The discounting of future felicity flows transposes to the intertemporal optimization context the assumption of interest-bearing wealth or savings. The validity of the hypothesis has been challenged by several empirical (ir)regularities and by the theoretical implications for human decision...

On Simple Conditions for Mixed Equilibria in Dualistic Models. Part I: Degree of Mobility

On Simple Conditions for Mixed Equilibria in Dualistic Models. Part II: Degree of Coverage

The aim of this paper is to compare statistical properties of stock price indices in periods of booms with those in periods of stagnations. We use the daily data of the four stock price indices in the major stock markets in the world: (i) the Nikkei 225 index (Nikkei 225) from January 4, 1975 to...

This paper applies a local-linear non-parametric kernel regression technique to examine the effect of macroeconomic factors on stock market performance in Ghana. We show that the popular parametric specification in the existing literature suffers from functional misspecification. The evidence...

This note reviews consumers’ preference orderings in economics and shows that irrationality is a poor explanation for apparent violations of some axioms of order. Apparent violations seem to be better explained by the fact that consum-ers’ utility functions, if they exist at all, might not...

This paper uses Data Envelopment Analysis (DEA) model formulations in order to determine the performance levels of 16 departments of the University of Thessaly. Particularly, the constant returns to scale (CRS) and variable returns to scale (VRS) models have been applied alongside with bootstrap...