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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
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This state-of-the art collection of papers analyses various aspects of the theory of externalities and public goods. The contributions employ new analytical techniques like the aggregative game approach, and discuss the philosophical underpinnings of the theory. Furthermore, they highlight a range of topical empirical applications including climate policy and counterterrorism. This contributed volume was written in memory of Richard C. Cornes, a pioneer in the theory of externalities and public goods. .
Externalities (Economics) --- Public goods --- Econometric models. --- Goods, Public --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- Game theory. --- Welfare economics. --- Public finance. --- Economics. --- Public Economics. --- Social Choice/Welfare Economics/Public Choice. --- Game Theory. --- Finance, Public --- Welfare economics --- Free rider problem (Economics) --- Economics --- Waste (Economics) --- Social Choice/Welfare Economics/Public Choice/Political Economy. --- Games, Theory of --- Theory of games --- Mathematical models --- Mathematics --- Economic policy --- Social policy --- Cameralistics --- Public finance --- Currency question --- Public finances
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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)
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In Governing for the Long Term, Alan M. Jacobs investigates the conditions under which elected governments invest in long-term social benefits at short-term social cost. Jacobs contends that, along the path to adoption, investment-oriented policies must surmount three distinct hurdles to future-oriented state action: a problem of electoral risk, rooted in the scarcity of voter attention; a problem of prediction, deriving from the complexity of long-term policy effects; and a problem of institutional capacity, arising from interest groups' preferences for distributive gains over intertemporal bargains. Testing this argument through a four-country historical analysis of pension policymaking, the book illuminates crucial differences between the causal logics of distributive and intertemporal politics and makes a case for bringing trade-offs over time to the center of the study of policymaking.
Social policy. --- Social choice. --- Political planning. --- Welfare economics. --- Externalities (Economics) --- Pensions --- Compensation --- Pension plans --- Retirement pensions --- Superannuation --- Retirement income --- Annuities --- Social security individual investment accounts --- Vested benefits --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- Economics --- Public goods --- Waste (Economics) --- Welfare economics --- Economic policy --- Social policy --- Planning in politics --- Public policy --- Planning --- Policy sciences --- Politics, Practical --- Public administration --- Choice, Social --- Collective choice --- Public choice --- Choice (Psychology) --- Social psychology --- National planning --- State planning --- Family policy --- Social history --- Political aspects. --- Government policy --- Social Sciences --- Political Science
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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
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This book provides a fresh look at measuring negative externalities in the urbanization process. Meeting the challenges that come hand-in-hand with the contemporary age of rapid urbanization demands more extensive empirical knowledge. While most urbanization research focuses on positive externalities, this book is designed to offer insights into possible sources of negative externalities and the measurement thereof. In economics, the measurement of externalities is a challenging task that demands innovative research designs; however, previous research has failed to capture all of these externalities. The technique described in this book is carefully designed to measure negative externalities, particularly those related to squatter settlements that have been hitherto largely ignored by urbanization literature. The existence of negative externalities and the unintended consequences of rapid urbanization, particularly those related to squatter settlements, can be found in Latin America and Asia. This book provides comparative insights based on extensive primary surveys of households in squatter and non-squatter settlements of Kathmandu, Nepal and Quito, Ecuador. It is considered a case study that will improve the understanding of urbanization issues between Latin America and Asia. Societal benefits can be improved through the reduction of negative externalities. This book helps policy makers in Kathmandu and Quito fine-tune their policies to address the source of urban externality, as well as provide new insights into the nexus between urbanization and development. An investment in the reduction of negative externalities is profitable, thus presenting the government and international partners with a great opportunity. This book contributes to existing literature and will be useful for researchers and students.
Regional planning. --- Urban planning. --- Development economics. --- Urban economics. --- Sociology, Urban. --- Economics. --- Urban Economics. --- Urban Studies/Sociology. --- Landscape/Regional and Urban Planning. --- Development Economics. --- Externalities (Economics) --- Cities and towns --- Squatter settlements --- Growth. --- Informal settlements (Squatter settlements) --- Irregular settlements --- Settlements, Spontaneous --- Settlements, Squatter --- Shack towns --- Shanty towns --- Shantytowns --- Spontaneous settlements --- Uncontrolled settlements --- Growth, Urban --- Sprawl, Urban --- Urban development --- Urban growth --- Urban sprawl --- Costs, Social --- External economies and diseconomies --- External effects (Economics) --- Social costs --- City economics --- Economics of cities --- Economic aspects --- Slums --- Migration, Internal --- Population --- Vital statistics --- Economics --- Public goods --- Waste (Economics) --- Welfare economics --- Economic development --- Regional development --- Regional planning --- State planning --- Human settlements --- Land use --- Planning --- City planning --- Landscape protection --- Urban sociology --- Government policy --- Civic planning --- Land use, Urban --- Model cities --- Redevelopment, Urban --- Slum clearance --- Town planning --- Urban design --- Urban planning --- Art, Municipal --- Civic improvement --- Urban policy --- Urban renewal --- Management
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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
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