Licensing and Patent Protection

Size: px
Start display at page:

Download "Licensing and Patent Protection"

Transcription

1 Kennesaw State University State University Faulty Publiations 00 Liensing and Patent Protetion Arijit Mukherjee University of Nottingham Aniruddha Baghi Kennesaw State University, Follow this and additional works at: Part of the ntelletual Property Law Commons Reommended Citation Mukherjee, A., & Baghi, A. (00). Liensing and Patent Protetion. Eonomis Bulletin, 30(3), This Artile is brought to you for free and open aess by State University. t has been aepted for iusion in Faulty Publiations by an authorized administrator of DigitalCommons@Kennesaw State University. For more information, please ontat digitalommons@kennesaw.edu.

2 Volume 30, ssue 3 Liensing and Patent Protetion Aniruddha Baghi Kennesaw State University, USA Arijit Mukherjee University of Nottingham, UK Abstrat e show the impat of tehnology liensing on optimal patent poliy. Strong patent protetion that eliminates imitation may not be the equilibrium outome in the presene of liensing. Depending on the ost of innovation, liensing may either inrease or redue the strength of the patent protetion. e thank an anonymous referee for helpful omments and suggestions. The usual dislaimer applies. Citation: Aniruddha Baghi and Arijit Mukherjee, (00) ''Liensing and Patent Protetion'', Eonomis Bulletin, Vol. 30 no.3 pp Submitted: May Published: July 30, 00.

3 . ntrodution ndustry ases show that there has been an inrease in the number of ollaborative ventures among firms in reent deades (Mowery 88). One suh ativity is liensing of tehnology. Grindley and Teee (7) point to the inreasing use of liensing by firms suh as BM, Hewlett-Pakard, Texas nstruments and AT&T. Arora et al. (00) provide a omprehensive list on the size and setoral omposition of liensing. However, liensing has not been adequately onsidered in the literature on patent design (see, e.g. Gilbert and Shapiro 0, Klemperer 0, and Gallini ). Hene, the patent poliies presribed in the existing literature may not be appropriate in industries where tehnology liensing is ommoy observed. The present paper is a step to fill this gap. e onsider two patent regimes: (i) weak patent protetion, where knowledge spillover reates ompetition in the produt market, and (ii) strong patent protetion, where knowledge spillover does not our, thus making the innovator a monopolist. e show that strong patent protetion may not be the equilibrium outome if liensing is an option. This result has an important impliation for ompetition poliy. t suggests that if firms have the option to inrease profits through liensing, the government should not design the patent poliy in a way that disourages liensing. Strong patent protetion may dampen the inentive for liensing by preventing imitation. This, in turn, has a negative impat on welfare. Thus, liensing (ompared with no liensing) indues weaker patent protetion. More interestingly, we also show that the presene of transation osts in liensing may enourage a government to inrease the strength of patent protetion ompared to a situation with no liensing. Beause of transation osts, firms may not engage in liensing under a weak patent regime, sine the gain from liensing may be outweighed by its ost. Hene, a weak patent regime prevents soiety from apturing the benefit of liensing. To get around the problem, the government needs to strengthen patent protetion.. Patent Regimes without Liensing Consider an eonomy with an innovator, alled firm and an imitator, alled firm. Firm spends to invent a tehnology orresponding to the marginal ost of prodution ĉ, whih is normalized to 0. e onsider two types of patent regimes: (i) strong patent regime, and (ii) weak patent regime. The main differene between the two regimes is that under a strong patent regime, imitation is not feasible and firm is a monopolist, while imitation ours under a weak patent regime and the firms ompete as Cournot duopolists. The marginal ost of the imitator under a weak patent protetion is > 0, and it dereases with a weakening of the degree of patent protetion. e onsider the following game. n stage, the government selets the degree of patent protetion, denoted by that maximizes welfare of the eonomy, whih is the sum of net industry profit and onsumer surplus. n stage, firm deides whether to innovate or not. n stage 3, firm deides whether to imitate or not. n stage 4, prodution takes plae and the profits are realized. e solve the game through bakward indution. The inverse market demand funtion is P = q () where P is prie and q is the total output. Gallini and inter (85), Katz and Shapiro (85), Kultti and Takalo (8) and Mukherjee (005) examine the effets of liensing on R&D but ignore the issue of patent protetion. Mukherjee and Pennings (004) onsider the impliations of imitation and liensing on patent protetion but fous on tehnology adoption. Mukherjee (006) shows whether patent protetion inreases innovation in the presene of liensing. However, it does not onsider optimal patent poliy.

4 .. Strong patents s, Under this regime, firm is a monopolist and its net profit is π = 4. n order to ensure that a monopolist has the inentive for innovation, we assume that < 4. f this assumption is violated, firm has no inentive to innovate irrespetive of the patent regime. Under strong patent, welfare of the eonomy is =. () 8 s, 3.. eak patents w, ( ) w, ( ) Under this regime, the profits of firms and are π = + and π =. Note that the patent system is alled weak if it reates effetive ompetition in the produt market, whih ours if < 0.5. elfare under a weak patent is w, ( + ) + ( ) + ( ) =. (3) 8 Now determine the optimal patent poliy. Let be the degree of weak patent protetion that makes firm indifferent between innovating and not innovating. Hene, ( + ) = and firm innovates if >. Sine < 4, exists and lies between 0 and 0.5 whenever >. n partiular, when < < 4, is given by = 3. w, t follows from (3) that is onvex in for [0,0.5]. Further, = at = 0.5, w, s, w, s, w, s, > at = 0, and the minimum value of is lower than. Hene, there s, w, exists a = suh that (i) = at s, w,, (ii) < for [0, ), and (iii) > for s, w, (,0.5]. This is depited in Figure below. elfare w, s, 0.5 Figure : elfare without Liensing

