Traffic congestion contributes to longer travel times and increased travel time variability. We account for the dynamic nature of travellers' choices, by deriving a closed-form solution for the costs of travel time variability. The resulting travel delay cost function is linear in the mean...

This study basically focuses on the analysis of the net effect of the government R&D support program on the local firms' technology development and its performance. And then it examines whether and how much R&D raises the effects of local firms' technology development and its performance. It...

Social welfare is a major issue in both developing and developed countries, including Korea. Political parties are especially struggling with the choice between universal or selective welfare but hardly any clear guidelines exist. This paper reviews universal versus selective welfare concepts...

Private equity companies have become a major force in the economic landscape. Financial- and operational-engineering are innovative characteristics of this emerging method of finance. The existing empirical data provide strong evidence that private equity activity contribute positively to the...