I develop a set-theoretic model of unawareness without making any structural assumptions on the underlying state space. Unawareness is characterized as a measurability constraint that results in players' reasoning about a "coarse" subjective algebra of events. The model is shown to be...

In recent years, foreign direct investment (FDI) in natural resource industries by Chinese firms in Africa has increased rapidly. The strategic importance of the natural resource sector to host country governments produces considerable bargaining over entry and operating terms, with attendant...

This paper incorporates model uncertainty to study an inter-temporal investment-consumption choice problem. Using a modified Cox-Ingersoll-Ross model in a complete market context, we propose an approach for quantifying uncertainty, which requires only an uncertainty parameter rather than an...

Analysing the vertical distribution of nutrient salts and estimating the total mass of lake nutrients is helpful for the management of lake nutrient status and the formulation of drainage standards in basins. However, studies on nitrogen (N) and phosphorus (P) in lakes have focused on obtaining...

In his seminal paper, Lucas (1988) stresses the important role of human capital externalities in explaining long-term economic growth and points out two major determinants of human capital externalities: average human capital level and group interactions. Existing literature has well documented...

Research suggests that multinational enterprises (MNEs) are attracted to locations with concentrated firms from the same home country to benefit from interactions with market forces, but it remains an open question whether such agglomeration facilitates MNEs’ interactions with nonmarket actors...

We investigate the following important questions in international business: How do MNEs choose ownership strategies when facing strong uncertainty in foreign market entries? How are the choices affected by industry contingencies? Following the key tenets of real options theory, we propose that,...