The Ben-Porath (1967) model suggests that a rise in life expectancy, and the associated rise in the lifetime labor input, brings about a rise in investment in human capital. We incorporate the leisure decision into the model and develop a necessary condition regarding the lifetime labor input for the Ben-Porath mechanism to have a positive effect on investment in human capital. We show that thi...

The statistical properties of the total yield are analyzed for an assembly of gamblers in an erratic period on the Budapest stock exchange. Random trading results in a log-normal limit distribution of a surprisingly large width, while the simplest profit realizing strategy narrows down the peak around a positive average value. The effect of transaction costs, the statistics of extremes, and pat...

African trypanosomes produce different specialized stages for within-host replication and between-host transmission and therefore face a resource allocation trade-off between maintaining the current infection (survival) and investment into transmission (reproduction). Evolutionary theory predicts the resolution of this trade-off will significantly affect virulence and infectiousness. The applic...

Empirical analysis of firm-level investment in research and development (R&D) and its effect on innovation patterns and productivity has advanced as a result of innovation surveys in many countries. The weak link in the analysis of these surveys is the empirical model of firm R&D choice. In this paper we summarize how a dynamic, structural model of firm investment can be used to estimate firm d...

Recent theoretical work suggests that firm heterogeneity has an impact on the international investment decisions of multinational firms. This paper provides evidence foreign direct investment (FDI) at different levels of aggregation. We use a novel firm-level dataset on the FDI stocks of German firms to assess level and role of heterogeneity. Our data cover the years 1990-2000. We provide evide...

This paper estimates the effect of changing environmental standards on patterns of international investment. The analysis advances the existing literature in three ways. First, we avoid comparing different countries by examining foreign direct investment in the United States and differences in pollution abatement costs among U.S. states. Data on environmental costs in U.S. states are more compa...

Data on volumes and prices of consumption and investment are u s e d to compare Australian real GDP for 1990 with the other OECD countries. Australian consumption patterns, including leisure, a n d price structure are very different from most other countries a n d especially from Japan's. The Australian bundle of consumption, investment and leisure is revealed preferred to that of Japan and a n...

This paper examines whether decentralization increases the responsiveness of public investment to local needs using a unique database from Bolivia. Empirical tests show that investment patterns in human capital and social services changed significantly after decentralization. These changes are strongly and positively related to objective indicators of need. Nationally, these changes were driven...

This paper proposes an investment cost recovery based efficient and fast sequential optimization approach to optimal allocation of thyristor controlled series compensator (TCSC) in competitive power market. The optimization technique has been used with an objective to maximizing the social welfare and minimizing the device installation cost by suitable location and rating of TCSC in the system....

This paper discusses the changes in Information Technology (IT) investment philosophy of both private and public sector companies. Based on the available published material in scholarly journals and magazines, our analysis is focused on the USA and the UK. The paper analyzes the past and current behaviors of business investments in technology and the factors that have prompted companies to chan...