The Performance of 92 UK investment trusts was analysed over the period 1975 to 1993 using the Sharpe Treynor and Jensen measures of portfolio performance. A very high degree of correlation was found between the measures. ...

We present a model of tariff disputes and concessions consisting of an infinitely repeated game under bilateral incomplete information. Given potential agreements to be reached through unilateral or reciprocal concessions, ...

This article studies the relation between the structure of monitoring hierarchies and corruption, that is, the expected number of bribed members. The model allows for internal corruption, a form of collusion eliminating ...

Turkey has decided to harmonize its tarification structure with that of the European Union. For the country's authorities, this move to a Customs Union is only meant to be the first step toward integration in the European ...

Possibility of representation of a value of convexification of function at the given point as a convex combination of the values of function (spannability) is studied. Spannability of functions turned out to be important ...

This paper presents a market equilibrium existence theorem that generalizes and unifies many well-known results. The importance of the theorem is illustrated by applications to large exchange economics. A further extension ...