this paper is about cointegration relation among price index in tehran stock exchange (tepix) and some of the macroeconomic variables, including consumer price index (cpi), exchange rate, housing starts and industrial utilization starts. we are looking for a relation and also the direction of the causal effects among above mentioned variables, using quarterly data from 1369 to 1377. avoiding sp...

This paper addresses two issues. Firstly, because the coarse­scale model inevitably misses out sub­grid heterogeneity, physical dispersion is ignored in the simulation. Secondly, the small­scale heterogeneity is not explicitly known and can only be inferred by history­matching. To solve these problems, local features in the coarse­scale relative permeability curves were adjusted in history­matc...

This paper uses a field experiment to test whether intrahousehold heterogeneity in discount factors leads to inefficient strategic savings behavior. I gave married couples in rural Kenya the opportunity to open both joint and individual bank accounts at randomly assigned interest rates. I also directly elicited discount factors for all individuals in the experiment. Couples who are well matched...

This paper investigates the design and performance of equity auctions— auctions in which bidders pay with equities instead of cash. Such equity auctions arise in many economic situations including mergers and acquisitions, venture capital financing, and oil and gas lease auctions. Among all incentivecompatible mechanisms of equity auctions, I identify the mechanism that maximizes the seller’s e...

We study the implications of microeconomic heterogeneity for aggregate technology, showing that the aggregate elasticity of substitution between capital and labor can be expressed as a simple function of plant level structural parameters and sufficient statistics for plant heterogeneity. This allows for a new approach to estimating the aggregate elasticity using microeconomic data and allows us...

We propose a timescale decomposition approach to measurement-based admission control (MBAC). We identify a critical timescale f T h such that: 1) aggregate traac uctuation slower than f T h can be tracked by the admission controller and compensated for by ow admissions and departures; 2) uctuations faster than f T h have to be absorbed by reserving spare bandwidth on the link. The critical time...

Electricity is cited as one of the biggest impediments to firm growth in developing countries. In the World Bank Enterprise Survey (2006), 35.2% of Indian firms list electricity as the single biggest obstacle to business and report that power outages result in losses equivalent to 6.6% of annual sales. However, some businesses can adjust their means of production to cope with electricity shorta...

This paper evaluates the effects of job creation schemes on the participating individuals in Germany. Since previous empirical studies of these measures have been based on relatively small datasets and focussed on East Germany, this is the first study which allows to draw policy-relevant conclusions. The very informative and exhaustive dataset at hand not only justifies the application of a mat...