Related papers: New Demand Economics
In mainstream neoclassical economics, utility maximization is the only engine of individual action, and the other or the social, if it is modeled for decisions deemed fundamental, it is done as a tacit externality parameter affecting an…
Mobile technology creates value on three fundamental pillars: productivity, coordination, and transformation. Mobile apps are becoming an increasingly important aspect of teaching and learning in many countries. The use of mobile…
I explore the concept of growth being rooted in the recombination of existing technology as an explanation for the remarkable growth witnessed during the Industrial Revolution as it was recently proposed by Koppl et al.(2023). I adapt their…
This paper presents a model addressing welfare optimal policies of demand responsive transportation service, where passengers cause external travel time costs for other passengers due to the route changes. Optimal pricing and trip…
Supply networks are essential for modern production, yet their critical properties remain understudied. We present a stochastic model with random production capacities to analyze material flow to a root node, focusing on topology and buffer…
A drawdown constraint forces the current wealth to remain above a given function of its maximum to date. We consider the portfolio optimisation problem of maximising the long-term growth rate of the expected utility of wealth subject to a…
We use a simple combinatorial model of technological change to explain the Industrial Revolution. The Industrial Revolution was a sudden large improvement in technology, which resulted in significant increases in human wealth and life…
Linking the microscopic and macroscopic behavior is at the heart of many natural and social sciences. This apparent similarity conceals essential differences across disciplines: while physical particles are assumed to optimize the global…
The Hicks induced innovation hypothesis states that a price increase of a production factor is a spur to invention. We propose an alternative hypothesis restating that a spur to invention require not only an increase of one factor but also…
The global production (as a system of creating values) is eventually forming a vast web of value chains that explains the transitional structures of global trade and development of the world economy. It is truly a new wave of globalisation,…
Income- and price-elasticity of demand quantify the responsiveness of markets to changes in income, and in prices, respectively. Under the assumptions of utility maximization and preference-independence (additive preferences), mathematical…
Our computational economic analysis investigates the relationship between inequality, mobility and the financial accumulation process. Extending the baseline model by Levy et al., we characterise the economic process through stylised return…
Synthetic data algorithms are widely employed in industries to generate artificial data for downstream learning tasks. While existing research primarily focuses on empirically evaluating utility of synthetic data, its theoretical…
It is shown that a large class of higher-order (i.e. non-quadratic) scalar kinetic terms can, without the help of potential terms, drive an inflationary evolution starting from rather generic initial conditions. In many models, this…
Web emerged as an antidote to the rapidly increasing quantity of accumulated knowledge and become successful because it facilitates massive participation and communication with minimum costs. Today, its enormous impact, scale and dynamism…
In university programs and curricula, in general we react to the need to meet market needs. We respond to market stimulus, or at least try to do so. Consider now an inverted view. Consider our data and perspectives in university programs as…
The optimal (`equilibrium') macroscopic properties of an economy with $N$ industries endowed with different technologies, $P$ commodities and one consumer are derived in the limit $N\to\infty$ with $n=N/P$ fixed using the replica method.…
For Adam Smith, wealth was related to the division of labor. As people and firms specialize in different activities, economic efficiency increases, suggesting that development is associated with an increase in the number of individual…
Collective behavior is commonly attributed to direct interactions among system components. Using a minimal stochastic model, we show that higher-order collective structure can instead emerge from shared stochastic environments, even in the…
We consider an optimal control problem arising in the context of economic theory of growth, on the lines of the works by Skiba (1978) and Askenazy - Le Van (1999). The economic framework of the model is intertemporal infinite horizon…