# Tag Info

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A good starting point which should be accessible to people at all levels is the book "Guns, Germs, and Steel" by Jared Diamond. I believe this is one of the first and main seminal works in this area. That being said, it is not settled science that geography (alone) can doom a country's economy.

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If in equilibrium, a player "chooses a mixed strategy" that plays $H$ and $T$ with positive probability, $H$, and $T$ must be both optimal choices. It is a standard result that for a (subjective or objective) expected utility maximizer, randomizing can only be optimal if it is over pure optimal choices. This is a direct consequence of expected ...

7

It may be interesting to exploit the homothetic separability of the CES utility function in $x$. It implies that $$\frac{x_i}{x_j} = \left( \frac{\alpha_i}{\alpha_j}\frac{p_j}{p_i} \right)^\sigma$$ and after $log$-transformation: $$\ln(x_i) - \ln(x_j) = \beta_{ij} + \sigma (\ln(p_j) - \ln(p_i)).$$ After adding a random term, this specification could be ...

7

You ask for sources on MMT and then sources on development of monetary theory. I don't know about the former (but I know there are some users here who are fans of MMT so hopefully they will hook you up with some good sources) but when it comes to the latter then a classic text that covers development of contemporary monetary theory is Walsh Monetary Theory ...

6

The reason why you cant find any sources on this is that you seem to be confused about what development economics and those different schools of economics are. I will first address the confusion and then give you references for some of the sources you requested. Confusion about different terms: First, development economics is a positive not normative field. ...

6

For Modern Monetary Theory, this is a list of textbooks/books that I used in a primer. Macroeconomics, by William Mitchell, L. Randall Wray, and Martin Watts. Red Globe Press, 2019. ISBN: 978-1-137-61066-9 (Note: This is an undergraduate text, and is an overall heterodox approach to economics. Would need to be supplemented by more advanced materials for ...

6

The book I currently use for my time series class is "Time Series Analysis and Its Applications With R Examples" by Shumway and Stoffer, 4th edition. It's served me fine, and gives lots of example codes that you can plug into R and see what happens with example data.

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As suggested by 1muflon1: I don't really use dynamic discrete optimization (yet) in my work, but I did explore several books once. Here are some suggestions: Economic Dynamics: Theory and Computation by John Stachurski: It's very easy to fall in love with this guy. He writes casually yet authoritatively. The book covers required real analysis and includes ...

6

I think it has to do with declining interest in Marxian economics. In the past the Marxian economics, especially the one in Sraffian tradition had much wider appeal. The rate of profit was an important metric in Marxian economics, since Marxian economics makes several important predictions about the rate of profit in 'capitalist' economies (e.g. the ...

5

In 2008 the American Economic Association (AEA) created a reproducible research requirement about posting the code and the data for their papers. According to analysis done by the AEA Data Editor Vilhuber, Turrito, and Welch (2020), Stata and Matlab were by far the most dominant software used in these submissions (see figure below, the raw data are here). ...

