Economics 2014 by Cambridge India

Economics 2014 www.cambridge.org/economics2014

Welcome to the Economics books catalogue 2014. Here you will find new and forthcoming titles, representing the highest level of academic research from renowned authors. Our highlights this year include Against the Consensus (page 9), a new work from former Chief Economist of the World Bank Justin Yifu Lin, along with two new titles from The Skeptical Environmentalist author, Bjorn Lomborg (pages 6 and 12). We are also pleased to present new updated editions of key textbooks Introductory Econometrics for Finance 3e by Chris Brooks (page 13) and International Economics and Business 2e by Sjoerd Beugelsdijk et al (page 15). Our publications are available in a variety of formats, including ebooks and print, as well as online collections for institutional purchase via our publishing service University Publishing Online, which incorporates the Cambridge Books Online platform. We also publish a range of leading Economics journals, including Econometric Theory and the Journal of Financial and Quantitative Analysis (see back inside page for more information). You can recommend our books, online collections and journals to your librarian by filling out the form at the back of this catalogue. To see more book listings, product information, preview extracts and reviews, and to find out which conferences we are attending, you can find us online at www.cambridge.org/economics2014. You can also keep up to date with the latest news and author views from our academic blog at http://www.cambridgeblog.org/category/economics/ We hope that you enjoy reading about our latest publications. For queries, suggestions or proposals, you can find a list of useful contacts at the back of this catalogue.

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Contents Econometrics, statistics and mathematical economics

THE ANALYTICS OF UNCERTAINTY AND INFORMATION SECOND EDITION

Microeconomics 3 Industrial economics

see page 5

Sushil Bikhchandani Jack Hirshleifer John G. Riley

Public economics and public policy 6 Natural resource and environmental economics

Labour economics

see page 6

Macroeconomics and monetary economics 9 Economic development and growth 11 Finance 13 International economics

History of economic thought and methodology

Economics (general)

Also of interest

Information on related journals

see page 9

Inside back cover see page 13

T H E C A M BR I D G E H I S T O RY O F

Capitalism VOLUM E I I T H E SpR E A D OF C A pI TA L I SM : F ROM 18 48 T O T H E pR E SE n T

E DI T E D BY

L A R RY n E A L A n D JEFFR EY G. W ILL I A MSOn

see page 18

Introductory Econometrics for Finance 3rd Edition Chris Brooks University of Reading

This bestselling and thoroughly classroom-tested textbook is a complete resource for finance students. A comprehensive and illustrated discussion of the most common empirical approaches in finance prepares students for using econometrics in practice, while detailed financial case studies help them understand how the techniques are used in relevant financial contexts. Worked examples from the latest version of the popular statistical software EViews guide students to implement their own models and interpret results. Learning outcomes, key concepts and end-of-chapter review questions highlight the main chapter takeaways and allow students to self-assess their understanding. Building on the successful data- and problem-driven approach of previous editions, this third edition has been updated with new data, extensive examples and additional introductory material on mathematics, making the book more accessible to students encountering econometrics for the first time. A companion website, with numerous freely available student and instructor resources, completes the learning package. • A complete package for finance students – assumes no background in econometrics • Includes full web support for students and instructors, with data sets, additional chapter questions (with answers provided), lecture slides, support for popular statistical software packages and links to sources of financial data and articles • Incorporates data, tutorials and screenshots from the most recent (2013) version of the statistical software EViews • Includes worked examples on how to conduct events studies and the Fama-MacBeth method, two of the most common empirical approaches in finance, ensuring that students are well-prepared for econometrics in practice April 2014 Hardback | 9781107034662 | c.£90.00 Paperback | 9781107661455 | c.£48.00

Find out more at:

www.cambridge.org/brooks3e

Econometrics, statistics and mathematical economics

Econometrics, statistics and mathematical economics Textbook

Time Series Models for Business and Economic Forecasting Second edition Philip Hans Franses et al Erasmus School of Economics

With a new author team contributing decades of practical experience, this fully updated second edition textbook summarises the most critical decisions, techniques and steps in creating effective forecasting models. It includes all the new theoretical and practical exercises geared at guiding students through the steps of creating forecasting models on their own. From the first edition: ‘Reviews the more recent developments in modeling time series to focus on generating ex ante forecasts: seasonal unit roots, period models, aberrant observations, and common features. For each method, intuitive motivation and practical considerations are discussed in detail, making the book very readable … should be beneficial for students and instructors of applications-oriented courses as well as for practitioners who wish to obtain a first, but not too technical, impression of time series forecasting using modern, recently developed methods.’ Journal of the American Statistical Association

Contents: Preface; 1. Introduction and overview; 2. Key features of economic time series; 3. Useful concepts in univariate time series analysis; 4. Trends; 5. Seasonality; 6. Aberrant observations; 7. Conditional heteroskedasticity; 8. Non-linearity; 9. Multivariate time series; Index.

Generalized Vectorization, Cross-Products, and Matrix Calculus Darrell A. Turkington University of Western Australia, Perth

Matrix calculus is an efficient procedure for obtaining many derivatives at once, used in statistics and econometrics. This book studies different concepts of matrix derivatives and a particular brand of mathematics behind matrix calculus, including special matrices whose elements are all zero or one. ‘A very neat treatment of matrix calculus. There is no doubt that the new operators and matrices presented in the book will see their applications in many areas of econometrics.’ Yong Bao, Purdue University 2013 228 x 152 mm 275pp 4 tables 978-1-107-03200-2 Hardback £65.00 For all formats available, see

www.cambridge.org/9781107032002

Econophysics of Income and Wealth Distributions Bikas K. Chakrabarti Saha Institute of Nuclear Physics, Kolkata

Anirban Chakraborti Ecole Centrale Paris

Satya R. Chakravarty

‘This new book by Joe McCauley is a most welcome and innovative contribution to the important field of mathematical finance theory. It presents a unified, rigorous and comprehensive framework of the dynamics of stochastic calculus that should underpin the mathematics of finance. The book’s welcome focus on nonstationary processes and statistical ensembles in time series analysis, developing, inter alia, the Ito calculus and the Fokker-Planck equations as parallel approaches to stochastic processes, will make this the classic and indispensable textbook for any serious graduate courses in applied finance theory – not just for economists, but also for physicists interested in studying the world of finance.’ Stefano Zambelli, Algorithmic Social Sciences Research Unit (ASSRU), University of Trento 2013 247 x 174 mm 215pp 4 b/w illus. 978-0-521-76340-0 Hardback £55.00 For all formats available, see

www.cambridge.org/9780521763400

Textbook

Introduction to Bayesian Econometrics Second edition Edward Greenberg Washington University, St Louis

and Arnab Chatterjee

This textbook is an introduction to econometrics from the Bayesian viewpoint. The second edition includes new material.

Introducing the elegant and intriguing kinetic exchange models that physicists have developed to tackle the distribution of wealth and income, this book is ideal for physicists and economists. It is written in simple, lucid language, making it suitable for researchers new to this field as well as specialized readers. 2013 247 x 174 mm 222pp 86 b/w illus. 978-1-107-01344-5 Hardback £70.00 For all formats available, see

www.cambridge.org/9781107013445

‘Edward Greenberg’s Introduction to Bayesian Econometrics provides clear and concise coverage of Bayesian theory, computational methods, and important applications. Three years of teaching from its first edition convince me that it is a splendid textbook. The second edition is further enhanced by more applications and new guidance on use of free R software.’ John P. Burkett, University of Rhode Island

2014 228 x 152 mm 500pp 81 b/w illus. 17 tables 65 exercises 978-0-521-81770-7 Hardback c. £75.00 978-0-521-52091-1 Paperback c. £30.00 Publication May 2014

Stochastic Calculus and Differential Equations for Physics and Finance

For all formats available, see

University of Houston

www.cambridge.org/9780521817707

and enabling them to apply the methods in practice.

Indian Statistical Institute, Kolkata Aalto University, Finland

Joseph L. McCauley

Stochastic calculus provides a powerful description of a specific class of stochastic processes in physics and finance. However, many econophysicists struggle to understand it. This book presents the subject simply and systematically, giving graduate students and practitioners a better understanding

Contents: Part I. Fundamentals of Bayesian Inference: 1. Introduction; 2. Basic concepts of probability and inference; 3. Posterior distributions and inference; 4. Prior distributions; Part II. Simulation: 5. Classical simulation; 6. Basics of Markov chains; 7. Simulation by MCMC methods; Part III. Applications: 8. Linear regression and extensions; 9. Semiparametric

eBooks available at www.cambridge.org/ebookstore

Econometrics, statistics and mathematical economics regression; 10. Multivariate responses; 11. Time series; 12. Endogenous covariates and sample selection; A. Probability distributions and matrix theorems; B. Computer programs for MCMC calculations. 2013 253 x 177 mm 264pp 29 b/w illus. 19 tables 978-1-107-01531-9 Hardback £35.00 For all formats available, see

www.cambridge.org/9781107015319

Advances in Economics and Econometrics Tenth World Congress Volume 1: Economic Theory Edited by Daron Acemoglu Massachusetts Institute of Technology

Manuel Arellano Centro de Estudios Monetarios y Financieros (CEMFI), Madrid

and Eddie Dekel Northwestern University and Tel Aviv University

The first of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers interpret key developments in economics and econometrics and discuss future directions for a variety of topics, covering both theory and application.

Advances in Economics and Econometrics Tenth World Congress Volume 3: Econometrics Edited by Daron Acemoglu Massachusetts Institute of Technology

Manuel Arellano

Econometric Society Monographs

2013 228 x 152 mm 1712pp 118 b/w illus. 49 tables 978-1-107-01721-4 3 Volume Hardback Set £330.00 978-1-107-62886-1 3 Volume Paperback Set £110.00 For all formats available, see

Centro de Estudios Monetarios y Financieros (CEMFI), Madrid

www.cambridge.org/9781107017214

and Eddie Dekel

Dynamic Models for Volatility and Heavy Tails

Northwestern University and Tel Aviv University

The third of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers interpret key developments in economics and econometrics, and discuss future directions for a variety of topics, covering both theory and application. Econometric Society Monographs, 51

2013 228 x 152 mm 630pp 44 b/w illus. 15 tables 978-1-107-01606-4 Hardback £110.00 978-1-107-62731-4 Paperback £38.00 For all formats available, see

www.cambridge.org/9781107016064

With Applications to Financial and Economic Time Series Andrew C. Harvey University of Cambridge

The book presents a statistical theory for a class of nonlinear time-series models. It has particular relevance for the modeling of volatility in financial time series but the overall approach will be of interest to econometricians and statisticians in a variety of disciplines. Econometric Society Monographs, 52

2013 228 x 152 mm 278pp 43 b/w illus. 14 tables 978-1-107-03472-3 Hardback £65.00 978-1-107-63002-4 Paperback £23.99 For all formats available, see

Econometric Society Monographs, 49

Advances in Economics and Econometrics 3 Volume Set

2013 228 x 152 mm 507pp 14 b/w illus. 1 table 978-1-107-01604-0 Hardback £110.00 978-1-107-63810-5 Paperback £38.00

Theory and Applications, Tenth World Congress Edited by Daron Acemoglu Massachusetts Institute of Technology

For all formats available, see

Manuel Arellano

University of California, Davis

Centro de Estudios Monetarios y Financieros (CEMFI), Madrid

and Pravin K. Trivedi Indiana University, Bloomington

and Eddie Dekel

Students in both social and natural sciences often seek regression methods to explain the frequency of events, such as visits to a doctor, auto accidents, or new patents awarded. The second edition provides the most comprehensive and up-to-date account of models and methods to interpret such data.

www.cambridge.org/9781107016040

Advances in Economics and Econometrics Tenth World Congress Volume 2: Applied Economics Edited by Daron Acemoglu Massachusetts Institute of Technology

Manuel Arellano Centro de Estudios Monetarios y Financieros (CEMFI), Madrid

and Eddie Dekel Northwestern University and Tel Aviv University

The second of three volumes containing edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. The papers interpret key developments in economics and econometrics, and discuss future directions for a variety of topics, covering both theory and application. Econometric Society Monographs, 50

2013 228 x 152 mm 562pp 60 b/w illus. 33 tables 978-1-107-01605-7 Hardback £110.00 978-1-107-67416-5 Paperback £38.00 For all formats available, see

www.cambridge.org/9781107016057

Northwestern University, Illinois

These three volumes contain edited versions of papers and commentaries presented at invited symposium sessions of the Tenth World Congress of the Econometric Society 2010. Written by leading specialists in their fields, they summarize and interpret key developments in economics and econometrics, discussing future directions covering both theory and application. ‘This collection of papers gives an up-to-date review of the literature in major fields of economics by influential scholars. Anyone interested in knowing the frontier of knowledge in economic science will profit from reading these essays.’ James J. Heckman, Nobel Laureate, Henry Schultz Distinguished Service Professor, University of Chicago, and President of the Econometric Society 2013

www.cambridge.org/9781107034723

Regression Analysis of Count Data Second edition A. Colin Cameron

Contents: 1. Introduction; 2. Model specification and estimation; 3. Basic count regression; 4. Generalized count regression; 5. Model evaluation and testing; 6. Empirical illustrations; 7. Time series data; 8. Multivariate data; 9. Longitudinal data; 10. Endogenous regressors and selection; 11. Flexible methods for counts; 12. Bayesian methods for counts; 13. Measurement errors. Econometric Society Monographs, 53

2013 228 x 152 mm 587pp 17 b/w illus. 56 tables 978-1-107-01416-9 Hardback £80.00 978-1-107-66727-3 Paperback £35.00 For all formats available, see

www.cambridge.org/9781107014169

Econometrics, statistics and mathematical economics / Microeconomics The Skew-Normal and Related Families Adelchi Azzalini Università degli Studi di Padova, Italy

In collaboration with Antonella Capitanio Università di Bologna

Blending theory and practice, this will be the standard resource for statisticians and applied researchers. Assuming only basic knowledge of (non-measuretheoretic) probability and statistical inference, it is accessible to the wide range of researchers who use statistical modelling techniques. The author’s complementary R package helps readers put theory into practice. Institute of Mathematical Statistics Monographs, 3

2013 228 x 152 mm 272pp 100 b/w illus. 60 exercises 978-1-107-02927-9 Hardback £50.00 Publication December 2013 For all formats available, see

www.cambridge.org/9781107029279

Textbook

Econometric Modelling with Time Series Specification, Estimation and Testing Vance Martin University of Melbourne

Stan Hurn Queensland University of Technology

and David Harris

Estimation Methods: 9. Quasi-maximum likelihood estimation; 10. Generalized method of moments; 11. Nonparametric estimation; 12. Estimation by stimulation; Part IV. Stationary Time Series: 13. Linear time series models; 14. Structural vector autoregressions; 15. Latent factor models; Part V. NonStation Time Series: 16. Nonstationary distribution theory; 17. Unit root testing; 18. Cointegration; Part VI. Nonlinear Time Series: 19. Nonlinearities in mean; 20. Nonlinearities in variance; 21. Discrete time series models; Appendix A. Change in variable in probability density functions; Appendix B. The lag operator; Appendix C. FIML estimation of a structural model; Appendix D. Additional nonparametric results. Themes in Modern Econometrics

2013 228 x 152 mm 907pp 104 b/w illus. 97 tables 978-0-521-19660-4 Hardback £90.00 978-0-521-13981-6 Paperback £49.99 For all formats available, see

www.cambridge.org/9780521196604

Microeconomics Economics of Agglomeration Cities, Industrial Location, and Globalization Second edition Masahisa Fujita Kyoto University, Japan

Monash University, Victoria

and Jacques-Francois Thisse

This book provides a general framework for specifying, estimating and testing time series econometric models. Special emphasis is given to estimation by maximum likelihood, but other methods are also discussed, including quasi-maximum likelihood estimation, generalized method of moments estimation, nonparametric estimation and estimation by simulation.

