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Book part
Publication date: 17 October 2014

Philip Z. Maymin

Economic models based on simple rules can result in complex and unpredictable deterministic dynamics with emergent features similar to those of actual economies. I present…

Abstract

Economic models based on simple rules can result in complex and unpredictable deterministic dynamics with emergent features similar to those of actual economies. I present several such models ranging from cellular automaton and register machines to quantum computation. The additional benefit of such models is displayed by extending them to model political entanglement to determine the impact of allowing majority redistributive voting. In general, the insights obtained from simulating the computations of simple rules can serve as an additional way to study economics, complementing equilibrium, literary, experimental, and empirical approaches. I culminate by presenting a minimal model of economic complexity that generates complex economic growth and diminishing poverty without any parameter fitting, and which, when modified to incorporate political entanglement, generates volatile stagnation and greater poverty.

Details

Entangled Political Economy
Type: Book
ISBN: 978-1-78441-102-2

Keywords

Open Access
Article
Publication date: 2 December 2020

Tran Ngoc Tam, Nguyen Minh Hai and Bantaojai Thanatporn

The purpose of this paper is to study the Hölder calmness of solutions to equilibrium problems and apply it to economics.

Abstract

Purpose

The purpose of this paper is to study the Hölder calmness of solutions to equilibrium problems and apply it to economics.

Design/methodology/approach

The authors obtain the Hölder calmness by using an effective approach. More precisely, under the key assumption of strong convexity, sufficient conditions for the Hölder continuity of solution maps to equilibrium problems are established.

Findings

A new result in stability analysis for equilibrium problems and applications in economics is archived.

Originality/value

The authors confirm that the paper has not been published previously, is not under consideration for publication elsewhere and is not being simultaneously submitted elsewhere.

Details

Asian Journal of Economics and Banking, vol. 4 no. 3
Type: Research Article
ISSN: 2615-9821

Keywords

Article
Publication date: 1 March 1997

Cynthia S. Sneed and John E. Sneed

The purpose of this research is to examine the association between the unfunded OPEB liability and current expenditures for state governments as a measure of…

Abstract

The purpose of this research is to examine the association between the unfunded OPEB liability and current expenditures for state governments as a measure of intergenerational equity. The research hypothesizes that states use the money to provide a higher level of current services than would be possible if the retiree healthcare premiums were fully funded. The results indicate that the current generation is receiving services but deferring the burden of paying for a portion of the services to future generations. This study is among the first to investigate the OPEB liability as a source of financing for current-period services for state governments.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 9 no. 2
Type: Research Article
ISSN: 1096-3367

Book part
Publication date: 13 December 2013

Bryan S. Graham

I show that the equilibrium distribution of matches associated with the empirical transferable utility one-to-one matching (TUM) model introduced by Choo and Siow (2006a

Abstract

I show that the equilibrium distribution of matches associated with the empirical transferable utility one-to-one matching (TUM) model introduced by Choo and Siow (2006a, 2006b) corresponds to the fixed point of system of K + L nonlinear equations; with K and L respectively equal to the number of discrete types of women and men. I use this representation to derive new comparative static results, showing how the match distribution varies with match surplus and the marginal distributions of agent types.

Book part
Publication date: 1 July 2015

Marcin Wolski

We test the determinacy properties of the standard and financial-sector-augmented Taylor rules in a new Keynesian model with a presence of banking activities. We extend…

Abstract

We test the determinacy properties of the standard and financial-sector-augmented Taylor rules in a new Keynesian model with a presence of banking activities. We extend the basic fully rational environment to the setting with heterogeneous expectations. We observe that the benefits from extra financial targeting are limited. Financial targeting, if well designed, can compensate for the improper output-gap targeting through the financial-production channel. The analysis demonstrates however possible threats resulting from the misspecification of the augmented rule. A determinate mix of output-gap and inflation weights can turn indeterminate if compensated by too extreme financial targeting. The results are robust to the presence of heterogeneous expectations.

Details

Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons
Type: Book
ISBN: 978-1-78441-779-6

Keywords

Article
Publication date: 28 February 2020

John Roufagalas and Alexei G. Orlov

The purpose of the paper is twofold: to construct and analyze a novel endogenous growth model, in which unbounded growth is possible without the need to assume increasing…

Abstract

Purpose

The purpose of the paper is twofold: to construct and analyze a novel endogenous growth model, in which unbounded growth is possible without the need to assume increasing returns to scale, and to use the model to estimate the long-run (or dynamic) costs of recessions.

