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Zoning is typically deemed a negative‐sum game accompanied by a call for the establishment of a market for development rights. Using a formal one‐stage game of a typical zoning lottery, I demonstrate that zoning is not exclusively negative‐sum, but can also be positive‐sum, even with internalized social costs.

The purpose of this paper is to develop and empirically test the conditions that describe adjustment velocities to reach equilibrium under Cournot's duopoly model.

The paper uses a vector error correction (VEC) framework as the basis for determining and testing adjustment velocities using data about cellphone service in Colombia in the time period from 1995 to 2001.

Empirical evidence suggests the following: first of all, companies operating in the cellphone market behave as cournot's competitors and have constant marginal costs; secondly, cellphone companies operating in the eastern zone of Colombia are in long‐term equilibrium; and lastly, equilibrium adjustment velocities are statistically significant. As predicted by theory, in terms of welfare, the existence of equilibrium in Cournot's model implies that cellphone users in the eastern zone of Colombia enjoy a small consumer surplus.

Testing the microeconomic implications of the equilibrium dynamics of Cournot's model, using a VEC framework.

The purpose of this paper is to discuss the stock price adjustment after a dividend distribution, allowing for different types of investors and market imperfections, including taxes and transaction costs.

An arbitrage model is developed to determine the possible equilibria for the stock price adjustment, after a dividend distribution. The approach is theoretical, providing general results.

The model shows that, in the presence of different types of investors, a unique equilibrium only exists in the absence of transaction costs. The allowance for market imperfections, such as taxes and transactions costs, implies that there is not a unique equilibrium for the level of stock price adjustment following a dividend distribution event, but rather there is much possible equilibrium. It is showed that the observation of abnormal trading volume around the dividend event may give us some insights on the identification of which investors are present in the market.

On future studies of the stock price adjustment after dividend distributions, it should be taken into account that there is no unique equilibrium.

The main contribution of this paper is to show that the existence of taxes and transaction costs precludes the determination of a unique equilibrium point for the stock price adjustment after a dividend distribution.

More and more work zone projects come with the needs of new construction and regular maintenance-related investments in transportation. Work zone projects can have many significant impacts socially, economically and environmentally. Minimizing the total impacts of work zone projects by optimizing relevant schedules is extremely important. This study aims to analyze the impacts of scheduling long-term work zone activities.

Optimal scheduling of the starting dates of each work zone project is determined by developing and solving using a bi-level genetic algorithm (GA)–based optimization model. The upper level sub-model is to minimize the total travel delay caused by work zone projects over the entire planning horizon, whereas the lower level sub-model is a traffic assignment problem under user equilibrium condition with elastic demand.

Sioux Falls network is used to develop and test the proposed GA-based model. The average and minimum total travel delays (TTDs) over generations of the proposed GA algorithm decrease very rapidly during the first 20 generations of the GA algorithm; after the 20th generations, the solutions gradually level off with a certain level of variations in the average TTD, showing the capability of the proposed method of solving the multiple work zone starting date optimization problem.

The proposed model can effectively identify the near-optimal solution to the long-term work zone scheduling problem with elastic demand. Sensitivity analysis of the impact of the elastic demand parameter is also conducted to show the importance of considering the impact of elastic demand parameter.

The purpose of the article is to analyze the contradictory trends in the development of the modern world economic system. The relevance of the topic is due to the multifaceted and ambiguous nature of regionalization, glocalization and fragmentation tendencies formed as the most important trends in the crisis of globalism.

Based on the classical methods of historical and functional analysis, system approach and comparative studies, the authors realized the research potential of modern methodological tools, alternative forecasting methods and comparative modeling, as well as special methods of economic globalistics and global political economy. Heuristic possibilities of the methodological–theoretical concept of glocalization of international economic relations are used.