Katholieke Universiteit Leuven, Belgium

‘This book will be an excellent text for advanced undergraduate and postgraduate courses in econometric time series. The statistical theory is clearly presented and the many examples make the techniques readily accessible and illustrate their practical importance.’ Andrew Harvey, University of Cambridge

Contents: Part I. Maximum Likelihood: 1. The maximum likelihood principle; 2. Properties of maximum likelihood estimators; 3. Numerical estimation methods; 4. Hypothesis testing; Part II. Regression Models: 5. Linear regression models; 6. Nonlinear regression models; 7. Autocorrelated regression models; 8. Heteroskedastic regression models; Part III. Other

This is a study of the economic reasons for the existence of a large variety of agglomerations arising from the global to the local. The second edition combines a comprehensive analysis of the fundamentals of spatial economics and an in-depth discussion of the most recent theoretical developments in new economic geography and urban economics. It aims to highlight several of the major economic trends observed in modern societies. Advance praise: ‘Two of the best regional scientists share with us what they have learned about the economics of agglomeration. This splendid book shows that different strands in the literature rely on the same common principles that define agglomeration economies. The authors show how these common principles can help us to understand the spatial distribution of economic activity. Although the book is mostly about theory, lucid and stylized examples illustrate the theories. Economics of Agglomeration,

Second Edition is essential reading for graduate students in regional and urban economics for years to come.’ Steven Brakman, University of Groningen 2013 228 x 152 mm 600pp 42 b/w illus. 978-1-107-00141-1 Hardback £90.00 978-0-521-17196-0 Paperback £35.00 Publication November 2013 For all formats available, see

www.cambridge.org/9781107001411

The Language of Law and Economics A Dictionary Francesco Parisi University of Minnesota

From a historical perspective, ‘law and economics’ constituted one of the most influential developments in legal scholarship in the twentieth century; the discipline remains today one of the dominant perspectives on the law, generating a tremendous quantity of new research and discussion. Unfortunately, one consequence of applying the analytical methods of one highly technical field to the historically layered substance of another has been the accumulation of considerable technical overhead, requiring fluency in both the language of economics and the language of the law. Further complicating matters, the field of law and economics has sometimes developed independently, creating new terms, while recasting others from their original economic or legal meanings. In this dictionary of law and economics, Francesco Parisi provides a comprehensive and concise guide to the language and key concepts underlying this fecund interdisciplinary tradition. The first reference work of its kind, it will prove to be an invaluable resource for professionals, students and scholars. ‘Professor Francesco Parisi, a leading, and extremely prolific law and economics scholar, benefits both the legal and economic communities with this comprehensive and very timely law and economics dictionary. It is not only law and economics scholars who should have this magnificent volume on their shelves, but also lawyers and economists, both academicians and practitioners, who wish to have … better access to that important field.’ Ariel Porat, Tel Aviv University 2013 228 x 152 mm 371pp 978-0-521-87508-0 Hardback £65.00 978-0-521-69771-2 Paperback £24.99 For all formats available, see

www.cambridge.org/9780521875080

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Microeconomics Textbook

Game Theory

Textbook

Tel-Aviv University

A Short Course in Intermediate Microeconomics with Calculus

and Shmuel Zamir

Roberto Serrano

Michael Maschler Hebrew University of Jerusalem

Eilon Solan Hebrew University of Jerusalem

Brown University, Rhode Island

A comprehensive treatment of game theory. Mathematically oriented, it examines both noncooperative and cooperative games, and includes advanced topics as well as numerous exercises, and examples from economics, mathematics, computer science and management science. Written both for students studying the subject and as a reference book for researchers.

and Allan M. Feldman

‘This is the book for which the world has been waiting for decades: a definitive, comprehensive account of the mathematical theory of games, by three of the world’s biggest experts on the subject. Rigorous yet eminently readable, deep yet comprehensible, replete with a large variety of important real-world applications, it will remain the standard reference in game theory for a very long time.’ Robert Aumann, Nobel Laureate in Economics, The Hebrew University of Jerusalem

Contents: Introduction; 1. The game of chess; 2. Utility theory; 3. Extensive-form games; 4. Strategic-form games; 5. Mixed strategies; 6. Behavior strategies and Kuhn’s theorem; 7. Equilibrium refinements; 8. Correlated equilibria; 9. Games with incomplete information and common priors; 10. Games with incomplete information: the general model; 11. The universal belief space; 12. Auctions; 13. Repeated games; 14. Repeated games with vector payoffs; 15. Bargaining games; 16. Coalitional games with transferable utility; 17. The core; 18. The Shapley value; 19. The bargaining set; 20. The nucleolus; 21. Social choice; 22. Stable matching; 23. Appendices; Index. 2013 246 x 189 mm 1006pp 292 b/w illus. 978-1-107-00548-8 Hardback £55.00 For all formats available, see

Brown University, Rhode Island

This book provides a concise treatment of the core concepts of microeconomic theory at the intermediate level with calculus.

investment behavior is motivated by expectations of the future, the way those expectations are formed becomes of the utmost importance. These expectations lead to dynamic systems, and the author draws on the rich literature developed for the study of mechanical and gravitational phenomena. These lead to the emergence of very complex behavior in markets driven by expectations, especially when different economic agents have different modes of forming expectations from data. The study of this book will have a profound impact on the theoretical and empirical analysis of securities markets and other forms of investment.’

‘This is an excellent text on intermediate microeconomics, one of the very best I have seen for some time. I am particularly impressed by the clarity of the presentation of the material. This is not surprising, given that this text is written by two top scholars. I anticipate it will be a huge success.’

2013 228 x 152 mm 267pp 93 b/w illus. 978-1-107-01929-4 Hardback £40.00

Abhinay Muthoo, University of Warwick

For all formats available, see

Contents: Preface; 1. Introduction; 2. Preferences and utility; 3. The budget constraint and the consumer’s optimal choice; 4. Demand functions; 5. Supply functions for labor and savings; 6. Welfare economics i: the one-person case; 7. Welfare economics ii: the manyperson case; 8. Theory of the firm i: the single-input model; 9. Theory of the firm ii: the long run, multiple-input, singleoutput model; 10. Theory of the firm iii: the short run, multiple-input, singleoutput model; 11. Perfectly competitive markets; 12. Monopoly and monopolistic competition; 13. Duopoly; 14. Game theory; 15. An exchange economy; 16. A production economy; 17. Externalities; 18. Public goods; 19. Uncertainty and expected utility; 20. Uncertainty and asymmetric information. 2013 253 x 177 mm 393pp 128 b/w illus. 5 tables 978-1-107-01734-4 Hardback £95.00 978-1-107-62376-7 Paperback £35.00 For all formats available, see

www.cambridge.org/9781107017344

www.cambridge.org/9781107005488

Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems Cars Hommes Universiteit van Amsterdam

Recognising that the economy is a complex system with boundedly rational interacting agents, applies complexity modelling to economics and finance. ‘Professor Hommes’ work is a major contribution to the understanding of intertemporal economic fluctuations. In a world in which production and

Kenneth J. Arrow, Joan Kenney Professor of Economics and Professor of Operations Research, Emeritus, Stanford University, and Winner of the Nobel Prize in Economics, 1972

www.cambridge.org/9781107019294

Textbook

Essential Microeconomics John G. Riley University of California, Los Angeles

Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics. ‘John Riley is not only a leading economic theorist but also a superb expositor of theoretical ideas. Essential Microeconomics is a beautifully lucid book that will quickly and easily take students to the heart of the subject.’ Eric S. Maskin, Institute for Advanced Study, Princeton, and Nobel Laureate in Economics

Contents: 1. Prices and optimization; 2. Consumers; 3. Equilibrium and efficiency in an exchange economy; 4. Firms; 5. General equilibrium; 6. Dynamic optimization; 7. Uncertainty; 8. Equilibrium in financial markets; 9. Strategy; 10. Games with asymmetric information; 11. Incentive compatibility and mechanism design; 12. Auctions and public good; Appendix A. Mathematical foundations; Appendix B. Mappings of vectors; Appendix C. Optimization. 2012 253 x 177 mm 710pp 229 b/w illus. 17 tables 978-0-521-82747-8 Hardback £52.00 For all formats available, see

www.cambridge.org/9780521827478

Microeconomics / Industrial economics Textbook

Prospect Theory For Risk and Ambiguity Peter P. Wakker Erasmus Universiteit Rotterdam

A text in decision theory with applications to economics, mathematics, finance, psychology, management, health, computer science, statistics, and engineering. 2010 247 x 174 mm 518pp 106 b/w illus. 57 tables 187 exercises 978-0-521-76501-5 Hardback £82.00 978-0-521-74868-1 Paperback £33.99 For all formats available, see

www.cambridge.org/9780521765015

Textbook

The Analytics of Uncertainty and Information Second edition Sushil Bikchandani

and hidden knowledge; 10. Market institutions; 11. Long-run relationships and the credibility of threats and promises; 12. Information aggregation, transmission, and acquisition. Cambridge Surveys of Economic Literature

2013 228 x 152 mm 536pp 83 b/w illus. 978-0-521-83408-7 Hardback £95.00 978-0-521-54196-1 Paperback £35.00 Publication November 2013 For all formats available, see

www.cambridge.org/9780521834087

forefront of the subject and leaders everywhere will need to understand the insights discussed.’ Phillip A. Sharp, Nobel Laureate, Medicine, Institute Professor at the Koch Institute for Integrative Cancer Research, Massachusetts Institute of Technology, and Co-Founder of Biogen Idec, Alnylum 2014 228 x 152 mm 350pp 22 b/w illus. 41 tables 978-0-521-87653-7 Hardback c. £50.00 Publication May 2014 For all formats available, see

www.cambridge.org/9780521876537

Industrial economics The Manufacturing of Markets Legal, Political and Economic Dynamics Edited by Eric Brousseau Université de Paris IX (Paris-Dauphine)

Patent Markets in the Global Knowledge Economy Theory, Empirics and Public Policy Implications Edited by Thierry Madiès Université de Fribourg, Switzerland

Dominique Guellec OECD

and Jean-Claude Prager

University of California, Los Angeles

and Jean-Michel Glachant

Jack Hirshleifer

European University Institute, Florence

University of California, Los Angeles

Drawing on case studies from a range of industries, countries and periods of history, this edited volume examines how a combination of economic, political and legal dynamics shape the formation and the performance of markets. This book will appeal to all those interested in the reform of markets.

Long regarded as an essential underpinning of technological innovation in successful capitalist economies, the beneficial role of patents has recently been brought into question by those favouring ‘open’ innovation. This rigorous book surveys the theory, empirical evidence and public-policy related to the role of patents in a global knowledge economy.

2014 228 x 152 mm 450pp 25 b/w illus. 9 tables 978-1-107-05371-7 Hardback c. £70.00 Publication May 2014

2014 228 x 152 mm 220pp 20 b/w illus. 9 tables 978-1-107-04710-5 Hardback c. £60.00 Publication February 2014

For all formats available, see

and John G. Riley University of California, Los Angeles

There has been explosive progress in the economic theory of uncertainty and information in the past few decades. This book attempts to unify the subject matter in a simple, accessible manner. This revised and updated second edition places a greater focus on game theory. New topics include posted-price markets, mechanism design, commonvalue auctions, and the one-shot deviation principle for repeated games. Advance praise: ‘This is a beautifully clear book on the economics of uncertainty and information. The second edition contains a good deal of valuable new material, such as on the production, transmission, acquisition, and aggregation of information.’ Eric Maskin, Harvard University, and Nobel Laureate

Contents: Part I: 1. Elements of decision under uncertainty; 2. Risk-bearing: the optimum of the individual; 3. Comparative statics of the risk-bearing optimum; 4. Market equilibrium under uncertainty; Part II: 5. Information and informational decisions; 6. Information and markets; 7. Strategic uncertainty and equilibrium concepts; 8. Informational asymmetry and contract design; 9. Competition

www.cambridge.org/9781107053717

Building Technology Transfer within Research Universities An Entrepreneurial Approach Edited by Thomas J. Allen Massachusetts Institute of Technology

and Rory P. O’Shea Massachusetts Institute of Technology

A group of academic thought leaders in the field of technology transfer analyse critically the factors which lie behind success-oriented entrepreneurial startup cultures on university campuses. Using a series of case studies, the contributors develop and share a model that universities can adopt for successful academic entrepreneurship. ‘This volume brings alive the modern synthesis of entrepreneurship and universities that has created a powerful force for change and wealth in societies. The contributors are at the

Société du Grand Paris

www.cambridge.org/9781107047105

Outsourcing Economics Global Value Chains in Capitalist Development William Milberg New School for Social Research, New York

and Deborah Winkler Schwartz Center for Economic Policy Analysis, New York

William Milberg and Deborah Winkler propose an institutional theory of trade and development. They find that offshoring reduces employment and raises income inequality in countries that lack institutions supporting workers. They also find that offshoring allows firms to reduce domestic investment and focus on finance and short-run stock movements. 2013 228 x 152 mm 370pp 57 b/w illus. 34 tables 978-1-107-02699-5 Hardback £65.00 978-1-107-60962-4 Paperback £24.99 For all formats available, see

www.cambridge.org/9781107026995

Visit our website at www.cambridge.org/knowledge

Industrial economics / Public economics and public policy Insurance and Behavioral Economics Improving Decisions in the Most Misunderstood Industry Howard C. Kunreuther University of Pennsylvania

Mark V. Pauly University of Pennsylvania

and Stacey McMorrow

exploration of the impact the third industrial revolution – the digital revolution – had on global business. Comparative Perspectives in Business History

2013 228 x 152 mm 254pp 13 b/w illus. 1 map 20 tables 978-1-107-02861-6 Hardback £55.00 For all formats available, see

www.cambridge.org/9781107028616

across the social sciences, and prove a valuable resource for policy makers. 2013 228 x 152 mm 512pp 18 b/w illus. 23 tables 978-1-107-03608-6 Hardback £50.00 978-1-107-64670-4 Paperback £18.99 / US$24.9 Publication November 2013 For all formats available, see

www.cambridge.org/9781107036086

The Urban Institute

This book examines the behavior of individuals at risk and insurance industry decision makers involved in selling, buying and regulation. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory and is designed to eliminate the mistrust that characterizes the insurance industry.

