This paper axiomatizes Cobb-Douglas preferences under uncertainty. First, we extend the original Trockel (Econ Lett 30:7-10, 1989)’s axiomatic foundation to a general state space framework based on the Strong Homotheticity Axiom, obtaining also the incomplete case a la Bewley (Decis Econ...

Total Factor Productivity (TFP)is often used on the macro-economic level as an indicator of changes in efficiency of a country. In many transition economies TFP is seen to have been negative the last decade of the plan economy and starts increasing and become positive after a (quite a) few years...

The main objective of the paper is to investigate which factors influenced the output growth — fixed capital or workers? The paper analyzes the data by calculating Compound Annual Growth Rate (CAGR) for different years and different variables like workers, fixed capital and output collected...