abstract in this paper, markov chain and dynamic programming were used to represent a suitable pattern for tax relief and tax evasion decrease based on tax earnings in iran from 2005 to 2009. results, by applying this model, showed that tax evasion were 6714 billion rials**. with 4% relief to tax payers and by calculating present value of the received tax, it was reduced to 3108 billion rials. ...

Abstract Portfolio performance measures using holdings data are panel regressions. The returns of a fund’s stocks regressed on its lagged portfolio weights. Stock fixed effects isolate average from time-series predictive ability. Control variables condition for fund the characteristics held. long-term drives some classical measures, while ability others. A “buy-and-hold drift,” where weights in...

We provide several generalizations of Mailath’s (1987) result that in games of asymmetric information with a continuum of types incentive compatibility plus separation implies differentiability of the informed agent’s strategy. The new results extend the theory to classic models in finance such as Leland and Pyle (1977), Glosten (1989), and DeMarzo and Duffie (1999), that were not previously co...

This study aimed to identify promising crosses generate cowpea breeding populations for the Brazilian Cerrado region. The experiment was carried out during two crop seasons. experimental design used a randomized block with four replications and 20 genotypes prostrate. effect of significant all traits evaluated. Mahalanobis distance Tocher’s cluster were estimate genetic diversity. Singh’s crite...

the kermani sheep is an important meat producing an animal in iran and its economic efficiency is mainly dependent on its growth and reproduction ability. inter-simple sequence repeat (issr) is the genome region between microsatellite loci. the aim of this study was to evaluate the association of two different issr markers with predicted breeding values (pbv) of body weight trait in kermani she...

In an asset-pricing model, risk-averse agents need to forecast the conditional variance of a stock’s return. A near-rational restricted perceptions equilibrium exists in which agents believe prices follow a random walk with a conditional variance that is self-fulfilling. When agents estimate risk in real-time, recurrent bubbles and crashes can arise. These effect are stronger when agents allow ...

A dynamic model of financial markets with learning and strategy adoption is demonstrated to produce episodes of market failure. Traders engage in learning to improve their understanding of the relationship between observed prices and future payoffs. Traders also choose between strategies based on fundamental research or on extracting information from market data. The two evolutionary processes ...

A dynamic model with learning and adaptation captures the evolution in trader beliefs and trading strategies. Through a process of learning and observation, traders improve their understanding of the market. Traders also engage in a process of adaptation by switching between trading strategies based on past performance. The asymptotic properties are derived analytically, demonstrating that conv...