In this paper, we analyze a multiple winner rent-seeking contest where the number of winners is set by a self-interested regulator. The winners receive a license to compete in a market. The structure of competition in the market influences the number of winners through the preferences of the regulator. The model indicates that Cournot competitors can be better off than firms that are able to co...

This paper empirically determines why, during the 1990s, inflation in Canada was consistently more stable than predicted by the fixed-coefficients Phillips curve. A time-varying-coefficient model, where all the parameters adjust simultaneously, shows that the behaviour of expectations was probably a major contributing factor. A decrease in the value of the coefficient on the first difference of...

The author evaluates the ability of a variety of output-gap estimators to accurately measure the output gap in a model economy. A small estimated model of the Canadian economy is used to generate artificial data. Using output and inflation data generated by this model, the author uses each output-gap estimation methodology to construct an estimate of the true output gap. He then evaluates the m...

abstract in this paper, we examine relationship between financial intermediary development variables and values added of agricultural sector in iran during 1352 to 1385. the five indices derived from the banking system as a financial intermediary development indicators, that define in related to the agricultural sector, and with the introduction of statistic methods of factor analysis and its a...

The labour productivity impact of innovation of manufacturing firms in Bangladesh and Pakistan, a highly neglected region for such studies compared with the developed world, is studied in this paper by using World Bank Enterprise Survey data conducted in 2006. To achieve this end, we apply the Cobb-Douglas production function, augmented with innovation-related (and other expected sources of pro...

The intertemporal current account approach predicts that the current account of a small open economy is independent of global shocks, and that responses of the current account to countryspecific shocks depend on the persistence of the shocks. The author shows that these predictions impose cross-equation restrictions (CERS) on a structural vector autoregression (SVAR). To test the CERs, the auth...

Growing economic and psychological evidence documents effects of target setting on levels of effort and risk-taking, even in the absence of a monetary reward for attaining the target. I explore a principal-agent environment in which the principal sets the agent a performance target, and the agent’s intrinsic motivation to work is influenced by their performance relative to the target. When the ...

The present paper thoroughly explores second-best efficient allocations in an adverse selection insurance economy. We start from a natural extension of the classical model, assuming less than perfect risk perceptions. We propose first and second welfare theorems, by means of which we describe efficiencyenhancing policies. Notions of weak and strong adverse selection are promising for interpreti...

nowadays, credit risk is recognized as one of the most important bankruptcy factors of banks and financial institutions. in order to manage and control this risk, design of credit rating models is undeniable necessity. credit rating is used to identify the probability of credit default and on the other side classify the customers into two groups: good and bad accounts. until now, various statis...

one of the biggest problems of using data envelopment analysis for the evaluation of performance is the weakness of the separability for the decision maker units. this problem is generalizable because of the lower quantity of units in comparison with the ¬input and output quantities of the model [1]. this matter considerably reveals itself in the evaluation process of 23 provincial gas companie...