Economics and Finance

2104 Submissions

[3] viXra:2104.0123 [pdf] replaced on 2025-02-06 22:22:22

Oligopoly Games for Use in the Classroom or Laboratory

Authors: Ate Nieuwenhuis
Comments: 23 pages, 9 tables, 1 colour figure

To illustrate that a Nash Equilibrium results from a flawed attempt to solve a game, this article studies two extensions of the classic oligopoly model of Cournot. The common cost function is quadratic, and the (still linear) inverse demand functions allow of differentiated goods. The model is a vector maximum problem, its Pareto Optimum is the solution. A Nash Equilibrium results from unwarranted conditioning on endogenous variables. The choice of parameters is discussed and six model variants are analysed numerically. Some comments are made on the use of the model in experimental economics.Keywords: Oligopoly game; Nash Equilibrium; Cournot Equilibrium; Bertrand Equilibrium; Vector maximisation; Pareto Optimum; Collusion. JEL: C61; C70; D21; D43; L11; L13.
Category: Economics and Finance

[2] viXra:2104.0100 [pdf] submitted on 2021-04-17 16:23:46

Balance Sheet and Seniority Constraints on the Repayment Value of Claims

Authors: Mauro Padellini
Comments: 47 Pages.

The problem is addressed of how (different types of) funding transactions may affect the repayment value of (credit or equity) claims; to this purpose a novel prove for the existence and uniqueness of the payment vector, which does not make (explicit) use of the fixed point theorem and allows for the presence of claims with different seniorities (i.e. credit and equity claims), is proposed. Different components of the overall displacement (the reduction of repayment value), related to i) seniority structure, ii) network of bilateral exposure and iii) imbalances between external loss and external capital, are calculated by sequentially relaxing different constraints in the mixed linear program used for calculating overall displacement. The possibility that more credit may reduce overall displacement (due to borrowing-from-Peter-to-pay-Paul effect) and more equity capital may on the contrary increase overall displacement (due to its role in the transmission of financial displacement) is exemplified, along with the possible negative dependence of relative displacement (the ratio between overall displacement and total claims) on total claims.
Category: Economics and Finance

[1] viXra:2104.0067 [pdf] submitted on 2021-04-12 22:16:22

Revisiting Natural Resources-Globalization-Environmental Quality Nexus: Fresh Insights from South Asian Countries

Authors: Jian Xue, Zeeshan Rasool, RaimaNazar, Ahmad Imran Khan, Shaukat Hussain Bhatti, Sajid Ali
Comments: 21 Pages. [Corrections are made by viXra Admin to comply with the rules of viXra.org]

Widespread interference of human activities has resulted in major environmental problems, including pollution, global warming, land degradation, and biodiversity loss, directly affecting the sustainability and quality of the environment and ecosystem. The study aims to address the impact of the extraction of natural resources and globalization on the environmental quality in the South Asian countries for the period 1991–2018. A new methodology Dynamic Common Cor-related Effects is used to deal with cross-sectional dependence. Most previous studies use only carbon dioxide emissions, which is an inadequate measure of environmental quality. Besides carbon dioxide emissions, we have used other greenhouse gas emissions like nitrous oxide and methane emissions with a new indicator, “ecological footprint.” Long-run estimation results indicate a positive and significant relationship of natural resources with all greenhouse gas emissions and a negative association with the ecological footprint. Globalization shows a negative association with carbon dioxide emissions and nitrous oxide emissions and a positive relationship with the ecological footprint. Institutional performance is negatively correlated with carbon dioxide emissions, methane emissions, and ecological footprint while positively associated with nitrous oxide emissions. The overall findings highlight the pertinence of reducing greenhouse gas emissions and ecological footprint, proper utilizing of natural resources, enhancing globalization, and improving institutional performance to ensure environmental sustainability.
Category: Economics and Finance