Economies of Scale in European Manufacturing Revisited* We test for internal and external economies of scale in European manufacturing, employing a more disaggregated data set than has been used in earlier analyses. We aim to separate externalities from common business cycle effects. Fifteen European manufacturing industries in France, Germany, Italy and the UK are analysed. We focus on economi...

In economies subject to uninsurable idiosyncratic risks, competitive equilibrium allocations are constrained inefficient: reallocations of assets support Pareto superior allocations. This is the case even if the asset market for the allocation of aggregate risks is complete. © 2011 Elsevier Inc. All rights reserved. JEL classification: D52; D60; H20

Competitive equilibria are shown to exist in two-object exchange economies with indivisibilities and additive complementarities in agent valuations between objects, provided that complementarities are common across agents. We further investigate whether the competitive equilibrium can be obtained as an outcome of a simultaneous English-type auction mechanism under non-strategic (honest) bidding...

this study examines technical efficiency in iran's banking system using unbalanced panel data for 17 state and private banks during the 1997-2009 period. therefore, technical efficiency of banks was measured through estimating a translog cost function in the form of a panel sfa error compound model. then, the effect of underlying factors including both individual and structural (ownership/...

in this article, the effectiveness of eight different technical indexes including simple moving average, weighted moving average, exponential moving average, relative strength, commodity channel, stochastic, money flow and demand are examined by comparison between indexes returns with buy and hold returns. the results shows the return of buy and hold strategy is more than technical indexes in t...

abstract:over the past decade the economies of east asia and apec more generally have been increasinglyopening up their markets, and in the process have achieved significant gains in exports and economicgrowth. in conjunction with this increased economic integration, there has been increased recognitionby regional governments of the potential for a substantial increase in the participation by s...

We study the wealth distribution in Bewley economies with idiosyncratic capital income risk. We show analytically that under rather general conditions on the stochastic structure of the economy, a unique ergodic distribution of wealth displays a fat tail. © 2015 Elsevier Inc. All rights reserved. JEL classification: E13; E21; E24

In interim economies with asymmetric information, we show that the coarse core of Wilson (1978) does not converge to price equilibrium allocations as the economy is replicated. This failure of core convergence is a basic consequence of asymmetric information and extends to any reasonable notion of either (interim) core or price equilibrium. JEL Classification: C71, D51

We analyze the ex ante incentive compatible core for replicated private information economies. We show that any allocation in the core when the economy is replicated sufficiently often is approximately Walrasian for the associated Arrow–Debreu economy.  2004 Elsevier Inc. All rights reserved. JEL classification: C7; C71; D5

The paper shows that if utility is cardinally measurable and fully interpersonally comparable and the utility profile satisfies (a) a happier person has lower marginal utility of the numeraire or wealth, and (b) “everybody is equally unhappy in hell,” the utilitarian criterion is egalitarian for quasilinear economies or Gorman-form preferences . JEL Classification: D6