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3A1831638649.jsonld | ['Chapter 13. Managed Care'] | ["By 1993, over 70 of all Americans with health insurance were enrolled in some form of managed care plan. The term managed care encompasses a diverse array of institutional arrangements, which combine various sets of mechanisms, that, in turn, have changed over time. The chapter reviews these mechanisms, which, in addition to the methods employed by traditional insurance plans, include the selection and organization of providers, the choice of payment methods (including capitation and salary payment), and the monitoring of service utilization. Managed care has a long history. For an extended period, this form of organization was discouraged by a hostile regulatory environment. Since the early 1980s, however, managed care has grown dramatically. Neither theoretical nor empirical research has yet provided an explanation for this pattern of growth. The growth of managed care may be due to this organizational form's relative success in responding to underlying market failures in the health care system asymmetric information about health risks, moral hazard, limited information on quality, and limited industry competitiveness. The chapter next explores managed care's response to each of these problems. The chapter then turns to empirical research on managed care. Managed care plans appear to attract a population that is somewhat lower cost than that enrolled in conventional insurance. This complicates analysis of the effect of managed care on utilization. Nonetheless, many studies suggest that managed care plans reduce the rate of health care utilization somewhat. Less evidence exists on their effect on overall health care costs and cost growth."] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638649'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 13. Managed Care']
### Abstract:
["By 1993, over 70 of all Americans with health insurance were enrolled in some form of managed care plan. The term managed care encompasses a diverse array of institutional arrangements, which combine various sets of mechanisms, that, in turn, have changed over time. The chapter reviews these mechanisms, which, in addition to the methods employed by traditional insurance plans, include the selection and organization of providers, the choice of payment methods (including capitation and salary payment), and the monitoring of service utilization. Managed care has a long history. For an extended period, this form of organization was discouraged by a hostile regulatory environment. Since the early 1980s, however, managed care has grown dramatically. Neither theoretical nor empirical research has yet provided an explanation for this pattern of growth. The growth of managed care may be due to this organizational form's relative success in responding to underlying market failures in the health care system asymmetric information about health risks, moral hazard, limited information on quality, and limited industry competitiveness. The chapter next explores managed care's response to each of these problems. The chapter then turns to empirical research on managed care. Managed care plans appear to attract a population that is somewhat lower cost than that enrolled in conventional insurance. This complicates analysis of the effect of managed care on utilization. Nonetheless, many studies suggest that managed care plans reduce the rate of health care utilization somewhat. Less evidence exists on their effect on overall health care costs and cost growth."]
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638649']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638665.jsonld | ['Chapter 11. The Anatomy of Health Insurance'] | ['This article describes the anatomy of health insurance. It begins by considering the optimal design of health insurance policies. Such policies must make tradeoffs appropriately between risk sharing on the one hand and agency problems such as moral hazard (the incentive of people to seek more care when they are insured) and supplier-induced demand (the incentive of physicians to provide more care when they are well reimbursed) on the other. Optimal coinsurance arrangements make patients pay for care up to the point where the marginal gains from less risk sharing are just offset by the marginal benefits from reduced provision of low valued care. Empirical evidence shows that both moral hazard and demand-inducement are quantitatively important. Coinsurance based on expenditure is a crude control mechanism. Moreover, it places no direct incentives on physicians, who are responsible for most expenditure decisions. To place such incentives on physicians is the goal of supply-side cost containment measures, such as utilization review and capitation. This goal motivates the surge in managed care in the United States, which unites the functions of insurance and provision, and allows for active management of the care that is delivered. The analysis then turns to the operation of health insurance markets. Economists generally favor choice in health insurance for the same reasons they favor choice in other markets: choice allows people to opt for the plan that is best for them and encourages plans to provide services efficiently. But choice in health insurance is a mixed blessing because of adverse selection the tendency of the sick to choose more generous insurance than the healthy. When sick and healthy enroll in different plans, plans disproportionately composed of poor risks have to charge more than they would if they insured an average mix of people. The resulting high premiums create two adverse effects: they discourage those who are healthier but would prefer generous care from enrolling in those plans (because the premiums are so high), and they encourage plans to adopt measures that deter the sick from enrolling (to reduce their overall costs). The welfare losses from adverse selection are large in practice. Added to them are further losses from premiums that vary with observable health status. Because insurance is contracted for annually, people are denied a valuable form of intertemporal insurance the right to buy health coverage at average rates in the future should they get sick today. As the ability to predict future health status increases, the lack of intertemporal insurance will become more problematic. The article concludes by relating health insurance to the central goal of medical care expenditures better health. Studies to date are not clear on which approaches to health insurance promote health in the most cost-efficient manner. Resolving this question is the central policy concern in health economics.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638665'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 11. The Anatomy of Health Insurance']
### Abstract:
['This article describes the anatomy of health insurance. It begins by considering the optimal design of health insurance policies. Such policies must make tradeoffs appropriately between risk sharing on the one hand and agency problems such as moral hazard (the incentive of people to seek more care when they are insured) and supplier-induced demand (the incentive of physicians to provide more care when they are well reimbursed) on the other. Optimal coinsurance arrangements make patients pay for care up to the point where the marginal gains from less risk sharing are just offset by the marginal benefits from reduced provision of low valued care. Empirical evidence shows that both moral hazard and demand-inducement are quantitatively important. Coinsurance based on expenditure is a crude control mechanism. Moreover, it places no direct incentives on physicians, who are responsible for most expenditure decisions. To place such incentives on physicians is the goal of supply-side cost containment measures, such as utilization review and capitation. This goal motivates the surge in managed care in the United States, which unites the functions of insurance and provision, and allows for active management of the care that is delivered. The analysis then turns to the operation of health insurance markets. Economists generally favor choice in health insurance for the same reasons they favor choice in other markets: choice allows people to opt for the plan that is best for them and encourages plans to provide services efficiently. But choice in health insurance is a mixed blessing because of adverse selection the tendency of the sick to choose more generous insurance than the healthy. When sick and healthy enroll in different plans, plans disproportionately composed of poor risks have to charge more than they would if they insured an average mix of people. The resulting high premiums create two adverse effects: they discourage those who are healthier but would prefer generous care from enrolling in those plans (because the premiums are so high), and they encourage plans to adopt measures that deter the sick from enrolling (to reduce their overall costs). The welfare losses from adverse selection are large in practice. Added to them are further losses from premiums that vary with observable health status. Because insurance is contracted for annually, people are denied a valuable form of intertemporal insurance the right to buy health coverage at average rates in the future should they get sick today. As the ability to predict future health status increases, the lack of intertemporal insurance will become more problematic. The article concludes by relating health insurance to the central goal of medical care expenditures better health. Studies to date are not clear on which approaches to health insurance promote health in the most cost-efficient manner. Resolving this question is the central policy concern in health economics.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638665']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638673.jsonld | ['Chapter 10. Insurance Reimbursement'] | ['This paper discusses theoretical and empirical findings concerning insurance reimbursement of patients or providers by insurers operating in private markets or in mixed public and private systems. Most insurances other than health insurance do not reimburse; instead they pay cash to insureds conditional on the occurrence of a prespecified event. In contrast, health insurance ties the payment to medical expenditures or costs incurred in some fashion, often making payments directly to medical providers. These differences are caused by a much higher degree of moral hazard and the dominant effect of insurer demand on provider prices. Health insurances also often prohibit balance billing, provider charges in excess of some prespecified amount. Such prohibitions are related to patient inability to shop or bargain, and to insurer market power. Empirical evidence suggests that some versions of physician and hospital reimbursement have increased the level of medical spending relative to the level that would be experienced under prospective payment. In particular, cost-based reimbursement raises total spending. Optimal reimbursement, with balance billing prohibited, may also be chosen to control moral hazard; payment will generally involve a mix of fee-for-service and predetermined (salary or capitation) payment, and may well involve positive patient cost sharing. Monopsony behavior by dominant insurers is possible, and may improve consumer welfare but not total welfare.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638673'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 10. Insurance Reimbursement']
### Abstract:
['This paper discusses theoretical and empirical findings concerning insurance reimbursement of patients or providers by insurers operating in private markets or in mixed public and private systems. Most insurances other than health insurance do not reimburse; instead they pay cash to insureds conditional on the occurrence of a prespecified event. In contrast, health insurance ties the payment to medical expenditures or costs incurred in some fashion, often making payments directly to medical providers. These differences are caused by a much higher degree of moral hazard and the dominant effect of insurer demand on provider prices. Health insurances also often prohibit balance billing, provider charges in excess of some prespecified amount. Such prohibitions are related to patient inability to shop or bargain, and to insurer market power. Empirical evidence suggests that some versions of physician and hospital reimbursement have increased the level of medical spending relative to the level that would be experienced under prospective payment. In particular, cost-based reimbursement raises total spending. Optimal reimbursement, with balance billing prohibited, may also be chosen to control moral hazard; payment will generally involve a mix of fee-for-service and predetermined (salary or capitation) payment, and may well involve positive patient cost sharing. Monopsony behavior by dominant insurers is possible, and may improve consumer welfare but not total welfare.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638673']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638681.jsonld | ['Chapter 9. Physician Agency'] | ['This chapter reviews the theory and empirical literature on physician market power, behavior, and motives, referred to collectively as the issue of physician agency. The chapter is organized around an increasingly complex view of the demand conditions facing a physician, beginning with the most simple conception associated with demand and supply, and building through monopolistic competition models with complete information, and finally models with asymmetric information. Institutional features such as insurance, price regulation, managed care networks and noncontractible elements of quality of care are incorporated in turn. The review reveals three mechanisms physicians may use to influence quantity of care provided to patients: quantity setting of a nonretradable service, influencing demand by setting the level of a noncontractible input (quality), and, in an asymmetric-information context, taking an action to influence patient preferences. The third mechanism is known as physician-induced demand. The empirical literature on this topic is reviewed. Theories based on alternatives to profit-maximization as objectives of physicians are also reviewed, including ethics and concern for patients, and the target-income hypothesis. The target-income hypothesis can be rejected, although there is empirical support for non-profit maximizing behavior.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638681'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 9. Physician Agency']
### Abstract:
['This chapter reviews the theory and empirical literature on physician market power, behavior, and motives, referred to collectively as the issue of physician agency. The chapter is organized around an increasingly complex view of the demand conditions facing a physician, beginning with the most simple conception associated with demand and supply, and building through monopolistic competition models with complete information, and finally models with asymmetric information. Institutional features such as insurance, price regulation, managed care networks and noncontractible elements of quality of care are incorporated in turn. The review reveals three mechanisms physicians may use to influence quantity of care provided to patients: quantity setting of a nonretradable service, influencing demand by setting the level of a noncontractible input (quality), and, in an asymmetric-information context, taking an action to influence patient preferences. The third mechanism is known as physician-induced demand. The empirical literature on this topic is reviewed. Theories based on alternatives to profit-maximization as objectives of physicians are also reviewed, including ethics and concern for patients, and the target-income hypothesis. The target-income hypothesis can be rejected, although there is empirical support for non-profit maximizing behavior.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638681']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A183163869X.jsonld | ['Chapter 8. Moral Hazard and Consumer Incentives in Health Care'] | ['Consumer incentives are reflected in a wide range of choices, many of which occur in both insurance- and tax-financed health care systems. However, health insurance and sick leave pay cause consumer incentives to be reflected in moral hazard effects of several types. Theoretically, ex ante moral hazard (a reduction of preventive effort in response to insurance coverage) is not unambiguously predicted, and there is very limited empirical evidence about it. The case for static ex post moral hazard (an increase in the demand for medical care of a given technology) is stronger. The empirical evidence reported comes from three sources, natural experiments, observational comparisons of individuals, and the Health Insurance Experiment (HIE). The distinguishing feature of the HIE is that participants were assigned to insurance plans, which forestalls the possibility of good risks self-selecting plans with substantial cost sharing, resulting in an overestimate of the effects of plan design on health care expenditure. While the values of estimated price elasticities vary widely among the three sources and less markedly according to the type of care (outpatient, hospital, dental, mental), the responsiveness of the demand for medical care to net price is beyond doubt. The pure price elasticity for medical care in excess of a deductible (i.e. where the marginal price is constant) was estimated by HIE at 0.2 overall. Finally, there may be a dynamic moral hazard effect (choice biased in favor of new, usually more expensive medical technology). Here, the empirical evidence is very scanty again. Another promising field for future research is the interplay between consumer incentives and rationing by the physician in managed care.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163869X'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 8. Moral Hazard and Consumer Incentives in Health Care']
### Abstract:
['Consumer incentives are reflected in a wide range of choices, many of which occur in both insurance- and tax-financed health care systems. However, health insurance and sick leave pay cause consumer incentives to be reflected in moral hazard effects of several types. Theoretically, ex ante moral hazard (a reduction of preventive effort in response to insurance coverage) is not unambiguously predicted, and there is very limited empirical evidence about it. The case for static ex post moral hazard (an increase in the demand for medical care of a given technology) is stronger. The empirical evidence reported comes from three sources, natural experiments, observational comparisons of individuals, and the Health Insurance Experiment (HIE). The distinguishing feature of the HIE is that participants were assigned to insurance plans, which forestalls the possibility of good risks self-selecting plans with substantial cost sharing, resulting in an overestimate of the effects of plan design on health care expenditure. While the values of estimated price elasticities vary widely among the three sources and less markedly according to the type of care (outpatient, hospital, dental, mental), the responsiveness of the demand for medical care to net price is beyond doubt. The pure price elasticity for medical care in excess of a deductible (i.e. where the marginal price is constant) was estimated by HIE at 0.2 overall. Finally, there may be a dynamic moral hazard effect (choice biased in favor of new, usually more expensive medical technology). Here, the empirical evidence is very scanty again. Another promising field for future research is the interplay between consumer incentives and rationing by the physician in managed care.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163869X']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638703.jsonld | ['Chapter 7. The Human Capital Model'] | ['This chapter contains a detailed treatment of the human capital model of the demand for health which was originally developed in 1972. Theoretical predictions are discussed, and theoretical extensions of the model are reviewed. Empirical research that tests the predictions of the model or studies causality between years of formal schooling completed and good health is surveyed. The model views health as a durable capital stock that yields an output of healthy time. Individuals inherit an initial amount of this stock that depreciates with age and can be increased by investment. The household production function model of consumer behavior is employed to account for the gap between health as an output and medical care as one of many inputs into its production. In this framework the shadow price of health depends on many variables besides the price of medical care. It is shown that the shadow price rises with age if the rate of depreciation on the stock of health rises over the life cycle and falls with education (years of formal schooling completed) if more educated people are more efficient producers of health. An important result is that, under certain conditions, an increase in the shadow price may simultaneously reduce the quantity of health demanded and increase the quantities of health inputs demanded.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638703'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 7. The Human Capital Model']
### Abstract:
['This chapter contains a detailed treatment of the human capital model of the demand for health which was originally developed in 1972. Theoretical predictions are discussed, and theoretical extensions of the model are reviewed. Empirical research that tests the predictions of the model or studies causality between years of formal schooling completed and good health is surveyed. The model views health as a durable capital stock that yields an output of healthy time. Individuals inherit an initial amount of this stock that depreciates with age and can be increased by investment. The household production function model of consumer behavior is employed to account for the gap between health as an output and medical care as one of many inputs into its production. In this framework the shadow price of health depends on many variables besides the price of medical care. It is shown that the shadow price rises with age if the rate of depreciation on the stock of health rises over the life cycle and falls with education (years of formal schooling completed) if more educated people are more efficient producers of health. An important result is that, under certain conditions, an increase in the shadow price may simultaneously reduce the quantity of health demanded and increase the quantities of health inputs demanded.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638703']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638711.jsonld | ['Chapter 6. Health Econometrics'] | ['A decade ago, Newhouse (1987) assessed the balance of trade between imports from the econometrics literature into health economics, and exports from health economics to a wider audience. While it is undoubtedly true that imports of concepts and techniques still dominate the balance, the literature reviewed in this chapter shows that the range and volume of applied econometric work in health economics has increased dramatically over the past ten years. Examples of good practice in health econometrics make extensive use of tests for misspecification and explicit model selection criteria. Robust and distribution-free estimators are of increasing importance, and the chapter gives examples of nonparametric, and semiparametric estimators applied to sample selection, simultaneous equations, count data, and survival models. Published replications of empirical results remain relatively rare. One way in which this deficit may be remedied is through the appearance of more systematic reviews of econometric studies. The use of experimental data remains an exception and most applied studies continue to rely on observational data from secondary sources. However applied work in health economics is likely to be influenced by the debate concerning the use of data from social experiments. The chapter illustrates the impressive diversity of applied econometric work over the past decade. Most of the studies reviewed here use individual level data and this has led to the use of a wide range of nonlinear models, including qualitative and limited dependent variables, along with count, survival and frontier models. Because of the widespread use of observational data, particular attention has gone into dealing with problems of self-selection and heterogeneity bias. This is likely to continue in the future, with the emphasis on robust estimators applied to longitudinal and other complex datasets.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638711'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 6. Health Econometrics']
### Abstract:
['A decade ago, Newhouse (1987) assessed the balance of trade between imports from the econometrics literature into health economics, and exports from health economics to a wider audience. While it is undoubtedly true that imports of concepts and techniques still dominate the balance, the literature reviewed in this chapter shows that the range and volume of applied econometric work in health economics has increased dramatically over the past ten years. Examples of good practice in health econometrics make extensive use of tests for misspecification and explicit model selection criteria. Robust and distribution-free estimators are of increasing importance, and the chapter gives examples of nonparametric, and semiparametric estimators applied to sample selection, simultaneous equations, count data, and survival models. Published replications of empirical results remain relatively rare. One way in which this deficit may be remedied is through the appearance of more systematic reviews of econometric studies. The use of experimental data remains an exception and most applied studies continue to rely on observational data from secondary sources. However applied work in health economics is likely to be influenced by the debate concerning the use of data from social experiments. The chapter illustrates the impressive diversity of applied econometric work over the past decade. Most of the studies reviewed here use individual level data and this has led to the use of a wide range of nonlinear models, including qualitative and limited dependent variables, along with count, survival and frontier models. Because of the widespread use of observational data, particular attention has gone into dealing with problems of self-selection and heterogeneity bias. This is likely to continue in the future, with the emphasis on robust estimators applied to longitudinal and other complex datasets.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638711']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A183163872X.jsonld | ['Chapter 5. Information Diffusion and Best Practice Adoption'] | ['Incomplete information issues pervade health care markets, with market participants often having relatively little information, and their behavior exhibiting corresponding aberrations from classic market behavior. Consumers often have relatively little information about prices and quality offered in health care markets, leading to substantial dispersion in prices of apparently identical services. Equilibrium price dispersion increases as the demand elasticity for the product falls. Since health insurance lowers the elasticity of demand, price dispersions should occur more often (and with greater magnitude) in markets such as physician services with relatively complete insurance. Further, many insurance plans blunt incentives for search, compounding the problem. On the supply side, evidence shows that physicians behave as if they did not share the same information about the productivity of medical care. At the level of geographic regions, numerous studies show the rates at which various medical interventions are used on standardized populations differ hugely often by an order of magnitude or more from high to low and these differences in treatment rates do not converge through time as would occur in standard market learning models. Similarly, individual physicians within a given region also display differences in the propensity to use medical resources. Information from a major study of doctors styles shows large and statistically significant differences in doctors use of medical resources to treat their patients, even with strong measures of illness severity of the patients included in the models. Although requiring strong assumptions, one can estimate the welfare losses arising from incomplete information on the provider side of the market. Estimates of the upper bound of these welfare losses place the magnitude of loss in the same range on a per capita basis as the traditionally emphasized welfare losses associated with perverse incentives in health insurance. The importance of incomplete information leads to discussions of the economic and legal incentives for the production and dissemination of information. Legal incentives to produce such information for medical strategies (treatment protocols) are weak, particularly compared with the incentives in markets for specific products such as prescription drugs. The public good nature of such information and the government role in supporting its production and dissemination form the concluding parts of this chapter.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163872X'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 5. Information Diffusion and Best Practice Adoption']
