We analyze the contract settlement data of a poultry company who contracts the production of broiler chickens with a group of independent growers. The company originally used rank-order (ordinal) tournaments to compensate their contract growers and later switched to cardinal tournaments. Based on the observed payment mechanism we construct an empirical model of a rank-order tournament game and ...

The question of whether private investors can discriminate between the risk taken by banks is empirically investigated by testing the risk sensitivity of European banks’ subordinated notes and debentures (SND) spreads. A unique dataset of spreads, ratings, accounting and market measures of bank risk is used for a sample of SND issued during the 1991-2000:Q1 period. Moody’s Bank Financial Streng...

We consider a system of two coupled queues, Q1 and Q2. When both queues are backlogged, they are each served at unit rate. However, when one queue empties, the service rate at the other queue increases. Thus, the two queues are coupled through the mechanism for dynamically sharing surplus service capacity. We derive the asymptotic workload behavior at Q1 for various scenarios where at least one...

Given q1, q2 ∈ C \ {0}, we construct a unital Banach algebra Bq1,q2 which contains a universal normalized solution to the (q1, q2)-deformed Heisenberg–Lie commutation relations in the following specific sense: (i) Bq1,q2 contains elements b1, b2, and b3 which satisfy the (q1, q2)-deformed Heisenberg–Lie commutation relations (that is, b1b2 − q1b2b1 = b3, q2b1b3 − b3b1 = 0, and b2b3 − q2b3b2 = 0...

We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to altering risk pricing. We find that at the beginning of EMU, the government debt level and the general i...

in this paper, i investigated the determinants of financial development with emphasis on social capital. first, i explain the relationship between financial development and its determinants, then estimate the model with gregory–hansen (1996) and johansen-juselious cointegration techniques in i.r. of iran (1971-2006). the results showed that, inflation and decline in social capital and weak prop...

Abstract In order to study energy consumption in Iran's agricultural sector, a Genetic algorithm concept was used to calculate significant factors affecting energy consumption between 1974 and 2008. Then, durability or "stability" of variables was assessed through econometric method (Augmented Dickey-Fuller test). In addition, long-term and short-term relationships of energy consumption were es...

this paper aims to estimate a model of demand for health insurance and medical care in iran in the presence of the heterogeneous and latent health status of individual; moreover it tests the asymmetry of information in the health insurance industry of iran. our dataset consists of whole family budget survey of 2006. the parameters of model are estimated by g.m.m method and the model used in thi...