Economics Books
Harvard University Press Return to Keynes
Book SynopsisKeynesian economics has recently seen a rebirth, most dramatically illustrated when central banks pumped billions of dollars of liquidity into the world's financial system to address the crises of confidence, illiquidity, and insolvency triggered by the sub-prime lending crisis. The contributors assess this new era in economic policy making.Trade ReviewDuring the 1990s, John Maynard Keynes, and Keynesian economics, were declared to be well and truly dead. Then came the financial and economic crises of 2008 and they were reborn as a way of understanding economies with significant unemployment. This excellent collection of essays, brought together by three prominent scholars of Keynes and Keynesian policy, will be a convenient way for those who have forgotten Keynesian economics to refresh themselves, and for others to learn for the first time. -- Craufurd Goodwin, Duke UniversityThis fascinating collection of papers addresses the current status and relevance of Keynes from a number of perspectives: the return of macroeconomic policy activism, the state of modern macroeconomics, the recent scholarship of Keynes's life and work, and some elements of Keynes's work that might be relevant to the current crisis. The authors' backgrounds are diverse and their scholarship often cutting-edge. A fine guide to the present state of play. -- D.E. Moggridge, University of TorontoIt is a basic truth in the history of economics that great ideas never die. They attain this permanence because they are shaped by both the internal demands of economic theorizing as well as the external realities of the economy. The Return to Keynes, edited by three distinguished scholars, testifies to this truth and demonstrates that doing the history of economics is a part of doing economics well. Keynesian macroeconomic policy as a tool for stabilization is now firmly fixed in the toolbox of economics. -- Yuichi Shionoya, Hitotsubashi UniversityTable of Contents* Introduction: The Return to Keynes Bradley W. Bateman, Toshiaki Hirai and Maria Cristina Marcuzzo Part I: Keynesian Economic Policy: Past, Present and Future * Keynes Returns to America Bradley W. Bateman * Japan's Long-run Stagnation and Economic Policies Yoshiyasu Ono * European Macroeconomic Policy: A Return to Active Stabilization? Hans-Michael Trautwein Part II: Interpreting Keynesian Theory and Keynesianism * From the 'Old' to the 'New' Keynesian-Neoclassical Synthesis: An Interpretation Richard Arena * Tobin's Keynesianism Robert W. Dimand * The New Neoclassical Synthesis and the Wicksell-Keynes Connection Mauro Boianovsky and Hans-Michael Trautwein Part III: Re-reading and Interpreting Keynes * An Abstruse and Mathematical Argument: The Use of Mathematical Reasoning in the General Theory Roger E. Backhouse * The General Theory: Toward the Concept of Stochastic Macro-equilibrium Hiroshi Yoshikawa * Keynes's Economics in the Making Toshiaki Hirai * Keynes, Sraffa and the Latter's "Secret Skepticism" Heinz D. Kurz * Keynes and the War of Words Gilles Dostaler Part IV: Global Crisis: Lessons from Keynes * Keynes and Modern International Finance Theory Marcello De Cecco * Keynes's Influence on Modern Economics: Some Overlooked Contributions of Keynes's Theory of Finance and Economic Policy Jan A. Kregel * Current Global Imbalances: Might Keynes Be of Help? Anna M. Carabelli and Mario A. Cedrini * References * Contributors * Index
£51.81
Harvard University Press The Mystery of Economic Growth OISC
Book SynopsisFar more than an intellectual puzzle for pundits, economists, and policymakers, economic growth is a subject that affects the well-being of billions around the globe. Helpman discusses the vast research that has revolutionized understanding of this subject, and summarizes and explains its critical messages in clear, concise, and accessible terms.Trade ReviewProfessor Helpman's analytic powers and extraordinary grasp of the subject make his book, The Mystery of Economic Growth, the most comprehensive analysis of economic growth to date. The wide variety of relevant issues, from technological development through price and income causes and consequences to institutional changes are made available to the scholar and the interested general reader. The evaluations of different strands are judicious and wise, as well as highly representative of the literature. -- Kenneth Arrow, Nobel Laureate in EconomicsWant to understand the latest and best thinking on economic growth? Then read this little book. Professor Helpman has provided an enormously useful reader's guide to what is known (and what is not known) about this complex, fascinating, and all-important subject. -- Martin L. Weitzman, author of Income, Wealth, and the Maximum PrincipleElhanan Helpman has made fundamental contributions to our understanding of economic growth. Here he steps back and assesses what we have learned. Each page shines with profound knowledge, erudition, and wisdom. -- Andrei Shleifer, co-author of The Grabbing Hand: Government Pathologies and Their CuresIn this book, Elhanan Helpman reviews and analyzes economic growth, by pointing out the importance of input accumulation, trade, inequality, innovation, productivity, and institutions. He uses the most basic concept to outline what we know, what we do not know, and what we ought to know about the subject on a comprehensive and understandable manner. Such an approach should enable even noneconomists to become involved in the "growth mystery" without resorting to complex mathematical formulations...Overall, the book is well written, and the author is indeed highly knowledgeable on the issue at hand and his views are quite insightful and helpful in our understanding of economic growth, along with providing encouragement to developing countries. -- Masiiwa Rusare * Developing Economies *The Mystery of Economic Growth is the book to read if you want to learn about what we know about "economic growth" and what the remaining mysteries are. The book deserves to be read by a wide range of economists, policy makers and researchers who are interested in this subject. It is a must reading for undergraduate and graduate students who would like to do research in the field of economic growth and international development...It is short, relatively non-technical, but still provides an extensive coverage of the topic. Helpman tells an exciting story focusing on the most important research in the last 20 years. -- Sebnem Kalemli-Ozcan * Journal of International Economics *This is an engaging book and it should be read by anyone interested in bridging the divide between economics and social policy...Helpman provides an interesting account of the most important contemporary theories of economic growth, and his book will be a useful resource for those who would like to know more on the subject. * Journal of Sociology and Social Welfare *Those interested in the topic of growth economics will find this discussion both fascinating and provocative. -- Michael Wald * Monthly Labor Review *Helpman is himself a master of the art of economics and his master's hand is evident on each page. In making his point, he takes the reader on a fast, yet detailed tour of some of the most important writing on economic growth in the last twenty years. He reviews the emergence of endogenous growth theory, the interaction of international trade and economic growth, the relationship between inequality and growth, and the role of the institutions that provide the fundamental groundwork for economic growth. -- George K. Davis * EH.Net *A fine survey of what is known and unknown in economics, and how to improve an understanding of global economic influences. Here the story of growth economics is organized around themes of technological and institutional influencers, total productivity, and interdependent growth rates of different countries. -- James A Cox and Diane C. Donovan * Bookwatch *
£24.26
Harvard University Press Immigration Economics
Book SynopsisNearly 3% of the world’s population no longer live in the country where they were born. George Borjas synthesizes the theories, models, and econometric methods used to identify the causes and consequences of international labor flows, and lays out with clarity a full spectrum of topics with crucial implications for framing debates over immigration.Trade ReviewThis excellent book is crisply and clearly written and makes a significant contribution to the fields of labor and immigration economics. It will be a go-to resource on immigration for many years to come. -- Gordon H. Hanson, University of California, San DiegoThis book is an excellent synthesis of a diverse set of theory and empirical work on immigration. It is well organized, with early chapters doing a good job of setting up the later ones. I have never seen a better job of bringing together such diverse topics as assimilation, selection, and labor market impacts. The author has done an effective job of simplifying the theories down to their essences; and developing equations that make the theories’ implications plain to see with simple algebra, often accompanied by a clear figure. It will be accessible and interest-provoking to graduate and advanced undergraduate students in economics. -- Ethan G. Lewis, Dartmouth College
£44.16
Harvard University, The David Rockefeller Center for Latin American Studies Cuban Economic and Social Development
Book SynopsisThe transformation of the Cuban economy over the last decade is only likely to accelerate. In this edited volume, prominent Cuban economists and sociologists present a clear analysis of Cuba's economic and social circumstances and suggest steps for Cuba to reactivate economic growth and improve the welfare of its citizens.Trade ReviewThis rich compilation is essential reading for all looking to understand Cuba's growth record as well as its economic sustainability in a globalized economic terrain. -- Patrice M. Franko * Choice *
£18.86
Harvard University Press The Cost of Inaction
Book SynopsisCase studies from Rwanda and Angola show how the cost of inaction can be greater than the cost of action. Failure to reduce extreme poverty, for example, often results in malnutrition, preventable morbidity, premature death, and incomplete basic education. Differences between the COI approach and traditional benefit-cost analysis are highlighted.
£16.10
Harvard University, Asia Center From Miracle to Maturity The Growth of the
Book SynopsisSouth Korea was one of the poorest economies on the planet after the Korean War; by the twenty-first century, it had become a middle-income country, home to some of the world’s leading industrial corporations. From Miracle to Maturity offers an analysis of Korea’s remarkable economic growth and considers whether its economy is now underperforming.
£32.26
Harvard University Press The Crisis of Neoliberalism
Book SynopsisExamines "the great contraction" of 2007 - 2010 within the context of the neoliberal globalization that began in the early 1980s. Summarizing a large amount of troubling data, the authors show that manufacturing has declined from 40 percent of GDP to under 10 percent over the years.Trade ReviewThis original and rigorous political-economic discussion of neoliberal global capitalism shows how deep the roots of the current crisis are and how stubbornly resistant it will be to conventional policy remedies. -- Duncan K. Foley, author of Adam's FallacyAn ambitious and original treatment of the ongoing global economic crisis. Duménil and Lévy provide both an in-depth statistical and historical narrative and an overarching analytical framework. -- Thomas R. Michl, author of Capitalists, Workers, and Fiscal PolicyThe Crisis of Neoliberalism is an insightful account of the factors that have led to the economic downturn. As Duménil and Lévy make clear, the economy cannot just return to its pre-crisis path. -- Dean Baker, Center for Economic and Policy ResearchFrench economists Gérard Duménil and Dominique Lévy proceed from the somewhat heterodox proposition that ruling ideas arise not from their persuasive power or inner logic but from the interest of ruling groups… Duménil and Lévy move directly to the social and political history that led us to this turn, the underlying situation in which such intellectually bankrupt ideas could prevail. And what might become of a world that can no longer sustain such beliefs… Though elements of their analysis proceed (in their words) 'à la Marx,' the book is scarcely what one might thereby expect—that is, the opposite of [an] unreflective apologia for capitalism's premises… The two argue…that neoliberalism is not a collection of theories meant to improve the economy. Instead, it should be understood as a class strategy designed to redistribute wealth upward toward an increasingly narrow fraction of folks. This transfer is undertaken, they argue, with near indifference to what happens below some platinum plateau—even as the failures and contradictions of the economic system inevitably drive the entire structure toward disaster. Duménil and Lévy offer two provocative and interlocking schemas. They decline the bluntest of Marxist oppositions, which supposes a world divided only between owners and workers. But they equally abjure the endless proliferation of categories and distinctions, the slippery slope of micro-differences that leads to the paradoxical homily of conventional American thought: that individuals are just that, and thereby classless—and that everybody is middle-class. One might well see in this the shadow of Thatcher's other hyperbolic dictum of neoliberalism: 'There is no such thing as society. There are only individuals and families.' -- Joshua Clover * The Nation *Amid the torrent of books on the 2008 financial meltdown and the North Atlantic 'great recession,' this important new contribution from Paris stands out as an analytical beacon… Duménil and Lévy conclude with a comparison of the aftermaths of 1929 and 2008, an assessment of the significance of the crisis for U.S. hegemony and some sober prognoses on the social and economic order likely to emerge in its wake. The authors aspire to the kind of influence that Baran and Sweezy achieved with Monopoly Capital some forty years ago—and on this reading, they deserve it. Like Monopoly Capital, the analytical framework of Crisis of Neoliberalism uses some Marxian categories and language, but leavened with (often implicit) elements of Veblen, Chandler, Galbraith, Keynes and Polanyi. The result is a highly distinctive—and compellingly radical—approach, which demands serious attention… By any measure, The Crisis of Neoliberalism is a landmark intervention in the post-crisis debates… Young workers or students who have had the misfortune to enter the labor force during the Great Recession will require a far-reaching education in the history of capitalist crises if they are to begin to craft an alternative exit from the present one. This book should help. -- Thomas Michl * New Left Review *
£24.26
Harvard University Press Canada in the World Economy
Book SynopsisIn his study of Canada, John A. Stovel examines the changes in that country's balance of payments and balance of trade from confederation to the present day, including as part of his examination historical, statistical, and theoretical points of view. The author also reexamines criticallyand finds himself in sharp disagreement withJacob Viner's classic in the field, Canada's Balance of International Indebtedness, 1900-1913, which has long been considered the definitive analysis of the subject. Developing in Part I an eclectic theory of international balance of payments, and in Part II concentrating on the Canadian balance of trade and balance of payments in relation to economic developments preceding World War I, Stovel carefully prepares the foundation for a critique of Viner's analysis of the period 1900-1913. Discussing the inadequacy of the Mill-Taussig theory and its empirical verification, and observing the extent to which the newer theoretical developments have afforded increaTrade ReviewAn important book… Of its significance in the literature of international trade theory there can be no doubt. -- Hugh G. J. Aitken * Journal of Economic History *A contribution to the theory of international trade, this book is also a notable contribution to a better understanding of Canada’s besetting problem, the growing current account deficit and countervailing heavy capital inflows, mostly from the United States. * The Economist *Mr. Stovel’s subject is fascinating, he makes a large number of stimulating points, and he stresses that ‘there is a tremendous amount of theoretical and empirical work yet to be done in this field.’ Future students of the balance-of-payments problems of Canada will, I think, find that Mr. Stovel has cleared a good deal of ground for them. -- John Knapp * The Economic Journal *
