A weakly convergent fully inexact Douglas-Rachford method with relative error tolerance

Douglas-Rachford method is a splitting algorithm for finding a zero of the sum of two maximal monotone operators. Each of its iterations requires the sequential solution of two proximal subproblems. The aim of this work is to present a fully inexact version of Douglas-Rachford method wherein both proximal subproblems are solved approximately within a relative error tolerance. We also present a semi-inexact variant in which the first subproblem is solved exactly and the second one inexactly. We prove that both methods generate sequences weakly convergent to the solution of the underlying inclusion problem, if any

Regulation and Taxation of Casinos under State-Monopoly, Private Monopoly and Casino Association Regimes

This paper considers alternative forms of regulation and taxation of the casino sector. The model considers the situation of a typical tourist destination country that is using casinos to attract and entertain foreign tourists. The objective is to invest in the sector efficiently while maximizing the amount of government revenue or profits accruing to the country. The regulator must determine how the price of gambling will be set, how many casinos will be allowed to enter the industry and the form and rates of taxation. Four alternative forms of regulation are considered: price regulation, state-owned monopoly, private monopoly and casino association regulation. Turnover taxes on the amount of funds gambled and also annual taxation of the fixed costs of the casinos are evaluated. Applications of the models are carried out for North Cyprus. The conclusion is that the economic efficiency costs and the revenue losses from the absence of effective regulation in these tourist destinations can be very substantial with welfare costs equal to the approximately 75 percent of the tax revenue generated by this sector. Furthermore it shows that while a tax on turnover can be efficient in the case of a competitive industry or a cartel association form of regulation, it will be distortionary if a multi-plant private monopoly is controlling the sector. In contrast a tax on fixed costs will lead to an efficient result in the case of a competitive industry, but it will lead to economic inefficiencies if the sector is regulated by a casino association that controls the number of casino entering the sector.Casino regulation, taxation, state-monopoly, welfare cost

Financial Development, Trade and Growth Triangle: The Case of India

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.This paper aims to investigate the possible co‐integration and the direction of causality between financial development, international trade, and economic growth in India. Annual data covering the 1965‐2004 period have been used to investigate co‐integration and Granger causality tests between financial development, international trade, and growth after employing unit root tests to see if the variables under consideration are stationary. Results reveal that there is a long‐run equilibrium relationship between financial development, international trade and real income growth in the case of India. Furthermore, unidirectional causality was investigated that runs from real income to exports and imports, from exports to imports, M2 and domestic credits, from M2 to imports, from imports to domestic credits. Bidirectional causality has also been obtained between real income and M2, and between real income and domestic credits. Finally, no direction of causality has been obtained between M2 and domestic credits. This study has shown that the supply‐leading and the demand‐following hypotheses cannot be inferred for the Indian economy alone themselves. And furthermore, the export‐led and the import‐led hypotheses again cannot be inferred for the Indian economy based on the sample period, 1965‐2004. This study is the first of its kind, which investigates the possible co‐integration and the direction of causality between the financial development, international trade and economic growth triangle not only in the case of India but also in the relevant literature to the best of one's knowledge

The Economics of Casino Taxation

In this paper, a model of the costs of a casino is developed that focuses on the implications for economic welfare of different taxation schemes for casinos. The situation being considered is in a country where casinos cater exclusively to foreign tourists. The goal of the country is to determine the maximum amount of taxes that can be extracted from the activities of this sector under different systems of taxation. When the price of gambling is set by regulation above its competitive level, the economic losses created by excessive investment in the sector can be reduced by taxation. A turnover tax on the amount gambled can maximize both tax revenue and the economic welfare of the country. Due administrative constraints, a number of countries rely on the taxation of the casinos’ fixed assets or a combination of a turnover tax and a tax on fixed costs. The model is applied to the situation in North Cyprus. The annual economic efficiency loss from its poorly designed tax policies on casino gambling is estimated to be about 0.5 percent of GDP.Casino, taxation, gambling, tourism, economic benefit

