We develop a dynamic incomplete-markets model of entrepreneurial firms, and demonstrate the implications of nondiversifiable risks for entrepreneurs’ interdependent consumption, portfolio allocation, financing, investment, and business exit decisions. We characterize the optimal capital structure via a generalized tradeoff model where risky debt provides significant diversification benefits. No...

This paper addresses Marx’s theory of crisis in order to analyze the Great Recession Spain, a peripheral economy within Eurozone. It demonstrates that underlying problem “housing bubble” is an incapacity generate surplus value, which turn explains certain particularities related capital composition, productivity, wages, and finance. The article further carries out critique both orthodox heterod...

Despite success along some dimensions, international business cycle models have difficulty replicating several salient features of international capital flows among developed countries. In particular, net exports and current account balances are much more persistent in the data than in standard models. We account for this feature of the data with a simple onegood two-country model in which tech...

The incomplete information financial economic equilibrium (IIE) literature has been growing at a growing rate since its inception in the early nineteen eighties. This paper highlights, clarifies, and examines issues and concepts essential to this equilibrium. These include: the number of state variables, irrelevance of separation theorems, unobservable productivity processes that lead to comple...

This paper compares the growth prospects of China and India through a growth accounting analysis. Consistent time series for capital stock and employment are constructed using available survey data, and recent revisions to the national accounts for both countries are incorporated. The results allow for a discussion of the sources of growth in both countries, and a consideration of each country’...

This work represents an experimental study on the performances of a single cylinder spark-ignition marine engine fueled by ethanol blends. Several studies have been carried out to investigate use alternative fuels in engines improve their efficiency and reduce exhaust emissions. The experiments conducted test bed under full load condition with varied speed from 1000 rpm 3000 wall’s temperature ...

The present work carries out an experimental comparative analysis of the performance and emission exhaust gases Otto cycle with four automotive times. comparison was made between alternative fuels such as E10, E15, E20, both 90 95 octane each commercialized fuel. tests were carried engine load corresponding to 25% maximum load. After carrying tests, following conclusions can be reached: on effe...

The aim was to demonstrate functional properties of transplanted histologically normal photoreceptors. Subretinal intact-sheet transplants of fetal E17-E20 rat retinas to light-damaged albino rat eyes were fixed in light or dark, 2 to 42 weeks after transplantation, and stained immunohistochemically for certain phototransduction proteins. In light adapted transplants, transducin was predominant...

An ordering of multidimensional alternatives is separable on a set of dimensions if fixing values on the complementary dimensions always produces the same induced ordering. Most often, studies of separability assume continuous alternative spaces; as we show, separability has different properties when alternative spaces are discrete. For instance, two well-known theorems of Gorman—that common se...

The Ben-Porath (1967) model suggests that a rise in life expectancy, and the associated rise in the lifetime labor input, brings about a rise in investment in human capital. We incorporate the leisure decision into the model and develop a necessary condition regarding the lifetime labor input for the Ben-Porath mechanism to have a positive effect on investment in human capital. We show that thi...