### Abstract:
['Incomplete information issues pervade health care markets, with market participants often having relatively little information, and their behavior exhibiting corresponding aberrations from classic market behavior. Consumers often have relatively little information about prices and quality offered in health care markets, leading to substantial dispersion in prices of apparently identical services. Equilibrium price dispersion increases as the demand elasticity for the product falls. Since health insurance lowers the elasticity of demand, price dispersions should occur more often (and with greater magnitude) in markets such as physician services with relatively complete insurance. Further, many insurance plans blunt incentives for search, compounding the problem. On the supply side, evidence shows that physicians behave as if they did not share the same information about the productivity of medical care. At the level of geographic regions, numerous studies show the rates at which various medical interventions are used on standardized populations differ hugely often by an order of magnitude or more from high to low and these differences in treatment rates do not converge through time as would occur in standard market learning models. Similarly, individual physicians within a given region also display differences in the propensity to use medical resources. Information from a major study of doctors styles shows large and statistically significant differences in doctors use of medical resources to treat their patients, even with strong measures of illness severity of the patients included in the models. Although requiring strong assumptions, one can estimate the welfare losses arising from incomplete information on the provider side of the market. Estimates of the upper bound of these welfare losses place the magnitude of loss in the same range on a per capita basis as the traditionally emphasized welfare losses associated with perverse incentives in health insurance. The importance of incomplete information leads to discussions of the economic and legal incentives for the production and dissemination of information. Legal incentives to produce such information for medical strategies (treatment protocols) are weak, particularly compared with the incentives in markets for specific products such as prescription drugs. The public good nature of such information and the government role in supporting its production and dissemination form the concluding parts of this chapter.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163872X']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638738.jsonld | ['Chapter 4. Advances in Cost-Effectiveness Analysis of Health Interventions'] | ['Recent work has clarified the welfare implications of the application of cost-effectiveness analysis to the allocation of health care. Although cost-effectiveness analysis shares many similarities with cost-benefit analysis, it did not develop as an outgrowth of neoclassical welfare economics. Consequently, even though the welfare implications of public decisionmaking based on cost-benefit analysis have long been understood, until recently the conditions under which decisions made on the basis of cost-effectiveness criteria lead to potential Pareto improvement had received little attention. This chapter describes the welfare economic foundations of cost-effectiveness analysis and how such foundations can be applied to resolve controversies in the application of the technique. It also discusses procedures for applying the technique, the circumstances under which decision rules based on cost-effectiveness analysis have desirable welfare economic properties, the appropriate perspective for the analysis, and issues in measuring outcomes. Even when standard welfare economic assumptions are not fully accurate descriptions of the markets and conditions in which health care is delivered, cost-effectiveness analysis can be a useful guide to allocation decisions.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638738'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 4. Advances in Cost-Effectiveness Analysis of Health Interventions']
### Abstract:
['Recent work has clarified the welfare implications of the application of cost-effectiveness analysis to the allocation of health care. Although cost-effectiveness analysis shares many similarities with cost-benefit analysis, it did not develop as an outgrowth of neoclassical welfare economics. Consequently, even though the welfare implications of public decisionmaking based on cost-benefit analysis have long been understood, until recently the conditions under which decisions made on the basis of cost-effectiveness criteria lead to potential Pareto improvement had received little attention. This chapter describes the welfare economic foundations of cost-effectiveness analysis and how such foundations can be applied to resolve controversies in the application of the technique. It also discusses procedures for applying the technique, the circumstances under which decision rules based on cost-effectiveness analysis have desirable welfare economic properties, the appropriate perspective for the analysis, and issues in measuring outcomes. Even when standard welfare economic assumptions are not fully accurate descriptions of the markets and conditions in which health care is delivered, cost-effectiveness analysis can be a useful guide to allocation decisions.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638738']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638746.jsonld | ['Chapter 3. Medical Care Prices and Output'] | ['We review in considerable detail the conceptual and measurement issues that underlie construction of medical care price indexes in the US , focusing in particular on the medical care consumer price indexes (MCPIs) and medical-related producer price indexes (MPPIs). We outline salient features of the medical care marketplace, including the impacts of insurance, moral hazard, principal-agent relationships, technological progress and organizational changes. Since observed data are unlikely to correspond with efficient outcomes, we discuss implications of the failure of transactions data in this market to reveal reliable marginal valuations, and the consequent need to augment traditional transactions data with information based on cost-effectiveness and outcomes studies. We describe procedures currently used by the US Bureau of Labor Statistics in constructing MCPIs and MPPIs, including recent revisions, and then consider alternative notions of medical care output pricing that involve the price or cost of an episode of treatment, rather than prices of fixed bundles of inputs. We outline features of a proposed new experimental price index a medical care expenditure price index that is more suitable for evaluation and analyses of medical care cost changes, than are the current MCPIs and MPPIs. We discuss the ways in which medical care transactions enter national economic accounts, including inter-industry flows and national health accounts, as well as aggregate economy implications of possible mismeasurement of prices in the medical sector. We conclude by suggesting future research and measurement issues that are most likely to be fruitful.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638746'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 3. Medical Care Prices and Output']
### Abstract:
['We review in considerable detail the conceptual and measurement issues that underlie construction of medical care price indexes in the US , focusing in particular on the medical care consumer price indexes (MCPIs) and medical-related producer price indexes (MPPIs). We outline salient features of the medical care marketplace, including the impacts of insurance, moral hazard, principal-agent relationships, technological progress and organizational changes. Since observed data are unlikely to correspond with efficient outcomes, we discuss implications of the failure of transactions data in this market to reveal reliable marginal valuations, and the consequent need to augment traditional transactions data with information based on cost-effectiveness and outcomes studies. We describe procedures currently used by the US Bureau of Labor Statistics in constructing MCPIs and MPPIs, including recent revisions, and then consider alternative notions of medical care output pricing that involve the price or cost of an episode of treatment, rather than prices of fixed bundles of inputs. We outline features of a proposed new experimental price index a medical care expenditure price index that is more suitable for evaluation and analyses of medical care cost changes, than are the current MCPIs and MPPIs. We discuss the ways in which medical care transactions enter national economic accounts, including inter-industry flows and national health accounts, as well as aggregate economy implications of possible mismeasurement of prices in the medical sector. We conclude by suggesting future research and measurement issues that are most likely to be fruitful.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638746']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638754.jsonld | ['Chapter 2. An Overview of the Normative Economics of the Health Sector'] | ['This chapter provides an overview of normative analysis in the health sector in recent decades. It surveys two distinct, but related, literatures. The first is normative analysis of the operation of health care and health care insurance markets, market failure, and the scope for non-market institutional arrangements to improve the efficiency and equity of the financing, funding, organization and delivery of health care. The second is the debate about the most appropriate normative framework within which to carry out normative analysis in the health sector, focusing on the welfarist and extra-welfarist frameworks. This is a debate about assumptions and methods. Although the rival frameworks share the broad conclusion that market failure pervades the health sector, the diagnoses regarding nature of that failure sometimes differ and, more importantly, the prescriptions to improve efficiency and equity often differ. Because it is not always clear what writers mean by welfare economics and extra-welfarism, I briefly summarize key concepts of efficiency and key assumptions and elements of each framework. The three subsequent sections then analyze the nature of health care as an economic commodity and the implications of these characteristics both for the operation of health care and health care insurance markets and for the methods of normative economic analysis. Section 4 surveys prominent approaches to analyzing equity in health care. Section 5 examines the methods of normative analysis as applied to evaluate individual health care services. Finally, I end with some observations on recent discussions of the role of normative economic analysis in policy making and of health economists as policy advisors.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638754'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 2. An Overview of the Normative Economics of the Health Sector']
### Abstract:
['This chapter provides an overview of normative analysis in the health sector in recent decades. It surveys two distinct, but related, literatures. The first is normative analysis of the operation of health care and health care insurance markets, market failure, and the scope for non-market institutional arrangements to improve the efficiency and equity of the financing, funding, organization and delivery of health care. The second is the debate about the most appropriate normative framework within which to carry out normative analysis in the health sector, focusing on the welfarist and extra-welfarist frameworks. This is a debate about assumptions and methods. Although the rival frameworks share the broad conclusion that market failure pervades the health sector, the diagnoses regarding nature of that failure sometimes differ and, more importantly, the prescriptions to improve efficiency and equity often differ. Because it is not always clear what writers mean by welfare economics and extra-welfarism, I briefly summarize key concepts of efficiency and key assumptions and elements of each framework. The three subsequent sections then analyze the nature of health care as an economic commodity and the implications of these characteristics both for the operation of health care and health care insurance markets and for the methods of normative economic analysis. Section 4 surveys prominent approaches to analyzing equity in health care. Section 5 examines the methods of normative analysis as applied to evaluate individual health care services. Finally, I end with some observations on recent discussions of the role of normative economic analysis in policy making and of health economists as policy advisors.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638754']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638762.jsonld | ['Chapter 1. International Comparisons of Health Expenditure: Theory, Data and Econometric Analysis'] | ['Comparisons of aggregate health expenditure across different countries have become popular over the last three decades as they permit a systematic investigation of the impact of different institutional regimes and other explanatory variables. Over the years, several regression analyses based on cross-section and panel data have been used to explain the international differences in health expenditure. A common result of these studies is that aggregate income appears to be the most important factor explaining health expenditure variation between countries and that the size of the estimated income elasticity is high and even higher than unity which in that case indicates that health care is a luxury good. Additional results indicates, for example, that the use of primary care gatekeepers lowers health expenditure and also that the way of remunerating physicians in the ambulatory care sector appears to influence health expenditure; capitation systems tend to lead to lower expenditure than fee-for-service systems. Finally, we also list some issues for the future. We demand more efforts on theory of the macroeconomic analysis of health expenditure, which is underdeveloped at least relative to the macroeconometrics of health expenditure. We also demand more replications based on updated data and methods that seeks to unify the many differing results of previous studies.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638762'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 1. International Comparisons of Health Expenditure: Theory, Data and Econometric Analysis']
### Abstract:
['Comparisons of aggregate health expenditure across different countries have become popular over the last three decades as they permit a systematic investigation of the impact of different institutional regimes and other explanatory variables. Over the years, several regression analyses based on cross-section and panel data have been used to explain the international differences in health expenditure. A common result of these studies is that aggregate income appears to be the most important factor explaining health expenditure variation between countries and that the size of the estimated income elasticity is high and even higher than unity which in that case indicates that health care is a luxury good. Additional results indicates, for example, that the use of primary care gatekeepers lowers health expenditure and also that the way of remunerating physicians in the ambulatory care sector appears to influence health expenditure; capitation systems tend to lead to lower expenditure than fee-for-service systems. Finally, we also list some issues for the future. We demand more efforts on theory of the macroeconomic analysis of health expenditure, which is underdeveloped at least relative to the macroeconometrics of health expenditure. We also demand more replications based on updated data and methods that seeks to unify the many differing results of previous studies.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638762']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638843.jsonld | ['Chapter 34 Equity in health care finance and delivery'] | ['The paper surveys the economics literature on equity in health care financing and delivery. The focus is, for the most part, on empirical work, especially that involving international and temporal comparisons. There is, however, some discussion of the concept and definition of equity. The empirical sections cover the literature on equity in health care financing (progressivity and horizontal equity of health care financing arrangements), equity in health care delivery (horizontal equity in the sense of treating persons in equal need similarly), and equality of health.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638843'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 34 Equity in health care finance and delivery']
### Abstract:
['The paper surveys the economics literature on equity in health care financing and delivery. The focus is, for the most part, on empirical work, especially that involving international and temporal comparisons. There is, however, some discussion of the concept and definition of equity. The empirical sections cover the literature on equity in health care financing (progressivity and horizontal equity of health care financing arrangements), equity in health care delivery (horizontal equity in the sense of treating persons in equal need similarly), and equality of health.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638843']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638878.jsonld | ['Chapter 31 Prevention'] | ['Prevention ranges from medical decisions such as vaccinations and clinical preventive services delivered during periodic health examinations to private health lifestyle decisions such as regular exercise and non-smoking. The aim of this chapter is to provide an overview of economic issues that cut across a variety of prevention decisions. After discussing what prevention means, the chapter reviews some basic theoretical insights about prevention from human capital models and insurance models. Consumer or household behavior receives most of the attention, partly because there is not an identifiable industry that produces prevention viewed broadly. The chapter next explores market failures that might lead to too little prevention from a societal perspective: ex ante moral hazard from health insurance, externalities from vaccinations, lack of consumer information, and the public good aspects of prevention-related research and development. Health economics provides some conceptual and empirical arguments for policies to encourage prevention. However, the economic perspective often remains quite different from the perspective of many public health professionals who are strong advocates of prevention. With that distinction in mind, the chapter then turns to policy-relevant questions of whether prevention can reduce total medical expenditures, and the effectiveness of policy interventions to encourage prevention. The chapter concludes with some reflections on what economics has offered and can offer to prevention research.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638878'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 31 Prevention']
### Abstract:
['Prevention ranges from medical decisions such as vaccinations and clinical preventive services delivered during periodic health examinations to private health lifestyle decisions such as regular exercise and non-smoking. The aim of this chapter is to provide an overview of economic issues that cut across a variety of prevention decisions. After discussing what prevention means, the chapter reviews some basic theoretical insights about prevention from human capital models and insurance models. Consumer or household behavior receives most of the attention, partly because there is not an identifiable industry that produces prevention viewed broadly. The chapter next explores market failures that might lead to too little prevention from a societal perspective: ex ante moral hazard from health insurance, externalities from vaccinations, lack of consumer information, and the public good aspects of prevention-related research and development. Health economics provides some conceptual and empirical arguments for policies to encourage prevention. However, the economic perspective often remains quite different from the perspective of many public health professionals who are strong advocates of prevention. With that distinction in mind, the chapter then turns to policy-relevant questions of whether prevention can reduce total medical expenditures, and the effectiveness of policy interventions to encourage prevention. The chapter concludes with some reflections on what economics has offered and can offer to prevention research.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638878']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638886.jsonld | ['Chapter 30 Alcohol'] | ["Excess drinking is associated with lost productivity, accidents, disability, early death, crime, neglect of family responsibilities, and personality deterioration. These and related concerns have justified special restrictions on alcoholic-beverage commerce and consumption. The nature and extent of government involvement in this arena vary widely over time and place, and are often controversial. Economists have contributed to the evaluation of alcohol policy through empirical work on the effects of alcohol-control measures on consumption and its consequences. Economics has also provided an accounting framework for defining and comparing costs and benefits of interventions, including excise taxes. Outside of the policy arena, economists have analyzed alcohol consumption in the context of stretching the standard model of consumer choice to include intertemporal effects and social influence. Nonetheless, perhaps the most important contribution by economists has been the repeated demonstration that there is nothing unusual about alcohol in at least one essential respect: consumers drink less ethanol (and have fewer alcohol-related problems) when alcohol-beverage prices are increased. Important econometric challenges remain, including the search for a satisfactory resolution to the conflicting results on the effect of price changes on consumption by consumers who tend to drink heavily. There are also unresolved puzzles about the relationship between drinking and productivity; even after controlling for a variety of other characteristics, drinkers tend to have higher earnings than abstainers, and women's earnings (but not men's) tend to increase with alcohol consumption."] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638886'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 30 Alcohol']
### Abstract:
["Excess drinking is associated with lost productivity, accidents, disability, early death, crime, neglect of family responsibilities, and personality deterioration. These and related concerns have justified special restrictions on alcoholic-beverage commerce and consumption. The nature and extent of government involvement in this arena vary widely over time and place, and are often controversial. Economists have contributed to the evaluation of alcohol policy through empirical work on the effects of alcohol-control measures on consumption and its consequences. Economics has also provided an accounting framework for defining and comparing costs and benefits of interventions, including excise taxes. Outside of the policy arena, economists have analyzed alcohol consumption in the context of stretching the standard model of consumer choice to include intertemporal effects and social influence. Nonetheless, perhaps the most important contribution by economists has been the repeated demonstration that there is nothing unusual about alcohol in at least one essential respect: consumers drink less ethanol (and have fewer alcohol-related problems) when alcohol-beverage prices are increased. Important econometric challenges remain, including the search for a satisfactory resolution to the conflicting results on the effect of price changes on consumption by consumers who tend to drink heavily. There are also unresolved puzzles about the relationship between drinking and productivity; even after controlling for a variety of other characteristics, drinkers tend to have higher earnings than abstainers, and women's earnings (but not men's) tend to increase with alcohol consumption."]
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638886']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638894.jsonld | ['Chapter 29 The economics of smoking'] | ["While the tobacco industry ranks among the most substantial and successful of economic enterprises, tobacco consumption is associated with more deaths than any other product. Economic analysis of the markets for tobacco products, particularly cigarettes, has contributed considerable insight to debates about the importance of the industry and the appropriate roles of public policy in grappling with the health consequences of tobacco. Certainly the most significant example of this phenomenon has been the rapidly expanding and increasingly sophisticated body of research on the effects of price increases on cigarette consumption. Because excise tax comprises an important component of price, the resultant literature has played a prominent role in legislative debates about using taxation as a principal tool to discourage smoking. In addition to informing legislative debates, this literature has contributed both theory and empirical evidence to the growing interest in modeling the demand for addictive products. This chapter examines this body of research in detail, as well as a variety of equity and efficiency concerns accompanying debates about cigarette taxation. Coverage also includes economic analysis of the role of other tobacco control policies, such as restrictions on advertising, of special interest due to their prominence in debates about tobacco control. The chapter concludes with consideration of research addressing the validity of the tobacco industry's argument that its contributions to employment, tax revenues, and trade balances are vital to the economic health of states and nations. This argument is one of the industry's principal weapons in its battle against policy measures intended to reduce tobacco product consumption."] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638894'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 29 The economics of smoking']
### Abstract:
["While the tobacco industry ranks among the most substantial and successful of economic enterprises, tobacco consumption is associated with more deaths than any other product. Economic analysis of the markets for tobacco products, particularly cigarettes, has contributed considerable insight to debates about the importance of the industry and the appropriate roles of public policy in grappling with the health consequences of tobacco. Certainly the most significant example of this phenomenon has been the rapidly expanding and increasingly sophisticated body of research on the effects of price increases on cigarette consumption. Because excise tax comprises an important component of price, the resultant literature has played a prominent role in legislative debates about using taxation as a principal tool to discourage smoking. In addition to informing legislative debates, this literature has contributed both theory and empirical evidence to the growing interest in modeling the demand for addictive products. This chapter examines this body of research in detail, as well as a variety of equity and efficiency concerns accompanying debates about cigarette taxation. Coverage also includes economic analysis of the role of other tobacco control policies, such as restrictions on advertising, of special interest due to their prominence in debates about tobacco control. The chapter concludes with consideration of research addressing the validity of the tobacco industry's argument that its contributions to employment, tax revenues, and trade balances are vital to the economic health of states and nations. This argument is one of the industry's principal weapons in its battle against policy measures intended to reduce tobacco product consumption."]
