New relaxations of the Nash equilibrium concept are shown to exist in any strategic game with discontinuous payoff functions. The new concepts are used (1) to show the equivalence between Reny’s better-reply security condition [28] and Simon-Zame’s endogenous tie-breaking rule equilibrium concept [32], (2) to obtain conditions for the existence of approximated equilibria in a class of discontin...

abstract the purpose of this paper is to test the hypothesis first proposed by romer (1993); suggesting that inflation is lower in more open economies. according to this hypothesis, central banks have a lower incentive to engineer surprise inflations in more-open economies because the phillips curve is steeper. furthermore, comparing with other empirical studies, this paper has used the new kof...

The Journal of Economic Literature codes classification system (JEL) published by the American Association (AEA) is de facto standard for research literature in economics. JEL used to classify articles, dissertations, books, book reviews, and working papers EconLit, a database maintained AEA. Over time, it has evolved extended with over 850 subclasses. This paper reviews history development sys...

We study a continuous-time problem of optimal public good contribution under uncertainty for an economy with a finite number of agents. Each agent can allocate his wealth between private consumption and repeated but irreversible contributions to increase the stock of some public good. We study the corresponding social planner problem and the case of strategic interaction between the agents and ...

In this paper, we show that the calibration to an implied volatility surface and the pricing of contingent claims can be as simple in a jump-diffusion framework as in a diffusion one. Indeed, after defining the jump densities as those of diffusions sampled at independent and exponentially distributed random times, we show that the forward and backward Kolmogorov equations can be transformed int...

abstract research and development (r&d;) spending plays a major role in innovation, raising productivity and increasing economic growth. the purpose of this paper is to investigate the impact of r&d; spending on growth and total factor productivity (tfp) in iran's agricultural sector. we estimate growth and productivity models using auto-regressive distributed lag (ardl) approach and data over ...

the purpose of this paper is to investigate causality relationship between emission of carbon dioxide, the level of national income and energy consumption in iran consumption of fuel fossil as an input of production or as a final consumption which produces significant amount of pollution such as green house gases in the world. c02 emission is the most important green – house gases which has the...

o ne of the effective strategies for economic development of clusters is the conduct of networking activities by cluster members. indeed, the majority of cluster members are micro and small enterprises, so, should attempt to overcome their inherent constraints and influence the market through networking activities. in addition, these enterprises lack an intra-firm research and development unit ...

t his paper investigates the asymmetric behavior of inflation. we use logistic smooth transition autoregressive (lstar) model to characterize the regime-switching behavior of iran’s monthly inflation during the period may 1990 to december 2013. we find that there is a triple relationship between the inflation level, its fluctuations and persistence. the findings imply that the behavior of infla...

abstract i n this paper, we investigate the existence and the nature of real exchange rate misalignment in organization of the petroleum exporting countries (opec). to do this we estimated a cross country basic real exchange rate determination model for 1990-2012 and extracted historic trend of misalignment. the results imply that all opec countries have had misalignment -of different kinds tho...