New Directions in Computational Economics

New Directions in Computational Economics

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New Directions in Computational Economics brings together for the first time a diverse selection of papers, sharing the underlying theme of application of computing technology as a tool for achieving solutions to realistic problems in computational economics and related areas in the environmental, ecological and energy fields. Part I of the volume addresses experimental and computational issues in auction mechanisms, including a survey of recent results for sealed bid auctions. The second contribution uses neural networks as the basis for estimating bid functions for first price sealed bid auctions. Also presented is the `smart market' computational mechanism which better matches bids and offers for natural gas. Part II consists of papers that formulate and solve models of economics systems. Amman and Kendrick's paper deals with control models and the computational difficulties that result from nonconvexities. Using goal programming, Nagurney, Thore and Pan formulate spatial resource allocation models to analyze various policy issues. Thompson and Thrall next present a rigorous mathematical analysis of the relationship between efficiency and profitability. The problem of matching uncertain streams of assets and liabilities is solved using stochastic optimization techniques in the following paper in this section. Finally, Part III applies economic concepts to issues in computer science in addition to using computational techniques to solve economic models.Depending on the decision problem and the issues under investigation, each a e Aaquot; can be a machine instruction for a ... Each experiment results in the decision maker receiving some signal (e.g., test driving the Dodge Caravan reveals that it anbsp;...

Title:New Directions in Computational Economics
Author:William W. Cooper, Andrew B. Whinston
Publisher:Springer Science & Business Media - 2012-12-06


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