£34.81
Harvard University Press Capital Transfers and Economic Policy
Book SynopsisBetween 1951 and 1962 nearly ten billion dollars in long-term capital (both direct investment and purchase of securities) flowed into Canada. This massive amount represented one third of all long-term capital moving among industrial nations. Its transfer marked the first time since before World War I that the world witnessed such a large-scale international movement of capital motivated primarily by a prospect of higher rates of return. In Capital Transfers and Economic Policy the authors test the theory of the causes and effects of international capital movements against the evidence drawn from Canada's experience. They explore Canada's adjustment to capital flows and show how the operation of her economic policy is affected by the sensitivity of capital flows to the country's interest rates and foreign-exchange rate. Their brilliant analysis is particularly valuable in light of current trends in capital flows among industrial nations and the June 1970 return of the Canadian dollar
£40.76
Harvard University Press Economic Analysis of Product Innovation
Book SynopsisOne of the most striking features of contemporary industrial economies is their ability to offer an ever-expanding and improving range of products. Personal computers, tiny pacemakers, digital watches, and VCRs simply did not exist, and were not even dreamt of, only a few decades ago. Such product innovations play an increasingly important role in modern economic growth, and it is therefore imperative that economists come to grips with them, just as they have done with traditional economic phenomena. In this skillfully crafted and imaginative study, Manuel Trajtenberg develops the tools to quantify and analyze the notion of product innovation. He argues persuasively that the magnitude of an innovation should be equated with the social benefits that it generates. Drawing from the characteristics approach to demand theory and the econometrics of discrete choice, he presents an ingenious method to estimate the benefits from product innovations that accrue to the consumer over time. His method centers on consumer preferences for different product attributes -such as speed and size of memory in computers-and then uses those preferences to evaluate the changes in attributes. Trajtenberg applies his approach to the study of one of the most remarkable innovations in medical technology--Computed Tomography (CT) scanners. He assembled for that purpose an impressive set of data on every aspect of the new technology, from qualities and prices, patents and research, to details on virtually every sale in the United States during the decade following the introduction of CT in 1973. This close-up view of an innovation, quite rare in economic literature, offers valuable insights on the nature of the innovative process, the interaction between innovation and diffusion, the effects of uncertainty about quality, and the implications of changing preferences.Table of ContentsIntroduction The Measurement of Innovations The Magnitude of Innovations A Method for Measuring Innovations The Formal Derivation of the Surplus Function The Construction of Quality-Adjusted Price Indices on the Basis of DELTAW ADELTAW-Based Indices versus Hedonic Prices The Decomposition of W( ) and the "Taste for Horizontal Variety" The Case of CT Scanners The Ongoing Revolution in Diagnostic Technologies The Story of CT Scanners Diffusion and Regulation Technical Aspects Data and Sources The Impact of Regulation on the Diffusion of CT Scanners Determinants of the Adoption Time of CT for Individual Hospitals The Assessment of Image Quality Data on CT Scanners The Choice of CT Scanners and the Dynamics of Preferences Specification issues Estimating the Hedonic Price Functions The Estimation of the MNL Head versus Body Scanners The Nested Multinomial Logit Model Changes in Preferences and Inducement Mechanisms Derivation of Cross Elasticities in the Nested MNL Surveys of Users of CT Scanners Gains from Innovation in CT Preliminary Issues in Computing the Gains Incremental Gains from Innovation Total Gains and the Interdependency of Innovation and Dffusion R&D Expenditures and Social Returns The Time Profile of Benefits and Costs The Construction of Real Price Indices Sources of Data on R&D Expenditures on CT Patents as Indicators of Innovation The Value of Patents Using Patent Data Patents in Computed Tomography The Statistical Evidence The Patents-R&D-Patents Connection and Other Extensions The Usefulness of Patent Data Online Search and Retrieval of Patent Data from Large Databases A Statistical Analysis of Truncation and Age Effects References Index
£43.31
Harvard University Press Finding Time
Book SynopsisAmbitious, fast-paced, fact-filled, and accessible.ScienceA compelling case for why achieving the right balance of time with our familiesis vital to the economic success and prosperity of our nation A must read.Maria ShriverFrom backyard barbecues to the blogosphere, working men and women across the country are raising the same worried question: How can I get ahead at my job while making sure my family doesn't suffer? A visionary economist who has looked at the numbers behind the personal stories, Heather Boushey argues that resolving the worklife conflict is as vital for us personally as it is essential economically. Finding Time offers ingenious ways to help us carve out the time we need, while showing businesses that more flexible policies can actually make them more productive. Supply and demand curves are suddenly sexy' when Boushey uses them to prove that paid sick days, paid family leave, flexible work schedules, and affordable child care aren't just cutesy women's issues for families to figure out on their own time and dime,' but economic issues affecting the country at large.VogueBoushey argues that better family-leave policies should not only improve the lives of struggling families but also boost workers' productivity and reduce firms' costs.The EconomistTrade ReviewThe feminist econ book I never knew I needed…Finding Time is just as essential as Sheryl Sandberg’s Lean In and Anne-Marie Slaughter’s Unfinished Business. In fact, it picks up where they left off…Boushey makes the financial case for reform, pointing to data that proves that policies like paid leave increase productivity in the workplace, decrease turnover, and, in turn, fuel the economy as a whole. -- Michelle Ruiz * Vogue *[Boushey] present[s] evidence that workplaces with flexible, accommodating schedules are more productive than those that emphasize long hours and rigid schedules…[Finding Time] note[s] that countries with extensive work-life policies have higher social mobility and are often more competitive than the United States. -- Stephanie Coontz * American Prospect *[An] ambitious, fast-paced, fact-filled, and accessible book…[Boushey] has a masterful understanding of the nuts and bolts of policy design and has impressively cataloged an array of promising state and local examples. Her policy proposals are not off the beaten path, but her overall argument—simple as it sounds—is a fresh one. -- Janet Gornick * Science *This thoughtful and engaging book exposes a vitally important and timely topic, and Boushey is uniquely positioned to address it. -- Ruth Milkman, City University of New YorkHeather Boushey presents a compelling case for why achieving the right balance of time with our families and at our workplaces is vital to the economic success and prosperity of our nation. I’ve been honored to see her work up close through ‘The Shriver Report’ and I’m now glad that it’s going to be available to an even wider audience. This is a must read for the public and policymakers alike. -- Maria ShriverTime is our most precious asset, and families feel like they have less and less of it. Heather Boushey’s important book shows that there is much that policy can do to reclaim our time and our lives. In a rational world its arguments would have an important impact on the future of American economic policy. -- Lawrence H. Summers, President Emeritus and Charles W. Eliot University Professor, Harvard UniversityThis is a thoughtful and intelligent book. -- Tyler Cowen * Bloomberg View *Boushey argues that better family-leave policies should not only improve the lives of struggling families but also boost workers’ productivity and reduce firms’ costs. * The Economist *Boushey offers an ambitious public policy agenda to address the increasingly common situation where both the mother and father work outside the home and thus have less time to care for their families… [A] brilliant book. -- Suzanne Kahn * Dissent *Boushey presents detailed innovations to help Americans find the time they need and help businesses attract more productive workers, revealing how economic efficiency and equity do not have to be enemies. * ISE Magazine *
£16.16
Harvard University Press Financial Liberalization and Economic Development
Book SynopsisKorea’s financial development has been a tale of liberalization and opening but the new system has failed to steer the country away from financial crises. This study analyzes the changes in the financial system and finds that financial liberalization has contributed little to grow and stabilize the Korean economy.Trade ReviewA welcome and ambitious volume. -- Peter J. Morgan * Developing Economies *
£35.66
Harvard University Press Building for Oil
Book SynopsisBuilding for Oil records the rise of the Petroleum Group in the central government while revealing the everyday stories and struggles of the working class. The book traces the roots and maturation of the Chinese socialist state and its early industrialization and modernization policies during a time of unprecedented economic growth.
£16.16
Harvard University Press Essays on the Economics of Uncertainty
Book SynopsisThese three elegant essays develop principles central to the understanding of the diverse ways in which imperfect information affects the distribution of resources, incentives, and the evaluation of economic policy.
£27.86
Harvard University Press From Sand to Circuits
Book SynopsisThis book includes articles covering the origin and development of semiconductor technology, the microprocessor, telephony, xerography, electronic typesetting, videodisc technology, computer graphics, artificial intelligence, and robotics. It also discusses the impact of information technology on the university and in the educational process.
£20.66
Harvard University Press The Economics of Race in the United States
Book SynopsisBrendan OâFlaherty brings the tools of economic analysisâincentives, equilibrium, optimizationâto bear on racial issues. From health care, housing, and education, to employment, wealth, and crime, he shows how racial differences powerfully determine American lives, and how progress in one area is often constrained by diminishing returns in another.Trade ReviewO’Flaherty brings us a wealth of data-driven facts on how race still matters in America. -- Paul Flahive * Texas Public Radio *A harsh, undeniable fact about U.S. society is that socioeconomic status is stratified by race and ethnicity. The contribution of economists to the study of the contentious issues of race and ethnicity has been minimal--that is, until O’Flaherty crafted this pathbreaking study that shows how racial differences among blacks, whites, Hispanics, and Asian Americans remain a powerful determinant in the lives of 21st-century Americans. The author should be praised for striking a fine balance of applied economic theory and empirical analysis of the U.S. Census to explore and analyze socioeconomic status by intersections of race, ethnicity, and gender. All relevant topics are covered in the book, including gaps in education, income, employment, health, and levels of incarceration. Because racial inequality continues in the 21st century, and renewed racial tensions are actually simmering, this book is undoubtedly timely and the must-read text for anyone in the social sciences interested in surveying the economics of race and racism in the U.S. -- S. Chaudhuri * Choice *A terrific contribution to the literature on race and economics. -- Ingrid Gould Ellen, New York UniversityAn amazing book that should become a standard reference and must-read text for economists and other social scientists who study race and racial inequality. It is both deep and comprehensive, and has several blinding insights relating racial inequality to the fundamental workings of society. -- Steven Raphael, University of California, Berkeley
£43.31
Harvard University Press Latin America and the World Economy since 1800
Book SynopsisThe fifteen essays in this volume apply the methods of the new economic history to the history of the Latin American economies since 1800. The authors combine the historian's sensitivity to context and contingency with modern or neoclassical economic theory and quantitative methods.Trade ReviewExamining a number of key themes—from property rights in the Amazon to the rise and fall of the Gold Standard—this volume provides a series of engaging and original insights into the forces that have shaped Latin American economic development over the past two centuries. Undoubtedly, the striking feature that unites the diverse chapters is their dependence on the use of quantitative techniques, which allow the statistical relationships between economic variables to be ascertained. Combining these with an extensive reliance on freshly assembled numerical data, all of the contributors manage to shed new light on old questions. -- Edmund Amann * Times Literary Supplement *This collection of interdisciplinary essays breaks new ground by showcasing the work of scholars who evidence an economist’s appreciation for formal theory, testing, and empirical research, as they look with the eyes of historians at processes of change in the political and institutional context of economic activity. * WorldViews *This superb, ambitious book, the result of two international conferences on Latin American economic history, offers both ‘validations’ of the existing interpretations of Latin American history and ‘rejections’ of the old historical analyses by providing new perspectives based on quantitative methodologies… This is an admirable contribution to Latin American history…[and] a credible economic history. -- E. Pang * Choice *This is an exciting moment in the study of the economic history of Latin America. It is now being done by scholars with good economic tools, asking questions that speak to the present, and with the grit to data-mine the archives. Equally important, economists and historians are now listening, after decades of deaf ears. Two of the best Latin American economic historians—a spectacular new young star teamed with a wise, long-established leader—have combined to edit papers from the best Latin American economic historians in the field. The book is a land mark. -- Jeffrey G. Williamson, Laird Bell Professor of Economics, Harvard UniversityThis is an important collection of papers on the under-researched domestic aspects of the Latin American economies since 1800. The authors combine the new institutionalism approach with a high quality and wide range of data to explain key developments in capital markets, wages and prices, the role of the lobby groups, and the emergence of modern business and financial enterprises in Latin America. In short, these are highly original essays that present stimulating results. The volume mounts an effective challenge to existing orthodoxies. -- Colin M. Lewis, Associate Professor in Latin American Economic History, London School of Economics and Political Science
£18.86
Harvard University Press Making Room
