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Full-Text Articles in Social and Behavioral Sciences
How Can Econometrics Help Fight The Covid'19 Pandemic?, Kevin Alvarez, Vladik Kreinovich
How Can Econometrics Help Fight The Covid'19 Pandemic?, Kevin Alvarez, Vladik Kreinovich
Departmental Technical Reports (CS)
The current pandemic is difficult to model -- and thus, difficult to control. In contrast to the previous epidemics whose dynamics was smooth and well described by the existing models, the statistics of the current pandemic is highly oscillating. In this paper, we show that these oscillations can be explained if we take into account the disease's long incubation period -- as a result of which our control measures are determined by outdated data, showing number of infected people two weeks ago. To better control the pandemic, we propose to use the experience of economics, where also the effect of …
Preferences (Partial Pre-Orders) On Complex Numbers -- In View Of Possible Use In Quantum Econometrics, Songsak Sriboonchitta, Vladik Kreinovich, Olga Kosheleva
Preferences (Partial Pre-Orders) On Complex Numbers -- In View Of Possible Use In Quantum Econometrics, Songsak Sriboonchitta, Vladik Kreinovich, Olga Kosheleva
Departmental Technical Reports (CS)
In economic application, it is desirable to find an optimal solution -- i.e., a solution which is preferable to any other possible solution. Traditionally, the state of an economic system has been described by real-valued quantities such as profit, unemployment level, etc. For such quantities, preferences correspond to natural order between real numbers: all things being equal, the more profit the better, and the smaller unemployment, the better. Lately, it turned out that to adequately describe economic phenomena, it is often convenient to use complex numbers. From this viewpoint, a natural question is: what are possible orders on complex numbers? …
Quantum Ideas In Economics Beyond Quantum Econometrics, Vladik Kreinovich, Hung T. Nguyen, Songsak Sriboonchitta
Quantum Ideas In Economics Beyond Quantum Econometrics, Vladik Kreinovich, Hung T. Nguyen, Songsak Sriboonchitta
Departmental Technical Reports (CS)
It is known that computational methods developed for solving equations of quantum physics can be successfully applied to solve economic problems; there is a whole related research area called quantum econometrics. Current quantum econometrics techniques are based on a purely mathematical similarity between the corresponding equations, without any attempt to relate the underlying ideas. We believe that the fact that quantum equations can be successfully applied in economics indicates that there is a deeper relation between these areas, beyond a mathematical similarity. In this paper, we show that there is indeed a deep relation between the main ideas of …
From Mean And Median Income To The Most Adequate Way Of Taking Inequality Into Account, Vladik Kreinovich, Hung T. Nguyen, Rujira Ouncharoen
From Mean And Median Income To The Most Adequate Way Of Taking Inequality Into Account, Vladik Kreinovich, Hung T. Nguyen, Rujira Ouncharoen
Departmental Technical Reports (CS)
How can we compare the incomes of two different countries or regions? At first glance, it is sufficient to compare the mean incomes, but this is known to be not a very adequate comparison: according to this criterion, a very poor country with a few super-rich people may appear to be in good economic shape. A more adequate description of economy is the median income. However, the median is also not always fully adequate: e.g., raising the income of very poor people clearly improves the overall economy but does not change the median. In this paper, we use known techniques …
Why Clayton And Gumbel Copulas: A Symmetry-Based Explanation, Vladik Kreinovich, Hung T. Nguyen, Songsak Sriboonchitta
Why Clayton And Gumbel Copulas: A Symmetry-Based Explanation, Vladik Kreinovich, Hung T. Nguyen, Songsak Sriboonchitta
Departmental Technical Reports (CS)
In econometrics, many distributions are non-Gaussian. To describe dependence between non-Gaussian variables, it is usually not sufficient to provide their correlation: it is desirable to also know the corresponding copula. There are many different families of copulas; which family shall we use? In many econometric applications, two families of copulas have been most efficient: the Clayton and the Gumbel copulas. In this paper, we provide a theoretical explanation for this empirical efficiency, by showing that these copulas naturally follow from reasonable symmetry assumptions. This symmetry justification also allows us to provide recommendations about which families of copulas we should use …