This paper provides an alternative approach to Duffie and Lando [7] for obtaining a reduced form credit risk model from a structural model. Duffie and Lando obtain a reduced form model by constructing an economy where the market sees the manager’s information set plus noise. The noise makes default a surprise to the market. In contrast, we obtain a reduced form model by constructing an economy ...

Sustainability in agriculture has two dimensions: a. Natural Resource Sustainability b. Socioeconomic Sustainability Natural Resource Sustainability is based on the stability of the ecology of agricultural ecosystems based on interactions between soil, water and biodiversity. This Sustainability measures the wealth of' nature's economy' and the foundation of all other economies. Nature's econom...

Product Market Regulation and Endogenous Union Formation We contribute to the growing literature which aims to link product market regulation and competition to labor market outcomes, in an attempt to explain the divergent US and continental European labor market performance over the past two decades. The main contributions of this paper are threefold. First, we show that the choice of bargaini...

Submitted: Aug 10, 2013; Accepted: Sep 6, 2013; Published: Sep 11, 2013 Abstract: A market of services that provide communications between B2B, B2G, B2C segments and inside these segments is referred to as advertising market. Today advertising market is the one of the most dynamically growing market in the world and an important sector of economy. It is characterized by high rate of turnover of...

In this paper we study some aspects of North Korean economy through her import behavior. We have found that for North Korean economy some non-market factors are important determinants of the import behavior. Those non-market factors are the country’s political situations, its political relation with two communist superpowers, and its relation with the Western industrialized countries especially...

The purpose of this paper is to explain the causes of long-run movements in the parallel market premium in the pre-and-post revolution Iranian economy. The paper suggests that the premium is affected by both real and monetary shocks. Non-spurious co-integration results indicate that negative oil revenue shocks and a revolution-induced exogenous capital outflow caused the parallel market paralle...

Trips to recreational sites generate two distinct kinds of economic impacts for the coastal and marine economy; market impacts and non-market impacts. Market impacts refer to the flow of money through an economy and the associated jobs, wages, and taxes associated with these flows. In contrast, non-market impacts refer to the consumer surplus that a resource provides. This paper examines both t...