ing from private investment, the economy-wide budget constraint is determined by the available resources in the economy:

We explore why venture capital funds limit the amount of capital they raise and do not reinvest the proceeds. This structure is puzzling because it leads to a succession of several funds financing each new venture which multiplies the well known agency problems. We argue that an inside investor cannot provide a hard budget constraint while a less well informed outsider can. Therefore, the ventu...

We model the spread of information in a homogeneously mixed population using the Maki Thompson rumor model. We formulate an optimal control problem, from the perspective of single campaigner, to maximize the spread of information when the campaign budget is fixed. Control signals, such as advertising in the mass media, attempt to convert ignorants and stiflers into spreaders. We show the existe...

The European Union budget is subject to a strict annual balanced budget rule. Given different types of expenditure within the budget, this rule has most effect on and is most threatened by spending on the Common Agricultural Policy. This article examines the merits of applying a balanced budget rule to the EU budget and explores the links between the budget and the CAP. The presence of the rule...

In the literature, the study of price subsidies of new technologies has focused on the tactical problem of achieving maximum penetration under a budget constraint over a short horizon. In practice, such tactical, short-termpenetration objectives seemboth to adequately reflect the structure ofmany price subsidy programs (e.g., solar energy), and account for their high failure rate. The present p...

Conventional notions suggest that persistently high budget deficits give rise to inflation, which monetary policy on its own is powerless to prevent. However, empirical evidence does not provide convincing support for such a hypothesis. This paper reexamines the issue in the case of Pakistan using Johansen cointegration analysis. The empirical results suggest that in the long-run inflation is n...

The possible tradeoffs depend upon different criteria (e.g. system availability, operational risk), whose relative importance is in turn imposed by the mission characteristics (e.g. recurring satellite routine operations, human spaceflight, LEOP). A methodology, issued from the optimization field, is first defined in order to evaluate the impact of these tradeoffs on the considered criteria. Th...

This paper investigates the placement problem of mirrored web servers in ring networks, where each client accesses the closest mirrored server. Without budget constraint, we propose an efficient algorithm that computes the optimal placement with time complexity . With budget constraint, if all candidate servers charge the same fee, we propose an algorithm to compute the optimal placement in tim...

This article presents the effects of alternative fiscal policies on the intertemporal government budget constraint when the time horizon of the policy maker varies. I show that the wealth effect associated with cuts in the skill-adjusted labor income tax rate improves the intertemporal budget balance, whereas the intertemporal substitution effect associated with the physical capital income tax ...

As we approach the exascale era, power has become a primary bottleneck. The US Department of Energy has set a power constraint of 20MW on each exascale machine. To be able achieve one exaflop in 20MW, it is necessary that we use power intelligently to maximize performance under a power constraint. Most production-level parallel applications that run on a supercomputer are tightly-coupled parall...