Non Extensive Entropy Econometrics For Low Frequency Series
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National Accounts-based Inverse Problems
Non-extensive Entropy Econometrics for Low Frequency Series provides a new and robust power-law-based, non-extensive entropy econometrics approach to the economic modelling of ill-behaved inverse problems. Particular attention is paid to national account-based general equilibrium models known for their relative complexity. In theoretical terms, the approach generalizes Gibbs-Shannon-Golan entropy models, which are useful for describing ergodic phenomena. In essence, this entropy econometrics approach constitutes a junction of two distinct concepts: Jayne's maximum entropy principle and the Bayesian generalized method of moments. Rival econometric techniques are not conceptually adapted to solving complex inverse problems or are seriously limited when it comes to practical implementation. Recent literature showed that amplitude and frequency of macroeconomic fluctuations do not substantially diverge from many other extreme events, natural or human-related, once they are explained in the same time (or space) scale. Non-extensive entropy is a precious device for econometric modelling even in the case of low frequency series, since outputs evolving within the Gaussian attractor correspond to the Tsallis entropy limiting case of Tsallis q-parameter around unity. This book introduces a sub-discipline called Non-extensive Entropy Econometrics or, using a recent expression, Superstar Generalised Econometrics. It demonstrates, using national accounts-based models, that this approach facilitates solving nonlinear, complex inverse problems, previously considered intractable, such as the constant elasticity of substitution class of functions. This new proposed approach could extend the frontier of theoretical and applied econometrics.
Complexity in Economic and Social Systems
There is no term that better describes the essential features of human society than complexity. On various levels, from the decision-making processes of individuals, through to the interactions between individuals leading to the spontaneous formation of groups and social hierarchies, up to the collective, herding processes that reshape whole societies, all these features share the property of irreducibility, i.e., they require a holistic, multi-level approach formed by researchers from different disciplines. This Special Issue aims to collect research studies that, by exploiting the latest advances in physics, economics, complex networks, and data science, make a step towards understanding these economic and social systems. The majority of submissions are devoted to financial market analysis and modeling, including the stock and cryptocurrency markets in the COVID-19 pandemic, systemic risk quantification and control, wealth condensation, the innovation-related performance of companies, and more. Looking more at societies, there are papers that deal with regional development, land speculation, and the-fake news-fighting strategies, the issues which are of central interest in contemporary society. On top of this, one of the contributions proposes a new, improved complexity measure.
The Changing Profile of India’s Trade Relations
This book unravels the complex spectrum of trade policy in India with the help of partial and general equilibrium models. It evaluates India’s recent trade deals with the UAE, Australia, European Free Trade Area (EFTA), and Mauritius, among others. Using applied general equilibrium methods to analyse recent debates about the conduct of India’s trade policy, this book aims to present how the barriers to trade have been affecting trade flows. It further presents a set of large-scale computable general equilibrium simulations of the effects of changes in trade barriers. It also explores India's need to deal strategically with China and provide different economic solutions, despite the conflicts along their international borders. Moreover, it focuses on how India, through its trade orientation, needs to manage its natural resources and deal with land scarcity. The volume will be of interest to scholars and researchers of international trade and finance, business economics, and econometrics. It will also be of interest to foreign trade experts, researchers, policy makers and government officials, among others.