Second Edition

Travel Industry Economics

A GUIDE FOR FINANCIAL ANALYSIS

‘For too many people insurance is a mystery not worth solving. The authors of Insurance and Behavioral Economics shed valuable light on insurance products and providers in an insightful examination for the benefit of consumers, analysts, and students of the business. Even the industry would be wise to study the authors’ research, conclusions, and recommendations.’ Franklin Nutter, President, Reinsurance Association of America

Harold L. Vogel

2013 228 x 152 mm 338pp 13 b/w illus. 10 tables 978-0-521-84572-4 Hardback £60.00 978-0-521-60826-8 Paperback £19.99 For all formats available, see

www.cambridge.org/9780521845724

Public economics and public policy

A Guide for Financial Analysis Second edition Harold L. Vogel

Harold L. Vogel examines the economics and investment aspects of major industry components including airlines, hotels, casinos and theme parks. 2013 228 x 152 mm 346pp 57 b/w illus. 48 tables 978-1-107-02562-2 Hardback £52.00 For all formats available, see

www.cambridge.org/9781107025622

Tax Fairness and Folk Justice Steven M. Sheffrin University of California, Davis

Much of the discussion of tax fairness today focuses on distribution – who gets what. But this is too limited a focus. This book demonstrates how an understanding of ‘folk justice’ can deepen our understanding of how tax systems actually work and how they might potentially be reformed. Advance praise: ‘A fabulous book! Filled with insights on a crucially important, but underexplored, aspect of tax policy. This book should be required reading for anyone interested in the politics or sociology of taxation.’

Edited by Giovanni Dosi Scuola Superiore Sant’Anna

and Louis Galambos The Johns Hopkins University

The essays in this volume ask whether the widespread adoption of digital technology has led to large-scale or structural changes in modern business systems. The book provides a robust

Costs and Benefits Edited by Bjørn Lomborg

Bjørn Lomborg invites more than 50 expert authors to decide how best to spend a hypothetical $75 billion of aid money to combat twelve major global problems. This thought-provoking book challenges readers to form their own opinions and prioritize: resources are limited and some solutions are smarter than others. Praise for the Copenhagen Consensus 2004–2013: ‘I have served on four Copenhagen Consensus committees of experts since 2004. All involved hard choices among attractive alternatives to meet crucial objectives for development and health. And the reason I keep serving? I learn so much.’ Thomas C. Schelling, Distinguished University Professor Emeritus of Economics, University of Maryland, and Nobel Laureate in Economics

2013 228 x 152 mm 250pp 2 b/w illus. 12 tables 978-0-521-19562-1 Hardback £55.00 978-0-521-14805-4 Paperback £19.99 Publication December 2013

2013 246 x 189 mm 766pp 110 b/w illus. 172 tables 978-1-107-03959-9 Hardback £75.00 978-1-107-61221-1 Paperback £29.99 Publication November 2013

For all formats available, see

www.cambridge.org/9780521195621

Preventing Regulatory Capture Special Interest Influence and How to Limit it Edited by Daniel Carpenter Harvard University, Massachusetts

and David A. Moss

The Third Industrial Revolution in Global Business

Global Problems, Smart Solutions Copenhagen Consensus Center

David Gamage, University of California, Berkeley

Travel Industry Economics

Highlight

Harvard University, Massachusetts

This timely volume brings together leading scholars from across the social sciences, whose work presents empirical evidence that the obstacle of regulatory capture is more surmountable than previously thought. The unprecedented rigor they bring to the study of capture will appeal to scholars and students

www.cambridge.org/9781107039599

HIGHLIGHT

Behavioural Public Policy Edited by Adam Oliver London School of Economics and Political Science

How can individuals best be encouraged to take more responsibility for their well-being and their environment or to behave more ethically in their business transactions? These are the types of questions covered in this fascinating collection of case studies by some of the world’s leading scholars in behavioural economics. ‘In this exciting new book some of the world’s leading economists greatly expand the new field of the behavioural economics of public policy. From their insights we will have

Public economics and public policy better governance on issues ranging from health care to disclosure practice to the environment.’ George A. Akerlof, University of California, Berkeley, and Nobel Laureate in Economics, 2001

Contents: Introduction; 1. Ambiguity aversion and the UK government’s response to swine flu; 1.1 A response to Oliver; 2. Models of governance of public services: empirical and behavioural analysis of ‘Econs’ and ‘Humans’; 2.1 A response to Bevan and Fasolo; 3. From irresponsible knaves to responsible knights for just 5p: behavioural public policy and the environment; 3.1 A response to Disney, Le Grand and Atkinson; 4. The more who die, the less we care: psychic numbing and genocide; 4.1 A response to Slovic and Västfjäll; 5. Healthy habits: some thoughts on the role of public policy in healthful eating and exercise under limited rationality; 5.1 A response to Rabin; 6. Confessing one’s sins but still committing them: transparency and the failure of disclosure; 6.1 A response to Sah, Cain and Loewenstein; 7. How should people be rewarded for their work?; 7.1 A response to Frey; 8. Influencing the financial behaviour of individuals: the mindspace way; 8.1 A response to Dolan; 9. Decision analysis from a neo-calvinist point of view; 9.1 A response to Prelec; Index. 2013 228 x 152 mm 249pp 18 b/w illus. 6 tables 978-1-107-04263-6 Hardback £60.00 978-1-107-61737-7 Paperback £22.99 For all formats available, see

www.cambridge.org/9781107042636

Resocialising Europe in a Time of Crisis Edited by Nicola Countouris University College London

and Mark Freedland University of Oxford

This edited collection explores how the European Social Model has been progressively eroded by a number of deregulatory dynamics. Chapters include important suggestions on how Europe could reverse this trend and redevelop its Social Dimension in ways that are attuned to the social needs of European workers and citizens. 2013 228 x 152 mm 540pp 4 b/w illus. 14 tables 978-1-107-04174-5 Hardback £65.00

Textbook

The Law and Policy of the World Trade Organization Text Cases and Materials Third edition Peter Van den Bossche and Werner Zdouc

This thoroughly updated new edition of the classic, market-leading textbook is required reading for all students of WTO law. Contents: 1. International trade and law of the WTO; 2. The World Trade Organization; 3. WTO Dispute Settlement; 4. Most favoured nation treatment; 5. National treatment; 6. Tariff barriers; 7. Non-tariff barriers; 8. General and security exceptions; 9. Economic emergency exceptions; 10. Regional trade exceptions; 11. Dumping; 12. Subsidies; 13. Technical barriers to trade; 14. Sanitary and phytosanitary measures; 15. Intellectual property rights; 16. Future challenges to the WTO and the multilateral trade system. 2013 247 x 174 mm 1100pp 978-1-107-02449-6 Hardback £95.00 978-1-107-69429-3 Paperback £48.00

and mistrust of power concentration in one political or economic institution. ‘Why are banks politically powerful in the United States? The novel argument of Lavelle’s important book is that banks are powerful because they have allies within the American political system that need banks in order to further their own bureaucratic objectives. For example, the Federal Reserve needs banks to help preserve its independence from the Congress, Congress needs banks to help allocate resources to favored constituents (e.g., homeowners), and financial regulators need banks to help preserve their jurisdictions and budgets. Lavelle’s exploration of the bureaucratic politics of financial policy making provides a new understanding of regulation, deregulation, innovation, and crises in American finance.’ J. Lawrence Broz, University of California, San Diego 2013 228 x 152 mm 324pp 8 b/w illus. 6 tables 978-1-107-02804-3 Hardback £60.00 978-1-107-60916-7 Paperback £19.99 For all formats available, see

www.cambridge.org/9781107028043

For all formats available, see

www.cambridge.org/9781107024496

The Politics of Social Welfare in America Glenn David Mackin

Regulating Long-Term Care Quality An International Comparison Edited by Vincent Mor Brown University, Rhode Island

University of Rochester, New York

Tiziana Leone

Glenn David Mackin explores disability rights groups and welfare rights activism in the 1960s and 1970s and argues that those designated as needy or incompetent often challenge these designations, generating new ways of understanding ‘participating’ and ‘equality’, as well as making the issue of welfare an ongoing conflict.

London School of Economics and Political Science

2013 228 x 152 mm 235pp 978-1-107-02902-6 Hardback £55.00 For all formats available, see

www.cambridge.org/9781107029026

Money and Banks in the American Political System Kathryn C. Lavelle

For all formats available, see

Case Western Reserve University, Ohio

www.cambridge.org/9781107041745

Lavelle argues that political sources of instability in finance derive from the intersection of market innovation and regulatory arbitrage. This book explores monetary, fiscal and regulatory policies within a political culture characterized by the separation of business and state,

and Anna Maresso London School of Economics and Political Science

How to care for the increasing number of elderly people in the global population is a challenge facing governments in both the developed and the developing world. Using a series of case studies from Europe, North America and Asia, this book surveys different approaches to long-term care provision and regulation. Health Economics, Policy and Management

2014 228 x 152 mm 520pp 21 b/w illus. 33 tables 978-1-107-04206-3 Hardback £80.00 978-1-107-66535-4 Paperback £35.00 Publication January 2014 For all formats available, see

www.cambridge.org/9781107042063

eBooks available at www.cambridge.org/ebookstore

Natural resource and environmental economics

Natural resource and environmental economics How Much is Clean Air Worth? Calculating the Benefits of Pollution Control Ari Rabl Ecole des Mines, Paris

Joseph V. Spadaro Basque Centre for Climate Change, Bilbao, Spain

and Mike Holland Ecometrics Research and Consulting (EMRC)

Written for scholars, graduate students and practitioners in government and industry, this book provides comprehensive coverage of core methodologies used in quantifying the costs of pollution. Worked examples support the discussion, and the results for electricity treatment, waste management and transport are reviewed, with an analysis of their policy implications. 2014 246 x 189 mm 500pp 135 b/w illus. 98 tables 978-1-107-04313-8 Hardback c. £45.00 Publication May 2014 For all formats available, see

www.cambridge.org/9781107043138

A Less Green and Pleasant Land

Our Uncommon Heritage

Water Resilience for Human Prosperity

Biodiversity Change, Ecosystem Services, and Human Well-Being Charles Perrings

Johan Rockström Stockholm Resilience Centre

Our Uncommon Heritage explores the many dimensions of human-driven biodiversity change. It addresses the causes of biodiversity change, its hidden costs, and better ways to manage it. This is an important book for students, researchers and those engaged in biodiversity policy and management at the international level.

Carl Folke

‘This book is much more than just another ecological book: it does a great service to the effort to stop Biodiversity being seen only as an assemblage of useful or charismatic species, and instead as ecosystems that house the planet’s biological wealth, providing us with a score of indispensable environmental services. Charles Perrings shows that ecosystems, a.k.a Biodiversity, need to be understood within their environmental and sociological contexts in an interdisciplinary form (by an integrated Biodiversity Science) in order to be sustainably managed. We must learn to become expert global gardeners to manage the ecosystems upon which we utterly depend.’ Professor José Sarukhán, National Coordinator for Mexico’s National Commission for Knowledge and Use of Biodiversity (CONABIO)

Our Threatened Wildlife Norman Maclean University of Southampton

For all formats available, see

This ‘Domesday book’ of the British and Irish countryside provides a definitive and up-to-date survey of the state of our wildlife today. An accessible and timely study revealing just how rapidly our countryside and its wildlife are changing, why we should be concerned, and what we can do about it.

www.cambridge.org/9781107043732

For all formats available, see

www.cambridge.org/9781107673236

Malin Falkenmark

Arizona State University

2014 228 x 152 mm 528pp 41 b/w illus. 35 tables 978-1-107-04373-2 Hardback c. £80.00 978-1-107-61898-5 Paperback c. £30.00 Publication March 2014

2014 228 x 152 mm 300pp 9 b/w illus. 16 colour illus. 978-1-107-67323-6 Paperback c. £16.99 Publication April 2014

Stockholm Resilience Centre

Beijer International Institute of Ecological Economics, Stockholm

Mats Lannerstad Stockholm Environment Institute

Jennie Barron Stockholm Environment Institute

Elin Enfors Stockholm Resilience Centre

Line Gordon Stockholm Resilience Centre

Jens Heinke Potsdam Institute for Climate Impact Research (PIK)

Holger Hoff Stockholm Environment Institute

and Claudia Pahl-Wostl Universität Osnabrück

Human-driven biosphere changes demand new consideration of water resources as part of global sustainability. This book focuses on building socio-ecological resilience and sustaining ecosystem services in the face of emerging water challenges. A state-of-the-art resource for academic researchers, water resource professionals, and graduate students studying water resource governance and management. 2014 247 x 174 mm 340pp 116 colour illus. 12 tables 978-1-107-02419-9 Hardback c. £45.00 Publication February 2014 For all formats available, see

www.cambridge.org/9781107024199

U.S. Energy Policy and the Pursuit of Failure Peter Z. Grossman Butler University, Indiana

Grossman analyses the serial failures of U.S. energy policy, failures that have been extraordinarily wasteful, with little learned by policy makers in the process. Congresses and presidential administrations have repeatedly backed failed policies because they promise unrealistic solutions that are politically expedient with little chance of practical success. ‘U.S. Energy Policy and the Pursuit of Failure is exactly the kind of analysis that more economists should do. It brings in political transaction costs to explain how policies can go astray, endure, and reduce welfare. Given the plethora of policy recommendations

Natural resource and environmental economics / Labour economics / Macroeconomics and monetary economics for climate change mitigation, economists should take pause and be careful in what they call for.’ Gary Libecap, University of California, Santa Barbara 2013 228 x 152 mm 411pp 10 b/w illus. 978-1-107-00517-4 Hardback £65.00 978-0-521-18218-8 Paperback £24.99 For all formats available, see

www.cambridge.org/9781107005174

Managing Extreme Climate Change Risks through Insurance W. J. Wouter Botzen Vrije Universiteit, Amsterdam

In recent years, the damage caused by natural disasters has increased worldwide. This book considers how the most common mechanism for managing risk – insurance – can contribute to designing policies which limit the risks posed by natural disasters, and reduce their impact on society in a changing climate. ‘Are insurers the victims, the virtuous or the villains of climate change? W. J. Wouter Botzen’s book questions how a global business is going to cope when long-held assumptions are challenged by a changing climate. Yet insurers have proved to be innovators with a unique means of communicating risk to householders and businesses worldwide … via the prices they have to pay for insurance contracts. Botzen’s book demonstrates how insurers have a crucial role to play in the management of risk in a changing world.’ Jim W. Hall, Professor of Climate and Environmental Risks, University of Oxford 2013 228 x 152 mm 451pp 28 b/w illus. 5 maps 53 tables 978-1-107-03327-6 Hardback £70.00 For all formats available, see

www.cambridge.org/9781107033276

Global Energy Assessment Toward a Sustainable Future GEA Writing Team

Independent, scientifically based, integrated, policy-relevant analysis of current and emerging energy issues for specialists and policymakers in academia, industry, government.

