Modern welfare economics as it is known today to economists took its final shape with the emergence of the Arrow-Debreu model. The classical conjectures about the beneficient workings of markets together with the converse statement, that optimal (in the sense of Pareto) allocations may be sustained by prices and markets, has laid a firm foundation for further research in welfare economics. But more than that, it has inspired researchers to take up entirely new topics, notably by closer considerations of situations where the assumptions of the original model may seem overly restrictive. One of...

In recent years, the scientific interest in the complex relationship between technological change, employment and regional growth has ex- hibited a fast growth. Despite the upswing in attention for the inter- actions between the components of this 'triangle', research efforts in this area are still severely hampered by lack of theoretical and em- pirical insights. The present volume aims at providing a refreshing look at this trian- gle against the background of recent discussions on structural econom- ic changes, technological innovations and labour market dynamics. In particular the...

These Proceedings report the scientific results of an International Workshop on Large-Scale Modelling and Interactive Decision Analysis organized Jointly by the System and Decision Sciences Program of the International Institute for Applied Systems Analysis (IIASA, located in Laxenburg, Austria), and the Institute for Informatics of the Academy of Sciences of the GDR (located in Berlin, GDR). The Workshop was held at a historically well-known place - the Wartburg Castl- near Eisenach (GDR). (Here Martin Luther translated the Bible into German.) More than fifty scientists representing thirteen...

I. The Topic and the structure of the Proceedings The papers in this book are the proceedings of a conference held at the Economics Department of the Graduate Faculty of the New School for Social Research in March 1985 in New York for which financial support was provided by .the West German Consulate. The topic of the conference was "Competition, Instability, and Nonlinear Cycles." A number of mathematical economists from Italy, West Germany, France, Japan, and the u.s. were invited as participants in this meeting. The conference was preceded by two other conferences in which several of the...

This material is based upon work supported by the National Science Foundation under grant #SES-8410190. Any opinions, findings, and conclusions or recommendations expressed in this publication are those of the authors and do not necessari~y reflect the views of the National Science Foundation. This support was crucial to the completion of this project, and we are grateful for it. As is usually the case when doing academic research, we are also indebted to a number of individuals. Robert Gillingham, John Greenlees, Jack Triplett, and Paul Harte-Chen freely gave of their time to share their...

The neglect of time in general and of the time structure of production in particular in mainstream economics led to the rebirth of the Austrian tradition in the seventies. The names of BERNHCLZ, HICKS, KIRZNER and VON WEIZSACKER are representative of different approaches. In 1979 my "Introduction to Modern Austrian Capital Theory" appeared, in which I unified various papers BERNHOLZ and I had written. I also linked our approach to those of VON NEUMANN, of HICKS and of neoclassical capital theory. These "Studies" supplement and continue my "Introduction" in various ways. With all the authors...

This volume presents the results of the 6th Input-Output Meeting, organized in Warsaw, Poland, December 16-18, 1985 by IIASA and the Institute of Econometrics and Statistics, University of Lodz. The main aim of the meeting was to demonstrate the use of integrated input-output models in economic policy making, both at the national and the industrial level.

This book is a treatise on empirical microeconomics: it describes the econometric theory of qualitative choice models and the empirical practice of modeling consumer demand for a heterogeneous commodity, housing. Accordingly, the book has two parts. The first part gives a self-contained survey of discrete choice models with emphasis on nested and related multinomial logit models. The second part concentrates on three sUbstantive questions about housing demand and how they can be answered using discrete choice models. Why combine these two distinct parts in one book? It is the interaction...

This book uses the methods of statistical time-series analysis to characterize the stochastic structure of seven major dollar spot exchange rates, at both weekly and monthly frequencies, during the recent floating-rate regime 1973-1985. While the conditional-mean behaviour of each exchange rate is close to a random walk, the conditional variances are found to have strongly time-varying volatility. Models of autoregressive conditional heteroskedasticity (ARCH) are estimated and used to explain unconditional exchange-rate leptokurtosis (as well as convergence to normality under temporal...