The Wholesale Trade sector comprises establishments en­ gaged in wholesaling merchandise, generally without transfor­ mation, and rendering services incidental to the sale of merchandise. The wholesaling process is an intermediate step in the distribution of merchandise. Wholesalers are organized to sell or arrange the purchase or sale of (1) goods for resale (i.e., goods sold to other wholesal...

Knowledge accumulation in the richer countries provides them with comparative advantages in higher productivity products. The countries that import the higher productivity intermediate products and capital equipments produced in the richer countries, however, derive benefits from knowledge spillovers. The empirical analysis in this paper shows that what type of intermediate goods and capital eq...

In principle, a VAT should be neutral with regards to both the level and composition of exports. In practice, this may not be the case because exporters in many countries receive incomplete VAT refunds. When VAT refunds are incomplete, the exports of industries that rely heavily on intermediate goods are especially likely to be negatively a ected by a VAT. Motivated by these considerations, thi...

The limited size of a block in the Bitcoin blockchain produces a scaling bottleneck. The transaction scalability problem can be addressed by performing smaller transactions off-chain and periodically reporting the results to the Bitcoin blockchain. One such solution is the Lightning Network. Bitcoin is employed by lawful users and criminals. This requires crimes against lawful users as well as ...

We examine the radius-luminosity (R-L) relation for blue galaxies in the Team Keck Redshift Survey (TKRS) of GOODS-N. We compare with a volume-limited, Sloan Digital Sky Survey sample and find that the R-L relation has evolved to lower surface brightness since z = 1. Based on the detection limits of GOODS this can not be explained by incompleteness in low surface-brightness galaxies. Number den...

This paper analyzes trade in East Asia and inter-industry linkages over the borders, i.e. spatial linkages, with use of the Asian international input-output tables. As a result of analysis, it was shown that intra-regional trade within the eight East Asian countries, the U.S and Japan has been driven by the intermediate goods trade. At the same time, intermediate goods, especially those of the ...

Counterfeit pharmaceutical products are a real threat to the health of patients, and to the reputation and commercial success of legitimate producers of genuine products. NIR chemical imaging provides a rapid method for detecting and comparing suspected counterfeit products with no sample preparation. With appropriate choice of operating conditions, multiple samples can be compared simultaneous...

We consider a (not necessarily complete) continuous-time security market with semimartingale prices and general information filtration. In such a setting, we show that the first-order conditions for optimality of an agent maximizing a ‘smooth’ (but not necessarily additive) utility can be formulated as the martingale property of prices, after normalization by a ‘state-price’ process. The latter...