Globalizing Oil Firms and Oil Market Governance in France, Japan, and the United States Llewelyn Hughes George Washington University, Washington DC

Oil is one of the world’s most important commodities. This book is the first systematically to document and explain why governments across advanced industrialized democracies have changed the strategies they use to govern their oil markets over the last three decades. Advance praise: ‘Llewelyn Hughes has written a brilliant book about the transformation of the world’s energy markets. In Globalizing Oil, Hughes demonstrates that the interplay of governments and firms in the global market for oil requires an understanding of both politics and strategy. With extraordinary research and compelling argument, Hughes’ book provides insight into both.’ Rawi E. Abdelal, Herbert F. Johnson Professor of International Management, Harvard Business School Business and Public Policy

2014 228 x 152 mm 272pp 3 b/w illus. 1 table 978-1-107-04199-8 Hardback £60.00 Publication January 2014 For all formats available, see

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Nature’s Wealth The Economics of Ecosystem Services and Poverty Edited by Pieter J. H. van Beukering Vrije Universiteit, Amsterdam

Elissaios Papyrakis Vrije Universiteit, Amsterdam

Jetske Bouma Vrije Universiteit, Amsterdam

and Roy Brouwer Vrije Universiteit, Amsterdam

Based on eighteen studies in more than twenty developing countries, this book explores the role of biodiversity-, marine-, forest-, water- and land-related ecosystem services in supporting the livelihoods of the poor around the world. The authors present innovative management opportunities that improve local livelihoods and alleviate poverty while enhancing ecosystem protection. Ecology, Biodiversity and Conservation

2012 279 x 215 mm 1882pp 680 colour illus. 389 tables 978-1-107-00519-8 Hardback £150.00 978-0-521-18293-5 Paperback £75.00

2013 228 x 152 mm 439pp 45 b/w illus. 4 colour illus. 68 tables 978-1-107-02715-2 Hardback £75.00 978-1-107-69804-8 Paperback £35.00

For all formats available, see

www.cambridge.org/9781107005198

www.cambridge.org/9781107027152

Labour economics The Shadow Economy An International Survey Second edition Friedrich Schneider Johannes Kepler Universität Linz

and Dominik H. Enste Max-Planck-Institut für Gesellschaftsforschung, Cologne

Presents new data to give an overview of shadow economies from OECD countries and propose solutions to prevent illicit work. 2013 228 x 152 mm 226pp 30 b/w illus. 978-1-107-03484-6 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107034846

Macroeconomics and monetary economics Highlight

Against the Consensus Reflections on the Great Recession Justin Yifu Lin Peking University, Beijing

In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding the recurrence of similar crises in the future. He suggests that the crisis and the global imbalances both originated with the excess liquidity created by US financial deregulation and loose monetary policy, and recommends the creation of a global Marshall Plan and a new supranational global reserve currency. This thought-provoking book will appeal to academics, graduate students, policy makers, and anyone interested in the global economy. ‘A large literature asks what China can learn from the advanced countries as it continues to develop. Here Justin Yifu Lin turns the tables and asks what the advanced countries can learn from

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Macroeconomics and monetary economics China, including on questions like the need for infrastructure spending in recovery from the crisis. Who better?’ Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley 2013 228 x 152 mm 273pp 46 b/w illus. 14 tables 978-1-107-03887-5 Hardback £20.00 For all formats available, see

www.cambridge.org/9781107038875

New in Paperback

From Financial Crisis to Stagnation The Destruction of Shared Prosperity and the Role of Economics Thomas I. Palley

This book offers a novel explanation of the financial crisis and Great Recession that emphasizes the destruction of shared prosperity over the past thirty years. This contrasts with ‘black swan’ styled explanations that emphasize unexpected financial shocks and speculation. The book explains why the economy is now confronted with stagnation rather than the quick recovery predicted by other accounts. ‘Thomas Palley has provided a penetrating analysis of the Great Recession, the weakness of the policy response, and the role of economic ideas in both. If we are to avoid the Great Stagnation – and build a more equitable and sustainable economic future – economists and policy makers must fundamentally change the way they think about economics and politics. Mr Palley points the way.’ Ron Blackwell, Chief Economist, AFL-CIO 2013 228 x 152 mm 258pp 26 b/w illus. 26 tables 978-1-107-61246-4 Paperback £17.99 Also available 978-1-107-01662-0 Hardback £42.00 For all formats available, see

www.cambridge.org/9781107612464

After the Great Recession The Struggle for Economic Recovery and Growth Edited by Barry Z. Cynamon Washington University, St Louis

Steven Fazzari Washington University, St Louis

and Mark Setterfield Trinity College, Connecticut

Foreword by Robert Kuttner

A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars. 2013 228 x 152 mm 354pp 19 b/w illus. 15 tables 978-1-107-01589-0 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107015890

Currencies, Commodities and Consumption Kenneth W. Clements University of Western Australia, Perth

Discusses economic issues associated with exchange rates, commodity prices, the economic size of countries and alternatives to PPP exchange rates. 2013 228 x 152 mm 397pp 52 b/w illus. 69 tables 978-1-107-01476-3 Hardback £70.00 For all formats available, see

www.cambridge.org/9781107014763

International Liquidity and the Financial Crisis William A. Allen

Explains how the financial crisis spread across the world, how damage was contained and how the monetary world has changed. 2013 228 x 152 mm 270pp 36 b/w illus. 49 tables 978-1-107-03004-6 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107030046

Textbook

Modeling Monetary Economies Third edition Bruce Champ Federal Reserve Bank of Cleveland

Scott Freeman and Joseph Haslag University of Missouri, Columbia

Designed to be used in an advanced undergraduate course in monetary economies, money and banking, international economies or macroeconomies. ‘Theory that encourages careful thinking. Applications that demonstrate relevance. All delivered in an easy yet rigorous manner. An essential text for any course in money and banking.’ David Andolfatto, Federal Reserve Bank of St Louis

Contents: Preface; Part I. Money: 1. A simple model of money; 2. Barter and commodity money; 3. Inflation; 4. International monetary systems; 5. Price surprises; Part II. Banking: 6. Capital; 7. Liquidity and financial intermediation; 8. Central banking and the money supply; 9. Money stock fluctuations; 10. Fully backed central bank money; 11. The payments system; 12. Bank risk; 13. Liquidity risk and bank panics; Part III. Government Debt: 14. Deficits and the national debt; 15. Savings and investment; 16. The effect of the national debt on capital and savings; 17. The temptation of inflation. 2011 253 x 215 mm 358pp 78 b/w illus. 25 tables 978-1-107-00349-1 Hardback £88.00 978-0-521-17700-9 Paperback £30.99 For all formats available, see

www.cambridge.org/9781107003491

Developments in Macro-Finance Yield Curve Modelling Edited by Jagjit S. Chadha University of Kent, Canterbury

Alain C. J. Durré European Central Bank, Frankfurt

Michael A. S. Joyce Bank of England

and Lucio Sarno City University, London

Bringing together senior central bank economists and leading academic monetary economists, this book offers a state-of-the-art analysis of how the financial crisis has changed the way in which macroeconomic policy-makers model longer term interest rates, and

Macroeconomics and monetary economics / Economic development and growth the challenges posed to the conduct of monetary policy. Macroeconomic Policy Making

2013 228 x 152 mm 576pp 114 b/w illus. 60 tables 978-1-107-04455-5 Hardback £70.00 Publication December 2013 For all formats available, see

Economic development and growth Capabilities, Gender, Equality

Questioning Credible Commitment

Towards Fundamental Entitlements Edited by Flavio Comim

University of Cambridge

Adrian Leonard University of Cambridge

and Larry Neal University of Illinois, Urbana-Champaign

Provides academics and practitioners with a broader understanding of the origins of financial capitalism. A specially commissioned group of historians and economists examine and challenge North and Weingast’s (1989) ‘credible commitment’ thesis and show that parliamentary backing of public finance alone is insufficient to create confidence in a state’s credit-worthiness.

University of Cambridge

and Martha Nussbaum University of Chicago

A multidisciplinary group of experts provide unique reflections on the capabilities or ‘human development’ approach to understanding well-being and basic political entitlements. With a special focus on Martha C. Nussbaum’s contributions to political philosophy, this thought-provoking book will interest a wide-range of readers and policy-makers interested in human development policies. 2014 228 x 152 mm 515pp 5 b/w illus. 11 tables 978-1-107-01569-2 Hardback £65.00 Publication March 2014 For all formats available, see

‘Credible commitment is fundamental to finance. This volume of excellent essays by financial historians explores the salient institutional theories about the development of credible commitment. In doing so, it illuminates a watershed period in the emergence of the modern economy.’

www.cambridge.org/9781107015692

William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, and Director, International Center for Finance, Yale University

University of Ottawa

Macroeconomic Policy Making

2013 234 x 156 mm 298pp 29 b/w illus. 21 tables 978-1-107-03901-8 Hardback £65.00 For all formats available, see

www.cambridge.org/9781107039018

Law and Development of Middle-Income Countries Avoiding the Middle-Income Trap Edited by Randall Peerenboom La Trobe University, Victoria

www.cambridge.org/9781107044555

Perspectives on the Rise of Financial Capitalism Edited by D’Maris Coffman

Governing Failure Provisional Expertise and the Transformation of Global Development Finance Jacqueline Best

This book provides an innovative explanation of recent shifts in international development finance and provides a new perspective on the role of policy failure in international policymaking. It will be of interest to scholars, students and professionals interested in international politics, economic development and social theory. 2014 228 x 152 mm 312pp 2 b/w illus. 978-1-107-03504-1 Hardback £60.00 Publication January 2014 For all formats available, see

www.cambridge.org/9781107035041

and Tom Ginsburg University of Chicago

This volume asks why many middleincome countries fail to develop after a promising start, becoming mired in the so-called middle-income trap. It addresses the challenges they face from theoretical and practical perspectives and is the first to cover law and development issues in such countries from the perspective of political, administrative and legal institutions and policies. 2014 228 x 152 mm 408pp 6 b/w illus. 1 colour illus. 1 map 28 tables 978-1-107-02815-9 Hardback £65.00 978-1-107-60919-8 Paperback £24.99 Publication January 2014 For all formats available, see

www.cambridge.org/9781107028159

Rising Inequality in China Challenges to a Harmonious Society Edited by Shi Li Beijing Normal University

Hiroshi Sato Hitotsubashi University, Tokyo

and Terry Sicular University of Western Ontario

This book, a sequel to Inequality and Public Policy in China (2008), examines changes from 2002 to 2007 in the Chinese distribution of income and poverty, analyzes factors contributing to recent trends in inequality, providing insights into the potentially far-reaching consequences for China’s economy, politics and society. Advance praise: ‘Inequality – in incomes, in education, in opportunities – is one of the most important issues that China will have to deal with in the coming decades. This work edited by Li, Sato, and Sicular is the definitive book on China’s inequality. Based on highquality data and careful analysis and clear presentation, we see that the challenge of dealing with inequality today and in the coming years is great indeed.’ Scott Rozelle, Stanford University 2013 228 x 152 mm 400pp 55 b/w illus. 163 tables 978-1-107-00291-3 Hardback £75.00 Publication December 2013 For all formats available, see

www.cambridge.org/9781107002913

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Economic development and growth Schumpeterian Analysis of Economic Catch-up Knowledge, Path-Creation, and the Middle-Income Trap Keun Lee Seoul National University

Written for academic researchers, graduate students, policy-makers and practitioners, this book analyzes the reasons why some Asian countries have been able to catch up successfully with the most advanced economies of the world while other countries appear to get trapped at a middle-income level in economic development. ‘Based on convincing theoretical and empirical analyses, Professor Lee argues that Korea and Taiwan’s success hinges on their shift, after reaching middle-income status in the 1980s, to specialize on shorter cycle technology-based sectors, which rely less on existing technologies, allow their economies to leverage the greater opportunities that arise from the emergence of new technologies, and enable them to continue the catching up process. This book is original, makes important contributions to the development literature, and should be read by anyone concerned about how to help a country overcome the middleincome trap.’ Justin Yifu Lin, Peking University and Former Chief Economist, The World Bank 2013 228 x 152 mm 294pp 21 b/w illus. 43 tables 978-1-107-04268-1 Hardback £35.00 For all formats available, see

www.cambridge.org/9781107042681

Highlight

How Much have Global Problems Cost the World? A Scorecard from 1900 to 2050 Edited by Bjørn Lomborg Copenhagen Business School

A selection of the world’s leading economists discuss ten of the greatest challenges that have blighted human development since 1900, quantifying their costs in percent of GDP through to 2050. Rather than offering definitive answers, this innovative book encourages debate and will engage a wide readership. ‘For a volume covering such a large number of grim subjects, ranging from climate change and violent conflict to loss of bioversity and malnutrition, this is a surprisingly uplifting read. While mankind has succeeded in creating some depressingly disastrous

social, natural and humanitarian disasters, we also have the power to alleviate and overcome these selfinflicted challenges. Bjorn Lomborg reminds us that for every part of mankind that can destroy, there is also one part that can create.’ Tilman Brück, Director, Stockholm International Peace Research Institute (SIPRI) 2013 247 x 174 mm 401pp 172 b/w illus. 118 tables 978-1-107-02733-6 Hardback £65.00 978-1-107-67933-7 Paperback £22.99 For all formats available, see

www.cambridge.org/9781107027336

Social Assistance in Developing Countries Armando Barrientos University of Manchester

