Some Quantitative Methods & Models In Economic Theory

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Some Quantitative Methods Models in Economic Theory

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Discounted Cash Flow - A Theory of the Valuation of Firms John Wiley & Sons Inc

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Firm valuation is currently a very exciting topic. It is interesting for those economists engaged in either practice or theory, particularly for those in finance. The literature on firm valuation recommends logical, quantitative methods, which deal with establishing today's value of future free cash flows. In this respect firm valuation is identical with the calculation of the discounted cash flow, DCF. There are, however, different coexistent versions, which seem to compete against each other. Entity approach and equity approach are thus differentiated.Acronyms are often used, such as APV (adjusted present value) or WACC (weighted average cost of capital), whereby these two concepts are classified under entity approach. Why are there several procedures and not just one? Do they all lead to the same result? If not, where do the economic differences lie? If so, for what purpose are different methods needed? And further: do the known procedures suffice? Or are there situations where none of the concepts developed up to now delivers the correct value of the firm? If so, how is the appropriate valuation formula to be found?These questions are not just interesting for theoreticians; even the practitioner who is confronted with the task of marketing his or her results has to deal with it. The authors systematically clarify the way in which these different variations of the DCF concept are related throughout the book 'Compared with the huge number of books on pragmatic approaches to discounted cash flow valuation, there are remarkably few that lay out the theoretical underpinnings of this technique. Kruschwitz and Loffler bring together the theory in this area in a consistent and rigorous way that should be useful for all serious students of the topic' - Ian Cooper, London Business School. 'This treatise on the market valuation of corporate cash flows offers the first reconciliation of conventional cost-of-capital valuation models from the corporate finance literature with state-pricing (or 'risk-neutral' pricing) models subsequently developed on the basis of multi-period no-arbitrage theories.Using an entertaining style, Kruschwitz and Loffler develop a precise and theoretically consistent definition of 'cost of capital', and provoke readers to drop vague or contradictory alternatives' - Darrell Duffie, Stanford University.'Handling firm and personal income taxes properly in valuation involves complex considerations. This book offers a new, precise, clear and concise theoretical path that is pleasant to read. Now it is the practitioners task to translate this approach into real-world applications!' - Wolfgang Wagner, PricewaterhouseCoopers. 'It is an interesting book, which has some new results and it fills a gap in the literature between the usual undergraduate material and the very abstract PhD material in such books as that of Duffie (Dynamic Asset Pricing Theory). The style is very engaging, which is rare in books pitched at this level' - Martin Lally, University of Wellington.

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Methods for Applied Macroeconomic Research Princeton University Press

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The last twenty years have witnessed tremendous advances in the mathematical, statistical, and computational tools available to applied macroeconomists. This rapidly evolving field has redefined how researchers test models and validate theories. Yet until now there has been no textbook that unites the latest methods and bridges the divide between theoretical and applied work. Fabio Canova brings together dynamic equilibrium theory, data analysis, and advanced econometric and computational methods to provide the first comprehensive set of techniques for use by academic economists as well as professional macroeconomists in banking and finance, industry, and government. This graduate-level textbook is for readers knowledgeable in modern macroeconomic theory, econometrics, and computational programming using RATS, MATLAB, or Gauss. Inevitably a modern treatment of such a complex topic requires a quantitative perspective, a solid dynamic theory background, and the development of empirical and numerical methods - which is where Canova's book differs from typical graduate textbooks in macroeconomics and econometrics.Rather than list a series of estimators and their properties, Canova starts from a class of DSGE models, finds an approximate linear representation for the decision rules, and describes methods needed to estimate their parameters, examining their fit to the data. The book is complete with numerous examples and exercises. Today's economic analysts need a strong foundation in both theory and application. "Methods for Applied Macroeconomic Research" offers the essential tools for the next generation of macroeconomists.

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Mathematical Economics Dover Publications Inc.

