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This volume of seventeen previously published essays by William J. Baumol brings together work on the theory of contestable markets, welfare theory, antitrust, pricing, and the history of economic thought. Written between 1971 and 1983, they have sparked productive extensions and criticism in microeconomic theory and provide an engaging intellectual history of one of the leading figures in the field of economics. Baumol introduces each of the book's four parts, presenting his subsequent views on the subjects covered in the reprinted articles, including some important amendments.The book opens with an autobiographical essay that presents the intellectual climate of economics in the 1940s in which Kenneth Arrow, Frank Hahn, Martin Shubik, Otto Eckstein, and Gary Becker were beginning their careers. Baumol's introductory essays to the book's major sections take up the threads from this autobiographical piece and follow them to the development of concepts central to economic theory, applications, and methodology.Three essays in the first part provide an underpinning for the theory of contestable markets. In the second part five essays explore issues in welfare economics such as the role of diminishing and increasing returns may play the role of symmetric obstacles to Pareto optimality. Essays in the third part range from regulation and antitrust to urban economics to the Phillips curve and the pitfalls of using, in the analysis of real issues, dual values derived from linear models when the underlying reality is nonlinear. Those in the concluding part focus on the history of economic ideas such as the Smithian versus Marxian view of business morality and the social interest, the Marxian concept of value transformation, the iron law of wages, and Say's law.William J. Baumol is Professor of Economics by joint appointment at Princeton University and New York University.
An authoritative look at the microeconomics of entrepreneurship Entrepreneurs are widely recognized for the vital contributions they make to economic growth and general welfare, yet until fairly recently entrepreneurship was not considered worthy of serious economic study. Today, progress has been made to integrate entrepreneurship into macroeconomics, but until now the entrepreneur has been almost completely excluded from microeconomics and standard theoretical models of the firm. The Microtheory of Innovative Entrepreneurship provides the framework for introducing entrepreneurship into mainstream microtheory and incorporating the activities of entrepreneurs, inventors, and managers into standard models of the firm. William Baumol distinguishes between the innovative entrepreneur, who comes up with new ideas and puts them into practice, and the replicative entrepreneur, which can be anyone who launches a new business venture, regardless of whether similar ventures already exist. Baumol puts forward a quasi-formal theoretical analysis of the innovative entrepreneur's influential role in economic life. In doing so, he opens the way to bringing innovative entrepreneurship into the accepted body of mainstream microeconomics, and offers valuable insights that can be used to design more effective policies. The Microtheory of Innovative Entrepreneurship lays the foundation for a new kind of microtheory that reflects the innovative entrepreneur's importance to economic growth and prosperity.
This book constitutes a collection of research achievements mature enough to provide a firm and reliable basis on modular ontologies. It gives the reader a detailed analysis of the state of the art of the research area and discusses the recent concepts, theories and techniques for knowledge modularization. The 13 papers presented in this book were all carefully reviewed before publication. They have been organized in three parts: Part I gives a general introduction to the idea and issues characterizing modularization and offers an in-depth analysis of properties, criteria and knowledge import techniques for modularization. Part II describes four major research proposals for creating modules from an existing ontology either by partitioning an ontology into a collection of modules or by extracting one or more modules from the ontology. Part III reports on collaborative approaches where modules that pre-exist are linked together through mappings to form a virtual large ontology.
Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.
Successful games merge art and technology in truly unique ways. Fused under tight production deadlines and strict performance requirements, shaped by demanding player expectations, games are among the most complex software projects created today. Game AI Pro: Collected Wisdom of Game AI Professionals covers both the art and the technology of game AI. Nothing covered is theory or guesswork. The book brings together the accumulated wisdom, cutting-edge ideas, and clever tricks and techniques of 54 of today’s top game AI professionals. Some chapters present techniques that have been developed and passed down within the community for years while others discuss the most exciting new research and ideas from today’s most innovative games. The book includes core algorithms that you’ll need to succeed, such as behavior trees, utility theory, spatial representation, path planning, motion control, and tactical reasoning. It also describes tricks and techniques that will truly bring your game to life, including perception systems, social modeling, smart camera systems, player prediction, and even an AI sound designer. Throughout, the book discusses the optimizations and performance enhancements that enable your game to run while maintaining 60 frames per second.
This book is part of a three-volume set that constitutes the refereed proceedings of the 11th International Conference on Knowledge-Based Intelligent Information and Engineering Systems, KES 2007. Coverage in this first volume includes artificial neural networks and connectionists systems, fuzzy and neuro-fuzzy systems, evolutionary computation, machine learning and classical AI, agent systems, and information engineering and applications in ubiquitous computing environments.
This book constitutes the refereed proceedings of the 12th International Conference on Applications of Natural Language to Information Systems, NLDB 2007, held in Paris, France in June 2007. It covers natural language for database query processing, email management, semantic annotation, text clustering, ontology engineering, natural language for information system design, information retrieval systems, and natural language processing techniques.
Most artificial intelligence research investigates intelligent behavior for a single agent--solving problems heuristically, understanding natural language, and so on. Distributed Artificial Intelligence (DAI) is concerned with coordinated intelligent behavior: intelligent agents coordinating their knowledge, skills, and plans to act or solve problems, working toward a single goal, or toward separate, individual goals that interact. DAI provides intellectual insights about organization, interaction, and problem solving among intelligent agents. This comprehensive collection of articles shows the breadth and depth of DAI research. The selected information is relevant to emerging DAI technologies as well as to practical problems in artificial intelligence, distributed computing systems, and human-computer interaction. "Readings in Distributed Artificial Intelligence" proposes a framework for understanding the problems and possibilities of DAI. It divides the study into three realms: the natural systems approach (emulating strategies and representations people use to coordinate their activities), the engineering/science perspective (building automated, coordinated problem solvers for specific applications), and a third, hybrid approach that is useful in analyzing and developing mixed collections of machines and human agents working together. The editors introduce the volume with an important survey of the motivations, research, and results of work in DAI. This historical and conceptual overview combines with chapter introductions to guide the reader through this fascinating field. A unique and extensive bibliography is also provided.
Set includes revised editions of some issues.