Abstract Since long the economies of scale is mainly acknowledged in microeconomics. Alas, in macroeconomics field, the prevailing principle is the constant return to scales by rejecting the economies of scale without justifiable reasoning. But fixed costs and indivisibilities are widely present...

Spanish Abstract: En este trabajo se presenta un marco teórico que conjunta y ordena sistemáticamente, en cuanto a complejidad y realismo, varios modelos disponibles en la literatura especializada para estimar la distribución de la volatilidad de los rendimientos diarios de índices...

The paper focuses on the impact of reforms on the industrial and trade structure in the organized manufacturing sector in India, using ASI (CSO) and UN-COMTRADE data. The period of the study is from 1980-81 to 2005-06, which is divided into the pre-reform (1980-81 to 1991-92) and post-reform...

We consider an adaptive importance sampling approach to estimating the marginal likelihood, a quantity that is fundamental in Bayesian model comparison and Bayesian model averaging. This approach is motivated by the difficulty of obtaining an accurate estimate through existing algorithms that...

In this article we propose an extension of the classical Black-Scholes option in a multidimensional setup. The underlying financial asset is a basket of equity stocks on which a general European type option pay$-$off is considered. Using the distributional Fourier transform, we derive a general...

Purpose: This purpose of this study is to examine the asymmetric adjustment effects for the purchasing power parity (PPP) for South Africa against her main currency trading partners; namely, the US, the UK, the Euro area, China and Japan. Design/Methodology/Approach: This study presents a...

As the cost of tax-dollar paid stadia rises and the talks of relocations in the main North-American pro leagues increase, a multi-field analysis on the different mechanisms that decides team relocation seems necessary. This paper reviews the different mechanisms participating team location and...

The literature on the economy of Eje Cafetero is not vast and it has lacked, so far, of rigorous theoretical foundations. This paper aims to take a first step in responding to these shortcomings, providing a global view of the economic conditions of the region. Taking as reference the concept of...

Using data from the World Bank's Enterprise Surveys, we test two interesting results that emerge from the theoretical model presented in Shleifer and Vishny (1994) that studies bargaining between politicians and managers of state-owned firms. Shleifer and Vishny's model suggests that firms with...

Two most important questions in social science are what drives political, economic, and social changes and where the human society is heading. The arrow-of-time coined by British astronomer Eddington refers to our daily experience that time only goes in the forward direction and never in the...