This book is a volume in the Econometric Exercises series. It teaches principles of Bayesian econometrics by posing a series of theoretical and applied questions, and providing detailed solutions to those questions. This text is primarily suitable for graduate study in economet- rics, though it can be used for advanced undergraduate courses, and should generate interest from students in relat…
The objective of econometrics is to study economic phenomena using statistical observations. Econometrics formalizes the economic theory in the form of relationships (models) whose unknown elements are determined by the available data. Econometrics quantifies and tests economic theories and makes those theories operational through forecasting or simulation of the impact of political or economic…
Energy is today, more than ever, at the core of the world economy and its evolution. One of the major challenges of the century is to generate more energy, to facilitate access to energy and economic development of the poor, but also to manage climate change properly in a perspective of sustainable develop- ment. The growing importance of energy matters in the daily functioning of the world eco…
This book collects a series of essays to celebrate the work of David Hendry: one of the most influential of all modern econometricians. David’s writing has covered many areas of modern econometrics, which brings together insights from economic theory, past empirical evidence, the power of modern computing, and rigorous statistical theory to try to build useful empirically appealing models.…
Social economics is the study, with the methods of economics, of social phenomena in which aggregates affect individual choices.1 Such phenomena include, just to mention a few, social norms and conventions, cultural identities and stereotypes, peer and neighbor- hood effects. A central underpinning of the methods of economics is methodological individualism. In particular, explanations based s…
In response to demands and opportunities of the labor market, contemporary employers and employees voluntarily are entering into highly customized agreements regarding nonstandard employment terms. We refer to such idiosyncratic deals as “i-deals,” acknowledging that these arrangements are intended to benefit all parties. Examples of i-deals include an employee with highly coveted skil…
This part introduces the readers to Continuous Risk Management and how to use this guidebook. Chapter 1 focuses on why Continuous Risk Management is important, why people don't do risk management, and the costs and benefits of performing risk management. The chapter ends with a discussion of the principles of Continuous Risk Management. Chapter 2 focuses on how this guidebook is organized a…
If one word could describe the essence of project management it is responsibility. The project manager (PM) is responsible for all that happens on a project. This doesn’t mean the project manager should or could do everything associated with the project; it does mean the PM owns ultimate responsibility for the project, regardless of who is on the project team and regardless of the obstacles…
Blood transfusion is an essential part of modern health care. Used correctly, it can save life and improve health. However, as with any therapeutic intervention, it may result in acute or delayed complications and carries the risk of transmission of infectious agents, such as the human immunodeficiency virus (HIV), hepatitis viruses, syphilis and Chagas disease. Yet transfusion-transmissi…
As a substantial part of the health budget in many countries is used to purchase pharmaceutical products, procurement of drugs is obviously a crucial function. Various types of tender mechanisms as well as direct procurement are described and discussed. A good way for small procurement agencies to ensure product quality is to conduct restricted tenders to which only prequalified suppli…
The idea for this research project into the costs of procurement in the construction industry was born at a time of great interest throughout the industrialized world in the development of innovative working practices in the management of the commercial processes of the construction industries. The new thinking included new methods of financing projects, such as the development of PFI (PPP)…
It is difficult to overemphasize the importance of the historical role that military procurement has played in the process of technology development. Knowledge acquired in making weapons was an important source of the industrial revolution. To bore the condenser cylinders for his steam engines, “Watt had to turn to John Wilkinson, a cannon-borer, who had invented the one machine in all En…
The recent decade has witnessed a growing interest in using public procurement to spur innovation and development. An increasing number of governments are claiming that public procurement—often worth of 10–30 % of a country’s GDP as exemplified by European Union member countries (EC 2011b)—should be used more extensively and explicitly to promote innovation, technology, and economic…