For a perfectly competitive firm with a constant returns to scale techenology, a greater price uncertainty has been shown to increase investment even in the presence of irrecersible investment. We show, however, that the option value generated by a one-time fixed cost can cause increasibg...

We estimate the extent to which idiosyncratic and disaggregate macro shocks (such as regional and industry shocks) are not shared in the economy. Comparing the degree to which idiosyncratic and disaggregate macro shocks are not shared grants a deeper understanding as to why the economy lacks in...

We investigate the determinants of educational quality in a newly-constructed panel data set that includes output and input measures for a broad number of countries. The results show that family inputs and school resources are closely related to school outcomes, as measured by internationally...

This study examines the relationship between the two sides of innovation of research and development (R&D) and competition. By analyzing the Korean firm-level data from 2000 to 2015, we find that competition is an important factor for innovation spillovers. In addition, decreasing competition...

Korean Abstract: 중앙아시아는 1991년 소연방의 해체로 독립한 카자흐스탄, 우즈베키스탄, 키르기스스탄, 타지키스탄, 투르크메니스탄 등 5개국을 지칭한다. 유라시아 대륙 중심부에 위치한 중앙아시아는 강대국의 지역 통합...