This book provides the first comprehensive account of the global growth of social assistance transfers in developing countries. It explains the emergence of programmes such as Brazil’s Bolsa Família, India’s National Rural Employment Guarantee Scheme and South Africa’s Child Support Grant, and examines their potential to address global poverty. ‘In this complex but accessible book, Armando Barrientos locates the exponential recent growth of social assistance programmes in developing countries in its historical and political context. Uniquely, he weaves together ethical arguments and economic analysis, to explain why social assistance has emerged as one of the most powerful tools for fighting poverty in our times. No-one who reads this seminal book can fail to be convinced that social assistance for the poor is not only effective but also affordable and ethically indispensable.’ Stephen Devereux, Institute of Development Studies 2013 228 x 152 mm 267pp 10 b/w illus. 5 tables 978-1-107-03902-5 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107039025

The Limits of Institutional Reform in Development Changing Rules for Realistic Solutions Matt Andrews Kennedy School of Government, Harvard University

Developing countries commonly adopt reforms to improve their governments yet they usually fail to produce more functional and effective governments. This book explains such failure and

proposes an approach to facilitate better reform results in developing country governments. ‘Institutional reform can only work if it is tailored to the local context. That is why so-called best-practice reforms typically fail: they create the illusion of progress, but not the reality. This important book goes beyond this lament to formulate a positive agenda of reform, built on incrementalism, problem-driven focus, and collaboration among stakeholders. Matt Andrews has seen the future, and it is in this book.’ Dani Rodrik, Harvard University, and author of One Economics, Many Recipes 2013 228 x 152 mm 263pp 12 b/w illus. 17 tables 978-1-107-01633-0 Hardback £35.00 For all formats available, see

www.cambridge.org/9781107016330

Economic Reform in India Challenges, Prospects, and Lessons Edited by Nicholas C. Hope Stanford Center for International Development

Anjini Kochar Stanford Center for International Development

Roger Noll Stanford University, California

and T. N. Srinivasan Yale University and National University of Singapore

These essays are written by leading economists working on the Indian economy. They emphasize the importance of policies and institutions for growth and poverty reduction, stressing the success of sector-specific policies is dependent on the nature of markets and the functioning of institutions including those charged with regulating critical sectors. ‘The transformation of India in the past couple of decades from a slow growth economy to the ranks of the fastest growing economies in the world is not a mystery. Economic reforms unleashed the growth potential of the sleeping giant. But what exactly were these reforms? This volume, with contributions by an all-star cast of expert economists, is the definitive description of the wideranging economic reforms undertaken by the Indian government. It will be read by academics with an interest in growth and the Indian economy, as well as by policy makers around the developing world who want their countries to emulate the Indian experience.’ Mohsin Khan, Rafik Hariri Center for the Middle East, Washington DC

Economic development and growth / Finance 2013 228 x 152 mm 543pp 40 b/w illus. 120 tables 978-1-107-02004-7 Hardback £70.00 For all formats available, see

www.cambridge.org/9781107020047

Poverty and the International Economic Legal System Duties to the World’s Poor Edited by Krista Nadakavukaren Schefer Universität Basel, Switzerland

Economic growth does not necessarily lead to a reduction in poverty levels. Extending beyond development discussions, Poverty and the International Economic Legal System offers researchers and policymakers an in-depth assessment of how rules governing international economic activity need to change to improve the standards of living for all individuals. 2013 228 x 152 mm 493pp 1 b/w illus. 978-1-107-03274-3 Hardback £75.00

In the Shadow of Violence Politics, Economics, and the Problems of Development Edited by Douglass C. North

Steven B. Webb The World Bank, Washington DC

For all formats available, see

and Barry R. Weingast

www.cambridge.org/9781107034662

John Joseph Wallis University of Maryland, College Park

Stanford University, California

This book explains how political control of economic privileges is used to limit violence and coordinate coalitions of powerful organizations. 2013 228 x 152 mm 376pp 12 b/w illus. 2 maps 42 tables 978-1-107-01421-3 Hardback £65.00 978-1-107-68491-1 Paperback £22.99 For all formats available, see

www.cambridge.org/9781107014213

Globalization and the Distribution of Wealth The Latin American Experience, 1982–2008 Arie M. Kacowicz

Finance Textbook

Introductory Econometrics for Finance Third edition Chris Brooks

Hebrew University of Jerusalem

University of Reading

Links theoretical discussions about globalization and the distribution of wealth with a rich empirical analysis of Latin America.

This best-selling textbook is a complete resource for finance students. The third edition has been updated with new data, extensive examples and EViews tutorials. Improved student support includes a new chapter on the basic mathematics underlying econometrics, further reading and a website with freely available student and instructor resources.

2013 228 x 152 mm 262pp 8 b/w illus. 16 tables 978-1-107-02784-8 Hardback £55.00 For all formats available, see

www.cambridge.org/9781107027848

How Capitalism Was Built The Transformation of Central and Eastern Europe, Russia, the Caucasus, and Central Asia Second edition Anders Aslund Peterson Institute for International Economics, Washington, DC

This second edition updates all chapters and covers the impacts of the global financial crisis and the European Union. 2013 228 x 152 mm 436pp 45 b/w illus. 7 tables 978-1-107-02654-4 Hardback £75.00 978-1-107-62818-2 Paperback £24.99 For all formats available, see

www.cambridge.org/9781107026544

Handbook of Financial Data and Risk Information I Principles and Context Volume 1 Edited by Margarita S. Brose Mark D. Flood Dilip Krishna Deloitte & Touche, LLP

and Bill Nichols

For all formats available, see

www.cambridge.org/9781107032743

14. Conducting empirical research or doing a project or dissertation in finance; Appendix 1. Sources of data used in this book; Appendix 2. Tables of statistical distributions; Glossary; Index. 2014 246 x 189 mm 800pp 132 colour illus. 70 tables 978-1-107-03466-2 Hardback c. £90.00 978-1-107-66145-5 Paperback c. £48.00 Publication April 2014

Washington University, St Louis

Review of previous edition: ‘Very comprehensive, and it does a sound job of covering the territory.’ Times Higher Education

Contents: Preface to the third edition; 1. Introduction; 2. Mathematical and statistical foundations; 3. A brief overview of the classical linear regression model; 4. Further development and analysis of the classical linear regression model; 5. Classical linear regression model assumptions and diagnostic tests; 6. Univariate time series modelling and forecasting; 7. Multivariate models; 8. Modelling long-run relationships in finance; 9. Modelling volatility and correlation; 10. Switching models; 11. Panel data; 12. Limited dependent variable models; 13. Simulation methods;

This comprehensive resource explores the different issues involved in collecting, measuring and managing data in the financial services industry. Written by experts and leading figures in risk management and analysis, it sets out a clear vision for a structural and operational framework for a financial risk data repository. 2013 247 x 174 mm 615pp 6 b/w illus. 50 colour illus. 40 tables 978-1-107-01201-1 Hardback £95.00 Publication December 2013 For all formats available, see

www.cambridge.org/9781107012011

Handbook of Financial Data and Risk Information II Software and Data Volume 2 Edited by Margarita S. Brose Mark D. Flood Dilip Krishna Deloitte & Touche, LLP

and Bill Nichols Software and Information Industry Association

This comprehensive resource explores the different issues involved in collecting, measuring and managing data in the financial services industry. Written by experts and leading figures in risk management and analysis, it sets out a clear vision for a structural and operational framework for a financial risk data repository. 2013 247 x 174 mm 570pp 15 b/w illus. 90 colour illus. 40 tables 978-1-107-01202-8 Hardback £95.00 Publication December 2013 For all formats available, see

www.cambridge.org/9781107012028

eBooks available at www.cambridge.org/ebookstore

Finance Handbook of Financial Data and Risk Information Edited by Margarita S. Brose Mark D. Flood Dilip Krishna and Bill Nichols

This comprehensive resource explores the different issues involved in collecting, measuring and managing data in the financial services industry. Written by experts and leading figures in risk management and analysis, it sets out a clear vision for a structural and operational framework for a financial risk data repository. 2013 247 x 174 mm 1170pp 25 b/w illus. 140 colour illus. 80 tables 978-1-107-69070-7 2 Volume Hardback Set £160.00 Publication December 2013 For all formats available, see

www.cambridge.org/9781107690707

Portfolio Management under Stress A Bayesian-Net Approach to Coherent Asset Allocation Riccardo Rebonato PIMCO

and Alexander Denev Royal Bank of Scotland

Portfolio Management under Stress combines the insights of modern portfolio theory with the wellestablished Bayesian-net methodology to offer a novel solution to the important problem of asset allocation under conditions of market distress. This insightful book is an important resource for practitioners and research academics in the post-financial crisis world. ‘Rebonato and Denev have demolished the status quo with their radical extension of best-practice portfolio management. The key is to integrate realistic ‘extreme’ scenarios into risk assessment, and they show how to use Bayesian networks to characterize precisely those scenarios. The book is rigorous yet completely practical, and reading it is a pleasure, with the ‘Rebonato touch’ evident throughout.’ Francis X. Diebold, Paul F. and Warren S. Miller Professor of Economics, and Professor of Finance and Statistics, University of Pennsylvania 2013 247 x 174 mm 456pp 119 b/w illus. 978-1-107-04811-9 Hardback £40.00 Publication December 2013 For all formats available, see

www.cambridge.org/9781107048119

Handbook on Systemic Risk Edited by Jean-Pierre Fouque University of California, Santa Barbara

and Joseph A. Langsam University of Maryland, College Park

Written by experts in the field, this book provides researchers with an introduction to the multifaceted aspects of systemic risks facing the global financial markets. It is the editors’ aim to stimulate greater interdisciplinary academic research on this critically important topic with immense societal implications. 2013 247 x 174 mm 992pp 25 b/w illus. 140 colour illus. 75 tables 978-1-107-02343-7 Hardback £100.00 For all formats available, see

www.cambridge.org/9781107023437

Wall Street Values

in continuous time; 9. Real options analysis; 10. Selected option applications; 11. Hedging; 12. Agency problems and governance; Solutions to exercises; Glossary; Index. 2013 246 x 189 mm 445pp 64 b/w illus. 73 tables 978-1-107-02922-4 Hardback £35.00 For all formats available, see

www.cambridge.org/9781107029224

Market Liquidity Asset Pricing, Risk, and Crises Yakov Amihud Stern School of Business, New York University

Haim Mendelson Graduate School of Business, Stanford University

and Lasse Heje Pedersen Stern School of Business, New York University

This book explores the effect of liquidity on asset prices, liquidity variations over time and how liquidity risk affects prices.

Business Ethics and the Global Financial Crisis Michael A. Santoro

2013 228 x 152 mm 289pp 32 b/w illus. 27 tables 978-0-521-19176-0 Hardback £65.00 978-0-521-13965-6 Paperback £22.99

Rutgers Business School, New Jersey

For all formats available, see

and Ronald J. Strauss

www.cambridge.org/9780521191760

Montclair State University, New Jersey

This timely book answers complex and perplexing questions raised by Wall Street’s role during the recent financial crisis.

Computation and Modelling in Insurance and Finance

2013 216 x 138 mm 244pp 13 b/w illus. 7 tables 978-1-107-01735-1 Hardback £19.99

Universitetet i Oslo

For all formats available, see

www.cambridge.org/9781107017351

Textbook

Finance A Quantitative Introduction Nico van der Wijst Norwegian University of Science and Technology, Trondheim

An introduction to modern finance designed for students with strong quantitative skills. ‘An excellent guide to modern finance. Professor van der Wijst provides clear and comprehensive explanations of the major theories in asset pricing, options, and corporate finance and the evidence for and against each. His book is remarkable both for its range and clarity.’ Louis Ederington, Michael F. Price Chair in Finance, University of Oklahoma

Contents: 1. Introduction; 2. Fundamental concepts and techniques; 3. Modern portfolio theory; 4. Market efficiency; 5. Capital structure and dividends; 6. Valuing levered projects; 7. Option pricing in discrete time; 8. Option pricing

Erik Bølviken

This practical introduction outlines methods for analysing actuarial and financial risk at a fairly elementary mathematical level suitable for graduate students, actuaries and other analysts in the industry who could use simulation as a problem solver. Numerous exercises with R-code illustrate the text. International Series on Actuarial Science

2014 247 x 174 mm 704pp 80 b/w illus. 45 tables 550 exercises 978-0-521-83048-5 Hardback £80.00 Publication March 2014 For all formats available, see

www.cambridge.org/9780521830485

Textbook

Actuarial Mathematics for Life Contingent Risks Second edition David C. M. Dickson University of Melbourne

Mary R. Hardy University of Waterloo, Ontario

and Howard R. Waters Heriot-Watt University, Edinburgh

Three leaders in actuarial science give a modern perspective on life contingencies. Balancing rigour and intuition, and emphasizing applications,

Finance / International economics this modern text is ideal for university courses and actuarial exam preparation. This second edition includes brand new chapters and exercises, and will prepare students for the new-style MLC exam. Review of the first edition: ‘The book is well written, well organized, and easy to read. It may be an excellent textbook for both undergraduate and graduate programs in actuarial science. It is also a rich source of useful information for practitioners of the actuarial profession and financial risk managers who seek a practical and inspiring guide to liability cash flow modeling and valuation.’ Scandinavian Actuarial Journal

Probability for Finance Ekkehard Kopp University of Hull

Jan Malczak AGH University of Science and Technology, Krakow

and Tomasz Zastawniak University of York

Students and instructors alike will benefit from this rigorous, unfussy text. It keeps a clear focus on the basic probabilistic concepts required for an understanding of financial market models, including independence, conditioning and limit theorems for random sequences. Motivational examples, careful proofs and plenty of exercises facilitate self-study.

Contents: Preface to the Second Edition; 1. Introduction to life insurance; 2. Survival models; 3. Life tables and selection; 4. Insurance benefits; 5. Annuities; 6. Premium calculation; 7. Policy values; 8. Multiple state models; 9. Joint life and last survivor benefits; 10. Pension mathematics; 11. Yield curves and nondiversifiable risk; 12. Emerging costs for traditional life insurance; 13. Participating and universal life insurance; 14. Emerging costs for equity-linked insurance; 15. Option pricing; 16. Embedded options; A. Probability theory; B. Numerical techniques; C. Simulation; D. Tables; References; Index.

