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Time series corresponding to nominal exchange rates between the US dollar and Argentina, Brazil and European Economic Community currencies; different financial indexes as the Industrial Dow Jones, the British Footsie, the German DAX Composite, the Australian Share Price and the Nikkei Cash and also different Argentine local tax revenues, are analyzed looking for the appearance of simple patterns and the possible definition of forecast evaluators. In every case, the statistical fractal dimensions are obtained from the behavior of the corresponding variance of increments at a given lag. The detrended fluctuation analysis of the data in terms of the corresponding exponent in the resulting power law is carried out. Finally, the frequency power spectra of all the time series considered are computed and compared

We use the logistic equation to model the dynamics of the GDP and the trade of the six countries with the highest GDP in the world, namely, USA, China, Japan, Germany, UK and India. From the modeling of the economic data, which are made available by the World Bank, we predict the maximum values of the growth of GDP and trade, as well as the duration over which exponential growth can be sustained. We set up the correlated growth of GDP and trade as the phase solutions of an autonomous second-order dynamical system. GDP and trade are related to each other by a power law, whose exponent seems to differentiate the six national economies into two types. Under conducive conditions for economic growth, our conclusions have general validity.

Economics is a very powerful discipline that focuses on some important aspects of our life, in particular, constrained maximization equilibrium in resource allocation. However, orthodox economics based on simplified models and many economists much captured by such models have too narrow a focus, ignoring many important factors including the importance of competition for relative standing, environmental disruption, and behaviour patterns inconsistent with the narrow concept of rationality. Economics has also become excessively formalistic, sacrificing relevance for technical sophistication. Extensions of economics to overcome these weaknesses have been and are being made. The incorporation of these advances will make economics more useful. But more time and resources may be needed to train economists properly.

An action having an acceleration term in addition to the usual velocity term is analyzed. The quantum mechanical system is directly defined for Euclidean time using the path integral. The Euclidean Hamiltonian is shown to yield the acceleration Lagrangian and the path integral with the correct boundary conditions. Due to the acceleration term, the state space depends on both position and velocity — and hence the Euclidean Hamiltonian depends on two degrees of freedom. The Hamiltonian for the acceleration system is non-Hermitian and can be mapped to a Hermitian Hamiltonian using a similarity transformation; the matrix elements of the similarity transformation are explicitly evaluated.

The Euclidean action with acceleration has been analyzed in Ref. 1, and referred to henceforth as Paper I, for its Hamiltonian and path integral. In this paper, the state space of the Hamiltonian is analyzed for the case when it is pseudo-Hermitian (equivalent to a Hermitian Hamiltonian), as well as the case when it is inequivalent. The propagator is computed using both creation and destruction operators as well as the path integral. A state space calculation of the propagator shows the crucial role played by the dual state vectors that yields a result impossible to obtain from a Hermitian Hamiltonian. When it is not pseudo-Hermitian, the Hamiltonian is shown to be a direct sum of Jordan blocks.

The regards to widespread impact of distribution networks and ever increasing demand for electricity, some strategies must be devized in order to well operate the distribution networks. In this paper, to enhance the accountability of the power system and to improve the system performance parameters, simultaneous placement of renewable energy generation (REG) sources (e.g., wind, solar and dispatchable distributed generators (DGs)) and capacitors are investigated in a modified radial distribution network with considering ZIP loads. To enhance all network parameters simultaneously to the best possible condition multi-objective functions are proposed and solved using non-dominated sorting genetic algorithm (NSGA II). The employed objectives contain all economical, environmental and technical aspects of distribution network. One of the most important advantages of the proposed multi-objective formulation is that it obtains non-dominated solutions allowing the system operator (decision maker) to exercise his/her personal preference in selecting each of those solutions based on the operating conditions of the system and the costs. It is clear that the implementation of each non-dominated solution needs related costs according to the technology used and the system performance characteristics. However, there is a paucity of objective methodologies for ranking the obtained non-dominated solutions considering economical, environmental and technical aspects. So, in this paper, data envelopment analysis (DEA) is suggested for this purpose. In other words, in this paper, first NSGA II is applied to the siting and sizing problem, and then the obtained non-dominated solutions are prioritized by DEA. The significant advantage of using DEA is that there is no need to impose the decision maker’s idea into the model and ranking is done based on the efficiencies of the non-dominated solutions. The most efficient solution is the one which has improved network parameters considerably and has lowest costs. So, using DEA gives a realistic view of solutions and the provided results are for all, not for a specific decision maker. To validate the effectiveness of the proposed scheme, the simulations are carried out on a modified test case 33-bus radial distribution network.

