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A Treatise on Probability and “My Early Beliefs”
In September 1938, Keynes read “My Early Beliefs” (Keynes 1939a) at the Memoir Club. This memoir, made public with Keynes’s “Will”, went on to draw...
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Trading System Equilibrium
Equilibrium is a signature concept of neoclassical economics and an important sign of economic theory evolution from classical to neoclassical. When...
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V. K. Dmitriev: Economic Essays on Value, Competition and Utility
Vladimir Karpovich Dmitriev (1868–1913) was the first Russian mathematical economist, and his Economic Essays, published between 1898 and 1902, are a...
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Pharma Tender Processes: Modeling Auction Outcomes
This chapter summarizes the overall tendering and contracting process in the pharmaceutical industry by providing an overview of the first-sealed...
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Optimization and Dynamical System
Abstract
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SPOT: Strategies for Power Trading in Wholesale Electricity Markets
The Power Trading Agent Competition (Power TAC) simulates numerous economic multi-agent trading scenarios where brokers trade in multiple power...
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Thermal Analysis of the Nacelle of a Small Horizontal Axis Wind Turbine Using a CFD Model in ANSYS-FLUENT
Horizontal Axis Wind Turbines (HAWT-s) are the most commonly used wind turbines all over the world in the sector of renewable energy. Apart from the...
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Hotelling tubes, confidence bands and conformal inference
Stochastic frontier models and methods as pioneered by Peter Schmidt in Aigner et al. (J Econom 6:21–37, 1977), Horrace and Schmidt (J Product Anal...
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What Do We Mean by the Term “Big Data”?
This chapter starts with the definition of Big Data in terms of four V’s, namely: Volume, Velocity, Variety and Veridicity. The chapter also presents...
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Analysis of the cryptocurrency market using different prototype-based clustering techniques
Since the emergence of Bitcoin, cryptocurrencies have grown significantly, not only in terms of capitalization but also in number. Consequently, the...
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Random Logit Model: An Application to US Soft Drink Differentiated Demand Estimation
This chapter attempts to provide an overview of estimating demand for differentiated products using the random coefficient multinomial logit model,...
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On the Efficiency of the Informal Currency Markets: The Case of the Cuban Peso
Every market leaves its fingerprint in prices time series. The Efficient Market Hypothesis (EMH), considers that prices behave as random walks, a...
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Variance of entropy for testing time-varying regimes with an application to meme stocks
Shannon entropy is the most common metric for assessing the degree of randomness of time series in many fields, ranging from physics and finance to...
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Solving High-Dimensional Dynamic Portfolio Choice Models with Hierarchical B-Splines on Sparse Grids
Discrete time dynamic programming to solve dynamic portfolio choice models has three immanent issues: firstly, the curse of dimensionality prohibits...
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On the factors of Bitcoin’s value at risk
This study investigates the factors of Bitcoin’s tail risk, quantified by Value at Risk (VaR). Extending the conditional autoregressive VaR model...
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Instrumental Variables/Method of Moments Estimation
The chapter discusses generalized method of moments (GMM) estimation methods for spatial models. Much of the discussion is on GMM estimation of...
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Computational Performance of Deep Reinforcement Learning to Find Nash Equilibria
We test the performance of deep deterministic policy gradient—a deep reinforcement learning algorithm, able to handle continuous state and action...
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Numerical Results
In this section we present closed-form solutions of DUEs with fixed demand (Sect. 9.1.1) and elastic demand (Sect. 9.1.3) in a simple network...
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Supply Chain Resilience Along with Assessment of Sustainable Development: Experimental Data for the Integration of Supply Sources
Supply chain disruptions in energy management negatively impact businesses’ performance. In its seventh objective, sustainable development tries to...
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Constructing pure-exchange economies with many equilibria
We develop a restart algorithm based on Scarf’s (The Computation of Economic Equilibria, Yale University Press, 1973) algorithm for computing...