Modifying the proof of a theorem of Wilkie, it is shown that if a one dimnsional set S is definable in an O minimal expansion of the ordered field of the reals, and if it is regularly exponentially near to many integral points, then there is an unbounded set, which is R definable without parameters, and which is exponentially near to S.

In this article we will describe some of the main developments in interest-rate modelling since Black & Scholes’ (1973) and Merton’s (1973) original articles on the pricing of equity derivatives. In particular, we will focus on continuoustime, arbitrage-free models for the full term structure of interest rates. Other models which model a limited number of key interest rates or which operate in ...

The paper characterizes the mixed-strategy equilibria in all-pay auctions with endogenous prizes that depend positively on own effort and negatively on the effort of competitors. Such auctions arise naturally in the context of investment games, lobbying games, and promotion tournaments. We also provide an experimental analysis of a special case which captures the strategic situation of a two-st...

The author analyzes the official national websites of small developing countries for content and function. The surveyed websites are found to emphasize geographical, tourism and identifying information about the small states but contain little in terms of investment information, suggesting that the web is seen as a tool of self-promotion but is not equally perceived as a tool for attracting inv...

It is widely believed that the promotion and development of high-tech industries by the Taiwanese government in the past two decades has been one of the most important factors that maintain Taiwan with an above-average rate of economic growth. However, investment on R&D activities and consequently the development of high-tech industries is usually inevitably accompanied by a promotion of energy...

t Wilkie's stochastic investment model and its variants have been increasingly applied by actuaries around the world to actuarial modeling and simulation. This paper performs time series outlier analysis on retail price inflation, which is the driving force of Wilkie's composite model. The data come from four developed countries: the United Kingdom, the United States, Canada, and Australia. The...

This paper analyzes the economic foundations of a one-party political regime, where the ruling bureaucracy captures rents through collective control over state property and job assignment. Stability of such a regime and the potential for endogenous institutional change are key issues in the transition to market economy and democracy in former socialist and many developing countries. Our model o...

In recent years a series of high-profile flagship plant closures and short-lived investment projects across peripheral regions in the United Kingdom provided a stark reminder of the potential fallibility of peripheral region development strategies based upon inward investment. Nevertheless, inward investment promotion remains a common component within the economic development strategies of UK p...

This paper reassesses the burden of the current U.S. international tax regime and reconsiders well-known welfare benchmarks used to guide international tax reform. Reinventing corporate tax policy requires that international considerations be placed front and center in the debate on how to tax corporate income. A simple framework for assessing current rules suggests a U.S. tax burden on foreign...