Perhaps more than ever in the European Union many groups and associations of companies and institutions are trying, in different ways, to play an active role in the economic scene of the Union.

We verified, on the basis of information obtained, that the studies which precede the decision of a Financial Corporation to initiate the launching of a public offering on a certain economic unit/company or to acquire the shares of a Public Limited Company to take over control, are based on numerical mathematics, adapted mainly to the study of the future hypothetical profitability of the group resulting from the merging process or fusion.

We present a proposal based on combinatorial pretopology that leads to an algorithm capable of solving our objective adequately.

Building Biotech Without Building Companies.

Japan's Bio Ventures Today—GNI Ltd.

Ten Tips for Science Entrepreneurs.

We look at the basic applications of cooperative game theory to economic situations. These include bargaining and cooperative equilibria, especially as the number of players increases without bound. The core and the Shapley value are the fundamental tools for these applications. We consider the relation between these two concepts. A comprehensive bibliography of work published over the last decade is included.

A 3P model (production, predation, protection) which can be game theoretically solved for two actors is generalized to n actors and studied by means of discrete simulation. The simulations confirm robust incentives for actors to produce and predate in an institution free environment, whereas protection activity is not significantly related to the ability for protection. The model is criticized for its neglect of predators predating on each other, and for its inability to reproduce real-life proportions of producers and predators and the times these spend on the three activities.

Since the first agent-based models (ABM), the scientific community has been interested in making not only the results of computational models understandable but also the modeling description, to facilitate their replication. The form that has been adopted to a greater extent has been the ODD (Overview, Design concepts, and Details) protocol, which provides a generic structure for its documentation. This protocol provides a way to clearly explain the procedures and interactions of the complex systems to be analyzed, with applications that have spread across different disciplines. This study presents a bibliometric analysis using Scopus database of the articles that emerged from the first publication of this protocol in 2006. The results show that the use of this form of documenting has grown in Economics, but its participation remains stable in relative terms. Results also show that the top journal both in number of articles and impact is JASSS, but it is not observed that there is a greater dissemination toward specific Economics journals or that it is used for a greater number of topics. Finally, it is found that there is a common core in Economics’ ABM literature, with a bias toward methodological articles in the articles that follow the ODD protocol while there is a bias towards articles on economic models in those that do not follow this protocol.

We present a brief discussion on the impact of information technology on problems from finance and economics. Then, an overview is given upon the papers that are included in the special issue.

As the use of personal computers (PCs) increases, their short life cycle and the fact that they contain many hazardous materials have a significant influence on finding economical and environmentally benign means for their retirement and disposal. Many communities are mandating the recycling of these PCs to recover parts and materials and to minimize the amount of waste landfilled or incinerated. An industry to process end-of-life PCs is evolving to take advantage of this stream of materials. At present, PC recycling is not profitable unless the recycler receives a processing fee. In this paper, the factors that most influence the profitability of end of life processing of PCs are investigated and reported so that PC manufacturers and legislators may better develop products and policies to ensure that there is a viable PCs recycling infrastructure.

The work of K. 'Vela' Velupillai has illuminated the debate on the mathematization of economics by providing a broader view of the universe of mathematics and its possible applications in economics. The theoretical and policy consequences from the peculiar mode of mathematization in economics is another important theme in Vela work. Alternative modes of mathematization are offered with a call for an "Algorithmic Economics" in the future.

