totoday’s market place is increasingly dynamic and volatile. in this area supply network issues recently have attracted a lot of attention from industrial practitioners and academics worldwide. chaos theory is the study of complex, nonlinear, dynamic systems. for chaotic systems, a tiny change in conditions may result in an enormous change in system output, whereas substantial changes in condit...

W hether the United Kingdom (UK) should remain in the European Union (EU) or not has been a fiercely debated issue both before and after the referendum in the UK on June 23, 2016. The main purpose of this paper is to evaluate the pros and cons of the UK leaving the EU. It is concluded that if the UK leaves the EU, the resulting economic shock would risk adverse effects on macroecono...

Abstract We investigate the growth effects of financial globalization, giving particular consideration to potential conditionality of these growth effects on the level of a country’s institutional and financial market development. To capture such conditionality, we extend recently developed heterogeneous dynamic panel data models to account for bivariate long-run conditional parameter homogenei...

In this paper we account for the fact that Cournot equilibrium strategies in the sector under environmental regulation depend on …rms'interaction in the permits market (and vice versa). In this context, we show that the cost-e¤ective allocation of permits between …rms must compensate the cost-rising strategies exercised by the stronger …rm (in the output market). Then, taking into account the p...

For approximately the last forty years industrial organization economists have undertaken empirical studies to determine if an increase in the number of producers results in more competitive market outcomes. In recent years a number of empirical studies, many under the inspiration and guidance of Leonard Weiss, have focused directly on the relationship between the price of output in a market an...

Under perfect competition on the output market, first best technology subsidies in the presence of learning by doing are justified by knowledge spill overs that are not accounted for by individual companies. First best output subsidies are thus depending directly on the learning effects and are, if applicable, positive. Considering electricity markets, a setting of imperfect competition is more...

We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and bond financing changes the entire distribution of firm size, with implications for the aggregate capital stock, output, and welfare. Reducing transaction costs in the bond market increases the output and profits of midsize firms at the expense of both the largest and smallest fir...

1. In this chapter we looked at three models of the short-run aggregate supply curve. All three models attempt to explain why, in the short run, output might deviate from its long-run “natural rate”—the level of output that is consistent with the full employment of labor and capital. All three models result in an aggregate supply function in which output deviates from its natural rate Y when th...