This paper investigates the optimal taxation path of a non-renewable resource in the presence of an imperfect substitute renewable resource. We present an optimal growth model and characterize the social optimum and the decentralized equilibrium. We show that the economy gradually reduces the share of non-renewable resource and converges to a steady state in which it uses only the renewable res...

This investigation deals with multi server queue with balking. The customers arrive in poisson fashion and independent of time, under the assumption that system is initially empty. The number of customers in the system is stochastically increasing and distributed in steady state (stationary state) as required. The expressions for the measure of the speed of convergence from transient state to s...

Blood oxygenation level-dependent (BOLD) fMRI signals often exhibit pronounced over- or undershoot upon changes in stimulation state. Current models postulate that this is due to the delayed onset or decay of perfusion-dependent attenuating responses such as increased cerebral blood volume or oxygen consumption, which are presumed to lag behind the rapid adjustment of blood flow rate to a new s...

In this study the interaction between self-excited and paramet rically excited oscillations in two-degree-of-freedom systems with quadratic nonlinearities is investigated. The fundamental parametric resonance of the first mode and 3:1 internal resonance is considered, followed by 1:2 internal and parametric resonances of the second mode. The method of multiple time scales is applied to derive f...

The broken bearings and great noise and vibration often occurs with the small sugarcane harvester transfer case when it starts up working. To analyze the startup status of the transfer case conveniently and quickly, the finite element transient structure analysis is carried out. with virtual prototype technology to simulate the transfer case's startup dynamic process and measure the instantaneo...

Can monetary policy guide expectations toward desirable outcomes when equilibrium and welfare are sensitive to alternative, commonlyheld rational beliefs? We study this question in an exchange economy with endogenous debt limits in which dynamic complementarities between dated debt limits support two Pareto-ranked steady states: A sub-optimal, locally stable autarkic state, and a constrained op...

International Integration, Risk and the Welfare State How does international integration affect the welfare state? Does it call for a leaner or an expanded welfare state? International integration may affect the distortions caused by welfare state activities but also the risks motivating social insurance mechanisms. This paper addresses these potentially counteracting effects in a fully specifi...

Although gross domestic product (GDP) is not intended to be a measure of societal welfare, it is often used as such. One shortcoming as a welfare measure is that it fails to account for the non-marketed value of natural resource flows. The difference between societal welfare and GDP is labelled the ‘welfare gap’. A model that accounts for both market and non-market income flows from natural cap...