Book SynopsisThe first full-scale economic analysis of homelessness, Making Room provides answers quite unlike those offered so far. Focused on six cities in America and Europe, Brendan O'Flaherty discusses the new homelessness as a response to changes in the housing market which is linked to a widening gap in the incomes of the rich and the poor.Trade ReviewA longtime political operative in the city of Newark who happens to be something of a technical ace in a university economics department as well, O'Flaherty adopted a well-understood model of housing markets and put it to work testing various hypotheses...Thanks to him, the diagnosis [of the causes of homelessness] is increasingly clear. -- David Warsh * Boston Globe *O'Flaherty has written an important book to explain the rise of the 'new homelessness'...An original and wide-ranging account, written with grace and subtlety. It should be read carefully by any social scientist interested in poverty, housing, or urban policy...A tour de force worthy of study by anyone with an interest in applied microeconomic theory. -- John M. Quigley * Journal of Economic Literature *[O'Flaherty's] questions are key to any basic analysis of the problem: What is homelessness? Why is it bad? What happened? Why did it happen? What can we do, and what should we do about it?...O'Flaherty's strength is documenting [the] daytime symbols of public poverty. He is mainly interested in the extent to which...single adults--whom he labels, for want of a better word, the colloquial homeless--are affected by housing market and shelter policies. Are they really homeless? Are they inherently lazy? His findings are surprising. -- Elaine S. Abelson * Journal of Urban History *The most original and wide-ranging book ever written on the homeless. [O'Flaherty] intrepidly challenges conventional theories of the rise of homelessness and offers fresh ones...Brash, iconoclastic, and down-to-earth, Making Room belongs in the library of anyone interested in extreme poverty. -- Robert C. Ellickson, Yale Law SchoolTable of ContentsAcknowledgments Introduction What Is Homelessness? Why Is It Bad? Homeless Histories Daytime Streetpeople How to Think about Housing Markets Income Distribution Interest Rates and Operating Costs Cross-Section Studies Government and Housing Income Maintenance Mental Health Substance Abuse Criminal Justice What We Should Do Appendix: Homeless Studies Notes References Index
£27.86
Harvard University Press The Paradox of Chinas PostMao Reforms
Book SynopsisChina's move to an open market economy ended the political chaos and economic stagnation of the Cultural Revolution and sparked an unprecedented economic boom. Yet this success came at the cost of a weakening central government, increasing inequalities, and fragmenting society. The essays here explore this contradiction.Trade ReviewIt is not often that a collection of essays by academics can be read with profit by specialists and laity alike. But The Paradox of China’s Post-Mao Reforms is an important exception. In dealing with what will be the most fateful politico-economic relationship of the 21st century—that between the United States and mainland China—most of the contributors write in unjargoned English. There is no better introduction to the complexities—Taiwan, human rights, military expenditures, economic reforms, trade—of U.S.–China relations than this volume. -- Arnold Beichman * Washington Times *The economic reforms in China have had very complex, sometimes contradictory, effects. There has been no suitable volume to which one could turn for a complete view. This work contains a comprehensive, up-to-date treatment of the reforms by leading scholars in the field. -- Parks M. Coble, University of NebraskaAn excellent overview of the key areas of impact of economic reform on the Chinese polity and social groups through the eighties and more particularly in the nineties. Its focus on the non-economic aspects of reform is welcome as discussions of economic reform have tended to dominate compendiums in recent years. However, the book takes the economic reforms seriously and shows how they have impacted on the Party-state, affected notions of representation, restructured relations between the Party-state and society, and affected different social groups. It is an impressive tour de force of the reforms and their impacts and will be most welcome reading not only for the China specialist but also for those interested in transitions from communist rule in particular and from authoritarian regimes more generally. -- Anthony J. Saich, The Ford FoundationTable of ContentsPreface I. Introduction 1. Dynamic Economy, Declining Party-State Merle Goldman & Roderick MacFarquhar 2. China's Transition in Economic Perspective Barry Naughton II. Limited Political Reforms 3. Elite Politics Joseph Fewsmith 4. Party-Military Relations Paul H. B. Godwin 5. The National People's Congress Murray Scot Tanner 6. The Struggle over Village Elections Lianjiang Li & Kevin J. 0 'Brien 7. Mass Political Behavior in Beijing Tianjian Shi III. Fragmenting Society 8. The Changing Role of Workers Martin King Whyte 9. Farmer Discontent and Regime Responses Thomas P. Bernstein 10. China's Floating Population Dorothy J. Solinger 11. The New Middle Class David S. G. Goodman 12. The Rise of Private Business Interests Kitten Paths 13. The Emergence of Politically Independent Intellectuals Merle Goldman 14. Crime, Corruption, and Contention Elizabeth J. Perry Conclusion 15. The "State of the State" Richard Baum & Alexei Shevchenko Notes Contributors
£37.36
Harvard University Press Resources Values and Development
Book SynopsisContaining many of the author's contributions to development economics, this book includes papers on resource allocation in non-wage systems, investment planning, shadow pricing, employment policy, and welfare economics, this text examines development economics in detail.Trade ReviewAmartya Sen, [the 1998] Nobel Prizewinner in Economics, has helped give voice to the world's poor. And that is no small matter, for the very lives of the world's poor may depend on having their voices heard. In a lifetime of careful scholarship, Sen has repeatedly returned to a basic theme: even impoverished societies can improve the well-being of their least advantaged members. Societies that attend to the poorest of the poor can save their lives, promote their longevity and increase their opportunities through education and productive work. Societies that neglect the poor, on the other hand, may inadvertently allow millions to die of famine--even in the middle of an economic boom, as occurred during the great famine in Bengal, India, in 1943, the subject of Sen's most famous case study...Sen [delivers a] powerful message: annual income growth is not enough to achieve development. Societies must pay attention to social goals as well, always leaning toward their most vulnerable citizens, and overcoming deep-rooted biases to invest in the health and well-being of girls as well as boys. In a world in which 1.5 billion people subsist on less than $1 a day, this Nobel Prize can be not just a celebration of a wonderful scholar but also a clarion call to attend to the urgent needs and hopes of the world's poor. -- Jeffrey Sachs * Time *Amartya Sen occupies a unique position among modern economists. He is an outstanding economic theorist, a world authority on social choice and welfare economics. He is a leading figure in development economics, carrying out path-breaking work on appraising the effectiveness of investment in poor countries and, more recently, on famine. At the same time, he takes a broad view of the subject and has done much to widen the perspective of economists. -- A. B. Atkinson * New York Review of Books *[Sen] has a mind like a searchlight, illuminating his material with an intense lucidity; he has a gift for looking at assumptions his colleagues have long taken for granted, and finding them defective...From the body of work represented by this book, [Sen] emerges as one of the profession's most remarkable protagonists of the forces of reason. Massively researched, scrupulously referenced...a share of these papers would be a satisfactory lifetime's achievement for many academics: but they are only a fraction of his durable and wide-ranging accomplishments. And they are written with a combination of humanity, rigor, elegance and force that puts him in the most rare and distinguished company. -- Robert Cassen * London Review of Books *Table of ContentsPreface Introduction Part I: Institutions and Motivation Peasants and Dualism with or without Surplus Labour Labour Allocation in a Cooperative Enterprise The Profit Motive Part II: Isolation and Social Investment On Optimizing the Rate of Saving Isolation, Assurance and the Social Rate of Discount Terminal Capital and Optimum Savings On Some Debates in Capital Theory Approaches to to the Choice of Discount Rates for Social Benefit-Cost Analysis Part III: Shadow Pricing and Employment Optimum Savings, Technical Choice and the Shadow Price of Labour Control Areas and Accounting Prices: An Approach to Economic Evaluation Employment, Institutions and Technology: Some Policy Issues Part IV: Morals and Mores Ethical Issues in Income Distribution: National and International Rights and Capabilities Poor, Relatively Speaking Family and Food: Sex Bias in Poverty Economics and the Family Part V: Goods and Well-being The Welfare Basis of Real Income Comparisons Ingredients of Famine Analysis: Availability and Entitlements Development: Which Way Now? Goods and People Name Index Subject Index
£36.51
Harvard University Press Scheming for the Poor
Book SynopsisScheming for the Poor is the first comparative analysis of redistributive policymaking in Latin America. Ascher examines the success or failure of progressive policies launched by nine governments grouped into three regime typespopulist, reformist, and radicalover the course of the postwar history of Argentina, Chile, and Peru.Trade ReviewThis is a major contribution to the study of both Latin American politics and the broader field of public policy. There is nothing of similar scope currently available in either English or Spanish. -- Lars Schoultz, Professor of Political Science, University of North CarolinaTable of ContentsI. Introduction 1. Defining the Redistributive Issue 2. Matching Tactics, Context, and Theory II. The Authoritarian Populists 3. Argentina's Machiavellian Master 4. The Debacle of Chile's General of Hope 5. The Faltering Redistributionist Impulse in Peru 6. Interpreting the Authoritarian Populists III. The Democratic Reformists 7. Gradualism in Chile 8. Reform in Peru 9. Argentina's Beleaguered Center 10. The Logic and Tactics of Reformism IV. The Radicals 11. Collapse in Chile 12. The Peruvian Military 13. Common Predicaments 14. Conclusions Notes References Index
£63.96
Harvard University Press Specification Estimation and Analysis of Macroeconomic Models
a huge range and FREE tracked UK delivery on ALL orders.
£999.99
Harvard University Press Trade and Economic Structure
Book SynopsisThis comprehensive discussion of international trade theories focuses on logically distinct models of international trade rather than on chronology or schools of thought. The author gives primary attention to the differences in the empirical implications derivable from the Heckscher-Ohlin model and from the simple classical comparative models of international trade. He also emphasizes the recurrence of controversy over matters of aggregation, due to the lack of a common criterion, and the rich variety of model types that result from dynamic theorizing, discrediting the search for an ultimate dynamic international trade model. This book is intended especially for teachers and graduate students who require a broad understanding of basic theories in the field.Trade ReviewThis is a scrupulously comprehensive critical survey of the theories of international trade and its relation to internal economic structure… To specialists and would-be specialists in the field of international trade theory it will immediately become indispensable. * The Economist *With the…publication of this work…Professor Caves leaps into the rank of first-class economists in the field of international trade… The main theme throughout the analytical account of the literature on the roles of factors of production, conditions of production, and demand in the determination of the structure of trade is the clash between the neoclassical theory and the Heckscher-Ohlin approach… The virtues of the book are manifold. Professor Caves writes well and not without humor. His analytical powers are keen, and his facility for summarization impressive. The coverage is enormous, as shown by the twenty-page Bibliography. The book is superbly indexed. * Annals of the American Academy of Political and Social Sciences *In Trade and Economic Structure economists again have available an imaginative, painstaking, and exhaustive survey of the pure theory of international trade. The book is, without reservation, a reference work of the first magnitude. * American Economic Review *
£32.26
Harvard University Press Raising Keynes
Book SynopsisKeynes’s General Theory has been misunderstood as relying on frictions to justify the need for the visible hand of government to complement the invisible hand of the market. Fleshing out the GT with tools not available to Keynes, Marglin exposes the fundamental failure of markets to self-regulate and draws lessons for fiscal and monetary policies.Trade ReviewMarglin has taken 80 years of neoclassical distortions of Keynes, presented them with great clarity in their own language, and then pounded them into dust, pushing the detritus back into the faces of the high priests of the neoclassical synthesis, the New Keynesians, and the New Classical Economists. Raising Keynes issues a challenge that they would be cowardly to refuse—which is not to suggest that they won’t do their best to ignore it. -- James K. Galbraith * Project Syndicate *Stephen Marglin’s magnum opus makes a powerful case that we cannot expect the economy to solve its own problems, and that instead economists and policymakers need to put persistent unemployment at the center of their thinking in order to both better understand the economy and to make a stronger case for using fiscal and monetary policy to change it for the better. -- Jason Furman, Harvard University, former Chairman of the U.S. Council of Economic AdvisersThis is a thought-stimulating reconstruction of John Maynard Keynes’s insight that market economies do not automatically gravitate to full-employment equilibrium even if prices are flexible. Stephen Marglin shows, with modern analytical tools and (yet) in an often entertaining style, how normal signal processing leads to real-time adjustments to shocks that can move a competitive economy out of equilibrium in the short run and into a different equilibrium in the long. He succeeds in demonstrating this without invoking all those frictions and imperfections so indispensable to New Keynesians. The book opens a wide array of unorthodox, but well-founded perspectives on past and current issues of economic policy. It is the fruit of life-long research, and it deserves a wide readership. -- Hans-Michael Trautwein, University of Oldenburg, GermanyRaising Keynes is a work of great significance that anyone seriously interested in how capitalism functions and malfunctions should read carefully. Stephen Marglin succeeds in clarifying the central ideas in John Maynard Keynes’s revolutionary macroeconomic framework, while also extending and deepening those ideas in important ways, applying the ideas to our contemporary conditions, and also delivering devastating critiques of orthodox macroeconomic theory and practice. The book is also highly accessible for a work of this nature, without skimping at all on technical details—an almost impossible combination to pull off. -- Robert Pollin, University of Massachusetts Amherst
£67.16
Harvard University Press The Assumptions Economists Make
Book SynopsisEconomists make confident assertions in op-ed columns and on cable newsso why are their explanations often at odds with equally confident assertions from other economists? And why are all economic predictions so rarely borne out? Harnessing his frustration with these contradictions, Jonathan Schlefer set out to investigate how economists arrive at their opinions. A lucid, plain-spoken account of the major economic models, which [Schlefer] introduces in chronological order, creating a kind of intellectual history of macroeconomics. He explains what the models assume, what they actually demonstrateand where they fall short.Binyamin Applebaum, New York Times blogFascinating...[Schlefer's] book is a tough critique of economics, but a deeply informed and sympathetic one.Justin Fox, Harvard Business Review blogThis book is an impressive and informative analysis of the economics literatureand it presents some useful insights about how a more eclectic, catholic approach might all
£24.26
Harvard University, Asia Center Building for Oil
Book SynopsisBuilding for Oil is a historical account of the oil town of Daqing in northeastern China during the formative years of the People's Republic and describes Daqing's rise and fall as a national model city. Hou Li traces the roots of the Chinese socialist state and its early industrialization and modernization policies.