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638894']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638924.jsonld | ['Chapter 26 Liability for medical malpractice'] | ['Physicians are traditionally liable under a negligence rule of liability. Economic analysis of liability rules, including malpractice, assumes that the primary function of liability is injury prevention (deterrence). Compensation can be provided more efficiently through other forms of social or private insurance. In theory, a negligence rule creates incentives for efficient care, hence there should be no negligence, no claims and no demand for liability insurance. In practice, the incidence of negligent injury has been estimated at roughly one per hundred hospital admissions in the US and about one in seven physicians is sued per year. These discrepancies between the theory and actual operation of the negligence system arise primarily because of imperfect information on the part of courts, doctors, patients, liability insurers and health insurers. Imperfect information and extensive health insurance lead to biased and uncertain legal standards. Uncertain legal standards create incentives for physicians to practice defensive medicine and incentives for plaintiffs and defendants to invest in litigation, leading to high overhead costs, such that compensation through the malpractice system carries a load of $1.50 per $1.00 of compensation. Nevertheless, the extreme criticisms of the malpractice system are exaggerated. Malpractice premiums are less than 1 percent of total health care costs. There are no comprehensive estimates of defensive medicine costs; in any case such costs are likely to decline with the growth of managed care. Although claim disposition exhibits both Type 1 and Type 2 errors, negligent injuries are much more likely to lead to a claim being field and payment to the plaintiff than non-negligent injuries, and awards are strongly related to loss incurred. The limited empirical evidence of provider response to liability and the deterrent effect of claims suggests — but cannot prove — that the net benefits of the malpractice system may plausibly be positive. Nevertheless, reforms designed to reduce inappropriate compensation and deter excessive litigation and defensive practice would make the system more cost-effective. The empirical evidence, based primarily in the US, includes studies of malpractice injuries; physician response to liability; trends in claim frequency, severity (size), and claim disposition; and the malpractice insurance market. Analyses of actual and proposed reforms address tort reform, no fault, enterprise liability and optimal liability under managed care. More limited evidence is available on the negligence regimes in Canada and the UK, and the quasi no-fault regimes in Sweden and New Zealand.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638924'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 26 Liability for medical malpractice']
### Abstract:
['Physicians are traditionally liable under a negligence rule of liability. Economic analysis of liability rules, including malpractice, assumes that the primary function of liability is injury prevention (deterrence). Compensation can be provided more efficiently through other forms of social or private insurance. In theory, a negligence rule creates incentives for efficient care, hence there should be no negligence, no claims and no demand for liability insurance. In practice, the incidence of negligent injury has been estimated at roughly one per hundred hospital admissions in the US and about one in seven physicians is sued per year. These discrepancies between the theory and actual operation of the negligence system arise primarily because of imperfect information on the part of courts, doctors, patients, liability insurers and health insurers. Imperfect information and extensive health insurance lead to biased and uncertain legal standards. Uncertain legal standards create incentives for physicians to practice defensive medicine and incentives for plaintiffs and defendants to invest in litigation, leading to high overhead costs, such that compensation through the malpractice system carries a load of $1.50 per $1.00 of compensation. Nevertheless, the extreme criticisms of the malpractice system are exaggerated. Malpractice premiums are less than 1 percent of total health care costs. There are no comprehensive estimates of defensive medicine costs; in any case such costs are likely to decline with the growth of managed care. Although claim disposition exhibits both Type 1 and Type 2 errors, negligent injuries are much more likely to lead to a claim being field and payment to the plaintiff than non-negligent injuries, and awards are strongly related to loss incurred. The limited empirical evidence of provider response to liability and the deterrent effect of claims suggests — but cannot prove — that the net benefits of the malpractice system may plausibly be positive. Nevertheless, reforms designed to reduce inappropriate compensation and deter excessive litigation and defensive practice would make the system more cost-effective. The empirical evidence, based primarily in the US, includes studies of malpractice injuries; physician response to liability; trends in claim frequency, severity (size), and claim disposition; and the malpractice insurance market. Analyses of actual and proposed reforms address tort reform, no fault, enterprise liability and optimal liability under managed care. More limited evidence is available on the negligence regimes in Canada and the UK, and the quasi no-fault regimes in Sweden and New Zealand.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638924']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638940.jsonld | ['Chapter 24 Economics of dental services'] | ['The purpose of this chapter is to review dental economics in three major areas: (i) demand for and utilisation of dental care, (ii) productivity, technical efficiency and economies of scale in dental care production, and finally (iii) economic evaluation of dental care procedures and programmes. As a background to the review, we consider what makes dental care different from other health care, describe briefly dental care systems in a number of countries and present data on inputs and outcomes in terms of dental health. Within each major area, we review developments in conceptual and theoretical thinking, consider developments in the measurement of key variables and methods, and present some major results. We also draw lessons to be learnt concerning the state of the art in terms of theory, methodology and results, and outline directions for future research.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638940'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 24 Economics of dental services']
### Abstract:
['The purpose of this chapter is to review dental economics in three major areas: (i) demand for and utilisation of dental care, (ii) productivity, technical efficiency and economies of scale in dental care production, and finally (iii) economic evaluation of dental care procedures and programmes. As a background to the review, we consider what makes dental care different from other health care, describe briefly dental care systems in a number of countries and present data on inputs and outcomes in terms of dental health. Within each major area, we review developments in conceptual and theoretical thinking, consider developments in the measurement of key variables and methods, and present some major results. We also draw lessons to be learnt concerning the state of the art in terms of theory, methodology and results, and outline directions for future research.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638940']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638959.jsonld | ['Chapter 23 Waiting lists and medical treatment: Analysis and policies'] | ["A number of health care systems use waiting time as a rationing device for access to inpatient care. However, a considerable amount of research has focussed in particular on the UK's National Health Service and its perceived problem of waiting “lists”. In this chapter a theoretical discussion addresses the issue of the optimum wait in the context of Paretian welfare economics. However, reference is also made to public choice analysis and to queuing theory. Empirical literature that explores the various dimensions of waiting costs is reviewed and evaluated. Different methods of estimation are illustrated and these include contingent valuation, implied valuation and econometric modelling. The policy section assesses various “solutions” to the waiting list “problem”. Options are classified in terms of their impact on excess demand and the issue of waiting list management is addressed. In the absence of an over-arching welfare analysis both empirical work and policy recommendations are inevitably piece-meal and open to debate. Given the inherent weaknesses of applied welfare economics the challenge is to find a framework which would attract a broader consensus."] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638959'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 23 Waiting lists and medical treatment: Analysis and policies']
### Abstract:
["A number of health care systems use waiting time as a rationing device for access to inpatient care. However, a considerable amount of research has focussed in particular on the UK's National Health Service and its perceived problem of waiting “lists”. In this chapter a theoretical discussion addresses the issue of the optimum wait in the context of Paretian welfare economics. However, reference is also made to public choice analysis and to queuing theory. Empirical literature that explores the various dimensions of waiting costs is reviewed and evaluated. Different methods of estimation are illustrated and these include contingent valuation, implied valuation and econometric modelling. The policy section assesses various “solutions” to the waiting list “problem”. Options are classified in terms of their impact on excess demand and the issue of waiting list management is addressed. In the absence of an over-arching welfare analysis both empirical work and policy recommendations are inevitably piece-meal and open to debate. Given the inherent weaknesses of applied welfare economics the challenge is to find a framework which would attract a broader consensus."]
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638959']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638983.jsonld | ['Chapter 20 The industrial organization of health care markets'] | ['Health care markets fail to satisfy many requirements for perfect competition, including large numbers of consumers and firms, zero search costs, and marketability of all goods and services. Over time, health care markets have evolved to overcome the resulting inefficiencies. We combine the theory of agency with a model of monopolistic competition to explore three regimes of health care organization that were dominant at different points in time: (1) independent physicians and cost-based reimbursement for hospitals; (2) regulation; and (3) managed care. Each regime represents, for its time, a sensible response to market failure. Each regime has predictable consequences for prices, costs, and quality. We examine the theoretical arguments and review the empirical evidence about each regime. A consistent message emerges: Providers respond to economic incentives in a manner consistent with theory.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638983'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 20 The industrial organization of health care markets']
### Abstract:
['Health care markets fail to satisfy many requirements for perfect competition, including large numbers of consumers and firms, zero search costs, and marketability of all goods and services. Over time, health care markets have evolved to overcome the resulting inefficiencies. We combine the theory of agency with a model of monopolistic competition to explore three regimes of health care organization that were dominant at different points in time: (1) independent physicians and cost-based reimbursement for hospitals; (2) regulation; and (3) managed care. Each regime represents, for its time, a sensible response to market failure. Each regime has predictable consequences for prices, costs, and quality. We examine the theoretical arguments and review the empirical evidence about each regime. A consistent message emerges: Providers respond to economic incentives in a manner consistent with theory.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638983']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831638991.jsonld | ['Chapter 19 Child health in developed countries'] | ['This chapter provides an overview of the literature on child health in developed countries. I first lay out a simple economic model of the demand for child health inputs, and discuss whether the evidence is consistent with that model. Next, two main causes of market failure in the market for child health inputs — lack of information and externalities — are analyzed. These failures may provide an economic rationale for government intervention in the market for health care. Much of the literature on child health has focused on one such intervention, the provision of public health insurance. However, the utilization of health care is only one input into the production of child health, and it is far from the most important input for most children. Hence, the last section of this chapter offers a brief review of what we know about the effects of government interventions designed to address other threats to child health. The chapter concludes with some opinions about useful direction for future research and data collection efforts.'] | ['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638991'] | ['Gesundheitsökonomie'] | Document
### Title: ['Chapter 19 Child health in developed countries']
### Abstract:
['This chapter provides an overview of the literature on child health in developed countries. I first lay out a simple economic model of the demand for child health inputs, and discuss whether the evidence is consistent with that model. Next, two main causes of market failure in the market for child health inputs — lack of information and externalities — are analyzed. These failures may provide an economic rationale for government intervention in the market for health care. Much of the literature on child health has focused on one such intervention, the provision of public health insurance. However, the utilization of health care is only one input into the production of child health, and it is far from the most important input for most children. Hence, the last section of this chapter offers a brief review of what we know about the effects of government interventions designed to address other threats to child health. The chapter concludes with some opinions about useful direction for future research and data collection efforts.']
### GND ID:
['gnd:4130935-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831638991']
### GND class:
['Gesundheitsökonomie']
<|eot_id|> |
3A1831639084.jsonld | ['Chapter 14 Income distribution, economic systems and transition'] | ["We consider the differences in income distribution between market and planned economies in two ways. First, using benchmarks from the OECD area we review evidence from the countries of Central and Eastern Europe and the former Soviet Union during the socialist period. Second, we look at the transitions currently being made by the latter. In each case we review available data and the problems they present before considering in turn: (i) the distribution of earnings of full-time employees; (ii) the distribution of individuals' per capita household incomes; and (iii) the ways in which the picture is altered by nonwage benefits from work, price subsidies and social incomes in kind. For the socialist period we are able to consider long series of data, often covering several decades, and we can thus show the changes in the picture of distribution under the socialist system. We also emphasise the diversity across the countries concerned. For the period of transition, itself incomplete, the series are inevitably shorter but we are able to avoid basing conclusions on evidence drawn from single years. The picture during transition, like that under socialism, is varied. Russia has experienced very sharp increases in measured inequality to well above the top of the OECD range. The Czech Republic, Hungary and Poland have seen more modest rises. We note the lack of a satisfactory analytic framework in the literature that encompasses enough features of the transition, a framework which would help interpretation of the evidence."] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639084'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 14 Income distribution, economic systems and transition']
### Abstract:
["We consider the differences in income distribution between market and planned economies in two ways. First, using benchmarks from the OECD area we review evidence from the countries of Central and Eastern Europe and the former Soviet Union during the socialist period. Second, we look at the transitions currently being made by the latter. In each case we review available data and the problems they present before considering in turn: (i) the distribution of earnings of full-time employees; (ii) the distribution of individuals' per capita household incomes; and (iii) the ways in which the picture is altered by nonwage benefits from work, price subsidies and social incomes in kind. For the socialist period we are able to consider long series of data, often covering several decades, and we can thus show the changes in the picture of distribution under the socialist system. We also emphasise the diversity across the countries concerned. For the period of transition, itself incomplete, the series are inevitably shorter but we are able to avoid basing conclusions on evidence drawn from single years. The picture during transition, like that under socialism, is varied. Russia has experienced very sharp increases in measured inequality to well above the top of the OECD range. The Czech Republic, Hungary and Poland have seen more modest rises. We note the lack of a satisfactory analytic framework in the literature that encompasses enough features of the transition, a framework which would help interpretation of the evidence."]
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639084']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639114.jsonld | ['Chapter 12 Redistribution'] | ['This paper reviews some of the central issues that arise in thinking about the motives for, politics of, constraints on and measurement of, redistribution. Amongst the themes are: the potential usefulness of apparently inefficient policy instruments in overcoming the self-selection constraints on redistribution and limiting the damage that ill-intentioned policymakers can do; the continued (perhaps increased) ignorance as to the effective incidence of many key taxes and benefits; and, while there are circumstances in which redistribution may plausibly generate efficiency gains, the likelihood that some trade-off between equity and efficiency is inescapable.'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639114'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 12 Redistribution']
### Abstract:
['This paper reviews some of the central issues that arise in thinking about the motives for, politics of, constraints on and measurement of, redistribution. Amongst the themes are: the potential usefulness of apparently inefficient policy instruments in overcoming the self-selection constraints on redistribution and limiting the damage that ill-intentioned policymakers can do; the continued (perhaps increased) ignorance as to the effective incidence of many key taxes and benefits; and, while there are circumstances in which redistribution may plausibly generate efficiency gains, the likelihood that some trade-off between equity and efficiency is inescapable.']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639114']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639122.jsonld | ['Chapter 11 The distribution of wealth'] | ['This chapter is concerned with the distribution of personal wealth, which usually refers to the material assets that can be sold in the marketpace, although on occasion pension rights are also included. We summarise the available evidence on wealth distribution for a number of countries. This confirms the well known fact that wealth is more unequally distributed than income, and points to a long term downward trend in wealth inequality over most of the twentieth century. We also review the various theories that help account for these feature. Lifecycle accumulation is one popular explanation of wealth differences, but inheritance is also widely recognised as playing a major role, especially at the upper end of the wealth range. A recurrent theme in work on wealth distribution is the relative importance of these two sources of wealth differences. We discuss the results of studies that assess the contributions of inheritance and lifecycle factors, and give attention also to a variety of related issues, such as the link between wealth status across generations, and the possible motives for leaving bequests.'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639122'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 11 The distribution of wealth']
### Abstract:
['This chapter is concerned with the distribution of personal wealth, which usually refers to the material assets that can be sold in the marketpace, although on occasion pension rights are also included. We summarise the available evidence on wealth distribution for a number of countries. This confirms the well known fact that wealth is more unequally distributed than income, and points to a long term downward trend in wealth inequality over most of the twentieth century. We also review the various theories that help account for these feature. Lifecycle accumulation is one popular explanation of wealth differences, but inheritance is also widely recognised as playing a major role, especially at the upper end of the wealth range. A recurrent theme in work on wealth distribution is the relative importance of these two sources of wealth differences. We discuss the results of studies that assess the contributions of inheritance and lifecycle factors, and give attention also to a variety of related issues, such as the link between wealth status across generations, and the possible motives for leaving bequests.']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639122']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639130.jsonld | ['Chapter 10 Wealth inequality, wealth constraints and economic performance'] | ['Where such behaviors as risk-taking and hard work are not subject to complete contracts, some distributions of assets (for instance the widespread use of tenancy) may preclude efficient contractual arrangements. In particular, the distribution of wealth may affect: (a) residual claimancy over income streams; (b) exit options in bargaining situations; (c) the relative capacities of actors to exploit common resources; (d) the capacity to punish those who deviate from cooperative solutions; and (e) the pattern of both risk aversion and the subjective cost of capital in the population.'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639130'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 10 Wealth inequality, wealth constraints and economic performance']
### Abstract:
['Where such behaviors as risk-taking and hard work are not subject to complete contracts, some distributions of assets (for instance the widespread use of tenancy) may preclude efficient contractual arrangements. In particular, the distribution of wealth may affect: (a) residual claimancy over income streams; (b) exit options in bargaining situations; (c) the relative capacities of actors to exploit common resources; (d) the capacity to punish those who deviate from cooperative solutions; and (e) the pattern of both risk aversion and the subjective cost of capital in the population.']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639130']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639157.jsonld | ['Chapter 8 Theories of persistent inequality and intergenerational mobility'] | ['This chapter reviews the existing theories of persistent inequality across generations. The chapter discusses total economic inequality both in wealth and in earnings and focuses on the intergenerational mobility dimension of total inequality. The chapter presents a nonexhaustive, nontechnical survey of existing empirical work about intergenerational mobility and persistent inequality among dynasties. The question of intergenerational mobility has always been one of the most controversial issues indeed, both in actual political conflicts and in academic writings by social scientists, and conflicting theories in this area have very often been motivated by conflicting qualitative perceptions of the extent of mobility (and conversely).'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639157'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 8 Theories of persistent inequality and intergenerational mobility']
### Abstract:
['This chapter reviews the existing theories of persistent inequality across generations. The chapter discusses total economic inequality both in wealth and in earnings and focuses on the intergenerational mobility dimension of total inequality. The chapter presents a nonexhaustive, nontechnical survey of existing empirical work about intergenerational mobility and persistent inequality among dynasties. The question of intergenerational mobility has always been one of the most controversial issues indeed, both in actual political conflicts and in academic writings by social scientists, and conflicting theories in this area have very often been motivated by conflicting qualitative perceptions of the extent of mobility (and conversely).']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639157']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639165.jsonld | ['Chapter 7 Theories of the distribution of earnings'] | ['Several empirical regularities motivate most theories of the distribution of labor earnings. Earnings distributions tend to be skewed to the right and display long right tails. Mean earnings always exceed median earnings and the top percentiles of earners account for quite a disproportionate share of total earnings. Mean earnings also differ greatly across groups defined by occupation, education, experience, and other observed traits. With respect to the evolution of the distribution of earnings for a given cohort, initial earnings dispersion is smaller than the dispersion observed in prime working years. We explore several models that address these stylized facts. Stochastic theories examine links between assumptions about the distribution of endowments and implied features of earnings distributions given assumptions about the processes that translate endowments into earnings. Selection models describe how workers choose a career. Because workers select their best option from a menu of possible careers, their allocation decisions tend to generate skewed earnings distributions. Sorting models illustrate this process in an environment where workers learn about their endowments and therefore adjust their allocation decisions over time. Human capital theory demonstrates that earnings dispersion is a prerequisite for significant skill investments. Without earnings dispersion, workers would not willingly make the investments necessary for high-skill jobs. Human capital models illustrate how endowments of wealth and talent influence the investment decisions that generate observed distributions of earnings. Agency models illustrate how wage structures may determine rather than reflect worker productivity. Tournament theory addresses the long right tails of wage distributions within firms. Efficiency wage models address differences in wages across employments that involve different monitoring technologies.'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639165'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 7 Theories of the distribution of earnings']
### Abstract:
['Several empirical regularities motivate most theories of the distribution of labor earnings. Earnings distributions tend to be skewed to the right and display long right tails. Mean earnings always exceed median earnings and the top percentiles of earners account for quite a disproportionate share of total earnings. Mean earnings also differ greatly across groups defined by occupation, education, experience, and other observed traits. With respect to the evolution of the distribution of earnings for a given cohort, initial earnings dispersion is smaller than the dispersion observed in prime working years. We explore several models that address these stylized facts. Stochastic theories examine links between assumptions about the distribution of endowments and implied features of earnings distributions given assumptions about the processes that translate endowments into earnings. Selection models describe how workers choose a career. Because workers select their best option from a menu of possible careers, their allocation decisions tend to generate skewed earnings distributions. Sorting models illustrate this process in an environment where workers learn about their endowments and therefore adjust their allocation decisions over time. Human capital theory demonstrates that earnings dispersion is a prerequisite for significant skill investments. Without earnings dispersion, workers would not willingly make the investments necessary for high-skill jobs. Human capital models illustrate how endowments of wealth and talent influence the investment decisions that generate observed distributions of earnings. Agency models illustrate how wage structures may determine rather than reflect worker productivity. Tournament theory addresses the long right tails of wage distributions within firms. Efficiency wage models address differences in wages across employments that involve different monitoring technologies.']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639165']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639181.jsonld | ['Chapter 5 Empirical evidence on income inequality in industrialized countries'] | ['This chapter reviews the evidence on cross-national comparisons of annual disposable income inequality in over 20 wealthy nations. We begin by reviewing a number of conceptual and measurement issues which must be addressed by any cross-national comparison of survey-based household income data. With these caveats in mind, we present data on both the level of inequality during the early to mid-1990s, and in inequality trends since 1970. While most comparisons are made in terms of relative incomes within nations, we also make some real income comparisons at a point in time using purchasing power parities. The data indicate that a wide range of inequality exists across these rich nations during this decade, with the most unequal nation experiencing a level of inequality which is more than twice the level found in the most equal nation. Country specific trends in income inequality are more similar, although not universally so. The large majority of nations have experienced rising income inequality over the last decade or longer. This increase is not offset by changes in income mobility over this period, and follows a period of declining income inequality in most of these same nations.'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639181'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 5 Empirical evidence on income inequality in industrialized countries']
### Abstract:
['This chapter reviews the evidence on cross-national comparisons of annual disposable income inequality in over 20 wealthy nations. We begin by reviewing a number of conceptual and measurement issues which must be addressed by any cross-national comparison of survey-based household income data. With these caveats in mind, we present data on both the level of inequality during the early to mid-1990s, and in inequality trends since 1970. While most comparisons are made in terms of relative incomes within nations, we also make some real income comparisons at a point in time using purchasing power parities. The data indicate that a wide range of inequality exists across these rich nations during this decade, with the most unequal nation experiencing a level of inequality which is more than twice the level found in the most equal nation. Country specific trends in income inequality are more similar, although not universally so. The large majority of nations have experienced rising income inequality over the last decade or longer. This increase is not offset by changes in income mobility over this period, and follows a period of declining income inequality in most of these same nations.']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639181']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A183163919X.jsonld | ['Chapter 4 Historical perspectives on income distribution: The case of Europe'] | ['The evolution of income distribution over two centuries is an attractive topic because it allows one to test the inverse U-curve hypothesis using long series instead of cross-section data. In Section 1 the distribution trends in countries where global data are available, is considered, that is in four Scandinavian countries, the Netherlands, the German states and Germany, and in France. The inverse U-curve hypothesis is verified in four of them. Section 2 presents in a consistent framework, using the Theil indicator, all available information on inequality trends between agricultural and nonagricultural sectors and on inequality trends within each sector in European countries. Finally Section 3 throws light on the political and economic factors explaining the long-term evolution of distribution. The economic factors playing a key role are the market structures, the diffusion of education and saving, and dualism.'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163919X'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 4 Historical perspectives on income distribution: The case of Europe']
### Abstract:
['The evolution of income distribution over two centuries is an attractive topic because it allows one to test the inverse U-curve hypothesis using long series instead of cross-section data. In Section 1 the distribution trends in countries where global data are available, is considered, that is in four Scandinavian countries, the Netherlands, the German states and Germany, and in France. The inverse U-curve hypothesis is verified in four of them. Section 2 presents in a consistent framework, using the Theil indicator, all available information on inequality trends between agricultural and nonagricultural sectors and on inequality trends within each sector in European countries. Finally Section 3 throws light on the political and economic factors explaining the long-term evolution of distribution. The economic factors playing a key role are the market structures, the diffusion of education and saving, and dualism.']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163919X']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639203.jsonld | ['Chapter 3 Three centuries of inequality in Britain and America'] | ['Income and wealth inequality rose over the first 150 years of US history. They rose in Britain before 1875, especially 1740–1810. The first half of the 20th century equalized pre-fisc incomes both in Britain and in America. From the 1970s to the 1990s inequality rose in both countries, reversing most or all of the previous equalization. Government redistribution explains part but not all of the reversals in inequality trends. Factor-market forces and economic growth would have produced a similar timing of rises and falls in income inequality even without shifts in the progressivity of redistribution through government. Redistribution toward the poor tends to happen least in those times and polities where it would seem most justified by the usual goals of welfare policy.'] | ['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639203'] | ['Einkommen', 'Einkommensverteilung'] | Document
### Title: ['Chapter 3 Three centuries of inequality in Britain and America']
### Abstract:
['Income and wealth inequality rose over the first 150 years of US history. They rose in Britain before 1875, especially 1740–1810. The first half of the 20th century equalized pre-fisc incomes both in Britain and in America. From the 1970s to the 1990s inequality rose in both countries, reversing most or all of the previous equalization. Government redistribution explains part but not all of the reversals in inequality trends. Factor-market forces and economic growth would have produced a similar timing of rises and falls in income inequality even without shifts in the progressivity of redistribution through government. Redistribution toward the poor tends to happen least in those times and polities where it would seem most justified by the usual goals of welfare policy.']
