This paper considers whether or not the Bitcoin stably stay in the market as a method of payment using a dual-currency money-search model. In the model, there are traditional money and Bitcoin. The two currencies are classi…ed by the storage cost and the probability that sellers accept particular money for payments. Agents are randomly matched for transactions. To consider substitution e¤ect be...

Implementations of language processing systems often use unification and substitution to compute desired properties of input language fragments; for example when inferring a type for an expression. Purely functional implementations of unification and substitution usually directly correspond to the formal specification of language properties. Unfortunately the concise and understandable formulat...

With the inclusion of an effective methodology, this article answers in detail a question that, for a quarter of a century, remained open despite intense study by various researchers. Is the formula XCB = e(x, e(e(e(x, y), e(z, y)), z)) a single axiom for the classical equivalential calculus when the rules of inference consist of detachment (modus ponens) and substitution? Where the function e ...

We characterized penicillin-susceptible group B streptococcal (PSGBS) clinical isolates exhibiting no growth inhibition zone around a ceftibuten disk (CTB(r) PSGBS). The CTB(r) PSGBS isolates, for which augmented MICs of cefaclor and ceftizoxime were found, shared a T394A substitution in penicillin-binding protein 2X (PBP 2X) and a T567I substitution in PBP 2B, together with an additional G429S...

This paper analyzes the long-run growth-maximizing progressivity of income taxation in a standard two-period, overlapping generations model economy in which (i) there is aggregate uncertainty, (ii) attitudes towards risk and intertemporal substitution are considered apart, (iii) growth is driven by the accumulation of young individuals’ savings in the form of physical capital in an AK economy, ...

Recent influential empirical work has emphasized the negative impact immigrants have on the wages of U.S.-born workers, arguing that immigration harms less educated American workers in particular and all U.S.-born workers in general. Because U.S. and foreign born workers belong to different skill groups that are imperfectly substitutable, one needs to articulate a production function that aggre...