New directions and opportunities for attaining regional and global geo-economic leadership are revealed and demonstrated. It is justified that glocalization does not lead to economic isolation in previously known historical forms but to priority realization of the interests of local economic entities included in the processes of globalization and subordinated to its patterns. Glocalization causes an increase in the role of local factors in the global development of the society, in particular of the global economy.

It is established that the so-called equilibrium zones (enjoying the advantages of an intermediary role in the interrelationships of large areas of the world economy, which are headed by geo-economic leaders) possess the potential for novelty in the dynamics of a globalizing economy. The article predicts the formation of a multidimensional and multilevel geo-economic multipolarity due to the reshaping of the global system of leadership in the world economy and due to the contradictory competitive relationships of its main centers.

This article contends that Marxist economic analysis can shed more light on the likely effect of the euro on the EU economy, and the UK economy if the UK were to join, than conventional neo‐classical macroeconomic analysis. Accumulated wealth/rentiers are incorporated into a model of the economy, in order to analyse how inflation affects the distribution of total social wealth between rentiers and business. The model suggests that rentiers gain, and business in general loses, from a state of price stability. Goes on to concentrate on inter‐firm issues by developing a multi‐sector model of the economy. The model is employed to illustrate how leading firms are also likely to benefit from price stability in the euro zone to the cost of business in the euro zone in general.

The fragmentation can either lead to an all-out civil war as in Sri Lanka or a frozen conflict as in Georgia. One of the main characteristics of fragmentation is the control of group members by their respective leaders. The chapter applies standard models of non-cooperative game theory to explain the endogenous fragmentation, which seeks to model the equilibrium formation of rival groups. Citizens become members of these rival groups and some sort of clientelism develops in which political leaders control their respective fragments of citizens. Once the divisions are created, the inter-group rivalry can trigger violent conflicts that may seriously damage the social fabric of a nation and threaten the prospect of peace for the people for a very long time. In other words, our main goal in this chapter is to understand the formation of the patron–client relationship or what is called clientelisation.

There is much debate about the nature of strategy formulation as content or process. This paper takes a process view informed from insights from non‐linear dynamics, complexity and chaos theory and applies it to a well tested management of change process in cooperative supply chain management to draw illustrations from two case examples which reinforce the utility of this use of complexity in formulating emergent strategies.

The purpose of this paper is to investigate of the effects of Mn nanoparticle addition on the wettability, microstructure and microhardness of SAC0307-xMn(np) (SAC: Sn–Ag–Cu; x = 0, 0.02, 0.05, 0.1 and 0.3 Wt.%) composite solders.

The SAC0307-xMn(np) composite solders were prepared by mechanically mixing different weight percentages of Mn nanopowders into the SAC0307 solder paste with rosin flux. In this study, the wettability of the solders was studied using contact angle and spread ratio methods. Afterward, the microstructure of the solders was investigated using scanning electron microscopy, energy-dispersive X-ray spectroscopy and X-ray diffractometry. Moreover, the microhardness of the solders was studied.

The wetting process of SAC0307-xMn(np) composite solders was found to experience four stages. Adding a small amount of Mn nanoparticles (x = 0.05 Wt.%) could improve the wettability compared to Mn-free solder. Beyond this level, the wettability deteriorated. The addition of Mn nanoparticles significantly refined the size and spacing of Ag₃Sn grains in the solder matrix. When 0.1 Wt.% Mn nanoparticles was added, both the average size of the Ag₃Sn grains and the spacing between the Ag₃Sn grains decreased significantly and approached minimum values. Beyond this amount, the size and spacing between Ag₃Sn grains increased slightly but remained smaller than those in the Mn-free solder matrix. The refined Ag₃Sn grains increased the microhardness of the Mn-containing composite solders by 6-25 per cent, in good agreement with the prediction of the classic theory of dispersion strengthening.

The paper demonstrates that Mn nanoparticle addition could improve the SAC0307-xMn(np) solder wettability and reduce the grain size and spacing between Ag₃Sn grains. The enhancement of the solder microhardness shows good correlation with the microstructure.