a deterministic inventory model for deteriorating items with stock dependent demand rate abstract a deterministic inventory model is developed by assuming that the demand rate is stock dependent and the items deteriorate at a constant rate the expression for the average net profit over one production run is derived and its optimization with respect to the decision variables q initial stock and t duration of a production cycle is carried out this leads to two highly nonlinear equations which are solved by using a subroutine neqnf in imsl math library in cyber 180 480a computer system the optimal solution so derived is compared with that for the no deterioration 0 case sensitivity of the optimal solution to changes in parameter values is examined several aspects of the functional form for the demand rate are considered in a separate section finally the salient features of the problem and its solution are discussed in brief

imported inputs real wage rigidity and devaluation in the small open economy abstract this paper examines the effects of devaluation upon employment in a tradables nontradables model of the small open economy where there is a rigid real wage and imports consist of both intermediate inputs and final goods it is shown that in general economies importing intermediates are not more prone to contraction than those importing only consumption goods a new reason is also uncovered as to why the existence of an initial trade balance deficit increases the likelihood that devaluation will be contractionary

optimal economic ordering policy with deteriorating items under different supplier trade credits for finite horizon case abstract this paper develops and solves a general finite horizon trade credit economic ordering policy for an inventory model with deteriorating items under inflation and time value of money when shortages are not allowed the time horizon is divided into different cycles each of which has its own demand rate and its own trade credit period offered from the supplier to his retailer so that the retailer should pay his supplier before or after the end of the permissible trade credit of that cycle up to the end of the trade credit of a cycle the retailer is free of charge but he is charged on an interest for those items not being sold before this end the retailer can also earn the interest of the money from the generated sales revenue in any cycle by depositing such revenue into an interest bearing account the objective of the retailer is then to minimize his net total relevant costs a closed form of this net total cost is derived and the resulting model is solved then rigorous mathematical methods are used to show that under some seemingly possible conditions there exist a unique vector of the relevant decision variables that solve the underlying inventory system a numerical example which shows the applicability of the theoretical results is given

the optimal cycle time for epq inventory model under permissible delay in payments abstract goyal journal of the operational research society 36 1985 35 38 discusses the economic order quantity under conditions of permissible delay in payments an implicit assumption of goyal journal of the operational research society 36 1985 35 38 is that the items are obtained from an outside supplier the entire lot size is delivered at the same time if we wish to adopt all results obtained by goyal journal of the operational research society 36 1985 35 38 then we are effectively assuming that the replenishment rate is infinite the main purpose of this paper is to extend goyal journal of the operational research society 36 1985 35 38 to the case that the units are replenished at a finite rate when the replenishment rate approaches to infinite goyal journal of the operational research society 36 1985 35 38 will be a special case of this paper

zimbabwean trade liberalisation ex post evaluation the recent trade liberalization in zimbabwe offers an opportunity of understanding short run adjustment responses to reform the immediate experience involved contraction in output and employment a consumption boom the inflow of imports and a rising trade deficit the analytical challenge is to disentangle the effects of liberalization from the serious drought that coincided with it an economywide cge model is used for counterfactual experiments the opening up of final goods markets is shown to contribute to deindustrialization and contraction copyright 1998 by oxford university press

the elasticity of substitution in india s manufacturing sector abstract using cross section data and the translog cost function this paper examines the substitution possibilities between capital and materials and labor and materials since raw materials might be used to overcome the bottlenecks caused by shortages of physical capital and skilled labor three significant conclusions are a since materials are substitutable for both capital and labor to a considerable extent capital and skilled labor may not be a binding constraint on growth agricultural materials expansion may substitute for these inputs and lead to expansion in the industrial sector b fixed proportion models are not warranted in india without modification and c separability tests showed that materials must be included in the production function

probabilistic time scheduling model for an exponentially decaying inventory when delays in payments are permissible abstract a probabilistic time scheduling model is developed for an exponentially decaying inventory when the supplier offers some credit period t for settling the accounts for the purchase quantity the credit period t is known constant mathematical models are derived for both the cases i t t and ii t t expressions are derived for the total average expected cost of the system the optimum cycle time and the time for obtaining optimum order levels s s0 under each case the model is illustrated in two particular forms

