This book contributes to re cent developments on the statistical analysis of multiple time series in the presence of regime shifts. Markov-switching models have become popular for modelling non-linearities and regime shifts, mainly, in univariate eco- nomic time series. This study is intended to provide a systematic and operational ap- proach to the econometric modelling of dynamic systems subject to shifts in regime, based on the Markov-switching vector autoregressive model. The study presents a comprehensive analysis of the theoretical properties of Markov-switching vector autoregressive...

Economic agents interact in structural relationships through time and space. This work starts from the empirical observation that all three dimensions, namely time, space, and structural functional forms, are important for an integrative framework of modern empirical analysis in regional science.

Disasters like floods, hurricanes, chemical or nuclear accidents may cause the necessity to evacuate the affected area. The evacuation ofthe urban area needs to be planned carefully. One issue is the reorganization of the traffic routing. Congested urban areashave usually complex street networks that are composed of many intersections with streets connecting them. The population density of a congested urban area is usually high and the street network is already used to capacity during rush hour traffic. The considered problem of this work is the reorganization of the traffic routing of an...

This book presents a collection of papers addressing the application of artificial economics (AE) to a variety of issues related to macroeconomics, industrial organization, networks, management, finance, as well as purely methodological issues.

Supply chain management (SCM) strives for creating competitive advantage and value for customers by integrating business processes from end users through original suppliers. However, the question of how SCM influences the value of a firm is not fully answered. Various conceptual frameworks that explain the coherence of SCM and company value, comprehended as value-based SCM, are well accepted in scientific research, but quantitative approaches to value-based SCM are found rather seldom. The book contributes to this research gap by proposing quantitative models that allow for assessing...

The class of interest rate models introduced by O. Cheyette in 1994 is a subclass of the general HJM framework with a time dependent volatility parameterization. This book addresses the above mentioned class of interest rate models and concentrates on the calibration, valuation and sensitivity analysis in multifactor models. It derives analytical pricing formulas for bonds and caplets and applies several numerical valuation techniques in the class of Cheyette model, i.e. Monte Carlo simulation, characteristic functions and PDE valuation based on sparse grids. Finally it focuses on the...

​A major problem arising in airline alliances is to design allocation mechanisms determining how the revenue of a product should be shared among the airlines. The nucleolus is a concept of cooperative game theory that provides solutions for allocating the cost or benefit of a cooperation. This work provides fair revenue proportions for the airline alliances based on the nucleolus, which assumes a centralized decision making system. The proposed mechanism is used as a benchmark to evaluate the fairness of the revenue sharing mechanisms, where the alliance partners behave selfishly....

This book gives the historical development, explanations of technical specifications, and a basic understanding of how to use different equilibrium models in an applied framework. It contains an accessible analytical survey of economic equilibrium models, including multi-sector programming models (linear and quadratic) and the computable general equilibrium (CGE) model. The book introduces the importance of disinvestment, and hence, a model of economic transformation is developed. Finally, the globalisation process of the production system is examined.The equilibrium models in this book are...

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