Mastering Mathematical Finance

International Series on Actuarial Science

Rutgers University, New Jersey

2013 228 x 152 mm 616pp 50 b/w illus. 90 tables 210 exercises 978-1-107-04407-4 Hardback £50.00 For all formats available, see

www.cambridge.org/9781107044074

Solutions Manual for Actuarial Mathematics for Life Contingent Risks Second edition David C. M. Dickson University of Melbourne

Mary R. Hardy University of Waterloo, Ontario

and Howard R. Waters Heriot-Watt University, Edinburgh

This must-have manual provides solutions to all exercises in the authors’ groundbreaking text, which is required reading for the SOA Exam MLC, and covers virtually the whole syllabus for the UK Subject CT5 exam. Over 200 solutions give insight as well as exam preparation. Companion spreadsheets are freely available online. International Series on Actuarial Science

2013 228 x 152 mm 227pp 978-1-107-62026-1 Paperback £20.00 For all formats available, see

www.cambridge.org/9781107620261

2013 228 x 152 mm 208pp 12 b/w illus. 150 exercises 978-1-107-00249-4 Hardback £50.00 978-0-521-17557-9 Paperback £24.00 Publication November 2013 For all formats available, see

www.cambridge.org/9781107002494

The Origins, History, and Future of the Federal Reserve A Return to Jekyll Island Edited by Michael D. Bordo and William Roberds Federal Reserve Bank of Atlanta

This book contains essays presented at the November 2010 conference held to mark the centenary of the famous 1910 Jekyll Island meeting of leading American financiers and the US Treasury. The final chapter records a panel discussion of Fed policy making by the current and former senior Federal Reserve officials. ‘The 2010 Jekyll Island conference assembled preeminent scholars who have spent a lifetime studying central banking and the Federal Reserve. The historical perspective provided by these scholars offers continuing insights into the great issues confronting central banks. Not only students of central banking, but also general readers, will learn from this book.’ Robert Hetzel, Federal Reserve Bank of Richmond, and author of The Great Recession Studies in Macroeconomic History

2013 228 x 152 mm 439pp 41 b/w illus. 14 tables 978-1-107-01372-8 Hardback £65.00 For all formats available, see

www.cambridge.org/9781107013728

International economics The Political Economy of Transnational Tax Reform The Shoup Mission to Japan in Historical Context Edited by W. Elliot Brownlee University of California, Santa Barbara

Eisaku Ide Keio University, Tokyo

and Yasunori Fukagai Yokohama National University, Japan

These essays explore the history of the US tax mission to Japan during the occupation following World War II. Carl Shoup was appointed to create a new tax system for Japan. This volume examines the intellectual world of Shoup and his colleagues, describes their collaboration with Japan and analyzes the mission’s effects. 2013 228 x 152 mm 472pp 8 b/w illus. 10 tables 978-1-107-03316-0 Hardback £75.00 Publication November 2013 For all formats available, see

www.cambridge.org/9781107033160

Textbook

International Economics and Business Nations and Firms in the Global Economy Second edition Sjoerd Beugelsdijk Rijksuniversiteit Groningen, The Netherlands

Steven Brakman Rijksuniversiteit Groningen, The Netherlands

Harry Garretsen Rijksuniversiteit Groningen, The Netherlands

and Charles van Marrewijk Universiteit Utrecht, The Netherlands

With a new title (following the successful first edition of Nations and Firms in the Global Economy), this second edition undergraduate textbook combines the dual perspectives of international economics and international business, exploring key principles of the world economy and the theory and practice of globalization through an integrated lens. ‘A monumental achievement. The only international economics textbook on the market that appropriately describes the role of the firm in the global economy.’ Alain Verbeke, Haskayne School of Business, University of Calgary and Solvay Business School, University of Brussels

For regular email alerts visit www.cambridge.org/alerts

International economics Contents: Preface; Part I. Introduction: 1. The global economy; 2. Getting the numbers right; Part II. Firms, Trade, and Location: 3. Trade, comparative advantage, and competition; 4. Modern trade theory: the role of the firm; 5. Trade restrictions and trade policy; 6. Firms, location, and distance; 7. Managing across borders; Part III. Capital, Currency, and Crises; 8. Exchange rates; 9. Currency crises and exchange rate policy; 10. Gains from international capital mobility; 11. Financial crises, firms, and the open economy; 12. The Great Recession; Part IV. Consequences of Globalization; 13. Globalization and growth; 14. Globalization and inequality; References; Index. 2013 247 x 174 mm 596pp 151 b/w illus. 66 tables 978-1-107-03672-7 Hardback £75.00 978-1-107-65416-7 Paperback £35.00 For all formats available, see

www.cambridge.org/9781107036727

Community Capitalism in China The State, the Market, and Collectivism Xiaoshuo Hou St Lawrence University, New York

Hou offers the ‘both/and’ perspective and discusses the intertwining of the economy, the state and social relations. Focusing on three villages in China – Nanjie, Huaxi and Shangyuan – with collectively owned enterprises, villagers become shareholders in these enterprises and receive social welfare benefits and/or dividends. ‘Community Capitalism in China is a welcome addition to the body of research on economic reform in China. It is a beautiful example of the ways in which grounded research can both illuminate eye-opening stories about transforming economies and also advance our theoretical understanding of the forces driving that transformation. Professor Hou also boldly steps beyond the tired state-versus-market mindset, offering a fresh view of how China’s economy works.’ Doug Guthrie, Dean, The George Washington School of Business 2013 228 x 152 mm 164pp 16 b/w illus. 6 maps 8 tables 978-1-107-03046-6 Hardback £55.00 For all formats available, see

www.cambridge.org/9781107030466

The Decade of the Multilatinas Javier Santiso ESADE Business School

Latin American multinationals (multilatinas) have been central in the rise of emerging markets in the last few decades. This book analyses the trends, the countries and the firms involved, and explores the implications for the US, China, Spain and the rest of Europe. ‘The continued growth in global trade and investment is rapidly forcing us to rethink the way we look at the role of the emerging economies. Early in this long process, the focus was on local production in these economies, based on cheap labor and abundant resources. But much more is going on. This timely book focuses on the impressive international expansion of Latin corporations, an important topic that thus far has not received much attention. I highly recommend it to all audiences.’ Arminio Fraga, Founder of Gávea Investimentos (acquired by JP Morgan) and former Governor of the Central Bank of Brazil 2013 228 x 152 mm 308pp 54 b/w illus. 34 tables 978-1-107-03443-3 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107034433

WTO Disciplines on Subsidies and Countervailing Measures Balancing Policy Space and Legal Constraints Dominic Coppens Sidley Austin LLP

Academics, policy makers and staff of international institutions will all be intrigued by this legal analysis of the complex WTO rules on subsidies and the discussion of whether these rules overly confine governments’ policy space to pursue legitimate objectives, such as economic development, environmental protection, and recovery in times of crisis. Cambridge International Trade and Economic Law

2014 228 x 152 mm 672pp 6 b/w illus. 978-1-107-01477-0 Hardback £90.00 Publication February 2014 For all formats available, see

www.cambridge.org/9781107014770

The Foundations of Worldwide Economic Integration Power, Institutions, and Global Markets, 1850–1930 Edited by Christof Dejung

Public Procurement Regulation in Africa

Universität Konstanz, Germany

Edited by Geo Quinot

The essays in this volume discuss worldwide economic integration between 1850 and 1930, challenging the popular description of the period after 1918 as one of deglobalisation. By showing that institutionalism altered its shape in circumstances that challenged international trade, and presenting case studies from various countries, this book offers a fresh perspective on economic globalisation.

University of Stellenbosch, South Africa

and Sue Arrowsmith University of Nottingham

Examines the regulatory rules on public procurement in selected African countries and provides a comparative analysis of key regulatory issues. 2013 228 x 152 mm 445pp 7 tables 978-1-107-02832-6 Hardback £85.00 For all formats available, see

www.cambridge.org/9781107028326

The IMF and Global Financial Crises Phoenix Rising? Joseph P. Joyce Wellesley College, Massachusetts

Joyce traces the IMF’s actions to promote international financial stability from the Bretton Woods era through the recent recession. 2013 228 x 152 mm 257pp 17 b/w illus. 19 tables 978-0-521-87417-5 Hardback £30.00 For all formats available, see

www.cambridge.org/9780521874175

and Niels P. Petersson Sheffield Hallam University

‘It has become commonplace to argue that institutions and rules matter greatly to economic performance. But how did these institutions and rules emerge and take the particular shapes that they did? Christof Dejung’s and Niels P. Petersson’s significant collection takes a sustained look at global trade in the late nineteenth and early twentieth centuries and shows how European merchants, Indian peasants, imperial statesmen, and others, constructed these institutions and rules. Far from a definite set of tools, the institutions that enabled global trade were the outcome of sustained social contestation on local marketplaces, in national politics, and across ocean-spanning trade networks. Power is back to the debate

International economics / History of economic thought and methodology on institutions – and this book is a must-read for anyone interested in this important story.’ Sven Beckert, Harvard University Cambridge Studies in the Emergence of Global Enterprise

2013 228 x 152 mm 292pp 6 b/w illus. 10 tables 978-1-107-03015-2 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107030152

Trading Spaces Foreign Direct Investment Regulation, 1970–2000 Sonal S. Pandya University of Virginia

History of economic thought and methodology The Economics of Economists Institutional Setting, Individual Incentives and Future Prospects Edited by Alessandro Lanteri American University of Beirut

and Jack Vromen Erasmus Universiteit Rotterdam

This book examines why countries dismantled FDI restrictions over the period 1970–2000. It features statistical analyses of the most comprehensive dataset of industry-level FDI regulations to date. It also highlights the economic and political foundations of global economic integration and the growing economic conflicts between advanced economics and large emerging markets.

In this volume, leading scholars investigate the profession of academic economists. The book addresses timely topics such as the consequences of the financial crisis on the discipline, as well as pluralism in research, academic organizations, teaching methodology, gender issues and professional ethics. Its interdisciplinary approach will attract a broad readership.

Political Economy of Institutions and Decisions

2014 228 x 152 mm 350pp 13 b/w illus. 24 tables 978-1-107-01570-8 Hardback c. £60.00 Publication May 2014

2014 228 x 152 mm 200pp 11 b/w illus. 23 tables 978-1-107-04034-2 Hardback £60.00 Publication January 2014

For all formats available, see

www.cambridge.org/9781107015708

For all formats available, see

www.cambridge.org/9781107040342

Financial Crises and the Politics of Macroeconomic Adjustments Stefanie Walter Universität Heidelberg

This book explains why governments respond differently to macroeconomic problems and why necessary reforms are sometimes delayed until a serious financial crisis erupts. Empirical analyses at both the individual level across a broad range of countries and case studies of national policy responses to financial and economic crises in Asia and Eastern Europe support the argument. Political Economy of Institutions and Decisions

2013 228 x 152 mm 280pp 20 b/w illus. 9 tables 978-1-107-02870-8 Hardback £55.00 Publication December 2013 For all formats available, see

Money as God? The Monetisation of the Market and its Impact on Religion, Politics, Law and Ethics Edited by Jürgen von Hagen Universität Bonn

and Michael Welker Universität Heidelberg

A fascinating interdisciplinary study of the impact of the monetisation of market transactions on all aspects of our social, political, legal and spiritual lives. This book brings together economists, theologians, historians, political scientists and lawyers to develop a comprehensive view of the nature and the social role of money. 2014 228 x 152 mm 466pp 3 b/w illus. 10 tables 978-1-107-04300-8 Hardback c. £60.00 Publication March 2014 For all formats available, see

www.cambridge.org/9781107043008

American Labor and Economic Citizenship New Capitalism from World War I to the Great Depression Mark Hendrickson University of California, San Diego

In the 1920s, a diverse group of social investigators and policy makers addressed a range of long-standing and seemingly intractable problems, confident that the period provided a unique moment full of opportunities. Led by Herbert Hoover, the group came to understand that a new, fair and prosperous version of capitalism could be achieved through steady economic growth. ‘Mark Hendrickson has crafted an important narrative that explains how early twentieth-century American business leaders, social scientists, and political activists worked to regulate, stabilize, and strengthen a newly configured national economy. He demonstrates how their efforts were ironically paralleled by the emerging resistance of marginalized and underrepresented groups (women, African Americans, and Mexican Americans) to the worst excesses of an economic system that, while possessed of many virtues, also subsisted on inequality and injustice.’ Michael A. Bernstein, Tulane University 2013 228 x 152 mm 332pp 3 b/w illus. 978-1-107-02860-9 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107028609

The Economics of

Economists The Dimensions of Consequentialism Ethics, Equality and Risk Martin Peterson

Institutional Setting, Individual Incentives and Future Prospects edited by

Alessandro Lanteri and Jack Vromen

Technische Universiteit Eindhoven, Holland

Consequentialism is a major theory of ethics. This book introduces a new type of consequentialist theory, according to which an act’s moral rightness depends on a number of separate dimensions, such as individual wellbeing, equality and risk. This multidimensional perspective helps articulate views about ethics in a precise, theoretical framework. 2013 228 x 152 mm 224pp 2 b/w illus. 13 tables 978-1-107-03303-0 Hardback £55.00 For all formats available, see

www.cambridge.org/9781107033030

www.cambridge.org/9781107028708

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History of economic thought and methodology / Economics (general) The Institutionalist Movement in American Economics, 1918-1947 Science and Social Control Malcolm Rutherford University of Victoria, British Columbia

This book deals with the institutionalist movement in American economics, a movement that was a significant part of American economics in the interwar period. This movement emphasized the importance of institutions, an empirical approach and the need for new forms of ‘social control’. ‘This book establishes, more thoroughly than any previous study, the breadth and importance of the interwar institutionalist movement in the United States. It is likely to become the standard work on an episode that is central to the history of American economics in the twentieth century.’ Roger E. Backhouse, University of Birmingham Historical Perspectives on Modern Economics

2013 229 x 152 mm 424pp 9 tables 978-1-107-62608-9 Paperback £25.99 For all formats available, see

www.cambridge.org/9781107626089

Transforming Modern Macroeconomics Exploring Disequilibrium Microfoundations, 1956–2003 Roger E. Backhouse University of Birmingham

and Mauro Boianovsky Universidade de Brasília

This book tells the story of the search for disequilibrium micro-foundations for macroeconomic theory. Historical Perspectives on Modern Economics

2013 228 x 152 mm 232pp 13 b/w illus. 978-1-107-02319-2 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107023192

