Applied Economic Analysis of Information and Risk
Applied Economic Analysis of Information and Risk

Author: Moriki Hosoe

Publisher: Springer Nature

Published: 2020-03-25

Total Pages: 201

ISBN-13: 9811533008

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This book examines interesting new topics in applied economics from the perspectives of the economics of information and risk, two fields of economics that address the consequences of asymmetric information, environmental risk and uncertainty for the nature and efficiency of interactions between individuals and organizations. In the economics of information, the essential task is to examine the condition of asymmetric information under which the information gap is exploited. For the economics of risk, it is important to investigate types of behavior including risk aversion, risk sharing, and risk prevention, and to reexamine the classical expected utility approach and the relationships among several types of the changes in risk. Few books have ever analyzed topics in applied economics with regard to information and risk. This book provides a comprehensive collection of applied analyses, while also revisiting certain basic concepts in the economics of information and risk. The book consists of two parts. In Part I, several aspects of applied economics are investigated, including public policy, labor economics, and political economics, from the standpoint of the economics of (asymmetric) information. First, several basic frameworks of the incentive mechanism with regard to transaction-specific investment are assessed, then various tools for market design and organization design are explored. In Part II, mathematical measures of risk and risk aversion are examined in more detail, and readers are introduced to stochastic selection rules governing choice behavior under uncertainty. Several types of change in the random variable for the cumulative distribution function (CDF) and probability distribution function (PDF) are discussed. In closing, the part investigates the comparative static results of these changes in CDF or PDF on the general decision model, incorporating uncertain situations in applied economics.

Advances in Cross-Section Data Methods in Applied Economic Research
Advances in Cross-Section Data Methods in Applied Economic Research

Author: Nicholas Tsounis

Publisher: Springer Nature

Published: 2020-02-24

Total Pages: 720

ISBN-13: 3030382532

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This proceedings volume presents new methods and applications in applied economics with special interest in advanced cross-section data estimation methodology. Featuring select contributions from the 2019 International Conference on Applied Economics (ICOAE 2019) held in Milan, Italy, this book explores areas such as applied macroeconomics, applied microeconomics, applied financial economics, applied international economics, applied agricultural economics, applied marketing and applied managerial economics. International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008, designed to bring together economists from different fields of applied economic research, in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics, to analyze economic problems of the real world, usually with economic policy interest. In addition, there is growing interest in the field of applied economics for cross-section data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research by presenting the most current research. Featuring country specific studies, this book is of interest to academics, students, researchers, practitioners, and policy makers in applied economics, econometrics and economic policy.

Risk, Uncertainty and Profit
Risk, Uncertainty and Profit

Author: Frank H. Knight

Publisher: Cosimo, Inc.

Published: 2006-11-01

Total Pages: 401

ISBN-13: 1602060053

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A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

Economic Analysis of Investment Operations
Economic Analysis of Investment Operations

Author: Pedro Belli

Publisher: World Bank Publications

Published: 2001-01-01

Total Pages: 294

ISBN-13: 9780821348505

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This books presents general principles and methodologies of quantitative risk analysis; provides theory and practice of how to evaluate health, transport and education projects and describes how to assess the environmental impact of projects. It looks at how the tools of cost benefit analysis can be applied from the point of view of the private sector, public sector, bankers, and the country as a whole. It encourages analysts to answer a number of key questions that are likely to increase success rather than simply describing techniques. This book as aimed at all concerned with resource allocation and is presented in an accessible fashion. It is required reading at World bank Institute courses.

