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“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

The purpose of this paper is to examine the multiplier effects of economic activities in the local economy of Greek non-metropolitan prefectures at NUTS3 level according to the Eurostat classification.

A disaggregate economic base model using OLS regression with clustered standard errors is implemented in 49 non-metropolitan prefectures and 17 economic activities for 2000 and 2012. The specific model indicates a clear picture of multiplier effects of economic activities among the prefectures as it has a similar logic to the input-output analysis while bearing in mind the spatial effects among prefectures. The specific model has not applied for testing base multipliers in the Greek economy according to the academic literature.

Non-traditional export-oriented activities play a significant role in the economic growth of the non-metropolitan prefectures. Their multiplier effects are higher than the traditional basic activities. Especially, some of these activities indicate strong shifts on specific local activities, which tend to be the significant multiplier effects on the overall local economy. Of course, the existence of agglomeration economies plays a considerable role in non-metropolitan prefectures with a significant population and non-metropolitan prefectures which are in insular space or belong to the perimetric and interior mountainous space, which are sparsely populated.

The specific model applies at the NUTS3 level, according to the Eurostat classification. Also, the model indicates that the multiplier effects come from non-traditional export activities, such as, information-communication, arts entertainment, health services, professional support services and real estate in the overall local economy. Finally, the spatial correlation influences the sectoral multipliers.

In class action antitrust litigation, the standards for acceptable economic analysis at class certification have continued to evolve. The most recent event in this evolution is the United States Supreme Court’s decision in Comcast Corp. v. Behrend, 133 S. Ct. 1435 (2013). The evolution of pre-Comcast law on this topic is presented, the Comcast decision is thoroughly assessed, as are the standards for developing reliable economic analysis. This article explains how economic evidence of both antitrust liability and damages ought to be developed in light of the teachings of Comcast, and how liability evidence can be used by economists to support a finding of common impact for certification purposes. In addition, the article addresses how statistical techniques such as averaging, price-dispersion analysis, and multiple regressions have and should be employed to establish common proof of damages.

The term “agent-based modelling” (ABM) is a buzzword which is widely used in the scientific literature even though it refers to a variety of methodologies implemented in different disciplinary contexts. The numerous works dealing with ABM require a clarification to better understand the lines of thinking paved by this approach in economics. All modelling tasks are a means and a source of knowledge, and this epistemic function can vary depending on the methodology. this paper is to present four major ways (deductive, abductive, metaphorical and phenomenological) of implementing an agent-based framework to describe economic systems. ABM generates numerous debates in economics and opens the room for epistemological questions about the micro-foundations of macroeconomics; before dealing with this issue, the purpose of this paper is to identify the kind of ABM the author can find in economics.

The profusion of works dealing with ABM requires a clarification to understand better the lines of thinking paved by this approach in economics. This paper offers a conceptual classification outlining the major trends of ABM in economics.

There are four categories of ABM in economics.

This paper suggests a methodological categorization of ABM works in economics.

The purpose of this paper is to reveal some basic characteristics in social and economic process, and lay the analytic foundation for advance‐retreat course (ARC).

The paper presents the analytic model of stochastic ARC (SARC), which is based on the partial distribution and partial process (belonging to the probability theory and stochastic process), and describes some important characteristics of social and economic process in a quantitative method.

The successful socio‐economic process, including many biological process, are usually divided into three basic stages: the weak growth, the quick development and the swift decline. In general, rapid growth brings with it the weak persistence, and slow growth brings with it the strong persistence. The socio‐economic fluctuations are mainly caused by the excessive environmental pressures. The duration of the socio‐economic growth is inverse with the environmental pressure.

All the basic variables and parameters in an ARC model should be no less than zero.

Based on US GDP (chained) price index data (1940‐2005), American economic process in recent 70 years is analyzed, and the analysis indicates, American economic motivity is clearly insufficient after 2008, and the present economic recovery will be very arduous and prolonged.

The environmental pressures will become the main problem for future global socio‐economic development.

SARC model in this paper presents a special way to analyze the social development and economic growth, and is helpful to related academic research and socio‐economic decision making.

Certain elements of Hayek’s work are prominent precursors to the modern field of complex adaptive systems, including his ideas on spontaneous order, his focus on market processes, his contrast between designing and gardening, and his own framing of complex systems. Conceptually, he was well ahead of his time, prescient in his formulation of novel ways to think about economies and societies. Technically, the fact that he did not mathematically formalize most of the notions he developed makes his insights hard to incorporate unambiguously into models. However, because so much of his work is divorced from the simplistic models proffered by early mathematical economics, it stands as fertile ground for complex systems researchers today. I suggest that Austrian economists can create a progressive research program by building models of these Hayekian ideas, and thereby gain traction within the economics profession. Instead of mathematical models the suite of techniques and tools known as agent-based computing seems particularly well-suited to addressing traditional Austrian topics like money, business cycles, coordination, market processes, and so on, while staying faithful to the methodological individualism and bottom-up perspective that underpin the entire school of thought.

Airports and urban developments in their vicinity constitute a highly specialized type of agglomeration based on air connectivity that epitomizes the importance of mobility in the modern service economy. However, in a frictionless world of backyard capitalism and perfect competition, such agglomeration of civil aviation services would not have been necessary. Thus, concepts such as imperfect markets, path dependence, and cumulative causation may be alternatively used to explain the spatial aspects of airport developments. Focusing on “second-nature” concentration, the “new geographical economics” (NGE) literature offers a potential theoretical framework that organizes these concepts into a coherent economic framework. This chapter aims to highlight the unique relevance of the NGE approach in developing an economics-based understanding of the spatial distribution of airports. Drawing from the existing NGE knowledge-base, this conceptual chapter explains that the NGE approach can be adopted as a micro-foundation to show how the spatial aspects of airport development, including core-periphery dynamics of regional disparity and parity, can emerge from economic mechanisms. The chapter concludes with potential implications for airport economics and regional policy, along with the discussion of some of the main critiques of the theory.

This study aims to critically review recent contributions to the methodology of financial economics and discuss how they relate to one another and directions for further research.

A critical review of recent literature on new methodologies for financial economics.

Recent books have made important contributions to the study of financial economics. They suggest new approaches that include an emphasis on radical uncertainty, adaptive markets, agent-based modeling and narrative economics, as well as extensions of behavioral finance to include concepts such as diagnostic expectations. Many of these contributions can be seen more as complements than substitutes and provide fruitful directions for further research. Efficient markets can be seen as holding under particular circumstances. A major them of most of these contributions is that the study of financial crises and other aspects of financial economics requires the use of multiple theories and approaches. No one approach will be sufficient.

There are great opportunities for further research in financial economics making use of these new approaches.

These recent contributions can be quite useful for improved analysis by researchers, private participants in the financial sector and macroeconomic and regulatory officials.

Provides an introduction to these new approaches and highlights fruitful areas for their extensions and applications.