Reducing external debt in a world with imperfect asset and imperfect commodity substitution

Imperfect Markets and Commodity Prices Under Demand Pull

This paper presents a theoretical view of imperfect market. It concludes that an increase in the price of products does not give any incentive to increasing production which shows the mechanism for upward trends in prices.

imperfect markets and commodity prices under demand pull

this paper presents a theoretical view of imperfect market. it concludes that an increase in the price of products does not give any incentive to increasing production which shows the mechanism for upward trends in prices.

Social Evolution in Imperfect World

Agent based simulation is a powerful tool for the research of complex systems such as human society. The important key word of this kind of research is “bounded rationality” of the agents. From the standpoint, we adopt following two hypotheses as the basis of our analysis: (1) each agent interacts only with his neighbors, and (2) each agent behaves by mimicking its neighbors. How the society gr...

Asset Substitution, Debt Covenants and Conservatism

Equilibrium Asset Prices under Imperfect Corporate Control

Shareholders have imperfect control over the decisions of the management of a firm. We integrate a widely accepted version of the separation of owership and control — Jensen’s (1986) free cash flow theory — into a dynamic equilibrium model and study the effect of imperfect corporate control on asset prices and investment. We assume that firms are run by empire-building managers who prefer to in...