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We wish to examine critically the viewpoint that: a) economists take too narrow a view of rationality and do not recognize the role of emotions as a component of rationality and b) do not address the question of whether preferences are rational or not, and instead take them as just given. We...
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Machine generated contents note: Chapter 1 - Matrix Algebra -- Chapter 2 - Comparative Statics -- Chapter 3 - General-Function Models -- Chapter 4 - Optimization -- Chapter 5 - Exponential and Logarithmic Functions -- Chapter 6 - Unconstrained Optimization -- Chapter 7 - Constrained Optimization...
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We study work effort with its various determinants such as the educational level of the worker, the minimum or start-up salary as well as the initial endowment of the worker. By means of optimization we find that optimal work effort depends directly on the initial income available to the worker,...
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Economic theory provides various explanations for vertical integration but transaction costs seem to be a major determinant of backward, forward and lateral integration. The paper studies integration trends in the newly emerging Bulgarian pharmaceutical sector, seeking transaction cost...
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