Currency collapse, exchange rate misalignment and macroeconomic volatility, are key vices that pose a significant threat to entrepreneurial quality, prosperity and survival. Following to this, and using the philosophies and concepts of the catastrophe theory we show by means of theoretical and...

Arts, democracy, and innovation co-evolve. While for the Triple Helix model the existence of a democracy is not necessary for knowledge production and innovation, the Quadruple Helix is here more explicit. The way how the Quadruple Helix is being engineered, designed, and "architected" clearly...

This paper analyzes optimal linear commodity taxes joint with non-linear income taxes. We provide optimal tax rules based on empirically observable elasticities. We demonstrate that commodities should be taxed/subsidized if doing so boosts labor supply. The critical role of commodity taxation is...

This paper analyzes optimal linear commodity taxes joint with non-linear income taxes. We provide optimal tax rules based on empirically observable elasticities. We demonstrate that commodities should be taxed/subsidized if doing so boosts labor supply. The critical role of commodity taxation is...

Using a unique, hand-collected data set on hedging activities of 150 US oil and gas producers, we study the determinants of hedging strategy choice. We also examine the economic effects of hedging strategy on firms’ risk, value and performance. We model hedging strategy choice as a multi-state...

Economic and financial activities are often influenced simultaneously by a decision parameter and a random factor. Since mostly it is necessary to determine the decision parameter without knowledge of the realization of the random element, deterministic optimization problems depending on a...