improved stoves in sub saharan africa the case of the sudan the paper estimates charcoal demand and supply elasticities to determine rebound effects from improved stoves in the sudan these are increases in fuel consumption resulting from gains in real income upon the use of more efficient appliances and from downward price adjustments associated with the reduction in fuel requirements the findings are that 1 charcoal markets are characterized by low elasticities and 2 42 of fuel savings are lost mostly as a result of large price adjustments since low elasticities place more of the burden of market adjustment on prices than on quantities nonetheless price related effects may be small because of increases in charcoal prices as a result of accelerated deforestation

growth oriented adjustment programs a statistical analysis after the fall in average per capita gdp growth that took place in the 1980s adjustment lending programs supported by the international monetary fund imf and the world bank wb were launched in response to the deteriorating external environment the purpose of this paper is to evaluate and to assess statistically the extent to which adjustment programs supported by the imf and the wb have restored growth the evaluation relied on a large sample of countries 93 and controls for some of the statistical difficulties associated with measuring the effectiveness of adjustment programs the paper reviews the environment under which imf wb lending took place the rationale for adjustment lending and the distribution of adjustment loans through time the results of the statistical evaluation suggest that after controlling for external factors and for initial conditions growth is not higher in countries that receive imf wb funds but that investment was significantly lower than for non recipient countries the paper also examines further long term growth prospects

an incentive compatible solution for trade credit term incorporating default risk abstract this paper studies the optimal trade credit term decision in an extended economic ordering quantity eoq framework that incorporates a default risk component a principal agent bilevel programming model with costs minimization objectives is set up to derive the incentive compatible credit term the supplier determines the credit term as the leader in the first level programming by balancing her his financing capacity with the retailer s default risk order behavior and cost shifting at the second level the retailer makes decisions on ordering and payment time by reacting on the term offered by the supplier a first order condition solution procedure is derived for the bilevel programming when credit term is confined within the practically feasible interval two key results are obtained the condition to derive incentive compatible credit term and an equation system to derive threshold default risk criterion filtering retailers suitable for credit granting numerical experiments show that the capital cost of the supplier is the most important factor determining the credit term default risk acts like a filtering criterion for selecting retailers suitable for credit granting empirical evidence supporting our theoretical considerations is obtained by estimating three panel econometric models using a dataset from china s listed companies

factors underlying rural household energy transition a case study of china abstract this paper identifies factors underlying the energy transition of rural households in china based on province level panel data for years of 1991 2014 it indicates that there exists the energy stacking process of rural household energy transition characterized by the significant consumption inertia effects of traditional biomass energy tbe traditional commercial energy tce and advanced commercial energy ace respectively the insignificant substitution effect of tce and ace for tbe and the significant partial substitution of ace for tce with regard to the factors underlying rural household energy transition 1 per capita disposal income is negatively correlated with tbe tce and ace consumption 2 the number of motorcycles is positively correlated with tce and ace consumption 3 the number of firewood saving stoves and the price for ace are positively correlated with tbe consumption 4 household size and the number of motorcycles and the number of appliances are positively correlated with ace consumption 5 education level is positively correlated with tbe but negatively with tce consumption 6 the number of rural energy management institutions is positively correlated with tbe but negatively correlated ace consumption therefore some policy implications are discussed

nairobi households and their energy use an economic analysis of consumption patterns abstract this paper describes and analyses the results of an urban household energy survey conducted in nairobi kenya during 1981 aggregate data on fuel and energy demand are examined in light of the problems facing urban areas in developing countries such as the increases in petroleum prices in the 1970s and the depletion of non commercial energy resources such as wood the paper provides a disaggregation of urban household fuel demand by income group using regression analysis the results confirm that there is a high income elasticity for electricity approximately 1 6 while charcoal exhibits a negative income elasticity of 0 23 gas energy consumption is primarily explained by price movements

optimal retailer s replenishment decisions in the epq model under two levels of trade credit policy abstract the main purpose of this paper is to investigate the optimal retailer s replenishment decisions under two levels of trade credit policy within the economic production quantity epq framework we assume that the supplier would offer the retailer a delay period and the retailer also adopts the trade credit policy to stimulate his her customer demand to develop the retailer s replenishment model under the replenishment rate is finite furthermore we assume that the retailer s trade credit period offered by supplier m is not shorter than the customer s trade credit period offered by retailer n m n since the retailer cannot earn any interest in this situation m n based upon the above arguments this paper incorporates both chung and huang k j chung y f huang the optimal cycle time for epq inventory model under permissible delay in payments international journal of production economics 84 2003 307 318 and huang y f huang optimal retailer s ordering policies in the eoq model under trade credit financing journal of the operational research society 54 2003 1011 1015 under above conditions in addition we model the retailer s inventory system as a cost minimization problem to determine the retailer s optimal replenishment decisions then three theorems are developed to efficiently determine the optimal replenishment decisions for the retailer we deduce some previously published results of other authors as special cases finally numerical examples are given to illustrate the theorems obtained in this paper then as well as we obtain a lot of managerial insights from numerical examples

