this paper examines the causal relationship between stock prices and macroeconomic aggregates in iran, by applying the techniques of the long–run granger non–causality test proposed by toda and yamamoto (1995). we test the causal relationships between the tepix index and the three macroeconomic variables: money supply, value of trade balance, and industrial production using quarterly data for t...

This study derives pure strategy Bertrand equilibria in a duopoly in which two firms produce a homogeneous good with convex cost functions and seek to maximize the weighted sum of their absolute and relative profits. The study shows that there exists a range of equilibrium prices in duopolistic equilibria. This range of equilibrium prices is narrower and lower than the range of equilibrium pric...

This paper studies first-price (FPA) and second-price (SPA) sealed-bid auctions with independent private values in a laboratory experiment in the presence human auctioneers (HA) who set reserve prices. When comparing bidder behavior in these auctions with near-zero reserve prices to identical auctions without HA and zero reserve prices, we find that in the presence of HA bidders bid less for a ...

Forests play an important role with respect to water resources, and can be managed to increase surfaceand groundwater recharge. With the creation of a forest water yield payment system, privately-owned forests, which comprise the majority of forest area in the Southeastern US, could become an important potential source of additional water supply. The economic tradeoffs between timber revenues a...

Results from a 10-yr study of five dam breed groups in a range beef production system were used as inputs to a simulation model to evaluate life cycle biological and economic performance. Dam breed groups were straightbred Herefords (HH), Angus-Hereford and Simmental-Hereford F1 crosses (AH and 1S1H), 75% Hereford-25% Simmental (1S3H), and 25% Hereford-75%. Simmental (3S1H). Biological measures...

The extent to which the stock market provides a hedge to investors against inflation is examined for African stock markets. By employing parametric and nonparametric cointegration procedures, we show that the point estimates of the elasticities of stock prices with respect to consumer prices range from 0.015 for Tunisia to 2.264 for South Africa, evidence of a positive long-run relationship. Fu...