£999.99
Princeton University Press Adam Smith Goes to Moscow A Dialogue on Radical
Book SynopsisA dialogue between the head of a hypothetical, formerly socialist East European country and a fervently market-minded American adviser. Their spirited give-and-take highlights the monumental political as well as economic complexities faced by the former Soviet bloc countries as they struggle to transform themselves into free market economies.Trade Review"This is a gem of a book... the complex issues of the economic transformation to the market in Eastern Europe are ingeniously explored... The flow of the dialogue is concise, fast, and intellectually robust... a brilliant and fascinating read."--Times Higher Education Supplement "... offers a lively and thoughtful reconsideration of the Big Bang approach to economic repair... provides an imaginatively conceived introduction to the critical intellectual debates around how to fix the Russian economy."--Toronto Globe and Mail "It is refreshing to read a piece of scholarship based on such careful research on both sides of a vital issue... This is important scholarship only thinly disguised as fiction. It deserves a wide audience."--William S. Brown, Journal of Economic Issues
£36.00
Princeton University Press Joseph A. Schumpeter
Book SynopsisThe renowned economist Joseph A Schumpeter (1883-1950) made seminal contributions not only to economic theory but also to sociology and economic history. This anthology emphasizes his broad socio-economic vision and his attempt to analyze economic reality from several different perspectives.
£999.99
Princeton University Press Incentives and Institutions The Transition to a
Book SynopsisOffers an analysis of the transition to a democratic market economy that has taken place in Russia since 1990. This book focuses on the institutions that are critical to a successful transition and the economic incentives needed to make these institutions work.Trade Review"A major contribution to our knowledge of how the Russian economy works today and why it is now in the process of failing, written by two of the most prominent and insightful Russian economists working today. The subject of the book is of immense importance and the book contains penetrating insights."—Michael D. Intriligator, University of California, Los AngelesTable of ContentsPreface vii Introduction 3 PART I: THE POLITICAL ECONOMY OF THE SOCIALIST STATE: CONCEPT, IMPLEMENTATION, DECAY 19 One The Planned Economy Revisited 21 Two A Model of Innovation and the Planned Economy 49 Three Incentives and Producer's Behavior 74 PART II: THE POLITICAL ECONOMY OF SPONTANEOUS TRANSITION: INSIDERS' MARKETS AND THE PROBLEM OF ECONOMIC EFFICIENCY 103 Four Path Dependence and the "Washington Consensus" 105 Five Incentives and Producer's Behavior in the Transition Environment 128 Six Incentives and Producer's Behavior in the Transition Environment: The Decision to Switch 149 Seven Pressure Groups and Oligarchic Power 169 PART III: THE POLITICAL ECONOMY OF A NEW SOCIAL CONTRACT: MEASURES TO PROMOTE DEMOCRACY, COMPETITION, AND ECONOMIC GROWTH 187 Eight Where Are We and Where Do We Want to Go? The Task and Conditions for Social Engineering in Russia 189 Nine Democracy: Curse or Blessing? 202 Ten Institutions, Competition, and Economic Growth 221 Eleven Devolution of Power and the Integrity of the Government 251 Conclusion Can We Do Better? 265 References 269 Index 275
£117.30
Princeton University Press Business Cycles Durations Dynamics and
Book SynopsisOffers an econometric analysis of business cycles. This book addresses five principal questions about the measurement, modeling, and forecasting of business cycles. It asks whether business cycles have become more moderate in the postwar period, concluding that recessions have, in fact, been shorter and shallower.Trade Review"This book is an invaluable resource for anyone interested in empirical macroeconomics or in advanced techniques of time series analysis. It clearly shows how the adoption of new econometric techniques leads to new and better answers to existing questions, as well as to new questions, too."—Peter Lindner, Vice-President, Lehman Brothers Inc.Table of ContentsPrefaceAcknowledgmentsPt. IIntroduction1Questions about Business Cycles5Pt. IIBusiness Cycle Durations2Have Postwar Economic Fluctuations Been Stabilized?353Shorter Recessions and Longer Expansions544A Nonparametric Investigation of Duration Dependence in the American Business Cycle645Further Evidence on Business Cycle Duration Dependence876Measuring Business Cycles: A Modern Perspective1177Regime Switching with Time-Varying Transition Probabilities144Pt. IIIBusiness Cycle Dynamics8Trends and Random Walks in Macroeconomic Time Series: A Reexamination1699The Uncertain Unit Root in Real GNP19410The Uncertain Unit Root in Real GNP: Comment20711Long Memory and Persistence in Aggregate Output21912Is Consumption Too Smooth? Long Memory and the Deaton Paradox24113On the Power of Dickey-Fuller Tests against Fractional Alternatives258Pt. IVBusiness Cycle Forecasting14The Past, Present, and Future of Macroeconomic Forecasting26715Scoring the Leading Indicators29016Turning Point Prediction with the Composite Leading Index: An Ex Ante Analysis31617Forecasting Output with the Composite Leading Index: A Real-Time Analysis34218New and Old Models of Business Investment: A Comparison of Forecasting Performance36119Comparing Predictive Accuracy387Name Index413Subject Index419
£138.55
Princeton University Press Pay Dirt The Business of Professional Team
Book SynopsisMajor league baseball, like professional football, basketball, and hockey, is now big business with the potential to bring millions of dollars in profits to owners. This title presents historical material including team ownership histories and data on attendance, TV revenue, stadium and arena contracts, and revenues and costs.Trade ReviewOne of Choice's Outstanding Academic Titles for 1993 "Call this volume The Wealth of Nations of professional sports. Unrivaled in scope, the [book] should stand for quite some time as the basic work from which all descendants will spring."--Steve Gietschier, The Sporting News "The book is written in a reader-friendly fashion, is chock-full of anecdotes, is conceptually sound, and is bulging with useful data. Pay Dirt is a solid scholarly contribution to the literature on the economics of sports."--Gerald Scully, Journal of Political EconomyTable of ContentsList of IllustrationsList of TablesPrefaceCh. 1Introduction1Ch. 2The Market for Sports Franchises23Ch. 3Taxes, Taxes, and More Taxes88Ch. 4Stadiums and Arenas125Ch. 5The Reserve Clause and Antitrust Laws179Ch. 6Why Do Pro Athletes Make So Much Money?209Ch. 7Competitive Balance in Sports Leagues240Ch. 8Rival Leagues and League Expansion: Baseball, Basketball, and Hockey294Ch. 9Rival Leagues: The Great Football Wars333Postscript363Appendix to Chapter 3366Appendix to Chapter 6369Appendix to Chapter 8374Data Supplement377Ownership Histories378Attendance Records479Radio and Television Income505Bibliography513Index of Names531Index of Court Cases538
£54.00
Princeton University Press An Introduction to Econometric Theory
Book SynopsisIntended primarily to prepare first-year graduate students for their ongoing work in econometrics, economic theory, and finance, this book presents the fundamental concepts of theoretical econometrics, from measure-theoretic probability to statistics. It also features ideas and presents them as solutions to practical problems.Trade Review"This is an excellent book ... There are chapters on probability, random variables and expectations, distributions and convergence concepts... It is very concise, yet treat most relevant topics in a clear and precise way."--Mathematical ReviewsTable of ContentsPrefaceCh. 1Probability3Ch. 2Random Variables and Expectation45Ch. 3Distributions, Transformations, and Moments79Ch. 4Convergence Concepts127Ch. 5Statistical Inference147Appendix: Distributions189References197Index199
£104.00
Princeton University Press Common Value Auctions and the Winners Curse
Book SynopsisFew forms of market exchange intrigue economists as do auctions, whose theoretical and practical implications are enormous. Complementing their own research with papers written with other specialists, the authors provide a focus on common value auctions and the 'winner's curse.'Trade Review"This book shows that the kind of winner's curse at issue is pervasive across various types of auctions and is not eliminated by experience or even by using expert bidders. One of its main contributions is the specification of naïve bidding models that explain patterns of deviations from (Nash) theoretical predictions. The ex post perspectives about how to improve experimental designs and procedures for dealing with bankruptcies were particularly interesting."—Charles A. Holt, University of Virginia"I know of no book that offers such a comprehensive treatment of theory and experiments in common value auctions. The papers it brings together represent very significant contributions to both auction theory and auction behavior and are of the highest quality."—Douglas Davis, Virginia Commonwealth UniversityTable of ContentsPreface xiii Credits xv Chapter 1. Bidding in Common Value Auctions: A Survey of Experimental Research by John H. Kagel and Dan Levin 1 1.An Initial Experiment Demonstrating the Winner's Curse 4 Chapter 2. Sealed-Bid Auctions 5 2.1 Theoretical Considerations: First-Price Sealed-Bid Auctions 6 2.2 Some Initial Experimental Results: Inexperienced Bidders 7 2.3 Auctions with Moderately Experienced Bidders and the Effects of Public Information on Sellers' Revenue 7 2.4 Is the Winner's Curse a Laboratory Artifact? Limited Liability for Losses 13 2.5 Second-Price Sealed-Bid Auctions 16 2.6 Group versus Individual Bids 20 2.7 Summing Up 22 3.English Auctions and First-Price Auctions with Insider Information 23 3.1 English Auctions 24 3.2 Auctions with Insider Information 27 4.The Winner's Curse in Other Settings 33 4.1 The Winner's Curse in Bilateral Bargaining Games 33 4.2 The Winner's Curse in "Blind-Bid" Auctions 36 4.3 Lemons and Ripoffs: The Winner's Curse in Markets with Quality Endogenously Determined 39 4.4 The Swing Voter's Curse 40 4.5 Summing Up 46 5.How Do Bidders Learn to Overcome the Winner's Curse? 47 5.1 Bilateral Bargaining Games 47 5.2 Inexperienced Bidders in Sealed-Bid Auctions 48 5.3 Super-Experienced Bidders in Sealed-Bid Auctions 51 5.4 The Role of Information Feedback on Learning 52 6.Comparing Results from Field Studies with Experiments 53 6.1 Direct Comparisons between Laboratory and Field Data 56 6.2 Differences in Structure between Laboratory and Field Auctions 58 6.3 Summing Up 60 7.Concluding Remarks 60 7.1 Summary of Empirical Findings from the Laboratory 60 7.2 Theory Motivated by Experiments 62 7.3 Auction Theory and Experiments at Work: Airwave Rights Auctions 65 8.Overview of What Follows 66 Chapter 2. First-Price Common Value Auctions: Bidder Behavior and the "Winner's Curse" by John H. Kagel, Dan Levin, Raymond C. Battalio, and Donald J. Meyer 85 1.Introduction 85 2.Structure of the Auctions 86 3.Theoretical Considerations and the Winner's Curse 87 4.Experimental Results 89 4.1 Market Outcomes 89 4.2 Individual Bidding Behavior over Time 93 5.Summary and Conclusions 100 Appendix: Inexperienced Bidders in Second-Price Common Value Auctions 101 Notes 104 References 105 Chapter 3. The Winner's Curse and Public Information in Common Value Auctions by John H. Kagel and Dan Levin 107 1.Structure of the Auctions 108 1.1 Basic Auction Structure 108 1.2 Auctions with Public Information 112 1.3 Varying Numbers of Bidders 113 1.4 The Experience Factor 113 2.Theoretical Considerations 114 2.1 Private Information Conditions 114 2.2 Effects of Public Information 116 2.3 Summary of Research Questions of Primary Interest 118 3.Experimental Results 119 3.1 Bidding Patterns with Private Information 119 3.2 Effects of Public Information on Seller's Revenues 127 3.3 Summary of Experimental Outcomes of Primary Interest 131 4.Toward Generalizability: But Is This How the Real World Operates? 