The fact that happiness does not increase as income increases (Easterlin Paradox) has puzzled a number of scholars for a number of decades. The latest research on this topic concludes that happiness increases with an increment in income in the short term but it adapts to this income increment in...

The ratio of retirees to workers in developed countries is expected to increase sharply in the next few decades. In the presence of unfunded income support policies, this increase in old age dependency is expected to increase the future fiscal burden which is seen as a threat to living...

The ratio of retirees to workers in developed countries is expected to increase sharply in the next few decades. In the presence of unfunded income support policies, this increase in old age dependency is expected to increase the future fiscal burden of ageing, which is seen as a threat to...

Taking note of the wide variety and growing list of models in the literature to explain patterns of behavior observed in laboratory experiments, this paper identifies two tests, the Variety Test (ability of a model to explain outcomes under variety or alternative scenarios) and the Psychological...

In this paper, we construct a dynamic model of a kleptocratic dictatorship to explain sub-Saharan Africa’s dismal economic performance between the early 1970s and the mid-1990s. The dictator’s objective is to maximize a discounted stream of revenue generated through theft of the economy’s...

type="main" xml:id="ecpa12060-abs-0001" <p>This article highlights that the primary architecture of the conventional financial system induces financial crises as it does not legally “tie the knot” between nominal and real transactions. This legal binding would require replacing interest-based...</p>

The relationship between policyholders and an Islamic insurance (takaful) operator is in essence a principal-agent relationship. This paper analyzes the power of incentives offered to takaful operators in mitigating problems associated with such a relationship. These incentives include wakalah,...

Setting a baseline for carbon stock changes in forest andland use sector mitigation projects is an essential step for assessingadditionality of the project. There are two approaches for settingbaselines namely, project-specific and regional baseline. This paperpresents the methodology adopted...

There is a need to assess climate change mitigationopportunities in forest sector in India in the context of methodologicalissues such as additionality, permanence, leakage, measurement andbaseline development in formulating forestry mitigation projects. A casestudy of forestry mitigation...