### GND ID:
['gnd:4013887-2', 'gnd:4013898-7', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639203']
### GND class:
['Einkommen', 'Einkommensverteilung']
<|eot_id|> |
3A1831639289.jsonld | ['Chapter 26 Optimal fiscal and monetary policy'] | ['We provide an introduction to optimal fiscal and monetary policy using the primal approach to optimal taxation. We use this approach to address how fiscal and monetary policy should be set over the long run and over the business cycle. We find four substantive lessons for policymaking: Capital income taxes should be high initially and then roughly zero; tax rates on labor and consumption should be roughly constant; state-contingent taxes on assets should be used to provide insurance against adverse shocks; and monetary policy should be conducted so as to keep nominal interest rates close to zero. We begin by studying optimal taxation in a static context. We then develop a general framework to analyze optimal fiscal policy. Finally, we analyze optimal monetary policy in three commonly used models of money: a cash-credit economy, a money-in-the-utility-function economy, and a shopping-time economy.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639289'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 26 Optimal fiscal and monetary policy']
### Abstract:
['We provide an introduction to optimal fiscal and monetary policy using the primal approach to optimal taxation. We use this approach to address how fiscal and monetary policy should be set over the long run and over the business cycle. We find four substantive lessons for policymaking: Capital income taxes should be high initially and then roughly zero; tax rates on labor and consumption should be roughly constant; state-contingent taxes on assets should be used to provide insurance against adverse shocks; and monetary policy should be conducted so as to keep nominal interest rates close to zero. We begin by studying optimal taxation in a static context. We then develop a general framework to analyze optimal fiscal policy. Finally, we analyze optimal monetary policy in three commonly used models of money: a cash-credit economy, a money-in-the-utility-function economy, and a shopping-time economy.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639289']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639297.jsonld | ['Chapter 25 Government debt'] | ['This chapter surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The chapter then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next examines the theoretical and empirical debate over the theory of debt neutrality called Ricardian equivalence. Finally, the chapter considers various normative perspectives about how the government should use its ability to borrow.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639297'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 25 Government debt']
### Abstract:
['This chapter surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The chapter then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and crowding out in the long run. It next examines the theoretical and empirical debate over the theory of debt neutrality called Ricardian equivalence. Finally, the chapter considers various normative perspectives about how the government should use its ability to borrow.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639297']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639343.jsonld | ['Chapter 20 Human behavior and the efficiency of the financial system'] | ['Recent literature in empirical finance is surveyed in its relation to underlying behavioral principles, principles which come primarily from psychology, sociology, and anthropology. The behavioral principles discussed are: prospect theory, regret and cognitive dissonance, anchoring, mental compartments, overconfidence, over- and under-reaction, representativeness heuristic, the disjunction effect, gambling behavior and speculation, perceived irrelevance of history, magical thinking, quasi-magical thinking, attention anomalies, the availability heuristic, culture and social contagion, and global culture.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639343'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 20 Human behavior and the efficiency of the financial system']
### Abstract:
['Recent literature in empirical finance is surveyed in its relation to underlying behavioral principles, principles which come primarily from psychology, sociology, and anthropology. The behavioral principles discussed are: prospect theory, regret and cognitive dissonance, anchoring, mental compartments, overconfidence, over- and under-reaction, representativeness heuristic, the disjunction effect, gambling behavior and speculation, perceived irrelevance of history, magical thinking, quasi-magical thinking, attention anomalies, the availability heuristic, culture and social contagion, and global culture.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639343']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639351.jsonld | ['Chapter 19 Asset prices, consumption, and the business cycle'] | ['This chapter reviews the behavior of financial asset prices in relation to consumption. The chapter lists some important stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data from other countries are examined to see which features of the US experience apply more generally. The chapter argues that to make sense of asset market behavior one needs a model in which the market price of risk is high, time-varying, and correlated with the state of the economy. Models that have this feature, including models with habitformation in utility, heterogeneous investors, and irrational expectations, are discussed. The main focus is on stock returns and short-term real interest rates, but bond returns are also considered.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639351'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 19 Asset prices, consumption, and the business cycle']
### Abstract:
['This chapter reviews the behavior of financial asset prices in relation to consumption. The chapter lists some important stylized facts that characterize US data, and relates them to recent developments in equilibrium asset pricing theory. Data from other countries are examined to see which features of the US experience apply more generally. The chapter argues that to make sense of asset market behavior one needs a model in which the market price of risk is high, time-varying, and correlated with the state of the economy. Models that have this feature, including models with habitformation in utility, heterogeneous investors, and irrational expectations, are discussed. The main focus is on stock returns and short-term real interest rates, but bond returns are also considered.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639351']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639394.jsonld | ['Subject index'] | ['This chapter highlights the terms and methods that are not generally known but have been used and explained in this publication. The chapter also highlights the page numbers where these terms and methods have been used.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639394'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Subject index']
### Abstract:
['This chapter highlights the terms and methods that are not generally known but have been used and explained in this publication. The chapter also highlights the page numbers where these terms and methods have been used.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639394']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639408.jsonld | ['Author index'] | ["This chapter is an index to the names of the authors who have contributed toward this publication titled Handbook of Macroeconomics, volume 1B. The chapter also highlights the page numbers where authors' names appear in the text."] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639408'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Author index']
### Abstract:
["This chapter is an index to the names of the authors who have contributed toward this publication titled Handbook of Macroeconomics, volume 1B. The chapter also highlights the page numbers where authors' names appear in the text."]
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639408']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639440.jsonld | ['Chapter 15 Staggered price and wage setting in macroeconomics'] | ["This chapter reviews the role of temporary price and wage rigidities in explaining of the dynamic relationship between money, real output, and inflation. The key properties to be explained are that monetary shocks have persistent, but not permanent, effects on real output, and that the correlation between current output and inflation is positive for leads of inflation and negative for lags of inflation. The paper begins with a short empirical guide to price- and wage-setting behavior in market economies. It then compares alternative price- and wage-setting theories and argues that staggered contracts models continue to provide the most satisfactory match with the key macroeconomic facts. It then examines the microeconomic foundations of staggered contracts models and reviews some of their extensions and applications. Research in this area has been very active in the 1990s with a remarkable number of studies using, estimating, or testing models of staggered price and wage setting. A new generation of econometric models incorporating staggered price and wage setting with rational expectations has been built. Researchers have begun to incorporate staggered wage and price setting into real business cycle models. Close links have been discovered between the parameters of people's utility functions and the parameters of staggered price- and wage-setting equations. There is now a debate about whether standard calibrations of utility functions prevent staggered price models, at least those with frequent price changes, from explaining long persistence of real output. A theme of the paper is that the advent of rational expectations in the 1970s led to models of price and wage rigidities which were more amenable to empirical testing than earlier models, and this is one reason for the recent controversies and debates. There is much to be discovered from these debates and from the future research they stimulate."] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639440'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 15 Staggered price and wage setting in macroeconomics']
### Abstract:
["This chapter reviews the role of temporary price and wage rigidities in explaining of the dynamic relationship between money, real output, and inflation. The key properties to be explained are that monetary shocks have persistent, but not permanent, effects on real output, and that the correlation between current output and inflation is positive for leads of inflation and negative for lags of inflation. The paper begins with a short empirical guide to price- and wage-setting behavior in market economies. It then compares alternative price- and wage-setting theories and argues that staggered contracts models continue to provide the most satisfactory match with the key macroeconomic facts. It then examines the microeconomic foundations of staggered contracts models and reviews some of their extensions and applications. Research in this area has been very active in the 1990s with a remarkable number of studies using, estimating, or testing models of staggered price and wage setting. A new generation of econometric models incorporating staggered price and wage setting with rational expectations has been built. Researchers have begun to incorporate staggered wage and price setting into real business cycle models. Close links have been discovered between the parameters of people's utility functions and the parameters of staggered price- and wage-setting equations. There is now a debate about whether standard calibrations of utility functions prevent staggered price models, at least those with frequent price changes, from explaining long persistence of real output. A theme of the paper is that the advent of rational expectations in the 1970s led to models of price and wage rigidities which were more amenable to empirical testing than earlier models, and this is one reason for the recent controversies and debates. There is much to be discovered from these debates and from the future research they stimulate."]
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639440']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639475.jsonld | ['Chapter 12 Aggregate investment'] | ["The 1990s have witnessed a revival in economists' interest and hope of explaining aggregate and microeconomic investment behavior. New theories, better econometric procedures, and more detailed panel data sets are behind this movement. Much of the progress has occurred at the level of microeconomic theories and evidence; however, progress in aggregation and general equilibrium aspects of the investment problem also has been significant. The concept of sunk costs is at the center of modern theories. The implications of these costs for investment go well beyond the neoclassical response to the irreversible-technological friction they represent, for they can also lead to first-order inefficiencies when interacting with informational and contractual problems."] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639475'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 12 Aggregate investment']
### Abstract:
["The 1990s have witnessed a revival in economists' interest and hope of explaining aggregate and microeconomic investment behavior. New theories, better econometric procedures, and more detailed panel data sets are behind this movement. Much of the progress has occurred at the level of microeconomic theories and evidence; however, progress in aggregation and general equilibrium aspects of the investment problem also has been significant. The concept of sunk costs is at the center of modern theories. The implications of these costs for investment go well beyond the neoclassical response to the irreversible-technological friction they represent, for they can also lead to first-order inefficiencies when interacting with informational and contractual problems."]
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639475']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A183163953X.jsonld | ['Author index'] | ['This chapter lists the names of the authors who have contributed to Handbook of Macroeconomics , Volume 1A, such as K. Arrow, M. Abramovitz, T. Bollerslev, and others. Their names are mentioned along with the page numbers in which their names appear in the publication.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163953X'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Author index']
### Abstract:
['This chapter lists the names of the authors who have contributed to Handbook of Macroeconomics , Volume 1A, such as K. Arrow, M. Abramovitz, T. Bollerslev, and others. Their names are mentioned along with the page numbers in which their names appear in the publication.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163953X']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639556.jsonld | ['Chapter 9 Neoclassical growth theory'] | ['This chapter is an exposition, rather than a survey, of the one-sector neoclassical growth model. It describes how the model is constructed as a simplified description of the real side of a growing capitalist economy that happens to be free of fluctuations in aggregate demand. Once that is done, the emphasis is on the versatility of the model, in the sense that it can easily be adapted, without much complication, to allow for the analysis of important issues that are excluded from the basic model. Among the issues treated are: increasing returns to scale (but not to capital alone), human capital, renewable and non-renewable natural resources, endogenous population growth and technological progress. In each case, the purpose is to show how the model can be minimally extended to allow incorporation of something new, without making the analysis excessively complex. Toward the end, there is a brief exposition of the standard overlapping-generations model, to show how it admits qualitative behavior generally absent from the original model. The chapter concludes with brief mention of some continuing research questions within the framework of the simple model.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639556'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 9 Neoclassical growth theory']
### Abstract:
['This chapter is an exposition, rather than a survey, of the one-sector neoclassical growth model. It describes how the model is constructed as a simplified description of the real side of a growing capitalist economy that happens to be free of fluctuations in aggregate demand. Once that is done, the emphasis is on the versatility of the model, in the sense that it can easily be adapted, without much complication, to allow for the analysis of important issues that are excluded from the basic model. Among the issues treated are: increasing returns to scale (but not to capital alone), human capital, renewable and non-renewable natural resources, endogenous population growth and technological progress. In each case, the purpose is to show how the model can be minimally extended to allow incorporation of something new, without making the analysis excessively complex. Toward the end, there is a brief exposition of the standard overlapping-generations model, to show how it admits qualitative behavior generally absent from the original model. The chapter concludes with brief mention of some continuing research questions within the framework of the simple model.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639556']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639564.jsonld | ['Chapter 8 Micro data and general equilibrium models'] | ['Dynamic general equilibrium models are required to evaluate policies applied at the national level. To use these models to make quantitative forecasts requires knowledge of an extensive array of parameter values for the economy at large. This essay describes the parameters required for different economic models, assesses the discordance between the macromodels used in policy evaluation and the microeconomic models used to generate the empirical evidence. For concreteness, we focus on two general equilibrium models: the stochastic growth model extended to include some forms of heterogeneity and the overlapping generations model enriched to accommodate human capital formation.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639564'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 8 Micro data and general equilibrium models']
### Abstract:
['Dynamic general equilibrium models are required to evaluate policies applied at the national level. To use these models to make quantitative forecasts requires knowledge of an extensive array of parameter values for the economy at large. This essay describes the parameters required for different economic models, assesses the discordance between the macromodels used in policy evaluation and the microeconomic models used to generate the empirical evidence. For concreteness, we focus on two general equilibrium models: the stochastic growth model extended to include some forms of heterogeneity and the overlapping generations model enriched to accommodate human capital formation.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639564']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639602.jsonld | ['Chapter 4 The new empirics of economic growth'] | ['We provide an overview of recent empirical research on patterns of cross-country growth. The new empirical regularities considered differ from earlier ones, e.g., the well-known Kaldor stylized facts. The new research no longer makes production function accounting a central part of the analysis. Instead, attention shifts more directly to questions like, Why do some countries grow faster than others? It is this changed focus that, in our view, has motivated going beyond the neoclassical growth model.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639602'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 4 The new empirics of economic growth']
### Abstract:
['We provide an overview of recent empirical research on patterns of cross-country growth. The new empirical regularities considered differ from earlier ones, e.g., the well-known Kaldor stylized facts. The new research no longer makes production function accounting a central part of the analysis. Instead, attention shifts more directly to questions like, Why do some countries grow faster than others? It is this changed focus that, in our view, has motivated going beyond the neoclassical growth model.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639602']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639610.jsonld | ['Chapter 3 Monetary policy regimes and economic performance: The historical record'] | ['Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This chapter surveys the historical experience of both international and domestic (national) aspects of monetary regimes from the nineteenth century to the present. We first survey the experience of four broad international monetary regimes: the classical gold standard 1880–1914; the interwar period in which a short-lived restoration of the gold standard prevailed; the postwar Bretton Woods international monetary system (1946–1971) indirectly linked to gold; the recent managed float period (1971–1995). We then present in some detail the institutional arrangements and policy actions of the Federal Reserve in the United States as an important example of a domestic policy regime. The survey of the Federal Reserve subdivides the demarcated broad international policy regimes into a number of episodes. A salient theme in our survey is that the convertibility rule or principle that dominated both domestic and international aspects of the monetary regime before World War I has since declined in its relevance. At the same time, policymakers within major nations placed more emphasis on stabilizing the real economy. Policy techniques and doctrine that developed under the pre-World War I convertible regime proved to be inadequate to deal with domestic stabilization goals in the interwar period, setting the stage for the Great Depression. In the post-World War II era, the complete abandonment of the convertibility principle, and its replacement by the goal of full employment, combined with the legacy of inadequate policy tools and theory from the interwar period, set the stage for the Great Inflation of the 1970s. The lessons from that experience have convinced monetary authorities to reemphasize the goal of low inflation, as it were, committing themselves to rule-like behavior.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639610'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 3 Monetary policy regimes and economic performance: The historical record']
### Abstract:
['Monetary policy regimes encompass the constraints or limits imposed by custom, institutions and nature on the ability of the monetary authorities to influence the evolution of macroeconomic aggregates. This chapter surveys the historical experience of both international and domestic (national) aspects of monetary regimes from the nineteenth century to the present. We first survey the experience of four broad international monetary regimes: the classical gold standard 1880–1914; the interwar period in which a short-lived restoration of the gold standard prevailed; the postwar Bretton Woods international monetary system (1946–1971) indirectly linked to gold; the recent managed float period (1971–1995). We then present in some detail the institutional arrangements and policy actions of the Federal Reserve in the United States as an important example of a domestic policy regime. The survey of the Federal Reserve subdivides the demarcated broad international policy regimes into a number of episodes. A salient theme in our survey is that the convertibility rule or principle that dominated both domestic and international aspects of the monetary regime before World War I has since declined in its relevance. At the same time, policymakers within major nations placed more emphasis on stabilizing the real economy. Policy techniques and doctrine that developed under the pre-World War I convertible regime proved to be inadequate to deal with domestic stabilization goals in the interwar period, setting the stage for the Great Depression. In the post-World War II era, the complete abandonment of the convertibility principle, and its replacement by the goal of full employment, combined with the legacy of inadequate policy tools and theory from the interwar period, set the stage for the Great Inflation of the 1970s. The lessons from that experience have convinced monetary authorities to reemphasize the goal of low inflation, as it were, committing themselves to rule-like behavior.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639610']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639637.jsonld | ['Chapter 1 Business cycle fluctuations in us macroeconomic time series'] | ['This chapter examines the empirical relationship in the postwar United States between the aggregate business cycle and various aspects of the macroeconomy, such as production, interest rates, prices, productivity, sectoral employment, investment, income, and consumption. This is done by examining the strength of the relationship between the aggregate cycle and the cyclical components of individual time series, whether individual series lead or lag the cycle, and whether individual series are useful in predicting aggregate fluctuations. The chapter also reviews some additional empirical regularities in the US economy, including the Phillips curve and some long-run relationships, in particular long run money demand, long run properties of interest rates and the yield curve, and the long run properties of the shares in output of consumption, investment and government spending.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639637'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 1 Business cycle fluctuations in us macroeconomic time series']
### Abstract:
['This chapter examines the empirical relationship in the postwar United States between the aggregate business cycle and various aspects of the macroeconomy, such as production, interest rates, prices, productivity, sectoral employment, investment, income, and consumption. This is done by examining the strength of the relationship between the aggregate cycle and the cyclical components of individual time series, whether individual series lead or lag the cycle, and whether individual series are useful in predicting aggregate fluctuations. The chapter also reviews some additional empirical regularities in the US economy, including the Phillips curve and some long-run relationships, in particular long run money demand, long run properties of interest rates and the yield curve, and the long run properties of the shares in output of consumption, investment and government spending.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639637']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639769.jsonld | ['Chapter 31. Fiscal Multipliers : Liquidity Traps and Currency Unions'] | ['We provide explicit solutions for government spending multipliers during a liquidity trap and within a fixed exchange regime using standard closed and open-economy New Keynesian models. We confirm the potential for large multipliers during liquidity traps. For a currency union, we show that self-financed multipliers are small, always below unity, unless the accompanying tax adjustments involve substantial static redistribution from low to high marginal propensity to consume agents, or dynamic redistribution from future to present non-Ricardian agents. But outside-financed multipliers which require no domestic tax adjustment can be large, especially when the average marginal propensity to consume on domestic goods is high or when government spending shocks are very persistent. Our solutions are relevant for local and national multipliers, providing insight into the economic mechanisms at work as well as the testable implications of these models.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639769'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 31. Fiscal Multipliers : Liquidity Traps and Currency Unions']
### Abstract:
['We provide explicit solutions for government spending multipliers during a liquidity trap and within a fixed exchange regime using standard closed and open-economy New Keynesian models. We confirm the potential for large multipliers during liquidity traps. For a currency union, we show that self-financed multipliers are small, always below unity, unless the accompanying tax adjustments involve substantial static redistribution from low to high marginal propensity to consume agents, or dynamic redistribution from future to present non-Ricardian agents. But outside-financed multipliers which require no domestic tax adjustment can be large, especially when the average marginal propensity to consume on domestic goods is high or when government spending shocks are very persistent. Our solutions are relevant for local and national multipliers, providing insight into the economic mechanisms at work as well as the testable implications of these models.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639769']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A183163984X.jsonld | ['Chapter 14. Incomplete Information in Macroeconomics : Accommodating Frictions in Coordination'] | ['This chapter studies how incomplete information helps accommodate frictions in coordination, leading to novel insights on the joint determination of expectations and macroeconomic outcomes. We review and synthesize recent work on global games, beauty contests, and their applications. We elaborate on the distinct effects of strategic uncertainty relative to fundamental uncertainty. We demonstrate the potential fragility of workhorse macroeconomic models to relaxations of common knowledge; the possibility of operationalizing the notions of “coordination failure” and “animal spirits” in a manner that unifies unique- and multiple-equilibrium models; and the ability of incomplete information to offer a parsimonious explanation of important empirical regularities. We provide a general treatment of these ideas, as well as specific applications in the context of business cycles, financial crises, and asset pricing.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163984X'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 14. Incomplete Information in Macroeconomics : Accommodating Frictions in Coordination']
