This paper examines the predictive ability of expectations hypothesis term structure interest rates in BRICS and G7 countries by relating each country’s monthly 3‑month Treasury bill rate to 10‑year government bond rates, from May 2003 2018. The panel ARDL model, applying mean group (MG), pooled (PMG), dynamic fixed effects (DFE) estimators, is employed compare short‑ long‑run relationships bot...

In linear transport, the fluctuation-dissipation theorem relates equilibrium current correlations to the linear conductance coefficient. Theory and experiment have shown that in small electrical conductors the non-linear I-V-characteristic of two-terminal conductor exhibits terms which are asymmetric in magnetic field and thus micro-reversibility is manifestly broken. We discuss a non-equilibri...

Introduction Thermodynamic non-ideality can lead to serious problems in terms of the analysis of macromolecular behaviour in solution, particularly in molar mass and mass action measurements based on the principles of thermodynamic equilibrium. The term ‘molar mass’ (in g/mol) favoured by the physical chemist is of course equivalent to the molecular mass in daltons, and by ‘mass action’ we mean...

The important concept of equilibrium has always been controversial in ecology, but a new, more general concept, an asymptotic environmentally determined trajectory (AEDT), overcomes many concerns with equilibrium by realistically incorporating long-term climate change while retaining much of the predictive power of a stable equilibrium. A population or ecological community is predicted to appro...

Half of U.S. 50-year-olds will experience a nursing home stay before they die, and a sizable fraction will incur out-of-pocket expenses in excess of $200,000. Surprisingly, only about 10% of individuals over age 62 have private long-term care insurance (LTCI) and many applicants are denied coverage by insurers because they are frail. This paper proposes an equilibrium optimal contracting framew...

We have investigated the interactions between economic growth and industrial wastewater discharge from 1978 to 2007 in China's Hunan Province using co-integration theory and an error-correction model. Two main economic growth indicators and four representative industrial wastewater pollutants were selected to demonstrate the interaction mechanism. We found a long-term equilibrium relationship b...

We study a reaction-diffusion equation with an integral term describing nonlocal consumption of resources. We show that a homogeneous equilibrium can lose its stability resulting in appearance of stationary spatial structures. It is a new mechanism of pattern formation in population dynamics that can explain emergence of biological species due to intra-specific competition and random mutations....

A theory is presented which predicts that performance will stabilize at an equilibrium level in a long-term token economy. This prediction is based on the joint consideration of consumption schedules (relationships between income and expenditure) and a hypothesized critical range of savings (a range of savings above which performance deteriorates and below which performance improves). Procedure...

In a simple, forward looking linear stochastic model we investigate the impact of heterogeneity in expectations formation on the speed of convergence of the learning process of agents towards equilibrium. We …nd that even when heterogeneity does not a¤ect learnability in term of its asymptotic outcome, it can still have an important impact on the learnability of an equilibrium in terms of the s...

A dynamically consistent model of equilibrium unemployment when UI payments are duration dependent is developed. The main market distortion is a moral hazard problem: the government does not observe job o¤ers. Hence, UI payments put unemployed workers in a better bargaining position which directly a¤ects equilibrium wage determination. Simulations ...nd that shortening the duration of UI paymen...