On the temperature derivative market, modeling temperature volatility is an important issue for pricing and hedging. In order to apply pricing tools of financial mathematics, one needs to isolate a Gaussian risk factor. A conventional model for temperature dynamics is a stochastic model with...

The paper introduces the notion of different methods of calculating and analysing profitability as signatures of capitalism at different stages of development. Its point of departure is Bryer's thesis of the capitalist mentality, which is subject to theoretical and empirical critique and...

The role of natural resources in contributing to stable economic development is of growing interest to economists and politicians. In evaluations of the prospects for development of a given country it was once assumed that rich natural resources and a vast territory provided favorable conditions...

The Great Famine of Ireland from 1845-51 ranks as one of the most lethal of all time, claiming approximately one eighth of the country's population. Utilizing local Famine Relief Commission reports to develop a micro-level dataset of blight severity, I find that districts more severely infected...

This paper utilises a dataset of freehold land and property transactions from medieval England to highlight the growing commercialisation of the economy. By drawing on the legal records we are able to demonstrate that the medieval real estate market provided the opportunity for investors to...

We explore the role of elites for development and in particular for the spread of cooperative creameries in Denmark in the 1880s, which was a major factor behind that country's rapid economic catch-up. We demonstrate empirically that the location of early proto-modern dairies, so-called...

This paper presents an econometric analysis of the relationship between economic and environmental factors and biodiversity change in Scotland over the period 1600-2000. Our main hypothesis is that economic development, as captured by changes in prices, technological improvements and management...

The aim of this paper is to understand why some economies do not adopt existing technologies. It focuses on the political factor and studies this phenomenon through the distinctive and interesting experience of European growth: the remarkable economic expansion that took place in northwestern...

While it is commonly believed that derivative instruments are a recent invention, we document the existence of forward contracts for the sale of wool in medieval England around 700 years ago. The contracts were generally entered into by English monasteries, who frequently sold their wool for up...

There is a widespread view that cost finding developed into cost accounting towards the end of the nineteenth century, with the further step towards what we today call management accounting occurring in the twentieth century. This bold assessment is based on an embarrassingly small amount of...