5 Proposition : (a) f <, welfare maximizes at = 0 (no protetion). ( + ) (b) f (, ), welfare maximizes at = (weak protetion). ( + ) 4 () f (, ), welfare maximizes at 0.5 (strong protetion). w, s, Proof: (a) f <, firm innovates even with no patent protetion. Sine > at = 0, the optimal value of is 0 in this situation. ( + ) s, w, (b) f (, ), then 0 < <. Hene, welfare maximizes at =, sine < for [0, ). () f ( + ) 4 (, ), then >. Hene, welfare maximizes at Patent Regimes with Liensing Now extend the above analysis with liensing. Under liensing, firm makes a take-it-orleave-it offer to firm onsisting of a fixed-fee F and a royalty rate r. Firm s effetive marginal ost under liensing is r, sine liensing redues its prodution ost to 0. e assume that liensing involves a transation ost of K. As disussed in Teee (76) and Arora et al. (00), the soure of suh osts is the ost of writing ontrats, the ost of enforement, et. n this setion, the timeline is the same as in the previous setion for stages, and 3. However, in stage 4, firm deides whether to liense its tehnology. f firm offers a liensing ontrat, firm aepts the offer if liensing does not make firm worse off ompared with no liensing. Finally, in stage 5, prodution takes plae and the profits are realized. e solve the game through bakward indution. 3.. Strong patents Under strong patent, firm is a monopolist without liensing and has no inentive to liense its tehnology. Therefore, the profits and welfare are similar to that of subsetion eak patents Under weak patent, the profits of firms and are π w, ( + ) w, ( ) and π = = under no wl, ( + r) r( r) wl, ( r) liensing, while the respetive profits are π = F and π = F under liensing. e assume for simpliity that the entire transation ost is inurred by firm. However, this assumption does not matter, sine firm an adjust the fixed fee that firm pays. t must also be noted that liensing ours if neither firm nor firm is worse off under liensing ompared to no liensing. t an be shown that the optimal royalty rate is r = and the optimal fixed fee is F = 0. The equilibrium net profits of the firms under liensing are wl, ( + ) + 3 ( ) wl, ( ) K and π π = =. The above disussion assumes that liensing is profitable, whih ours if it inreases the industry profit ompared with no liensing. Liensing is profitable if ( ) > K. (4) 3 The left hand side of (4) is onave in for [0,0.5] and is maximized at. Let 4 and be the values of that equate the two sides of (4). Hene, for K [0, 4], liensing is not profitable for [0, ) and (,0.5], while it is profitable for [, ]. f liensing is profitable, i.e., if ondition (4) holds, welfare is 3

6 wl, ( + ) + ( ) + 6 ( ) + ( ) = K. (5) 8 wl, Now we analyze the hange in the welfare funtion due to liensing. Note that is wl, w, s, negatively sloped and onave in for [0,0.5], + K = = at = 0.5 and wl, w, s, + K = > at = 0. First, onsider the ase of K = 0. n this ase, note from (4) that if liensing is an wl, w, option, firm lienses its tehnology for (0,0.5). Further, if K = 0, > for (0,0.5). Hene, if K = 0 and liensing is an option, a strong patent regime is never optimal. n ontrast, it follows from Proposition () that without the option to liense, a ( + ) strong regime is optimal for (, 4). Next, onsider the ase of K > 0. For a given K > 0, Figure shows the profits of firm and welfare for different values of. Gross Profit of firm π + K wl, D B P π + w, A elfare C / 0.5 E S G H wl, L s, F / w, M 0.5 Figure : Profit of firm and welfare with and without liensing The upper panel of Figure shows the gross profit of firm (whih iudes the ost of innovation) and the lower panel of Figure shows welfare for different values of. The urve AB is the profit of firm without liensing and the urve ACPDB is the profit of firm with liensing. Notie that liensing ours for [, ]. 4

7 s, n the lower panel of Figure, the urves SF, EHMF and EHGLMF depit, w, wl, and respetively. Sine liensing does not our under the weak patent regime for w, wl, [0, ) and (,0.5], we obtain = in these situations. Now onsider as the ost of innovation in Figure. Under no liensing, the optimal regime must be strong ( = 0.5). However, under liensing, the equilibrium patent protetion is, whih implies that liensing redues the strength of patent protetion in this situation. Next, onsider the ase where the ost of innovation is. n this situation, the equilibrium patent protetion under no liensing orresponds to. However, in the presene of liensing, sine liensing ours for [, ], the optimal patent protetion is =, sine suh a poliy maximizes welfare (given by point G) subjet to the onstraint that firm innovates and lienses its tehnology. Therefore, liensing inreases the strength of patent protetion if the ost of innovation is. This result is presented in the proposition below. Proposition : (a) f liensing is ostless, strong patent protetion is not the equilibrium outome in the presene of liensing. (b) f there is a positive ost of liensing, liensing may inrease or redue the strength of patent protetion, depending on the ost of innovation. For a given positive ost of liensing, liensing inreases the strength of patent protetion if the ost of innovation is suh that the optimal level of patent protetion under no liensing is less than and liensing does not our at the optimal level of patent protetion under no liensing. However, if the ost of innovation is suh that liensing ours at the level of patent protetion that is optimal under no liensing, liensing redues the strength of patent protetion. Referenes Arora, A., A. Fosfuri and A. Gambardella (00) Markets for tehnology: the eonomis of innovation and orporate strategy, The MT Press, Massahusetts nstitute of Tehnology, USA. Gallini, N. T. () Patent poliy and ostly imitation Rand Journal of Eonomis 3, Gallini, N.T. and R.A. inter (85) Liensing in the theory of innovation Rand Journal of Eonomis 6, Gilbert, R. and C. Shapiro (0) Optimal patent length and breadth Rand Journal of Eonomis 6, Grindley, P.C. and D.J. Teee (7) Liensing and ross-liensing in semiondutors and eletronis California Management Review 3, 8-4. Katz, M. L. and C. Shapiro (85) On the liensing of innovations Rand Journal of Eonomis 6, Klemperer, P. (0) How broad should the sope of patent protetion be? Rand Journal of Eonomis,

8 Kultti, K. and T. Takalo (8) R&D spillovers and information exhange Eonomis Letters 6, -3. Mowery, D. (Ed.), 88, nternational ollaborative ventures in U.S. manufaturing, Ballinger Press, Cambridge, Massahusetts. Mukherjee, A. (005) nnovation, liensing and welfare The Manhester Shool 73, -3. Mukherjee, A. (006) Patents and R&D with imitation and liensing Eonomis Letters 3, 6-0. Mukherjee, A. and E. Pennings (004) mitation, patent protetion and welfare Oxford Eonomi Papers 56, Teee, D. (76) The multinational orporation and resoure ost of international tehnology transfer, Ballinger Press, Cambridge, Massahusetts. 6

Importantly, note that prices are not functions of the expenditure on advertising that firm 1 makes during the first period.

