2,733 research outputs found
Fundamental R&D Spillovers and the Internationalization of a FirmĂs Research Activities
A conceptual framework is proposed for analyzing how differences in national R&D stocks can impact on a firmĂs decision to internationalize its R&D activities. A central finding is that the integration of product markets can generate an added incentive to undertake R&D abroad. A three-stage analysis of a non-cooperative game is proposed, which entails cost-reducing process innovation in an international model of duopoly. Each firmĂs technological efficiency depends not only on its investment in applied R&D, but also on its absorption of domestic and foreign fundamental R&D, as well as the extent to which the latter are substitutes or complements. In a first stage, a firmĂs absorption of foreign fundamental R&D can be impacted by a decision to localize R&D activities abroad. The interrelation between this decision and initial production costs is also explored.Fundamental R&D, spillovers, international location, economic integration
International Human Capital Formation, Brain Drain and Brain Gain: A conceptual Framework
A two-country, two-period model of international migration highlights microeconomic foundations for examining the interrelation between brain drain, brain gain and the location of human capital formation, at home or abroad. Ex ante choices regarding where to study depend on relative qualities of university systems, individuals' abilities, sunk educational investment costs, government grants, and expected employment prospects in both countries. The analysis underscores an inherently widerange of conceivable positive or negative effects on domestic net welfare. These changes depend critically on the foregoing factors, as well as the optimal design of educational grant schemes, given eventual informational imperfections regarding individuals' capabilities.
Bankruptcy Risk, Product Market Competition and Horizontal Mergers
Debt, Bankruptcy, Horizontal Merger, Competition Policy, Oligopoly.
Fractional Laplacian matrix on the finite periodic linear chain and its periodic Riesz fractional derivative continuum limit
The 1D discrete fractional Laplacian operator on a cyclically closed
(periodic) linear chain with finitenumber of identical particles is
introduced. We suggest a "fractional elastic harmonic potential", and obtain
the -periodic fractionalLaplacian operator in the form of a power law matrix
function for the finite chain ( arbitrary not necessarily large) in explicit
form.In the limiting case this fractional Laplacian
matrix recovers the fractional Laplacian matrix ofthe infinite chain.The
lattice model contains two free material constants, the particle mass and
a frequency.The "periodic string continuum limit" of the
fractional lattice model is analyzed where lattice constant and
length of the chain ("string") is kept finite: Assuming finiteness of
the total mass and totalelastic energy of the chain in the continuum limit
leads to asymptotic scaling behavior for of thetwo material
constants,namely and . In
this way we obtain the -periodic fractional Laplacian (Riesz fractional
derivative) kernel in explicit form.This -periodic fractional Laplacian
kernel recovers for the well known 1D infinite space
fractional Laplacian (Riesz fractional derivative) kernel. When the scaling
exponentof the Laplacian takesintegers, the fractional Laplacian kernel
recovers, respectively, -periodic and infinite space (localized)
distributionalrepresentations of integer-order Laplacians.The results of this
paper appear to beuseful for the analysis of fractional finite domain problems
for instance in anomalous diffusion (L\'evy flights), fractional Quantum
Mechanics,and the development of fractional discrete calculus on finite
lattices
Optimal Payoffs under State-dependent Preferences
Most decision theories, including expected utility theory, rank dependent
utility theory and cumulative prospect theory, assume that investors are only
interested in the distribution of returns and not in the states of the economy
in which income is received. Optimal payoffs have their lowest outcomes when
the economy is in a downturn, and this feature is often at odds with the needs
of many investors. We introduce a framework for portfolio selection within
which state-dependent preferences can be accommodated. Specifically, we assume
that investors care about the distribution of final wealth and its interaction
with some benchmark. In this context, we are able to characterize optimal
payoffs in explicit form. Furthermore, we extend the classical expected utility
optimization problem of Merton to the state-dependent situation. Some
applications in security design are discussed in detail and we also solve some
stochastic extensions of the target probability optimization problem
Fundamental R&D Spillovers and the Internationalization of a Firm\u27s Research Activities
A conceptual framework is proposed for analyzing how diïŹerences in national R&D stocks can impact on a ïŹrmâs decision to internationalize its R&D activities. A central ïŹnding is that the integration of product markets can generate an added incentive to undertake R&D abroad. A three-stage analysis of a non-cooperative game is proposed, which entails cost-reducing process innovation in an international model of duopoly. Each ïŹrmâs technological eïŹiciency depends not only on its investment in applied R&D, but also on its absorption of domestic and foreign fundamental R&D, as well as the extent to which the latter are substitutes or complements. In a ïŹrst stage, a ïŹrmâs absorption of foreign fundamental R&D can be impacted by a decision to localize R&D activities abroad. The interrelation between this decision and initial production costs is also explored
Saint-Junien â Site Corot
Identifiant de l'opération archéologique : 2699 Date de l'opération : 2006 (SD) L'exploration du site désigné comme « Le Chalet Corot » par la tradition locale avait pour but de vérifier l'hypothÚse selon laquelle le peintre Jean-Baptiste Corot aurait utilisé ce lieu pour travailler durant ses séjours à Saint-Junien entre 1852 et 1862. Le site se présentait comme une terrasse adossée au versant pentu de la vallée de la Glane. Mais la fouille a montré qu'il s'agissait en fait (au moins partie..
- âŠ