Purpose – The paper seeks to develop an analytical theory of project investment. Design/methodology/approach – The authors derive a partial differential equation that the variable cost of a project should satisfy, determine a proper initial condition through a thought experiment, and solve...

This paper examines the magnitude of error associated with linear approximations of nonlinear variables based on Taylor's Series. Little attention has been given to the error term in previous empirical studies. This paper presents the mathematical technique for the single-variable and...

The aim of the paper is to provide a comprehensive critical review towards the solar water heating (SWH) technology in terms of its theory, application, market potential and research questions. The theoretical issues relating to the solar water heating technology were illustrated in terms of the...

Purpose – The paper seeks to develop an analytical theory of project investment. Design/methodology/approach – The authors derive a partial differential equation that the variable cost of a project should satisfy, determine a proper initial condition through a thought experiment, and solve...

We show that even under socially constant returns to scale indeterminacy, i.e., a continuum of dynamic general equilibrium paths converging to a common steady state, can arise in a dynamic Heckscher-Ohlin model with production externality and endogenous time preference in which production is...