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the price hikes in the early 1970s. We investigate the casual relations between real money and real income, between … nominal money and nominal income, and between nominal money and prices using using the annual data set from 1959-60 to 2003 … case of income, the study finds the feed back mechanism of money, which is generally missing in the earlier studies …
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We analyze how adding the shadow economy to official output figures affects technical efficiency. We find that this only slightly affects the ranking of efficiency scores, but increases average efficiency. Our results are robust to the functional form of the production technology and the...
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findings that older adults do not convert their home equity into income that can be used for current consumption, as the life …
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In this paper, we show that the third inverse stochastic dominances introduced by Muliere and Scarsini (1989) is nicely connected with the Yaari's dual model. We show especially that the third inverse stochastic dominance is closely linked with the non-negativity of third derivative of the...
Persistent link: https://www.econbiz.de/10005630676
The initial goal of this paper was to study how to characterize the behavior of an EU maximiser decision maler according to the sign of u[p], p-th derivative of his utility function. The answer is well-known for u', u'', has been studied for u''' (Menezes, Geiss ant Tressler, Kimball), u''''...
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