Modeling Cyclical Asymmetries in GDP: International Evidence

This paper models asymmetric behavior in GDP growth in the USA, Germany, France, and Japan. It develops smooth transition autoregressive models and interprets nonlinear dynamics in terms of cyclical asymmetries. A procedure for defining data-based, qualitative cyclical regimes from the estimated models is proposed, and generalized impulse response functions are computed to assess to what extent the response to a shock changes over different phases of the cycle.     

Noncentral bimatrix variate generalised beta distributions

In this paper, we determine the density functions of nonsymmetrised doubly noncentral matrix variate beta type I and II distributions. The nonsymmetrised density functions of doubly noncentral and noncentral bimatrix variate generalised beta type I and II distributions are also obtained.     

The frontiers of eBusiness technology and supply chains

This article is an Introduction to this Special Issue on “eBusiness and Supply Chain Management.” It also provides a vision for eBusiness and supply chain for the future.     

Efficiency Characterization of Liability Rules When Liability Payments Differ from the Actual Harm

Journal of Quantitative Economics - By now, it is well known that damage awards under a liability rule affect the efficiency of the rule. Due to variety of reasons, damage awards fixed by courts...     

Bankruptcy and optimality in a closed trading mass economy modelled as a non-cooperative game

In this paper we establish the existence of (a) an optimal bankruptcy rule which enables us to describe the Walrasian trading economy as a game with trade in fiat money; and (b) non- cooperative equilibrium points of this game which (in terms of prices and the final allocation yielded) include the competitive equilibrium points, and the accompanying money rate of interest (induced by borrowing at a central bank), when the bankruptcy rule is different from optimal.     

Physical quality of life index and inter-country inequality

Treating the ‘physical quality of life index’ (PQLI) as a measure of national well-being, Theil's cross-country inequality index is computed and compared with those based on nominal and real GNP per capita. The index based on PQLI seems to understate drastically inter-country inequality, and suggests a pattern of inequality change that appears implausible.     

OLIGOPOLISTIC PRODUCT WITHHOLDING IN RICARDIAN MARKETS

We consider strategic behaviour in the rental market for quality-differentiated goods. In his classic analysis Ricardo showed that at the competitive equilibrium the price of the marginal unit is driven to zero. An oligopolistic market structure usually leads to a radically different equilibrium. Deliberate withholding of units often becomes part of a firm's best response, and whenever this occurs, a pure strategy equilibrium fails to exist. A necessary but not sufficient condition for a pure strategy equilibrium to exist is for one firm to own all the best quality units. A mixed strategy equilibrium always exists and the associated payoff is aiways greater than the competitive payoff.