From a CAPM-type model the cost of equity is derived for a firm operating under various foreign tax systems. The firm’s shares are traded in a market which is unaffected by these systems. The cost of capital depends on the foreign tax system, even for fully equity financed projects. This is...

This paper discusses the concept of resourcism' as an alternative to the capability approach. It argues that the term economic resources covers too many different concepts for the term resourcism to be useful when analysing distributional justice. In particular, the resourcism of Dworkin is...

When a monopolistic hydro producer interacts with a competitive thermal fringe, the short-run revenue function of the hydro monopolist is non-concave. This implies that even if the demand function is stationary, equilibrium prices may fluctuate through the year. For given capacities, both hydro...

The bulk of acid depositions, which have harmful effects on the environment, are caused by foreign emissions in many European countries. Therefore, if some countries emit more acids, one cannot be sure that countries that emit less will benefit from reduced acid depositions. However, numerical...

“Green” consumers appear to accept individual responsibility for public good provision. The propensity to take such responsibility may depend on beliefs about others’ behavior, even for consumers motivated by internalized moral norms, not by social sanctions. This can produce multiple...

We consider a framework for analyzing panel data characterized by: (i) a system of regressions equations, (ii) random individual heterogeneity in both intercepts and slope coefficients, and (iii) unbalanced panel data, i.e., panel data where the individual time series have unequal length. A...

A Box-Cox structural utility model is estimated on tax evasion survey data and it is shown that this model gives a better representation of individual utility maximizing behavior than a flexible model, represented by a polynomial of degree 3. It is found that an overall wage increase has a...

This paper shows why regressing the realised rates of depreciation within the exchange rate band on a given information set and conditional on (ex-post) actual no-realignment (à la drift adjustment) still encounters a Peso Problem. Such a procedure generally gives inconsistent estimates. The...