Introduction: Decades ago, it has been noticed that the distribution of the size of business firms is "almost always highly skewed and its upper tail resembles the Pareto distribution (i.e. is a power law)".1 This old and intriguing observation is still true today (Figure 1) and is clearly a robust pattern. Since firms engaged in very different activities contribute to build this distribution, ...

In April 2003 the U.S. Federal Energy Regulatory Commission proposed the Wholesale Power Market Platform (WPMP) for common adoption by U.S. wholesale power markets. The WPMP is a complicated market design encompassing real-time, day-ahead, ancillary, and financial transmission rights markets. Variants of the WPMP have been adopted in various parts of the U.S. (e.g., New England), but other regi...

Financial markets (share markets, foreign exchange markets and others) are all characterized by a number of universal power laws. The most prominent example is the ubiquitous finding of a robust, approximately cubic power law characterizing the distribution of large returns. A similarly robust feature is long-range dependence in volatility (i.e., hyperbolic decline of its autocorrelation functi...

In this paper, we introduce a new skewed distribution of which normal and power normal distributions are two special cases. This distribution is obtained by taking geometric maximum of independent identically distributed power normal random variables. We call this distribution as the power normal--geometric distribution. Some mathematical properties of the new distribution are presented. Maximu...

The paper presents an overview of recent topical research on global, energy, health & medical, and tourism economics, and global software. We have interpreted “global” in the title of the Journal of Reviews on Global Economics to cover contributions that have a global impact on economics, thereby making it “global economics”. In this sense, the paper is concerned with papers on global, energy, ...