This paper investigates whether compliance with sectoral wages, or "underground" wages (i.e. equilibrium wages lower than the, officially minimum, sectoral ones), may emerge endogenously in industries with market power. Wage bargaining is centralized and it is conducted by large-scale efficient...

We present a unified theoretical framework capable to address the main real capital decision problems. Initially we specify a continous-time, terminal-horizon real capital model and use it to trace the properties of optimal utilisation, maintenance, and expansionary investment policies, as well...

The paper proposes a stochastic frontier model with random coefficients to separate technical inefficiency from technological differences across firms, and free the frontier model from the restrictive assumption that all firms must share exactly the same technological possibilities.

The paper examines wheter the tax changes observed in eleven countries of the European Union during the 1965-1996 period could be attibuted to intended pre-election period actions of incumbent governments seeking their reelection or to traditional stabilizing fiscal policies.

The objective of the study is to inquest the nature and direction of causality among public sector size, economic growth and macroeconomic state of the economy.

This paper analyses the optimal behaviour of a trade union trying to extract capital rents. It shows that wages can increase or decrease with accumulated investment depending on technology and outside income opportunities.

This paper presents a two-party dynamic model of optimal fiscal policy which integrates stabilizing electroral and partisan motives.

The paper emphasizes the importance of the qualitative element in the behavior of business firms Qualitative effects generated by suitable interpersonal relations can stimulate the state of operations of an organization, beyond the limits often prescribed by fundamental quantitative variables.

Consistent specifications of the allocative inefficiency function in cost plus input share equations systems may be difficult, if not impossible, to find because most plausible ones violate certain reasonable a priori conditions. Moreover, the models to which they lead give rise to highly...

Social justice has become a main objective of economic policy and so often dominates efficiency considerations. In the history of economic thoughts the trade off between efficiency and justice has often been discussed but remained an unsolved problem. In using a simple approach of standard...