Klein / Nerlove / Tsiang Quantitative Economics and Development

Essays in Memory of Ta-Chung Liu
1. Auflage 2014
ISBN: 978-1-4832-7161-3
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 368 Seiten, Web PDF

Economic Theory, Econometrics, and Mathematical Economics: Quantitative Economics and Development: Essays in Memory of Ta-Chung Liu focuses on the advancements in the methodologies and processes in the field of quantitative economics. The selection first offers information on society, politics, and economic development, global stability of stochastic economic processes, and the design of mechanisms for the efficient allocation of public goods. Discussions focus on the design of individually incentive compatible mechanisms in an abstract setting, design problem under coalition formation, stability results for the economic models, invariant measures for diffusions, and disjoint principal-components method. The text then takes a look at critical observations on the labor theory of value and Sraffa's Standard Commodity and a generalization of Hotelling's solution. The manuscript examines an exploratory policy-oriented econometric model of a metropolitan area and the effect of simple specification error on the coefficients of 'unaffected' variables, including distinctive features of the model and individual sectoral models. Temporal aggregation and econometric models; uniqueness of the representation of commodity-augmenting technical change; and technological change and growth performance in Taiwan agriculture are also discussed. The selection is a valuable source of data for economists and readers interested in quantitative economics.

Autoren/Hrsg.

Klein, L. R.

Nerlove, M.

Tsiang, S. C.

