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)

This book covers a broad range of mathematical and statistical concepts that includes Mathematical Statistics, Non-Parametric Statistics, Design of Experiments, Probability, Operations Research, and Stochastic Models. The topics covered include: statistics, stochastic models, mathematics,...

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...

We work out technical efficiency levels of 29 countries consisting of some selected South Asian, East Asian and EU countries using data envelopment analysis. Luxembourg has an efficiency score of one(most efficient) in all the years .Netherlands also has an efficiency score of one in...

We assume a thin market with finite number of buyers and sellers, each agent having a single jump demand xor supply function (the jump is unit). Further, we assume that number of each agent's arrival is a Poisson distributed random variable. We describe the joint distribution of the market price...

In this paper we analyse the effects of simultaneous union wage bargaining in a simple two sector growth model. We show that the overall employment effect of unionisation is ambiguous and depends on the relative sectoral wage. Besides the employment effects we analyse how unionisation changes...