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Journal articles on the topic 'Microeconomics – Mathematical models'
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1
Ahmed, Asad, Osman Hasan, Falah Awwad, and Nabil Bastaki. "Formalization of Cost and Utility in Microeconomics." Energies 13, no. 3 (February 6, 2020): 712. http://dx.doi.org/10.3390/en13030712.
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Cost and utility modeling of economics agents based on the differential theory is fundamental to the analysis of the microeconomics models. In particular, the first and second-order derivative tests are used to specify the desired properties of the cost and utility models. Traditionally, paper-and-pencil proof methods and computer-based tools are used to investigate the mathematical properties of these models. However, these techniques do not provide an accurate analysis due to their inability to exhaustively specify and verify the mathematical properties of the cost and utility models. Additionally, these techniques cannot accurately model and analyze pure continuous behaviors of the economic agents due to the utilization of computer arithmetic. On the other hand, an accurate analysis is direly needed in many safety and cost-critical microeconomics applications, such as agriculture and smart grids. To overcome the issues pertaining to the above-mentioned techniques, in this paper, we propose a theorem proving based methodology to formally analyze and specify the mathematical properties of functions used in microeconomics modeling. The proposed methodology is primarily based on a formalization of the derivative tests and root analysis of the polynomial functions, within the sound core of the HOL-Light theorem prover. We also provide a formalization of the first-order condition, which is used to analyze the maximum of the profit function in a higher-order-logic theorem prover. We then present the formal analysis of the utility, cost and first-order condition based on the polynomial functions. To illustrate the usefulness of proposed formalization, the proposed formalization is used to formally analyze and verify the quadratic cost and utility functions, which have been used in an optimal power flow problem and demand response (DR) program, respectively.
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Upadhyaya, Yadav Mani. "Mathematical Analysis in Static Equilibrium of Economics: as Support to Microeconomics Course." Interdisciplinary Journal of Management and Social Sciences 1, no. 1 (October 1, 2020): 135–48. http://dx.doi.org/10.3126/ijmss.v1i1.34618.
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Microeconomics studies the economic behavior of individual decision-makers. To be able to make sound decisions in economics, the economist has designed mathematical models based on the differentiation of simple functions. Economics and mathematics are directly related as changes in quantities and variables affect the relationship and the direction of the consumer behavior to become better –off or worse-off. The main objectives of this study are microeconomic theories that may simplify or easily understandable through the mathematical calculation to illustrate the examples and calculate the equilibrium positions numerically. The study also aims to provide mathematical tools that manage to determine all the information necessary for decision making from a broad vision. The relationship between quantity and price may be better explained through mathematical notations. The supply and demand curve is designed to find the equilibrium point and it is better explained through mathematical equations. To explain, the methodology is used for a simple mathematical function of price with the help of a simple linear and nonlinear model of static analysis of the market equilibrium of Qd=Qs. This study concludes that it will greatly help college students, professionals, entrepreneurs, and in general anyone presents solved exercise and proposes problems, for the student to solve cases create graphs, table, and interpret and analyze results in the market and thus fixing the knowledge.
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Dyatel, E. P. "The Status of Economic Theory as a Scientific and Educational Discipline." Zhurnal Economicheskoj Teorii 18, no. 3 (2021): 374–88. http://dx.doi.org/10.31063/2073-6517/2021.18-3.4.
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The article examines the place of economic theory in the structure of scientific knowledge and its role in creating human capital. The comparative analysis focuses on the way knowledge is organized in natural (physics) and social (economics) disciplines. It is suggested that theoretical economics lies at the core of economic science, and there is also a protective belt of «auxiliary hypotheses» (I. Lakatos) comprising a range of economic theories (from political economy to neo-institutional economics) appears. Their categorical foundation coincides with objective knowledge (in the terminology of K. Popper), which should include basic categories, logical and mathematical methods, micro-economic bases of analysis, etc. Microeconomics is aimed at building mathematical models that reflect the rational behavior of economic agents. Its in-depth study is the prerogative of «textbooks for scientists» (in the classification of B. Bolzano). Within the higher education system, ‘microeconomic theory’ is studied at the level of postgraduate studies, which means that the disciplines that form the core of the economic science should be studied more intensively at the Bachelor’s and Master’s levels. In Master’s programs, what comes to the fore is the ‘textbooks for business people’ or the economy of industrial markets. The economy of industrial markets and other similar disciplines based on the categorical foundation of microeconomics offer practically oriented training (case studies and know-how). The content of economic theories includes a worldview component, which largely coincides with implicit (personal) knowledge (in the interpretation of M. Polanyi). This is where originates the critical attitude towards previous theories and progressive trends in the development of economic science. The factor that contributes to the formation of the ‘economic way of thinking’ (textbooks addressed to wider public) in the senior classes of specialized schools or at the level of Bachelor’s programs.
