Circularity arises in regulation if the value of a company’s assets used to set prices is itself determined by future earning capacity. The view that it is not possible to determine values and prices in these circumstances has become well established in the literature. In this paper we formalise this precise circularity result. We then show that if there is a possibility of future review and th...

In a two-period pure exchange economy with financial assets, a temporary financial equilibrium is an equilibrium of the current spot and security markets given forecasts of future prices and returns. The temporary equilibrium model can then be interpreted as a Walrasian model where preferences depend on prices. This idenfication implies, among other consequences, the generic determinateness of ...

Agricultural households use assets not only for production as a source of income generation but also for protecting consumption from negative economic shocks. We show a model of household dynamic decisions on investment in agricultural productive assets under credit constraints and non-convex production technology. We test and estimate the model with data from Kagera, Tanzania in order to show ...

Space weather forecasting critically depends upon availability of timely and reliable observational data. It is therefore particularly important to understand how existing and newly planned observational assets perform during periods of severe space weather. Extreme space weather creates challenging conditions under which instrumentation and spacecraft may be impeded or in which parameters reac...

The paper offers a new formulation of the old hypothesis that money exists due to shortage of other financial assets. The theory admits various monetary regimes, ranging from a strict gold standard to interest-bearing fiat money in the form of nominal government bonds. A central assumption is that claims on currently non-existing real assets, which will be productive in the future, are not trad...

Intangible assets form part of the true value of organisations. These assets are produced from various forms of capital other than financial capital, which are located in the intellectual, structural and customer domains of organisations. This paper reports the findings from 15 cases from an empirical study of large UK service organisations to which we applied the concepts of social, intellectu...

INTRODUCTION Capital assets are used by the company in the physical process of producing goods and services and are ordinarily used for a number of years. The amounts involved are so large that businesses need to plan and evaluate expenditures for capital assets with care. The plan for expenditures is called a capital budget. The process of determining both how much to spend on a capital assets...

The academic and practitioner literature is replete with definitions of the concepts of intellectual capital, knowledge assets, and their measurement. What is missing is the connectivity among them in the public sector (government and not-for-profit) context. This paper presents an overview of the definitions, reviews the research efforts to develop appropriate metrics for knowledge assets in p...

Knowledge assets represent a special set of resources for a firm and as such, their management is of great importance to academics and managers. The purpose of this paper is to review the literature as it pertains to knowledge assets and provide a suggested model for intellectual capital management that can be of benefit to both academics and practitioners. In doing so, a set of research propos...