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Full-Text Articles in Business
A Variational Inequality Approach For Marketable Pollution Permits, Anna Nagurney, Kathy Dhanda
A Variational Inequality Approach For Marketable Pollution Permits, Anna Nagurney, Kathy Dhanda
Kathy K Dhanda
In this paper, we present a variational inequality framework for the modeling, qualitative analysis, and computation of equilibria in markets in pollution permits. The models developed herein allow for different modes of competitive behavior, including oligopolistic behavior, while taking into account the cost of polluting plus the prices of the licenses to pollute at different receptor points. The models deal explicitly with spatial differentiation and also ensure that the imposed environmental quality standards are met through the initial allocation of licenses. An algorithm is proposed, along with convergence results, to compute the profit-maximized quantities of the firms' products and quantities …
Measuring Abnormal Daily Trading Volumes For Samples Of Nyse/Ase And Nasdaq Securities Using Parametric And Nonparametric Test Statistics, Cynthia J. Campbell
Measuring Abnormal Daily Trading Volumes For Samples Of Nyse/Ase And Nasdaq Securities Using Parametric And Nonparametric Test Statistics, Cynthia J. Campbell
Cynthia J. Campbell
We extend prior research on the empirical properties of daily trading volume and methods to detect abnormal trading volume in two ways. We compare the performance of a nonparametric test statistic with the parametric test statistic used in prior research and we study samples of NASDAQ securities as well as samples of NYSE/ASE securities. Prior research has focused exclusively on NYSE securities. We find the nonparametric test statistic is more powerful in detecting abnormal trading volume than the parametric test statistic in both samples of NYSE/ASE and NASDAQ securities. We also document that abnormal trading volume will be detected more …
Ricardian Equivalence: Further Evidence, Atreya Chakraborty
Ricardian Equivalence: Further Evidence, Atreya Chakraborty
Atreya Chakraborty
The Ricardian Hypothesis states that for a given level of government expenditure, aggregate demand is neutral to changes in the debt-to-tax ratio. Many economists argue that the private and government sectors have different planning horizons which will lead to deviations from Ricardian equivalence. In this paper, by using a model that nests both Ricardian equivalence and an alternative hypothesis, we empirically investigate whether the private sector has a shorter planning horizon than the government sector. The evidence presented in this study suggests that there is no difference between the planning horizons of the private and government sectors.