Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The twenty-two papers collected in this volume illustrate the itinerary of Henry Tulkens, an applied theorist, on the occasion of his retirement from teaching. The collection is structured in four parts: I. Decentralized resource allocation processes for public and private goods II. Environment, public goods and externalities III. Efficiency analysis IV. Fiscal competition and optimality The four pictures above evoke a key concept, method or model used in each of these four parts: > MDP-type processes to determine feasible paths to efficiency and coalitional stability. > CLIMNEG World Simulation model to explore alternative environmental scenarios for the planet. > Free Disposal Hull efficiency analysis to drop convexity and help deal with outliers. > Non Cooperative Fiscal Equilbria to characterize the outcomes of fiscal competition.

Public goods --- Externalities (Economics) --- Fiscal policy --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- Economics --- Waste (Economics) --- Welfare economics --- Mathematical models. --- Environmental aspects --- Public finance. --- Environmental economics. --- Public Economics. --- Environmental Economics. --- Environmental quality --- Cameralistics --- Public finance --- Currency question --- Economic aspects --- Public finances

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The global financial and economic crisis that began in 2008 has blasted livelihoods, inspired protests, and toppled governments. It has also highlighted the profound moral concerns long surrounding globalization. Did materialist excess, doctrinaire embrace of free trade and capital flows, and indifference to economic injustice contribute to the disaster of the last decade? Was it ethical to bail out banks and governments while innocent people suffered?In this blend of economics, moral philosophy, history, and politics, Steven R. Weisman argues that the concepts of liberty, justice, virtue, and loyalty help to explain the passionate disagreements spawned by a globally integrated economy.

E-books --- Economics --- Externalities (Economics) --- Social choice --- Equality --- Moral and ethical aspects --- Social choice. --- Equality. --- Egalitarianism --- Inequality --- Social equality --- Social inequality --- Political science --- Sociology --- Democracy --- Liberty --- Choice, Social --- Collective choice --- Public choice --- Choice (Psychology) --- Social psychology --- Welfare economics --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- Public goods --- Waste (Economics) --- Economic theory --- Political economy --- Social sciences --- Economic man --- Moral and ethical aspects. --- Economic policy and planning (general)

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Wim Heijman Wageningen University, The Netherlands, E-mail: wim. heijman@wur. nl Generally speaking, externalities occur when a decision causes uncomp- sated costs or benefits to individuals or groups other than the person(s) making the decision. Examples of negative externalities are numerous in the area of the environment and natural resources. Some negative extern- ities result because a particular type of manufacturing technology is used (e. g. water and air pollution caused by industry). Other negative extern- ities occur because of the transportation system (e. g. air pollution caused by intensive car traffic). Though positive externalities draw less attention than negative externalities, their existence is obvious, for example, b- keepers who provide unpaid pollination services for nearby fruit growers or the positive network effects of a telephone system. The more people who own a telephone, the more useful the device is for each owner (Boardman et al. , 2001). From a social planner’s perspective, the existence of externalities - sults in an economic process outcome that is not socially optimal because marginal costs of the product involved do not equal its price. This implies that, in a well functioning market economy, negative externalities cause too much of a product to be produced, whereas positive externalities cause too little of a product to be produced.

Externalities (Economics) --- Environmental economics. --- Economics --- Environmental quality --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- Public goods --- Waste (Economics) --- Welfare economics --- Environmental aspects --- Economic aspects --- Regional economics. --- Regional planning. --- Geography. --- Regional/Spatial Science. --- Landscape/Regional and Urban Planning. --- Economic Geography. --- Cosmography --- Earth sciences --- World history --- Regional development --- Regional planning --- State planning --- Human settlements --- Land use --- Planning --- City planning --- Landscape protection --- Regionalism --- Space in economics --- Government policy --- Spatial economics. --- Urban planning. --- Economic geography. --- Geography, Economic --- World economics --- Geography --- Commercial geography --- Cities and towns --- Civic planning --- Land use, Urban --- Model cities --- Redevelopment, Urban --- Slum clearance --- Town planning --- Urban design --- Urban development --- Urban planning --- Art, Municipal --- Civic improvement --- Urban policy --- Urban renewal --- Spatial economics --- Regional economics --- Management

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The central mathematical concept in the theory of frictionless markets is a martingale measure. In this, the first monograph devoted to the theory of financial markets with transaction costs, the authors argue that, for financial markets with proportional transaction costs, this concept should be replaced by that of the consistent price system, which is a martingale evolving in the duals to the solvency cones. Three main subjects are considered: 1. The Leland approach to the hedging of contingent claims based on approximate replication. 2. Arbitrage theory for markets with proportional transaction costs based on a geometric approach. 3. The consumption-investment problem analyzed using viscosity solutions of the Hamilton-Jacobi-Bellman equation. The first part contains recent findings on hedging errors and limit theorems for Leland-type strategies. The rigorous mathematical analysis presented in the book is designed to serve as a platform for further studies. The second part includes a chapter on the arbitrage theory for frictionless markets in discrete time. It is presented as an introduction to the theory of markets with transaction costs, but can also be read independently. The main subjects of the second part are no-arbitrage criteria and hedging theorems for European and American options under transaction costs. In contrast to the classical theory, the value processes are vector-valued and the concept of the martingale measure is replaced by the concept of the consistent price system. Hedging theorems give dual descriptions of the set of initial endowments needed to super-replicate contingent claims. These descriptions are expressed in terms of consistent price systems. This volume provides a detailed study of various new phenomena arising in the presence of market friction in discrete and continuous time. The mathematics needed is a synthesis of ideas from finite-dimensional geometry, geometric functional analysis, and general theory of stochastic processes. The third part deals with the optimal control of portfolios in the presence of market friction using the geometric approach developed in the second part. It contains a study of viscosity solutions of a multidimensional HJB equation. Special attention is paid to the two-asset model, for which the structure of optimal control is described, together with findings on the asymptotic behavior of solutions for vanishing transaction costs. The appendix provides a toolbox containing auxiliary results from various branches of mathematics used in the book.

Frais de transaction --- Transaction costs. --- -Transaction costs --- -Martingales (Mathematics) --- -332.01519236 --- Finance --Mathematical models. --- Business mathematics. --- Economics, Mathematical. --- Probabilities. --- International economics. --- Economics. --- International Economics. --- Business Mathematics. --- Quantitative Finance. --- Probability Theory and Stochastic Processes. --- Transaction costs --- Externalities (Economics) --- Econometric models. --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- Economics --- Public goods --- Waste (Economics) --- Welfare economics --- Cost --- Right of property --- Finance --- Martingales (Mathematics) --- 303.0 --- 305.91 --- AA / International- internationaal --- Stochastic processes --- Mathematical models --- Statistische technieken in econometrie. Wiskundige statistiek (algemene werken en handboeken) --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Martingales (Mathematics). --- Mathematical models. --- Finances --- Martingales (Mathématiques) --- Modèles mathématiques --- EPUB-LIV-FT LIVMATHE LIVSTATI SPRINGER-B