131 5.Conclusions 134 Notes 136 References 140 Addendum: Benchmark Equilibrium for First-Price Auctions with Public Information 141 Chapter 4. Comparative Static Effects of Number of Bidders and Public Information on Behavior in Second-Price Common Value Auctions by John H. Kagel, Dan Levin, and Ronald M. Harstad 149 1.Introduction 149 2.Structure of the Auctions 152 2.1 Basic Auction Structure 152 2.2 Auctions with Public Information 152 2.3 Subject Experience and Varying Numbers of Bidders 153 3.Theoretical Considerations 154 3.1 Naive Bidding under Private Information Conditions: A Model of the Winner's Curse 154 3.2 Nash Equilibrium Bidding under Private Information Conditions 155 3.3 Naive Bidding under Public Information Conditions 156 3.4 Nash Equilibrium Bidding under Public Information Conditions 157 4.Experimental Results 160 4.1 Bidding Patterns with Private Information 160 4.2 Effects of Public Information on Revenue 165 5.Summary and Conclusions 169 Appendix 171 Notes 173 References 175 Chapter 5. Information Impact and Allocation Rules in Auctions with Affiliated Private Values: A Laboratory Study by John H. Kagel, Ronald M. Harstad, and Dan Levin 177 1.Introduction 177 2.Structure of the Auctions 178 2.1 First-Price Auctions 178 2.2 Second-Price/English Auctions 181 2.3 Subjects 181 3.Theoretical Predictions 182 3.1 First-Price Auctions 182 3.2 Second-Price/English Auctions 186 4.Experimental Results 187 4.1 First-Price Auctions 187 4.2 Second-Price/English Auctions 197 5.Summary and Conclusions 202 Appendix A 203 Appendix B: Derivation of Risk-Neutral Nash Bid Function 204 Notes 205 References 209 Chapter 6. Revenue Effects and Information Processing in English Common Value Auctions by Dan Levin, John H. Kagel, and Jean-Francois Richard 210 1.Structure of the Auctions 211 2.Theoretical Considerations 213 2.1 Factors Promoting Revenue Raising in English Auctions 213 2.2 Forces Inhibiting Revenue Raising in English Auctions 216 3.Experimental Results 217 3.1 Revenue Effects of English Auctions 217 3.2 Bidding Behavior in English Auctions 221 4.Relationship to Field Data 232 5.Summary and Conclusions 232 Appendix A: Derivation of Equilibrium Bid Functions 234 Appendix B: Full Information Maximum Likelihood Estimates 236 Notes 240 References 243 Chapter 7. Common Value Auctions with Insider Information by John H. Kagel and Dan Levin 245 1.Structure of the Auctions 246 2.Theoretical Considerations 247 2.1 The Winner's Curse 248 2.2 Auctions with Symmetric Information Structure (SIS) 249 2.3 Auctions with Asymmetric Information Structure (AIS) 249 3.Experimental Results 251 3.1 Auctions with Inexperienced Bidders 251 3.2 Super-Experienced Bidders 256 3.3 Learning and Adjustments in Insider's Bids over Time 261 4.Summary and Conclusions 263 Appendix: Increases in Expected Revenue in Auctions with Insider Information 264 Notes 265 References 268 Chapter 8. Can the Seller Benefit from an Insider in Common-Value Auctions? by Colin Campbell and Dan Levin 270 1.Introduction 270 2.The Model 271 2.1 Environments of No Private Information 272 2.2 Homogeneous Private Information 273 2.3 Heterogeneous Bidders I: Partitioned Information 274 2.4 Heterogeneous Bidders II: Nonpartitioned Information 275 2.5 Discussion 276 3.Conclusion 281 Appendix 281 Notes 282 References 282 Chapter 9. Second-Price Auctions with Asymmetric Payoffs: An Experimental Investigation by Christopher Avery and John H. Kagel 284 1.Introduction 284 2.The Base Model 285 2.1 Equilibrium Analysis 286 2.2 Revenue Comparisons 289 3.Experimental Design 290 4.Experimental Hypotheses 292 5.Experimental Results 295 6.Summary and Conclusion 304 Appendix 305 Notes 308 References 310 Chapter 10. Learning in Common Value Auctions: Some Initial Observations by Susan Garvin and John H. Kagel 311 1.Introduction 311 2.Experimental Design 312 3.Theoretical Considerations: Measures of Learning and Adjustment 315 4.Experimental Results 316 4.1 The Data to Be Explained: Adjustments in Bidding over Time in First-Price Auctions 316 4.2 Market Adjustments: Self-Selection among Returning Bidders 319 4.3 Learning/Adjustment Mechanisms for Individual Bidders 322 5.Summary 329 Notes 330 References 331 Chapter 11. Cross-Game Learning: Experimental Evidence from First-Price and English Common Value Auctions by John H. Kagel 332 1.Introduction 332 2.Experimental Procedures and Performance Measures 333 3.Experimental Results 334 4.Analysis and Conclusions 337 Notes 338 References 339 Chapter 12. A Comparison of Naive and Experienced Bidders in Common Value Offer Auctions: A Laboratory Analysis by Douglas Dyer, John H. Kagel, and Dan Levin 340 1.Structure of the Auctions 341 2.Theoretical Considerations 341 3.Experimental Results 342 3.1 Experiments with N = 4 342 3.2 Effects of Changing N and Public Information 345 4.Conclusion and Discussion 346 Notes 347 References 348 Chapter 13. Bidding in Common Value Auctions: How the Commercial Construction Industry Corrects for the Winner's Curse by Douglas Dyer and John H. Kagel 349 1.Introduction 349 2.Bidding Structure, Industry Characteristics, and Sample Data 351 3.Theoretical Considerations 351 4.Bid Distribution Characteristics of Sample Data 354 5.Differences in Auction Structure between Theory and Practice 358 5.1 Mechanisms for Escaping the Winner's Curse 359 5.2 Avoiding the Winner's Curse: Situation-Specific Learning 361 5.3 Private Value/Chance Elements in Bidding 361 6.Industry-Specific Characteristics and Their Relationship to Auction Theory 362 7.Summary and Conclusions 364 Appendix: Variation in Subcontractor Bids to General Contractors 365 Notes 368 References 368 Instructions 370 Index 395
£110.50
Princeton University Press Barriers and Bounds to Rationality Essays on
Book SynopsisPeter Albin is known for his seminal work in applying the concepts of adaptive dynamical systems, first developed by biologists and physicists, to the study of economic systems. This book is a collection of his pathbreaking articles on the application of cellular automata and complexity theory to economic problems.Table of ContentsPrefaceAcknowledgments1Introduction32The Metalogic of Economic Predictions, Calculations, and Propositions733Microeconomic Foundations of Cyclical Irregularities or "Chaos"1054Qualitative Effects of Monetary Policy in "Rich" Dynamic Systems1375Decentralized, Dispersed Exchange without an Auctioneer: A Simulation Study1576Approximations of Cooperative Equilibria in Multiperson Prisoners' Dilemma Played by Cellular Automata1817The Complexity of Social Groups and Social Systems Described by Graph Structures210Works Cited243Index251
£131.40
Princeton University Press Supermodularity and Complementarity
Book SynopsisLinks complementarity to concepts and results involving supermodular functions on lattices and focuses on analyses and issues related to monotone comparative statics. This book systematically develops a comprehensive, integrated theory pertaining to supermodularity, complementarity, and monotone comparative statics.Table of ContentsPrefaceCh. 1Introduction3Ch. 2Lattices, Supermodular Functions, and Related Topics7Ch. 3Optimal Decision Models94Ch. 4Noncooperative Games175Ch. 5Cooperative Games207Bibliography263Index269
£130.40
Princeton University Press Experimental Economics
Book SynopsisA small number of economists have begun to use laboratory experiments to evaluate economic propositions under carefully controlled conditions. This work offers a comprehensive treatment of this area of research. Acknowledging that laboratory experiments are no panacea, it argues for their effectiveness in selected situations.Trade Review"This is a recommendable introduction to experimental economics which demonstrates the experimental method of data collection and also presents some of its major findings... I strongly recommend the book to any scholar interested in experimental economics."--Journal of Economics
£120.70
Princeton University Press Frontiers of Business Cycle Research
Book SynopsisProvides modern business cycle theory that starts with the view that growth and fluctuations are not distinct phenomena to be studied separately - and that business cycles result from shocks (such as the availability of new technologies), which regularly affect most economies.Trade ReviewFrontiers of Business Cycle Research collects a number of papers that are standards on my graduate reading lists and some others that soon will be. It adds two lucid introductory papers, one by Thomas Cooley and Edward Prescott and another on computing by Gary Hansen and Prescott. The result is an excellent volume that will be invaluable to macroeconomic researchers and a stimulating introduction for graduate students. ert E. Lucas, Jr., The University of ChicagoTable of ContentsList of IllustrationsList of TablesPrefaceContributors1Economic Growth and Business Cycles12Recursive Methods for Computing Equilibria of Business Cycle Models393Computing Equilibria of Nonoptimal Economies654Models with Heterogeneous Agents985Business Cycles and Aggregate Labor Market Fluctuations1266Household Production in Real Business Cycle Theory1577Money and the Business Cycle1758Non-Walrasian Economies2179Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets24310Asset Pricing Implications of Equilibrium Business Cycle Models29411International Business Cycles: Theory and Evidence33112Policy Analysis in Business Cycle Models357Bibliography393Author Index413Subject Index417
£141.95
Princeton University Press The New Economic Sociology A Reader
Book SynopsisEconomic sociology is an expanding field, applying sociology's core insight - that individuals behave according to scripts that are tied to social roles - to economic behavior. This book comprises twenty of the representative and read articles in the field's history.Trade Review"This anthology will be very useful for students of economic sociology at both the graduate or undergraduate level, and others who simply want an overview of this growing field will find it a valuable addition to their personal library. Dobbin's introduction is a highly intelligent, synthetic essay that both motivates the field and highlights its distinctive contributions."—Bruce Carruthers, Northwestern University, coauthor of Economy/Society: Markets, Meanings, and Social StructureTable of ContentsACKNOWLEDGMENTS ix CHAPTER 1 The Sociological View of the Economy Frank Dobbin 1 INSTITUTIONS CHAPTER 2 From The Protestant Ethic and the Spirit of Capitalism by Max Weber 49 CHAPTER 3 Institutionalized Organizations: Formal Structure as Myth and Ceremony by John W. Meyer and Brian Rowan 86 CHAPTER 4 The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields by Paul J.DiMaggio and Walter W. Powell 111 CHAPTER 5 From Pricing the Priceless Child: The Changing Social Value of Children by Viviana A. Zelizer 135 CHAPTER 6 The Social Construction of Organizations and Markets: The Comparative Analysis of Business Recipes by Richard Whitley 162 CHAPTER 7 The Declineand Fall of the Conglomerate Firm in the 1980s: The Deinstitutionalization of an Organizational Form by Gerald F. Davis, Kristina A. Diekmann, and Catherine H. Tinsley 188 NETWORKS CHAPTER 8 From The Division of Labor in Society by Emile Durkheim 227 CHAPTER 9 Economic Action and Social Structure: The Problem of Embeddedness by Mark Granovetter 245 CHAPTER 10 Embeddedness and Immigration: Notes on the Social Determinants of Economic Action by Alejandro Portes and Julia Sensenbrenner 274 CHAPTER 11 A Structural Approach to Markets by Eric M. Leifer and Harrison C. White 302 CHAPTER 12 From Structural Holes: The Social Structure of Competition by Ronald S. Burt 325 CHAPTER 13 Embeddedness in the Making of Financial Capital: How Social Relations and Networks Benefit Firms Seeking Financing by Brian Uzzi 349 POWER CHAPTER 14 From The German Ideology by Karl Marx 387 CHAPTER 15 From The Transformation of Corporate Control by Neil Fligstein 407 CHAPTER 16 From Socializing Capital: The Rise of the Large Industrial Corporation in America by William G. Roy 433 CHAPTER 17 From City of Capital: Politics and Markets in the English Financial Revolution by Bruce G. Carruthers 457 COGNITION CHAPTER 18 From The Elementary Forms of the Religious Life by Emile Durkheim 485 CHAPTER 19 From The Social Construction of Reality: A Treatise in the Sociology of Knowledge by Peter L. Berger and Thomas Luckmann 496 CHAPTER 20 From Organizations: Cognitive Limits on Rationality by James G. March and Herbert A. Simon 518 CHAPTER 21 From Sensemaking in Organizations by Karl E. Weick 533 INDEX 553
£45.00
Princeton University Press The Handbook of Experimental Economics
Book SynopsisPresents a critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics, with the remaining chapters providing surveys in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, and others.Trade Review"This book is impressive for the clarity, depth, and informativeness of its surveys. The focus on series of experiments is very instructive... One can learn a lot from the issues debated, the methodological digressions, and the many suggestions for further research... This is a great book that is wholeheartedly recommended."--F. van Winden, The Journal of Economics "The book provides not only a comprehensive and deep review of major areas of experimental research, but it is also exceptionally intellectually stimulating and insightful for theoretical economists as well as those who are interested in more immediate policy issues."--Katerina Sherstyuk, Economic Record "This is a book written principally to demonstrate the considerable scope and potential of economics experiments, and it achieves that objective very well."--Graham Loomes, The Times Higher Education Supplement "A critical review and analysis of the foundations of laboratory experiments in economics, and much more... Indeed, this handbook serves as a thoughtful agenda for future researchers... "--ChoiceTable of ContentsPrefaceList of Contributors1Introduction to Experimental Economics32Public Goods: A Survey of Experimental Research1113Coordination Problems1954Bargaining Experiments2535Industrial Organization: A Survey of Laboratory Research3496Experimental Asset Markets: A Survey4457Auctions: A Survey of Experimental Research5018Individual Decision Making587Author Index705Subject Index715
£98.10
Princeton University Press Linear Programming and Extensions