Economics (general) Key Reference

The Cambridge History of Capitalism Volume 1: The Rise of Capitalism: From Ancient Origins to 1848 General Editor Larry Neal University of Illinois, Urbana-Champaign

and Jeffrey G. Williamson Harvard University, Massachusetts

The first volume of The Cambridge History of Capitalism provides a comprehensive account of the evolution of capitalism from its earliest beginnings. Starting with its distant origins in ancient Babylon, successive chapters trace progression up to the ‘Promised Land’ of capitalism in America. Adopting a wide geographical coverage and comparative perspective, the international team of authors discuss the contributions of Greek, Roman and Asian civilizations to the development of capitalism, as well as the Chinese, Indian and Arab empires. They determine what features of modern capitalism were present at each time and place, and why the various precursors of capitalism did not survive. Looking at the eventual success of medieval Europe and the examples of city-states in northern Italy and the Low Countries, the authors address how British mercantilism led to European imitations and American successes, and ultimately, how capitalism became global. Contributors: Larry Neal, Michael Jursa, Alain Bresson, Willem M. Jongman, Étienne de la Vaissière, R. Bin Wong, Tirthankar Roy, Şevket Pamuk, Karl Gunnar Persson, Luciano Pezzolo, Oscar Gelderblom, Joost Jonker, Patrick Karl O’Brien, Richard Salvucci, Morten Jerven, Ann M. Carlos, Frank D. Lewis, C. Knick Harley, Jeremy Atack, José Luís Cardoso 2014 228 x 152 mm 592pp 28 b/w illus. 5 maps 13 tables 978-1-107-01963-8 Hardback £85.00 Publication January 2014 For all formats available, see

www.cambridge.org/9781107019638

Key Reference

The Cambridge History of Capitalism Volume 2: The Spread of Capitalism: From 1848 to the Present General Editor Larry Neal University of Illinois, Urbana-Champaign

and Jeffrey G. Williamson Harvard University, Massachusetts

The second volume of The Cambridge History of Capitalism provides an authoritative reference on the spread and impact of capitalism across the world, and the varieties of responses to it. Employing a wide geographical coverage and strong comparative outlook, a team of leading scholars explore the global consequences that capitalism has had for industry, agriculture and trade, along with the reactions by governments, firms and markets. The authors consider how World War I halted the initial spread of capitalism, but global capitalism arose again by the close of the twentieth century. They explore how the responses of labor movements, compounded by the reactions by political regimes, whether defensive or proactive, led to diverse military and welfare consequences. Beneficial results eventually emerged, but the rise and spread of capitalism has not been easy or smooth. This definitive volume will have widespread appeal amongst historians, economists and political scientists. Contributors: Kevin H. O’Rourke, Jeffrey G. Williamson, Robert C. Allen, Giovanni Federico, Kristine Bruland, David C. Mowery, Ron Harris, Geoffrey Jones, Randall Morck, Bernard Yeung, Ranald Michie, Harold James, Gareth Austin, Mark Harrison, Jeffry Frieden, Ronald Rogowski, Michael Huberman, Peter H. Lindert, Leandro Prados de la Escosura, Larry Neal 2014 228 x 152 mm 544pp 26 b/w illus. 14 tables 978-1-107-01964-5 Hardback £85.00 Publication January 2014 For all formats available, see

www.cambridge.org/9781107019645

Key Reference

The Cambridge History of Capitalism 2 Volume Set Edited by Larry Neal and Jeffrey Williamson

The Cambridge History of Capitalism is a comprehensive two-volume work that provides an authoritative account of the evolution of capitalism and its spread and impact across the world. Adopting a wide geographical coverage and strong comparative perspective, an international team of leading scholars

Economics (general) delve deep into the historical roots of capitalism and provide a definitive reference on the global development of capitalism and the varieties of responses to it. Volume I traces the rise of capitalism from distant origins in ancient Babylon to modern times, determining what features of modern capitalism were present at each time and place, and why the various precursors of capitalism did not survive. Volume II explores the global consequences that capitalism has had for industry, agriculture and trade, along with the reactions by governments, firms and markets. These groundbreaking volumes will have widespread appeal amongst historians, economists and political scientists. Contributors: Larry Neal, Michael Jursa, Alain Bresson, Willem M. Jongman, Étienne de la Vaissière, R. Bin Wong, Tirthankar Roy, Şevket Pamuk, Karl Gunnar Persson, Luciano Pezzolo, Oscar Gelderblom, Joost Jonker, Patrick Karl O’Brien, Richard Salvucci, Morten Jerven, Ann M. Carlos, Frank D. Lewis, C. Knick Harley, Jeremy Atack, José Luís Cardoso, Kevin H. O’Rourke, Jeffrey G. Williamson, Robert C. Allen, Giovanni Federico, Kristine Bruland, David C. Mowery, Ron Harris, Geoffrey Jones, Randall Morck, Bernard Yeung, Ranald Michie, Harold James, Mark Harrison, Jeffry Frieden, Ronald Rogowski, Michael Huberman, Peter H. Lindert, Leandro Prados de la Escosura 2014 228 x 152 mm 1400pp 54 b/w illus. 5 maps 27 tables 978-1-107-03694-9 2 Volume Set £150.00 Publication January 2014 For all formats available, see

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Democracy and its Elected Enemies American Political Capture and Economic Decline Steven Rosefielde University of North Carolina, Chapel Hill

and Daniel Quinn Mills Harvard Business School

This book reveals that American politicians have usurped their constitutional authority, substituting their economic and political sovereignty for the people’s. Rosefielde and Mills contend that this usurpation is the source of America’s economic decline and fading international power, and provide an action plan for restoring ‘true’ democracy in which politicians only provide the services people vote for within the civil and property rights protections set forth in the constitution. Advance praise: ‘Once again Rosefielde and Mills take no prisoners. Neither the right nor the left emerge unscathed

from this withering account of the decay of American democracy. While this book may not comfort the afflicted, it should certainly afflict the comfortable. And what’s more, it should make readers think.’

Paying for the Liberal State

Stephen J. Blank, Strategic Studies Institute, United States Army War College

Universidade de Lisboa

2013 228 x 152 mm 216pp 1 b/w illus. 978-1-107-01265-3 Hardback £60.00 Publication November 2013 For all formats available, see

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Economic Politics in the United States The Costs and Risks of Democracy Second edition William R. Keech Duke University, North Carolina

This book evaluates democratic institutions and processes with respect to their impact on macroeconomic performance. The deterioration in fiscal discipline has made it clear how important informal institutions are, and this second edition demonstrates this. Although polarization has increased, it would not be as consequential with stronger informal institutions, especially those of budget balance over the business cycle. Advance praise: ‘In this important new edition, Bill Keech, one of the first political scientists to apply macroeconomic tools and research to political questions, revisits his prior inquiry on the ‘health’ of economic politics. But, in doing so, he also extends his discussion to incorporate many new findings in macro political economy. These additional results enhance our understanding of how and how well representative government performs. What is more, this book reflects the author’s qualities: clear in exposition and sober in outlook. Very few social scientists have his scholarly breadth to engage the varied literatures from different disciplines – and even fewer could have written a contribution like this.’ Jim Granato, University of Houston 2013 228 x 152 mm 312pp 8 b/w illus. 8 tables 978-1-107-00414-6 Hardback £60.00 978-0-521-17867-9 Paperback £22.99 Publication November 2013 For all formats available, see

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The Rise of Public Finance in Nineteenth-Century Europe Edited by José Luís Cardoso and Pedro Lains Universidade de Lisboa

This book is about the rise and development of taxation systems, expenditure programs, and debt regimes in Europe from the early nineteenth century to the beginning of World War I. Its main purpose is to describe and explain the process by which financial resources were raised and managed. ‘Historians have long puzzled over the fact that taxes, government spending, and government debt rose as a share of the economy at the same time that institutions became more liberal in the sense of allowing, and lightly taxing, freer markets. This well-structured team study reconciles global patterns with the diversity of eight countries’ individual trajectories across the long nineteenth century. Yes, successful development did follow a general evolution in fiscal structure, yet the national departures from the global path prove as instructive as the average tendency itself.’ Peter H. Lindert, University of California, Davis 2013 229 x 152 mm 326pp 50 b/w illus. 1 map 28 tables 978-1-107-68648-9 Paperback £23.99 For all formats available, see

www.cambridge.org/9781107686489

Constitutional Money A Review of the Supreme Court’s Monetary Decisions Richard H. Timberlake

This book analyzes nine Supreme Court decisions that dealt primarily with money, monetary events and monetary policy, from McCulloch v. Maryland in 1819 to the Gold Clause Cases in 1934–5. It explains how both the gold standard and central bank work and how the Federal Reserve became unconstitutional. ‘Richard H. Timberlake provides a tour de force on the history and unconstitutionality of the US government’s meddling in the US monetary system. Constitutional Money is the definitive reference in its field, a true classic.’ Kevin Dowd, University of Durham 2013 228 x 152 mm 257pp 3 tables 978-1-107-03254-5 Hardback £60.00 For all formats available, see

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eBooks available at www.cambridge.org/ebookstore

Economics (general) / Also of interest Highlight

An Economic Theory of Greed, Love, Groups, and Networks Paul Frijters University of Queensland

With Gigi Foster University of New South Wales, Sydney

In this groundbreaking work, Paul Frijters presents a unified theory of human behaviour. He incorporates tractable definitions of love and power, and the dynamics of groups and networks, into the traditional mainstream economic view to answer fundamental questions about our socioeconomic system. ‘What I particularly like about this book is the serious and fruitful extension of the homo oeconomicus by including love and loyalty. An attentive reader will greatly benefit from this easy-to-read book.’ Bruno S. Frey, Distinguished Professor of Behavioural Science, Warwick Business School 2013 228 x 152 mm 450pp 9 b/w illus. 978-1-107-02627-8 Hardback £60.00 978-1-107-67894-1 Paperback £21.99 For all formats available, see

www.cambridge.org/9781107026278

Textbook

Australia in the Global Economy Continuity and Change Second edition David Meredith University of Oxford

and Barrie Dyster University of New South Wales, Sydney

Explores the evolution of Australia’s position in the global economy from the start of the twentieth century through to today. 2013 247 x 174 mm 442pp 52 b/w illus. 978-1-107-68383-9 Paperback £52.00 For all formats available, see

New in Paperback

Violence and Social Orders A Conceptual Framework for Interpreting Recorded Human History Douglass C. North Washington University, St Louis

John Joseph Wallis University of Maryland, College Park

and Barry R. Weingast Stanford University, California

Integrates the problem of violence into a larger framework, showing how economic and political behavior are closely linked. 2013 228 x 152 mm 338pp 978-1-107-64699-5 Paperback £18.99 Also available 978-0-521-76173-4 Hardback £23.99 For all formats available, see

www.cambridge.org/9781107646995

contemporary eruption case studies to illustrate volcanic hazards, and cities’ efforts to respond to them, both good and poor. He shows that truly successful volcanic hazard mitigation cannot be accomplished without collaboration between experts in geology and natural hazards, public health, medicine, city and infrastructure planning, and civil protection. This is a topical and engaging read for anyone interested in the history and future activity of these dangerous neighbors. 2013 228 x 152 mm 196pp 57 b/w illus. 978-1-107-03923-0 Hardback £19.99 For all formats available, see

www.cambridge.org/9781107039230

The Politics of Species Reshaping our Relationships with Other Animals Edited by Raymond Corbey Tilburg University and Leiden University

Productivity Convergence Theory and Evidence Edward N. Wolff New York University

A vast new literature on the sources of economic growth has now accumulated. This book critically reviews the most significant works in this field and summarizes what is known today about the sources of economic growth. Each chapter emphasizes the factors that appear to be most important in explaining growth performance. Cambridge Surveys of Economic Literature

2014 228 x 152 mm 510pp 50 b/w illus. 47 tables 978-0-521-66284-0 Hardback £80.00 978-0-521-66441-7 Paperback £37.50 Publication January 2014 For all formats available, see

www.cambridge.org/9780521662840

Also of interest

www.cambridge.org/9781107683839

Dangerous Neighbors: Volcanoes and Cities Grant Heiken

What are the real risks posed by a volcanic eruption near a city – what is fact and what is myth? How have volcanic eruptions affected cities in the past, and how can we learn from these events? Why do communities continue to develop in such locations, despite the obvious threat? In this fascinating book, Grant Heiken explores global examples of cities at risk from volcanoes, from Italy, the US, Mexico, Ecuador, The Philippines, Japan and New Zealand, providing historical and

and Annette Lanjouw Arcus Foundation

Bringing together experts from a range of disciplines, this volume identifies the key barriers to a definition of moral respect that includes nonhuman animals. The chapters link scientific data with normative and philosophical reflections, offering unique insight into controversial issues around the ethical, political and legal status of other species. 2013 247 x 174 mm 310pp 34 b/w illus. 1 table 978-1-107-03260-6 Hardback £65.00 For all formats available, see

www.cambridge.org/9781107032606

Oil in the Environment Legacies and Lessons of the Exxon Valdez Oil Spill Edited by John A. Wiens PRBO Conservation Science, California, and University of Western Australia, Perth

A critical examination of nearly 25 years of scientific study, this book provides a synthesis of scientific information on long-term spill effects. It features contributions from scientists directly involved in studying the Exxon Valdez oil spill, providing an invaluable guide for future studies and unravelling the consequences of environmental disruption. 2013 246 x 189 mm 482pp 4 b/w illus. 101 colour illus. 12 maps 27 tables 978-1-107-02717-6 Hardback £65.00 978-1-107-61469-7 Paperback £29.99 For all formats available, see

www.cambridge.org/9781107027176

Also of interest Food System Sustainability Insights From duALIne Edited by Catherine Esnouf Institut National de la Recherche Agronomique (INRA), Paris

Marie Russel Institut National de la Recherche Agronomique (INRA), Paris

and Nicolas Bricas Centre de Co-opération Internationale en Recherche Agronomique pour le Développement (CIRAD), Paris

This book brings together the key conclusions and insights from the duALIne project, presenting state-ofthe-art research in food sustainability and identifying priority areas for further study. It will provide a valuable resource for researchers, decision-makers and stakeholders in the food industry. 2013 247 x 174 mm 312pp 41 b/w illus. 978-1-107-03646-8 Hardback £60.00 For all formats available, see

www.cambridge.org/9781107036468

system thinking skills, great cultural sensitivity, and an awareness of spiritual values. All of these are offered in this wonderful, unique text, which will be useful for decades.’ Dennis Meadows, co-author of The Limits to Growth

Contents: 1. Introduction; 2. The systems dynamics perspective; 3. In search of sustainability: past civilizations; 4. The world in the past 300 years: the Great Acceleration; 5. Sustainability: concerns and definitions; 6. Quality of life: on values, knowledge and worldviews; 7. Energy fundamentals; 8. On knowledge and models; 9. Ecosystems; 10. Human populations and human behaviour; 11. Agro-food systems; 12. Renewable resources: water, fish and forest; 13. Nonrenewable resources: the industrial economy; 14. Towards a sustainable economy; 15. Outlook on the futures. 2013 253 x 177 mm 605pp 147 b/w illus. 19 colour illus. 26 tables 978-1-107-00588-4 Hardback £60.00 978-0-521-18470-0 Paperback £29.99 For all formats available, see