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Zhumadillayeva, Ainur, Batyr Orazbayev, Saya Santeyeva, Kanagat Dyussekeyev, Rita Yi Man Li, M. James C. Crabbe, and Xiao-Guang Yue. "Models for Oil Refinery Waste Management Using Determined and Fuzzy Conditions." Information 11, no. 6 (June 3, 2020): 299. http://dx.doi.org/10.3390/info11060299.
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This study developed models to solve problems of optimisation, production, and consumption in waste management based on methods of system analysis. Mathematical models of the problems of optimisation and sustainable waste management in deterministic conditions and in a fuzzy environment were formulated. The income from production was maximised considering environmental standards that apply to the field of macroeconomics and microeconomics. The proposed approach used MANAGER software to formalise and solve the problem of revenue optimisation with production waste management to optimise the production of oil products with waste management at a specific technological facility of the Atyrau oil refinery in Kazakhstan. Based on the combined application of the principles of maximin and Pareto optimality, a formulation of the problem of production optimisation with waste management was obtained and a heuristic algorithm for solving the formulated fuzzy optimisation problem with waste management was developed.
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Hladká, Marie, and Vladimír Hyánek. "Motives for Donating: What Inspires Our Decisions to Make a Donation to Non-profit Organisations?" Review of Economic Perspectives 15, no. 4 (December 1, 2015): 357–82. http://dx.doi.org/10.1515/revecp-2015-0026.
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Abstract Motivation represents a foundation cornerstone on which analyses in a number of humanities and social sciences are built. For a long time, economists have seen motivation as connected with the act of giving, trying to interpret it in the context of the neoclassical economics assumptions. The objective of this paper is to find answers to the question of what mainly motivates the Czech population in their decisions to make a donation and whether there is any interdependence among such motives. We also ask what the relationship is between the determining motives and the rate or frequency of donating. The donation models that we analyze and use as the basis of our research are nowadays considered being the principal or at least interesting donation models commonly taken into account by economists in their work. We have only focused on selected microeconomics models to make the text clearly targeted; specifically, we are examining the public goods model, private consumption model investment model and impure altruism model. The data were collected through a questionnaire survey and analysed by means of mathematical-statistical methods that are commonly used in similar cases, such as descriptive statistics, the Pearson correlation coefficient and the ANOVA method based on the F-test. The empirical testing confirmed several assumptions connecting with this type of a research; however, our paper opened a space for a follow-up research, too.
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YANKOVYI, Oleksandr, and Volodymyr YANKOVYI. "CAPITAL-LABOR RATIO IN UKRAINE’S MACHINE BUILDING: REALITY AND OPTIMALITY." Economy of Ukraine 2018, no. 8 (August 14, 2018): 16–29. http://dx.doi.org/10.15407/economyukr.2018.08.016.
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The article examines the situation of appearance of a non-optimal capital-labor ratio on the basis of a comparison of the relative speed of the dynamics of indicators of labor productivity, capital productivity and capital-labor ratio in machine building industry of Ukraine in recent years. Mathematical determination of the optimal capital-labor ratio is substantiated on the basis of production functions taking into account dynamics of the most important indicators of economic activity, presented in value terms. Methodological and applied aspects of the use of the equimarginal principle from microeconomics are discussed to determine the optimal capital-labor ratio within the limits of substitutional production functions. It is proved that at the point of optimal capital-labor ratio, the marginal rate of replacement of production factors’ substitution is equal to one. The resulting conclusion is used as a basis for development of a procedure for finding optimum capital-labor ratio using econometric models, which adequately describe the relationship of time series of product sales, basic productive assets and labor costs based on substitutional production functions. The use of the proposed procedure for determining the optimal capital-labor ratio is carried out on the example of the Cobb-Douglas-Tinbergen production function, the dynamised CES-function and the linear function. The methodological recommendations on calculation of unknown parameters are presented for these functions, as well as the formulas of optimal capital-labor ratio with indicated extreme values of products sold and the total costs for basic production assets and labor payment. The obtained theoretical results are tested according to the data of Ukraine’s machine building. The hypothesis about non-optimal capital-labor ratio in 2007-2015 is confirmed in terms of volumes of sales of the industry production. It turns out that for the analyzed period of time, the basic production assets of machine building were relatively abundant compared with the payment of labor. In 2016-2017, a positive trend begins in dynamics of the capital-labor ratio in the industry to a certain reduction and a gradual approach to the optimal value.