### Abstract:
['This chapter studies how incomplete information helps accommodate frictions in coordination, leading to novel insights on the joint determination of expectations and macroeconomic outcomes. We review and synthesize recent work on global games, beauty contests, and their applications. We elaborate on the distinct effects of strategic uncertainty relative to fundamental uncertainty. We demonstrate the potential fragility of workhorse macroeconomic models to relaxations of common knowledge; the possibility of operationalizing the notions of “coordination failure” and “animal spirits” in a manner that unifies unique- and multiple-equilibrium models; and the ability of incomplete information to offer a parsimonious explanation of important empirical regularities. We provide a general treatment of these ideas, as well as specific applications in the context of business cycles, financial crises, and asset pricing.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163984X']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639858.jsonld | ['Chapter 26. Neoclassical Models in Macroeconomics'] | ['This chapter develops a toolkit of neoclassical macroeconomic models, and applies these models to the US economy from 1929 to 2014. We first filter macroeconomic time series into business cycle and long-run components, and show that the long-run component is typically much larger than the business cycle component. We argue that this empirical feature is naturally addressed within neoclassical models with long-run changes in technologies and government policies. We construct two classes of models that we compare to raw data, and also to the filtered data: simple neoclassical models , which feature standard preferences and technologies, rational expectations, and a unique, Pareto optimal equilibrium, and extended neoclassical models , which build in government policies and market imperfections. We focus on models with multiple sources of technological change, and models with distortions arising from regulatory, labor, and fiscal policies. The models account for much of the relatively stable postwar US economy, and also for the Great Depression and World War II. The models presented in this chapter can be extended and applied more broadly to other settings. We close by identifying several avenues for future research in neoclassical macroeconomics.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639858'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 26. Neoclassical Models in Macroeconomics']
### Abstract:
['This chapter develops a toolkit of neoclassical macroeconomic models, and applies these models to the US economy from 1929 to 2014. We first filter macroeconomic time series into business cycle and long-run components, and show that the long-run component is typically much larger than the business cycle component. We argue that this empirical feature is naturally addressed within neoclassical models with long-run changes in technologies and government policies. We construct two classes of models that we compare to raw data, and also to the filtered data: simple neoclassical models , which feature standard preferences and technologies, rational expectations, and a unique, Pareto optimal equilibrium, and extended neoclassical models , which build in government policies and market imperfections. We focus on models with multiple sources of technological change, and models with distortions arising from regulatory, labor, and fiscal policies. The models account for much of the relatively stable postwar US economy, and also for the Great Depression and World War II. The models presented in this chapter can be extended and applied more broadly to other settings. We close by identifying several avenues for future research in neoclassical macroeconomics.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639858']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639866.jsonld | ['Chapter 28. Challenges for Central Banks’ Macro Models'] | ['In this chapter, we discuss a number of challenges for structural macroeconomic models in the light of the Great Recession and its aftermath. It shows that a benchmark DSGE model that shares many features with models currently used by central banks and large international institutions has difficulty explaining both the depth and the slow recovery of the Great Recession. In order to better account for these observations, the chapter analyses three extensions of the benchmark model. First, we estimate the model allowing explicitly for the zero lower bound constraint on nominal interest rates. Second, we introduce time variation in the volatility of the exogenous disturbances to account for the non-Gaussian nature of some of the shocks. Third and finally, we extend the model with a financial accelerator and allow for time variation in the endogenous propagation of financial shocks. All three extensions require that we go beyond the linear Gaussian assumptions that are standard in most policy models. We conclude that these extensions go some way in accounting for features of the Great Recession and its aftermath, but they do not suffice to address some of the major policy challenges associated with the use of nonstandard monetary policy and macroprudential policies.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639866'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 28. Challenges for Central Banks’ Macro Models']
### Abstract:
['In this chapter, we discuss a number of challenges for structural macroeconomic models in the light of the Great Recession and its aftermath. It shows that a benchmark DSGE model that shares many features with models currently used by central banks and large international institutions has difficulty explaining both the depth and the slow recovery of the Great Recession. In order to better account for these observations, the chapter analyses three extensions of the benchmark model. First, we estimate the model allowing explicitly for the zero lower bound constraint on nominal interest rates. Second, we introduce time variation in the volatility of the exogenous disturbances to account for the non-Gaussian nature of some of the shocks. Third and finally, we extend the model with a financial accelerator and allow for time variation in the endogenous propagation of financial shocks. All three extensions require that we go beyond the linear Gaussian assumptions that are standard in most policy models. We conclude that these extensions go some way in accounting for features of the Great Recession and its aftermath, but they do not suffice to address some of the major policy challenges associated with the use of nonstandard monetary policy and macroprudential policies.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639866']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639874.jsonld | ['Chapter 25. The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics'] | ['After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models used for policy analysis. The aim of this chapter is to examine and reassess the staggered wage and price setting model. The chapter updates and expands on my chapter in the 1999 Handbook of Macroeconomics which reviewed key papers that had already spawned a vast literature. It is meant to be both a survey and user-friendly exposition organized around a simple “canonical” model. It provides a guide to the recent explosion of microeconomic empirical research on wage and price setting, examines central controversies, and reassesses from a longer perspective the advantages and disadvantages of the model as it has been applied in practice. An important question for future research is whether staggered price and wage setting will continue to be the model of choice or whether it needs to be replaced by a new paradigm.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639874'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 25. The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics']
### Abstract:
['After many years, many critiques, and many variations, the staggered wage and price setting model is still the most common method of incorporating nominal rigidities into empirical macroeconomic models used for policy analysis. The aim of this chapter is to examine and reassess the staggered wage and price setting model. The chapter updates and expands on my chapter in the 1999 Handbook of Macroeconomics which reviewed key papers that had already spawned a vast literature. It is meant to be both a survey and user-friendly exposition organized around a simple “canonical” model. It provides a guide to the recent explosion of microeconomic empirical research on wage and price setting, examines central controversies, and reassesses from a longer perspective the advantages and disadvantages of the model as it has been applied in practice. An important question for future research is whether staggered price and wage setting will continue to be the model of choice or whether it needs to be replaced by a new paradigm.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639874']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639890.jsonld | ['Chapter 23. Families in Macroeconomics'] | ['Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision making in families) is typically ignored in macroeconomic models. In this chapter, we argue that family economics should be an integral part of macroeconomics and that accounting for the family leads to new answers to classic macro questions. Our discussion is organized around three themes. We start by focusing on short- and medium-run fluctuations and argue that changes in family structure in recent decades have important repercussions for the determination of aggregate labor supply and savings. Next, we turn to economic growth and describe how accounting for families is central for understanding differences between rich and poor countries and for the determinants of long-run development. We conclude with an analysis of the role of the family as a driver of political and institutional change.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639890'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 23. Families in Macroeconomics']
### Abstract:
['Much of macroeconomics is concerned with the allocation of physical capital, human capital, and labor over time and across people. The decisions on savings, education, and labor supply that generate these variables are made within families. Yet the family (and decision making in families) is typically ignored in macroeconomic models. In this chapter, we argue that family economics should be an integral part of macroeconomics and that accounting for the family leads to new answers to classic macro questions. Our discussion is organized around three themes. We start by focusing on short- and medium-run fluctuations and argue that changes in family structure in recent decades have important repercussions for the determination of aggregate labor supply and savings. Next, we turn to economic growth and describe how accounting for families is central for understanding differences between rich and poor countries and for the determinants of long-run development. We conclude with an analysis of the role of the family as a driver of political and institutional change.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639890']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639904.jsonld | ['Chapter 21. Quantitative Models of Sovereign Debt Crises'] | ['This chapter is on quantitative models of sovereign debt crises in emerging economies. We interpret debt crises broadly to cover all of the major problems a country can experience while trying to issue new debt, including default, sharp increases in the spread and failed auctions. We examine the spreads on sovereign debt of 20 emerging market economies since 1993 and document the extent to which fluctuations in spreads are driven by country-specific fundamentals, common latent factors and observed global factors. Our findings motivate quantitative models of debt and default with the following features: (i) trend stationary or stochastic growth, (ii) risk averse competitive lenders, (iii) a strategic repayment/borrowing decision, (iv) multiperiod debt, (v) a default penalty that includes both a reputation loss and a physical output loss, and (vi) rollover defaults. For the quantitative evaluation of the model, we focus on Mexico and carefully discuss the successes and weaknesses of various versions of the model. We close with some thoughts on useful directions for future research.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639904'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 21. Quantitative Models of Sovereign Debt Crises']
### Abstract:
['This chapter is on quantitative models of sovereign debt crises in emerging economies. We interpret debt crises broadly to cover all of the major problems a country can experience while trying to issue new debt, including default, sharp increases in the spread and failed auctions. We examine the spreads on sovereign debt of 20 emerging market economies since 1993 and document the extent to which fluctuations in spreads are driven by country-specific fundamentals, common latent factors and observed global factors. Our findings motivate quantitative models of debt and default with the following features: (i) trend stationary or stochastic growth, (ii) risk averse competitive lenders, (iii) a strategic repayment/borrowing decision, (iv) multiperiod debt, (v) a default penalty that includes both a reputation loss and a physical output loss, and (vi) rollover defaults. For the quantitative evaluation of the model, we focus on Mexico and carefully discuss the successes and weaknesses of various versions of the model. We close with some thoughts on useful directions for future research.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639904']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639939.jsonld | ['Chapter 8. Dynamic Factor Models, Factor-Augmented Vector Autoregressions, and Structural Vector Autoregressions in Macroeconomics'] | ["This chapter provides an overview of and user's guide to dynamic factor models (DFMs), their estimation, and their uses in empirical macroeconomics. It also surveys recent developments in methods for identifying and estimating SVARs, an area that has seen important developments over the past 15 years. The chapter begins by introducing DFMs and the associated statistical tools, both parametric (state-space forms) and nonparametric (principal components and related methods). After reviewing two mature applications of DFMs, forecasting and macroeconomic monitoring, the chapter lays out the use of DFMs for analysis of structural shocks, a special case of which is factor-augmented vector autoregressions (FAVARs). A main focus of the chapter is how to extend methods for identifying shocks in structural vector autoregression (SVAR) to structural DFMs. The chapter provides a unification of SVARs, FAVARs, and structural DFMs and shows both in theory and through an empirical application to oil shocks how the same identification strategies can be applied to each type of model."] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639939'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 8. Dynamic Factor Models, Factor-Augmented Vector Autoregressions, and Structural Vector Autoregressions in Macroeconomics']
### Abstract:
["This chapter provides an overview of and user's guide to dynamic factor models (DFMs), their estimation, and their uses in empirical macroeconomics. It also surveys recent developments in methods for identifying and estimating SVARs, an area that has seen important developments over the past 15 years. The chapter begins by introducing DFMs and the associated statistical tools, both parametric (state-space forms) and nonparametric (principal components and related methods). After reviewing two mature applications of DFMs, forecasting and macroeconomic monitoring, the chapter lays out the use of DFMs for analysis of structural shocks, a special case of which is factor-augmented vector autoregressions (FAVARs). A main focus of the chapter is how to extend methods for identifying shocks in structural vector autoregression (SVAR) to structural DFMs. The chapter provides a unification of SVARs, FAVARs, and structural DFMs and shows both in theory and through an empirical application to oil shocks how the same identification strategies can be applied to each type of model."]
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639939']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639955.jsonld | ['Chapter 33. The Political Economy of Government Debt'] | ['This chapter critically reviews the literature which explains why and under which circumstances governments accumulate more debt than it would be consistent with optimal fiscal policy. We also discuss numerical rules or institutional designs which might lead to a moderation of these distortions.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639955'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 33. The Political Economy of Government Debt']
### Abstract:
['This chapter critically reviews the literature which explains why and under which circumstances governments accumulate more debt than it would be consistent with optimal fiscal policy. We also discuss numerical rules or institutional designs which might lead to a moderation of these distortions.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639955']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639963.jsonld | ['Chapter 32. What is a Sustainable Public Debt?'] | ["The question of what is a sustainable public debt is paramount in the macroeconomic analysis of fiscal policy. This question is usually formulated as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (ie, whether fiscal solvency conditions hold). We identify critical flaws in the traditional approach to evaluate debt sustainability, and examine three alternative approaches that provide useful econometric and model-simulation tools to analyze debt sustainability. The first approach is Bohn's nonstructural empirical framework based on a fiscal reaction function that characterizes the dynamics of sustainable debt and primary balances. The second is a structural approach based on a calibrated dynamic general equilibrium framework with a fully specified fiscal sector, which we use to quantify the positive and normative effects of fiscal policies aimed at restoring fiscal solvency in response to changes in debt. The third approach deviates from the others in assuming that governments cannot commit to repay their domestic debt and can thus optimally decide to default even if debt is sustainable in terms of fiscal solvency. We use these three approaches to analyze debt sustainability in the United States and Europe after the sharp increases in public debt following the 2008 crisis, and find that all three raise serious questions about the prospects of fiscal adjustment and its consequences."] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639963'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 32. What is a Sustainable Public Debt?']
### Abstract:
["The question of what is a sustainable public debt is paramount in the macroeconomic analysis of fiscal policy. This question is usually formulated as asking whether the outstanding public debt and its projected path are consistent with those of the government's revenues and expenditures (ie, whether fiscal solvency conditions hold). We identify critical flaws in the traditional approach to evaluate debt sustainability, and examine three alternative approaches that provide useful econometric and model-simulation tools to analyze debt sustainability. The first approach is Bohn's nonstructural empirical framework based on a fiscal reaction function that characterizes the dynamics of sustainable debt and primary balances. The second is a structural approach based on a calibrated dynamic general equilibrium framework with a fully specified fiscal sector, which we use to quantify the positive and normative effects of fiscal policies aimed at restoring fiscal solvency in response to changes in debt. The third approach deviates from the others in assuming that governments cannot commit to repay their domestic debt and can thus optimally decide to default even if debt is sustainable in terms of fiscal solvency. We use these three approaches to analyze debt sustainability in the United States and Europe after the sharp increases in public debt following the 2008 crisis, and find that all three raise serious questions about the prospects of fiscal adjustment and its consequences."]
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639963']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831639971.jsonld | ['Chapter 30. Understanding Inflation as a Joint Monetary–Fiscal Phenomenon'] | ['We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary–fiscal regime. The chapter concludes with directions in which theoretical and empirical developments may go.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639971'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 30. Understanding Inflation as a Joint Monetary–Fiscal Phenomenon']
### Abstract:
['We develop the theory of price-level determination in a range of models using both ad hoc policy rules and jointly optimal monetary and fiscal policies and discuss empirical issues that arise when trying to identify monetary–fiscal regime. The chapter concludes with directions in which theoretical and empirical developments may go.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831639971']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A183163998X.jsonld | ['Chapter 29. Liquidity Requirements, Liquidity Choice, and Financial Stability'] | ["We study a modification of the Diamond and Dybvig (1983) model in which the bank may hold a liquid asset, some depositors see sunspots that could lead them to run, and all depositors have incomplete information about the bank's ability to survive a run. The incomplete information means that the bank is not automatically incentivized to always hold enough liquid assets to survive runs. Regulation similar to the liquidity coverage ratio and the net stable funding ratio (that are soon be implemented) can change the bank's incentives so that runs are less likely. Optimal regulation would not mimic these rules."] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163998X'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 29. Liquidity Requirements, Liquidity Choice, and Financial Stability']
### Abstract:
["We study a modification of the Diamond and Dybvig (1983) model in which the bank may hold a liquid asset, some depositors see sunspots that could lead them to run, and all depositors have incomplete information about the bank's ability to survive a run. The incomplete information means that the bank is not automatically incentivized to always hold enough liquid assets to survive runs. Regulation similar to the liquidity coverage ratio and the net stable funding ratio (that are soon be implemented) can change the bank's incentives so that runs are less likely. Optimal regulation would not mimic these rules."]
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183163998X']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831640007.jsonld | ['Chapter 16. Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises'] | ['There has been considerable progress in developing macroeconomic models of banking crises. However, most of this literature focuses on the retail sector where banks obtain deposits from households. In fact, the recent financial crisis that triggered the Great Recession featured a disruption of wholesale funding markets, where banks lend to one another. Accordingly, to understand the financial crisis as well as to draw policy implications, it is essential to capture the role of wholesale banking. The objective of this chapter is to characterize a model that can be seen as a natural extension of the existing literature, but in which the analysis is focused on wholesale funding markets. The model accounts for both the buildup and collapse of wholesale banking and also sketches out the transmission of the crises to the real sector. We also draw out the implications of possible instability in the wholesale banking sector for lender-of-last resort policy as well as for macroprudential policy.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640007'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 16. Wholesale Banking and Bank Runs in Macroeconomic Modeling of Financial Crises']
### Abstract:
['There has been considerable progress in developing macroeconomic models of banking crises. However, most of this literature focuses on the retail sector where banks obtain deposits from households. In fact, the recent financial crisis that triggered the Great Recession featured a disruption of wholesale funding markets, where banks lend to one another. Accordingly, to understand the financial crisis as well as to draw policy implications, it is essential to capture the role of wholesale banking. The objective of this chapter is to characterize a model that can be seen as a natural extension of the existing literature, but in which the analysis is focused on wholesale funding markets. The model accounts for both the buildup and collapse of wholesale banking and also sketches out the transmission of the crises to the real sector. We also draw out the implications of possible instability in the wholesale banking sector for lender-of-last resort policy as well as for macroprudential policy.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640007']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831640015.jsonld | ['Chapter 12. Natural Experiments in Macroeconomics'] | ['A growing literature relies on natural experiments to establish causal effects in macroeconomics. In diverse applications, natural experiments have been used to verify underlying assumptions of conventional models, quantify specific model parameters, and identify mechanisms that have major effects on macroeconomic quantities but are absent from conventional models. We discuss and compare the use of natural experiments across these different applications and summarize what they have taught us about such diverse subjects as the validity of the Permanent Income Hypothesis, the size of the fiscal multiplier, and about the effects of institutions, social structure, and culture on economic growth. We also outline challenges for future work in each of these fields, give guidance for identifying useful natural experiments, and discuss the strengths and weaknesses of the approach.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640015'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 12. Natural Experiments in Macroeconomics']
### Abstract:
['A growing literature relies on natural experiments to establish causal effects in macroeconomics. In diverse applications, natural experiments have been used to verify underlying assumptions of conventional models, quantify specific model parameters, and identify mechanisms that have major effects on macroeconomic quantities but are absent from conventional models. We discuss and compare the use of natural experiments across these different applications and summarize what they have taught us about such diverse subjects as the validity of the Permanent Income Hypothesis, the size of the fiscal multiplier, and about the effects of institutions, social structure, and culture on economic growth. We also outline challenges for future work in each of these fields, give guidance for identifying useful natural experiments, and discuss the strengths and weaknesses of the approach.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640015']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831640023.jsonld | ['Chapter 10. Recursive Contracts and Endogenously Incomplete Markets'] | ['In this chapter we study dynamic incentive models in which risk sharing is endogenously limited by the presence of informational or enforcement frictions. We comprehensively overview one of the most important tools for the analysis such problems—the theory of recursive contracts. Recursive formulations allow us to reduce often complex models to a sequence of essentially static problems that are easier to analyze both analytically and computationally. We first provide a self-contained treatment of the basic theory: the Revelation Principle, formulating and simplifying the incentive constraints, using promised utilities as state variables, and analyzing models with persistent shocks using the first-order approach. We then discuss more advanced topics: duality theory and Lagrange multiplier techniques, models with lack of commitment, and martingale methods in continuous time. Finally, we show how a variety of applications in public economics, corporate finance, development and international economics featuring incomplete risk sharing can be analyzed using the tools of the theory of recursive contracts.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640023'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 10. Recursive Contracts and Endogenously Incomplete Markets']
### Abstract:
['In this chapter we study dynamic incentive models in which risk sharing is endogenously limited by the presence of informational or enforcement frictions. We comprehensively overview one of the most important tools for the analysis such problems—the theory of recursive contracts. Recursive formulations allow us to reduce often complex models to a sequence of essentially static problems that are easier to analyze both analytically and computationally. We first provide a self-contained treatment of the basic theory: the Revelation Principle, formulating and simplifying the incentive constraints, using promised utilities as state variables, and analyzing models with persistent shocks using the first-order approach. We then discuss more advanced topics: duality theory and Lagrange multiplier techniques, models with lack of commitment, and martingale methods in continuous time. Finally, we show how a variety of applications in public economics, corporate finance, development and international economics featuring incomplete risk sharing can be analyzed using the tools of the theory of recursive contracts.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640023']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831640031.jsonld | ['Chapter 9. Solution and Estimation Methods for DSGE Models'] | ['This chapter provides an overview of solution and estimation techniques for dynamic stochastic general equilibrium models. We cover the foundations of numerical approximation techniques as well as statistical inference and survey the latest developments in the field.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640031'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 9. Solution and Estimation Methods for DSGE Models']
### Abstract:
['This chapter provides an overview of solution and estimation techniques for dynamic stochastic general equilibrium models. We cover the foundations of numerical approximation techniques as well as statistical inference and survey the latest developments in the field.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640031']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831640074.jsonld | ['Chapter 1. The Facts of Economic Growth'] | ['Why are people in the richest countries of the world so much richer today than 100 years ago? And why are some countries so much richer than others? Questions such as these define the field of economic growth. This paper documents the facts that underlie these questions. How much richer are we today than 100 years ago, and how large are the income gaps between countries? The purpose of the paper is to provide an encyclopedia of the fundamental facts of economic growth upon which our theories are built, gathering them together in one place and updating them with the latest available data.'] | ['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640074'] | ['Makroökonomie', 'Geldtheorie'] | Document
### Title: ['Chapter 1. The Facts of Economic Growth']
### Abstract:
['Why are people in the richest countries of the world so much richer today than 100 years ago? And why are some countries so much richer than others? Questions such as these define the field of economic growth. This paper documents the facts that underlie these questions. How much richer are we today than 100 years ago, and how large are the income gaps between countries? The purpose of the paper is to provide an encyclopedia of the fundamental facts of economic growth upon which our theories are built, gathering them together in one place and updating them with the latest available data.']
