We consider a model of resource dependence where only the seller knows the resource reserve. The model captures phenomena such as trust in the relationship and “bribing” for continuation through generous supplies. It also explains supply shocks in equilibrium: privately informed sellers have incentives to reveal their types too late through a supply disruption after which their exploit the cons...

We study transitions between nonrenewable and renewable energy forms at di!erent development stages of an economy. It is shown that in the historical context the emphasis on energy production may evolve from renewables to nonrenewables and back to renewables. Typically both energy forms are used simultaneously. Along the equilibrium path, nonrenewable resource consumption may increase and their...

Using a panel of international student test scores, 1980 – 2000, panel fixed effects estimates suggest that government spending decentralization is conducive to student performance. The effect does not appear to be mediated through levels of, or decentralization in, educational spending. JEL codes: C33; H2; I2, H40

Unemployment Persistence: How Important Are Non-Cognitive Skills? Using a random effects dynamic panel data model and the 2000-2008 waves of the German SOEP this paper shows that non-cognitive skills have a predictive power on unemployment transitions. JEL Classification: C33, J64

In this paper we propose a jump-diffusion type model which recovers the main characteristics of electricity spot price dynamics in the Nordic market, including seasonality, mean-reversion and spiky behavior. We show how the calibration of the market price of risk to actively traded futures contracts allows for efficient valuation of Nord Pool's Asian-style options written on the spot electricit...

Danish household consumption increased by 58% over the period 1966]1992 while CO2 emissions only increased by 7%. Using decomposition analysis we investigated the global CO impact of Danish household consumption from 1966 to 1992. Our conclusion is that 2 overall growth in private consumption } but not changes in the composition of consumption } is the key to understanding the increase in CO em...

This paper analyses both, the physical concept of Energy and its applications, from point view Human Action, or Praxeology. In this task, author applies analytical toolbox developed by Austrian School Economics. order to make analysis comprehensible, first develops an Ontological Scientific perspective, then offers a brief history utilisation human being achieve his goals. Once established depa...

We develop a model with finite number of multiproduct firms together continuum single-product and study the dynamics that arise from product innovation. Consistent available evidence, predicts rising markups concentration declining labor share. Our predict possibility an inverted-U relationship between productivity span, for which we provide suggestive evidence. In optimal allocation, span are ...

This paper presents a version of the proportionally calibrated almost ideal demand system (PCAIDS) model, useful for merger simulations, which can be econometrically estimated using price data for two firms in a market. The model is then applied to a database of the Argentine gasoline market, and its results are compared to the ones obtained with other alternative specifications. JEL Classifica...

I examine the long-run behavior of oil, coal, and natural gas prices, using up to 127 years of data, and address the following questions: What does over a century of data tell us about the stochastic dynamics of price evolution, and how it should be modeled? Can models of reversion to stochastically fluctuating trend lines help us forecast prices over horizons of 20 years or more? And what do t...