Imagine that everyone in a group chooses a real number and then these numbers are combined to produce a group number. Suppose that when everyone moves strictly closer to some individual’s number, the group number either stays where it is or moves closer to this number. We call this the...

In the literature on social choice and fuzzy preferences, a central question is how to represent the transitivity of a fuzzy binary relation. Arguably the most general way of doing this is to assume a form of transitivity called max-star transitivity. The star operator in this formulation is...

The year 2009 marks the 70th anniversery of the publication of Samuelson’s Multiplier-Accelerator model, which laid out a rigorous mathematical formulation of the theory of Business Cycles. It is interesting to note that today’s economic climate is reminiscent of the historical context of...

Pension systems have recently been under scrutiny because of the expected population ageing threatening its sustainability. This paper’s contribution to the debate is from a political economic perspective as it uses data from a choice experiment to investigate individual preferences for an...

The importance of essential fish habitat in supporting commercial fisheries has received increasing attention in recent years. Bottom trawling is known to cause particularly destructive damage to habitat which is effectively non-renewable, such as cold water corals. This paper applies the...

An electronic stock exchange is a market place where buyers and sellers of financial instruments conclude trades without physical contact. In India, we have electronic exchanges for currencies, commodities, equity, debt, etc. This article looks at the need for and importance of an electronic...

We reconsider the issue of price discovery in spot and futures markets. We use a threshold error correction model to allow for arbitrage operations to have an impact on the return dynamics. We estimate the model using quote midpoints, and we modify the model to account for time-varying...