The creation and annihilation of money and its economic effects are reviewed. Economic values appear “in the mind” of the market participants; e.g., by pretending, maintaining and achieving a particular price for a certain asset. Upon its creation by banks, this kind of “value phantasy” is converted into “real money” often in terms of buyer’s debt accompanied by a simultaneous payment of fiat m...

though, in intentional murder, blood-money which should be received depends upon agreement between him and heirs of the murdered person (in other words, it is reconciliatory), according to abi basir’s hadith, if a murderer escapes and cannot be found, blood-money should be taken from his properties and, if this is not possible, in the next stage from his relatives, and finally from public treas...

one of the fundamental principles of jurisprudential deduction is wisdom. if islamic command are not found in holy book and traditions, or there is no consensus, religious perception can be inferred through wisdom. wisdom is like an inner prophet. in the era of occultation a jurist or a religious leader can render an appropriate sentence (verdict) on the basis of collective and individual crite...

background: use of single measurement of risk factors can distort their estimated effects, due to random error in measurements. the aim of this study was to examine the extent of underestimation in the estimated effect of common variables in physical exam i.e. systolic and diastolic blood pressure (sbp, dbp) and body mass index (bmi) on cardiovascular diseases in tehran lipid and glucose study ...

This paper investigates informational and monetary lobbying. In a setting with two opposing groups, the incentive to provide unbiased information may stem from the desire (i) to reduce the bribes required in order to obtain a favorable decision (ii) to raise rival’s costs and (iii) to avoid a low utility if the politician is biased against the group due to his own imperfect information. A major...

While the theoretical literature strongly argues in favor of ratchets (anti-dilution protections) and liquidation rights, recent empirical studies documented limits in their use. This paper studies firms’ financing constraints in a model of staged venture capital financing where new-money raised and post-money values evolve randomly over time. Our analysis reveals that ventures fail if new mone...