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1. Introduction 1.1 Mathematical Economics 1.2 Outline of the Book 1.3 Notes on the Literature Part I: Optimizing Theory 2. The General Optimizing Problem 2.1 Introduction 2.2 The General Structure 2.3 Constraints and the Feasible Set 2.4 The General Optimizing Problem 2.5 The General Solution Principle 2.6 Conditions for a Global Optimum 2.7 Important Special Cases 2.8 Direct Solutions or Optimal Condtions? Exercises 3. The Theory of Linear Programming 3.1 Introduction 3.2 The Feasible Set 3.3 Duality 3.4 The Optimum Conditions 3.5 Basic Solutions 3.6 The Basis Theorem 3.7 Interpretation of the Dual Variables Further Reading Exercises 4. Classical Calculus Methods 4.1 Introduction 4.2 The Lagrangean Function 4.3 Interpretation of the Lagrange Multipliers 4.4 A Geometrical Note 4.5 Second Order Conditions for the Classical Case 4.6 The Substitution Effect of Neoclassical Demand Theory 4.7 Global Optimum Condtions in the Classical Problem Exercises 5. Advanced Optimizing Theory 5.1 Introduction 5.2 Nonnegative Variables 5.3 Inequality Constraints 5.4 Saddle Points and Duality 5.5 The Dual Variables 5.6 The Minimax Theorem 5.7 Exercises of Optimal Solutions Further Reading Exercises Part II: Static Economic Models 6. Input-Output and Related Models 6.1 Input-Output Models 6.2 The Closed Model 6.3 The Leontief Open Model 6.4 Direct and Indirect Input Requirements 6.5 Factor Intensity in the Leontief Model 6.6 A Labor Theory of Value 6.7 The Substitution Theorem 6.8 Matrix Multipliers Further Reading Exercises 7. Linear Optimizing Models 7.1 Activity Analysis of Production 7.2 The Production Set 7.3 Efficient Production 7.4 Constrained Production 7.5 Consumption as an Activity Further Reading Exercises 8. Nonlinear Optimizing Models 8.1 Introduction 8.2 Neoclassical Demand Theory 8.3 Convexity Proof of the Substitution Theorem 8.4 The Neoclassical Transformation Surface 8.5 Returns to Scale 8.6 Relative Factor Intensity 8.7 Generalized Production Theory Further Reading 9. General Equilibrium 9.1 Equilibrium in a Market Economy 9.2 Walras' Law and the Budget Constraint 9.3 The Excess Demand Theorem 9.4 The Walras-Wald Model 9.5 The Arrow-Debreu-McKenzie Model Further Reading Part III: Dynamic Economic Models 10. Balanced Growth 10.1 Introduction 10.2 A Leontief-Type Model 10.3 The Von Neumann Growth Model 10.4 The Von Neumann-Leontief Model 10.5 General Balanced Growth Models Further Reading 11. Efficient and Optimal Growth 11.1 Efficiency and Optimality in Dynamic Models 11.2 The Principle of Optimality 11.3 Efficient Growth 11.4 Properties of Efficient Paths 11.5 A Turnpike Theorem 11.6 An Explicit Turnpike Example Further Reading 12. Stability 12.1 The Concept of Stability 12.2 Stability Analysis 12.3 Market Stability 12.4 Stability of Decentralized Economic Policy Part IV: MATHEMATICAL REVIEWS RI. Fundamental Ideas R1.1 Sets R1.2 Ordered and Quasi-Ordered Sets R1.3 Cartesian Products and Spaces R1.4 "Functions, Transformations, Mappings, Correspondences" R1.5 Closedness and Boundedness R1.6 Complex Numbers Exercises R2. Linear Algebra R2.1 Vectors R2.2 Fundamental Theorem of Vector Spaces R2.3 Basis and Rank R2.4 Sums and Direct Sums R2.5 Scalar Products R2.6 Complex Vectors R2.7 Matrices R2.8 Matrix Algebra R2.9 Matrix-Vector Products and Linear Transformations R2.10 Partitioned Matrices R2.11 Vector Sets Exercises R3. Linear Equations and Inequalities R3.1 Introduction R3.2 The Rank of Matrix R3.3 Homogeneous Equations R3.4 Nonhomogeneous Equations R3.5 Nonnegative Vectors and Vector Inequalities R3.6 Fundamental Theorem on Linear Inequalities R3.7 Results on Linear Equations and Inequalities Exercises R4. Convex Sets and Cones R4.1 Geometric Ideas R4.2 Convex Sets R4.3 Separating and Supporting Hyperplanes R4.4 Extreme Points R4.5 Convex Cones R4.6 Finite Cones and Homogeneous Inequalities R4.7 The Dual Cone Exercises R5. Square Matrices and Characteristic Roots R5.1 Introduction R5.2 Determinants and Cramer's Rule R5.3 The Inverse of a Square Matrix R5.4 Charateristic Roots and Vectors   R5.5 Diagonalization R5.6 Convergence of Matrix Series R5.7 Charateristic Row Vectors R5.8 Numerical Examples Exercises R6. Symmetric Matrices and Quadratic Forms R6.1 Symmetric Matrices R6.2 Quadratic Forms R6.3 Constrained Quadratic Forms Exercises R7. Semipositive and Dominant Diagonal Matrices R7.1 Introduction R7.2 Indecomposability R7.3 Properties of Semipositive Square Matrices R7.4 Properties of Dominant Diagonal Matrices R7.5 Proofs Exercises R8. Continuous Functions R8.1 Introduction R8.2 Derivatives and Differentials R8.3 Some Mapping Relationships R8.4 Maxima and Minima R8.5 Convex and Concave Functions R8.6 Homogeneous and Homothetic Functions R8.7 The Brouwer Fixed Point Theorem R8.8 Linear Homogeneous Vector-Valued Functions Exercises R9. Point-to-Set Mappings R9.1 Introduction R9.2 The Graph of a Mapping R9.3 Continuity&

