This paper provides an empirical analysis of countertrade based on 230 transactions whose details were collected from trading houses and firms involved in countertrade. Section 2 describes the data base and states the stylised facts of countertrade that need to be explained. Section 3 gives a...

The paper analyses the impact of pecuniary externalities in a two-sector economy with an incomplete market structure. Agents in each sector choose their proportion of risky investment. Sector specific risks are assumed to be perfectly negatively correlated. It is shown that the economy is more...

This article is an extension of Meyer and Sinn’s results on the representation of arbitrary von Neumann-Morgenstern functions in μ-σ space when the probability distributions to be compared belong to a linear distribution class. It shows that, when absolute risk aversion decreases, stays...

This paper analyzes the intertemporal allocation effects of anticipated tax rate changes, reconsidering the recommendations of the Meade Committee in a perfect foresight general equilibrium model of economic growth. It is shown that the R-base (or consumption) tax can be more distortionary than...

The paper presents a perfect foresight intertemporal equilibrium model of the land, rental and housing markets in order to explore and evaluate the causes of vacant land. It studies a number of taxes including a capital gains tax, a capital income tax, a tax on the value of vacant land and a tax...