Monopsony in motion Manning, Alan; Manning, Alan
2003., 20131203, 2013, 2003, 2003-01-01, 20030101
eBook
What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to ...the standard model of perfect competition.Monopsony in Motionstands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption.
The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the "free" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies.Monopsony in Motionwill represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
The field of financial mathematics has developed tremendously over the past thirty years, and the underlying models that have taken shape in interest rate markets and bond markets, being much richer ...in structure than equity-derivative models, are particularly fascinating and complex. This book introduces the tools required for the arbitrage-free modelling of the dynamics of these markets. Andrew Cairns addresses not only seminal works but also modern developments. Refreshingly broad in scope, covering numerical methods, credit risk, and descriptive models, and with an approachable sequence of opening chapters, Interest Rate Models will make readers--be they graduate students, academics, or practitioners--confident enough to develop their own interest rate models or to price nonstandard derivatives using existing models.
The mathematical chapters begin with the simple binomial model that introduces many core ideas. But the main chapters work their way systematically through all of the main developments in continuous-time interest rate modelling. The book describes fully the broad range of approaches to interest rate modelling: short-rate models, no-arbitrage models, the Heath-Jarrow-Morton framework, multifactor models, forward measures, positive-interest models, and market models. Later chapters cover some related topics, including numerical methods, credit risk, and model calibration. Significantly, the book develops the martingale approach to bond pricing in detail, concentrating on risk-neutral pricing, before later exploring recent advances in interest rate modelling where different pricing measures are important.
This extensively revised second edition describes the essentials of creating and analyzing mathematical and computer simulation models. It offers a comprehensive understanding of the underlying ...principle, as well as details and equations applicable to a wide variety of biological systems and disciplines. The new edition extensively updates many of these topics, and is more rigorous and mathematical than the competitive titles, which are intended for a less sophisticated reader.
This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for ...macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions.
The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
A natural hierarchy exists in pharmacokinetic-pharmacodynamic modeling culminating in population pharmacokinetic models, which are a specific type of nonlinear mixed effects model. The purpose of ...this book is to present through theory and example how to develop pharmacokinetic models, both at an individual and population level. In order to do so, however, one must first understand linear models and then build to nonlinear models followed by linear mixed effects models and then ultimately nonlinear mixed effects models. This book develops in that manner - each chapter builds upon previous chapters by first presenting the theory and then illustrating the theory using published data sets and actual data sets that were used in the development of new chemical entities collected by the author during his years in industry. A key feature of the book is the process of modeling. Most books and manuscripts often present the final model never showing how the model evolved. In this book all examples are presented in an evolutionary manner.
Many historical processes exhibit recurrent patterns of change. Century-long periods of population expansion come before long periods of stagnation and decline; the dynamics of prices mirror ...population oscillations; and states go through strong expansionist phases followed by periods of state failure, endemic sociopolitical instability, and territorial loss. Peter Turchin and Sergey Nefedov explore the dynamics and causal connections between such demographic, economic, and political variables in agrarian societies and offer detailed explanations for these long-term oscillations--what the authors call secular cycles.
Mathematical modeling is critical to our understanding of how infectious diseases spread at the individual and population levels. This book gives readers the necessary skills to correctly formulate ...and analyze mathematical models in infectious disease epidemiology, and is the first treatment of the subject to integrate deterministic and stochastic models and methods.
Mathematical Tools for Understanding Infectious Disease Dynamicsfully explains how to translate biological assumptions into mathematics to construct useful and consistent models, and how to use the biological interpretation and mathematical reasoning to analyze these models. It shows how to relate models to data through statistical inference, and how to gain important insights into infectious disease dynamics by translating mathematical results back to biology. This comprehensive and accessible book also features numerous detailed exercises throughout; full elaborations to all exercises are provided.
Covers the latest research in mathematical modeling of infectious disease epidemiologyIntegrates deterministic and stochastic approachesTeaches skills in model construction, analysis, inference, and interpretationFeatures numerous exercises and their detailed elaborationsMotivated by real-world applications throughout
We consider interpretation of estimates from the heterogeneous coefficient spatial autoregressive panel model of Aquaro et al. (2015) and derive partial derivatives (marginal effects) for this model, ...an issue not discussed in Aquaro et al. (2015). We show how these differ from a conventional spatial autoregressive panel model.
•Partial derivatives for heterogeneous coefficient SAR models are derived.•Scalar summary measures proposed in the literature are not likely to work here.•Observation-level marginal effects are proposed.•Non-linear relationships between estimates and observation-level marginal effects arise as in probit.•Spatial spill-out and spill-in effects can be quantified.
Program evaluation methods are widely applied in economics to assess the effects of policy interventions and other treatments of interest. In this article, we describe the main methodological ...frameworks of the econometrics of program evaluation. In the process, we delineate some of the directions along which this literature is expanding, discuss recent developments, and highlight specific areas where new research may be particularly fruitful.
PDF