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Forni, Mario, and Marco Lippi. "Aggregation of linear dynamic microeconomic models." Journal of Mathematical Economics 31, no. 1 (February 1999): 131–58. http://dx.doi.org/10.1016/s0304-4068(98)00060-3.
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Koen, C. "Toward realistic microeconomic models of mineral exploitation: Part 1." Applied Mathematical Modelling 10, no. 2 (April 1986): 119–24. http://dx.doi.org/10.1016/0307-904x(86)90082-x.
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Koen, C. "Towards realistic microeconomic models of mineral exploitation: Part 2." Applied Mathematical Modelling 10, no. 2 (April 1986): 125–28. http://dx.doi.org/10.1016/0307-904x(86)90083-1.
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Koen, Chris. "Towards realistic microeconomic models of mineral exploitation: part 3." Applied Mathematical Modelling 12, no. 3 (June 1988): 336–39. http://dx.doi.org/10.1016/0307-904x(88)90043-1.
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Föllmer, Hans, and Martin Schweizer. "A Microeconomic Approach to Diffusion Models For Stock Prices." Mathematical Finance 3, no. 1 (January 1993): 1–23. http://dx.doi.org/10.1111/j.1467-9965.1993.tb00035.x.
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Macmillan, W. D. "General Economic Equilibrium with Dispersed Preferences over Discrete Alternatives: An Existence Proof Using Optimisation." Environment and Planning A: Economy and Space 27, no. 12 (December 1995): 2019–33. http://dx.doi.org/10.1068/a272019.
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This paper is concerned with the foundations of urban spatial interaction modelling but is cast in a more general form. Its purpose is to establish a sound microeconomic basis for the construction of CGE (computable general equilibrium) models of cities. It is based on three premises: (1) before trying to compute equilibria, it is prudent to show that they exist; (2) careful consideration of the circumstances under which they exist is advantageous both technically and theoretically; (3) by constructing an existence proof which centres on a mathematical programming problem, it is possible to forge a direct connection between the programming-based spatial interaction modelling literature and general equilibrium theory.
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Ikeda, K., H. Aizawa, Y. Kogure, and Y. Takayama. "Stability of Bifurcating Patterns of Spatial Economy Models on a Hexagonal Lattice." International Journal of Bifurcation and Chaos 28, no. 11 (October 2018): 1850138. http://dx.doi.org/10.1142/s0218127418501389.
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Self-organization of spatial patterns is investigated for a scalar field of a system of locations on a hexagonal lattice. Group-theoretic bifurcation analysis is conducted to exhaustively try and find possible bifurcating patterns. All these patterns are proved to be asymptotically unstable for general spatial economic models in new economic geography. Microeconomic interactions among the locations are expressed by a spatial economy model and all bifurcating patterns are demonstrated to be unstable by numerical bifurcation analysis.
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Baaquie, Belal E. "Statistical microeconomics and commodity prices: theory and empirical results." Philosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering Sciences 374, no. 2058 (January 13, 2016): 20150104. http://dx.doi.org/10.1098/rsta.2015.0104.
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A review is made of the statistical generalization of microeconomics by Baaquie (Baaquie 2013 Phys. A 392, 4400–4416. ( doi:10.1016/j.physa.2013.05.008 )), where the market price of every traded commodity, at each instant of time, is considered to be an independent random variable . The dynamics of commodity market prices is given by the unequal time correlation function and is modelled by the Feynman path integral based on an action functional . The correlation functions of the model are defined using the path integral. The existence of the action functional for commodity prices that was postulated to exist in Baaquie (Baaquie 2013 Phys. A 392, 4400–4416. ( doi:10.1016/j.physa.2013.05.008 )) has been empirically ascertained in Baaquie et al. (Baaquie et al. 2015 Phys. A 428, 19–37. ( doi:10.1016/j.physa.2015.02.030 )). The model's action functionals for different commodities has been empirically determined and calibrated using the unequal time correlation functions of the market commodity prices using a perturbation expansion (Baaquie et al. 2015 Phys. A 428, 19–37. ( doi:10.1016/j.physa.2015.02.030 )). Nine commodities drawn from the energy, metal and grain sectors are empirically studied and their auto-correlation for up to 300 days is described by the model to an accuracy of R 2 >0.90—using only six parameters.