Importantly, note that prices are not functions of the expenditure on advertising that firm 1 makes during the first period. ECONS 44 STRATEGY AND GAME THEORY HOMEWORK #4 ANSWER KEY Exerise - Chapter 6 Watson Solving by bakward indution:. We start from the seond stage of the game where both firms ompete in pries. Sine market

More information

Econ 455 Answers - Problem Set Consider a small country (Belgium) with the following demand and supply curves for cloth:

Econ 455 Answers - Problem Set Consider a small country (Belgium) with the following demand and supply curves for cloth: Spring 000 Eon 455 Harvey Lapan Eon 455 Answers - Problem Set 4 1. Consider a small ountry (Belgium) with the following demand and supply urves for loth: Supply = 3P ; Demand = 60 3P Assume Belgium an

More information

Economics 2202 (Section 05) Macroeconomic Theory Practice Problem Set 3 Suggested Solutions Professor Sanjay Chugh Fall 2014

Economics 2202 (Section 05) Macroeconomic Theory Practice Problem Set 3 Suggested Solutions Professor Sanjay Chugh Fall 2014 Department of Eonomis Boston College Eonomis 2202 (Setion 05) Maroeonomi Theory Pratie Problem Set 3 Suggested Solutions Professor Sanjay Chugh Fall 2014 1. Interation of Consumption Tax and Wage Tax.

More information

Limiting Limited Liability

Limiting Limited Liability Limiting Limited Liability Giuseppe Dari-Mattiai Amsterdam Center for Law & Eonomis Working Paper No. 2005-05 This paper an be downloaded without harge from the Soial Siene Researh Network Eletroni Paper

More information

Problem Set 8 Topic BI: Externalities. a) What is the profit-maximizing level of output?

Problem Set 8 Topic BI: Externalities. a) What is the profit-maximizing level of output? Problem Set 8 Topi BI: Externalities 1. Suppose that a polluting firm s private osts are given by TC(x) = 4x + (1/100)x 2. Eah unit of output the firm produes results in external osts (pollution osts)

More information

FOREST CITY INDUSTRIAL PARK FIN AN CIAL RETURNS EXECUTIVE SUMMARY

FOREST CITY INDUSTRIAL PARK FIN AN CIAL RETURNS EXECUTIVE SUMMARY FOREST CITY INDUSTRIAL PARK FIN AN CIAL RETURNS EXECUTIVE SUMMARY The City of London is engagedl in industrial land development for the sole purpose of fostering eonomi growth. The dynamis of industrial

More information

Asymmetric Integration *

Asymmetric Integration * Fung and Shneider, International Journal of Applied Eonomis, (, September 005, 8-0 8 Asymmetri Integration * K.C. Fung and Patriia Higino Shneider University of California, Santa Cruz and Mount Holyoke

More information

At a cost-minimizing input mix, the MRTS (ratio of marginal products) must equal the ratio of factor prices, or. f r

At a cost-minimizing input mix, the MRTS (ratio of marginal products) must equal the ratio of factor prices, or. f r ECON 311 NAME: KEY Fall Quarter, 2011 Prof. Hamilton Final Exam 200 points 1. (30 points). A firm in Los Angeles produes rubber gaskets using labor, L, and apital, K, aording to a prodution funtion Q =

More information

Output and Expenditure

Output and Expenditure 2 Output and Expenditure We begin with stati models of the real eonomy at the aggregate level, abstrating from money, pries, international linkages and eonomi growth. Our ausal perspetive depends on what

More information

AUTHOR COPY. The co-production approach to service: a theoretical background

AUTHOR COPY. The co-production approach to service: a theoretical background Journal of the Operational Researh Soiety (213), 1 8 213 Operational Researh Soiety td. All rights reserved. 16-5682/13 www.palgrave-journals.om/jors/ The o-prodution approah to servie: a theoretial bakground

More information

Multi-Firm Mergers with Leaders and Followers

Multi-Firm Mergers with Leaders and Followers Multi-irm Mergers with eaders and ollowers Gamal Atallah 1 University of Ottawa Deember 2011 Department of Eonomis, University of Ottawa, P.O. Box 450, STN. A, Ottawa, Ontario, Canada, 1 gatllah@uottawa.a,

More information

Source versus Residence Based Taxation with International Mergers and Acquisitions

Source versus Residence Based Taxation with International Mergers and Acquisitions Soure versus Residene Based Taxation with International Mergers and Aquisitions Johannes Beker Clemens Fuest CESIFO WORKING PAPER NO. 2854 CATEGORY 1: PUBLIC FINANCE NOVEMBER 2009 An eletroni version of

More information

Associate Professor Jiancai PI, PhD Department of Economics School of Business, Nanjing University

Associate Professor Jiancai PI, PhD Department of Economics School of Business, Nanjing University Assoiate Professor Jianai PI PhD Department of Eonomis Shool of Business Nanjing University E-mail: jianaipi@hotmail.om; pi28@nju.edu.n THE CHICE BETWEEN THE MAL AND ELATINAL INANCING IN CHINESE AMILY

More information

Globalization, Jobs, and Welfare: The Roles of Social Protection and Redistribution 1

Globalization, Jobs, and Welfare: The Roles of Social Protection and Redistribution 1 Globalization, Jobs, and Welfare: The Roles of Soial Protetion and Redistribution Priya Ranjan University of California - Irvine pranjan@ui.edu Current Draft Deember, 04 Abstrat This paper studies the

More information

Sequential Procurement Auctions and Their Effect on Investment Decisions

Sequential Procurement Auctions and Their Effect on Investment Decisions Sequential Prourement Autions and Their Effet on Investment Deisions Gonzalo isternas Niolás Figueroa November 2007 Abstrat In this paper we haraterize the optimal prourement mehanism and the investment

More information

Strategic Dynamic Sourcing from Competing Suppliers: The Value of Commitment

Strategic Dynamic Sourcing from Competing Suppliers: The Value of Commitment Strategi Dynami Souring from Competing Suppliers: The Value of Commitment Cuihong Li Laurens G. Debo Shool of Business, University of Connetiut, Storrs, CT0669 Tepper Shool of Business, Carnegie Mellon

More information

Optimal Monetary Policy in a Model of the Credit Channel

Optimal Monetary Policy in a Model of the Credit Channel Optimal Monetary Poliy in a Model of the Credit Channel Fiorella De Fiore y European Central Bank Oreste Tristani z European Central Bank 9 September 2008 First draft Abstrat We onsider a simple extension

More information

CONSUMPTION-LABOR FRAMEWORK SEPTEMBER 19, (aka CONSUMPTION-LEISURE FRAMEWORK) THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets

