Hasil untuk "Economics"

Christian Catalini, J. Gans

Blockchain technology can shape innovation and competition in digital platforms, but under what conditions?

H. Daly, Bandana Khataniar

M. Weitzman

With climate change as prototype example, this paper analyzes the implications of structural uncertainty for the economics of low-probability, high-impact catastrophes. Even when updated by Bayesian learning, uncertain structural parameters induce a critical tail fattening of posterior-predictive distributions. Such fattened tails have strong implications for situations, like climate change, where a catastrophe is theoretically possible because prior knowledge cannot place sufficiently narrow bounds on overall damages. This paper shows that the economic consequences of fat-tailed structural uncertainty (along with unsureness about high-temperature damages) can readily outweigh the effects of discounting in climate-change policy analysis.

D. Eastwood

Richard H. Thaler

There has been growing interest in the field come to me known as “behavioral economics” which attempts to incorporate insights from other social sciences, especially psychology, in order to enrich the standard economic model. This interest the underlying psychology of human behavior returns economics to its earliest roots. Scholars such as Adam Smith talked about such key concepts as loss aversion, overconfidence, and self-control. Nevertheless, the modern version of behavioral economics introduced in the 1980s met with resistance by some economists, who preferred to retain the standard neo-classical model. They introduced several arguments for why psychology could safely be ignored. In this essay I show that these arguments have been rejected, both theoretically and empirically, so it is time to move on. The new approach to economics should include two different kinds of theories: normative models that characterize the optimal solution to specific problems and descriptive models that capture how humans actually behave. The latter theories will incorporate some variables I call supposedly irrelevant factors. By adding these factors such as framing or temptation we can improve the explanatory power of economic models. If everyone includes all the factors that do determine economic behavior, then the field of behavioral economics will no longer need to exist.

W. Nordhaus

Bruce D. Meyer

S. Dhami

Colin Camerer, G. Loewenstein, D. Prelec

R. Nelson

J. R. Warner

M. Callon

S. Stoft

Alfred Marshall

Matthew Rabin

Ulrich Eggers

Hamed Ghoddusi, Germán G. Creamer, Nima Rafizadeh

Abstract Machine learning (ML) is generating new opportunities for innovative research in energy economics and finance. We critically review the burgeoning literature dedicated to Energy Economics/Finance applications of ML. Our review identifies applications in areas such as predicting energy prices (e.g. crude oil, natural gas, and power), demand forecasting, risk management, trading strategies, data processing, and analyzing macro/energy trends. We critically review the content (methods and findings) of more than 130 articles published between 2005 and 2018. Our analysis suggests that Support Vector Machine (SVM), Artificial Neural Network (ANN), and Genetic Algorithms (GAs) are among the most popular techniques used in energy economics papers. We discuss the achievements and limitations of existing literature. The survey concludes by identifying current gaps and offering some suggestions for future research.

Dodo J. Thampapillai, Matthias Ruth

For eight years, I have taught environmental economics at California State University, Long Beach and the University of California, Irvine. The majority of the students in this course are taking majors other than economics. About 10% of them are interested in attending law school. The course provides a background in applications of economic theory to public policy issues relating to environmental and land-use law and regulation. In particular, societal goals, as they are revealed through legislation, administrative regulations and court decisions, are given considerable weight throughout the course. Students also gain an understanding of what is likely to result from striving to attain economic efficiency, how attempting to attain economic efficiency can impact the environment, and the principal limitations of the economic efficiency criterion. This paper provides a survey of the principal applications of economic theory to public policy issues relating to environmental and land-use law and regulation. The first section describes the scope of the policy issues treated by environmental economics. The second section provides a discussion of the maximize wealth goal and the concepts of economic efficiency that are derived from that goal. The third section contains a survey of five critiques of the maximize wealth goal as a reasonable basis for rational social policy. One or more of these critiques generally form the basis of attacks by environmentalists upon the relevance of the economic efficiency criterion for evaluating environmental policy options. The fourth section is concerned with the general problem of market failure resulting from the existence of public goods and externalities, and raises the issue of whether attempting to reduce the impacts of market failure will result in an even greater "government failure." The last section deals with the problem of whether technological changes and the depletion of natural resources have made the maximize wealth goal an obsolete standard for measuring economic efficiency.

Antoinette Baujard

. This paper presents the Paretian Watershed and the fundamental theorems of welfare economics. It distinguishes the British approach (à la Kaldor-Hicks) from the American approach (à la Bergson-Samuelson) to new welfare economics. It develops the more recent domains of happiness economics, the comparative approach by Amartya Sen, and the theory of fair allocation by Marc Fleurbaey.

T. Havránek, T. Stanley, Hristos Doucouliagos et al.

Meta‐analysis has become the conventional approach to synthesizing the results of empirical economics research. To further improve the transparency and replicability of the reported results and to raise the quality of meta‐analyses, the Meta‐Analysis of Economics Research Network has updated the reporting guidelines that were published by this Journal in 2013. Future meta‐analyses in economics will be expected to follow these updated guidelines or give valid reasons why a meta‐analysis should deviate from them.