This study develops a formal theoretical rubric for estimation of the efficiency with which a country progresses on its general equilibrium growth path towards its steady state growth phase. Empirical tests confirm robustness of the metric, and show, contrary to assumptions of growth theory...

This study develops a new formal theoretical rubric for ranking of proxies for institutional factors that, conceptually, have taxonomy of either of facilitators of, or constraints on economic development. Illustrative implementations of the formal theoretical rubric reveal that spending on each...

Typically, models of stock prices or returns assume homogeneity of risk preference parameters. This study shows modeling of IPO prices necessarily is with reference to the distribution of risk preference parameters that already are represented in secondary equity markets. Modeling of stock...

Suppose a firm that produces `manufactureds', and that is located in a `high (production) cost' country is granted a patent and seeks to protect itself against competition which feasibly emerges at expiration of patent protection. Formal theoretical predictions show setting up of production in...

Every fixed point has representation as, u=g(u), equivalently g(u)=h[g(u)]. Let all times t have parameterization as `commencement of period t'. This study arrives at a Fixed Point Theorem (FPT) between ability (η), effort (e), and `Capacity for Effort (ξ)'. Let e=g(ξ) and η=h[g(ξ)]. The...

Satisfaction of either of the independence axiom, or its less stringent counterpart, `smoothness of utility functions' is necessary condition for robustness of applications of expected utility theory to modeling of recurring choice. This study arrives at a general equilibrium mathematical...

It is well accepted that economic growth that is premised, in entirety, on technical change equates to economic development. This study provides formal theoretical evidence that production functions inherently always are inappropriate to modeling of economic development. In stated respect,...