It is well known that equilibrium asset prices will not offer arbitrage opportunities to individuals. Using an approach that dates back to Cass (1984) [4], we seek to isolate arbitrage free asset prices that are also equilibrium asset prices. However we do this when each agent’s portfolio choice is restricted to a closed, convex set containing zero (as in Siconolfi [23]). In the presence of suc...

medicines constitute a substantial proportion of out-of-pocket (oop) expenses in indian households. in order to address this issue, the government of india launched the jan aushadhi (medicine for the masses) scheme (jas) to provide cheap generic medicines to the patients (http://janaushadhi.gov.in/about_jan_aushadhi.html). these medicines are provided through the jan aushadhi stores established...

The stock market is forward looking; economic indicators and important future events are factored into stock prices. According to the Efficient Market Hypothesis†, markets operate efficiently and stock prices instantly and stock prices instantly reflect all information available. However, inefficiencies in the stock market exist due to the behaviors and expectations of investors. Stock prices m...

Electric and hybrid-electric vehicles have long been seen as the answer to the economic and environmental problems created by traditional fossil fuel vehicles. In addition to the ability to reduce carbon emissions and reduce negative environmental externalities, they have the potential to end the current dependence on limited fossil fuel reserves and thus enhance energy security. However, the f...

We consider the potential for using prices as leading indicators of changes in stocks and yields in the freshwater capture fishery in Lake Victoria. Fertilizer run-off from agricultural land is a major cause of nutrient loading, along with soil erosion, atmospheric deposition, and point pollution from industrial and domestic affluent. The interactions between fertilizer applications, water qual...

There continues to be considerable interest in P and K fertilizer placement among cash grain producers for several reasons. Growers have faced low commodity prices for several years and are interested in certain placement methods that may enhance the efficiency of nutrient use and therefore reduce their input costs. This issue seems be more important in high residue management systems where bro...

A with South Korea and Japan, the Philippines were granted an exemption from the removal of quotas on rice imports in 1995 under Annex 5 of the World Trade Organization (WTO) agreement. This exemption was to expire in mid 2005, but an extension is currently under negotiation. We examine the poverty impacts of both a Doha agreement and free world trade, combined with the elimination of domestic ...

In this paper, the effects of oil and gold prices on stock market index are investigated. We use a cointegrated vector autoregressive Markov-switching model to examine the nonlinear properties of these three variables during the period of January 2003 - December 2014. The Markov-switching vector-equilibrium-correction model with three regimes representing "deep recession", "mild recession" and ...

Abstract Nowadays, fishery and aquaculture products form an important fraction of the protein requirement and food of many people on the earth. The hike in prices of these essential products seems necessary owing to the increase in demand and consumption of these products in the country. The price transmission from the international market to the domestic market of tunas was  investigated in t...