Regarding the connection between economic development and public health, the statistically evident correlation between a country's gross domestic product and life expectancy is widely discussed. An important aspect that keeps resurfacing in discussions on why the relationship between the latter...

Economics of discrimination has been the topic of interest of many in the last decade or two. Human capital theory describes wage determination as a function of labour human capital and should be determined based on marginal productivity theorem of labour economics. Islamic theology also...

Money illusion is frequently invoked and frequently resisted by economists. Resisted as it contradicts the maximizing paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the behavior of agents. This paper rationalizes money...

Efficiency scores of the National Innovation System (NIS) for 22 countries, including the BRICS, G7, are calculated with the Data Envelopment Analysis (DEA). Relevant factors that may affect the innovation system efficiency are summarized based on the NIS Approach and the New Growth Theory....

The paper explores utility measures by combining experiments with mathematical derivations in psychophysics paradigm. The analysis on ultimatum game experiment reveals an evidence for utility threshold and thus supports Bernoulli's utility logarithmic law. Both experimental results and...

Using real-time data, we analyze how the systematic expectation errors of professional forecasters in 19 advanced economies depend on the state of the business cycle. Our results indicate that the general result that forecasters systematically overestimate output growth (across all countries)...

We analyze in this paper determinants of voluntary knowledge transfer from foreign investors to their local suppliers in 19 Sub- Saharan African countries using data from the 2010 Africa Investor Survey by UNIDO. We argue that not all backward linkages entail the same potential for spillovers...

We use Japanese microdata to examine how financial market frictions affect foreign direct investment (FDI). The Japanese land price bubble and banking trouble in the late 1980s and early 1990s serve as a quasi natural experiment to identify two possible transmission channels from financial...

The paper develops a simple theoretical model of inventory control in global supply chains. It identifies a role for intermediaries in managing inventory, and shows that inserting an intermediary as an additional link in a supply chain is profitable when demand volatility is high. It also...

We use a Panel Smooth Transition Regression (STR) model to study nonlinearities in the expectation-formation process in the U.S. stock market. To this end, we use data from the Livingston survey to investigate how the importance of regressive and extrapolative expectations fluctuates over time...