Economics views work as merely providing purchasing power. Many economists agree that there is a great deal more to work, but they nonetheless feel comfortable with this narrow description, believing that important aspects of work that they have left out of consideration have no impact on the validity of their analytical conclusions and policy propositions. This paper argues that if economics i...

Labor productivity was studied at the microscopic level in terms of distributions based on individual firm financial data from Japan and the US. A power-law distribution in terms of firms and sector productivity was found in both countries’ data. The labor productivities were not equal for nation and sectors, in contrast to the prevailing view in the field of economics. It was found that the lo...

Author Contact: David Giles, Dept. of Economics, University of Victoria, P.O. Box 1700, STN CSC, Victoria, B.C., Canada V8W 2Y2; e-mail: [email protected]; FAX: (250) 721-6214 Abstract We derive saddlepoint approximations for the density and distribution functions of the half-life estimated by OLS from an AR(1) or AR(p) model. Our analytic results are used to prove that none of the integer-order m...

Pharmaceutical patents are anachronistic holdovers from an era in which Abstract modern economic understanding and tax tools were unavailable. Superior mechanisms lie somewhere between a first best pricing solution for the entire economy at one extreme and the current arrangements at the other. We discuss the economics of suggested alternatives and suggest that the intertemporal bounty is the b...

DCI’s research abilities are highlighted by its extensive utility consulting experience, senior consultant qualifications, extensive database of utility best practices, analytical methodologies in support of strategic decision making, and support of utility companies through direct testimony in public utility service commission hearings. DCI’s consultants all have advanced degrees and include a...

We construct a theory of distributions in the setting of analysis on post-critically finite self-similar fractals, and on fractafolds and products based on such fractals. The results include basic properties of test functions and distributions, a structure theorem showing that distributions are locally-finite sums of powers of the Laplacian applied to continuous functions, and an analysis of th...

q-Exponential distributions (q-Exponentials defined in the next section) are used[1] in modeling distributions of stocks. The q-Exponentials possess two desirable features namely exhibit power law tails in the high end of the distribution and tend toward a Gaussian when q = 1 + 1/K → 1. These facts provide enough motivation to derive a variant of a Wick theorem for linear combinations of indepe...

Random matrix theory is used to assess the significance of weak correlations and is well established for Gaussian statistics. However, many complex systems, with stock markets as a prominent example, exhibit statistics with power-law tails, that can be modelled with Lévy stable distributions. We review comprehensively the derivation of an analytical expression for the spectra of covariance matr...