This paper explores two models of an economy in which contracts are exchanged. In the first version contracts are exchanged on a competitive market in which traders expectations concerning conditions that prevail within specific markets adjust until markets `clear'. In the second model contract...

This paper derives analytical gradients for a broad class of regime- switching models with Markovian state-transition probabilities. Such models are usually estimated by maximum likelihood methods, which require the derivatives of the likelihood function with respect to the parameter vector....

In this paper, we survey the principal theoretical models of endogenous growth and explore their common components through analyzing a series of planning problems. Our aim is to provide the reader with a consistent approach to the emerging literature on growth as an introduction to the field.

The main purpose of the paper is to analyse the speed of regional convergence of unified Germany on the basis of a two-region growth model with public productive spending. The model explains the dynamics of convergence, taking into account high fixed wages in East Germany, recent dynamics of...

This study is undertaken with the objective of investigating the performance of Akaike’s Information Corrected Criterion (AICC) as an order determination criterion for the selection of Autoregressive Moving-average or ARMA (p, q) time series models. A simulation investigation was carried out...

A measurement value for knowledge is introduced on the basis of mathematics. This measurement value expands the potential for economic analysis, reveals new interconnections, and defines familiar economic characteristics in mathematical terms. As an example, a mathematical formula for the...

The paper starts by reviewing a recent contribution on long-waves, in order to recall the essential points of a theory that, better than any other, is able to explain the long term development of capitalist economies. Considering that the present technological revolution in ICT is part of the...

In this note we consider a multicriteria decision problem where the decision maker know the the state of the world but the set of consequences is multidimensional. We suppose that a value function is specified over the attribute of the decision problem and we analyze some classes of non additive...

"Technical change" and "technical efficiency change" are two key factors to productivity growth that are associated with different sources; hence, different policies may be required to address them. Therefore, it is important to decompose productivity growth into these two components. Technical...

Büyüme, teknolojik yenilik, verimlilik ve emek iliþkilerini inceleyen daha önceki çalýþmalarda (Gürak, 2000-a, 2000-b, 2004-a, 2004-b) emek, sermaye mallarý, ara-mallar, hammaddeler gibi girdilerin “üretimde kullanýlan faktörler” olduðu, üretken faktörlerin ise “sadece iki...