Biased technological change plays an important role in the growth of total factor productivity, TFP. This paper measures TFP and decomposes it into biased technology and technical efficiency. We suggest an alternative production function of Zhang (2019) to generate consistent estimates. By using...

Purpose: In information economy era, innovation is the key to improve the competitiveness of enterprises. The traditional way of enterprise innovation is outdated and supply chain collaborative innovation has becoming popular. This paper aims to analyses the mechanism of knowledge sharing...

In this paper, we show that the Shapley-Shubik market game model with production naturally generates an equilibration mechanism that can accommodate price stickiness arising from strategic interactions of firms. Unlike New Keynesian models that show similar price stickiness results, the market...

In systems theory, it is well known that the parameter spaces of dynamical systems are stratified into bifurcation regions, with each supporting a different dynamical solution regime. Some can be stable, with different characteristics, such as monotonic stability, periodic damped stability, or...

In systems theory, it is well known that the parameter spaces of dynamical systems are stratified into bifurcation regions, with each supporting a different dynamical solution regime. Some can be stable, with different characteristics, such as monotonic stability, periodic damped stability, or...

This paper corrects the no arbitrage condition in Vasicek (1977) by pointing out that the instantaneous spot rate is logically zero. The corrected no arbitrage condition admits an extremely simple solution, which allows the latent state factors to be accurately identified from the observable...

This paper explores the impact of digital tax administration on corporate investment decisions in China. Although there are many studies on the impact of adopting advanced technology in tax collection, little is known about the effect on investment decisions. Using a difference-in-differences...

This study presents an alternative option pricing theory to the Black-Scholes model in which the balance sheet is composed of both short-term and fixed assets and by both long-term debt and equity. The resulting model is used to examine the volatility smile. It is demonstrated that the smile...

Purpose: In information economy era, innovation is the key to improve the competitiveness of enterprises. The traditional way of enterprise innovation is outdated and supply chain collaborative innovation has becoming popular. This paper aims to analyses the mechanism of knowledge sharing...