 |
| Release | : 2009-10-29 |
| Genre | : Business & Economics |
| ISBN | : 0230248667 |
Download Efficiency, Market Dynamics and Industry Growth Book in PDF, ePub and Kindle
The dynamics of industry growth, technology and globalization have a dramatic impact on the current economic growth of nations, significantly changing the market structure and world trade, and challenging the competitive equilibrium and their guiding principles. In the world of innovations and spill-over of R&D effects, various forms of non-competitive market structures have evolved in recent times. This book analyzes the new paradigm of change in technology intensive industries, with an emphasis in three main areas; non-parametric models of growth, sources of industry growth and non-competitive market structures in a dynamic framework. The authors to this volume utilise theoretical and empirical analysis to examine the role of R&D investment and Solow-type technical progress, using the non-parametric methods of efficiency analysis, also known as Data Envelopment Analysis. This book is essential reading for all interested in economic theory and innovation.
| Author | : Marga Peeters |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 208 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642468152 |
Download Time-To-Build Book in PDF, ePub and Kindle
As large physical capital stock projects need long periods to be built, a time-to-build specification is incorporated in factor demand models. Time-to-build and adjustment costs dynamics are identified since by the first moving average dynamics, whereas by the latter autoregressive dynamics are induced. Empirical evidence for time-to-build is obtained from data from the Dutch construction industry and by the estimation result from the manufacturing industry of six OECD countries.
| Author | : Gerald A. Heuer |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 295 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 3642468195 |
Download Silverman’s Game Book in PDF, ePub and Kindle
The structure of a Silverman game can be explained very quickly: Each of two players independently selects a number out of a prede termined set, not necessarily the same one for both of them. The higher number wins unless it is at least k times as high as the other one; if this is the case the lower number wins. The game ends in a draw if both numbers are equal. k is a constant greater than 1. The simplicity of the rules stimulates the curiosity of the the orist. Admittedly, Silverman games do not seem to have a direct applied significance, but nevertheless much can be learnt from their study. This book succeeds to give an almost complete overview over the structure of optimal strategies and it reveals a surprising wealth of interesting detail. A field like game theory does not only need research on broad questions and fundamental issues, but also specialized work on re stricted topics. Even if not many readers are interested in the subject matter, those who are will appreciate this monograph.