CONSUMPTION-LABOR FRAMEWORK SEPTEMBER 19, (aka CONSUMPTION-LEISURE FRAMEWORK) THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets CONSUMPTION-LABOR FRAMEWORK (aka CONSUMPTION-LEISURE FRAMEWORK) SEPTEMBER 19, 2011 The Three Maro Markets THE THREE MACRO (AGGREGATE) MARKETS Goods Markets P Labor Markets Finanial/Capital/Savings/Asset

More information

The Simple Economics of White Elephants

The Simple Economics of White Elephants The Simple Eonomis of White Elephants Juan-José Ganuza Universitat Pompeu Fabra and Barelona GSE Gerard Llobet CEMFI and CEPR July 13, 2017 Abstrat This paper shows that the onession model disourages firms

More information

Economics 602 Macroeconomic Theory and Policy Problem Set 4 Suggested Solutions Professor Sanjay Chugh Summer 2010

Economics 602 Macroeconomic Theory and Policy Problem Set 4 Suggested Solutions Professor Sanjay Chugh Summer 2010 Department of Applied Eonomis Johns Hopkins University Eonomis 6 Maroeonomi Theory and Poliy Prolem Set 4 Suggested Solutions Professor Sanjay Chugh Summer Optimal Choie in the Consumption-Savings Model

More information

CONSUMPTION-LEISURE FRAMEWORK SEPTEMBER 20, 2010 THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets. Goods Markets.

CONSUMPTION-LEISURE FRAMEWORK SEPTEMBER 20, 2010 THE THREE MACRO (AGGREGATE) MARKETS. The Three Macro Markets. Goods Markets. CONSUMPTION-LEISURE FRAMEWORK SEPTEMBER 20, 2010 The Three Maro Markets THE THREE MACRO (AGGREGATE) MARKETS Goods Markets P Labor Markets Capital/Savings/Funds/Asset Markets interest rate labor Will put

More information

Explanatory Memorandum

Explanatory Memorandum IN THE KEYS HEAVILY INDEBTED POOR COUNTRIES (LIMITATION ON DEBT RECOVERY) BILL 202 Explanatory Memorandum. This Bill is promoted by the Counil of Ministers. 2. Clause provides for the short title of the

More information

The Impact of Capacity Costs on Bidding Strategies in Procurement Auctions

The Impact of Capacity Costs on Bidding Strategies in Procurement Auctions Review of Aounting Studies, 4, 5 13 (1999) 1999 Kluwer Aademi Publishers, Boston. Manufatured in The Netherlands. The Impat of Capaity Costs on Bidding Strategies in Prourement Autions JÖRG BUDDE University

More information

IS-LM model. Giovanni Di Bartolomeo Macro refresh course Economics PhD 2012/13

IS-LM model. Giovanni Di Bartolomeo Macro refresh course Economics PhD 2012/13 IS-LM model Giovanni Di Bartolomeo giovanni.dibartolomeo@uniroma.it Note: These leture notes are inomplete without having attended letures IS Curve Giovanni Di Bartolomeo giovanni.dibartolomeo@uniroma.it

More information

Availability Analysis with Opportunistic Maintenance of a Two Component Deteriorating System

Availability Analysis with Opportunistic Maintenance of a Two Component Deteriorating System Analysis with Maintenane of a Two Component Deteriorating System Joel P. Varghese and Girish Kumar Abstrat This paper desribes the opportunisti maintenane model for availability analysis of two omponent

More information

The Simple Economics of White Elephants

The Simple Economics of White Elephants The Simple Eonomis of White Elephants Juan-José Ganuza Universitat Pompeu Fabra and Barelona GSE Gerard Llobet CEMFI and CEPR May 16, 2016 Abstrat This paper disusses how the design of onession ontrats

More information

DISCUSSION PAPER SERIES. No MARKET SIZE, ENTREPRENEURSHIP, AND INCOME INEQUALITY. Kristian Behrens, Dmitry Pokrovsky and Evgeny Zhelobodko

DISCUSSION PAPER SERIES. No MARKET SIZE, ENTREPRENEURSHIP, AND INCOME INEQUALITY. Kristian Behrens, Dmitry Pokrovsky and Evgeny Zhelobodko DISCUSSION PAPER SERIES No. 9831 MARKET SIZE, ENTREPRENEURSHIP, AND INCOME INEQUALITY Kristian Behrens, Dmitry Pokrovsky and Evgeny Zhelobodko INTERNATIONAL TRADE AND REGIONAL ECONOMICS ABCD www.epr.org

More information

RESEARCH AND DEVELOPMENT

RESEARCH AND DEVELOPMENT SØK/ECON 535 Iperfet Copetition an Strategi Interation RESEARCH AND DEVELOPMENT Leture notes 11.11.02 Introution Issues private inentives vs overall gains fro R&D introution of new tehnology Types of R&D

More information

0NDERZOEKSRAPPORT NR TAXES, DEBT AND FINANCIAL INTERMEDIARIES C. VAN HULLE. Wettelijk Depot : D/1986/2376/4

0NDERZOEKSRAPPORT NR TAXES, DEBT AND FINANCIAL INTERMEDIARIES C. VAN HULLE. Wettelijk Depot : D/1986/2376/4 0NDERZOEKSRAPPORT NR. 8603 TAXES, DEBT AND FINANCIAL INTERMEDIARIES BY C. VAN HULLE Wettelijk Depot : D/1986/2376/4 TAXES, DEBT AND FINANCIAL INTERMEDIARIES Muh lending and borrowing is indiret : finanial

More information

adb economics working paper series

adb economics working paper series Labor market regulations in the ontext o strutural transormation Priya Ranjan, Rana Hasan, and Erik Jan Eleazar NO. 543 April 018 adb eonomis working paper series ASIAN DEVELOPMENT BANK ADB Eonomis Working

More information

The Optimal Monetary and Fiscal Policy Mix in a Financially Heterogeneous Monetary Union

The Optimal Monetary and Fiscal Policy Mix in a Financially Heterogeneous Monetary Union The Optimal Monetary and Fisal Poliy Mix in a Finanially Heterogeneous Monetary Union Jakob Palek y February 4, 5 Abstrat Reent work on nanial fritions in New Keynesian models suggest that there is a sizable

More information

ON TRANSACTION COSTS IN STOCK TRADING

ON TRANSACTION COSTS IN STOCK TRADING QUANTITATIVE METHODS IN ECONOMICS Volume XVIII, No., 07, pp. 58 67 ON TRANSACTION COSTS IN STOCK TRADING Marek Andrzej Koiński Faulty of Applied Informatis and Mathematis Warsaw University of Life Sienes

More information

Consumption smoothing and the welfare consequences of social insurance in developing economies

Consumption smoothing and the welfare consequences of social insurance in developing economies Journal of Publi Eonomis 90 (2006) 2351 2356 www.elsevier.om/loate/eonbase Consumption smoothing and the welfare onsequenes of soial insurane in developing eonomies Raj Chetty a,, Adam Looney b a UC-Berkeley

More information

i e SD No.2015/0206 PAYMENT SERVICES REGULATIONS 2015

i e SD No.2015/0206 PAYMENT SERVICES REGULATIONS 2015 i e SD No.2015/0206 PAYMENT SERVICES REGULATIONS 2015 Payment Servies Regulations 2015 Index PAYMENT SERVICES REGULATIONS 2015 Index Regulation Page PART 1 INTRODUCTION 7 1 Title... 7 2 Commenement...

