We study search behavior in a generalized "secretary problem" environment in which consumers search sequentially for the best alternative from a known and finite set of multi-attribute alternatives. In contrast to most previous studies, we make no distributional assumptions about the quality of...

This essay develops a transcendental variable elasticity of substitution (Trans-VES) production function in which hypotheses concerning scale, output-input, and substitution, elasticities can be examined. The objective is to determine the impacts of domestic resources on the pattern of economic...

This paper presents a model of endogenous oil spill regulation where the severity of regulations is shown to be a function of the size of recent spills. The regulator chooses how much to regulate in order to maximize political capital when regulations are rigid downwards and the distribution of...

In this note I explictly construct utility functions that (more or less) satisfy the conditions needed for the counterexample of Mas-Colell and Zame(1992)

The particular subject of this paper, is to give an explicit formulas that will permit to obtain the linear VaR or Linear ES, when the joint risk factors of the Linear portfolios, changes with mixture of t-Student distributions. Note that, since one shortcoming of the multivariate t-...

Time is ripe to look at the bonding institutions of Europe in a different way: as instruments able to change the internal dynamics of an economic system. These institutions will put a country attracted by a low and stable equilibrium output onto a path of economic growth. Questions such as under...

Extending and combining concepts from consumer surplus of product availability and personalization strategies under privacy concern we made a model to comprehend and justify the reasons for the increase in the spending on online advertisements. We inductively found that with higher capability to...

Capitalism’s inherent feature is “destructive creation”, said Marx. Decades later, in a similar fashion, Schumpeter stated that “Capitalist system incessantly revolutionizes the economic structure FROM WITHIN”. What are those dynamic forces causing the incessant changes in an economy?...

The effect of initial income inequality on growth is the subject of a large literature. We show, both analytically and with simulation experiments, that the same level of initial income inequality can be associated with very different income developments, depending on the source of the...