Many service industries, including the medical and legal professions in some countries, display a gated structure. Rather than approaching a final producer directly, a consumer will first seek a referral from an intermediary. In this paper, we provide one possible explanation for such an...

This paper studies optimal managerial contracts applying both complete and incomplete contracting approaches. In a complete contracting environment where contracts can be based on earnings, an optimal contract is interpreted as a combination of base salary, golden parachute and bonus. When...

Natural resources are essential for production and consumption, maintenance of life-support systems, as well as having intrinsic value in existence for intergenerational and other reasons. It can be argued that natural capital should be treated in a similar manner to man-made capital in...

This paper examines the costs of inflation and unemployment encountered in the post-war Australian economy. The analysis takes place under the assumption that a trade-off between inflation and unemployment has persisted over this period. The methodology encompasses estimates of Okuns coefficient...

In this paper time series properties of the price of wool are examined in order to access the importance of non-linear storage behaviour in generating the data.

Maintaining a low rate of inflation is very important to achieve sustainable economic growth but is a challenging task for policy makers. Interest rates are one of the main channels through which monetary policy changes can be used to achieve this goal of low inflation. Thus, a significant...