Mico Apostolov
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View article: The Prospect Theory and First Price Auctions: an Explanation of Overbidding
The Prospect Theory and First Price Auctions: an Explanation of Overbidding Open
This paper attempted using the prospect theory to explain overbidding in first price auctions. The standard outlook in the literature on auctions is that bidders overbid, but the probability weighting functions are nonlinear as in the pros…
View article: PARETO EFFICIENT INCOME TAX SCHEDULES AND NUMERICAL SOLUTIONS TO MIRRLEES’ OPTIMAL INCOME TAX MODEL: A CRITICAL SURVEY
PARETO EFFICIENT INCOME TAX SCHEDULES AND NUMERICAL SOLUTIONS TO MIRRLEES’ OPTIMAL INCOME TAX MODEL: A CRITICAL SURVEY Open
This paper aim is to study the Pareto efficient income taxation schedules in Mirrlees' optimal tax model.These Pareto efficient income tax schedules reveal the famous zero-at-the-top results.Namely that marginal tax rates should be low whe…
View article: Equilibrium short-rate models vs no-arbitrage models: Literature review and computational examples
Equilibrium short-rate models vs no-arbitrage models: Literature review and computational examples Open
In this paper equilibrium short-rate models are compared against no-arbitrage short-rate models. This article is composed of the introduction to this literature and a review, followed by numerical examples of one-factor short-rate models; …
View article: Digitalization-Based Innovation — A Case Study Framework
Digitalization-Based Innovation — A Case Study Framework Open
Small- and medium-sized enterprises (SMEs) have been leading innovation processes, where the upsurge of digital technology has overpowering implications on competitive positioning, firm’s value chains and overall business model. Value crea…
View article: A review of the binomial and trinomial models for option pricing and their convergence to the Black-Scholes model determined option prices
A review of the binomial and trinomial models for option pricing and their convergence to the Black-Scholes model determined option prices Open
This paper reviews the binomial and trinomial option pricing models and their convergence to the Black-Scholes model result. These models are generalized for the European and American options. The trinomial models are said to be more accur…
View article: Shapley-Folkman-Lyapunov Theorem and Asymmetric First Price Auctions
Shapley-Folkman-Lyapunov Theorem and Asymmetric First Price Auctions Open
In this paper non-convexity in economics has been revisited. Shapley-Folkman-Lyapunov theorem has been tested with the asymmetric auctions where bidders follow log-concave probability distributions (non-convex preferences). Ten standard st…
View article: Foreign-Versus Domestic-Owned firms in the Predicament ‘Cui bono?’
Foreign-Versus Domestic-Owned firms in the Predicament ‘Cui bono?’ Open
Background: This article examines the productivity of domestic firms in the case of the foreign ownership. Objectives: Foreign direct investments affect the competitive competences of domestic firms; thus, the objective is to see the way f…
View article: Shapley-Folkman-Lyapunov theorem and Asymmetric First price auctions
Shapley-Folkman-Lyapunov theorem and Asymmetric First price auctions Open
In this paper non-convexity in economics has been revisited. Shapley-Folkman-Lyapunov theorem has been tested with the asymmetric auctions where bidders follow log-concave probability distributions (non-convex preferences). Ten standard st…
View article: SURVIVAL DRIVERS OF POST-INCUBATED START-UPS: THE EFFECT OF ACADEMIC GOVERNANCE
SURVIVAL DRIVERS OF POST-INCUBATED START-UPS: THE EFFECT OF ACADEMIC GOVERNANCE Open
Incubators, spin-offs, industrial networks and consortiums are some of the examples to build-up university–industry links in fostering innovation. University incubators are well known for supporting the growth of start-ups by providing kno…
View article: FDI Uppers and Downers: A Macedonian Case Study
FDI Uppers and Downers: A Macedonian Case Study Open
This article examines how foreign direct investments influence the performance and entrepreneurship of domestic firms, a crucial question for economies – especially transition economies – driven by the incursion of global, exogenous factor…
View article: Aggregate Demand–Inflation Adjustment Model Applied to Southeast European Economies
Aggregate Demand–Inflation Adjustment Model Applied to Southeast European Economies Open
Applying IS-MP-IA model and the Taylor rule toselected Southeast European economies (Albania, Bosnia and Herzegovina, Macedonia and Serbia)we find that the change of effective exchange rate positivelyaffects output, while the change of the…
View article: Backward linkages from foreign investors to domestic firms
Backward linkages from foreign investors to domestic firms Open
The analysis of how to design policies to promote backward linkages would not be complete without introducing sound discovery into the debate. Foreign investors would naturally prefer to avoid creating rivals to their market position, aimi…
View article: The Role of Foreign Direct Investments in Southeastern Europe
The Role of Foreign Direct Investments in Southeastern Europe Open
From the beginning of the transition process, foreign direct investments (FDI) have been an essential pillar in southeastern European economies, a priority for moving society toward a developed market economy. The World Bank has conducted …
View article: Effects of Foreign Direct Investments. Evidence from Southeast Europe
Effects of Foreign Direct Investments. Evidence from Southeast Europe Open
The purpose and research objective of this study is probing effects of foreign direct investments in Southeast Europe economies. For this purpose six countries have been chosen and a sample has been drawn for: Albania, Bosnia and Herzegovi…
View article: Foreign Direct Investments Induced Innovation? A Case Study – Macedonia
Foreign Direct Investments Induced Innovation? A Case Study – Macedonia Open
This paper, while analysing innovation in Southeast Europe, and in particular the case study of Macedonia, focuses on the basic ties between foreign direct investments and innovation. Foreign direct investment is usually defined as dominan…
View article: Aggregate Demand–Inflation Adjustment Model Applied to Southeast European Economies
Aggregate Demand–Inflation Adjustment Model Applied to Southeast European Economies Open
Applying IS-MP-IA model and the Taylor rule to selected Southeast European economies (Albania, Bosnia and Herzegovina, Macedonia and Serbia) we find that the change of effective exchange rate positively affects output, while the change of …