The article shows that actual public expenditure in the period of rapid oil prices growth of the 2000s was less than optimal level in Russia. The macroeconomic model of Russian economy is the basis of current research. The main mechanism of growth in an optimum scenario is associated with the...

In this paper, we examine the joint consumption-portfolio decision of an agent with limited information-processing capacity (rational inattention or RI) in the sense of Sims (2003) within a non-linear-quadratic (non-LQ) setting. Our model predicts that, as processing capacity falls, agents...

This paper explores a class of Stackelberg differential games in which the open-loop strategies of the leader satisfies time consistency. We show that in this class of games the open-loop equilibrium coincides with the corresponding feedback equilibrium. The analytical framework used in this...

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...

The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...

Any linear programming problem marked as P and called ”primal” can be seen in connection with another linear programming problem marked as D and called ”dual”. The economic interpretation of the dual model brings about new information when analyzing such phenomena and when substantiating...

Replacing a real process which we are concerned in with other more convenient for the study is called modeling. After the replacement, the model is analyzed and the results we get are expanded on that process. Mathematical models being more abstract, they are also more general and so, more...

This study illustrates how the recent developments in efficiency analysis and statistical inference can be applied when evaluating banks’ performance issues from a potential merger. By using a sample of 29 Greek commercial banks the paper provides a six step procedure in order to evaluate...

Our paper presents an original method named The Optimum Limit of the Profitability (O.L.P.), for the characterization of the optimum physical output for one enterprise. On our research paper for the definition of this concept we have started with the exploration of the mathematical models which...

Exploitation of non–renewable resources is an intensively studied field of environmental economics in the last century. Since the influential Hotelling’s paper a huge progress is made in the depletable resources literature. Although a variety of methodologies is used in that problem’s...