a new approach to measuring the rebound effect associated to energy efficiency improvements an application to the us residential energy demand this paper brings attention to the fact that the energy demand frontier model introduced by filippini and hunt 2011 2012 is closely connected to the measurement of the so called rebound effect associated with improvements in energy efficiency in particular we show that their model implicitly imposes a zero rebound effect which contradicts most of the available empirical evidence on this issue we relax this restrictive assumption through the modelling of a rebound effect function that mitigates or intensifies the effect of an efficiency improvement on energy consumption we illustrate our model with an empirical application that aims to estimate a us frontier residential aggregate energy demand function using panel data for 48 states over the period 1995 to 2011 average values of the rebound effect in the range of 56 80 are found therefore policymakers should be aware that most of the expected energy reduction from efficiency improvements may not be achieved

demand for cooking fuels in a developing country to what extent do taste and preferences matter overreliance on biomass energy such as firewood and charcoal for cooking in developing countries has contributed to high rates of deforestation and resulted in substantial indoor pollution which has negatively impacted the health of many individuals however the effectiveness of public policies aimed at encouraging households to switch to cleaner fuels such as liquefied petroleum gas lpg and kerosene hinges on the extent to which they are mentally committed to specific fuels using data on four cooking fuels charcoal firewood lpg and kerosene from the ghana living standards survey we found strong evidence that the most preferred fuel is lpg followed by charcoal with kerosene the least preferred in addition with the exception of kerosene that has price elastic demand the price elasticities of demand for the fuel types examined are inelastic this finding suggests the so called fuel ladder is not robust

the rebound effect microeconomic definitions limitations and extensions abstract the rebound effect results in part from an increased consumption of energy services following an improvement in the technical efficiency of delivering those services this increased consumption offsets the energy savings that may otherwise be achieved if the rebound effect is sufficiently large it may undermine the rationale for policy measures to encourage energy efficiency the nature and magnitude of the rebound effect is the focus of long running dispute with energy economics this paper brings together previous theoretical work to provide a rigorous definition of the rebound effect to clarify key conceptual issues and to highlight the potential consequences of various assumptions for empirical estimates of the effect the focus is on the direct rebound effect for a single energy service indirect and economy wide rebound effects are not discussed beginning with khazzoom s original definition of the rebound effect we expose the limitations of three simplifying assumptions on which this definition is based first we argue that capital costs form an important part of the total cost of providing energy services and that empirical studies that estimate rebound effects from variations in energy prices are prone to bias second we argue that energy efficiency should be treated as an endogenous variable and that empirical estimates of the rebound effect may need to apply a simultaneous equation model to capture the joint determination of key variables third we explore the implications of the opportunity costs of time in the production of energy services and highlight the consequences for energy use of improved time efficiency the influence of time costs on the rebound effect and the existence of a parallel rebound effect with respect to time each of these considerations serves to highlight the difficulties in obtaining reliable estimates of the rebound effect and the different factors that need to be controlled for we discuss the implications of these findings for econometric studies and argue that several existing studies may overestimate the magnitude of the effect

an inventory model with deteriorating items under inflation when a delay in payment is permissible abstract this study develops an inventory model for initial stock dependent consumption rate when a delay in payment is permissible in the inventory model shortages are not allowed the effect of the inflation rate deterioration rate initial stock dependent consumption rate and delay in payment are discussed in the study mathematical models are also derived under two different circumstances i e case i the credit period is less than or equal to the cycle time for settling the account and case ii the credit period is greater than the cycle time for settling the account besides expressions for an inventory system s total cost are derived for these two cases moreover a computational procedure and gino lasdon et al acm transactions mathematical software 4 1978 34 50 are proposed to obtain the optimal order size and cycle time the results can help managers determine the optimal total cost finally a numerical example demonstrates the applicability of the proposed model