5

This answer closely follows the logic of estimation of translog cost function presented in Section 4.7 of Fumio Hayashi's "Econometrics". Define for convenience the CES aggregate price index $P:=(\sum_i \alpha_i^\sigma p_i^{1-\sigma})^\frac{1}{1-\sigma}$. Then the Marshallian demand system in log form can be written as a system of linear equations $... 5 The real-life question is "how do you persuade people to use mixed strategies"? To stick with your example, Consider a person that has to make a binary choice$(H, T)$, and, after contemplation, they conclude that the optimal strategy is the mixed strategy$(2/3, 1/3)$. I have never know of anyone putting two red and one blue ball in a vase and ... 5 Here is the sketch of a proof. All we need is that every continuous weak order on each$X_i$admits a continuous utility representation. One sufficient condition is that each$X_i$is a connected separable topological space by a theorem of Eilenberg. A proof of Eilenberg's theorem is given in Debreu's book Theory of Value. Debreu assumes the domain there ... 4 In this comment I simply show that Under certain assumptions the problem is not an estimation problem, there is an exact solution for$\sigma$and a solution for the structural errors$\alpha_i$up to a normalisation. The demand system considered is described by the Marshall demand function$$x_k^\star(p,M) = \left(\frac{\alpha_j}{p_j}\right)^{\sigma}\frac{... 4 As mentioned by @BBKing, "Guns, Germs, and Steel" by Jared Diamond is a great book. Another interesting one is "Why Nations Fails" by Daron Acemoglu and James A. Robinson. They argue that geography is insufficient in explaining the political and economic success or failure of states. They support their thesis by comparing country case studies. They ... 4 Its very hard to give an actual real world example of risk neutral person (firms are just run by people only people can have attitudes to risk) not because they do not exist but because research on micro-level risk neutrality does not publishes name of its participants and all data are anonymized. You also can't say someone is risk neutral just by pointing ... 4 At McMaster University in Canada (#4 in Canada for research and #98 worldwide) both undergraduate and graduate (MA and above) economics programs utilize STATA for econometrics for its ease of use (real coding is not needed to get started) and for its accessibility i.e. low cost. R and R studio is utilized as well but to a far lesser degree and only in ... 4 I know a bunch of people who teach behavioral economics using Erik Angner's book. I love Rani Spiegler's book on behavioral economics in IO called "Bounded Rationality and Industrial Organization." Both books will introduce models that can be applied to poker. Perhaps a little lighter but still scientific readings would be Kahneman's "Thinking,... 4 You might be looking for the term monopsony power or perhaps oligopsony power. A superficial look at the literature indicates that the Herfindahl-Hirschman index (HHI), so commonly used in assessing seller market power, is also used to measure buyer market power. Recall that the HHI is the sum of the squared market shares measured in percent (so a duopoly ... 4 One answer is to try to find variation in the non-pecuniary price of the free good. Here is a famous example from estimating demand for public parks: In 1949, Harold Hotelling wrote a letter to the National Park Service, outlining a method where the park visitor’s round trip distance could be used to proxy the recreation trip price, so that consumer’s ... 4 Optimal transport methods are very much still in use in economics. The show up in two-sided matching with side-payments, contract theory, hedonic pricing, partial identification in econometrics, and a couple of other areas. You can find an excellent overview of economic applications in the 2016 book Optimal Transport Methods in Economics by Alfred Galichon. 4 The type space is the support of the belief about the types. It seems a bit weird to allow a mechanism designer to arbitrarily restrict their belief support. However, you are right: if the designer can find out more about the private types by acquiring information, this would intuitively allow them to reduce information rent, because it makes the type "... 4 Economists also publish in Science or Nature sometimes, and if the study is interdisciplinary, there could involve many co-authors just like other scientific papers. In the prestigious economic journals, the economics paper with most coauthors is Benjamin, Daniel J., et al. "The Promises and Pitfalls of Genoeconomics." Annu. Rev. Econ. 4.1 (2012): ... 4 The following is essentialy due to Debreu. The result is formulated in terms of linear orders, but each complete and transitive relation induces a linear order on the indifference classes: Theorem: Let$S$be a set and$\preceq$be a linear order on$S$. Then$\preceq$has a utility representation if and only if there exists a countable set$C\subseteq S\$ ...

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Have a look at CentralBankNews.info.

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Yes, A longitudinal study involves repeated observations of the same variables (e.g., people) over short or long periods of time. You can have more than two points in time for your project. It really depends on your study's converge (time periods under analysis).

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In my experience in Ecomomics I would say Stata and Matlab. Stata is widely used at the undergrad level and for microeconometrics, while Matlab is introduced more at the postgrad level for general econometrics classes. In my personal opinion there is a clear tendency in schools to push students more into programming based software (it is a useful tool for ...

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