This paper considers the Debreu [6] - Farell [10] - Fdre [7] measure of efficiency of merger to compare economic efficiencies of alternative merged entities in a homogenous good industry. The comparability results rely on concentration curve dominance relation and identify the class of cost...

Traders with specific characteristics operating in a pairwise exchange market may prefer to meet other traders with similar (or complementary) characteristics, while other categories of traders may not have such preferences. The existence of the second type imposes a negative externality on the...

This paper investigates the relationship between exchange rate fluctuations and the investment decisions of a sample of Italian manufacturing firms. The results support the view that a depreciation of the exchange rate has a positive effect on investment through the revenue channel, and a...

This paper examines aggregate primary capital market activity in a cross section of emerging market and developed countries. We analyze data on the value of funds raised domestically via issues of debt and equity securities in public capital markets in 32 countries over the period 1980-95. There...

With rapid development of wind power technologies and significant growth of wind power capacity installed worldwide, various wind turbine concepts have been developed. The wind energy conversion system is demanded to be more cost-competitive, so that comparisons of different wind generator...

In this paper, a model of an ecosystem influenced by a large human population is presented. It is modelled by a discrete time dynamic game with many players and a simple dynamics. The paper proposes a new way to look at the problems of exploitation of ecosystems by many users — using the...

Even though economic models have been relatively successful in explaining the long run patterns of house prices, they have more difficulties in explaining short run developments of the housing markets. However, the fact that during such 'bubbles' the spatial pattern of house prices, which can...

This paper examines how market prices, volume, and traders' dividend expectations respond to public information releases in laboratory markets for a long-lived financial asset. The objective is to study deviations from the symmetric information risk-neutral rational expectations (RE) benchmark,...