### GND ID:
['gnd:4037174-8', 'gnd:4121333-6', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640074']
### GND class:
['Makroökonomie', 'Geldtheorie']
<|eot_id|> |
3A1831640104.jsonld | ['Chapter 11 Mortality and morbidity among adults and the elderly'] | ['This chapter discusses the questions to be asked of the compiled mortality and morbidity data, paying particular attention to those data sources that are readily available and to those methods that have proven or may prove themselves particularly fruitful. Differential rates of infant mortality among countries may also explain differential mortality and morbidity for adults and the elderly among countries. The chapter indicates that demographic, epidemiologic, biological, and socio-economic paradigms must take in order for the study of mortality and morbidity of adults and the elderly to bear fruitful results. Central to the study of such a complex issue is the availability of data monitoring systems that provide accurate information on disease etiology and specific causes-of-death and the plethora of economic, biological, lifestyle and behavioral, and other risk factors, whose relevance to mortality and morbidity outcomes are discussed in the chapter.'] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640104'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 11 Mortality and morbidity among adults and the elderly']
### Abstract:
['This chapter discusses the questions to be asked of the compiled mortality and morbidity data, paying particular attention to those data sources that are readily available and to those methods that have proven or may prove themselves particularly fruitful. Differential rates of infant mortality among countries may also explain differential mortality and morbidity for adults and the elderly among countries. The chapter indicates that demographic, epidemiologic, biological, and socio-economic paradigms must take in order for the study of mortality and morbidity of adults and the elderly to bear fruitful results. Central to the study of such a complex issue is the availability of data monitoring systems that provide accurate information on disease etiology and specific causes-of-death and the plethora of economic, biological, lifestyle and behavioral, and other risk factors, whose relevance to mortality and morbidity outcomes are discussed in the chapter.']
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640104']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640112.jsonld | ['Chapter 10 Determinants and consequences of the mortality and health of infants and children'] | ['This chapter provides an overview of the literature pertaining to two central issues in population studies related to infant and child mortality; the first issue concerns the extent to which human fertility is affected by the existence of (and changes in) infant and child mortality, while the second issue is concerned with the determinants of infant and child mortality. The assumption that infant and child mortality is uncontrollable at the individual level may have a considerable impact on the way the response of fertility to mortality is estimated. To the extent that behavior can affect infant and child mortality, correlations between fertility and mortality may reflect underlying household preferences. Thus, disentangling the reasons that lie behind the correlation between fertility and offspring mortality requires that the mortality technology is understood. Some researchers, therefore, have attempted to recover exogenous components of mortality by estimating the technology of infant and child survival.'] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640112'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 10 Determinants and consequences of the mortality and health of infants and children']
### Abstract:
['This chapter provides an overview of the literature pertaining to two central issues in population studies related to infant and child mortality; the first issue concerns the extent to which human fertility is affected by the existence of (and changes in) infant and child mortality, while the second issue is concerned with the determinants of infant and child mortality. The assumption that infant and child mortality is uncontrollable at the individual level may have a considerable impact on the way the response of fertility to mortality is estimated. To the extent that behavior can affect infant and child mortality, correlations between fertility and mortality may reflect underlying household preferences. Thus, disentangling the reasons that lie behind the correlation between fertility and offspring mortality requires that the mortality technology is understood. Some researchers, therefore, have attempted to recover exogenous components of mortality by estimating the technology of infant and child survival.']
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640112']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640147.jsonld | ['Chapter 7 The economics of fertility in developed countries'] | ["This chapter describes the intellectual development and the empirical implications of the literature on the economics of fertility as it applies to fertility behavior in developed economies. The chapter reviews the literature on dynamic models of fertility behavior over the parents' life cycle, and outlines the ways in which these models extend the static models and the implications that they provide for dimensions of fertility behavior. The chapter also discusses various solutions to the fundamental identification problems that arise in assessing the impact of prices and income on both lifetime and lifecycle fertility behavior. The theory and econometric methods are better developed than the empirical literature. The challenge is to find plausibly exogenous variation in proxies for the price and income concepts appearing in the theories. The chapter provides a taxonomy of possible identifying information and gives hope that additional progress can be made in advancing the empirical understanding of fertility behavior."] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640147'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 7 The economics of fertility in developed countries']
### Abstract:
["This chapter describes the intellectual development and the empirical implications of the literature on the economics of fertility as it applies to fertility behavior in developed economies. The chapter reviews the literature on dynamic models of fertility behavior over the parents' life cycle, and outlines the ways in which these models extend the static models and the implications that they provide for dimensions of fertility behavior. The chapter also discusses various solutions to the fundamental identification problems that arise in assessing the impact of prices and income on both lifetime and lifecycle fertility behavior. The theory and econometric methods are better developed than the empirical literature. The challenge is to find plausibly exogenous variation in proxies for the price and income concepts appearing in the theories. The chapter provides a taxonomy of possible identifying information and gives hope that additional progress can be made in advancing the empirical understanding of fertility behavior."]
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640147']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640155.jsonld | ['Chapter 6 The cost of children and the use of demographic variables in consumer demand'] | ['This chapter describes various methods on the elusive concept of the cost of children. At starvation level, there does not seem to be a specific cost level that can be identified as the costs. Traditional estimates define material needs at a minimum level, which are priced, and add up to cost. The choice of these inputs, especially for nonfood, is arbitrary. The imputation of joint costs and scale effects is an unsolved problem. The more sophisticated method based on food shares tends to overestimate the cost ratios, because it does not account for fixed costs. The adult goods method tends to underestimate for similar reasons. The scales based on demand behavior, estimated on complete-demand systems, seem more hopeful, but Pollak and Wales state that demand behavior does not give a valuable result either. Subjective estimators seem to overcome these difficulties. They are not based on any economic modeling, but just on the registration of opinions, where it is postulated that verbal labels have a common meaning for all respondents.'] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640155'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 6 The cost of children and the use of demographic variables in consumer demand']
### Abstract:
['This chapter describes various methods on the elusive concept of the cost of children. At starvation level, there does not seem to be a specific cost level that can be identified as the costs. Traditional estimates define material needs at a minimum level, which are priced, and add up to cost. The choice of these inputs, especially for nonfood, is arbitrary. The imputation of joint costs and scale effects is an unsolved problem. The more sophisticated method based on food shares tends to overestimate the cost ratios, because it does not account for fixed costs. The adult goods method tends to underestimate for similar reasons. The scales based on demand behavior, estimated on complete-demand systems, seem more hopeful, but Pollak and Wales state that demand behavior does not give a valuable result either. Subjective estimators seem to overcome these difficulties. They are not based on any economic modeling, but just on the registration of opinions, where it is postulated that verbal labels have a common meaning for all respondents.']
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640155']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640163.jsonld | ['Chapter 5 Intergenerational and interhousehold economic links'] | ['This chapter discusses two theoretical frameworks that economists use to analyze links between households. The first is based on altruistic preferences and the second framework falls under the heading transactions cost approach. Altruistic and non-altruistic transfers can link together households, most likely households of different generations within the same family line. The relatives may find advantages to engaging in joint production or purchasing services from one another outside of markets. One implication certainly is that not all intra-household interactions need involve altruism. A second is that it cannot be assumed that measured monetary flows passing among relatives necessarily constitute transfersas opposed to payments for goods and services or for subsequent repayment with interest. A third is that transactionscost formulations may be most applicable, where participant incomes and sums transacted are low. Although, this chapter analyzes altruism and exchange separately, in practice the two may often accompany one anotherwith altruism reducing enforcement difficulties in interfamily exchanges.'] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640163'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 5 Intergenerational and interhousehold economic links']
### Abstract:
['This chapter discusses two theoretical frameworks that economists use to analyze links between households. The first is based on altruistic preferences and the second framework falls under the heading transactions cost approach. Altruistic and non-altruistic transfers can link together households, most likely households of different generations within the same family line. The relatives may find advantages to engaging in joint production or purchasing services from one another outside of markets. One implication certainly is that not all intra-household interactions need involve altruism. A second is that it cannot be assumed that measured monetary flows passing among relatives necessarily constitute transfersas opposed to payments for goods and services or for subsequent repayment with interest. A third is that transactionscost formulations may be most applicable, where participant incomes and sums transacted are low. Although, this chapter analyzes altruism and exchange separately, in practice the two may often accompany one anotherwith altruism reducing enforcement difficulties in interfamily exchanges.']
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640163']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A183164018X.jsonld | ['Chapter 3 The formation and dissolution of families: Why marry? Who marries whom? And what happens upon divorce'] | ["This chapter describes the economic reasons for marriage, how families solve their economic problems, the marriage market, divorce and its economic consequences, and the future of the family. A successful theory, which is capable of explaining the data on marriage and divorce must incorporate ideas from sociology, biology, and other fields. An understanding of the economic point of view can be helpful in the construction of a unified approach. Despite its firm roots in nature and its antiquity in human society, the future of the family institution is recently put into question. The recent trends of declining marriage rates, declining fertility rates, higher divorce rates, and the rise in alternative arrangementssuch as cohabitation, single-person households, and single-mother familiesare common to many western societies. Easterlin (1987) argues that if the offsprings' cohort is large relative to the parents' cohort (e.g., the baby boomers), then economic pressures and the desire to imitate their parents consumption standards will force the youngsters to postpone marriage and have smaller families. This line of argument suggests that the current pressures on the family are cyclical in nature and will diminish as fertility declines."] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164018X'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 3 The formation and dissolution of families: Why marry? Who marries whom? And what happens upon divorce']
### Abstract:
["This chapter describes the economic reasons for marriage, how families solve their economic problems, the marriage market, divorce and its economic consequences, and the future of the family. A successful theory, which is capable of explaining the data on marriage and divorce must incorporate ideas from sociology, biology, and other fields. An understanding of the economic point of view can be helpful in the construction of a unified approach. Despite its firm roots in nature and its antiquity in human society, the future of the family institution is recently put into question. The recent trends of declining marriage rates, declining fertility rates, higher divorce rates, and the rise in alternative arrangementssuch as cohabitation, single-person households, and single-mother familiesare common to many western societies. Easterlin (1987) argues that if the offsprings' cohort is large relative to the parents' cohort (e.g., the baby boomers), then economic pressures and the desire to imitate their parents consumption standards will force the youngsters to postpone marriage and have smaller families. This line of argument suggests that the current pressures on the family are cyclical in nature and will diminish as fertility declines."]
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164018X']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A183164021X.jsonld | ['Preface to the handbook'] | ["Mark R. Rosenzweig and Oded Stark extend their thanks to authors who were waiting (while updating) patiently for their fellow authors to complete the write-ups of their drafts. They will know that their's and author's efforts were worthwhile if the Handbook of population and family economics contributes to increasing the population of economists involved in research on population and the family, and if the family of social science disciplines adopts the thinking of economists on population and family issues."] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164021X'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Preface to the handbook']
### Abstract:
["Mark R. Rosenzweig and Oded Stark extend their thanks to authors who were waiting (while updating) patiently for their fellow authors to complete the write-ups of their drafts. They will know that their's and author's efforts were worthwhile if the Handbook of population and family economics contributes to increasing the population of economists involved in research on population and the family, and if the family of social science disciplines adopts the thinking of economists on population and family issues."]
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164021X']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640236.jsonld | ['Introduction to the series'] | ['The aim of the Handbooks in Economics series is to produce Handbooks for various branches of economics, each of which is a definitive source, reference, and teaching supplement for use by professional researchers and advanced graduate students. Each Handbook provides self contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists on various aspects of this branch of economics. The Handbooks provide not only useful reference volumes for professional collections but also possible supplementary readings for advanced courses for graduate students in economics.'] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640236'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Introduction to the series']
### Abstract:
['The aim of the Handbooks in Economics series is to produce Handbooks for various branches of economics, each of which is a definitive source, reference, and teaching supplement for use by professional researchers and advanced graduate students. Each Handbook provides self contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists on various aspects of this branch of economics. The Handbooks provide not only useful reference volumes for professional collections but also possible supplementary readings for advanced courses for graduate students in economics.']
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640236']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640279.jsonld | ['Chapter 19 Population dynamics: Equilibrium, disequilibrium, and consequences of fluctuations'] | ['This chapter discusses the possibility of long-run economic-demographic equilibrium, examines empirical evidence bearing on the key relationships hypothesized to establish equilibriumthe preventive check, the positive check, and a depressing effect of population growth on real wages reflecting diminishing returns to labor, considers the nature of shocks to the equilibrium system, both short-run and longer runincluding historical examples from Europe. The chapter also presents the economic consequences of demographic fluctuations for savings, consumer demand, labor supply, and related variables. The concept of equilibrium is important for understanding the broad sweep of history, and economicdemographic equilibration leads to statistical traps that are a danger even for the visual interpretation of simple plots of historical data series, because leadlag relations are often misleading across long cycles. Economicdemographic equilibrium requires that population growth encounters negative feedback of some kind. Fluctuations in the rate of population growth and in the population age distribution can potentially have large effects on the macroeconomy.'] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640279'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 19 Population dynamics: Equilibrium, disequilibrium, and consequences of fluctuations']
### Abstract:
['This chapter discusses the possibility of long-run economic-demographic equilibrium, examines empirical evidence bearing on the key relationships hypothesized to establish equilibriumthe preventive check, the positive check, and a depressing effect of population growth on real wages reflecting diminishing returns to labor, considers the nature of shocks to the equilibrium system, both short-run and longer runincluding historical examples from Europe. The chapter also presents the economic consequences of demographic fluctuations for savings, consumer demand, labor supply, and related variables. The concept of equilibrium is important for understanding the broad sweep of history, and economicdemographic equilibration leads to statistical traps that are a danger even for the visual interpretation of simple plots of historical data series, because leadlag relations are often misleading across long cycles. Economicdemographic equilibrium requires that population growth encounters negative feedback of some kind. Fluctuations in the rate of population growth and in the population age distribution can potentially have large effects on the macroeconomy.']
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640279']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640295.jsonld | ['Chapter 17 The economics of population aging'] | ['This chapter explores the ways in which changing the age structure of the population in the macroeconomic models affects variables, such as consumption, wages, government spending, and saving. The chapter also presents the basic data on the ways in which the age structure of the population is evolving over time, considers the effects of population aging on production and consumption in the economy as a whole, and discusses the effects of aging. One of the salient themes of this chapter is that the costs of population aging currently in prospect are to a large extent simply the passing of the transitory benefits of reduced fertility. A second theme of this chapter is that although aging will not appreciably change the overall burden of transfers that society makes to dependents, it will greatly change the channels through which these transfers flow. Population aging has a larger effect on individual transfer schemes considered in isolation than on the net flow of transfers taken together. In the case of government transfer schemes to dependents, which focus particularly on the elderly, the average age of providing is younger than the average age of receivingand thus population aging enlarges the burden of such transfer schemes.'] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640295'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 17 The economics of population aging']
### Abstract:
['This chapter explores the ways in which changing the age structure of the population in the macroeconomic models affects variables, such as consumption, wages, government spending, and saving. The chapter also presents the basic data on the ways in which the age structure of the population is evolving over time, considers the effects of population aging on production and consumption in the economy as a whole, and discusses the effects of aging. One of the salient themes of this chapter is that the costs of population aging currently in prospect are to a large extent simply the passing of the transitory benefits of reduced fertility. A second theme of this chapter is that although aging will not appreciably change the overall burden of transfers that society makes to dependents, it will greatly change the channels through which these transfers flow. Population aging has a larger effect on individual transfer schemes considered in isolation than on the net flow of transfers taken together. In the case of government transfer schemes to dependents, which focus particularly on the elderly, the average age of providing is younger than the average age of receivingand thus population aging enlarges the burden of such transfer schemes.']
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640295']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640333.jsonld | ['Chapter 14 Economic impact of international migration and the economic performance of migrants'] | ["This chapter describes the numbers and characteristics of international migrants to selected developed countries, explores some of the economic factors motivating international migration, examines the impact of immigration on the receiving country's labor markets, discusses the extent to which immigrants assimilate to the receiving country's labor market, and presents several studies of immigrants' effects on the social welfare system. The chapter focuses on the experiences of Australia, Canada, and the United States. Increased immigration has a modest impact on the distribution of income, and most of these adverse affects fall on immigrants themselves. These effects may be small as a result of the effects that immigrants have on local labor demand or of changes in natives' migration patterns. First, there is evidence of a significant amount of immigrant assimilation in the US data, although there is less evidence of it in Australian, Canadian, and European data. This result implies that the adverse effects that US immigrants have on wages lessen as they spend more time in the United States. Second, this assimilation does not mean that immigrants' wages approach those of the median native."] | ['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640333'] | ['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie'] | Document
### Title: ['Chapter 14 Economic impact of international migration and the economic performance of migrants']
### Abstract:
["This chapter describes the numbers and characteristics of international migrants to selected developed countries, explores some of the economic factors motivating international migration, examines the impact of immigration on the receiving country's labor markets, discusses the extent to which immigrants assimilate to the receiving country's labor market, and presents several studies of immigrants' effects on the social welfare system. The chapter focuses on the experiences of Australia, Canada, and the United States. Increased immigration has a modest impact on the distribution of income, and most of these adverse affects fall on immigrants themselves. These effects may be small as a result of the effects that immigrants have on local labor demand or of changes in natives' migration patterns. First, there is evidence of a significant amount of immigrant assimilation in the US data, although there is less evidence of it in Australian, Canadian, and European data. This result implies that the adverse effects that US immigrants have on wages lessen as they spend more time in the United States. Second, this assimilation does not mean that immigrants' wages approach those of the median native."]
