Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest in art, understanding of auction prices is...

Art 6:104 provides, first and foremost, that a contract is not unenforceable for lack of certainty if the parties do not ‘fix the price or the method of determiningit'. The provision is thus meant — as are the following Art 6:105 and 6:106 — to ‘save' contracts in cases in which there is...

We present in this paper the panel econometrics estimation approach of measuring the technical change and total factor productivity (TFP) growth of 30 Chinese provinces during the period of 1993 to 2003. The random effects model with heteroscedastic variances has been used for the estimation of...

In the literature technical change is mostly assumed to be exogenous and specified as a function of time. However, some exogenous external factors other than time can also affect technical change. In this paper we model technical change via time trend (purely external non-economic) as well as...