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Econometrics of Financial Markets Princeton University Press

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The past twenty years have seen an extraordinary growth in the use of quantitative methods in financial markets. Finance professionals now routinely use sophisticated statistical techniques in portfolio management, proprietary trading, risk management, financial consulting, and securities regulation. This graduate-level textbook is intended for PhD students, advanced MBA students, and industry professionals interested in the econometrics of financial modeling. The book covers the entire spectrum of empirical finance, including: the predictability of asset returns, tests of the Random Walk Hypothesis, the microstructure of securities markets, event analysis, the Capital Asset Pricing Model and the Arbitrage Pricing Theory, the term structure of interest rates, dynamic models of economic equilibrium, and nonlinear financial models such as ARCH, neural networks, statistical fractals, and chaos theory. Each chapter develops statistical techniques within the context of a particular financial application. This exciting new text contains a unique and accessible combination of theory and practice, bringing state-of-the-art statistical techniques to the forefront of financial applications.Each chapter also includes a discussion of recent empirical evidence, for example, the rejection of the Random Walk Hypothesis, as well as problems designed to help readers incorporate what they have read into their own applications.

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Encyclopedia of Geography SAGE Publications Inc

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With more than 1,200 entries, "the Encyclopedia of Geography" reflects how the growth of geography has propelled a demand for intermediaries between the abstract language of academia and the ordinary language of everyday life. The six volumes of this encyclopedia encapsulate a very diverse array of topics to offer a comprehensive and useful summary of the state of the discipline in the early 21st century. This encyclopedia strategically reflects the enormous diversity of the discipline, the multiple meanings of space itself, and the diverse views of geographers. It brings together the diversity of geographical knowledges, making it an invaluable resource for any academic library.The encyclopedia divides the subject into six broad subject areas: Physical Geography/Biogeography/Climatology/Geomorphology; Human Geography/Economic Geography/Geographical Theory/Medical Geography/Political Geography/Social and Cultural Geography/Urban Geography; Nature and Society/Agriculture/Environment and People/Hazards and Disasters/Pollution and Waste/Resources and Conservation/Water; Methods, Models and GIS/Cartography/GIS/Qualitative Techniques/Quantitative Models/Remote Sensing; History of Geography; and, People, Organizations and Movements/Biographies/Geographical Organizations/Political and Economic Organizations/Scientific Organizations/Social Movements. The Encyclopedia gives a concise historical sketch of geography's long, rich, and fascinating history. It provides succinct summaries of trends such as globalization, environmental destruction, new geospatial technologies, and cyberspace. Hundreds of colour illustrations and images are provided that lend depth and realism to the text. A special map section is included. It will be available both in print and online.

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New Trends in Nanotechnology and Fractional Calculus Springer Verlag

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In recent years fractional calculus has played an important role in various fields such as mechanics, electricity, chemistry, biology, economics, modeling, identification, control theory and signal processing. The scope of this book is to present the state of the art in the study of fractional systems and the application of fractional differentiation. Furthermore, the manufacture of nanowires is important for the design of nanosensors and the development of high-yield thin films is vital in procuring clean solar energy. This wide range of applications is of interest to engineers, physicists and mathematicians.Table of contentsPreface;New trends in nanotechnology: Novel Molecular Diodes Developed by Chemial Conjugation of Carbon Nanotubes with Peptide Nucleic Acid, by Krishna V. Singh, Miroslav Penchev, Xiaoye Jing, Alfredo A. Martinez-Morales, Cengiz S. Ozkan and Mihri Ozkan;Hybrid Single Walled Carbon Nanotube FETs for High Fidelity DNA Detection, by Xu Wang, Mihri Ozkan, Gurer Budak, Ziya B. Guvenc and Cengiz S. Ozkan;Towards integrated nanoelectronic and photonic devices, by Alexander Quandt, Maurizio Ferrari and Giancarlo C. Righini;New noninvasive methods for

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