More information

Market Power Rents and Climate Change Mitigation. A Rationale for Export Taxes on Coal? Philipp M. Richter, Roman Mendelevitch, Frank Jotzo

Market Power Rents and Climate Change Mitigation. A Rationale for Export Taxes on Coal? Philipp M. Richter, Roman Mendelevitch, Frank Jotzo Market Power Rents and Climate Change Mitigation A Rationale for Export Taxes on Coal? Philipp M. Rihter, Roman Mendelevith, Frank Jotzo Roman Mendelevith 9 th Trans-Atlanti Infraday, FERC, Washington

More information

Optimal Monetary Policy in a Model of the Credit Channel

Optimal Monetary Policy in a Model of the Credit Channel Optimal Monetary Poliy in a Model of the Credit Channel Fiorella De Fiore European Central Bank Oreste Tristani y European Central Bank 9 July 8 Preliminary and Inomplete Abstrat We onsider a simple extension

More information

ARTICLE IN PRESS. Journal of Health Economics xxx (2011) xxx xxx. Contents lists available at SciVerse ScienceDirect. Journal of Health Economics

ARTICLE IN PRESS. Journal of Health Economics xxx (2011) xxx xxx. Contents lists available at SciVerse ScienceDirect. Journal of Health Economics Journal of Health Eonomis xxx (20) xxx xxx Contents lists available at SiVerse SieneDiret Journal of Health Eonomis j ourna l ho me page: www.elsevier.om/loate/eonbase Optimal publi rationing and prie

More information

Economics 325 Intermediate Macroeconomic Analysis Practice Problem Set 1 Suggested Solutions Professor Sanjay Chugh Spring 2011

Economics 325 Intermediate Macroeconomic Analysis Practice Problem Set 1 Suggested Solutions Professor Sanjay Chugh Spring 2011 Department of Eonomis Universit of Marland Eonomis 35 Intermediate Maroeonomi Analsis Pratie Problem Set Suggested Solutions Professor Sanja Chugh Spring 0. Partial Derivatives. For eah of the following

More information

Tax Competition Greenfield Investment versus Mergers and Acquisitions

Tax Competition Greenfield Investment versus Mergers and Acquisitions Tax Competition Greenfield Investment versus Mergers and Aquisitions JOHANNES BECKER CLEMENS FUEST CESIFO WORKING PAPER NO. 2247 CATEGORY 1: PUBLIC FINANCE MARCH 2008 An eletroni version of the paper may

More information

Basic research utilization and the R&D employment contract

Basic research utilization and the R&D employment contract ömföäflsäafaäsflassflassflas ffffffffffffffffffffffffffffffffffff Disussion Papers Basi researh utilization and the R&D employment ontrat io ustonen Helsini Shool of Eonomis and HECER Disussion Paper No.

More information

Clipping Coupons: Redemption of Offers with Forward-Looking Consumers

Clipping Coupons: Redemption of Offers with Forward-Looking Consumers Clipping Coupons: Redemption of Offers with Forward-Looking Consumers Kissan Joseph Oksana Loginova Marh 6, 2019 Abstrat Consumer redemption behavior pertaining to oupons, gift ertifiates, produt sampling,

More information

Kyle Bagwell and Robert W. Staiger. Revised: November 1993

Kyle Bagwell and Robert W. Staiger. Revised: November 1993 Multilateral Tariff Cooperation During the Formation of Regional Free Trade Areas* Kyle Bagwell and Robert W. Staiger Northwestern University The University of Wisonsin and NBER by Revised: November 1993

More information

Risk Sharing and Adverse Selection with Asymmetric Information on Risk Preference

Risk Sharing and Adverse Selection with Asymmetric Information on Risk Preference Risk Sharing and Adverse Seletion with Asymmetri Information on Risk Preferene Chifeng Dai 1 Department of Eonomis Southern Illinois University Carbondale, IL 62901, USA February 18, 2008 Abstrat We onsider

More information

PwC International Business Reorganisations Network Monthly Legal Update

PwC International Business Reorganisations Network Monthly Legal Update PwC International Business Reorganisations Network Monthly Legal Update Edition 12, Deember 2016 Contents PriewaterhouseCoopers (Australia) ontrats with small business as potentially unfair 1 Welome Welome

More information

Intermediating Auctioneers

Intermediating Auctioneers Intermediating Autioneers Yuelan Chen Department of Eonomis The University of Melbourne September 10, 2007 Abstrat Aution theory almost exlusively assumes that the autioneer and the owner or the buyer)

More information

The Simple Economics of White Elephants

The Simple Economics of White Elephants The Simple Eonomis of White Elephants Juan-José Ganuza Universitat Pompeu Fabra and Barelona GSE Gerard Llobet CEMFI and CEPR May 13, 2016 Abstrat This paper disusses how the design of onession ontrats

More information

Optimal Auditing Standards

Optimal Auditing Standards Optimal Auditing Standards Maro Pagano Università di Napoli Federio II, CSEF and CEPR Giovanni Immordino Università di Salerno and CSEF Preliminary draft: November 20, 2004 Comments welome Abstrat We study

More information

Policy Consideration on Privatization in a Mixed Market

Policy Consideration on Privatization in a Mixed Market Poliy Consideration on Privatization in a Mixed Market Sang-Ho Lee * Abstrat This paper onsiders a mixed market where the publi firm ompetes with private firm and examines the welfare effet of the industrial

More information

Exogenous Information, Endogenous Information and Optimal Monetary Policy

Exogenous Information, Endogenous Information and Optimal Monetary Policy Exogenous Information, Endogenous Information and Optimal Monetary Poliy Luigi Paiello Einaudi Institute for Eonomis and Finane Mirko Wiederholt Northwestern University November 2010 Abstrat Most of the

