Purpose – The purpose of this paper is to propose a new method for estimating continuous‐time stochastic volatility (SV) models for the S&P 500 stock index process using intraday high‐frequency observations of both the S&P 500 index and the Chicago Board Options Exchange (CBOE) implied (or...

The present paper throws light on the famous “tax versus standard” debate in the sphere of environmental economics by using general equilibrium framework and tries to examine which of the two, i.e., tax or standard is the better way to deal with pollution. It has done so in the presence of a...

We offer a new proof that the equilibrium manifold (under complete markets) identifies individual demands globally. Moreover, under observation of only a subset of the equilibrium manifold, we find domains on which aggregate and individual demands are identifiable. Our argument avoids the...

This paper constructs a model of an exchange economy in which bankruptcy arises in a manner similar to what we observe. Compared to related models, this model is a more realistic representation of some markets in which intertemporal assets are traded. Using standard and natural assumptions, it...

Bruce Caldwell has disputed a number of points in my earlier account of the development of the Austrian school of economics from Carl Menger to Ludwig von Mises and F.A. Hayek. The issues in contention regard Friedrich von Wieser’s intellectual affiliation with Hayek and his influence on the...

Abstract This paper attempts to provide an explanation to the debate whether infrastructure development is more effective than direct cash transfer to reduce wage disparity between skilled and unskilled workers. We use a simple general equilibrium structure to argue that in presence of symmetric...

Purpose This theoretical paper aims to illustrate that tourism economies differ substantially with respect to market conditions, such as demand elasticity and industrial structure, which have a clear effect on the distribution of the tax burden. Design/methodology/approach This paper has used...