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Robson, Edward, and Vinayak V. Dixit. "Constructing a Database for Computable General Equilibrium Modeling of Sydney, Australia, Transport Network." Transportation Research Record: Journal of the Transportation Research Board 2606, no. 1 (January 2017): 54–62. http://dx.doi.org/10.3141/2606-07.
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In the search for benefits to justify transport projects, economic appraisals have increasingly incorporated the valuation of impacts to the wider economy. Computable general equilibrium (CGE) models provide a framework to estimate these impacts by simulating the interactions of urban economies and transport networks. In CGE models, households and firms are represented by microeconomic behavioral functions, and markets adjust according to prices. As markets both inside and outside the transport network are taken into account, a wide variety of measures that can assist in economic appraisals can be extracted. However, urban CGE models are computationally burdensome and require detailed, spatially disaggregate data. This paper discusses the methodology used to develop a database, including an input–output table, for the calibration of an urban CGE model for Sydney, Australia. Official and publicly available data sources were manipulated by using a number of mathematical and statistical techniques to compile a table for 249 regions and 20 sectors across Sydney. Issues, such as determining the appropriate level of aggregation, generating incomplete data, and managing conflicting data, that other input–output table developers may encounter when constructing multiregional tables were addressed in the study. The table entries themselves were mapped and explored, as they provide a useful study of the spatial economy of Sydney. Future work will focus on streamlining the construction of input–output tables and incorporating new data sources.
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Parte, Laura, and Pilar Alberca. "Business Performance and Sustainability in Cultural and Rural Tourism Destinations." Mathematics 9, no. 8 (April 16, 2021): 892. http://dx.doi.org/10.3390/math9080892.
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This study analyzes business performance through efficiency score estimation in two sustainable tourism models: cultural tourism and rural tourism. The study uses microeconomic data (microdata) of Spanish firms with different characteristics in terms of size, region, location and financial variables. Using multistage modeling (Data envelopment analysis, DEA, non-parametric frontier and non-parametric tests), the main results show that the average efficiency is higher for rural tourism destinations than for cultural tourism destinations. Similar to other tourism industries, efficiency results by geographical and regional destination confirm that location is a driver of the efficiency levels in rural and cultural tourism destinations. Furthermore, the results do not support the scale economies hypothesis: the average efficiency is higher for very small firms compared to other firm sizes, although the average efficiency for large firms is higher than that for medium-size firms. Regarding dynamic efficiency, the results reveal slight variations among the years examined, but the differences are not statistically significant. Finally, the study sheds light on the link between the efficiency of rural tourism and sustainable practices as the investment in environmental protection developed by regions during the period.
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STASHCHUK, Olena. "COMMUNICATIVE PARADIGM IN THE RESEARCH OF JOINT STOCK COMPANIES FINANCIAL SECURITY." WORLD OF FINANCE, no. 1(58) (2019): 19–27. http://dx.doi.org/10.35774/sf2019.01.019.
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Introduction. The development of the information society requires the application of the bases of the communicative approach in the process of researching the financial security of joint stock companies. This is due to the high level of sensitivity of corporate structures to the quality, completeness and timeliness of financial information and, as a consequence, can lead to a decrease in the efficiency of financial and economic activity of joint stock companies and the level of their financial security. The purposeof the article is to outline the place of the communicative paradigm in the scientific knowledge of the financial security of joint stock companies, to identify its main characteristics. On this basis, there is a need for structuring financial communications of the financial security system of joint stock companies. Results. The results of the study allowed to establish such basic essential characteristics of the communicative paradigm in the study of financial security of joint stock companies, such as multisubjectivity, multilevelness, intersubjectivity, equality of control subjects, flexibility and dynamism of the structure of the subject of management. It is established that in the structure of financial communications of the financial security system of joint stock companies are allocated intangible, basic and derivative. The author's approach to understanding the methodology of scientific knowledge of financial security of joint stock companies as an interconnection of financial resources of corporate structures and the formation of relevant financial information with the aim of regulating the interests and intentions of all stakeholders is proposed. Conclusions. Construction of the methodology of scientific knowledge of financial safety of joint stock companies on the basis of the above mentioned methodological approaches can contribute to the formation of a real assessment of the latest trends in the formation of financial security of joint stock companies, the identification of weaknesses and the risks of their mplementation in the context of existing macroeconomic and microeconomic threats, as well as substantiation of effective directions for increasing financial security. We believe that the application of such scientific approaches to the study of financial security of joint stock companies will also enhance the quality of the use of mathematical tools in financial science, a more detailed study of the basic models of the functioning of the finances of joint stock companies, the accumulation of empirical data.