Regulation and Taxation of Casinos under State-Monopoly, Private Monopoly and Casino Association Regimes

This paper considers alternative forms of regulation and taxation of the casino sector. The model considers the situation of a typical tourist destination country that is using casinos to attract and entertain foreign tourists. The objective is to invest in the sector efficiently while maximizing the amount of government revenue or profits accruing to the country. The regulator must determine how the price of gambling will be set, how many casinos will be allowed to enter the industry and the form and rates of taxation. Four alternative forms of regulation are considered: price regulation, state-owned monopoly, private monopoly and casino association regulation. Turnover taxes on the amount of funds gambled and also annual taxation of the fixed costs of the casinos are evaluated. Applications of the models are carried out for North Cyprus. The conclusion is that the economic efficiency costs and the revenue losses from the absence of effective regulation in these tourist destinations can be very substantial with welfare costs equal to the approximately 75 percent of the tax revenue generated by this sector. Furthermore it shows that while a tax on turnover can be efficient in the case of a competitive industry or a cartel association form of regulation, it will be distortunary if a private monopoly is controlling the sector. In contrast a tax on fixed costs will lead to an efficient result in the case of a competitive or private monopoly cases, but it will lead to allocate inefficiencies if the sector is regulated by a casino association that can only control the number of casino entering the sector.Casino regulation, taxation, state-monopoly, welfare cost

Kekuatan Pembuktian Akta PPAT sebagai Dasar Membatalkan Sertifikat Hak Milik atas Tanah

Perbedaan penilaian hakim terhadap kekuatan pembuktian akta notaris sebagai alat bukti sempurna dan pertimbangan hakim untuk membatalkan Sertifikat Hak Milik menjadi alasan untuk melakukan penelitian ini sehingga diketahui dasar terjadinya perbedaan penilaian dan alasan untuk membatalkan sertifikat kepemilikan hak atas tanah. Penelitian ini menggunakan data sekunder untuk dianalisis berupa Putusan Nomor 13/PDT.G/2015/PN BNJ jo.  Nomor186/PDT/2016/PT-MDN jo Nomor 61K/PDT/2017  Hasil penelitian menunjukkan bahwa perbedaan penilaian hakim terhadap kekuatan sempurna akta notaris merupakan akibat Akta Pengikatan Jual Beli Nomor 22 tanggal 15 Oktober 1997 yang dinilai hakim mempunyai kekuatan sama dengan akta jual beli, sedangkan hakim banding dan kasasi menilai Akta Pengikatan Jual Beli hanya merupakan perjanjian awal sebelum dilaksanakannya jual beli dan pertimbangan hakim membatalkan Sertifikat didasarkan pada alas hak  penerbitan sertifikat tersebut didasarkan pada Akta Pengikatan Jual Beli dinilai tidak sah dan tidak berkekuatan hukum untuk mengalihkan hak dan dikuatkan dengan fakta secara fisik penggugat tidak pernah menguasai obyek perkara

Order preserving and order reversing operators on the class of convex functions in Banach spaces

A remarkable result by S. Artstein-Avidan and V. Milman states that, up to pre-composition with affine operators, addition of affine functionals, and multiplication by positive scalars, the only fully order preserving mapping acting on the class of lower semicontinuous proper convex functions defined on $\mathbb{R}^n$ is the identity operator, and the only fully order reversing one acting on the same set is the Fenchel conjugation. Here fully order preserving (reversing) mappings are understood to be those which preserve (reverse) the pointwise order among convex functions, are invertible, and such that their inverses also preserve (reverse) such order. In this paper we establish a suitable extension of these results to order preserving and order reversing operators acting on the class of lower semicontinous proper convex functions defined on arbitrary infinite dimensional Banach spaces.Comment: 19 pages; Journal of Functional Analysis, accepted for publication; a better presentation of certain parts; minor corrections and modifications; references and thanks were adde