This paper introduces endogenous preference evolution into a Lucas-type economy and explores its consequences for investors’ trading strategy and the dynamics of asset prices. In equilibrium, investors herd and hold the same portfolio of risky assets which is biased toward stocks of sectors that produce a socially preferred good. Price-dividend ratios, expected returns and return volatility are...

In this paper, we give some determinantal and permanental representations of generalized Lucas polynomials, which are a general form of generalized bivariate Lucas p-polynomials, ordinary Lucas and Perrin sequences etc., by using various Hessenberg matrices. In addition, we show that determinant and permanent of these Hessenberg matrices can be obtained by using combinations. Then we show, the ...

This article intends to estimate the optimal value of investment and human capital in R&D sector of Iranian economy using an augmented endogenous growth model. To do so, two issues have been studied. First, an endogenous growth model has been extended to include investment in R&D as an independent variable. In the framework of this model, in order to determine the optimal value of investment an...

  The main purpose of this study is to estimate the maritime transportation elasticities of the environmental pollution and economic growth in Iran within the short-run and long-run to find out the relationships among maritime transportation, environmental pollution and economic growth. The lagged endogenous model (a dynamic log-linear model that we used) is estimated using two distinctive ...

In a second-best optimal growth setup with only factor taxes as available instruments, is it optimal to fully replace capital by labor income taxation? The answer is generally positive based on Chamley, Judd, Lucas, and many follow-up studies. In the present paper, we revisit this important tax reform-related issue by developing a human capitalbased endogenous growth framework with frictional l...

introduction: to identify of motivates and barriers to growth is one of the most important issues in the economic growth literature. introducing endogenous growth models by lucas (1988) and romer (1989) and the development of this theory in the 1990s, making it possible to include economical, political and social variables in economic theories to test them empirically. corruption is one of the ...

This research paper will analyze security threats and proposes the self-propagating model of seeding attacks in cloud computing. Threat modeling on distributed and self-organizing systems is a very important modeling paradigm which discusses and analyzes the different ways malware may propagate in such systems. The paper introduces Randomized Generic Lucas Seed Algorithm (RGLSA) with TailBoosti...

This paper develops a theory that accounts for three stylized facts concerning growth and fertility in the long run. First, economies start in a “Malthusian Regime” with stagnant living standards and high fertility. Second, ultimately a “Growth Regime” is reached in which per capita income grows at near-constant rates, and fertility is low. Third, the speed and timing of the fertility decline d...