### GND ID:
['gnd:4006292-2', 'gnd:4006294-6', 'gnd:4123185-5', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640333']
### GND class:
['Bevölkerungsentwicklung', 'Bevölkerungsökonomie', 'Familienökonomie']
<|eot_id|> |
3A1831640422.jsonld | ['Chapter 14 Numerical dynamic programming in economics'] | ['This chapter explores the numerical methods for solving dynamic programming (DP) problems. The DP framework has been extensively used in economics because it is sufficiently rich to model almost any problem involving sequential decision making over time and under uncertainty. The chapter focuses on continuous Markov decision processes (MDPs) because these problems arise frequently in economic applications. Although, complexity theory suggests a number of useful algorithms, the theory has relatively little to say about important practical issues, such as determining the point at which various exponential-time algorithms such as Chebyshev approximation methods start to blow up, making it optimal to switch to polynomial-time algorithms. In future work, it will be essential to provide numerical comparisons of a broader range of methods over a broader range of test problems, including problems of moderate to high dimensionality.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640422'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 14 Numerical dynamic programming in economics']
### Abstract:
['This chapter explores the numerical methods for solving dynamic programming (DP) problems. The DP framework has been extensively used in economics because it is sufficiently rich to model almost any problem involving sequential decision making over time and under uncertainty. The chapter focuses on continuous Markov decision processes (MDPs) because these problems arise frequently in economic applications. Although, complexity theory suggests a number of useful algorithms, the theory has relatively little to say about important practical issues, such as determining the point at which various exponential-time algorithms such as Chebyshev approximation methods start to blow up, making it optimal to switch to polynomial-time algorithms. In future work, it will be essential to provide numerical comparisons of a broader range of methods over a broader range of test problems, including problems of moderate to high dimensionality.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640422']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640449.jsonld | ['Chapter 12 Approximation, perturbation, and projection methods in economic analysis'] | ['This chapter examines local and global approximation methods that have been used or have potential future value in economic and econometric analysis. The chapter presents the related projection method for solving operator equations and illustrates its application to dynamic economic analysis, dynamic games, and asset market equilibrium with asymmetric information. In the chapter, it is shown that a general class of techniques from the numerical partial differential equations literature can be usefully applied and adapted to solve nonlinear economic problems. Despite the specificity of the applications discussed in the chapter the general description makes clear the general usefulness of perturbation and projection methods for economic problems, both theoretical modeling and empirical analysis. The application of perturbation and projection methods and the underlying approximation ideas have substantially improved the efficiency of economic computations. In addition, exploitation of these ideas will surely lead to progress.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640449'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 12 Approximation, perturbation, and projection methods in economic analysis']
### Abstract:
['This chapter examines local and global approximation methods that have been used or have potential future value in economic and econometric analysis. The chapter presents the related projection method for solving operator equations and illustrates its application to dynamic economic analysis, dynamic games, and asset market equilibrium with asymmetric information. In the chapter, it is shown that a general class of techniques from the numerical partial differential equations literature can be usefully applied and adapted to solve nonlinear economic problems. Despite the specificity of the applications discussed in the chapter the general description makes clear the general usefulness of perturbation and projection methods for economic problems, both theoretical modeling and empirical analysis. The application of perturbation and projection methods and the underlying approximation ideas have substantially improved the efficiency of economic computations. In addition, exploitation of these ideas will surely lead to progress.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640449']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640481.jsonld | ['Chapter 8 Artificial intelligence in economics and finance: A state of the art — 1994 : The real estate price and assets and liability analysis case'] | ['This chapter emphasizes specific contributions, advantages, and weaknesses of artificial intelligence (AI) techniques various purposes: (1) knowledge-based reasoning that applies heuristic knowledge to make policy search more robust, or to satisfy trading principles in a competitive economy, (2) machine learning to learn the behavior of economic agents, (3) decision rationalization in decision support systems, and case-based reasoning, and (4) integration of databases and knowledge bases via suitable knowledge representations. In the real world of economic analysis, AI approaches must be scalable and tunable to changing characteristics without having to change the underlying techniques or algorithms. In economic applications, better explanation-based interfaces are necessary between the user and the system. From the perspective of business, almost no AI research addresses economic competition theories, either with reference to game theory, or to disequilibrium theories. The strongest potential of some AI techniques lies in their data/information fusion capability, which is little explored. This holds especially for neural networks, case-based reasoning, and knowledge representation standards.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640481'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 8 Artificial intelligence in economics and finance: A state of the art — 1994 : The real estate price and assets and liability analysis case']
### Abstract:
['This chapter emphasizes specific contributions, advantages, and weaknesses of artificial intelligence (AI) techniques various purposes: (1) knowledge-based reasoning that applies heuristic knowledge to make policy search more robust, or to satisfy trading principles in a competitive economy, (2) machine learning to learn the behavior of economic agents, (3) decision rationalization in decision support systems, and case-based reasoning, and (4) integration of databases and knowledge bases via suitable knowledge representations. In the real world of economic analysis, AI approaches must be scalable and tunable to changing characteristics without having to change the underlying techniques or algorithms. In economic applications, better explanation-based interfaces are necessary between the user and the system. From the perspective of business, almost no AI research addresses economic competition theories, either with reference to game theory, or to disequilibrium theories. The strongest potential of some AI techniques lies in their data/information fusion capability, which is little explored. This holds especially for neural networks, case-based reasoning, and knowledge representation standards.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640481']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A183164049X.jsonld | ['Chapter 7 Parallel computation'] | ['Parallel computation represents not only a new mode of computation, but, a new intellectual paradigm. This chapter provides an overview of the technology of parallel computation in terms of hardware and programming languages; presents some of the fundamental classes of problems encountered in economics and the associated numerical methodologies for their solution; discusses the state-of-the-art computational techniques and focuses on parallel techniques and contrasts them with serial techniques for illumination and instructive purposes; and presents applications of the classes of problems and associated numerical methods to econometrics, microeconomics, macroeconomics, and finance. The emergence of computation as a basic scientific methodology in economics has given access to solutions of fundamental problems that pure analysis, observation, or experimentation could not have achieved. Parallel computation represents the wave of the future. It is considered to be cheaper and faster than serial computing and the only approach to faster computation currently foreseeable. Parallel computation is appealing, hence, for the economies of scale that are possible, for the potentially faster solution of large-scale problems, and also for the possibilities that it presents for imitating adjustment or tatonnement processes.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164049X'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 7 Parallel computation']
### Abstract:
['Parallel computation represents not only a new mode of computation, but, a new intellectual paradigm. This chapter provides an overview of the technology of parallel computation in terms of hardware and programming languages; presents some of the fundamental classes of problems encountered in economics and the associated numerical methodologies for their solution; discusses the state-of-the-art computational techniques and focuses on parallel techniques and contrasts them with serial techniques for illumination and instructive purposes; and presents applications of the classes of problems and associated numerical methods to econometrics, microeconomics, macroeconomics, and finance. The emergence of computation as a basic scientific methodology in economics has given access to solutions of fundamental problems that pure analysis, observation, or experimentation could not have achieved. Parallel computation represents the wave of the future. It is considered to be cheaper and faster than serial computing and the only approach to faster computation currently foreseeable. Parallel computation is appealing, hence, for the economies of scale that are possible, for the potentially faster solution of large-scale problems, and also for the possibilities that it presents for imitating adjustment or tatonnement processes.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164049X']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640554.jsonld | ['Chapter 1 Computable general equilibrium modelling for policy analysis and forecasting'] | ['This chapter describes computable general equilibrium (CGE) modeling and the history of its development. The chapter illustrates the computation of solutions for CGE models and reviews its achievements, failures, and potential. The model illustrated in the chapter can be used in two ways: as a single-period model suitable for comparativestatic analyses; and as a model for multi-period forecasting. Before CGE models, there were inputoutput models that emphasized inputoutput linkages among industries. CGE models go beyond inputoutput models by linking industries via economy-wide constraints including constraints on the size of government budget deficits; constraints on deficits in the balance of trade; constraints on the availability of labor, capital, and land; and constraints arising from environmental considerations, such as air and water quality. Much of CGE modeling has been concerned with the welfare implications of proposed policy changesfor example, changes in protection, changes in taxes, and changes in environmental regulations. Many interesting welfare results have been obtained, especially in the analysis of tax changes.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640554'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 1 Computable general equilibrium modelling for policy analysis and forecasting']
### Abstract:
['This chapter describes computable general equilibrium (CGE) modeling and the history of its development. The chapter illustrates the computation of solutions for CGE models and reviews its achievements, failures, and potential. The model illustrated in the chapter can be used in two ways: as a single-period model suitable for comparativestatic analyses; and as a model for multi-period forecasting. Before CGE models, there were inputoutput models that emphasized inputoutput linkages among industries. CGE models go beyond inputoutput models by linking industries via economy-wide constraints including constraints on the size of government budget deficits; constraints on deficits in the balance of trade; constraints on the availability of labor, capital, and land; and constraints arising from environmental considerations, such as air and water quality. Much of CGE modeling has been concerned with the welfare implications of proposed policy changesfor example, changes in protection, changes in taxes, and changes in environmental regulations. Many interesting welfare results have been obtained, especially in the analysis of tax changes.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640554']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640643.jsonld | ['Chapter 10. Levels of Reasoning in Keynesian Beauty Contests: A Generative Framework'] | ["We introduce a generalization of the Beauty Contest (BC) game as a framework that incorporates different models from micro- and macroeconomics by formulating their reduced forms as special cases of the BC. Examples include public good games, ultimatum games, Bertrand, Cournot, some auctions, asset markets, New-Keynesian, and general equilibrium models with sentiments/animal spirits. This becomes feasible by considering BC specifications with a best response or optimal action as a function of other players' aggregated actions. For characterizing an integrated account of heterogeneity in economics, as observed in BC experiments, we employ a non-equilibrium model, the so-called “level-k” model, based on one (or more) reference point(s) and (limited) iterated best responses. Level-k and related models thus bridge the gap between non-strategic (e.g. irrational, intuitive or random) behavior and equilibrium choices. We also give a brief overview of interactive decision-making within experimental economics, and discuss elicitation methods, cognitive and population measures, to better understand heterogeneity in human reasoning in general, and in economic experiments in particular."] | ['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640643'] | ['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 10. Levels of Reasoning in Keynesian Beauty Contests: A Generative Framework']
### Abstract:
["We introduce a generalization of the Beauty Contest (BC) game as a framework that incorporates different models from micro- and macroeconomics by formulating their reduced forms as special cases of the BC. Examples include public good games, ultimatum games, Bertrand, Cournot, some auctions, asset markets, New-Keynesian, and general equilibrium models with sentiments/animal spirits. This becomes feasible by considering BC specifications with a best response or optimal action as a function of other players' aggregated actions. For characterizing an integrated account of heterogeneity in economics, as observed in BC experiments, we employ a non-equilibrium model, the so-called “level-k” model, based on one (or more) reference point(s) and (limited) iterated best responses. Level-k and related models thus bridge the gap between non-strategic (e.g. irrational, intuitive or random) behavior and equilibrium choices. We also give a brief overview of interactive decision-making within experimental economics, and discuss elicitation methods, cognitive and population measures, to better understand heterogeneity in human reasoning in general, and in economic experiments in particular."]
### GND ID:
['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640643']
### GND class:
['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A183164066X.jsonld | ['Chapter 9. Heterogeneous Agent Modeling: Experimental Evidence'] | ["We report on experimental evidence rationalizing the use of heterogeneous agent models. We provide compelling evidence that subjects in laboratory experiments often behave in ways that depart from the rational choice ideal. Further, these subjects' heuristic approaches often differ from one another in distinct, classifiable ways. It follows that models of heterogeneous, boundedly rational agents can often deliver predictions that are a better fit to the experimental data at both the micro- and the macro-levels of analysis than can rational-choice, single-actor models. Our focus in this chapter is on experimental studies developed to address questions in macroeconomics and finance."] | ['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164066X'] | ['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 9. Heterogeneous Agent Modeling: Experimental Evidence']
### Abstract:
["We report on experimental evidence rationalizing the use of heterogeneous agent models. We provide compelling evidence that subjects in laboratory experiments often behave in ways that depart from the rational choice ideal. Further, these subjects' heuristic approaches often differ from one another in distinct, classifiable ways. It follows that models of heterogeneous, boundedly rational agents can often deliver predictions that are a better fit to the experimental data at both the micro- and the macro-levels of analysis than can rational-choice, single-actor models. Our focus in this chapter is on experimental studies developed to address questions in macroeconomics and finance."]
### GND ID:
['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A183164066X']
### GND class:
['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640686.jsonld | ['Chapter 14. Modeling a Heterogeneous World'] | ['This chapter takes as its starting point the idea that any model of the economy must have heterogeneous agents. Such agents together form a complex adaptive system where the aggregate behavior emerges from the interaction between the individuals. Such systems do not lend themselves to being modeled analytically. We use three examples to illustrate how one is obliged to use agent based models to capture the dynamics of such systems. For our first example, the Marseille fish market, we show how to move beyond the most simplistic theoretical model we have to move to a computational approach. We then look at the effect of a potential shock to a financial market, and finally at the heterogeneity of the financial system. The last two expose the futility of trying to develop a complete analytical model. We argue for specific models for specific cases. This is a more engineering approach but perhaps a more realistic one.'] | ['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640686'] | ['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 14. Modeling a Heterogeneous World']
### Abstract:
['This chapter takes as its starting point the idea that any model of the economy must have heterogeneous agents. Such agents together form a complex adaptive system where the aggregate behavior emerges from the interaction between the individuals. Such systems do not lend themselves to being modeled analytically. We use three examples to illustrate how one is obliged to use agent based models to capture the dynamics of such systems. For our first example, the Marseille fish market, we show how to move beyond the most simplistic theoretical model we have to move to a computational approach. We then look at the effect of a potential shock to a financial market, and finally at the heterogeneity of the financial system. The last two expose the futility of trying to develop a complete analytical model. We argue for specific models for specific cases. This is a more engineering approach but perhaps a more realistic one.']
### GND ID:
['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640686']
### GND class:
['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640694.jsonld | ['Chapter 12. Heterogeneity and Networks'] | ['This chapter shows that networks can have large and differentiated effects on behavior and then argues that social and economic pressures facilitate the formation of heterogeneous networks. Thus networks can play an important role in understanding the wide diversity in human behavior and in economic outcomes.'] | ['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640694'] | ['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 12. Heterogeneity and Networks']
### Abstract:
['This chapter shows that networks can have large and differentiated effects on behavior and then argues that social and economic pressures facilitate the formation of heterogeneous networks. Thus networks can play an important role in understanding the wide diversity in human behavior and in economic outcomes.']
### GND ID:
['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640694']
### GND class:
['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640732.jsonld | ['Chapter 11. Empirical Analyses of Networks in Finance'] | ['The recent global financial crisis has triggered a huge interest in the use of network concepts and network tools to better understand how instabilities can propagate through the financial system. The literature is today quite vast, covering both theoretical and empirical aspects. This review concentrates on empirical work, and associated methodologies, concerned with the evaluation of the fragility and resilience of financial and credit markets. The first part of the review examines the literature on systemic risk that arise from banks mutual exposures. These exposures stem primarily from interbank lending and derivative positions, but also, indirectly, from common holdings of other asset classes, that can lead to common shocks in instances of fire sales, and from widespread non-performing loans to the real sector during period of economic downturns. We survey (a) studies that characterize the structure of national interbank networks, in some cases using a multiplex representations, (b) studies that introduce novel methods to quantify systemic risk and identify systemically important institutions, such as via stress test scenarios, (c) studies that assess which regulatory measures can help mitigate the propagation of contagion and distress in the financial system, and (d) studies that explore which location advantages may arise from holding privileged positions in the interbank network, such as via preferential lending relationships, or because of occupying a more central node, and if such advantages can provide an early indication of the build up of systemic risk. The second part of the review is dedicated to the analysis of indirect networks, specifically (e) proximity based network, i.e. networks obtained starting from a proximity measure sometime filtered with a network filtering methodology, (f) association network, i.e. networks where a link between two financial actors is set if a statistical test again a null hypothesis is rejected, and (g) statistically validated networks, i.e. event or relationship networks where a subset of links is selected according to a statistical validation associated with the rejection of a random null hypothesis. The need for a joint consideration of direct and indirect channels of contagion is briefly discussed.'] | ['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640732'] | ['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 11. Empirical Analyses of Networks in Finance']
### Abstract:
['The recent global financial crisis has triggered a huge interest in the use of network concepts and network tools to better understand how instabilities can propagate through the financial system. The literature is today quite vast, covering both theoretical and empirical aspects. This review concentrates on empirical work, and associated methodologies, concerned with the evaluation of the fragility and resilience of financial and credit markets. The first part of the review examines the literature on systemic risk that arise from banks mutual exposures. These exposures stem primarily from interbank lending and derivative positions, but also, indirectly, from common holdings of other asset classes, that can lead to common shocks in instances of fire sales, and from widespread non-performing loans to the real sector during period of economic downturns. We survey (a) studies that characterize the structure of national interbank networks, in some cases using a multiplex representations, (b) studies that introduce novel methods to quantify systemic risk and identify systemically important institutions, such as via stress test scenarios, (c) studies that assess which regulatory measures can help mitigate the propagation of contagion and distress in the financial system, and (d) studies that explore which location advantages may arise from holding privileged positions in the interbank network, such as via preferential lending relationships, or because of occupying a more central node, and if such advantages can provide an early indication of the build up of systemic risk. The second part of the review is dedicated to the analysis of indirect networks, specifically (e) proximity based network, i.e. networks obtained starting from a proximity measure sometime filtered with a network filtering methodology, (f) association network, i.e. networks where a link between two financial actors is set if a statistical test again a null hypothesis is rejected, and (g) statistically validated networks, i.e. event or relationship networks where a subset of links is selected according to a statistical validation associated with the rejection of a random null hypothesis. The need for a joint consideration of direct and indirect channels of contagion is briefly discussed.']
### GND ID:
['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640732']
### GND class:
['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640740.jsonld | ['Chapter 13. Electric Power Markets in Transition: Agent-Based Modeling Tools for Transactive Energy Support'] | ['Electric power systems consist of large numbers of heterogeneous participants interacting within an intricate layered network of economic and operational relationships. Decision-making in these systems has been extensively decentralized in many industrialized countries over the past twenty years in an attempt to increase their reliability and efficiency. Given the high negative impact of power disruptions, these decentralization efforts have typically been preceded by extensive sensitivity studies with empirically-based computational models. This chapter discusses the current and potential use of agent-based computational modeling to develop novel transactive energy system (TES) designs for electric power systems. TES designs are decentralized market-based designs that permit electric power systems to operate more fully in accordance with basic economic principles while maintaining overall system reliability and efficiency.'] | ['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640740'] | ['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 13. Electric Power Markets in Transition: Agent-Based Modeling Tools for Transactive Energy Support']
### Abstract:
['Electric power systems consist of large numbers of heterogeneous participants interacting within an intricate layered network of economic and operational relationships. Decision-making in these systems has been extensively decentralized in many industrialized countries over the past twenty years in an attempt to increase their reliability and efficiency. Given the high negative impact of power disruptions, these decentralization efforts have typically been preceded by extensive sensitivity studies with empirically-based computational models. This chapter discusses the current and potential use of agent-based computational modeling to develop novel transactive energy system (TES) designs for electric power systems. TES designs are decentralized market-based designs that permit electric power systems to operate more fully in accordance with basic economic principles while maintaining overall system reliability and efficiency.']
