Search results for " equilibrium"
showing 10 items of 533 documents
A Cointegration Analysis of Car Advertising and Sales Data in the Presence of Structural Change
2006
Abstract This paper examines whether there is a long‐run stable equilibrium relationship between advertising and sales across the market segments of the UK car industry over the period 1971–2001. In order to achieve this goal, we allow for structural breaks in the series using cointegration techniques. The results show the existence of long‐run equilibrium relationships in all six market segments, although in four of them the relationship is not stable. In general, one structural change is detected in the late 1970s and another in the early 1990s, coinciding with two economic recessions. When we do not account for structural changes, the estimated long‐run elasticities of advertising on sal…
Multi-product firms and product variety
2008
The goal of this paper is to study the role of multi-product firms in the market provision of product variety. The analysis is conducted using the spokes model of non-localized competition proposed by Chen and Riordan (2007). Firstly, we show that multi-product firms are at a competitive disadvantage vis-a-vis single-product firms and can only emerge if economies of scope are sufficiently strong. Secondly, under duopoly product variety may be higher or lower with respect to both the first best and the monopolistically competitive equilibrium. However, within a relevant range of parameter values duopolists drastically restrict their product range in order to relax price competition, and as a…
- STRATEGIC PIGOUVIAN TAXATION, STOCK EXTERNALITIES AND POLLUTING NON-RENEWABLE RESOURCES
2001
This paper extends Wirl and Dockner¿s (1995) model designed to analyze the long-term bilateral interdependence between a resource exporting cartel and a coalition of resource importing country governments. Firstly, depletion effects are introduced into the analysis of the intertemporal properties of a pigouvian tax. Secondly, the feedback Stackelberg equilibria are computed. The results show that the dynamics of the tax depends critically on the level of the marginal environmental damage. Moreover, they also show that the tax defined by the Markov-perfect Nash equilibrium is a neutral pigouvian tax in the sense that it only corrects the market inefficiency caused by the stock externality. H…
Unawareness and bankruptcy: A general equilibrium model
1998
International audience; We present a consistent pure-exchange general equilibrium model where agents may not be able to foresee all possible future contingencies. In this context, even with nominal assets and complete asset markets, an equilibrium may not exist without appropriate assumptions. Specific examples are provided. An existence result is proved under the main assumption that there are sufficiently many states that all the agents foresee. An intrinsic feature of the model is bankruptcy, which agents may involuntarily experience in the unforeseen states.
Can stability of foreign aid agreement reduce global income inequality?
2017
Abstract Global initiatives on debt relief call for increasing foreign aid assistance to alleviate income inequality. But the potential gains from foreign aid policy coordination may be limited by the willing participation of diverse and self-interested donor countries. If stability of the foreign aid agreement does not occur, then aid effectiveness fails. Thus, the aim of this paper is to investigate the effects of the stability of foreign aid agreement on income redistribution amongst countries. The findings show that stability has positive effects on income mobility from the rich to the poorest countries reducing global income inequality.
Experimental and theoretical insights in the alkene-arene intramolecular π-stacking interaction
2016
Chiral acrylic esters derived from biomass were developed as models to have a better insight in the aryl-vinyl π-stacking interactions. Quantum chemical calculations, NMR studies and experimental evidences demonstrated the presence of equilibriums of at least four different conformations: π-stacked and face-to-edge, each of them in an s-cis/s-trans conformation. The results show that the stabilization produced by the π-π interaction makes the π-stacked conformation predominant in solution and this stabilization is slightly affected by the electron density of the aromatic counterpart. Fil: Corne, Valeria. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológi…
Multiplicity, Overtaking and Convergence in the Lucas Two-Sector Growth Model
2002
This paper provides the complete closed-form solution to the Lucas two-sector model of endogenous growth. We study the issues of existence, unique-ness, multiplicity, positivity, transitional dynamics and long-run growth, re-lated to the competitive equilibrium paths. We identify the parameter range where the different results hold and deduce the entire trajectories for the original variables. We revise the results on convergence and overtaking which arise from this model, and prove that the parameterization currently used as the background for an explanation of economic miracles and disasters, is not satisfactory because of its counterintuitive implications.
An extension of ASM2d including pH calculation
2003
This paper presents an extension of the Activated Sludge Model No. 2d (ASM2d) including a chemical model able to calculate the pH value in biological processes. The developed chemical model incorporates the complete set of chemical species affecting the pH value to ASM2d describing non-equilibrium biochemical processes. It considers the system formed by one aqueous phase, in which biochemical processes take place, and one gaseous phase, and is based on the assumptions of instantaneous chemical equilibrium under liquid phase and kinetically governed mass transport between the liquid and gas phase. The ASM2d enlargement comprises the addition of every component affecting the pH value and an i…
The contingent equilibrium during imbalanced volcano tourism demand through fee estimation: An empirical analysis of tourism in Mt. Etna
2022
Volcanic sites can be considered strategic areas for conservation and protection policies, but such policies may involve considerable costs However, not only are volcanic sites often integral to the tourism industry and, hence, of potential significant benefit to local economies in general; entrance fee income from tourists can also contribute to management and conservation costs in particular. Nevertheless, seasonal variations in tourism demand, resulting in over-and under-tourism situations, may impact on both the level of income generated as well as on the sustainability of sites Therefore, based on a case study of Mt Etna in Italy, this study considers establishing appropriate entry fee…
Stability of the equilibrium state of the equation system of a viscous barotropic gas in the model of atmosphere
2006
We consider the system of equations of viscous gas motion whose pressure is related to the density by the law $p = h \varrho^\gamma$ with 1<γ <2, in a domain defined by two levels of geopotential. Under the force due to geopotential and the Coriolis force, we prove the stability of the equilibrium state in a suitable Sobolev space. Keywords: Viscous barotropic gas, Equilibrium state, Coriolis force Mathematics Subject Classification (2000): 35Q35, 76N15