Successful Agricultural Innovation in Emerging Economies New Genetic Technologies for Global Food Production Edited by David J. Bennett St Edmund’s College, Cambridge

and Richard C. Jennings University of Cambridge

For professionals implementing change to improve agricultural efficiencies in the face of population growth and climate change, those studying and those looking to be better informed, this book provides an authoritative review. Renowned experts examine the successful implementation of the recent advances in plant genetic sciences in emerging economies. 2013 228 x 152 mm 453pp 60 b/w illus. 978-1-107-02670-4 Hardback £70.00 For all formats available, see

www.cambridge.org/9781107026704

Textbook

Sustainability Science Bert J. M. de Vries Universiteit Utrecht, The Netherlands

Textbook surveys key issues of sustainability – energy, nature, agrofood, resources, economics – for advanced undergraduate and graduate level courses. ‘Achieving some sort of sustainability will be THE focus of global societies in the twenty-first century. To be successful, our leaders will need a perspective of centuries, the full breadth of scientific insights,

www.cambridge.org/9781107005884

Making the Modern American Fiscal State Law, Politics, and the Rise of Progressive Taxation, 1877–1929 Ajay K. Mehrotra Indiana University

Making the Modern American Fiscal State chronicles the rise of the US system of direct and progressive taxation, providing historical perspective on the intellectual, legal and administrative foundations of the current US tax regime. Ajay K. Mehrotra explores what tax reformers at the turn of the twentieth century accomplished and how their limited achievements were contested at nearly every turn. Advance praise: ‘Mehrotra has crafted a narrative that is fundamental to understanding the modern American state. By unearthing the intellectual, economic, political, and emotional spade work required to lay the groundwork for a major conceptual change in public policy, he shows how a highly decentralized, politicized, and indirect method of taxation was transformed into a centralized, neutrally administered, direct method of taxation with great potential to achieve redistributive ends.’ Brian Balogh, University of Virginia Cambridge Historical Studies in American Law and Society

2013 228 x 152 mm 432pp 8 b/w illus. 978-1-107-04392-3 Hardback £60.00 Publication November 2013 For all formats available, see

www.cambridge.org/9781107043923

Visit our website at www.cambridge.org/knowledge

Index A Acemoglu, Daron.....................................2 Actuarial Mathematics for Life Contingent Risks.................................14 Advances in Economics and Econometrics.2 After the Great Recession.......................10 Against the Consensus.............................9 Allen, Thomas J.........................................5 Allen, William A......................................10 American Labor and Economic Citizenship..........................................17 Amihud, Yakov.......................................14 Analytics of Uncertainty and Information, The....................................5 Andrews, Matt.......................................12 Arellano, Manuel......................................2 Arrowsmith, Sue.....................................16 Aslund, Anders.......................................13 Australia in the Global Economy.............20 Azzalini, Adelchi.......................................3

B Backhouse, Roger E................................18 Barrientos, Armando...............................12 Barron, Jennie..........................................8 Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems...................4 Behavioural Public Policy..........................6 Bennett, David J.....................................21 Best, Jacqueline......................................11 Beugelsdijk, Sjoerd.................................15 Bikchandani, Sushil..................................5 Boianovsky, Mauro.................................18 Bordo, Michael D....................................15 Bossche, Peter Van den.............................7 Botzen, W. J. Wouter.................................9 Bouma, Jetske..........................................9 Bølviken, Erik.........................................14 Brakman, Steven....................................15 Bricas, Nicolas........................................21 Brooks, Chris..........................................13 Brose, Margarita S............................ 13, 14 Brousseau, Eric.........................................5 Brouwer, Roy............................................9 Brownlee, W. Elliot.................................15 Building Technology Transfer within Research Universities.............................5

C Cambridge History of Capitalism, The......18 Cameron, A. Colin....................................2 Capabilities, Gender, Equality..................11 Capitanio, Antonella.................................3 Cardoso, José Luís..................................19 Carpenter, Daniel.....................................6 Chadha, Jagjit S......................................10 Chakrabarti, Bikas K.................................1 Chakraborti, Anirban................................1 Chakravarty, Satya R.................................1 Champ, Bruce.........................................10 Chatterjee, Arnab.....................................1 Clements, Kenneth W..............................10 Coffman, D’Maris...................................11 Comim, Flavio........................................11 Community Capitalism in China..............16 Computation and Modelling in Insurance and Finance.........................14 Constitutional Money.............................19

Coppens, Dominic..................................16 Corbey, Raymond...................................20 Countouris, Nicola....................................7 Currencies, Commodities and Consumption.......................................10 Cynamon, Barry Z...................................10

D Dangerous Neighbors: Volcanoes and Cities..................................................20 de Vries, Bert J. M...................................21 Decade of the Multilatinas, The...............16 Dejung, Christof.....................................16 Dekel, Eddie.............................................2 Democracy and its Elected Enemies........19 Denev, Alexander...................................14 Developments in Macro-Finance Yield Curve Modelling..................................10 Dickson, David C. M......................... 14, 15 Dimensions of Consequentialism, The.....17 Dosi, Giovanni..........................................6 Durré, Alain C. J......................................10 Dynamic Models for Volatility and Heavy Tails......................................................2 Dyster, Barrie..........................................20

E Econometric Modelling with Time Series...3 Economic Politics in the United States.....19 Economic Reform in India.......................12 Economic Theory of Greed, Love, Groups, and Networks, An................................20 Economics of Agglomeration....................3 Economics of Economists, The.................17 Econophysics of Income and Wealth Distributions..........................................1 Enfors, Elin...............................................8 Enste, Dominik H......................................9 Esnouf, Catherine...................................21 Essential Microeconomics.........................4

F Falkenmark, Malin....................................8 Fazzari, Steven.......................................10 Feldman, Allan M.....................................4 Finance..................................................14 Financial Crises and the Politics of Macroeconomic Adjustments...............17 Flood, Mark D.................................. 13, 14 Folke, Carl................................................8 Food System Sustainability......................21 Foster, Gigi.............................................20 Foundations of Worldwide Economic Integration, The...................................16 Fouque, Jean-Pierre................................14 Franses, Philip Hans..................................1 Freedland, Mark.......................................7 Freeman, Scott.......................................10 Frijters, Paul...........................................20 From Financial Crisis to Stagnation.........10 Fujita, Masahisa.......................................3 Fukagai, Yasunori...................................15

G Galambos, Louis.......................................6 Game Theory............................................4 Garretsen, Harry.....................................15 GEA Writing Team....................................9

Generalized Vectorization, CrossProducts, and Matrix Calculus................1 Ginsburg, Tom........................................11 Glachant, Jean-Michel..............................5 Global Energy Assessment........................9 Global Problems, Smart Solutions.............6 Globalization and the Distribution of Wealth................................................13 Globalizing Oil.........................................9 Governing Failure...................................11 Greenberg, Edward..................................1 Grossman, Peter Z....................................8 Guellec, Dominique..................................5

H Handbook of Financial Data and Risk Information.........................................14 Handbook of Financial Data and Risk Information I.......................................13 Handbook of Financial Data and Risk Information II......................................13 Handbook on Systemic Risk....................14 Hardy, Mary R.................................. 14, 15 Harris, David............................................3 Harvey, Andrew C.....................................2 Haslag, Joseph.......................................10 Heiken, Grant.........................................20 Hendrickson, Mark.................................17 Hirshleifer, Jack........................................5 Holland, Mike...........................................8 Hommes, Cars..........................................4 Hope, Nicholas C....................................12 Hou, Xiaoshuo.......................................16 How Capitalism Was Built.......................13 How Much have Global Problems Cost the World?..........................................12 How Much is Clean Air Worth?.................8 Hughes, Llewelyn.....................................9 Hurn, Stan................................................3

I Ide, Eisaku.............................................15 IMF and Global Financial Crises, The.......16 In the Shadow of Violence......................13 Institutionalist Movement in American Economics, 1918-1947, The.................18 Insurance and Behavioral Economics.........6 International Economics and Business.....15 International Liquidity and the Financial Crisis...................................................10 Introduction to Bayesian Econometrics......1 Introductory Econometrics for Finance....13

J Jennings, Richard C.................................21 Joyce, Joseph P.......................................16 Joyce, Michael A. S..................................10

K Kacowicz, Arie M....................................13 Keech, William R....................................19 Kochar, Anjini.........................................12 Kopp, Ekkehard......................................15 Krishna, Dilip.................................... 13, 14 Kunreuther, Howard C...............................6 Kuttner, Robert.......................................10

Index L Lains, Pedro............................................19 Langsam, Joseph A.................................14 Language of Law and Economics, The.......3 Lanjouw, Annette...................................20 Lannerstad, Mats.....................................8 Lanteri, Alessandro.................................17 Lavelle, Kathryn C.....................................7 Law and Development of MiddleIncome Countries................................11 Law and Policy of the World Trade Organization, The..................................7 Lee, Keun...............................................12 Leonard, Adrian......................................11 Leone, Tiziana..........................................7 Less Green and Pleasant Land, A..............8 Li, Shi.....................................................11 Limits of Institutional Reform in Development, The................................12 Lin, Justin Yifu..........................................9 Lomborg, Bjørn.................................. 6, 12

M Mackin, Glenn David................................7 Maclean, Norman.....................................8 Madiès, Thierry.........................................5 Making the Modern American Fiscal State...................................................21 Malczak, Jan..........................................15 Managing Extreme Climate Change Risks through Insurance.........................9 Manufacturing of Markets, The.................5 Maresso, Anna.........................................7 Market Liquidity.....................................14 Marrewijk, Charles van...........................15 Martin, Vance...........................................3 Maschler, Michael....................................4 McCauley, Joseph L..................................1 McMorrow, Stacey....................................6 Mehrotra, Ajay K....................................21 Mendelson, Haim...................................14 Meredith, David.....................................20 Milberg, William.......................................5 Mills, Daniel Quinn.................................19 Modeling Monetary Economies...............10 Money and Banks in the American Political System.....................................7 Money as God?......................................17 Mor, Vincent.............................................7 Moss, David A..........................................6

N Nadakavukaren Schefer, Krista................13 Nature’s Wealth.......................................9 Neal, Larry....................................... 11, 18 Nichols, Bill...................................... 13, 14 Noll, Roger.............................................12 North, Douglass C............................ 13, 20 Nussbaum, Martha C..............................11

O O’Shea, Rory P..........................................5 Oil in the Environment............................20 Oliver, Adam.............................................6 Origins, History, and Future of the Federal Reserve, The............................15

Our Uncommon Heritage..........................8 Outsourcing Economics............................5

P Palley, Thomas I......................................10 Pandya, Sonal S......................................17 Papyrakis, Elissaios...................................9 Parisi, Francesco.......................................3 Patent Markets in the Global Knowledge Economy...............................................5 Pauly, Mark V............................................6 Paying for the Liberal State.....................19 Pedersen, Lasse Heje..............................14 Peerenboom, Randall.............................11 Perrings, Charles.......................................8 Peterson, Martin.....................................17 Petersson, Niels P....................................16 Political Economy of Transnational Tax Reform, The.........................................15 Politics of Social Welfare in America, The...7 Politics of Species, The............................20 Portfolio Management under Stress........14 Poverty and the International Economic Legal System.......................................13 Prager, Jean-Claude..................................5 Preventing Regulatory Capture.................6 Probability for Finance............................15 Productivity Convergence.......................20 Prospect Theory........................................5 Public Procurement Regulation in Africa.. 16

Q Questioning Credible Commitment.........11 Quinot, Geo...........................................16

R Rabl, Ari...................................................8 Rebonato, Riccardo................................14 Regression Analysis of Count Data............2 Regulating Long-Term Care Quality...........7 Resocialising Europe in a Time of Crisis.....7 Riley, John G......................................... 4, 5 Rising Inequality in China.......................11 Roberds, William....................................15 Rockström, Johan.....................................8 Rosefielde, Steven..................................19 Russel, Marie.........................................21 Rutherford, Malcolm...............................18

S Santiso, Javier........................................16 Santoro, Michael A.................................14 Sarno, Lucio...........................................10 Sato, Hiroshi...........................................11 Schneider, Friedrich...................................9 Schumpeterian Analysis of Economic Catch-up.............................................12 Serrano, Roberto......................................4 Setterfield, Mark.....................................10 Shadow Economy, The..............................9 Sheffrin, Steven M....................................6 Short Course in Intermediate Microeconomics with Calculus, A...........4 Sicular, Terry...........................................11 Skew-Normal and Related Families, The....3

Social Assistance in Developing Countries............................................12 Solan, Eilon..............................................4 Solutions Manual for Actuarial Mathematics for Life Contingent Risks.15 Spadaro, Joseph V.....................................8 Srinivasan, T. N.......................................12 Stochastic Calculus and Differential Equations for Physics and Finance..........1 Strauss, Ronald J.....................................14 Successful Agricultural Innovation in Emerging Economies...........................21 Sustainability Science.............................21

T Tax Fairness and Folk Justice.....................6 Third Industrial Revolution in Global Business, The.........................................6 Thisse, Jacques-Francois............................3 Timberlake, Richard H.............................19 Time Series Models for Business and Economic Forecasting............................1 Trading Spaces.......................................17 Transforming Modern Macroeconomics...18 Travel Industry Economics.........................6 Trivedi, Pravin K........................................2 Turkington, Darrell A.................................1

U U.S. Energy Policy and the Pursuit of Failure...................................................8

V van Beukering, Pieter J. H..........................9 van der Wijst, Nico.................................14 Violence and Social Orders.....................20 Vogel, Harold L.........................................6 von Hagen, Jürgen.................................17 Vromen, Jack.........................................17

W Wakker, Peter P.........................................5 Wall Street Values..................................14 Wallis, John Joseph........................... 13, 20 Walter, Stefanie......................................17 Water Resilience for Human Prosperity......8 Waters, Howard R............................. 14, 15 Webb, Steven B......................................13 Weingast, Barry R............................. 13, 20 Welker, Michael......................................17 Wiens, John A.........................................20 Williamson, Jeffrey.................................18 Williamson, Jeffrey G..............................18 Winkler, Deborah......................................5 Wolff, Edward N.....................................20 WTO Disciplines on Subsidies and Countervailing Measures.....................16

Z Zamir, Shmuel..........................................4 Zastawniak, Tomasz...............................15 Zdouc, Werner..........................................7

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