Due to time-inconsistency or political turnover, policymakers’ promises are not always fulfilled. We analyze an optimal fiscal policy problem where the plans made by the benevolent government are periodically revised. In this loose commitment setting, the properties of labor and capital income taxes are significantly different than under the full-commitment and no-commitment assumptions. Becaus...

In this section, we provide the proof of our main result, Proposition 1, for the general setup where the economy starts from any initial level of capital stock and prices change over time. In order to do so, we first define the parent’s problem under taxes in the general setup. Preparation to the proof. Let k0 be the initial level of capital stock and {kt }t be the sequence of the efficient cap...

We analyze the properties of credible equilibria in dynamic settings with privately informed agents, capital accumulation and a lack of societal commitment. We show that a lack of commitment tilts the social tradeoff between equality and incentives towards the former and has ambiguous implications for capital accumulation. We isolate forces that promote and retard capital accumulation in these ...

This study extends the view that formal contracts and relational governance function as complements rather than as substitutes. We investigate how specific characteristics of service level agreements (SLAs) impact relational governance in information technology outsourcing relationships. Eleven contractual elements (categorized into three SLA characteristics: foundation, change, and governance ...

nowadays, in order to reach minimum production cost in machining operations, various optimization methods have been proposed. since turning operation has different parameters affecting the workpiece quality, it was selected as a complicated manufacturing method in this paper. to reach sufficient quality, all influencing parameters such as cutting speed, federate, depth of cut and tool rake angl...

Aim-To test the effect of intellectual capital management on organizational competitive advantage in Egyptian hospitals. MethodThis study is a cross-sectional analytical study. The study was conducted in two hospitals (El-Nozha International Hospital and El-Demerdash Hospital). Study subjects consisted of three levels of management either nurses or physicians. (36) from El Nozha and (70) from E...

The purpose of the present study is to investigate the relationship between intellectual capital (human capital efficiency, customer capital efficiency, and structural capital efficiency) and economic value added of the listed companies on the Tehran Stock Exchange (TSE). The population includes 39 firms selected through systematic sampling. The data is collected from the audited financial stat...