More information

AUDITING COST OVERRUN CLAIMS *

AUDITING COST OVERRUN CLAIMS * AUDITING COST OVERRUN CLAIMS * David Pérez-Castrillo # University of Copenhagen & Universitat Autònoma de Barelona Niolas Riedinger ENSAE, Paris Abstrat: We onsider a ost-reimbursement or a ost-sharing

More information

Transport tax reforms, two-part tariffs, and revenue recycling. - A theoretical result

Transport tax reforms, two-part tariffs, and revenue recycling. - A theoretical result Transport tax reforms, to-part tariffs, and revenue reyling - A theoretial result Abstrat Jens Erik Nielsen Danish Transport Researh Institute We explore the interation beteen taxes on onership and on

More information

This article attempts to narrow the gap between

This article attempts to narrow the gap between Evan F. Koenig Senior Eonomist and Poliy Advisor Rethinking the IS in IS LM: Adapting Keynesian Tools to Non-Keynesian Eonomies Part 1 This artile attempts to narrow the gap between two maroeonomi paradigms

More information

The effect of oil price shocks on economic growth (Case Study; Selected Oil Exporting Countries)

The effect of oil price shocks on economic growth (Case Study; Selected Oil Exporting Countries) Tehnial Journal of Engineering and Applied Sienes Available online at www.tjeas.om 2013 TJEAS Journal-2013-3-17/2118-2122 ISSN 2051-0853 2013 TJEAS The effet of oil prie shoks on eonomi growth (Case Study;

More information

Decision-making Method for Low-rent Housing Construction Investment. Wei Zhang*, Liwen You

Decision-making Method for Low-rent Housing Construction Investment. Wei Zhang*, Liwen You 5th International Conferene on Civil Enineerin and Transportation (ICCET 5) Deision-makin Method for Low-rent Housin Constrution Investment Wei Zhan*, Liwen You University of Siene and Tehnoloy Liaonin,

More information

Contending with Risk Selection in Competitive Health Insurance Markets

Contending with Risk Selection in Competitive Health Insurance Markets This paper is prepared for presentation at the leture, Sikness Fund Compensation and Risk Seletion at the annual meeting of the Verein für Soialpolitik, Bonn, Germany September 29, 2005. September 19,

More information

On the Welfare Benefits of an International Currency

On the Welfare Benefits of an International Currency On the Welfare Benefits of an International Curreny Prakash Kannan Researh Department International Monetary Fund Otober 2006 Abstrat Is it benefiial for a ountry s urreny to be used internationally? And,

More information

Voluntary Prices vs. Voluntary Quantities

Voluntary Prices vs. Voluntary Quantities Voluntary Pries vs. Voluntary Quantities Torben K. Mideksa Martin L. Weitzman April 12, 2018 Abstrat We extend the standard Pries vs. Quantities framework to over two independent and idential jurisditions,

More information

Giacomo Calzolari and Giancarlo Spagnolo*

Giacomo Calzolari and Giancarlo Spagnolo* INTERNATIONAL PUBLIC PROCUREMENT CONFEREN CE PROCEEDINGS 21-23 September 2006 REPUTATIONAL COMMITMENTS AND COLLUSION IN PROCUREMENT Giaomo Calzolari and Gianarlo Spagnolo* ABSTRACT. When gains from trade

More information

Transfer of Functions (Isle of Man Financial Services Authority) TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015

Transfer of Functions (Isle of Man Financial Services Authority) TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015 Transfer of Funtions (Isle of Man Finanial Servies Authority) Order 2015 Index TRANSFER OF FUNCTIONS (ISLE OF MAN FINANCIAL SERVICES AUTHORITY) ORDER 2015 Index Artile Page 1 Title... 3 2 Commenement...

More information

Monetary Policy, Leverage, and Bank Risk-Taking

Monetary Policy, Leverage, and Bank Risk-Taking Monetary Poliy, Leverage, and Bank Risk-Taking Giovanni Dell Ariia IMF and CEPR Lu Laeven IMF and CEPR Deember 200 Robert Maruez Boston University Abstrat The reent global nanial risis has ignited a debate

More information

Imagine barriers between you and other buyers or sellers: legal, spatial, social, or temporal

Imagine barriers between you and other buyers or sellers: legal, spatial, social, or temporal Deentralized Trade Imagine barriers between you and other buyers or sellers: legal, spatial, soial, or temporal These barriers redue the set of goods you an trade, and this redues welfare in some sense

More information

Provided in Cooperation with: Ifo Institute Leibniz Institute for Economic Research at the University of Munich

Provided in Cooperation with: Ifo Institute Leibniz Institute for Economic Research at the University of Munich eonstor www.eonstor.eu Der Open-Aess-Publikationsserver der ZBW Leibniz-Informationszentrum Wirtshaft The Open Aess Publiation Server of the ZBW Leibniz Information Centre for Eonomis Gérard, Marel; Prinen,

More information

Journal of Health Economics

Journal of Health Economics Journal of Health Eonomis 32 (2013) 559 569 Contents lists available at SiVerse SieneDiret Journal of Health Eonomis ourna l h omepa ge: www.elsevier.om/loate/eonbase reatment deisions under ambiguity

More information

Value Added Tax (Flat-rate Valuation of Supplies of Fuel for Private Use) Order 2013

Value Added Tax (Flat-rate Valuation of Supplies of Fuel for Private Use) Order 2013 Index VALUE ADDED TAX (FLAT-RATE VALUATION OF SUPPLIES OF FUEL FOR PRIVATE USE) ORDER 2013 Index Artile Page 1 Title... 3 2 Commenement... 3 3 Flat-rate basis of valuation of supplies of fuel for private

More information

Transfer of Functions (Economic Development and Education) TRANSFER OF FUNCTIONS (ECONOMIC DEVELOPMENT AND EDUCATION) ORDER 2017

Transfer of Functions (Economic Development and Education) TRANSFER OF FUNCTIONS (ECONOMIC DEVELOPMENT AND EDUCATION) ORDER 2017 Transfer of Funtions (Eonomi Development and Eduation) Index TRANSFER OF FUNCTIONS (ECONOMIC DEVELOPMENT AND EDUCATION) ORDER 2017 Index Artile Page 1 Title... 3 2 Commenement... 3 3 Renaming of the Department

