Resource construction employment grew rapidly during the investment phase of the resources boom. However, both investment and employment in the resources sector peaked in 2013 and are expected to decline over coming years. A range of sources suggest that the earlier increase in resource construction employment largely drew on workers with experience in other types of construction, and that dema...

We consider a model in which production of a downstream good requires access to an excludable upstream resource owned by a vertically integrated firm. The quality of the resource depends on an investment made by the owner and impacts the demand curve in the downstream market. Under open access, the owner must share the resource with downstream competitors at a regulated tariff, determined after...

Comparative advantage based on resource endowments cannot explain United States (U.S.) leadership in biotechnology. Sources of heterogeneity within the process of research and development (R&D) investment, such as international differences in the maximum per-period rate of investment and regulatory uncertainty, offer a plausible explanation that can be incorporated into a real options approach ...

The complexity class of Πpk-Polynomial Local Search (PLS) problems with Πp` -goal is introduced, and is used to give new characterisations of definable search problems in fragments of Bounded Arithmetic. The characterisations are established via notations for propositional proofs obtained by translating Bounded Arithmetic proofs using the Paris-Wilkie-translation. For ` ≤ k, the Σ`+1-definable ...

information asymmetry and conflicts of interest between management and shareholders lead to the phenomenon of moral hazard. moral hazard means that the managers may make some decisions (e.g. investment decisions) that do not meet the interests of shareholders. inefficient investment decisions include over or under-investment in firms’ labor and utilize the non-optimal number of human resources ...

The classical portfolio problem is a problem of distributing capital to a set of securities. By generalizing the set of securities to a set of investment strategies (or security-rule pairs), this study proposes an investment strategy portfolio problem, which becomes a problem of distributing capital to a set of investment strategies. Since the investment strategy portfolio problem can be formul...