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Book part
Publication date: 2 July 2004

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Functional Structure and Approximation in Econometrics
Type: Book
ISBN: 978-0-44450-861-4

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Understanding Financial Risk Management, Second Edition
Type: Book
ISBN: 978-1-78973-794-3

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Understanding Financial Risk Management, Third Edition
Type: Book
ISBN: 978-1-83753-253-7

Book part
Publication date: 20 May 2005

Eric Schliesser

This paper gives an account of important aspects of Smith’s methods in An Inquiry Concerning the Nature and Causes of the Wealth of Nations (WN). I reinterpret Smith’s distinction…

Abstract

This paper gives an account of important aspects of Smith’s methods in An Inquiry Concerning the Nature and Causes of the Wealth of Nations (WN). I reinterpret Smith’s distinction between natural and market prices, by focusing on Smith’s account of the causes of the discrepancies of market prices from natural prices. I argue that Smith postulates a “natural course” of events in order to stimulate research into institutions that cause actual events to deviate from it. Smith’s employment of the fiction of a natural price should, thus, not be seen merely as an instance of general or partial equilibrium analysis, but, instead, as part of a theoretical framework that will enable observed deviations from expected regularities to improve his theory. For Smith theory is a research tool that allows for a potentially open-ended process of successive approximation. These are the Newtonian elements in Smith. I provide evidence from Smith’s posthumously published Essays on Philosophical Subjects (EPS, 1795), especially “The History of Astronomy” (“Astronomy”), that this accords with Smith’s views on methodology.1 By way of illumination, Smith’s explanation of the introduction of commerce in Europe is contrasted with that of Hume as presented in “Of Commerce.” I argue that Smith’s treatment is methodologically superior.

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A Research Annual
Type: Book
ISBN: 978-1-84950-316-7

Book part
Publication date: 20 July 2011

Toshitaka Fukiharu

Purpose – For the purpose of forming a nation from the independent regions, the desirability is examined whether first we must seek economic integration of the regions or first…

Abstract

Purpose – For the purpose of forming a nation from the independent regions, the desirability is examined whether first we must seek economic integration of the regions or first military integration of the regions. The comparison of the “all-volunteer army system” and the “draft system” is also attempted.

Design/methodology/approach – Assuming the two regions facing the assault by an intruder, the Walrasian general equilibrium theory in economics is utilized for the comparison. For the construction of armed forces, Lindahl mechanism is introduced. The desirability is evaluated by the comparison of final utilities for the two integration processes achieved from the computation of equilibrium prices and burden shares for military expenses.

Findings – It is found that the all-volunteer army system is more desirable than the draft system in any of the two integrations. Furthermore, “first, the economic integration of the two regions, then the military integration” is more desirable than “first, the military integration of the two regions, then the economic integration.”

Research limitations/implications – Parameters in production and utility functions as well as the population sizes are specified numerically, although the specification is made randomly. The present simulation provides a starting point for further research with general (unspecified) production and utility functions.

Originality/value – This simulation provides a theoretical support for the actual design of the European integration. The originality consists in the derivation of the conclusion from the formulation of a purely theoretical model, which assumes individuals' maximizing behavior.

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Ethnic Conflict, Civil War and Cost of Conflict
Type: Book
ISBN: 978-1-78052-131-2

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Book part
Publication date: 5 December 2017

Charlotte Reypens and Sheen S. Levine

With behavioral experiments and protocol analysis, researchers can capture cognition in action. Using behavioral experiments, they can study realized behavior, not perception or…

Abstract

With behavioral experiments and protocol analysis, researchers can capture cognition in action. Using behavioral experiments, they can study realized behavior, not perception or self-reports. And they can do that in a controlled laboratory environment to establish causality, curbing spurious relationships. With protocol analysis, a method to elicit decision-makers’ thoughts, researchers can tap into cognitive processes. In combination, the two methods offer a novel approach to grasp mental processes alongside behavior, to reach causality and replicate findings. We describe the methods, demonstrate how researchers can apply them, and share practices from the design of experimental instruments to the replication of findings.

