I explore the equilibrium value implications of economic models that incorporate reactions to a stochastic environment. I propose a dynamic value decomposition (DVD) designed to distinguish components of an underlying economic model that influence values over long horizons from components that...

In this paper, the relevance of national accounts statistics and their underlying conceptual framework is investigated for their four roles: description and object of analysis, tool for analysis and forecasting, tool for communication and decision-making and input for alternative accounts...

This paper derives several identities for the iterated integrals of a general semimartingale. They involve powers, brackets, exponential and the stochastic exponential. Their form and derivations are combinatorial. The formulae simplify for continuous or finite-variation semimartingales,...

Some economists (Mirowski, 2002) have asserted that the neoclassical economic model was motivated by Newtonian mechanics. This viewpoint encourages confusion. Theoretical mechanics is firmly grounded in reproducible empirical observations and experiments, and provides a very accurate description...

Retrieving valuable knowledge and statistical patterns from official data has a great potential in supporting strategic policy making. Data Mining (DM) techniques are well-known for providing flexible and efficient analytical tools for data processing. In this paper, we provide an introduction...

The extinction of polar bears by the end of the 21st century has been predicted and calls have been made to list them as a threatened species under the U.S. Endangered Species Act. The decision on whether or not to list rests upon forecasts of what will happen to the bears over the 21st Century....

The paper proposes two axioms that capture the idea of sustainable development and derives the welfare criterion that they imply. The axioms require that neither the present nor the future should play a dictatorial role. Theorem 1 shows there exist sustainable preferences, which satisfy these...

Finding, measuring and capturing market opportunities in emerging countries are critical tasks for multinational con- sumer goods companies. Central to these tasks is the need to collect and analyze income distribution data within a globally coherent framework and to move beyond income metrics...

The purpose of the present paper is to contribute to the literature on country interlocks by illustrating and analysing the interlocking directorships in the Italian listed companies from 1998 to 2006. We find that over the entire period a high percentage of the Italian listed companies are...

The present paper puts forward a new economic circuit of value, which is a product of Marx’s “period of production” and Keynes’s determination order between investment and savings. It leads to a new definition of profit which excludes any remaining competition between savings and...