In this paper we argue that foreign direct investment in the transition countries has a dynamic nature, by using firm level data for nine transition countries for the period 1996-2002. Moreover, we differentiate the sectors of activity by the degree of technology involved, using the OECD classification based on technology. By doing this, our empirical model proves that there is some heterogenei...

Companies, industries, and nations often consume resources supplied by unstable producers. Perturbations that affect the supplier propagate downstream to create volatility in resource prices. Consumers can invest to reduce this insecurity in two ways; invest in and impose security on the suppliers, or can invest in self-sufficiency so that shocks no longer present devastating consequences. We u...

Parental care is common throughout the animal kingdom and among caring species there is a bewildering variation in how parents care for offspring, as well as in the amount of resources parents invest in care. For instance, there is considerable variation in the relative parental investment by the sexes – in some species females invest more, in others males invest more, and in some investment is...

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2. We now consider a variation of the coordination game we discussed in class. A large, that is a continuum, population with unit mass (so you can index player i 2 [0; 1]), must choose an action, "invest" or "not invest". There is a cost y to investing and assume 0 < y < 1. There is a bene…t 1 of investing (investment "succeeds") if at least proportion 1 of the population invests (i.e., at most...

primate (Cercopithecus ethiops), INVEST. OPHTHALMOL. 1: 712, 1962. 4. Barany, E. H.: The mode of action of miotics on outflow resistance. A study of pilocarpine in the vervet monkey Cercopithecus ethiops, Trans. Ophthalmol. Soc. U. K. 86: 539, 1966. 5. Kaufman, P. L., and Hahnenberger, R.: CI-744 anesthesia for ophthalmological examination and surgery in monkeys, INVEST. OPHTHALMOL. 14: 788, 19...

Most asset returns are uncertain, not merely risky: investors do not know the probabilities of different possible future returns. A large body of evidence suggests that investors are averse to uncertainty, as well as to risk. This paper builds up an axiomatic foundation for the dynamic portfolio and consumption choices of an uncertainty-averse (as well as risk-averse) investor who tries to lear...

To the Editor: Tom Curran produced a delightful article on ‘‘translational research’’ (1). Identifying problems in our current strategies to combat cancer may lead to positive changes. Dr. Curran mentions that ‘‘instead of rewarding teamwork, we teach competition and suspicion and we create barriers to collaboration’’ and that ‘‘we need to encourage teamwork, cooperation, and open communication...

Whether defined-benefit corporate pension plans should invest in risky assets has always been subject to debate, and the risky pension asset allocation frequently causes concerns. In this study, we model corporate pension decisions in a setting where a firm balances its risk management concern with employees’ preference for systematic risk exposure. For a reasonable set of parameter values, the...

Should a country invest more in human or physical capital? The present paper addresses this issue, considering the impact of different factor intensities between sectors on both optimal human and physical capital accumulation. Using a two-sector overlapping generations setting with endogenous growth driven by human capital accumulation, we prove that relative factor intensity between sectors dr...