Economics
In order to obtain a reasonable and reliable forecast method for crude oil price volatility, this paper evaluates the forecast performance of single-regime GARCH models (including the standard linear GARCH model and the nonlinear GJR-GARCH…
Taking environmental tax rate as given, is there an optimal allocation of tax revenues to benefit economic variables? This paper analyzes this issue in an overlapping-generations model with the pollution-related health damage. It finds the…
Thermoelectric power production at risk, owing to current and projected water scarcity and rising stream temperatures, is assessed for the contiguous United States at decadal scales. Regional water scarcity is driven by climate variability…
We argue that deterministic market clearing formulations introduce arbitrary distortions between day-ahead and expected real-time prices that bias economic incentives and block diversification. We extend and analyze the stochastic clearing…
Inspired by Adam Smith and Friedrich Hayek, many economists have postulated the existence of invisible forces that drive economic markets. These market forces interact in complex ways making it difficult to visualize or understand the…
In this paper we provide a self-contained exposition of the problem of sustaining a constant consumption level in a Ramsey model. Our focus is on the case in which the output capital-ratio is random. After a brief review of the known…
In this text, we study the temporal behavior of markets using models expressible as ordinary differential equations. The markets studied are those where each customer buys only one copy of the good, for example, subscription of smartphone…
This paper studies the impact of wind generation on market prices and system costs in the UK between 2013 and 2014. The wider effects and implications of wind generation is of direct relevance and importance to policy makers, as well as the…
This paper focuses on estimating wage differences between males and females in Tunisia by using the Oaxaca-Blinder decomposition, a technical that isolates wage gap due to characteristics, from wage gap due to discrimination against women.…
Using a rolling windows analysis of filtered and aligned stock index returns from 40 countries during the period 2006-2014, we construct Granger causality networks and investigate the ensuing structure of the relationships by studying…
This paper investigates an infinite-horizon problems in the one-dimensional calculus of variations, arising from the Ramsey model of endogeneous economic growth. Following Chichilnisky, we introduce an additional term, which models concern…
This paper considers the optimal rotation of forests when the carbon flows of forest growth and harvest are priced with an increasing price. Such an evolution of carbon price is generally associated with economically efficient climate…
A modern version of Monetary Circuit Theory with a particular emphasis on stochastic underpinning mechanisms is developed. It is explained how money is created by the banking system as a whole and by individual banks. The role of central…
Mathematical methods of analysis of data and of predicting growth are discussed. The starting point is the analysis of the growth rates, which can be expressed as a function of time or as a function of the size of the growing entity.…
This work investigates the structure of basic industrial funds of cargo motor transport enterprises and peculiarities of the processes of their reproduction in the conditions of social and economic relations transformation. On the basis of…
In recent years economics agents and systems have became more and more interacting and juxtaposed, therefore the social sciences need to rely on the studies of physical sciences to analyze this complexity in the relationships. According to…
A general information equilibrium model in the case of ideal information transfer is defined and then used to derive the relationship between supply (information destination) and demand (information source) with the price as the detector of…
This paper discusses region wealth size distributions, through their member cities aggregated tax income. As an illustration, the official data of the Italian Ministry of Economics and Finance has been considered, for all Italian…
In this paper I present a mathematically novel approach to the Prisoner's Dilemma. I do so by first defining recursively a distinct action type, what I call 'universalizing', that I add to the original prisoner's dilemma. Such a modified…
This study uses Vector Autoregression (VAR) Methodology as well as Vector Error Correction (VEC) Methodology to examine the existence and direction of causality between economic growth and IMF lending for Ukraine. The paper examines the IMF…