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Турекулова, Д. М., К. Н. Оразбаева, М. Н. Ниязов, А. И. Естурлиева, D. Turekulova, K. Orazbayeva, M. Niyazov, and A. Yesturliyeva. "Economic model for improving the state management of production waste." Вестник Казахского университета экономики, финансов и международной торговли, no. 4 (November 19, 2020). http://dx.doi.org/10.52260/2304-7216.2020.4(41).3.
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В статье приведены результаты исследования по построению и описанию экономической модели, которая применима для совершенствования государственного управления отходами производства промышленных предприятий. Показано, что для решения задач государственного управления отходами производства промышленных предприятий и потребления с учетом их антропогенных воздействий на окружающую природную среду, можно эффективно применить методы экономико-математического моделирования и оптимизации. Определены основные виды показателей и загрязнения, которые следует учитывать при экономико-экологическом моделировании и оптимизации производства. Проанализированы исследовательские работы, в которых рассмотрены вопросы прогнозирования экономического и экологического состояния экономико-экологических систем. Предложено математическое описание основных показателей экономико-экологической системы. Также в статье сформулированы задачи оптимизации производства по экономическим критериям с учётом экологических требований и нормативов, и предложен подход к её решению. Предложена универсальная модель, которая может быть использована для целей микроэкономики на уровне любого предприятия, промышленного комплекса, отраслевого выпуска продукции. Новизна и оригинальность полученных результатов от других известных моделей в том, что построенная модель применима в области макроэкономики. Кроме того, сформулированная задача оптимизации производства на основе этой предложенной модели, позволяет оптимизировать производство с учётом экологических критериев и ограничений. The article presents the results of a study on the construction and description of an economic model that is applicable to improve the state management of industrial waste. The main types of indicators and pollution that should be taken into account in economic and environmental modeling and production optimization have been determined. Analyzed research works in which the issues of forecasting the economic and ecological state of economic and ecological systems are considered. A mathematical description of the main indicators of the economic and ecological system is proposed. Also, the article formulates the task of optimizing production according to economic criteria, taking into account environmental requirements and standards, and an approach to its solution is proposed. A universal model is proposed that can be used for the purposes of microeconomics at the level of any enterprise, industrial complex, and industrial output. The novelty and originality of the results obtained from other well-known models is that the constructed model is applicable in the field of macroeconomics. In addition, the formulated production optimization problem based on this proposed model allows production to be optimized taking into account environmental criteria and restrictions
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Junhui, Li. "Transaction Cost and the Theory of Games: The “Prisoners’ Dilemma” as an Example." Man and the Economy, June 22, 2020. http://dx.doi.org/10.1515/me-2020-0006.
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AbstractSince mathematician John von Neumann and economist Oskar Morgenstern introduced the theory of games as a branch of modern mathematics into Economics, it has become rather prevalent, and it is even thought to be able to rewrite the whole microeconomics, that is to say, replace the frame of economic theory found by Marshall in “Principles of Economics”. But this paper will show that there are two frauds in the “Prisoners’ Dilemma”, one of the classical models in the theory of games. One is the missing calculation of costs of “cooperative solution”, the other is invalidity of “cooperative solution” when adopted to explain the phenomenon in economy or business field, because of misleading by the wrong definition of Monopoly. Oligarchs cannot increase the monophonic degree, even if they cooperate or collide to decrease the productions. But the fundamental problem of the prisoners’ dilemma lies in ad hoc theory. There are transaction costs in cooperation, which is the key constraint. Some special ways (such as repeated game) to decrease transaction costs in special cases are not key factors. This problem exists in all models of the theory of games, so it is its Achilles’ heel.