This paper proposes a capital accumulation model with a random stopping time corresponding to the occurrence of an environmental catastrophe. Depending on the preventive capital stock accumulated at the time of the catastrophe, the damage cost associated with the catastrophe varies. The long-term behavior of the optimal accumulation path is analyzed using turnpike theory. The case where the cat...

In this paper we address the development of an MINLP optimization model for the synthesis of paraxylene separation processes based on crystallization technology. A superstructure is proposed that considers different alternative designs and operating conditions for the recovery of a high purity paraxylene product from a feed stream containing other xylene isomers and ethylbenzene. The goal is to...

We introduce transport cost of trade in products into the classical Zodrow andMieszkowski (1986) model of capital tax competition. It turns out that even small levels of transport cost lead to a complete breakdown of the seminal result, the underprovision of public goods. Instead, there is a symmetric equilibrium with efficient public goods provision in all jurisdictions. 2012 Elsevier Inc. All...

The Health Care Financing Administration (HCFA) has proposed incorporating hospital capital payments into the Medicare prospective payment system. HCFA's proposal includes an adjustment to capital payments for geographic differences in capital costs, derived from the prospective payment system area hospital wage index. Alternatively, the geographic adjustment could be based on an area construct...

steel industry is one of the most consumption of energy in the world, which is related to melting furnace which result environmental pollution. we calculate the energy consumption and capital cost of dust collectors of venturi scrubber (vs) and electrostatic precipitator (esp) which are connected to melting furnace in respect to industrial ecology for selection of appropriate dust collection sy...

In an asset-pricing model calibrated to match the standard asset pricing empirical properties –in particular, the time-variation in the equity premium – we calculate the welfare (value) implications of sub-optimal capital budgeting decisions. Specifically, we calculate that an investment policy that ignores the timevariation in the equity premium, such as would occur with a cost of capital foll...

We investigate the relationship between venture capital (VC) networks and investment performance in China. Distinct features of China’s VC networks are captured in our econometric model through the inclusion of an index of network stability and a dummy variable that indicates a VC firm’s connections with the Chinese state. Our econometric analysis shows that a VC firm’s position in its network,...

intellectual capital is most vital enabler of enterprises. managing intellectual capital effectively can greatly enhance the competitive advantages of any enterprises. this study focused on how the enterprises utilize intellectual capital, in order to strengthen the competitiveness of enterprises. this research established a novel assessment model to measure the performance of intellectual capi...

This paper assesses the impacts of decoupled government transfers on production decisions of a sample of Kansas farms. Our empirical analysis is based upon a reduced-form application of the dual model of investment under uncertainty developed by Sckokai (2005), which is extended to a consideration of irregularities in the capital stock adjustment cost function. To do so we adopt the threshold r...

For one–period projects under certainty, the notion of Net Present Value (NPV) formally translates the notion of economic profit, where the discount rate is the cost of capital. Under uncertainty, the cost of capital is the expected rate of return of an equivalent-risk alternative that the investor might undertake and is often found by making recourse to the Capital Asset Pricing Model. This pa...