the impact of tariff removal on poverty in zimbabwe a computable general equilibrium microsimulation abstract the paper uses a microsimulation computable general equilibrium cge model to study the impact on poverty of a complete removal of tariffs in zimbabwe the model incorporates 14 006 households derived from the 1995 poverty assessment study survey this paper s novelty is that it is one among a small group of papers that incorporates individual households in the cge model as opposed to having representative households using individual households allows for a comprehensive analysis of poverty the complete removal of tariffs favours exporting sectors poverty falls in the economy while inequality hardly changes the results differ between rural and urban areas

the optimal inventory policies under permissible delay in payments depending on the ordering quantity abstract this paper deals with the problem of determining the economic order quantity under conditions of permissible delay in payments the delay in payments depends on the quantity ordered when the order quantity is less than the quantity at which the delay in payments is permitted the payment for the item must be made immediately otherwise the fixed trade credit period is permitted the minimization of the total variable cost per unit of time is taken as the objective function an algorithm to determine the economic order quantity is developed the results obtained in this paper generalize some already published results

comments on the eoq model under retailer partial trade credit policy in the supply chain abstract huang and hsu 2007 an eoq model under retailer partial trade credit policy in supply chain international journal of production economics doi 10 1016 j ijpe 2007 05 014 investigate the inventory system as a cost minimization problem to determine the retailer s optimal inventory policy under the supply chain they develop two easy to use theorems to locate the optimal inventory policy for the retailer although their inventory models are correct and interesting processes of arguments to derive those theorems to find the optimal inventory policy are not complete so the main purpose of this paper is to overcome these shortcomings and present complete proofs for huang and hsu 2007

an eoq model under retailer partial trade credit policy in supply chain abstract the main purpose of this paper is to investigate the retailer s inventory policy under two levels of trade credit to reflect the supply chain management situation in this paper we assume that the retailer has the powerful decision making right so we extend the assumption that the retailer can obtain the full trade credit offered by the supplier and the retailer just offers the partial trade credit to his her customer then we investigate the retailer s inventory system as a cost minimization problem to determine the retailer s optimal inventory policy under the supply chain management two easy to use theorems are developed to efficiently determine the optimal inventory policy for the retailer we deduce some previously published results of other researchers as special cases finally numerical examples are given to illustrate the theorems and obtain a lot of managerial phenomena

the macroeconomics of trade liberalization abstract this paper analyzes the short run macroeconomic consequences of trade liberalization in ldcs it is shown that linkages between the tradables and nontradables sectors the effect of imported inputs on the economy s productive structure and certain patterns of factor substitution can go a long way toward explaining the perverse contractionary effects frequently seen in liberalization programs

input price shocks and the slowdown in economic growth the case of u k manufacturing this paper provides a theoretical and empirical analysis of the effects of input price shocks on economic growth with a focus on united kingdom manufacturing in the 1970s the theoretical model predicts a discrete decline in output and productivity after an input price rise and a longer run slowdown in productivity growth real wage growth and capital accumulation these features characterize the united kingdom and most other oecd economies after 1973 the empirical results confirm the important role of input prices in recent u k adjustment but also point to an important role for other supply and demand factors two types of explanations have been offered for the sharp deterioration in u k economic performance in the past decade focusing respectively on demand and supply factors a standard keynesian view holds that macroeconomic demand management has been either too expansionary or too contractionary and that rising unemployment and falling output reflect the burden of anti inflationary policies an alternative view holds that various supply shocks are the main source of the poor output performance in this interpretation higher raw material prices particularly oil competition from the newly industrializing countries nics and perhaps an independent decline in productivity growth all have lowered output growth and raised unemployment

inventory ordering policies of delayed deteriorating items under permissible delay in payments abstract the existing literature on inventory of deteriorating items considers deterioration to begin as soon as the items are stocked however there are several deteriorating items that do not start deteriorating immediately they are held in stock some farm produce like potatoes yams and even some fruits and vegetables have this property depletion of these items as soon as they are stocked will depend on demand and when deterioration begins it will depend on both demand and deterioration in this paper we develop a mathematical model on the inventory of deteriorating items that do not start deteriorating immediately they are stocked the model also takes into cognizance the fact that in business activities nowadays customers are given some allowed period within which to settle for the goods supplied to them they can use the accrued money from sales of the supplied goods to earn interest within the allowed period they are charged interest only when they fail to settle the amount they owe the supplier at the end of the allowed period

