Petrochemicals play a vital role in the economy. The products of the industry are the building blocks in many industries including polymers, synthetic rubber, synthetic fibres, fibre intermediates and basic chemicals. The industry uses a variety of hydrocarbon feedstock such as different cuts of...

This paper attempts to evaluate the possible gains and losses arising from the gradual opening up of pharmaceutical trade between India and Pakistan. We explain the comparative advantages of both countries at a disaggregated level, followed by a qualitative analysis of various perceptions and...

The auto sector in Pakistan has been a persistent opponent of trade liberalisation in the country. This has entailed losses to consumers in terms of higher prices, low safety and quality standards, and lack of innovation in this sector. The deletion programme, which was to result in...

Today, the global pharmaceutical product value chain is becoming increasingly complex and this has led to the emergence of 'multiple quality standards' for medicines. But this non-uniformity in the quality of medicine is also contingent upon both the regulatory milieu in the country of...

This paper presents axiomatic models of decision making under uncertainty that avoid the use of a state space. The models are (a) general subjective expected utility theory with action-dependent subjective probabilities and effect-dependent utilities (the cases of effect-independent preferences...

Relative performance evaluation (RPE) is, at least on paper, enjoying widespread popularity in determining the level of executive compensation. Yet existing empirical evidence of RPE is decidedly mixed. Two principal explanations are held responsible for this discord. A constructional challenge...

Optimal rank-order tournaments have traditionally been studied using a first-order approach. The present analysis relies instead on the construction of an "upper envelope" over all incentive compatibility conditions. It turns out that the first-order approach is not innocuous. For example, in...

Games with imperfect information often feature multiple equilibria, which depend on beliefs off the equilibrium path. Standard selection criteria such as passive beliefs, symmetric beliefs or wary beliefs rest on ad hoc restrictions on beliefs. We propose a new selection criterion that imposes...

Relative performance evaluation (RPE) is, at least on paper, enjoying widespread popularity in determining the level of executive compensation. Yet existing empirical evidence of RPE is decidedly mixed. Two principal explanations are held responsible for this discord. A constructional challenge...

It is well known that delegating the play of a game to an agent via incentive contracts may serve as a commitment device and hence provide a strategic advantage. Previous literature has shown that any Nash equilibrium outcome of an extensive-form principals-only game can be supported as a...