We show that equilibrium involuntary unemployment emerges in a multi-stage game model where all market power resides with firms, on both the labour and the output market. Firms decide wages, employment, output and prices, and under constant returns there exists a continuum of subgame perfect Nash equilibria involving unemployment and positive profits. A firm does not undercut the equilibriumwag...

We show that equilibrium involuntary unemployment emerges in a multi– stage game model where all market power resides with firms, on both the labour and the output market. Firms decide wages, employment, output and prices, and under constant returns there exists a continuum of subgame perfect Nash equilibria involving unemployment and positive profits. A firm does not undercut the equilibrium w...

PURPOSE The goal of this study was to build basic information related to the production and market of human vaccine products in Korea, which can be an important indicator to provide basic data in practical use. MATERIALS AND METHODS Statistical data were obtained from the Bank of Korea, Korea Health Industry Development Institute, Korea Pharmaceutical Traders Association, and Korea Pharmaceut...

abstract many scholars believe that investment in women’s education not only reduces the gender gap, but also improves and enhances the cultural and educational level of women in the society. furthermore, economists believe that women’s education has a positive effect on their participation in the labor market. education is amongst the most important factors which not only benefits the people ...

Just like any other employer, the municipalities can engage participants in active labor market programs in their activities. Does this possibility affect the output of municipal services? In order to answer this question a measure for output of locally provided schooling is created using factor analysis methods. It turns out that this measure is preferable to the traditionally used variable; s...

the world have experienced phenomenal expansion. The aggregated market capitalization of all national equity markets has grown from less than US$1 trillion in 1974 to over US$16 trillion by the end of 1997. Exhibit 1 presents evidence of the increase in market capitalization experienced by both developed and emerging markets. The process of growth in global equity markets is still imperfectly u...

As global competition intensifies, research and development (R & D) organizations need to enhance their strategic management in order to become goal-directed communities for innovation and allocate their resources consistent with their overall R & D strategy. The world pharmaceutical market has undergone fast, unprecedented, tremendous and complex changes in the last several years. The pharmace...

This paper analyzes the dynamic interaction between selfish and reciprocity firms in the market of homogeneous product. The decisions of both types of firms in respect of their output strategies are investigated under naive, adaptive and generalized expectations. The standard postulate for competitive firms’ model has been extended by the assumption that there is a share of reciprocity firms wh...

In highly competitive industrial market, the concept of failure analysis is an unavoidable fact in complex industrial systems. Reliability of such systems not only depends on the reliability of each element of these systems, but also depends on occurrence of sequence of failures. In this paper, a novel approach to sequential failure analysis is proposed which is based upon fuzzy logic and the c...