They are an important economic resource, and a source of food products, recreation, species habitat, and watershed protection, among many other services. Forests also may store large quantities of carbon. The threat of climate change therefore provides new impetus for forest management, in the form of forest carbon sequestration (FCS). FCS appears to be a relatively cheap way of reducing carbon in the atmosphere, relative to alternatives such as fuel switching. But FCS is not without problems. Economists' estimates of the cost-effectiveness of FCS are highly variable. Verification is difficult. And policy design is complex — not only because of the characteristics of forests themselves, but because of the limitations of current U.S. policy. Existing regulatory tools — predominantly the Clean Air Act — are largely incompatible in providing incentives for FCS. This paper explores the current state of FCS knowledge, including its policy context, and identifies an agenda for future research.

It is with profound sadness that we write this statement for the former editor of this journal, our colleague and friend, Michael McAleer. Mike passed away peacefully on July 8, 2021, and he will be sorely missed by his vast number of colleagues and friends. Mike served on the editorial board of the Annals of Financial Economics (AFE) for more than 16 years and was the Editor-in-Chief since 2016. Mike was a wonderful friend, colleague, and mentor to all that knew him, and provided countless hours of service to AFE. He touched our lives deeply and was ever ready to lend a hand in any way he could, whether through his vast knowledge of econometrics, his willingness to work together on research projects, his efforts on behalf of this journal, or his contagious joie de vivre. We will miss him greatly. In the remainder of this editorial, we include a short biography, as well as a number of statements from co-authors, colleagues and friends of Mike.

This paper reviews recent advances in the motivation, conceptualization, development, application, and assessment of hydroeconomic models (HEMs), for which these models are implemented by conducting a hydroeconomic analysis (HEA). It addresses various dimensions of HEA, including problems motivating the need for an HEM, roles of HEA, policy debates informed by HEMs, important uses of HEA, recent achievements in the scientific literature performed by use of HEMs, future improvements desired in HEA, as well as one simple prototype HEM. Supplementary material is included describing some contributions made to HEA, with special attention given to four individual contributors to water resource economics generally, criteria for credibility, and a description of some of the more popular mathematical programming packages used to build an HEM.

Hydrologic, climatic, regulatory and economic factors interact in complex ways to influence groundwater conditions. These relationships can be difficult to measure and model but are important for water management and for considering viable futures for regional economies. This paper proposes a strategy for an improved understanding of how groundwater levels reflect signals of regulatory, economic and climate factors. Most existing econometric studies of groundwater use focus on large-scale irrigated agriculture and urbanized areas in first world nations, where groundwater extraction data is available. In much of the world, groundwater extraction data are not available for individual farms and other water users. The goal of this study is to explore the responsiveness of groundwater levels (a more widely available measure of groundwater conditions) to regulatory, economic and climate signals in rural areas, using a growing body of remotely sensed land cover data. Pooled Ordinary Least Squares econometric models examine the effects of regulatory, climatic and economic factors on groundwater levels in rural Arizona. Groundwater regulations, recharge projects, housing units and irrigated acreage have statistically significant relationships to groundwater levels in the study areas. This approach can be valuable for understanding factors that influence groundwater conditions and which may be useful in managing groundwater use in widespread areas where groundwater extraction data is unavailable.

Can Artificial Intelligence replace humans not only as producers of goods and content, but also as consumers of commodities? AI agents have so far been associated mainly with the production of goods and content—that is, supply—which is only one side of economic processes. The other side is consumption, which drives demand. Is an Artificial Consumer (AC) conceivable? Can artificial consumers support a human–artificial hybrid artificial economy? Could such an economy help increase GDP? Such questions require exploration of the connection between consciousness, consumption, value, economics, and AI. This admittedly speculative paper discusses the potential consequences of introducing artificial consumers. What place would be left in the economic system for humans if AI took over both supply and demand? The final frontier for AI could be our economy: I shop therefore I am.

This paper analyses the Sikh religious tradition in light of research on the connections between religion, morality, and economics. Sikhism provides a compact and well-documented example of the creation and evolution of a religious community, in which moral guidance is paramount, but interacts with material incentives and material conditions. The time scale of this case, and its geographic and conceptual location in juxtaposition to Hinduism and Islam, make Sikh tradition a useful additional data point for analyses of the relationship of religion, morality, and economics. At the same time, considering the Sikh tradition in these more general conceptual frameworks provides a clearer understanding of this specific case.