More information

Taxation and Fiscal Expenditure in a Growth Model with Endogenous Fertility

Taxation and Fiscal Expenditure in a Growth Model with Endogenous Fertility Disussion Paper No. 2015-35 May 08, 2015 http://www.eonomis-ejournal.org/eonomis/disussionpapers/2015-35 Taxation and Fisal Expenditure in a Growth Model with Endogenous Fertility Norman Sedgley and Brue

More information

Retirement Benefits Schemes (Miscellaneous Amendments) RETIREMENT BENEFITS SCHEMES (MISCELLANEOUS AMENDMENTS) REGULATIONS 2014

Retirement Benefits Schemes (Miscellaneous Amendments) RETIREMENT BENEFITS SCHEMES (MISCELLANEOUS AMENDMENTS) REGULATIONS 2014 Retirement Benefits Shemes (Misellaneous Amendments) Index RETIREMENT BENEFITS SCHEMES (MISCELLANEOUS AMENDMENTS) REGULATIONS 2014 Index Regulation Page 1 Title... 3 2 Commenement... 3 3 Amendment of the

More information

Centre de Referència en Economia Analítica

Centre de Referència en Economia Analítica Centre de Referènia en Eonomia Analítia Barelona Eonomis Working Paper Series Working Paper nº 229 Priing ylial goods Ramon Caminal July, 2005 Priing ylial goods Ramon Caminal Institut danàlisi Eonòmia,

More information

Dynamic Pricing of Di erentiated Products

Dynamic Pricing of Di erentiated Products Dynami Priing of Di erentiated Produts Rossitsa Kotseva and Nikolaos Vettas August 6, 006 Abstrat We examine the dynami priing deision of a rm faing random demand while selling a xed stok of two di erentiated

More information

Research Article The Real Causes of Inflation

Research Article The Real Causes of Inflation Current Researh Journal of Eonomi Theory 7(1): 1-10, 2015 ISSN: 2042-4841, e-issn: 2042-485X 2015 Maxwell Sientifi Publiation Corp. Submitted: Otober 12, 2014 Aepted: January 27, 2015 Published: May 20,

More information

T R A D E A N D I N D U S T R I A L P O L I C Y S T R A T E G I E S

T R A D E A N D I N D U S T R I A L P O L I C Y S T R A T E G I E S Working Paper 1-2004 A Dynami Computable General Equilibrium (CGE) Model for South Afria: Extending the Stati IFPRI Model James Thurlow T R A D E A N D I N D U S T R I A L P O L I C Y S T R A T E G I E

More information

Optimal Contracting with Unknown Risk Preference

Optimal Contracting with Unknown Risk Preference Optimal Contrating with Unknown Risk Preferene Chifeng Dai Department of Eonomis Southern Illinois University Carbondale, IL 62901, USA Abstrat In environments of unertainty risk sharing is often an important

More information

Say you have $X today and can earn an annual interest rate r by investing it. Let FV denote the future value of your investment and t = time.

Say you have $X today and can earn an annual interest rate r by investing it. Let FV denote the future value of your investment and t = time. Same as with Labor Supply, maximizing utility in the ontext of intertemporal hoies is IDEN- TICAL to what we ve been doing, just with a different budget onstraint. Present and Future Value Say you have

More information

Technology Licensing in a Differentiated Oligopoly

Technology Licensing in a Differentiated Oligopoly Kennesaw State University DigitalCommons@Kennesaw State University Faculty Publications 1-014 Technology Licensing in a Differentiated Oligopoly Aniruddha Bagchi Kennesaw State University, abagchi@kennesaw.edu

More information

PROSPECTUS May 1, Agency Shares

PROSPECTUS May 1, Agency Shares Dreyfus Institutional Reserves Funds Dreyfus Institutional Reserves Money Fund Class/Tiker Ageny shares DRGXX Dreyfus Institutional Reserves Treasury Fund Class/Tiker Ageny shares DGYXX Dreyfus Institutional

More information

Ecological Tax Reforms and the. Environment: A Note

Ecological Tax Reforms and the. Environment: A Note Publishe in: Bulletin of Eonomi Researh 50.1997, pp. 83-89 Eologial Tax Reforms an the Environment: A Note Ronnie Shöb University of Munih JEL lassifiation: H21, Q28 Aress: Ronnie Shöb Department of Eonomis

More information

Should platforms be allowed to charge ad valorem fees?

Should platforms be allowed to charge ad valorem fees? Should platforms be allowed to harge ad valorem fees? Zhu Wang and Julian Wright November 27 Abstrat Many platforms that failitate transations between buyers and sellers harge ad valorem fees in whih fees

More information

IMPACTS OF FOREIGN SAVINGS INFLOWS ON THE PALESTINIAN ECONOMY: A CGE ANALYSIS

IMPACTS OF FOREIGN SAVINGS INFLOWS ON THE PALESTINIAN ECONOMY: A CGE ANALYSIS International Journal of Eonomis, Commere and Management United Kingdom Vol. II, Issue 12, De 2014 http://ijem.o.uk/ ISSN 2348 0386 IMPACTS OF FOREIGN SAVINGS INFLOWS ON THE PALESTINIAN ECONOMY: A CGE

More information

Public Sector Rationing and Private Sector Selection

Public Sector Rationing and Private Sector Selection Publi Setor Rationing and Private Setor Seletion Simona Grassi Faulty of Business and Eonomis Institut d Eonomie et de Management de la Santé Université de Lausanne simona.grassi@unil.h Ching-to Albert

More information

Economics 001 Principles of Microeconomics

Economics 001 Principles of Microeconomics Eonomis 001 riniples of Miroeonomis Leture 9 household hoie budgets indifferene urves MRS demand again rofessor Arik Levinson Moving from point B to point A, right and down the (straight line) demand urve

More information

i e SD No.2017/0343 PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017

i e SD No.2017/0343 PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017 i e SD No.2017/0343 PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017 Payment Servies (Amendment) Regulations 2017 Index PAYMENT SERVICES (AMENDMENT) REGULATIONS 2017 Index Regulation Page 1 Title... 5 2

More information

Variable Markups and Misallocation in Chinese Manufacturing and Services

Variable Markups and Misallocation in Chinese Manufacturing and Services Variable Markups and Misalloation in Chinese Manufaturing and Servies Jinfeng Ge Zheng Mihael Song Yangzhou Yuan eember 13, 216 Abstrat Cross-ountry omparison reveals an unusually small servie setor in

More information

Managerial Legacies, Entrenchment and Strategic Inertia

Managerial Legacies, Entrenchment and Strategic Inertia Managerial Legaies, Entrenhment and Strategi Inertia Catherine Casamatta CRG, University of Toulouse I Alexander Guembel Saïd Business Shool and Linoln College University of Oxford July 12, 2006 We would

More information

Carbon leakage: a mechanism design approach

Carbon leakage: a mechanism design approach Carbon leakage: a mehanism design approah Lassi Ahlvik and Matti Liski Otober 5, 2017 Abstrat Polluting firms often press poliy makers to offer ompensations or roll bak regulations by threatening to reloate.

