Banking in computable general equilibrium economies

In this paper we develop a computable general equilibrium economy that models the banking sector explicitly. Banks intermediate between households and between the household sector and the government sector. Households borrow from banks to finance their purchases of houses and they lend to banks to save for retirement. Banks pool households' savings and they purchase interest-bearing government debt and non-interest-bearing reserves. We use this structure to answer two sets of questions: one normative in nature that evaluates the welfare costs of alternative monetary and tax policies, and one positive in nature that studies the real effects of following a procyclical interest-rate policy rule.     

International migration,non-traded goods and economic welfare in a two-class economy: A reply

This paper sketches a formal model of an economy producing traded and non-traded goods in which two classes of individuals are differentiated, each owning different endowments of capital and labor and allocating different proportions of their income to the consumption of each commudity. The effects of emigration on prices, income distribution and the real income of each class is then examined.     

Towards endogenous science and technology for another development

Basing his arguments on a historical survey of the development of science and technology, the author argues for the strengthening of the autonomous S and T capacity of the Third World and gives special attention to the need for a recovery and development of traditional technologies. Such a policy would call for a reorientation of production away from an imitative pattern of consumption that favors a great diversity of goods for higher-income groups, and thus requires a widespread importation of technologies. A different productive structure, based on the satisfaction of basic human needs and with greater emphasis on collective rather than individual consumption, could reduce substantially the need for imported technology and lead to an increased demand for local scientific and technological activities.     

DIVESTITURE TO UNIT MANAGERS AND SHAREHOLDER WEALTH

The impact on shareholder wealth from selling units to management is examined. The two-day announcement period average abnormal return for parent firms divesting units to managers of those units is positive (0.80 percent) and significant. On average, the impact on shareholder wealth of parent firms divesting assets to managers of the unit is similar to the shareholder wealth effect for divestiture to third parties.     

On testing the dimensionality of regression coefficients

In this paper, the distribution of a statistic based on the likelihood ratio method for testing the dimensionality of regression coefficients has been derived. The method of integration over alternate variables has been used to derive the results.     

Criteria used in the selection of franchisees: an application in the service industry

The service industry is one of the greatest driving forces behind the growth of franchising in many countries. The aims of this study are to identify the characteristics of the franchisee profile preferred by franchisors in the service industry and to show how the simulation of franchisees with conjoint analysis constitutes a powerful tool for the correct selection of franchisees by franchisors. Criteria that franchisors in the service industry look for in franchisee candidates are ranked by importance using conjoint analysis; a decomposition methodology that is rarely used in this field. The value of the paper is significant as it provides a practical framework for franchisors for the selection process of franchisees when choosing from a group of potential franchisees.     

Multi‐objective crop planning using pareto‐based evolutionary algorithms

The scarcity of water is a growing problem worldwide. The increasing use of water in industrial, urban, and agricultural applications together with the continuous increase in population require the proposal of efficient solutions. In the case of agricultural use, it is necessary to not only maximize the economic benefits, but also to establish optimal water‐saving crop planning, especially for water‐deficient regions. Due to the multi‐objective nature of these problems, the decision‐making process is complex. Fortunately, the increase in computational resources available in recent years has allowed researchers to develop efficient computational algorithms to deal with real and complex optimization problems, including agricultural ones. In particular, multi‐objective evolutionary algorithms (MOEAs) are known for their ability to optimize several objective functions simultaneously to provide a representative set of the Pareto front, which is a set of problem solutions representing a trade‐off between the best values of each of the objectives. This article proposes solving a multi‐objective crop planning problem using two Pareto‐based MOEAs. Results obtained when solving this problem using real data collected from a large number of greenhouses in Spain to show the advantages of using these multi‐objective approaches.