This paper proposes a new unit root test in the context of a random autoregressive coefficient panel data model, in which the null of a unit root corresponds to the joint restriction that the autoregressive coefficient has unit mean and zero variance. The asymptotic distribution of the test statistic is derived and simulation results are provided to suggest that it performs very well in small s...

A principal owns a firm, hires an agent of uncertain productivity, and designs dynamic policy for evaluating his performance. The observes ongoing evaluations decides when to quit. When not quitting, the is paid wage that linear in expected productivity; claims residual After players secure fixed outside options. I show equilibrium Pareto efficient. For broad class performance technologies, det...

De la capacité de l’entrepreneur à concevoir une organisation apte créer des canaux d’information suffisamment robustes dépendent nature innovations effectuées, façon dont sont exploitées les connaissances scientifiques et techniques, l’usage qui est fait l’esprit créatif. C’est cette aune qu’il convient juger du comportement entrepreneurial, rythmes imposés par finance, allouées ressources hum...


 Since the growing interest in study of dynamics tourism and its implications for economic growth, this paper explores Latin America Caribbean case. From regimes’ conception time series symbolization, we perform a cluster analysis posterior causality relationship estimation between growth performance 22 countries considering period 1995 2015. Results show existence two clusters with simil...

We model the production of complex goods in a large supply network. Each firm sources several essential inputs through relationships with other firms. Individual are at risk idiosyncratic failure, which threatens to disrupt production. To protect against this, firms multisource and strategically invest make stronger, trading off cost investment benefits increased robustness. A network is called...

Within the prospect theory the paper examines production and hedging decisions of a competitive firm under price uncertainty. We consider the prospect theory for the firm's utility function in the two moment model known as (mu,sigma)-preference. In contrast to the literature our findings show that the production under uncertainty can be larger than in the certainty case. Furthermore, we demonst...

This paper compares the performance of purely domestic plants, domestic exporters and domestic multinationals. For our empirical analysis we utilise a non-parametric approach based on the principle of first order stochastic dominance. We find that the distributions for multinationals dominate that of domestic exporters and non-exporters, while we do not find clear differences in plant performan...