optimal ordering policies under conditions of extended payment privileges this paper develops optimal order quantities for firms that are offered a one time opportunity to delay payment for an order of a commodity such delayed payments result in a reduction of the effective purchase cost which is a function of the return available on alternative investments the number of units of the commodity ordered and the length of the extended period optimal order quantities are developed for extended payment privileges that occur at a reorder point of between reorder points six suppliers extended payment scenarios are evaluated a simulation analysis is conducted to determine the sensitivity of derived models to changes in the various input parameters the simulation with realistic parameter values reveals that the additional discounted order quantity is insensitive to large changes in the ordering cost and unit price sensitive to changes in the carrying cost and return rate of funds but without significantly affecting the total cost and extremely sensitive to the annual demand

economic stabilization conditionality and political stability imf conditionality is seldom so important that it dominates all other considerations for political stability imf stabilization programs often shift benefits from one group to another they expose elites to charges of selling the sovereignty of their countries the imposition of imf conditions particularly subsidy cuts may lead to sharp outbreaks of civil disorder nonetheless the imf provides resources that make adjustment easier and thus may lessen the chances of political instability for a country imf programs are seldom implemented fully as negotiated and the penalties for partial compliance are not great debtor countries have more flexibility in imposing austerity measures and the economic constraints are less binding than often assumed the very availability of alternatives to imf programs results in internal divisions because some favor debt repudiation and others oppose it groups now contend over solutions to the debt problems of their countries

effect of fuelwood scarcity and socio economic factors on household bio based energy use and energy substitution in rural ethiopia abstract in ethiopia biomass is predominantly utilized for household energy needs often using inefficient rudimentary stoves which cause adverse environmental and welfare effects this paper examined the contribution of biomass resources to rural household energy use and energy substitution the analysis applied the ordinary least square in the final stage estimation of fuelwood and overall biomass energy consumption by using predicted shadow prices the paper used tobit model to estimate charcoal and agricultural fuel consumption due to the presence of censoring an increase in fuelwood shadow price was associated with reduced household fuelwood consumption with price elasticity of 0 38 the cross price elasticity between fuelwood and agricultural fuels revealed no evidence of energy substitution which conforms to the findings of previous studies household access to electricity was associated with lower household biomass energy utilization but kerosene was not fuelwood substitute household energy use conformed to the fuel stacking or multiple fuel use concept but households preferred modern energy options as welfare increased in areas where modern energy is available this suggests that there is a promising prospect for fuel transition but access to modern energy and economic growth have key roles the findings suggest that a concerted policy effort is required that would help diversify rural livelihoods improve living standards and encourage economic growth encourage inter fuel substitution through improved modern energy access and afforestation to increase biomass supply

demand for energy in rural and urban centres of ethiopia an econometric analysis the paper starts by briefly discussing the current energy situation in ethiopia the major source of energy in ethiopia is traditional and the major consumer is the household a simple model of household utility function where energy consumption is the major variable is developed and a reduced form is derived to make the model operational a simultaneous equation system describing the demand for and supply of traditional and modern energy sources has been specified the model is closed by equating the demand for energy with the supply data from the national energy survey were used to estimate the model the major finding of the study is that price of traditional energy plays an important role in the consumption of fuelwood and other traditional energy sources by manipulating the price variable the government may be ale to control the high rate of depletion offorest resources

medium run adjustment under import compression macroeconomic analysis relevant for sub saharan africa abstract the dynamic small open economy model of kouri 1979 is modified to analyze the role of the foreign exchange constraint in import dependent economies typical for sub saharan africa structural adjustment and investment allocation are related to the sectoral balance between traded and protected goods the import compression policy of the region establishes a linkage between the export performance of the traded sector and the capacity utilization of the protected sector it is shown that the relationship implies possible contractionary effects of demand expansion since exports are crowded out and the import capacity is reduced a destabilizing downward growth spiral may follow policies modifying the excessive demand and the import dependency seem necessary to turn contraction into growth

a fuzzy genetic algorithm with varying population size to solve an inventory model with credit linked promotional demand in an imprecise planning horizon abstract a genetic algorithm ga with varying population size is developed where crossover probability is a function of parents age type young middle aged old etc and is obtained using a fuzzy rule base and possibility theory it is an improved ga where a subset of better children is included with the parent population for next generation and size of this subset is a percentage of the size of its parent set this ga is used to make managerial decision for an inventory model of a newly launched product it is assumed that lifetime of the product is finite and imprecise fuzzy in nature here wholesaler producer offers a delay period of payment to its retailers to capture the market due to this facility retailer also offers a fixed credit period to its customers for some cycles to boost the demand during these cycles demand of the item increases with time at a decreasing rate depending upon the duration of customers credit period models are formulated for both the crisp and fuzzy inventory parameters to maximize the present value of total possible profit from the whole planning horizon under inflation and time value of money fuzzy models are transferred to deterministic ones following possibility necessity measure on fuzzy goal and necessity measure on imprecise constraints finally optimal decision is made using above mentioned ga performance of the proposed ga on the model with respect to some other gas are compared