Book SynopsisIn real-world problems related to finance, business, and management, mathematicians and economists frequently encounter optimization problems. This book develops linear programming methods for their solutions. It introduces the basic theory of linear inequalities and describes the simplex method used to solve them.Trade ReviewTer Haar, who studied with Kramers, has a unique approach to scientific biography: He makes us read the original papers [along with] discussion of the published work and an eludication of these papers... On quantum electrodynamics] and the other subjects on which he touches, [ter Haar] has written a stimulating book that brings Kramers's history-making work even more into focus... Physics TodayTable of ContentsPrefaceCh. 1The Linear Programming ConceptCh. 2Origins and InfluencesCh. 3Formulating a Linear Programming ModelCh. 4Linear Equation and Inequality SystemsCh. 5The Simplex MethodCh. 6Proof of the Simplex Algorithm and the Duality TheoremCh. 7The Geometry of Linear ProgramsCh. 8Pivoting, Vector Spaces, Matrices, and InversesCh. 9The Simplex Method Using MultipliersCh. 10Finiteness of the Simplex Method Under PerturbationCh. 11Variants of the Simplex AlgorithmCh. 12The Price Concept in Linear ProgrammingCh. 13Games and Linear ProgramsCh. 14The Classical Transportation ProblemCh. 15Optimal Assignment and Other Distribution ProblemsCh. 16The Transshipment ProblemCh. 17Networks and the Transshipment ProblemCh. 18Variables with Upper BoundsCh. 19Maximal Flows in NetworksCh. 20The Primal-Dual Method for Transportation ProblemsCh. 21The Weighted Distribution ProblemCh. 22Programs with Variable CoefficientsCh. 23A Decomposition Principle for Linear ProgramsCh. 24Convex ProgrammingCh. 25UncertaintyCh. 26Discrete Variable Extremum ProblemsCh. 27Stigler's Nutrition Model: An Example of Formulation and SolutionCh. 28The Allocation of Aircraft to Routes Under Uncertain DemandBibliographyIndex
£999.99
Princeton University Press Sperm Competition and its Evolutionary Consequences in the Insects
Book SynopsisAnalyzes theoretical and empirical work on insect sperm competition. This work considers both male and female interests in sperm utilization and the sexual conflict that can arise when these differ. It covers the mechanics of sperm transfer and utilization, morphology, physiology, and behavior.Trade Review"Leigh Simmons is better qualified than most to define the current state of sperm competition. This book is an exellent summary of a recent, important, and relatively large addition to our understanding of evolution and its consequences. It is an essential read for anyone interested in the reproductive determinates of fitness."--Michael T. Siva-Jothy, Nature "An introductory chapter clearly presents fundamental concepts and terms and general methods used for quantifying sperm competition... Numerous figures and tables enhance the value of this work, which includes more than 1,000 references. Highly recommended for evolutionary biologists, behavioral ecologists, and entomologists."--Choice "This well-illustrated, heavily referenced book will be valuable to researches interested in the evolution of reproductive biology, no matter what group they study."--John Alcock, The Quarterly Review of BiologyTable of ContentsPreface ix Dedication and Acknowledgments xv Chapter 1: Sexual Selection and Sperm Competition 1 1.1 Sexual Selection 1 1.2 Sexual Differences and the Evolution of Anisogamy 5 1.3 Sperm Competition and Sexual Selection 10 1.4 Summary 20 Chapter 2: Sperm Utilization: Concepts, Patterns, and Processes 22 2.1 Introduction 22 2.2 Classification and Definition of Terms Used in the Sperm Competition Literature 23 2.3 Quantifying Paternity 29 2.4 Patterns of Sperm Utilization: An Overview 37 2.5 Mechanisms 40 2.6 Sperm Utilization and Multiple Mating 53 2.7 Sperm Utilization in Natural Populations 55 2.8 Mechanisms and the Potential for Selection 56 2.9 Summary 60 Chapter 3: Avoidance of Sperm Competition I: Morphological Adaptations 69 3.1 Introduction 69 3.2 Internal Fertilization 69 3.3 Sperm Removal and Repositioning 70 3.4 Alternative Explanations for Complex Genitalia 82 3.5 Summary 89 Chapter 4: Avoidance of Sperm Competition II: Physiological Adaptations 91 4.1 Introduction 91 4.2 Mating Plugs 97 4.3 Seminal Products 114 4.4 Pheromones 141 4.5 Summary 142 4.6 Avoidance of Sperm Chapter 5: Competition III: Behavioral Adaptations 144 5.1 Introduction 144 5.2 Theoretical Models of Mate Guarding 146 5.3 Evidence for Mate Guarding in Insects 149 5.4 Alternative Hypotheses 168 5.5 Adaptations for Efficient Guarding 179 5.6 Male Mate Choice 183 5.7 Summary 186 Chapter 6: Copula Duration 198 6.1 Introduction 198 6.2 Sperm Displacement: Optimal Copula Duration in Dung Flies 202 6.3 Copula Duration with Sperm Mixing 212 6.4 Evidence Consistent with an Optimization of Copula Duration 213 6.5 Female Influences 218 6.6 Alternative Explanations 220 6.7 Summary 221 Chapter 7: Sperm in Competition I: Strategic Ejaculation 223 7.1 Introduction 223 7.2 Sperm Competition Games 227 7.3 Cryptic Male Choice 245 7.4 Cryptic Female Choice 247 7.5 Summary 249 Chapter 8: Sperm in Competition II: Sperm Morphology 250 8.1 Introduction 250 8.2 Sperm Size 252 8.3 Sperm Polymorphism 263 8.4 Intraejaculate Sperm Competition 274 8.5 Summary 275 Chapter 9: Ejaculate Manipulation: Mechanisms of Female Choice 277 9.1 Introduction 277 9.2 Influence over Remating 279 9.3 Influence over Sperm Transfer 282 9.4 Influence over Sperm Storage 288 9.5 Sperm Selection 299 9.6 Summary 317 Chapter 10: Social insects 319 10.1 Introduction 319 10.2 Multiple Mating and Multiple Paternity 320 10.3 Social Consequences of Sperm Competition 325 10.4 Alternative Hypotheses for Multiple Mating 334 10.5 Summary 341 Chapter 11: Broader Significance 349 11.1 Sperm Competition and Sexual Selection 349 11.2 Life History Evolution 350 11.3 Speciation 354 11.4 Concluding Remarks 356 References 357 Taxonomic Index 427 Subject Index 432
£74.80
Princeton University Press Inflation Targeting
Book SynopsisFeatures a study of inflation targeting. This book shows that this strategy has advantages over traditional policies. It argues that the US Federal Reserve and the European Central Bank should adopt this strategy. It offers a study of what central banks do in different countries. It is intended for those interested in how economic policy is made.Trade Review"Bernanke et al. provide a coherent and well-structured analysis of IT that will be essential reading for central bankers and academics interested in simply understanding IT, or contemplating an IT regime themselves. The volume is rich in detail about the individual experiences of the various inflation targeting countries."--Journal of Economics "A groundbreaking study that will be likely to have a major impact on the debate over the right monetary strategy for the coming years. As many countries currently think of adopting inflation targeting in one form or another, the arrival of this book could not be more timely."--Weltwirtschaftliches Archiv, Review of World Economics "This readable and well-structured examination of a relatively new approach to guiding monetary policy is a useful addition to contemporary policy analysis."--ChoiceTable of ContentsList of FiguresPrefacePt. 1Inflation Targeting: The Issues11Introduction32The Rationale for Inflation Targeting103Issues of Design and Implementation26Pt. 2Case Studies and Empirical Evidence394German and Swiss Monetary Targeting: Precursors to Inflation Targeting415New Zealand: Inflation-Targeting Pioneer866Canada: Inflation Targets as Tools of Communication1157United Kingdom: The Central Bank as Counterinflationary Conscience1458Sweden: Searching for a Nominal Anchor1729Three Small Open Economies: Israel, Australia, and Spain20310Inflation Targeting: How Successful Has It Been?252Pt. 3Conclusions28511What Have We Learned?28712Inflation Targeting for the United States and the European Monetary Union309Notes335References355Index367
£37.80
Princeton University Press Theoretical Foundations of Corporate Finance
Book SynopsisCorporate finance is the area of finance that studies the determinants of firms' values, including capital structure, financing, and investment decisions. This book focuses on the theoretical foundations of the subject at the PhD level. Each chapter includes exercises that vary in difficulty, with suggested solutions provided in an appendix.Trade Review"This is a well motivated book likely to have a market beyond Ph.D. students. The material is clearly exposited, and I recommend its use."—Sudipto Bhattacharya, London School of Economics"This text covers the most important topics in corporate finance. The author has done an excellent job in summarizing in a rigorous way the theory as well as evidence of corporate finance."—Theo Vermaelen, INSEAD, ParisTable of ContentsList of Figures xi Preface xiii 01Intended Audience xiv 02Organization of the Text xv 03Acknowledgments .xvi PART I Foundations 1 1.Valuation 3 1.1. Valuation under Certainty 5 1.1.1. The Robinson Crusoe Economy 5 1.1.2. Time Preferences 7 1.1.3. Production Opportunities 8 1.1.4. The Role of Capital Markets 9 1.1.5. Consumption and Investment with Capital Markets 11 1.1.6. The Value of an Investment Project 14 1.1.7. Multiperiod Economy with Capital Markets 15 1.1.8. Exercises 17 1.2. Valuation under Uncertainty 18 1.2.1. One-Period Model 18 1.2.2. Value and the Absence of Arbitrage 22 1.2.3. Arbitrage Opportunities and Investment 23 1.2.4. Value and the Martingale Measure 24 1.2.5. Beta Values 26 1.2.6. Exercises 28 1.3. Multiperiods and Flexibility under Uncertainty 29 1.3.1. The Multiperiod Setting 30 1.3.2. Real Options 33 1.3.3. Some General Properties of Options 34 1.3.4. Exercises 37 2.Optimal Capital Structure 39 2.1. The MM Propositions 40 2.1.1. The Irrelevancy Statement 40 2.1.2. Cost of Capital 42 2.1.3. The MM Propositions with Taxes 44 2.1.4. Empirical Evidence 46 2.1.5. Exercises 47 2.2. Personal and Corporate Taxation 48 2.2.1. Demand for Bonds 49 2.2.2. Supply of Bonds 50 2.2.3. The Equilibrium 51 2.2.4. Comparing with MM 53 2.2.5. Changes in Taxations:An Alternative Equilibrium 54 2.2.6. Empirical Evidence 57 2.2.7. Exercises 58 PART II Agency and Information 59 3.Implications for Capital Structure 61 3.1. The Role of Agency Costs 62 3.1.1. Agency Costs of Outside Equity 64 3.1.2. Principal--Agent Problems 66 3.1.3. Agency Costs of Debt 71 3.1.4. Empirical Evidence 75 3.1.5. Exercises 77 3.2. Informational Asymmetries 78 3.2.1. Managers' Signaling because of Fee Schedules 79 3.2.2. When Managers Are Also Investors 82 3.2.3. Signals Conditioned by Investment Opportunities 85 3.2.4. Stock Repurchase as a Signal 89 3.2.5. Empirical Evidence 93 3.2.6. Exercises 95 4.Payout Policy 97 4.1. Dividend Policy 98 4.1.1. Another Irrelevancy Proposition 98 4.1.2. Alternative Valuations 100 4.1.3. Growth Rates 102 4.1.4. Relaxing Certainty 103 4.1.5. Dividends and Taxes 104 4.1.6. Empirical Evidence 105 4.1.7. Exercises 109 4.2. Dividends and Information 110 4.2.1. The Informational Content of Dividends 110 4.2.2. A Signaling Model 111 4.2.3. A Consistent Signaling Model 114 4.2.4. Empirical Evidence 116 4.2.5. Exercises 119 4.3. Stock Repurchases 119 4.3.1. Trends in Payout Policies 120 4.3.2. Reasons for Stock Repurchases 121 4.3.3. Empirical Evidence 122 5.Financial Contracting 125 5.1. Contracting and Allocation of Control 126 5.1.1. The Model 127 5.1.2. Entrepreneur Control 129 5.1.3. Investor Control 131 5.1.4. Contingent Control 133 5.1.5. Financing Contracts 133 5.1.6. Exercises 134 5.2. Debt Contract Design 134 5.2.1. Extending the Model 134 5.2.2. The Case of Many Creditholders 137 5.2.3. The Choice of the Duration 139 5.2.4. The Effect of Seniority 146 5.2.5. Exercises 148 PART III Capital Restructuring 149 6.GoingPublic 151 6.1. The Going Public Decision 152 6.1.1. The Model 152 6.1.2. The Equilibrium 154 6.1.3. Empirical Evidence 160 6.1.4. Exercises 160 6.2. Underpricing and Information Asymmetries 160 6.2.1. Asymmetry between Issuers and Underwriters 162 6.2.2. Asymmetry between Investors 163 6.2.3. Reputation of Bankers and Uncertainty 165 6.2.4. How Underwriters Become Informed 167 6.2.5. Legal Liabilities 171 6.2.6. Empirical Evidence 172 6.2.7. Exercises 175 7.Going Private 177 7.1. Stock Repurchases 177 7.2. Leveraged Buyouts 179 7.2.1. The Mechanismof Leveraged Buyouts 179 7.2.2. A Model for MBOs 181 7.2.3. Empirical Evidence 186 7.2.4. Exercises 189 8.Mergers and Acquisitions 191 8.1. Tender Offers and the Free-Rider Problem 192 8.1.1. Largely Diffused Ownership 193 8.1.2. The Role of a Large Shareholder 196 8.1.3. Uncertain Outcome of a Takeover 199 8.1.4. The Optimal Size of a before a Takeover 201 8.1.5. Exercises 205 8.2. Merger Bids 205 8.2.1. Competition between Bidders 206 8.2.2. Choosing the Means of Payment 207 8.2.3. Cash as a Preemptive Instrument with Many Bidders 212 8.2.4. The Choice of Takeover Methods 214 8.2.5. Empirical Evidence 218 8.2.6. Exercises 223 PART IV Appendices 225 A. Optimization Principles 227 A.1. Unconstrained Optimization 227 A.2. Constrained Optimization 228 A.2.1. Equality Constraints 228 A.2.2. Inequality Constraints 231 B. Notions of Game Theory 233 B.1. Introduction 233 B.2. Informational Equilibrium 234 B.3. The Revelation Principle 238.Contents ix C. Suggested Solutions 241 C.1. Valuation 241 C.1.1. Valuation under Certainty 241 C.1.2. Valuation under Uncertainty 244 C.1.3. Valuation of Flexibility 250 C.2. Optimal Capital Structure 251 C.2.1. The MM Propositions 251 C.2.2. Personal and Corporate Taxation 255 C.3. Implications for Capital Structure 255 C.3.1. The Role of Agency Costs 255 C.3.2. Informational Asymmetries 260 C.4. Payout Policy 261 C.4.1. Dividend Policy 261 C.4.2. Dividend and Information 263 C.5. Financial Contracting 266 C.5.1. Contracting and Allocation of Control 266 C.5.2. Debt Contract Design 267 C.6. Going Public 268 C.6.1. The Going Public Decision 268 C.6.2. Underpricing and Information Asymmetries 268 C.7. Going Private 270 C.7.1. Leveraged Buyouts 270 C.8. Mergers and Acquisitions 271 C.8.1. Tender Offers and Free-Rider Problem 271 C.8.2. Merger Bids 276 Notes 279 Bibliography 285 Index 297
£80.00
Princeton University Press The Economics of ECommerce A Strategic Guide to
