Twins have been extensively used in economics, sociology, and behavioral genetics to investigate the role of genetic endowments on a broad range of social, demographic, and economic outcomes. However, the focus in these literatures has been distinct.: The economic literature has been primarily concerned with the need to control for unobserved endowments--including as an important subset, geneti...

Among non-oil exports and in trade arena, drug has always been strategic importance and most government especially industrialized countries pay special attention to its production and trade issues. Thus, having a comprehensive view from economic perspective to this section is essential for suggesting intervention. This was a descriptive-analytical and panel study. In this study, gravity model i...

This paper analyses the role and significance of endowments for UK higher education system. We have systematised metrics commonly used to measure performance academic endowments. To collect data about universities colleges, we exploited provided by HESA (Higher Education Statistics Agency) that disseminate Charity Commission England Wales. The size university colleges is valued using their resp...

Family farms are the “most-desirable”; new-style agricultural production and management entities in China at this stage, as well their behaviors, play an important role achieving sustainability development. The scientific evaluation of family farm efficiency identification effective path to high with different resource endowments critical for transform from quantitative growth qualitative impro...

This paper discusses a novel argument to interpret the importance of thinking of collaborative partnerships in pre-competitive agreements. To do so, we adopt a dynamic iterative process to model technology diffusion between the partners of an agreement. We find that the success of an agreement of a given length hinges around identifying the suitable efficient combinations of the initial technol...

In 1991 Indian government launched systematic economic reforms programme. The infrastructure industries such as telecommunications and electricity have subsequently been restructured and opened to private sector participation. Accompanied with the restructuring and privatisation has been setting up of independent regulatory agencies for telecommunications and electricity. While there is a singl...

This paper considers a utility maximization and optimal asset allocation problem in the presence of a stochastic endowment that cannot be fully hedged through trading in the financial market. We rely on the dynamic programming approach to solve the optimization problem. The properties of the value function, particularly the homogeneity, are used to reduce the HJB equation by one dimension. Furt...

We consider a continuous-time model of financial market with proportional transaction costs. Our result is a dual description of the set of initial endowments of self-financing portfolios super-replicating Americantype contingent claim. The latter is a right-continuous adapted vector process describing the number of assets to be delivered at the exercise date. We introduce a specific class of p...

We consider all-pay auctions in the presence of interdependent, affiliated valuations and private budget constraints. For the sealed-bid, all-pay auction we characterize a symmetric equilibrium in continuous strategies for the case of N bidders. Budget constraints encourage more aggressive bidding among participants with large endowments and intermediate valuations. We extend our results to the...

We study a fundamental conflict in economic decision-making, the trade-off between equality, equity and incentives, in a new experimental game that nests a voluntary contributions mechanism in a broader spectrum of incentive schemes. In a 2x2 design, we let subjects either vote on or exogenously encounter incentive settings while assigned unequal endowments are either task-determined or random....