Eq. (1) can be expressed in a panel as follows:(2)BFit=βXit+εit Hence, to specify the above error structure for disturbance term, we have:(3)εit=αi+γt+ηitwhere αi is the unobserved specific cross-section effects cross,γt stand for the unobserved specific time effects and...
Energy-economic models In dealing with an energy-economic model for energy policies and global warming issues, multi-disciplinary fields—energy, economy, and the environment should be expressed as model components (Fig. 1). Technological innovations and efficiency improvements are factors that should ...
Plausible estimates of climate change contributions to future yield growth have become important, because climate change is recognized as a threat to achieving sustainable global yield growth at rates needed to meet demand5 if no changes in trade and harvested areas are assumed. Economic models have...
Figure1e–pexplains the mechanism behind the growing weight of the indirect effect in the total losses as the degree of heat stress increases: in terms of spatial patterns, when direct losses are of low to medium magnitude, their impact on the supply network is limited to the regional area;...
gap in the literature by studying the optimal tax formula with a comprehensive structure of the private markets—including incomplete markets models—both theoretically and quantitatively. As in the standard taxation literature without private insurance, the optimal tax formula can still be expressed in ...
This collected volume gives a concise account of the most rel- evant scientific results of the COST Action IS1104 "The EU in the new complex geography of economic systems: models, tools and policy evalua- tion", a four-year project supported by COST (European Cooperation in Science and ...
This vision does not have to be abstract - it can be expressed in very concrete business decisions. Many of them were made in Shanghai. Moreover, new decisions on expanding economic cooperation with China fit well with some recent experiences. Let us take a recent specific example from econom...
Such cascading conceptualisations of uncertainty are prominent in work describing coupled models or multi-stage assessments (Refsgaard et al., 2016). These sub-systems can also be conceptualised as having broad thematic categories (e.g. Wätzold, 2000). This approach is common in environmental ...
Mathematical models in economics are constructed as blueprints for those nomological machines, and may serve — in particular circumstances where those machines can be thought to operate without interference from the many other factors in the economy — to enable the scientist to study the way those...
Economic principles can be extended to biological organisms as they optimize the use of resources, but their use in biology has been limited. We applied concepts from traditional economics to the main production unit of plants, the leaf. We quantified the profitability (profit/cost of investment)...