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shaped the economics of innovation as a distinct and specialised field of investigation. Comprehensive and accessible, it … further elaborates the relationship between the economics of knowledge and the economics of innovation. The Encyclopedia … and the Arrovian economics of knowledge as indispensable ingredients to understanding innovation. The entries highlight …
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In this paper, we review the most common specifications of discrete-time stochastic volatility (SV) models and illustrate the major principles of corresponding Markov Chain Monte Carlo (MCMC) based statistical inference. We provide a hands-on ap proach which is easily implemented in empirical...
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