This paper develops a theoretical framework in which asset linkages in a syndicated loan agreement can infect a healthy bank when its partner bank fails. We investigate how capital constraints affect the choice of the healthy bank to takeover or liquidate the exposure held jointly with the...

Subsidies to consumers may cause firms to charge higher prices, which offsets consumer benefits from subsidies. We study a subsidy program design that mitigates such price increases by making products' eligibility for a subsidy dependent on firms' commitment to price ceilings. To quantify the...

Recently, the application of the proton exchange membrane fuel cells (PEMFCs) is extensively increasing as a popular renewable energy source. PEMFCs need low temperature for the operation along with high power density and easy implementation ability. These characteristics turned them into the...

This study proposes an optimal model to design and simulate the proton exchange membrane fuel cell (PEMFC) systems. The purpose of this paper is to present an improved version of seagull optimization algorithm for optimal parameter identification of the PEMFC stacks. The new algorithm uses the...