The main purpose of this paper is to investigate the optimal retailer’s replenishment decisions for deteriorating items under two levels of trade credit policy to reflect supply chain management situation within the economic production quantity (EPQ) framework. In this paper, it is assumed that the retailer maintains a powerful decision-making right and can obtain the full trade credit offered ...

Resource-based theory focuses on how economic value is created and sustained, providing the theoretical underpinnings for explaining and predicting sustainable competitive advantage. An implicit assumption of resource-based theory is that the firm’s property rights to such resources are secure. However, where property rights to potentially value-creating resources are not fully secure, as in bu...

We consider an economic model that features : 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first propose a review, based on work by Jara-Moroni (2007), of the connections between the eductive viewpoint that puts emphasis on Strongly Rational Expectations equilibrium and the standard game-theoretical rationalizability concepts....

Time-to-Degree and the Business Cycle When students themselves enjoy large degrees of freedom in determining the duration of their studies, it results in a fairly large degree of interindividual variance in terms of time-todegree. This paper investigates individual time-to-degree in a model where students determine the optimum time-to-degree whilst weighing up the cost against the consumption b...

This paper examines the relation between financial, corporate and legal systems, and economic performance in different countries. It reviews international comparisons that undertake detailed analyses of individual, developed countries and studies that use large, cross-country data banks, including developing countries. While the former do not provide evidence of a clear relation between differe...

It is important to understand the interplay between stock market and real economy to figure out the various channels through which financial markets drive economic growth. In the current study we investigate this relationship for Chinese economy, the fastest growing and largest emerging economy in the world. Using the methodology of unit root testing in the presence of structural breaks and usi...

One of the surprising features of modern economic growth is that economies abundant in natural resources have tended to grow slower than economies without substantial natural resources. In this paper we show that economies with a high ratio of natural resource exports to GDP in 1970 (the base year) tended to grow slowly during the subsequent 20-year period 1970-1990. This negative relationship ...

Within the economic production quantity (EPQ) framework, the main purpose of this paper is to deal with Chung and Huang’s model (2003) and extend Chung and Huang’s model (2003) by considering the unit selling price higher than the unit purchasing cost using the algebraic method to determine the optimal inventory replenishment policy for the retailer under trade credit. This paper provides this ...

Inventory models with imperfect quality items are studied by researchers in past two decades. Till now none of them have considered the effect of substitutions to cope up with shortage and avoid lost sales. This paper presents an EOQ approach for inventory system with shortages and two types of products with imperfect quality by one way substitution. Our model provides significant advantage for...

There has been a vast recent literature which has emphasized the role of human capital and knowledge on the economic growth process. This paper presents a model where the knowledge occurs through solving "problems." These problems which are partially idiosyncratic to the country. We think of a problem as a new technique or good. Each nation must master the problems associated with an activity i...