Algorithmic trading and artificial stock markets have generated huge interest not only among brokers and traders in the financial markets but also across various disciplines in the academia. The emergence of algorithmic trading has created a new environment where the classic way of trading...

There is growing interest in the United States and elsewhere in the use of a points-based system for selecting immigrants on the basis of their observed human capital. This paper explores the design of an optimal skills-based immigrant selection system based on two basic elements: a...

A general model of judgment aggregation is presented in which judgments on propositions are not binary but come in degrees. The primitives of the model are a set of propositions, an entailment relation, and a “triangular norm” which establishes a lower bound on the degree to which a...

There is growing international interest in a Canadian-style points system for selecting economic immigrants. Although existing points systems are influenced by the human capital literature, the findings have traditionally been incorporated in an ad hoc way. This paper explores a formal method...

This paper studies the redistribution effect of personal income tax in Pakistan. We decompose the overall tax system in order to evaluate the contribution of rate, allowances, deductions, exemptions and credits. The structure given in Income Tax Ordinance 2001 is applied to gross household...

To what extent are stakeholders’ land use decisions influenced by heterogeneous land-use preferences, spatial externalities, and heterogeneous suitability features? To explore this issue we develop and calibrate a heterogeneous-agent portfolio-theory model to the 1940-1993 Indiana land-use...

It is well known that many social decision procedures are manipulable through strategic behaviour. Typically, the decision procedures considered in the literature are social choice correspondences. In this paper we investigate the problem of constructing a social welfare function that is...

This paper studies the impact of changes in the external balance of a developing economy (Pakistan). We explain that the economic growth achieved during the past decade is highly dependent on the improvements in external balance. Between 2001 and 2007 Pakistan has benefited from, an increase in...

The scope of this paper is to investigate the impact of financial incentives on the retirement decision of private sector workers in Austria.How do financial incentives embedded in the Austrian pension system impact individual retirement behavior? We are using a unique dataset of individual...

Purpose : The purpose of the paper is to outline the global financial and economic crisis that began in 2007, together with the macroeconomic policy changes that were put in place as a result. The content is partly descriptive and partly analytical. Design : The content is partly descriptive and...