The transaction cost theory predicts that firms are inclined to vertically integrate transactions in response to the specificity of their required inputs. Yet, reality proves that some firms engage in repeated transactions with external suppliers aimed at procuring highly specific inputs. To...

There are essential differences in ‘methodological individualism(MI)’ between neoclassic economics and Hayek’s theory. On basis of The Sensory Order, this paper shows relations between Hayek’s MI and it, the micro-bases of Hayek’s MI from contemporarily empirical disciplines, and some...

The constant-relative-risk-aversion (CRRA) utility function is now predominantly used in quantitative macroeconomic studies. This function, however, is not bounded and thus creates problems when applying the standard tools of dynamic programming. This paper devises a method for "bounding" the...

Based on the simple model of the deposit the methodology of finding the optimal solution for bilateral monopoly (BM) of lignite mine and power plant is shown taking into account pit optimisation. It is proposed to treat lignite price negotiation as a kind of game. In the first stage...

Environmental pollution is now a serious problem in many developing countries. One approach to mitigate the problem is to implement various pollution control policies. However, due to a lack of adequate quantitative models, the economic impacts and effectiveness of many pollution control...

Economic development in Cuban economy in the last 50 years has been involved in the so called socialist revolution time. In the external sector, the COMECON arrangements have determined its international specialization trade pattern and balance of payments position until 1989. When the Berlin...

We propose a new transaction-level bivariate log-price model, which yields fractional or standard cointegration. The model provides a link between market microstructure and lower-frequency observations. The two ingredients of our model are a Long Memory Stochastic Duration process for the...

Though decentralization for past one and half decade or so has become the most favoured policy priority among the policy makers yet the countries around the world differ dramatically in the degree of decentralization that is accommodated. While diversity in degree of decentralization across the...

Neste texto fazemos um apanhado inicial e geral das principais id¥eias relacionadas a teoria dos sistemas complexos.

Many states in India have initiated various measures to protect their forest resources. Maharashtra is no exception to this phenomenon. An attempt, therefore, has been made in this paper to examine the extent to which this state is successful in conserving and managing its forest resources. The...