Book SynopsisOffers professionals, investors, and MBA students the tools they need to evaluate the range of actual and potential e-commerce businesses at the microeconomic level. This title demonstrates how these tools can be used to assess a variety of applications. It is suitable for those seeking e-commerce solutions or planning to work in the field.Trade Review"A highly original study that will complement other works on the market."--Library Journal "The Economics of E-Commerce is really a textbook for postgraduate economics. But in its sophistication, it's a valuable analysis of how e-commerce works in economic terms. Corporate e-traders can learn much from it. Well-written, it is accessible to anyone with a couple of years of economics under his or her belt."--The Toronto Globe and Mail "The book represents the outcome of successful interdisciplinary research and an integrating tool in which computer science and economic theory are uniquely combined for business practice and academic research... [It] interprets in an original and effective way current issues sometimes even neglected by economists [and] ... represents a remarkable advance in the economic analysis of e-commerce."--Marcella Scrimitore, The Economist
£74.80
Princeton University Press Credit Risk Modeling Theory and Applications
Book SynopsisCredit risk is today one of the most intensely studied topics in quantitative finance. This book provides an introduction and overview for readers who seek an up-to-date reference to the central problems of the field and to the tools currently used to analyze them. The book is aimed at researchers and students in finance, at quantitative analysts iTrade Review"Credit Risk Modeling provides the broadest coverage of topics I have seen in a book on credit risk. Lando successfully guides the reader through the maze of a very active field of research by clearly identifying the leading problems and the attempts that have been made to solve these problems. At the same time, never does he neglect the statistical estimation of the models he presents. This is a very valuable book to any practitioner, student, or researcher in credit risk, written by one of the leading experts in the field."—Philipp Schönbucher, Swiss Federal Institute of Technology Zurich (ETH), author of Credit Derivatives Pricing Models"This very well written book represents a superb presentation of both credit risk theory and its empirical evidence. It is a complete introduction to the topic, enabling the reader to access and understand current research."—Robert Jarrow, Cornell University"This is an excellent book for researchers, financial engineers, and advanced practitioners in the field of credit risk. It is a remarkable contribution to our field."—Didier Cossin, Ecole des Hautes Etudes Commerciales, University of LausanneTable of ContentsPreface xi 1. An Overview 1 2. Corporate Liabilities as Contingent Claims 7 2.1 Introduction 7 2.2 The Merton Model 8 2.3 The Merton Model with Stochastic Interest Rates 17 2.4 The Merton Model with Jumps in Asset Value 20 2.5 Discrete Coupons in a Merton Model 27 2.6 Default Barriers: the Black-Cox Setup 29 2.7 Continuous Coupons and Perpetual Debt 34 2.8 Stochastic Interest Rates and Jumps with Barriers 36 2.9 A Numerical Scheme when Transition Densities are Known 40 2.10 Towards Dynamic Capital Structure: Stationary Leverage Ratios 41 2.11 Estimating Asset Value and Volatility 42 2.12 On the KMV Approach 48 2.13 The Trouble with the Credit Curve 51 2.14 Bibliographical Notes 54 3. Endogenous Default Boundaries and Optimal Capital Structure 59 3.1 Leland's Model 60 3.2 A Model with a Maturity Structure 64 3.3 EBIT-Based Models 66 3.4 A Model with Strategic Debt Service 70 3.5 Bibliographical Notes 72 4. Statistical Techniques for Analyzing Defaults 75 4.1 Credit Scoring Using Logistic Regression 75 4.2 Credit Scoring Using Discriminant Analysis 77 4.3 Hazard Regressions: Discrete Case 81 4.4 Continuous-Time Survival Analysis Methods 83 4.5 Markov Chains and Transition-Probability Estimation 87 4.6 The Difference between Discrete and Continuous 93 4.7 A Word of Warning on the Markov Assumption 97 4.8 Ordered Probits and Ratings 102 4.9 Cumulative Accuracy Profiles 104 4.10 Bibliographical Notes 106 5. Intensity Modeling 109 5.1 What Is an Intensity Model? 111 5.2 The Cox Process Construction of a Single Jump Time 112 5.3 A Few Useful Technical Results 114 5.4 The Martingale Property 115 5.5 Extending the Scope of the Cox Specification 116 5.6 Recovery of Market Value 117 5.7 Notes on Recovery Assumptions 120 5.8 Correlation in Affine Specifications 122 5.9 Interacting Intensities 126 5.10 The Role of Incomplete Information 128 5.11 Risk Premiums in Intensity-Based Models 133 5.12 The Estimation of Intensity Models 139 5.13 The Trouble with the Term Structure of Credit Spreads 142 5.14 Bibliographical Notes 143 6. Rating-Based Term-Structure Models 145 6.1 Introduction 145 6.2 A Markovian Model for Rating-Based Term Structures 145 6.3 An Example of Calibration 152 6.4 Class-Dependent Recovery 155 6.5 Fractional Recovery of Market Value in the Markov Model 157 6.6 A Generalized Markovian Model 159 6.7 A System of PDEs for the General Specification 162 6.8 Using Thresholds Instead of a Markov Chain 164 6.9 The Trouble with Pricing Based on Ratings 166 6.10 Bibliographical Notes 166 7. Credit Risk and Interest-Rate Swaps 169 7.1 LIBOR 170 7.2 A Useful Starting Point 170 7.3 Fixed-Floating Spreads and the "Comparative-Advantage Story" 171 7.4 Why LIBOR and Counterparty Credit Risk Complicate Things 176 7.5 Valuation with Counterparty Risk 178 7.6 Netting and the Nonlinearity of Actual Cash Flows: a Simple Example 182 7.7 Back to Linearity: Using Different Discount Factors 183 7.8 The Swap Spread versus the Corporate-Bond Spread 189 7.9 On the Swap Rate, Repo Rates, and the Riskless Rate 192 7.10 Bibliographical Notes 194 8. Credit Default Swaps, CDOs, and Related Products 197 8.1 Some Basic Terminology 197 8.2 Decomposing the Credit Default Swap 201 8.3 Asset Swaps 204 8.4 Pricing the Default Swap 206 8.5 Some Differences between CDS Spreads and Bond Spreads 208 8.6 A First-to-Default Calculation 209 8.7 A Decomposition of m-of-n-to-Default Swaps 211 8.8 Bibliographical Notes 212 9. Modeling Dependent Defaults 213 9.1 Some Preliminary Remarks on Correlation and Dependence 214 9.2 Homogeneous Loan Portfolios 216 9.3 Asset-Value Correlation and Intensity Correlation 233 9.4 The Copula Approach 242 9.5 Network Dependence 245 9.6 Bibliographical Notes 249 Appendix A: Discrete-Time Implementation 251 A.1 The Discrete-Time, Finite-State-Space Model 251 A.2 Equivalent Martingale Measures 252 A.3 The Binomial Implementation of Option-Based Models 255 A.4 Term-Structure Modeling Using Trees 256 A.5 Bibliographical Notes 257 Appendix B: Some Results Related to Brownian Motion 259 B.1 Boundary Hitting Times 259 B.2 Valuing a Boundary Payment when the Contract Has Finite Maturity 260 B.3 Present Values Associated with Brownian Motion 261 B.4 Bibliographical Notes 265 Appendix C: Markov Chains 267 C.1 Discrete-Time Markov Chains 267 C.2 Continuous-Time Markov Chains 268 C.3 Bibliographical Notes 273 Appendix D: Stochastic Calculus for Jump-Diffusions 275 D.1 The Poisson Process 275 D.2 A Fundamental Martingale 276 D.3 The Stochastic Integral and Ito's Formula for a Jump Process 276 D.4 The General Ito Formula for Semimartingales 278 D.5 The Semimartingale Exponential 278 D.6 Special Semimartingales 279 D.7 Local Characteristics and Equivalent Martingale Measures 282 D.8 Asset Pricing and Risk Premiums for Special Semimartingales 286 D.9 Two Examples 288 D.10 Bibliographical Notes 290 Appendix E: A Term-Structure Workhorse 291 References 297 Index 307
£87.20
Princeton University Press The Microeconomics of Public Policy Analysis
Book SynopsisShows how microeconomics can and should be used in the analysis of public policy problems. This book offers the microeconomic tools necessary to understand policy analysis of a wide range of matters of public concern - including the California electricity crisis, welfare reform, public school finance, global warming, and health insurance.Trade Review"An important book. It should have a major impact in schools of policy, planning, and administration, and even in some economics departments. Friedman does a great job of applying the theory to important real-world problems." - David Howell, New School University "The Microeconomics of Public Policy Analysis will quickly become the most widely used text in graduate schools of public affairs and will be an attractive text for use in advanced undergraduate economics courses. This is one of the few books I know of that a noneconomist can skim through and end up with a reasonable understanding of the key economic concepts central to the study of policy analysis." - Samuel L. Myers, Jr., University of MinnesotaTable of Contents(S = Supplementary Section, O = Optional Section with Calculus) ALTERNATIVE COURSE DESIGNS xv PREFACE xvii ACKNOWLEDGMENTS xix PART ONE: MICROECONOMIC MODELS FOR PUBLIC POLICY ANALYSIS Chapter 1: Introduction to Microeconomic Policy Analysis 3 Policy Analysis and Resource Allocation 3 The Diverse Economic Activities of Governments 6 Policy-Making and the Roles of Microeconomic Policy Analysis 9 Organization of the Book 15 Conclusion 18 Chapter 2: An Introduction to Modeling: Demand, Supply, and Benefit-Cost Reasoning 19 Modeling: A Basic Tool of Microeconomic Policy Analysis 19 Demand, Supply, and Benefit-Cost Reasoning 25 Monday Morning, 6:45 A.M. Monday Morning, 9:00 A.M. Summary 33 Discussion Questions 35 Chapter 3: Utility Maximization, Efficiency, and Equity 36 A Model of Individual Resource Allocation 37 Efficiency 45 The General Concept Efficiency with an Individualistic Interpretation Efficiency in a Model of an Exchange Economy A Geometric Representation of the Model Relative Efficiency Equity 58 Equality of Outcome Is One Concept of Equity Equality of Opportunity Is Another Concept of Equity Integrating Equity-Efficiency Evaluation in a Social Welfare Function (S) Summary 66 Exercises 68 Appendix: Calculus Models of Consumer Exchange O 69 PART TWO: USING MODELS OF INDIVIDUAL CHOICE-MAKING IN POLICY ANALYSIS Chapter 4: The Specification of Individual Choice Models for the Analysis of Welfare Programs 79 Standard Argument: In-Kind Welfare Transfers Are Inefficient 81 Responses to Income and Price Changes 85 Response to Income Changes Response to Changes in a Good's Price Response to Price Changes of Related Goods Choice Restrictions Imposed by Policy 94 Food Stamp Choice Restriction: The Maximum Allotment Food Stamp Choice Restriction: The Resale Prohibition Public Housing Choice Restrictions S Income Maintenance and Work Efforts The Labor-Leisure Choice Work Disincentives of Current Welfare Programs The Earned Income Tax Credit (EITC) Interdependent Preference Arguments: In-Kind Transfers May Be Efficient S 113 Summary 118 Exercises 120 Appendix: The Mathematics of Income and Substitution Effects O 121 Chapter 5: The Analysis of Equity Standards: An Intergovernmental Grant Application 124 Equity Objectives 124 Intergovernmental Grants 135 Design Features of a Grant Program 136 Income Effects and Nonmatching Grants Price Effects and Matching Grants The Role of Choice Restrictions Alternative Specifications of Recipient Choice-Making Equity in School Finance 146 The Equity Defects Identified in Serrano The Design of Wealth-Neutral Systems Other Issues of School Finance Equity Summary 158 Exercises 160 Appendix: An Exercise in the Use of a Social Welfare Function as an Aid in Evaluating School Finance Policies O 162 Chapter 6: The Compensation Principle of Benefit-Cost Reasoning: Benefit Measures and Market Demands 169 The Compensation Principle of Relative Efficiency 171 The Purpose of a Relative Efficiency Standard The Hicks-Kaldor Compensation Principle Controversy over the Use of the Compensation Principle Measuring Benefits and Costs: Market Statistics and Consumer Surplus 179 An Illustrative Application: Model Specification for Consumer Protection Legislation S 193 Problems with Measuring Individual Benefit S 197 Three Measures of Individual Welfare Change Empirical Evidence: Large Differences among the Measures Summary 208 Exercises 210 Appendix: Duality, the Cobb-Douglas Expenditure Function, and Measures of Individual Welfare O 212 Chapter 7: Uncertainty and Public Policy 220 Expected Value and Expected Utility 222 Risk Control and Risk-Shifting Mechanisms 235 Risk-Pooling and Risk-Spreading Policy Aspects of Risk-Shifting and Risk Control Alternative Models of Individual Behavior under Uncertainty 243 The Slumlord's Dilemma and Strategic Behavior Bounded Rationality Moral Hazard and Medical Care Insurance 254 Information Asymmetry and Hidden Action: The Savings and Loan Crisis of the 1980s and Involuntary Unemployment 260 Summary 263 Exercises 266 Appendix: Evaluating the Costs of Uncertainty 267 Chapter 8: Allocation over Time and Indexation 278 Intertemporal Allocation and Capital Markets 279 Individual Consumption Choice with Savings Opportunities Individual Consumption Choice with Borrowing and Savings Opportunities Individual Investment and Consumption Choices The Demand and Supply of Resources for Investment Individual Choices in Multiperiod Models Choosing a Discount Rate Uncertain Future Prices and Index Construction 299 Summary 307 Exercises 309 Appendix: Discounting over Continuous Intervals O 310 PART THREE: POLICY ASPECTS OF PRODUCTION AND SUPPLY DECISIONS Chapter 9: The Cost Side of Policy Analysis: Technical Limits, Productive Possibilities, and Cost Concepts 317 Technical Possibilities and the Production Function 320 The Production Function Is a Summary of