Firms are constrained in growing knowledge capital due to frictions on the transfer of firm-specific knowledge (such as the process of recruiting and training skilled labor). Constrained firms must therefore forgo some positive-NPV projects during their growth. I embed micro-founded knowledge constraints in a q-theory model of a firm with two capital goods, structurally estimate the model, and ...

OBJECTIVES This study aimed to help public investment decision makers see the greatest return on their built environment investments by developing an analysis framework for identifying the most promising improvement strategies and assessing the attainable return on investment. METHODS The 2001 National Household Travel Survey sample (N=4974) from Dane County, Wisconsin, was used to develop a ...

The 2nd generation plants producing ethanol from lignocelluloses demand risky and high investment costs. This paper presents the energyand economical evaluations for integrating lignocellulose in current 1st generation dry mill ethanol processes, using filamentous fungi. Dry mills use grains and have mills, liquefactions, saccharifications, fermentation, and distillation to produce ethanol, whi...

We analyze the market entry problem faced by startups that must integrate their service or product with one or more complementary technologies. The problem is especially challenging when the complementary technologies have large but uncertain cost reduction potentials. The market for intermittent renewable power generation (e.g., wind, solar) combined with storage (e.g., battery, pumped reservo...

At present, photovoltaic grid-connected systems (PVGCS) are experiencing a formidable market growth. This is mainly due to a continuous downward trend in PV cost together with some government support programmes launched by many developed countries. However, government bodies and prospective owners/investors are concerned with how changes in existing economic factors – financial incentives and m...

Stock Price Informativeness, Cross-Listings and Investment Decisions We show that a cross-listing allows a …rm to make better investment decisions because it enhances stock price informativeness. This theory of cross-listings yield several predictions. In particular, it implies that the sensitivity of investment to stock prices should be larger for cross-listed …rms. Moreover, the increase in v...

Analytics-a new frontier in claims management Insurers are facing a perfect storm, making sustainable profits even more challenging Four key trends are driving this event: ► An increase in the number and severity of natural disasters, which is driving up claims and reinsurance costs; ► Requirements to satisfy new prudential regulations will result in increased capital adequacy requirements; ► V...

Altruism refers to a willingness to benefit others, even at one’s own expense. In contrast, selfishness refers to prioritizing one’s own interests with no consideration for others. However, even if an agent is selfish, he might nevertheless act as if he were altruistic out of selfish concerns triggered when his action is observed; that is, he might seek to feel pride in acting altruistically an...

We begin with some thoughts on how model theory relates to other parts of mathematics, and on the indirect role of Gödel’s incompleteness theorem in this connection. With this in mind we consider in Section 2 the fields of real and p-adic numbers and show how these algebraic objects are understood model-theoretically: theorems of Tarski, Kochen, and Macintyre. This leads naturally to a discussi...

We develop a tractable two-country overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries, while foreign direct investment flows in the opposite direction; net capital flows go from poor to rich countries; d...