inventory models with the demand rate dependent on stock and shortage levels this paper investigates an inventory system in which the demand rate during stockout periods differs from that during the in stock period by a given amount the previous analysis conducted in this area formulated the model as a cost minimization model this type of formulation will intentionally try to decrease demand by increasing the stockout period in order to decrease costs this paper appropriately considers the model as a profit maximization model and develops a closed form solution the model is then further generalized to incorporate the effect of stock level dependent demand rates and considers initial stock dependent demand as well as instantaneous stock dependent demand rates

optimal manufacturer s replenishment policies in the epq model under two levels of trade credit policy abstract in 2007 huang proposed the optimal retailer s replenishment decisions in the epq model under two levels of trade credit policy in which the supplier offers the retailer a permissible delay period m and the retailer in turn provides its customer a permissible delay period n with n

an eoq model with deteriorating items under inflation when supplier credits linked to order quantity abstract this study proposes an inventory model under a situation in which the supplier provides the purchaser a permissible delay of payments if the purchaser orders a large quantity shortages are not allowed and the effect of the inflation rate deterioration rate and delay in payment are discussed as well as a result in this paper we establish an eoq model for deteriorating items under inflation when the supplier offers a permissible delay to the purchaser if the order quantity is greater than or equal to a predetermined quantity we then characterize the optimal solution and provide an easy to use algorithm to find the optimal order quantity and replenishment time finally some numerical examples are given to illustrate the theoretical results and made the sensitivity analysis of parameters on the optimal solutions

real wage rigidity and optimal commercial policy in less developed countries abstract this paper examines optimal commercial policy in an ldc in which there is a rigid real wage and imports consist of both final and non competitive intermediae inputs the nature of optimal commercial policy depends sensitively upon the composition of imports when export promotion is hampered by import quotas abroad or difficulties in extending export subsidies protection will often be optimal in economies that import intermediates but not in economics that import only final goods the results for the full optimization case establish that there is a general presumption trade policy should be biased in favor of export promotion although there are well defined conditions under which an import substituting regime is optimal

the impact of increased efficiency in the industrial use of energy a computable general equilibrium analysis for the united kingdom the conventional wisdom is that improving energy efficiency will lower energy use however there is an extensive debate in the energy economics policy literature concerning rebound effects these occur because an improvement in energy efficiency produces a fall in the effective price of energy services the response of the economic system to this price fall at least partially offsets the expected beneficial impact of the energy efficiency gain in this paper we use an economy energy environment computable general equilibrium cge model for the uk to measure the impact of a 5 across the board improvement in the efficiency of energy use in all production sectors we identify rebound effects of the order of 30 50 but no backfire no increase in energy use however these results are sensitive to the assumed structure of the labour market key production elasticities the time period under consideration and the mechanism through which increased government revenues are recycled back to the economy

trade and capital account liberalization in a keynesian economy this paper analyzes the process of trade and capital account liberalization in a keynesian framework with unemployed resources previous studies on this subject have ignored the potential interactions between the liberalization process and the pre existing distortions in the economy this paper derives the optimal liberalization policy given the keynesian context and solves for explicit formulas for the import tariffs and the capital account tax in a two period general equilibrium model it is argued that a trade reform is likely to have recessionary effects in the short run if the capital account has already been liberalized

continuous review inventory model with delay in payments abstract in this paper we examine the continuous review inventory model under permissible delays in payments that is a retailer has the option of either paying for the goods immediately upon the receipt of the order or delay the payment till the next replenishment order where interest will be charged over the delay period expected demand will be assumed constant over time and the order lead time is considered random the objective is to find the optimal ordering quantity and reorder level that will maximize the vendor s total expected profit per unit time when payments are delayed

trade liberalization in oligopolistic industries the quota case abstract this paper analyzes the short and long run effects on domestic price and output of partially liberalizing quota restrictions in a general model of oligopolistic interactions it is shown that perverse outcomes are possible in a number of cases including that of rational conjectures a larger quota may result in an increase in domestic output in the short run and a higher price in the long run the relationship between oligopolistic conjectures and the number of firms in the industry is critical in determining the long run outcome