Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences

In this paper we extend the results of recent studies on the existence of equilibrium in finite dimensional asset markets for both bounded and unbounded economies. We do not assume that the individual's preferences are complete or transitive. Our existence theorems for asset markets allow for short selling. We shall also show that the equilibrium achieves a constrained core within the same framework.Equilibrium Existence, Incomplete Preferences, Incomplete Markets, Constrained Core

Existence of Equilibrium in Incomplete Markets with Non-Ordered Preferences

In this paper we extend the results of recent studies on the existence of equilibrium in finite dimensional asset markets for both bounded and unbounded economies. We do not assume that the individual's preferences are complete or transitive. Our existence theorems for asset markets allow for short selling. We shall also show that the equilibrium achieves a constrained core within the same framework.Incomplete Preferences, Intransitive Preferences, Incomplete Markets, General Equilibrium, Constrained Core, Convex Analysis

Endogenous Firm Objectives

We analyze the behavior of a monopolistic firm in general equilibrium when the firm's decision are taken through shareholder voting. We show that, depending on the underlying distribution, rational voting may imply overproduction as well as underproduction, relative to the efficient level. Any initial distribution of shares is an equilibrium, if individuals do not recognize their influence on voting when trading shares. However, when they do, and there are no short-selling constraints the only equilibrium is the efficient one. With short- selling constraints typically underproduction occurs. It is not market power itself causing underproduction, but the inability to perfectly trade the rights to market power.Imperfect Competition, Shareholder Voting, Politico Economic Equilibrium

The Arbitrage Pricing Theorem with Incomplete Preferences

This paper proves existence of equilibrium and the arbitrage pricing theorem for an asset exchange economy, where the individual's preferences may be incomplete or intransitive. This extends existing results to a more general set of individual preferences. We also prove the arbitrage pricing theorem for a theory of choice under uncertainty by Bewley [1986]. These preferences model Knightian uncertainty by allowing for the possibility that preferences are incomplete.Incomplete Preferences, Equilibrium Existence, Arbitrage Pricing Theorem, Knightian Uncertainty

Corruption and Political Competition

There is a growing evidence that political corruption is often closely associated with the rent seeking activities of special interest groups. This paper examines the nature of the interaction between the lobbying activities of special interest groups and the incidence of political corruption and determines whether electoral competition can eliminate political corruption. We obtain some striking results. Greater electoral competition serves to lessen policy distortions. However, this in turn stimulates more intense lobbying which increases the scope of corrupt behavior. It is shown that electoral competition merely serves to alter the type of corruption that eventuates, but cannot eliminate it.Corruption, Lobbying, Political Competition

Global evidence on the Russia–Ukraine conflict and energy stock returns

Using the event-study and difference-in-differences approaches, this paper examines the impact of the Russia–Ukraine conflict on the stock returns of alternative energy and oil & gas producers from 48 countries. We focus on multiple critical events from the beginning of the invasion through eight months into the conflict. Our empirical results indicate that renewable energy and oil & gas producers performed better than the general stock market. Oil & gas producers generated greater returns when compared with alternative energy firms, especially at the beginning of the conflict. The gap in stock returns between the two groups of energy producers shrank significantly as the conflict progressed. Particularly in Europe, later stages of the conflict witnessed greater alternative energy stock returns than oil & gas ones. A further examination of the index returns for the segment of well-established energy firms reveals that renewable indices performed better then oil & gas indices in every critical phase of the conflict. Finally, we show that the stock returns of renewable energy equipment manufacturers also exceeded those of oil & gas equipment producers during the crisis. Overall, our results indicate investors’ optimism about the prospect of green energy following the Russian invasion of Ukraine

Echocardiographic evaluation of diastolic functions in patients with polycystic ovary syndrome: A comperative study of diastolic functions in sub-phenotypes of polycystic ovary syndrome

Background: Polycystic ovary syndrome (PCOS) is a heterogeneous endocrine disorder among reproductive-aged women. It is known to be associated with cardiovascular diseases. The aim of this study was to determine and compare the echocardiographic data of patients according to the phenotypes of PCOS. Methods: This study included 113 patients with PCOS and 52 controls. Patients were classified into four potential PCOS phenotypes. Laboratory analyses and echocardiographic measurements were performed. Left ventricular mass was calculated by using Devereux formula and was indexed to body surface area. Results: Phenotype-1 PCOS patients had significantly higher homeostasis model assessment — insu­lin resistance (HOMA-IR) (p = 0.023), free testosterone (p < 0.001), LDL cholesterol levels (p < 0.001) and free androgen index (p < 0.001) compared with the control group. There were significant differences between groups regarding the septal thickness, posterior wall thickness, Left ventricular ejection frac­tion, E/A ratio and left ventricular mass index (for all, p < 0.05). PCOS patients with phenotype 1 and 2 had significantly higher left ventricular mass index than the control group (p < 0.001). In univariate and multivariate analyses, PCOS phenotype, modified Ferriman-Gallwey Score and estradiol were found as variables, which independently could affect the left ventricular mass index. Conclusions: This study showed that women in their twenties who specifically fulfilled criteria for PCOS phenotype-1 according to the Rotterdam criteria, had higher left ventricular mass index and decreased E/A ratio, which might be suggestive of early stage diastolic dysfunction. (Cariol J 2017; 24, 4: 364–373

Romanian versus European Practices towards Dietary Fibers

Introduction: The goal of our study was to evaluate the Romanian practices regarding dietary fibers from food products versus other European countries. Methods: We made a qualitative survey based on a questionnaire applied in 2015, over 670 Romanian consumers from different counties, focused on the practices and knowledge towards ingestion of foods rich in fibers. The same questionnaire was applied in other 7 European countries, part of an international project design. Results: Our results showed that ingestion of food rich in fibers (fruits, vegetables and whole grains) were lower than european recommendations. The female participants ate more whole grains and fruits than males (p<0.001) and pay more attention to food labelling, also knowledge about fibers benefits was significantly related to education and urban location. Regarding the differences by countries, the highest fruit consumption was found for Portugal (11.7 portions per week), while the lowest was for Latvia (7.1). Young European females, with more than high school education, were most interested in fibers and considered internet and television like main sources of information. Conclusion: We emphasize the needs for more efficient community interventions for young people about the importance of dietary fibers for non-communicable diseases prevention and a healthy lifestyle.info:eu-repo/semantics/publishedVersio

The arbitrage pricing theorem with incomplete preferences

This paper proves existence of equilibrium and the arbitrage pricing theorem for an asset exchange economy, where individuals' preferences may be incomplete or intransitive. This extends existing results to more general preferences. We also prove the arbitrage pricing theorem for a theory of choice under uncertainty by Bewley [Bewley, T. F. (2002), Knightian decision theory: part I, Decisions in Economics and Finance 25, 79–110.]. These preferences model Knightian uncertainty by preferences which may be incomplete but satisfy independence