### GND ID:
['gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640740']
### GND class:
['Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640783.jsonld | ['Appendix A A Guide for Newcomers to Agent-Based Modeling in the Social Sciences'] | ['This guide provides pointers to introductory readings, software, and other materials to help newcomers become acquainted with agent-based modeling in the social sciences.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640783'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Appendix A A Guide for Newcomers to Agent-Based Modeling in the Social Sciences']
### Abstract:
['This guide provides pointers to introductory readings, software, and other materials to help newcomers become acquainted with agent-based modeling in the social sciences.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640783']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640791.jsonld | ['Introduction to the Series'] | ['This chapter presents an introduction to the series Handbooks in Economics. The series produced handbooks for various branches of economics, each of which is a definitive source, reference, and teaching supplement for the use by professional researchers and advanced graduate students. Each handbook provides self-contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists on various aspects of this branch of economics. These surveys summarize not only received results but also newer developments, from recent journal articles and discussion papers.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640791'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Introduction to the Series']
### Abstract:
['This chapter presents an introduction to the series Handbooks in Economics. The series produced handbooks for various branches of economics, each of which is a definitive source, reference, and teaching supplement for the use by professional researchers and advanced graduate students. Each handbook provides self-contained surveys of the current state of a branch of economics in the form of chapters prepared by leading specialists on various aspects of this branch of economics. These surveys summarize not only received results but also newer developments, from recent journal articles and discussion papers.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640791']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640805.jsonld | ['Subject Index'] | ['This chapter lists the terms that have contributed to the book Handbook of Computational Economics, agent-based computational economics (ACE), such as absorbing states, ACE methodology, adaptive belief systems (ABS), and others. These terms have been mentioned along with the page numbers in which they have appeared in the bookfor the ease of the reader.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640805'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Subject Index']
### Abstract:
['This chapter lists the terms that have contributed to the book Handbook of Computational Economics, agent-based computational economics (ACE), such as absorbing states, ACE methodology, adaptive belief systems (ABS), and others. These terms have been mentioned along with the page numbers in which they have appeared in the bookfor the ease of the reader.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640805']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640813.jsonld | ['Author Index'] | ['This chapter lists the names of the people who have contributed to the book Handbook of Computational Economics, agent-based computational economics (ACE), such as Abdulkadiroglu, A., Acemoglu, D., Adam, K., and others. Their names have been mentioned along with the page number in which their names appear in the bookfor the ease of the reader.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640813'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Author Index']
### Abstract:
['This chapter lists the names of the people who have contributed to the book Handbook of Computational Economics, agent-based computational economics (ACE), such as Abdulkadiroglu, A., Acemoglu, D., Adam, K., and others. Their names have been mentioned along with the page number in which their names appear in the bookfor the ease of the reader.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640813']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640864.jsonld | ['Chapter 36 Agent-Based Macro'] | ["Acceptance of computer modeling and experimentation has spread slowly at best in economics in large part because agent-based models often seem foreign to the neoclassical core of economics, as that core is understood today. But in its beginnings neoclassical economics was not built from choice theory, did not represent decisions as solutions to constrained optimization problems, made no strong assumptions about the rationality of agents, and did not view the world as always in equilibrium. Agent-based economics can tap into this older neoclassical economics of adaptive behavior and ongoing market processes while circumventing the technical obstacles which forced the forerunners to adopt the “static” method. Agent-based process analysis will finally make it possible to tackle the central problem of macroeconomics, namely, the self-regulating capabilities of a capitalistic economy. Keynes challenged the presumption that flexibility of all prices guaranteed the stability of general equilibrium, arguing that effective demand failures meant that Say's Law did not hold. When supply did not create its own demand, stabilization policy in the form of aggregate demand management was required to restore full employment. In modern general equilibrium based macroeconomics, in contrast, Say's Law always holds, only “frictions” stand in the way of full employment, and stabilization policy lacks any tenable rationalization. Agent-based computational methods provide the only way in which the self-regulatory capabilities of complex dynamic models can be explored so as to advance our understanding of the adaptive dynamics of actual economies."] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640864'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 36 Agent-Based Macro']
### Abstract:
["Acceptance of computer modeling and experimentation has spread slowly at best in economics in large part because agent-based models often seem foreign to the neoclassical core of economics, as that core is understood today. But in its beginnings neoclassical economics was not built from choice theory, did not represent decisions as solutions to constrained optimization problems, made no strong assumptions about the rationality of agents, and did not view the world as always in equilibrium. Agent-based economics can tap into this older neoclassical economics of adaptive behavior and ongoing market processes while circumventing the technical obstacles which forced the forerunners to adopt the “static” method. Agent-based process analysis will finally make it possible to tackle the central problem of macroeconomics, namely, the self-regulating capabilities of a capitalistic economy. Keynes challenged the presumption that flexibility of all prices guaranteed the stability of general equilibrium, arguing that effective demand failures meant that Say's Law did not hold. When supply did not create its own demand, stabilization policy in the form of aggregate demand management was required to restore full employment. In modern general equilibrium based macroeconomics, in contrast, Say's Law always holds, only “frictions” stand in the way of full employment, and stabilization policy lacks any tenable rationalization. Agent-based computational methods provide the only way in which the self-regulatory capabilities of complex dynamic models can be explored so as to advance our understanding of the adaptive dynamics of actual economies."]
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640864']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640872.jsonld | ['Chapter 35 Coordination Issues in Long-Run Growth'] | ['Economic growth depends not only on how people make decisions but also upon how their decisions are coordinated. Because of this, aggregate outcomes can diverge from individual intentions. I illustrate this with reference to the modern literature on economic growth, and also with reference to an older literature on the stability of full-employment equilibrium. Agent-based computational methods are ideally suited for studying the aspects of growth most affected by coordination issues.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640872'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 35 Coordination Issues in Long-Run Growth']
### Abstract:
['Economic growth depends not only on how people make decisions but also upon how their decisions are coordinated. Because of this, aggregate outcomes can diverge from individual intentions. I illustrate this with reference to the modern literature on economic growth, and also with reference to an older literature on the stability of full-employment equilibrium. Agent-based computational methods are ideally suited for studying the aspects of growth most affected by coordination issues.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640872']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640902.jsonld | ['Chapter 32 Out-of-Equilibrium Economics and Agent-Based Modeling'] | ["Standard neoclassical economics asks what agents' actions, strategies, or expectations are in equilibrium with (consistent with) the outcome or pattern these behaviors aggregatively create. Agent-based computational economics enables us to ask a wider question: how agents' actions, strategies, or expectations might react to—might endogenously change with—the patterns they create. In other words, it enables us to examine how the economy behaves out of equilibrium, when it is not at a steady state. This out-of-equilibrium approach is not a minor adjunct to standard economic theory; it is economics done in a more general way. When examined out of equilibrium, economic patterns sometimes simplify into a simple, homogeneous equilibrium of standard economics; but just as often they show perpetually novel and complex behavior. The static equilibrium approach suffers two characteristic indeterminacies: it cannot easily resolve among multiple equilibria; nor can it easily model individuals' choices of expectations. Both problems are ones of formation (of an equilibrium and of an “ecology” of expectations, respectively), and when analyzed in formation—that is, out of equilibrium—these anomalies disappear."] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640902'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 32 Out-of-Equilibrium Economics and Agent-Based Modeling']
### Abstract:
["Standard neoclassical economics asks what agents' actions, strategies, or expectations are in equilibrium with (consistent with) the outcome or pattern these behaviors aggregatively create. Agent-based computational economics enables us to ask a wider question: how agents' actions, strategies, or expectations might react to—might endogenously change with—the patterns they create. In other words, it enables us to examine how the economy behaves out of equilibrium, when it is not at a steady state. This out-of-equilibrium approach is not a minor adjunct to standard economic theory; it is economics done in a more general way. When examined out of equilibrium, economic patterns sometimes simplify into a simple, homogeneous equilibrium of standard economics; but just as often they show perpetually novel and complex behavior. The static equilibrium approach suffers two characteristic indeterminacies: it cannot easily resolve among multiple equilibria; nor can it easily model individuals' choices of expectations. Both problems are ones of formation (of an equilibrium and of an “ecology” of expectations, respectively), and when analyzed in formation—that is, out of equilibrium—these anomalies disappear."]
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640902']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640910.jsonld | ['Chapter 31 Computational Laboratories for Spatial Agent-Based Models'] | ['An agent-based model is a virtual world comprising distributed heterogeneous agents who interact over time. In a spatial agent-based model the agents are situated in a spatial environment and are typically assumed to be able to move in various ways across this environment. Some kinds of social or organizational systems may also be modeled as spatial environments, where agents move from one group or department to another and where communications or mobility among groups may be structured according to implicit or explicit channels or transactions costs. This chapter focuses on the potential usefulness of computational laboratories for spatial agent-based modeling. Speaking broadly, a computational laboratory is any computational framework permitting the exploration of the behaviors of complex systems through systematic and replicable simulation experiments. By that definition, most of the research discussed in this handbook would be considered to be work with computational laboratories. A narrower definition of computational laboratory (or comp lab for short) refers specifically to specialized software tools to support the full range of agent-based modeling and complementary tasks. These tasks include model development, model evaluation through controlled experimentation, and both the descriptive and normative analysis of model outcomes. The objective of this chapter is to explore how comp lab tools and activities facilitate the systematic exploration of spatial agent-based models embodying complex social processes critical for social welfare. Examples include the spatial and temporal coordination of human activities, the diffusion of new ideas or of infectious diseases, and the emergence and ecological dynamics of innovative ideas or of deadly new diseases.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640910'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 31 Computational Laboratories for Spatial Agent-Based Models']
### Abstract:
['An agent-based model is a virtual world comprising distributed heterogeneous agents who interact over time. In a spatial agent-based model the agents are situated in a spatial environment and are typically assumed to be able to move in various ways across this environment. Some kinds of social or organizational systems may also be modeled as spatial environments, where agents move from one group or department to another and where communications or mobility among groups may be structured according to implicit or explicit channels or transactions costs. This chapter focuses on the potential usefulness of computational laboratories for spatial agent-based modeling. Speaking broadly, a computational laboratory is any computational framework permitting the exploration of the behaviors of complex systems through systematic and replicable simulation experiments. By that definition, most of the research discussed in this handbook would be considered to be work with computational laboratories. A narrower definition of computational laboratory (or comp lab for short) refers specifically to specialized software tools to support the full range of agent-based modeling and complementary tasks. These tasks include model development, model evaluation through controlled experimentation, and both the descriptive and normative analysis of model outcomes. The objective of this chapter is to explore how comp lab tools and activities facilitate the systematic exploration of spatial agent-based models embodying complex social processes critical for social welfare. Examples include the spatial and temporal coordination of human activities, the diffusion of new ideas or of infectious diseases, and the emergence and ecological dynamics of innovative ideas or of deadly new diseases.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640910']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640953.jsonld | ['Chapter 27 Market Design Using Agent-Based Models'] | ["This chapter explores the state of the emerging practice of designing markets by the use of agent-based modeling, with special reference to electricity markets and computerized (on-line) markets, perhaps including real-life electronic agents as well as human traders. The paper first reviews the use of evolutionary and agent-based techniques of analyzing market behaviors and market mechanisms, and economic models of learning, comparing genetic algorithms with reinforcement learning. Ideal design would be direct optimization of an objective function, but in practice the complexity of markets and traders' behavior prevents this, except in special circumstances. Instead, iterative analysis, subject to design criteria trade-offs, using autonomous self-interested agents, mimics the bottom-up evolution of historical market mechanisms by trial and error. The chapter highlights ten papers that exemplify recent progress in agent-based evolutionary analysis and design of markets in silico, using electricity markets and on-line double auctions as illustrations. A monopoly sealed-bid auction is examined in the tenth paper, and a new auction mechanism is evolved and analyzed. The chapter concludes that, as modeling the learning and behavior of traders improves, and as the software and hardware available for modeling and analysis improves, the techniques will provide ever greater insights into improving the designs of existing markets, and facilitating the design of new markets."] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640953'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 27 Market Design Using Agent-Based Models']
### Abstract:
["This chapter explores the state of the emerging practice of designing markets by the use of agent-based modeling, with special reference to electricity markets and computerized (on-line) markets, perhaps including real-life electronic agents as well as human traders. The paper first reviews the use of evolutionary and agent-based techniques of analyzing market behaviors and market mechanisms, and economic models of learning, comparing genetic algorithms with reinforcement learning. Ideal design would be direct optimization of an objective function, but in practice the complexity of markets and traders' behavior prevents this, except in special circumstances. Instead, iterative analysis, subject to design criteria trade-offs, using autonomous self-interested agents, mimics the bottom-up evolution of historical market mechanisms by trial and error. The chapter highlights ten papers that exemplify recent progress in agent-based evolutionary analysis and design of markets in silico, using electricity markets and on-line double auctions as illustrations. A monopoly sealed-bid auction is examined in the tenth paper, and a new auction mechanism is evolved and analyzed. The chapter concludes that, as modeling the learning and behavior of traders improves, and as the software and hardware available for modeling and analysis improves, the techniques will provide ever greater insights into improving the designs of existing markets, and facilitating the design of new markets."]
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640953']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831640988.jsonld | ['Chapter 24 Agent-based Computational Finance'] | ['This chapter surveys research on agent-based models used in finance. It will concentrate on models where the use of computational tools is critical for the process of crafting models which give insights into the importance and dynamics of investor heterogeneity in many financial settings.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640988'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 24 Agent-based Computational Finance']
### Abstract:
['This chapter surveys research on agent-based models used in finance. It will concentrate on models where the use of computational tools is critical for the process of crafting models which give insights into the importance and dynamics of investor heterogeneity in many financial settings.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831640988']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831641038.jsonld | ['Chapter 19 Agent-Based Models and Human Subject Experiments'] | ['This chapter examines the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled “laboratory” conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of human subject behavior have inspired studies using artificial agents in “computational laboratories” and vice versa. In certain cases, both methods have been used to examine the same phenomenon. The focus of this chapter is on the empirical validity of agent-based modeling approaches in terms of explaining data from human subject experiments. We also point out synergies between the two methodologies that have been exploited as well as promising new possibilities.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641038'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 19 Agent-Based Models and Human Subject Experiments']
### Abstract:
['This chapter examines the relationship between agent-based modeling and economic decision-making experiments with human subjects. Both approaches exploit controlled “laboratory” conditions as a means of isolating the sources of aggregate phenomena. Research findings from laboratory studies of human subject behavior have inspired studies using artificial agents in “computational laboratories” and vice versa. In certain cases, both methods have been used to examine the same phenomenon. The focus of this chapter is on the empirical validity of agent-based modeling approaches in terms of explaining data from human subject experiments. We also point out synergies between the two methodologies that have been exploited as well as promising new possibilities.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641038']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831641046.jsonld | ['Chapter 18 Agent Learning Representation: Advice on Modelling Economic Learning'] | ['This chapter presents an overview of the existing learning models in the economic literature. Furthermore, it discusses the choice of models that should be used under various circumstances and how adequate learning models can be chosen in simulation approaches. It gives advice for using the many existing models and selecting the appropriate model for each application.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641046'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 18 Agent Learning Representation: Advice on Modelling Economic Learning']
### Abstract:
['This chapter presents an overview of the existing learning models in the economic literature. Furthermore, it discusses the choice of models that should be used under various circumstances and how adequate learning models can be chosen in simulation approaches. It gives advice for using the many existing models and selecting the appropriate model for each application.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641046']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831641054.jsonld | ['Chapter 17 Computationally Intensive Analyses in Economics'] | ['Computer technology presents economists with new tools, but also raises novel methodological issues. This essay discusses the challenges faced by computational researchers, and proposes some solutions.'] | ['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641054'] | ['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation'] | Document
### Title: ['Chapter 17 Computationally Intensive Analyses in Economics']
### Abstract:
['Computer technology presents economists with new tools, but also raises novel methodological issues. This essay discusses the challenges faced by computational researchers, and proposes some solutions.']
### GND ID:
['gnd:4011152-0', 'gnd:4066528-8', 'gnd:4112736-5', 'gnd:4132280-0', 'gnd:4148259-1', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641054']
### GND class:
['Datenverarbeitung', 'Wirtschaftswissenschaften', 'Wirtschaftsinformatik', 'Ökonometrie', 'Computersimulation']
<|eot_id|> |
3A1831641070.jsonld | ['Subject Index of Volume 2'] | ['This chapter lists the important subjects that are discussed in the publication, such as ability to pay, assessment scale, backward induction, and others. The terms are mentioned along with the page numbers in which they are discussed in the publication.'] | ['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641070'] | ['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft'] | Document
### Title: ['Subject Index of Volume 2']
### Abstract:
['This chapter lists the important subjects that are discussed in the publication, such as ability to pay, assessment scale, backward induction, and others. The terms are mentioned along with the page numbers in which they are discussed in the publication.']
### GND ID:
['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641070']
### GND class:
['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft']
<|eot_id|> |
3A1831641089.jsonld | ['Author Index of Volume 2'] | ['This chapter lists the names of the authors who have contributed to Handbook of Defense Economics , Volume 2, Such as A. Abadie, P. Armington, M.J. Bailey, and others. Their names are mentioned along with the page numbers in which their names appear in the publication.'] | ['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641089'] | ['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft'] | Document
### Title: ['Author Index of Volume 2']
### Abstract:
['This chapter lists the names of the authors who have contributed to Handbook of Defense Economics , Volume 2, Such as A. Abadie, P. Armington, M.J. Bailey, and others. Their names are mentioned along with the page numbers in which their names appear in the publication.']
### GND ID:
['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641089']
### GND class:
['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft']
<|eot_id|> |
3A1831641127.jsonld | ['Chapter 34 Success and Failure in Defense Conversion in the ‘Long Decade of Disarmament’'] | ['The ‘long decade of disarmament’ between the mid-1980s and the late 1990s provides ample evidence of the effects of a substantial defense downturn. The chapter starts out with a brief discussion of various concepts of conversion, focusing on a resource-reuse perspective. This is followed by sections on measuring success and failure in the conversion of resources and putting such measures into the perspectives of broader economic theories of change and growth. The body of the chapter is a review of the analytical and comparative literature analyzing the benefits and costs of the reuse of six types of resources, namely government spending, military research and development facilities, defense production facilities, armed forces and defense industry personnel, military land and military equipment, including chemical weapons and nuclear material. The chapter concludes with a brief analysis of various government policies aiming at improving the rate of success of conversion.'] | ['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641127'] | ['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft'] | Document
### Title: ['Chapter 34 Success and Failure in Defense Conversion in the ‘Long Decade of Disarmament’']
### Abstract:
['The ‘long decade of disarmament’ between the mid-1980s and the late 1990s provides ample evidence of the effects of a substantial defense downturn. The chapter starts out with a brief discussion of various concepts of conversion, focusing on a resource-reuse perspective. This is followed by sections on measuring success and failure in the conversion of resources and putting such measures into the perspectives of broader economic theories of change and growth. The body of the chapter is a review of the analytical and comparative literature analyzing the benefits and costs of the reuse of six types of resources, namely government spending, military research and development facilities, defense production facilities, armed forces and defense industry personnel, military land and military equipment, including chemical weapons and nuclear material. The chapter concludes with a brief analysis of various government policies aiming at improving the rate of success of conversion.']
### GND ID:
['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641127']
### GND class:
['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft']
<|eot_id|> |
3A1831641135.jsonld | ['Chapter 33 The Arms Industry, Procurement and Industrial Policies'] | ["Weapons programs are criticized for cost overruns, delays in delivery and failure to meet their operational requirements. Critics focus on the power and influence of the military–industrial–political complex. This chapter addresses these controversial areas involving arms industries, alternative procurement policies and industrial policy. Arms industries are defined and statistics are presented on the world's arms industries. They can be analyzed as economically strategic industries where both R&D and production quantities are important and lead to decreasing cost industries reflecting economies of scale and learning. A structure-conduct-performance approach is applied. Market conduct is assessed including defense R&D and the role of the military–industrial–political complex. Market performance is reviewed by assessing contract performance, firm productivity and profitability and exports. Governments are central to understanding arms markets and weapons procurement raises both theory and policy issues. There are principal-agent problems and issues of adverse selection, moral hazard, risk sharing and bilateral monopoly. Various types of contract are available, each with different efficiency incentives. Governments can also use their buying power to determine the size, structure and performance of a nation's defense industrial base (DIB). The benefits and costs of a national DIB are assessed and three policy issues and challenges are reviewed. These are the role of competition in arms procurement, its extension to military outsourcing and the profitability of non-competitive contracts. Alternative industrial policies are a further aspect of procurement policy. Guidelines for a defense industrial policy in a military alliance are outlined together with an assessment of European collaborative programs. The Chapter concludes by speculating on the future of the defense firm and proposing an agenda for future research in the field."] | ['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641135'] | ['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft'] | Document
### Title: ['Chapter 33 The Arms Industry, Procurement and Industrial Policies']
### Abstract:
["Weapons programs are criticized for cost overruns, delays in delivery and failure to meet their operational requirements. Critics focus on the power and influence of the military–industrial–political complex. This chapter addresses these controversial areas involving arms industries, alternative procurement policies and industrial policy. Arms industries are defined and statistics are presented on the world's arms industries. They can be analyzed as economically strategic industries where both R&D and production quantities are important and lead to decreasing cost industries reflecting economies of scale and learning. A structure-conduct-performance approach is applied. Market conduct is assessed including defense R&D and the role of the military–industrial–political complex. Market performance is reviewed by assessing contract performance, firm productivity and profitability and exports. Governments are central to understanding arms markets and weapons procurement raises both theory and policy issues. There are principal-agent problems and issues of adverse selection, moral hazard, risk sharing and bilateral monopoly. Various types of contract are available, each with different efficiency incentives. Governments can also use their buying power to determine the size, structure and performance of a nation's defense industrial base (DIB). The benefits and costs of a national DIB are assessed and three policy issues and challenges are reviewed. These are the role of competition in arms procurement, its extension to military outsourcing and the profitability of non-competitive contracts. Alternative industrial policies are a further aspect of procurement policy. Guidelines for a defense industrial policy in a military alliance are outlined together with an assessment of European collaborative programs. The Chapter concludes by speculating on the future of the defense firm and proposing an agenda for future research in the field."]
### GND ID:
['gnd:4063255-6', 'gnd:4065004-2', 'gnd:4115806-4', 'gnd:4132793-7', 'gnd:4134037-1', 'gnd:4134192-2', 'https://www.tib.eu/de/suchen/id/TIBKAT%3A1831641135']
### GND class:
['Militärausgaben', 'Militärpolitik', 'Rüstungsindustrie', 'Militärökonomie', 'Kriegswirtschaft', 'Rüstungswirtschaft']
<|eot_id|> |
Subsets and Splits