Inhaltsverzeichnis

1;Front Cover;1
2;Quantitative Economics
and Development: Essays in Memory of Ta-Chung Liu;4
3;Copyright Page;5
4;Table of Contents;6
5;List of Contributors;10
6;Preface;12
7;Ta-Chung Liu, 1914-1975;14
8;Publications of Ta-Chung Liu;18
9;Chapter 1. Society, Politics, and Economic Development Revisited;22
9.1;Disjoint Principal-Components Method;23
9.2;Statistical Results;26
9.3;Principal-Components Analysis within Groups;28
9.4;Conclusion;38
9.5;References;38
10;Chapter 2. On Global Stability of Some Stochastic Economic Processes: A Synthesis;40
10.1;I Introduction;40
10.2;II. Basic Definitions;41
10.3;III. Some Economic Examples;45
10.4;IV. Invariant Measures for Diffusions;48
10.5;V. Stability Results for the Economic Models;59
10.6;Acknowledgments;63
10.7;References;63
11;Chapter 3. The Design of Mechanisms for Efficient Allocation of Public Goods;66
11.1;I. Introduction;66
11.2;II. A Simple Method;69
11.3;III. The Design Problem under Coalition Formation;72
11.4;IV. Examples of Quadratic Incentive Design Using (3.3) and (3.4);79
11.5;V. Externalities in Consumption;82
11.6;VI. The Design of Individually Incentive Compatible Mechanisms in an Abstract Setting;87
11.7;VII. The Design of Mechanisms for Efficient Accumulation of Public Capital;94
11.8;VIII. Suggestions for Further Research and Summary;99
11.9;Acknowledgments;100
11.10;References;100
12;Chapter 4. Critical Observations on the Labor Theory of Value and Sraffa's Standard Commodity;102
12.1;I. Introduction;102
12.2;II. A Single Leontief-Sraffa Technique of Production;103
12.3;III. A Pure Labor Theory of Value at Positive Profit Rates;104
12.4;IV. Necessary and Sufficient Conditions for a Pure Labor Theory of Value in a Leonteif-Sraffa Technology;105
12.5;V. Sraffa's Standard Commodity;109
12.6;VI. Sraffa's "Real Wage " Measure and the Constant-Returns-to-Scale Assumption;113
12.7;VII. A Pure Labor Theory of Neoclassical Production Functions;115
12.8;VIII. Simultaneous Validity of the Pure Labor Theory and the Neoclassical Parable;117
12.9;IX. A Few Fundamental Objections;121
12.10;Acknowledgments;123
12.11;References;123
13;Chapter 5. The Selection of Variables for Use in Prediction: A Generalization of Hotelling's
Solution;126
13.1;I. The Problem;126
13.2;II. Hotelling's
Solution;127
13.3;III. A Geometric Interpretation of Hotelling's Solution;127
13.4;IV. Solution for Two Sets of Fixed Variates;129
13.5;V. Solution for Many Sets of Fixed Variates;133
13.6;VI. The Multivariate Case;133
13.7;VII. Concluding Remarks;134
13.8;Acknowledgments;134
13.9;References;135
14;Chapter 6. Regression When Each of Two Variables Is Dependent Some of the
Time;136
14.1;I. Introduction and Summary;136
14.2;II. The Estimating Equatio n for ß in a Simple Regression;138
14.3;III. The Estimating Equation for ß in a Multiple Regression;140
14.4;IV. The Estimator of ß;141
14.5;V. Generalization to a Simultaneous Equation Model;142
14.6;Acknowledgments;143
15;Chapter 7. An Exploratory
Policy-Oriented Econometric Model of a Metropolitan Area: Boston;144
15.1;I. Introduction;144
15.2;II. Distinctive Features of the Model;145
15.3;III. Individual Sectoral Models;150
15.4;IV. Simulations;167
15.5;V. Conclusion;175
15.6;Appendix: Variable Names;175
15.7;Acknowledgments;177
15.8;References;177
16;Chapter 8. The Effect of Simple Specification Error on the Coefficients of "Unaffected" Variables;178
16.1;References;184
17;Chapter 9. Temporal Aggregation and Econometric Models;186
17.1;I. Introduction;186
17.2;II. Time Aggregation and Structural Specification;188
17.3;III. Time Aggregation of Forecasting Errors;190
17.4;IV. Time Aggregation and Linear Regression;192
17.5;V. Effects of Measurement Errors;195
17.6;VI. Empirical Tests;197
17.7;VII. Error Analysis;212
17.8;VIII. Policy Responsiveness;216
17.9;IX. Conclusion;242
17.10;Appendix;243
17.11;Acknowledgments;244
17.12;References;244
18;Chapter 10. Recent Economic Fluctuations and Stabilization Policies: An Optimal Control Approach;246
18.1;I. Introduction and Summary;246
18.2;II. Experimental Design;250
18.3;III. Dynamic Multiplier;254
18.4;IV. The Optimal Control Solutions;260
18.5;V. A Final Correction;266
18.6;VI. An Algorithmic Variation;273
18.7;References;275
19;Chapter 11. Notes on Income Distribution in Taiwan;276
19.1;I. Introduction;276
19.2;II. Changes to Income Distribution, 1964-1975;279
19.3;III. Distribution among Groups by Occupation of Household Head, 1964-1975;285
19.4;IV. Differences in Per Worker Product between A and Non-A
Sectors, and Disparities in Per Person Income between Farmer and Nonfarmer Households;294
19.5;V. Concluding Comments;299
19.6;References;301
20;Chapter 12. On the Uniqueness of the Representation of Commodity-Augmenting Technical Change;302
20.1;I. Introduction;302
20.2;II. Statement of the Problem;304
20.3;III. The Main Theorem;305
20.4;IV. Conclusion;309
20.5;Acknowledgments;310
20.6;References;310
21;Chapter 13. Technological Change and Growth Performance in Taiwan Agriculture, 1946-1975;312
21.1;I. Introduction;312
21.2;II. Growth Performance of the Agricultural Sector;313
21.3;III. Choice of Techniques in Taiwan's Agriculture;318
21.4;IV. Relative Income Shares and Technological Change in the Agricultural Sector;325
21.5;V. Conclusions;327
21.6;References;328
22;Chapter 14. Exchange Rate, Interest Rate, and Economic Development;330
22.1;I. Introduction;330
22.2;II. Objections to Our Proposals and the Invalidity or Irrelevance of Their Arguments;335
22.3;III. The Effects of Our Proposals on the Economic Development of Taiwan;350
23;References;366