Relevant literature suggests that the most important determinant of health care spending is real GDP. Moreover, there is considerable evidence that health care spending rises at a faster rate than real GDP. This paper uses recently developed tests for the existence of a long run relationship to analyze the links between health care spending and GDP. We are, particularly, interested in estimatin...

The theory of rational social learning studies how individual decision makers are influenced by the actions taken by others when information is dispersed. We present and discuss some models of Bayesian social learning which recently appeared in the economics literature. We focus on the problems of information acquisition, stationarity of the environment and endogenous pricing, and we propose so...

Moving on from [Coleman, J.S., 1990. Foundations of Social Theory. Belknap Press of Harvard University Press, Cambridge, MA, London] and [Putnam, R.D., Leonardi, R., Nanetti, R.Y., 1993. Making Democracy Work Civic Traditions in Modern Italy. Princeton University Press, Princeton, NJ, Chichester], an ever-growing literature claims that repeating trustful interactions in the economy do sediment ...

This paper is an attempt to test the existence of Wagner’s Law in Pakistan. In this connection the Johansen and Juselius (1990) Cointegration approach has been used to test the long-run relationship between government expenditures and its determinants for Pakistan. Short-run dynamics are estimated by using the Error Correction Mechanism (ECM), various diagnostics and the stability tests are use...

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Social memory plays a pivotal role in social behaviors, from mating behaviors to cooperative behaviors based on reciprocal altruism. More specifically, social/person recognition memory is supposed, by behavioral-economic and game-theoretic analysis, to be required for Tit-For-Tat like cooperative behaviors to evolve under the N-person Iterated Prisoner’s Dilemma Game condition. Meanwhile, human...

Huang [ Journal of Statistics and Management Systems, Vol. 6 (2003), No. 2, pp. 171-180 ] studied the EOQ (Economic Order Quantity) and EPQ (Economic Production Quantity) models with backlogging and defective items using the algebraic approach. He assumed 100% inspection policy and the known proportion of defective items was removed prior to storage or use after the screening process. In this p...