This paper investigates fair (i.e., envy-free and efficient) allocations in an overlapping generations economy without production with two-period lived agents. We show that there is a conflict between no-envy efficiency when all have identical preferences. crucially depends on the size of given young age consumption initial old generation relative to at golden-rule. then exist non-stationary pr...

In this paper, we study Raychaudhuri's equation in the background of R + βR 2 gravity with a phenomenological matter (ρ ∝ a(t) −n). We conclude that even though the Strong Energy Condition (S.E.C.) for Einstein's gravity, which guarantees singularity, is n ≥ 2 for ρ ∝ a(t) −n , a perturbative analysis of Raychaudhuri's equation in the background of R+βR 2 gravity reveals that the big bang singu...

On one monthly time-series data set of Vietnam economy over 02/2008–09/2018, the Time-Varying-Coefficient VAR model records that trade-off between inflation and output growth is mitigated by foreign capital inflows. The mostly determined credit supply growth, while largely driven direct investment (FDI) A increase FDI USD 1 billion can raise 1.77% rate. result also holds on accounting for excha...

We study five-dimensional Einstein gravity coupled covariantly to 3-brane with induced gravity on the brane, and consider warped D=4 de Sitter background field solution on the brane. Following background field method we obtain the field equation described by the Lagrangean terms bilinear in quantized gravitational field. In such a free field approximation on curved background we calculate expli...

In this paper we simulate the behavior of a population of boundedly rational agents in a two good economy where all agents can spend their time budget for the production of one or both goods or trading. Agents update their strategies according to a simple imitation type learning rule with noise. It is shown that in several different setups both direct trade and trade via mediators who specializ...

This paper takes the neoclassical infant industry model, allows agents to respond to future expectations, and reveals previously unexplained relationships between protection and outcome. Policy, which projects to protect the industry until international competitiveness, may not necessarily succeed, consistent to the mixed empirical evaluations. To guarantee success, protection has to last longe...

Tariff bindings and administered protection are two characteristics of the WTO that are little understood. Tariff bindings place a ceiling on tariffs that is not always reached, while administered protection ensures that all sectors have access to some minimum import protection, effectively creating a floor for protection. How do these policies affect applied MFN tariff rates that are enacted t...

Trade Policy and Labor Services: Final Status Options for the West Bank and Gaza This paper considers the policy options of the West Bank and Gaza (WBG) with respect to trade and the exports of labor services. It concludes that i) a non-discriminatory trade policy (NDTP) is unambiguously superior to an FTA with Israel; ii) the WBG should pursue a NDTP with all its neighbors, but only under the ...