The problem of expectations in economic models is reviewed through the intellectual development of the author. Initial efforts at macroeconomic modeling such as Foley-Sidrauski (Foley and Sidrauski 1971) treated expectations as conditioning variables for representative agent stock demands and...

Many regions, e.g. countries, have developed energy-economy models (such as MARKAL-MACRO, MM) to assess their energy policies, in particular concerning the curbing of their carbon dioxide CO<SUB align="right"><SMALL>2</SMALL></SUB>) emissions. To integrate regional MM models, we propose a multiregional MARKAL-MACRO (mMM) model. It...</small></sub>

Purpose – The purpose of this paper is to construct an econometric model of the determinants of private investment with a particular focus on the impact of democracy on investment. Design/methodology/approach – The first step was to econometrically derive the long-run elasticities; then to...

We consider a market economy that is composed of separate regions, each endowed with linear supply and demand curves and represented as a point on a transportation network. The problem addressed is to determine an equilibrium price in each region so that regional price differences do not exceed...

Purpose – The purpose of this paper is to develop a model of international capital market equilibrium where investors exhibit home-country bias due to their desire to hedge real consumption. Design/methodology/approach – This paper posits a two-stage process of portfolio choice for the...