Applications of Mean Field Games in financial engineering and economic theorydoi:10.1090/PSAPM/078/05René CarmonaAmerican Mathematical SocietyProceedings of Symposia in Applied Mathematics
Economic complexity methods have become popular tools in economic geography, international development and innovation studies. Here, I review economic complexity theory and applications, with a particular focus on two streams of literature: the literatur
The concept ofcosts and benefitsis related to the theory of rational choice (and rational expectations) that economics is based on. When economists say that people behave rationally, they mean that people try to maximize the ratio of the benefits to the costs in their purchasing decisions. If ...
The very varied nature of these functions emphasizes how much models are the means for active work by economists rather than passive objects. A characteristicpoint is that such use generally involves some kind of manipulation and accompanying investigation into the model as an object. Whereas both B...
Formal theoretical models propose that cooperative networks can be maintained when individuals condition behavior on social standing. Here, we empirically examine the predictions of such models of positive and negative indirect reciprocity using a suite of network-structured economic games in four rural Co...
The reform leads to a decrease in employment, an increase in the labor force participation and unemployment rate, while it leaves labor productivity roughly constant. Using a model-based decomposition, as well as comparisons with alternative simplified models, we show that modeling workers’ ...
Or little puzzles about the ordinary business of life, such as "Why are cable companies large and pizza places small?" The difference between economics and, say, history is that economics is also philosophical and quantitative. And like biology and especially physics, it uses "models" to ...
A dummy for common legal systems comleg and a measure for dif- ferences in legal quality leg.qlt are included in models (3) and (5) due to their potential impact on nego- tiations, the channel of interest. Model (1) is a standard gravity equation for comparison. Standard errors are ...
threshold; groups or individuals are active in the contest only if their valuation of victory is above that threshold. Our paper thus contributes to the recent literature establishing links between the equilibria of conflict and contest models and well-known measures of inequality and polarization....
Here we show that displacements can be primarily attributed to the combination of poor household conditions and intense precipitation, as revealed through the interpretation of the trained models using both Shapley values and causality-based methods. We hence provide empirical evidence that differential ...