Design/methodology/approach

In the proposed model, endogenous technology and human capital accumulation serve as the “twin engines of growth.” Simulations are used to derive growth rates consistent with long-term experience of developed countries, to understand better the differences between balanced growth and unbounded growth and to provide an estimate of the dynamic costs of capacity utilization shocks that produce business cycle-like behavior.

Findings

Conservative calculations show that the costs of the capacity shocks can be large – about 1.5 percent of the present value of output over a 100-period horizon. The theoretical model also suggests that differences in the technology production and human capital accumulation functions, possibly due to differing institutions, may help explain diverse growth experiences.

Originality/value

The paper, for first time, combines two strands of the economic growth theory – endogenous technology and endogenous human capital production – into a single model. It uses the implications of the model to argue, through simulations, that the benefits of counter-cyclical policies are potentially large in the long run.

Details

Journal of Economic Studies, vol. 47 no. 2
Type: Research Article
ISSN: 0144-3585

Keywords

Article
Publication date: 6 September 2019

Azilah Anis and Rafikul Islam

The purpose of this paper is to develop a hierarchical model to rank the challenges faced by the private Malaysian higher education institutions (HEIs) in the provision of…

Abstract

Purpose

The purpose of this paper is to develop a hierarchical model to rank the challenges faced by the private Malaysian higher education institutions (HEIs) in the provision of quality education and subsequently their corresponding critical success factors (CSFs) to address those challenges.

Design/methodology/approach

A sequential mix method was adopted in this study. Semi-structured interviews with 29 participants were initially conducted to identify the challenges and CSFs. This was followed by a questionnaire survey involving 158 respondents to prioritise the identified findings. Thematic analysis was conducted in the qualitative stage, uncovering the challenges and their corresponding CSFs. Data for both stages were accumulated from internal and external stakeholders of Malaysian private HEIs. Finally, the four stages of the analytic hierarchy process (AHP) were applied to rank the challenges and CSFs.

Findings

The qualitative stage identified eight challenges, i.e. “academics”, “facilities”, “students”, “programmes and curriculum”, “competition”, “accreditation”, “finance” and “research” together with their corresponding CSFs. The AHP enables the ranking of these challenges. “Finance” has been found to be the most crucial challenge and “high competency in managing the institution’s finance” as the most important CSF to address this challenge.

Research limitations/implications

As the study restricted its focus on Malaysian private HEIs, the results may not be generalised for public HEIs and foreign private HEIs operating in Malaysia.

Originality/value

The hierarchical model developed in this study is deemed important for implementation to resolve the prioritised challenges. It spells out the specific areas in which the resources of Malaysian private HEIs need to be prudently disbursed and properly managed.

Details

Quality Assurance in Education, vol. 27 no. 4
Type: Research Article
ISSN: 0968-4883

Keywords

Article
Publication date: 1 March 1975

Jimmie Hoover

The materials included in this column were selected on the basis of an item by item review of all government publications received at a major depository library. Emphasis…

Abstract

The materials included in this column were selected on the basis of an item by item review of all government publications received at a major depository library. Emphasis is placed on tools of a reference format, although much else that the Federal government publishes is otherwise of high referral value. Publications not in a reference format, in the strictest sense, are included when their potential value dictates; brief entries for “how to” items and informative pamphlets are also given if deemed potentially useful, particularly for school and public libraries and wherever the identification of vertical file materials is the responsibility of the public service librarian.

Details

Reference Services Review, vol. 3 no. 3
Type: Research Article
ISSN: 0090-7324

Article
Publication date: 1 January 2002

Cynthia Sneed and John Sneed

Attempts to investigate whether unfunded post‐employment obligations are recognized in the borrowing costs for new state government bond issues. Suggest that such evidence…

Abstract

Attempts to investigate whether unfunded post‐employment obligations are recognized in the borrowing costs for new state government bond issues. Suggest that such evidence would lend insight into the relationship between the unfunded liability for retiree healthcare costs and borrowing costs, which may have important implications for policy makers. Gives an overview of state retiree healthcare benefits and covers prior literature before providing substantial details of the methodology used. Results suggest that such liabilities are taken into account.

Details

Management Research News, vol. 25 no. 1
Type: Research Article
ISSN: 0140-9174

Keywords

Article
Publication date: 1 March 1995

Rachel F. Fenske and Susan E. Clark

Teaching library skills to college freshmen has been a challenge for academic libraries for decades. Year after year, librarians grapple with these questions: What library…

Abstract

Teaching library skills to college freshmen has been a challenge for academic libraries for decades. Year after year, librarians grapple with these questions: What library skills should freshmen have? How should these skills be taught? How does basic library instruction fit in with the curriculum of the college or university?

Details

Reference Services Review, vol. 23 no. 3
Type: Research Article
ISSN: 0090-7324

1 – 10 of 51