Economics of discrimination has been the topic of interest of many in the last decade or two. Human capital theory describes wage determination as a function of labour human capital and should be determined based on marginal productivity theorem of labour economics. Islamic theology also...

Money illusion is frequently invoked and frequently resisted by economists. Resisted as it contradicts the maximizing paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the behavior of agents. This paper rationalizes money...

Efficiency scores of the National Innovation System (NIS) for 22 countries, including the BRICS, G7, are calculated with the Data Envelopment Analysis (DEA). Relevant factors that may affect the innovation system efficiency are summarized based on the NIS Approach and the New Growth Theory....

The paper explores utility measures by combining experiments with mathematical derivations in psychophysics paradigm. The analysis on ultimatum game experiment reveals an evidence for utility threshold and thus supports Bernoulli's utility logarithmic law. Both experimental results and...

An exhaustible stock of resources may be exploited by N players. An arbitrarily long duration of the game is only possible, if the utility function satisfies certain restrictions at small values R of extraction. We find that stability against unilateral defection occurs if the elasticity of the...

This paper provides a technical description of the Dynamic Applied Regional Trade (DART) General Equilibrium Model. The DART model is a recursive dynamic, multi-region, multi-sector computable general equilibrium model. All regions are fully specified and linked by bilateral trade flows. The...

This empirical study examines welfare gains and losses that would result from alternative fishery management regimes. In an application to the North Sea demersal fisheries, the study shows that these fishery resources can give rise to large economic rent. Under an optimal management regime, the...