Country Analysis
Country Analysis

Author: David M. Currie

Publisher: CRC Press

Published: 2016-05-13

Total Pages: 225

ISBN-13: 131715889X

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The ability to connect theoretical macroeconomics to the analysis of the economic and political performance of a given country is an essential skill for global investors. In Country Analysis: Understanding Economic and Political Performance, David M. Currie takes a unique analytical approach to the subject, clearly demonstrating the relationship between theory and application in investing practices. This valuable book shows how to interpret country performance and provides the practising investor with sufficient background on economic principles to be able to understand and interpret country summaries that appear in business periodicals and other media. It covers key topics such as the Washington Consensus and the three major categories of economic decisions - fiscal policy, monetary policy and trade policy. It includes an important chapter on the political aspect of government performance, to give the reader an understanding of economic decisions in their true context. Country Analysis explains the reasoning behind the criteria used in evaluating country risk and economic performance, without the need for a sophisticated understanding of economics or mathematics. Each chapter includes a series of text boxes that include real-life examples from business periodicals to reinforce what is discussed and enable readers to practice identifying and interpreting relevant information. Practitioners making investment decisions in global markets, as well as students in MBA and other courses, will find this immensely practical book a valuable aid to critical decision making.

Risk Analysis in Theory and Practice
Risk Analysis in Theory and Practice

Author: Jean-Paul Chavas

Publisher: Elsevier

Published: 2004-07-01

Total Pages: 257

ISBN-13: 0080516335

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The objective of Risk Analysis in Theory and Practice is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty. - Balanced treatment of conceptual models and applied analysis - Considers both private and public decisions under uncertainty - Website presents application exercises in Excel

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Author: El Bachir Boukherouaa

Publisher: International Monetary Fund

Published: 2021-10-22

Total Pages: 35

ISBN-13: 1589063953

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This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.

Guidelines for the Economic Analysis of Projects
Guidelines for the Economic Analysis of Projects

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2017-03-01

Total Pages: 175

ISBN-13: 9292577646

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Project economic analysis is a tool used by the Asian Development Bank (ADB) to ensure that ADB operations comply with its Charter. The guidelines in this publication are a revised version of the 1997 edition. The revision responds to the changing development context and ADB operational priorities, and aims to address the recommendations of the ADB Quality-at-Entry Assessments for more methodological work on project economic analysis. The revised guidelines provide general principles for the conduct of project economic analysis, and should be read together with handbooks, technical reports, and other reference materials published by ADB dealing with sector-specific project economic analysis in detail.

Economic Analysis of the Digital Economy
Economic Analysis of the Digital Economy

Author: Avi Goldfarb

Publisher: University of Chicago Press

Published: 2015-05-08

Total Pages: 510

ISBN-13: 022620684X

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There is a small and growing literature that explores the impact of digitization in a variety of contexts, but its economic consequences, surprisingly, remain poorly understood. This volume aims to set the agenda for research in the economics of digitization, with each chapter identifying a promising area of research. "Economics of Digitization "identifies urgent topics with research already underway that warrant further exploration from economists. In addition to the growing importance of digitization itself, digital technologies have some features that suggest that many well-studied economic models may not apply and, indeed, so many aspects of the digital economy throw normal economics in a loop. "Economics of Digitization" will be one of the first to focus on the economic implications of digitization and to bring together leading scholars in the economics of digitization to explore emerging research.

Applied Welfare Economics, Trade, and Agricultural Policy Analysis
Applied Welfare Economics, Trade, and Agricultural Policy Analysis

Author: G. Cornelis van Kooten

Publisher: University of Toronto Press

Published: 2021

Total Pages: 327

ISBN-13: 1487524099

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This textbook integrates three related fields in economics, namely agricultural/forestry economics, environmental economics, and international trade, by foregrounding cost-benefit analysis as a significant policy tool. Exploring how welfare measures can be used in the analysis of agricultural, trade, and other economic policies, Applied Welfare Economics, Trade, and Agricultural Policy Analysis fills a gap in the literature on agricultural policy analysis by explaining the economic efficiency improvements and income transfers of various agricultural policy reforms in the United States, Canada, and the European Union. G. Cornelis van Kooten addresses methods of identifying and measuring economic surpluses (costs and benefits), the precautionary principle, identification of an appropriate discount rate, the importance of non-market values, and the role of agriculture in trade negotiations and climate change. Applied Welfare Economics, Trade, and Agricultural Policy Analysis draws on new research, brings attention to the existing literature, and includes review questions that challenge programming skills. The techniques developed in this text can be applied to the development and reform of agricultural policies in various regions in response to trade negotiations and many other situations involving government policy.