Article history: Received 24 January 2011 Received in revised form 3 August 2011 Accepted 3 August 2011 Available online 10 August 2011 This paper analyzes tax competition for foreign direct investment with country risk using a two-country model with different market sizes. We show that the trade-off between country size as a locational advantage and country risk as a locational disadvantage af...

a mathematical model for commercial naphtha catalytic reformer of tehran refinery was developed. this model includes three sequencing fixed beds of pt/al2o3 catalyst at the steady state condition using detailed kinetic scheme involving 26 pseudo-components connected by a network of 47 reactions, in the range of c6 to c9 hydrocarbons. the reaction network consisted dehydrogenation, hydrogenation...

Modeling and simulation of Polyhydroxybutyrate (PHB) production by Protomonas extorquens in fed-batch culture were conducted in this research. The fed-batch model, developed for this process, employed a kinetic model proposed by other researchers. Several kinetic models were investigated to choose the best model. The criterion for this selection was goodness of fit (δ2). Haldane kinetic model w...

An inchworm robotic insect is presented that can displace on a smooth horizontal surface. It consists of a piezoelectric unimorph and two custom-designed limbs. A two-module lumped-parameter model is formulated to assist in the desigdanalysis process. The geometry of deformation is analyzed first by superimposing the unirnorph ’s elastic deformation to a rigid-body rotation around the limb/grou...

Lumped element models for the frequency dependence of substrate parasitics in integrated circuits are evaluated. The frequency ranges for which these models are applicable have been identified. Two new models that are suitable for very high frequencies are also presented.

We analyze the investment decision of a ...rm that may complete a project either in one lump or in smaller parts at distinct points in time. The ...rm faces a trade-o¤ between the cost savings that arise when the project is completed in one go and the additional ‡exibility that arises when the ...rm is able to respond to resolving uncertainty by choosing optimal timing individually for each sta...

This paper proposes a general equilibrium model that aims at quantifying the distributive effects of anticipated inflation in an incomplete market economy with heterogeneous agents. Based on empirical evidence, this paper assumes a fixed cost to participate in financial markets, which in equilibrium generates a theory of money. Money is a return dominated asset, but also a costless mean to smoo...

This paper reconsiders the welfare costs of in‡ation and the welfare gains from …nancial intermediation in a heterogeneous-agent economy where money is held as a store of value (as in Bewley, 1980). Because of heterogeneous liquidity demand, transitory lump-sum money injections can have persistent expansionary e¤ects despite ‡exible prices, and such e¤ects can be greatly ampli…ed by the banking...

We re-examine optimal monetary policy when lump-sum taxes are unavailable. Under commitment, we show that, with alternative utility functions to that considered in Nicolini’s related analysis, the direction of the incentive to cheat may depend on the initial level of government debt, with low debt creating an incentive towards surprise deflation, but high debt the reverse. Under discretion, we ...