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В статье обосновано положение, согласно которому управленческие решения принимаются в условиях субъективной определенности и использования «правила...
Persistent link: https://www.econbiz.de/10011239542
<Para ID="Par1">In place of the standard search equilibrium, this paper presents an alternative concept of stochastic macro-equilibrium based on the principle of statistical physics. This concept of equilibrium is motivated by unspecifiable differences of economic agents and the presence of all kinds of micro...</para>
Persistent link: https://www.econbiz.de/10011241404
reduction of process entropy. …
Persistent link: https://www.econbiz.de/10011241721
This paper studies the performance of the Foster-Whiteman (1999) procedure for using a Bayesian predictive distribution for the future price of an asset to compute the price of a European option on that asset. A technical contribution of the paper is the description of a sequential importance...
Persistent link: https://www.econbiz.de/10011135790
Persistent link: https://www.econbiz.de/10004046922
Persistent link: https://www.econbiz.de/10004051822
expected logarithmic utility in terms of a relative entropy. This allows us to provide simple conditions on G for the … finiteness of this additional utility and to show that it is basically given by the entropy of G. …
Persistent link: https://www.econbiz.de/10010983797
This paper proposes a composite indicator designed to summarise in a single statistic a variety of different facets of macroeconomic performance and assesses relative performances of countries with respect to six macroeconomic variables, viz., the growth rate of real GDP, real per capita GDP,...
Persistent link: https://www.econbiz.de/10011200443
-up working papers and a previous book Thermoeconomics. Topics covered include entropy processes in the world, a history of human … development, the distribution of income, first and second laws of thermodynamics, economic processes, elasticity, entropy and …
Persistent link: https://www.econbiz.de/10011204499
laws of thermodynamics, economic processes, elasticity, entropy and utility, production processes, reaction kinetics …, empirical monetary analysis of UK and USA economies, interest rates, bonds, yield curves, yield spread, unemployment, entropy …
Persistent link: https://www.econbiz.de/10011204500