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This paper illustrates two types of pitfalls in using linearization methods. First, if constraints are linearized before deriving optimality conditions, the derived conditions are not correct up to first order. Second, even when the behavior of the economy is correct to the first order, applying...
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cultural economics]. (…) working it like a triangle, Arts, Sciences and Economics is, in a sense, inductive in nature. An … observation made in one of the arts or the natural & engineering sciences (henceforth ‘sciences’) or economics is extended to … than intuitive or aesthetic in nature. Underpinning the text is the correlation between Arts, Sciences and Economics …
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The volume contains the proceedings of a conference in ma- thematical economics held at the California Institute of … the theory of Riesz spaces and positive opera- tors) that are employed in economics. The articles in the book depict this …
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Deals with economic aspects of changing attitudes in arts and sciences. This book emphasizes the effects of the public good character of culture, along with the very long production period and lifetime for its products, as both contribute to the failure of normal market solutions
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