More information

Exogenous Information, Endogenous Information and Optimal Monetary Policy

Exogenous Information, Endogenous Information and Optimal Monetary Policy Exogenous Information, Endogenous Information and Optimal Monetary Poliy Luigi Paiello Einaudi Institute for Eonomis and Finane Mirko Wiederholt Northwestern University January 2011 Abstrat This paper

More information

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA

GOVERNMENT GAZETTE REPUBLIC OF NAMIBIA .. GOVERNMENT GAZETTE OF THE REPUBLIC OF NAMIBIA N$2.25 WINDHOEK -22 Deember 2001 CONTENTS Page GOVERNMENT NOTICE No. 249 Promulgation of Environment Investment Fund of Namibia At, 2001 (At No. 13 of 200

More information

Merger Review for Markets with Buyer Power

Merger Review for Markets with Buyer Power Merger Review for Markets with Buyer Power Simon Loertsher Leslie M. Marx September 6, 2018 Abstrat We analyze the ompetitive effets of mergers in markets with buyer power. Using mehanism design arguments,

More information

An EOQ Model with Parabolic Demand Rate and Time Varying Selling Price

An EOQ Model with Parabolic Demand Rate and Time Varying Selling Price Annals of Pure and Applied Mathematis Vol.,.,, 3-43 ISSN: 79-87X (P),79-888(online) Published on 5 September www.researhmathsi.org Annals of An EOQ Model with Paraboli Demand Rate and ime Varying Selling

More information

Discriminatory tariffs and international negotiations

Discriminatory tariffs and international negotiations ournal of International Eonomis 61 (2003) 397 424 www.elsevier.om/ loate/ eonbase Disriminator tariffs and international negotiations osh Ederington *, Phillip MCalman a, b a Department of Eonomis, Universit

More information

The Future of Public Employee Retirement Systems

The Future of Public Employee Retirement Systems 978 0 19 957334 9 Mithell-Main-drv Mithell (Typeset by SPi, Chennai) iii of 343 July 21, 2009 20:23 The Future of Publi Employee Retirement Systems EDITED BY Olivia S. Mithell and Gary Anderson 1 978 0

More information

Are Hard Budget Constraints for Sub-National GovernmentsAlwaysEfficient?

Are Hard Budget Constraints for Sub-National GovernmentsAlwaysEfficient? Are Hard Budget Constraints for Sub-National GovernmentsAlwaysEffiient? Martin Besfamille Ben Lokwood Otober 1, 004 Abstrat In fisally deentralized ountries, sub-national governments (SNGs) may fae soft

More information

Managing Future Oil Revenues in Ghana

Managing Future Oil Revenues in Ghana IFPRI Disussion Paper 00893 August 2009 Managing Future Oil Revenues in Ghana An Assessment of Alternative Alloation Options Clemens Breisinger Xinshen Diao Rainer Shweikert Manfred Wiebelt Development

More information

Fee versus royalty licensing in a Cournot duopoly model

Fee versus royalty licensing in a Cournot duopoly model Economics Letters 60 (998) 55 6 Fee versus royalty licensing in a Cournot duopoly model X. Henry Wang* Department of Economics, University of Missouri, Columbia, MO 65, USA Received 6 February 997; accepted

More information

Forward Contracts and Collusion in the Electricity Markets

Forward Contracts and Collusion in the Electricity Markets Forward Contrats and Collusion in the Eletriity Markets Yanhua Zhang y University of Toulouse Otober 006 Abstrat European ompetition authorities intend to mitigate market power in eletriity markets by

More information

AUDITING AND COMPETITIVE BIDDING IN THE PUBLIC SECTOR

AUDITING AND COMPETITIVE BIDDING IN THE PUBLIC SECTOR AUDITING AND COMPETITIVE BIDDING IN THE PUBLIC SECTOR GERVAN FEARON AND LUTZ-ALEXANDER BUSCH Abstrat. This paper investigates the impat of a ministry s budget size on the hoie between auditing a (Niskanen)

More information

Lecture 7: The Theory of Demand. Where does demand come from? What factors influence choice? A simple model of choice

Lecture 7: The Theory of Demand. Where does demand come from? What factors influence choice? A simple model of choice Leture : The Theory of Demand Leture : The he Theory of Demand Readings: Chapter 9 Where does demand ome from? Sarity enourages rational deision-maing over household onsumption hoies. Rational hoie leads

More information

Anti-Money Laundering and Countering the Financing of Terrorism ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM CODE 2015

Anti-Money Laundering and Countering the Financing of Terrorism ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM CODE 2015 Anti-Money Laundering and Countering the Finaning of Terrorism Index ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM CODE 2015 Index Paragraph Page PART 1 INTRODUCTORY 3 1 Title... 3 2

More information

Electronic Transactions (General) (No. 2) Regulations 2013 ELECTRONIC TRANSACTIONS (GENERAL) (NO. 2) REGULATIONS 2013

Electronic Transactions (General) (No. 2) Regulations 2013 ELECTRONIC TRANSACTIONS (GENERAL) (NO. 2) REGULATIONS 2013 Eletroni Transations (General) (No. 2) Regulations 2013 Index ELECTRONIC TRANSACTIONS (GENERAL) (NO. 2) REGULATIONS 2013 Index Regulation Page 1 Title... 3 2 Commenement... 3 3 Interpretation... 3 4 Transations

More information

Rational Bias in Inflation Expectations

Rational Bias in Inflation Expectations Rational Bias in Inflation Expetations Robert G. Murphy * Boston College Adam Rohde Charles River Assoiates August 2014 Revised Deember 2014 Abstrat This paper argues that individuals may rationally weight

More information

Managerial Legacies, Entrenchment and Strategic Inertia

Managerial Legacies, Entrenchment and Strategic Inertia Managerial Legaies, Entrenhment and Strategi Inertia Catherine Casamatta CRG, University of Toulouse I Alexander Guembel Saïd Business Shool and Linoln College University of Oxford January 10, 2007 We

More information