Human embryonic stem cell research can bring about major biomedical breakthroughs and thus contribute enormously to human welfare, yet it raises serious moral problems because it involves using human embryos for experiment. The "moral status of the human embryo" remains the core of such debates. Three different positions regarding the moral status of the human embryo can be categorised: the "al...

FINANCING AND FUNDS FOR SUSTAINABLE DEVELOPMENT There are three broad classes of policy that are required if the world is to aspire to, and perhaps achieve, sustainable development. The first two involve no significant change in the financing of economic development, although they have implications for financing. The third explicitly addresses the issue of financing. The first two policies are:...

Human embryonic stem cell research can bring about major biomedical breakthroughs and thus contribute enormously to human welfare, yet it raises serious moral problems because it involves using human embryos for experiment. The ‘‘moral status of the human embryo’’ remains the core of such debates. Three different positions regarding the moral status of the human embryo can be categorised: the ‘...

Prior studies on space tourism have mainly investigated tourists’ engagement in outer activities. There is no research undertaken as yet related to perception toward indoor (i.e., space-launch tourism). The aim of this study examine the relationship between attitude, subjective norm, perceived behavioral control, hedonic motivation, and intention activities using Wenchang spacecraft launch site...

In this study, the relationship between the viewing of television programs (programs toward God, the lessons of the Quran, the Fath) in the fields of Tehran citizens to moral values (Faith, virtue, purification and self-purification, prayer, reading culture, integrity, justice-oriented, good relations with others) have been investigated. The statistical population of this research over 15 years...

We develop a simple yet realistic model of income insurance, where the individual’s ability and willingness to work is treated as a continuous variable. In this framework, income insurance not only provides income smoothing, it also relieves the individual from particularly burdensome work. As a result, the individual adjusts his labor supply in a continuous fashion to the implicit tax wedge of...

Bank crises, by interrupting liquidity provision, have been viewed as resulting in welfare losses. In a model of banking with moral hazard, we show that second best bank contracts that improve on autarky ex ante require costly crises to occur with positive probability at the interim stage. When bank payoffs are partially appropriable, either directly via imposition of fines or indirectly by the...

We consider the combined impact of agency problems and behavioural factors on venture capital/entrepreneur contracting and performance. Particularly, we develop a behavioural game-theoretic model in which a venture capitalist and an entrepreneur negotiate over their respective equity shares, and then exert value-adding efforts in running the business. Double-sided moral hazard exists in that bo...

This paper presents a framework for the integration of values (internalized norms) in a positive analysis of institutions and institutional change. Informal, norm-based institutions and formal – legal, economic, and political – institutions are co-determined as an equilibrium in the relations among economic and political actors. The paper discusses various ways that formal institutions influenc...