Technological Possibilities Efficiency, Not Productivity, Is the Objective Characterizing Different Production Functions Costs 335 Social Opportunity Cost and Benefit-Cost Analysis Accounting Cost and Private Opportunity Cost An Application in a Benefit-Cost Analysis Cost-Output Relations Joint Costs and Peak-Load Pricing S Summary 362 Exercises 363 Appendix: Duality-Some Mathematical Relations between Production and Cost Functions O 365 Chapter 10: Private Profit-Making Organizations: Objectives, Capabilities, and Policy Implications 373 The Concept of a Firm 374 The Private Profit-Maximizing Firm 377 Profit Maximization Requires that Marginal Revenue Equal Marginal Cost The Profit-Maximizing Monopolist Types of Monopolistic Price Discrimination Normative Consequences of Price Discrimination The Robinson-Patman Act and the Sherman Antitrust Act Predicting Price Discrimination Alternative Models of Organizational Objectives and Capabilities S 397 Objectives Other than Profit Maximization Limited Maximization Capabilities Summary 411 Exercises 414 Chapter 11: Public and Nonprofit Organizations: Objectives, Capabilities, and Policy Implications 417 Nonprofit Organizations: Models of Hospital Resource Allocation 419 Public Bureaus and Enterprises 429 Empirical Prediction of Public Enterprise Behavior: The Pricing Decisions of BART 432 A Normative Model of Public Enterprise Pricing: The Efficient Fare Structure 440 Summary 449 Exercises 450 Apppendix: The Mathematics of Ramsey Pricing O 452 PART FOUR: COMPETITIVE MARKETS AND PUBLIC POLICY INTERVENTIONS Chapter 12: Efficiency, Distribution, and General Competitive Analysis: Consequences of Taxation 461 Economic Efficiency and General Competitive Equilibrium 462 Efficiency in an Economy with Production Competitive Equilibrium in One Industry The Twin Theorems Relating Competition and Efficiency General Competitive Analysis and Efficiency 481 Partial Equilibrium Analysis: The Excise Tax General Equilibrium Analysis: Perfect Competition and the Excise Tax Lump-Sum Taxes Are Efficient and Most Real Taxes Are Inefficient Summary 499 Exercises 500 Appendix: Derivation of the Competitive General Equilibrium Model 502 Chapter 13: The Control of Prices to Achieve Equity in Specific Markets 507 Price Support for Agriculture 508 Apartment Rent Control 514 Preview: Economic Justice and Economic Rent Dissatisfaction with Market Pricing during Temporary Shortage of a Necessity A Standard Explanation of the Inefficiency of Rent Control Rent Control as the Control of Long-Run Economic Rent The Relation between Rent Control and Capitalized Property Values The Supply Responses to Rent Control The Effects of Rent Control on Apartment Exchange Recent Issues of Rent Control A Windfall Profits Tax as Rent Control 542 Summary 544 Exercises 547 Chapter 14: Distributional Control with Rations and Vouchers 550 Ration Coupons 551 Vouchers and Ration-Vouchers 557 Rationing Military Service 561 The Utility Value of Work Conscription versus the All-Volunteer Military Income Effects of Rationing Methods S Rationing Gasoline during a Shortage 572 Other Rationing Policies 583 Summary 586 Exercises 588 PART FIVE: SOURCES OF MARKET FAILURE AND INSTITUTIONAL CHOICE Chapter 15: Allocative Difficulties in Markets and Governments 593 Market Failures 595 Limited Competition Owing to Scale and Scope Economies over the Relevant Range of Demand Public Goods Externalities Imperfect Information Second-Best Failures Government Failures 606 Direct Democracy Representative Democracy Public Producers Summary 613 Exercises 615 Chapter 16: The Problem of Public Goods 617 The Efficient Level of a Public Good 617 The Problem of Demand Revelation 619 The Housing Survey Example 621 Mechanisms of Demand Revelation 623 The Public Television Example 626 Summary 631 Exercises 633 Chapter 17: Externalities and Policies to Internalize Them 635 A Standard Critique of Air Pollution Control Efforts 637 The Coase Theorem 638 Efficient Organizational Design and the Degree of Centralized Decision-Making 641 Reconsidering Methods for the Control of Air Pollution 647 Summary 657 Exercise 658 Chapter 18: Industry Regulation 660 Oligopoly and Natural Monopoly 661 Rate-of-Return Regulation 671 Franchise Bidding: The Case of Cable Television 677 Incentive Regulation 687 Summary 692 Exercise 695 Chapter 19: Policy Problems of Allocating Resources over Time 696 Perfectly Competitive and Actual Capital Markets 698 The Social Rate of Discount 700 Education as a Capital Investment 702 The Market Failures in Financing Higher Education Investments Income-Contingent Loan Plans for Financing Higher Education The Allocation of Natural Resources 707 Renewable Resources: Tree Models A Note on Investment Time and Interest Rates: Switching and Reswitching The Allocation of Exhaustible Resources Such as Oil Summary 721 Exercises 723 Chapter 20: Imperfect Information and Institutional Choices 724 Asymmetric Information 725 Adverse Selection, Market Signals, and Discrimination in the Labor Market Moral Hazard and Contracting The Nonprofit Supplier as a Response to Moral Hazard Nonprofit Organizations and the Delivery of Day-Care Services 734 The Value of Trust 746 Summary 747 Exercises 751 AUTHOR INDEX 753 SUBJECT INDEX 757
£87.20
Princeton University Press Women Dont Ask Negotiation and the Gender Divide
Book SynopsisLooking at the barriers holding women back and the social forces constraining them, this title shows women how to reframe their interactions and evaluate their opportunities. It teaches them how to ask for what they want in ways that feel comfortable and possible, taking into account the impact of asking on their relationships.Trade ReviewRunner-Up for the IPPY Best Book Award for Women's Issues "Babcock and Laschever, contrary to their book's title, do ask a series of questions: Why do most women see a negotiation as an automatic fight instead of a chance to get what they deserve? Why are women afraid to ask for what they deserve? Why are women afraid to ask for what they want in the workplace? And perhaps most importantly, why don't women feel entitled to ask for it...? [A] great resource for anyone who doubts there is still a great disparity between the salary earnings of men and women in comparable professions"--Publishers Weekly "A highly readable book... Women Don't Ask should be read by anyone with a fear of negotiating, male or female, and by managers who want a better understanding of how 47 percent of the work force confronts the workplace."--Alan B. Krueger, The New York Times "Women Don't Ask is not a straight recitation of findings--nor is it simply a "rant." It goes beyond well-known facts and offers concrete tips on how women can remedy the underlying problems and actually move ahead. The authors prescribe refreshingly specific methods of negotiation that they've seen work for even the most confrontationally-challenged women."--Allison Nazarian, ForeWord Magazine "Neither a dry academic treatise nor a self-help book, this work puts forth a model for a society that respects women's communication strengths."--Library Journal "This thoughtful analysis could both benefit managers across industry lines and help women learn the importance of developing negotiating skills."--Booklist "Women Don't Ask offers important insights into the persistent economic gap between men and women."--Dolores Kong, Boston Globe "Clear, useful, and sensibly organized... Women Don't Ask crisply describes the results of one study after another, fitting the puzzle pieces together to show how and why women are held back--and hold themselves back--from advancing both financially and in every other way."--E.J. Graff, Women's Review of Books "The first book to adequately explain the dramatic differences in how men and women negotiate and why women so often fail to ask for what they want at work (starting with equal pay). Every male manager in America should read it."--FortuneTable of ContentsPREFACE: WhyNegotiation, and Why Now? ix INTRODUCTION: Women Don't Ask 1 CHAPTER ONE: Opportunity Doesn't Always Knock 17 CHAPTER TWO: A Price Higher than Rubies 41 CHAPTER THREE: Nice Girls Don't Ask 62 CHAPTER FOUR: Scaring the Boys 85 CHAPTER FIVE: Fear of Asking 112 CHAPTER SIX: Low Goals and Safe Targets 130 CHAPTER SEVEN: Just So Much and No More 148 CHAPTER EIGHT: The Female Advantage 164 EPILOGUE: Negotiating at Home 180 ACKNOWLEDGMENTS 187 NOTES 189 REFERENCES 201 INDEX 217
£37.80
Princeton University Press Modern Pricing of InterestRate Derivatives
Book SynopsisPresents the conceptual foundations for the application of the LIBOR market model to the pricing of interest-rate derivatives. This book talks about the calibration of this model to market prices, asking how possible and advisable it is to enforce a simultaneous fitting to several market observables.Trade Review"Rebonato's writing style is probably the most elegant I have ever seen in a quantitative finance book. His ideas are conveyed in a brief and clear manner... I thoroughly enjoyed this book since it allowed me to discover a whole new world in a fast and painless fashion. I would therefore recommend it to everyone who has any interest in the fascinating universe of fixed-income derivatives."--Alireza Javaheri, Quantitative FinanceTable of ContentsIntroduction xi Acknowledgements xvii I. The Structure of the LIBOR Market Model 1 1. Putting the Modern Pricing Approach in Perspective 3 1.1. Historical Developments 3 1.2. Some Important Remarks 21 2. The Mathematical and Financial Set-up 25 2.1. The Modelling Framework 25 2.2. Definition and Valuation of the Underlying Plain-Vanilla Instruments 28 2.3. The Mathematical and Financial Description of the Securities Market 40 3. Describing the Dynamics of Forward Rates 57 3.1. A Working Framework for the Modern Pricing Approach 57 3.2. Equivalent Descriptions of the Dynamics of Forward Rates 65 3.3. Generalization of the Approach 79 3.4. The Swap-Rate-Based LIBOR Market Model 83 4. Characterizing and Valuing Complex LIBOR Products 85 4.1. The Types of Product That Can be Handled Using the LIBOR Market Model 85 4.2. Case Study: Pricing in a Three-Forward-Rate, Two-Factor World 96 4.3. Overview of the Results So Far 107 5. Determining the No-Arbitrage Drifts of Forward Rates 111 5.1. General Derivation of the Drift Terms 112 5.2. Expressing the No-Arbitrage Conditions in Terms of Market-Related Quantities 118 5.3. Approximations of the Drift Terms 123 5.4. Conclusions 131 II. The Inputs to the General Framework 133 6. Instantaneous Volatilities 135 6.1. Introduction and Motivation 135 6.2. Instantaneous Volatility Functions: General Results 141 6.3. Functional Forms for the Instantaneous Volatility Function - Financial Implications 153 6.4. Analysis of Specific Functional Forms for the Instantaneous Volatility Functions 167 6.5. Appendix I - Why Specification (6.11c) Fails to Satisfy Joint Conditions 171 6.6. Appendix II - Indefinite Integral of the Instantaneous Covariance 171 7. Specifying the Instantaneous Correlation Function 173 7.1. General Considerations 173 7.2. Empirical Data and Financial Plausibility 180 7.3. Intrinsic Limitations of Low-Dimensionality Approaches 185 7.4. Proposed Functional Forms for the Instantaneous Correlation Function 189 7.5. Conditions for the Occurrence of Exponential Correlation Surfaces 196 7.6. A Semi-Parametric Specification of the Correlation Surface 204 III Calibration of the LIBOR Market Model 209 8. Fitting the Instantaneous Volatility Functions 211 8.1. General Calibration Philosophy and Plan of Part III 211 8.2. A First Approach to Fitting the Caplet Market: Imposing Time-Homogeneity 214 8.3. A Second Approach to Fitting the Caplet Market: Using Information from the Swaption Matrix 218 8.4. A Third Approach to Fitting the Caplet Market: Assigning a Future Term Structure of Volatilities 226 8.5. Results 231 8.6. Conclusions 248 9. Simultaneous Calibration to Market Caplet Prices and to an Exogenous Correlation Matrix 249 9.1. Introduction and Motivation 249 9.2. An Optimal Procedure to Recover an Exogenous Target Correlation Matrix 254 9.3. Results and Discussion 260 9.4. Conclusions 274 10 Calibrating a Forward-Rate-Based LIBOR Market Model to Swaption Prices 276 10.1. The General Context 276 10.2. The Need for a Joint Description of the Forward-and Swap-Rate Dynamics 280 10.3. Approximating the Swap-Rate Instantaneous Volatility 294 10.4. Computational Results on European Swaptions 306 10.5. Calibration to Co-Terminal European Swaption Prices 312 10.6. An Application: Using an FRA-Based LIBOR Market Model for Bermudan Swaptions 318 10.7. Quality of the Numerical Approximation in Realistic Market Cases 326 IV. Beyond the Standard Approach: Accounting for Smiles 331 11. Extending the Standard Approach - I: CEV and Displaced Diffusion 333 11.1. Practical and Conceptual Implications of Non-Flat Volatility Smiles 333 11.2. Calculating Deltas and Other Risk Derivatives in the Presence of Smiles 342 11.3. Accounting for Monotonically Decreasing Smiles 349 11.4. Time-Homogeneity in the Context of Displaced Diffusions 363 12. Extending the Standard Approach - II: Stochastic Instantaneous Volatilities 367 12.1. Introduction and Motivation 367 12.2. The Modelling Framework 372 12.3. Numerical Techniques 382 12.4. Numerical Results 397 12.5. Conclusions and Suggestions for Future Work 413 13. A Joint Empirical and Theoretical Analysis of the Stochastic-Volatility LIBOR Market Model 415 13.1. Motivation and Plan of the Chapter 415 13.2. The Empirical Analysis 420 13.3. The Computer Experiments 437 13.4. Conclusions and Suggestions for Future Work 442 Bibliography 445 Index 453
£999.99