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Methodological Challenges and Advances in Managerial and Organizational Cognition
Type: Book
ISBN: 978-1-78743-677-0

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Book part
Publication date: 16 December 2009

Daniel J. Henderson and Christopher F. Parmeter

Economic conditions such as convexity, homogeneity, homotheticity, and monotonicity are all important assumptions or consequences of assumptions of economic functionals to be…

Abstract

Economic conditions such as convexity, homogeneity, homotheticity, and monotonicity are all important assumptions or consequences of assumptions of economic functionals to be estimated. Recent research has seen a renewed interest in imposing constraints in nonparametric regression. We survey the available methods in the literature, discuss the challenges that present themselves when empirically implementing these methods, and extend an existing method to handle general nonlinear constraints. A heuristic discussion on the empirical implementation for methods that use sequential quadratic programming is provided for the reader, and simulated and empirical evidence on the distinction between constrained and unconstrained nonparametric regression surfaces is covered.

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Nonparametric Econometric Methods
Type: Book
ISBN: 978-1-84950-624-3

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Functional Structure and Approximation in Econometrics
Type: Book
ISBN: 978-0-44450-861-4

Book part
Publication date: 15 December 2004

John Creedy

Tax microsimulation models are based on large-scale cross-sectional survey data. Each individual or household has a sample weight provided by the statistical agency responsible…

Abstract

Tax microsimulation models are based on large-scale cross-sectional survey data. Each individual or household has a sample weight provided by the statistical agency responsible for collecting the data. The typical starting point is to use weights that are inversely related to the probability of selecting the individual in a random sample, with some adjustment for non-response. It has become common for agencies, using “minimal” adjustments, to produce revised weights to ensure that, for example, the estimated population age/gender distributions match population totals obtained from other sources, in particular census data. Such calibration methods appear to be well known among survey statisticians, a highly influential paper being that by Deville and Särndal (1992).2

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Studies on Economic Well-Being: Essays in the Honor of John P. Formby
Type: Book
ISBN: 978-0-76231-136-1

Book part
Publication date: 10 February 2012

Denise N. Rall

Purpose — The purpose of this discussion is, first, to review the concept of truth claim and how it forms the framework for four research traditions: science, social science, law…

Abstract

Purpose — The purpose of this discussion is, first, to review the concept of truth claim and how it forms the framework for four research traditions: science, social science, law, and judgments of excellence. Then, the operational mechanisms of networks are reviewed. The discussion concludes by introducing three philosophic perspectives that might deepen the meanings nascent in the concept of “search.”

Methodology/approach — The methodology includes a historical approach to outline brief but sufficient definitions for how truth claims are built in four established research traditions. Each tradition is then analyzed with a view to testing its methods. The tests suggest a number of pathways to reframe search engine results in order to evaluate their relationship to the previously established types of truth claims.

Findings — The findings constitute an outline of the research traditions in the four areas of science, social science, law, and judgments of excellence. These are followed by a review of the current configurations of networks, their infrastructures, and their capabilities, including a brief section on the importance of search engine mechanisms. Crawling, indexing, and then ranking form the operational mechanisms that search engines employ in delivering search results. It is clear that each operation introduces logical problems. Then, the final sections outline three widely ranging philosophic perspectives on the nature of search: (1) an aesthetic theory of indexing, (2) understanding search from the psychology of learning, and (3) an exploration of the relationship between performativity and recent economic models of how data accumulates in today's world.

Research implications — It is suggested that exploration of a deeper philosophical perspective will assist library and information science (LIS) scholars to reframe Web search in ways that allow linkages to the established research traditions.

Originality/value of the paper — The idea of testing the “truth claim” as connected to traditional research methods was presented initially by Rall (2002, 2004). This area has been neglected in the literature as many Internet scholars find that the philosophy of research methodologies remains outside of their knowledge base. Overall, LIS scholars have focused on information seekers, on the politics of search engines, as well as documenting the computational problems that are present in search engine results. The consideration of how truth claims are formed and subsequently tested will allow LIS researchers to explore the linkages between their current studies and the established frameworks of scholarly research.

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