This paper analyses the impact of standardization on welfare of consumers who rely on signals as indicators of product quality. a variance reduction approach suggests that, after standardization, consumers will choose to rely on fewer signals in their evaluation of product quality. the optimal...

The electrical industry must continue to play a positive role in industrial markets irrespective of whether general economic conditions are good or bad. The most economic coal prices will need to be sought, adjustments to the changing social/economic conditions made so as to keep pace with the...

This paper draws on the literature that explains why governments spend procyclically, to predict the pattern of cyclical expenditure across government budgets. Procyclical expenditure increases at a faster rate than income in economic upturns and falls at a faster rate in recessions. The more...