Abolghasem Mahdavi; Mehran Malekshahian
Volume 6, Issue 21 , February 2005, , Pages 91-113
Abstract
To measure the comparative advantage, different indexes have been suggested by economists. In this paper we investigate the “revealed comparative advantage” for the products of the Iranian Petrochemical Industry using the Ballasa and Vollrath index. The results show that Iran ...
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To measure the comparative advantage, different indexes have been suggested by economists. In this paper we investigate the “revealed comparative advantage” for the products of the Iranian Petrochemical Industry using the Ballasa and Vollrath index. The results show that Iran gains comparative advantage in exporting the products of petrochemical industry. The share of these exports from the whole manufacturing exports of the country, based on the paper’s calculation results, is shown to be increasing.
Seyed Aziz Arman; Nahid Kord Zangeneh
Volume 9, Issue 30 , April 2007, , Pages 93-118
Abstract
This paper analyzes the industrial activities and their actual comparative advantages in Khuzestan province using two digits ISIC cods and DRC criterion for the period 1377-82 (1998-2003). The results show that international competitiveness of industrial activities has been improved since 1381, the time ...
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This paper analyzes the industrial activities and their actual comparative advantages in Khuzestan province using two digits ISIC cods and DRC criterion for the period 1377-82 (1998-2003). The results show that international competitiveness of industrial activities has been improved since 1381, the time of implementation of exchange rate unification and relative economic liberalization policies in Iran.
This paper also suggests a simple decomposition of DRC measure to isolate the determinant elements of international competitiveness of some industrial activities under consideration. These elements are: (1) government intervention in economy, (2) factor cost, (3) factor proportions and (4) total factor productivity. The results imply that alleviation of the size of government interventions in economy has the most important role in improving the competitiveness of industrial activities in most cases.
Hasan Taee
Volume 8, Issue 29 , February 2007, , Pages 93-112
Abstract
Our objective in this paper is to estimate the labour supply function in Iran based on gender and area. We use the Iranian Statistical Centre micro data containing Socio-economic characteristics of households for the period 1992-1995. The estimation results indicate that labor income is the ...
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Our objective in this paper is to estimate the labour supply function in Iran based on gender and area. We use the Iranian Statistical Centre micro data containing Socio-economic characteristics of households for the period 1992-1995. The estimation results indicate that labor income is the key variable affecting the allocation of time between work and leisure for both male and female. However, the elasticity of wage for female is higher than male.
The Important difference between the female and the male behavior in the labour market is related to their level of education, which has negative effect on the male’s labour supply and positive effect on the female’s labour supply. Given the fact that the level of education among females in Iran is rapidly rising, females are expected to play a key role in the future labour market in Iran.
Ebrahim Hadian; Mohammadreza Hashempour
Volume 5, Issue 15 , July 2003, , Pages 93-120
Abstract
This paper has decomposed, statistically, the real GDP of Iran into three components, long run trend, business cycles and short-run shocks. This is devoted to the empirical measurement, identification and causes of the business cycles. It also estimates GDP growth on the basis of estimated trend, business ...
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This paper has decomposed, statistically, the real GDP of Iran into three components, long run trend, business cycles and short-run shocks. This is devoted to the empirical measurement, identification and causes of the business cycles. It also estimates GDP growth on the basis of estimated trend, business cycle and irregular component.The methodology consists of three steps: The first, to dissect the real GDP to get its components, the second, empirical investigation of the business cycles which involve identification and causes, and the third, to predict the components into future. First is assumed that annual series of real GDP is an aggregate of three components including trend, cyclical movements and irregular movements. The HP filter is used in two stages to separate these components; a) to extract the long run trend from the original series and b) to filter out cycles from the rest. Second, the main macro variables are tested in terms of co movement volatility. And finally, the trend and cycles into future over a five-year period are estimated using ARIMA.It is found that the trend growth of real GDP is negative, during the periods of 1356-61 and 1364-67 Iranian years. The results also show that the economy of Iran has undergone seven complete business cycles, and it is now facing the recessionary phase of an eight business cycle, which has begun in the early 1380. It is projected that the current recession will continue until 1383 (2004), and then recovery will take place.It is also found that the Iranian economy is cyclical in a BC sense.Statistically, the results show that the GDP cycles last, on average, 6 years.We also showed the existence of co movement between GDP and the most relevant macro variables. In other words, the main aggregates are also cyclical and their peaks and troughs occur at more or less the same quarters as the GDP.Finally, the results indicate that investment and exports have an active role in generating cycles. Most major finding is that the Iran BCs are caused by shifts in oil revenues. The evidence shows that this variable composes all the characteristics of the typical causes and leads the GDP movements.
Amir Dadras Moghadam; Mansoor Zibaei
Volume 13, Issue 39 , July 2009, , Pages 95-112
Abstract
The purpose of this study is to investigate the impact of monetary policy and exchange rate on agriculture supply, prices and exports of agricultural sector with VEC approach and impulse response functions. In this paper, variables are interest rate, exchange rate, monetary supply, inflation, ...
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The purpose of this study is to investigate the impact of monetary policy and exchange rate on agriculture supply, prices and exports of agricultural sector with VEC approach and impulse response functions. In this paper, variables are interest rate, exchange rate, monetary supply, inflation, agriculture output and input prices, agricultural supply and exports, income and the degree of openness from 1961 to 2005. The results show in order to decrease inflation, and control agriculture prices we must not emphasize on monetary policy but in the long-run exchange rate, financial, development and trade policy are most important factors in price stability policy. Results also indicate that changes in macroeconomic variables have an effect on the agricultural sector but the reverse effect does not hold.
Morteza Sameti; Madjid Sameti; Gholamhosein Gaafary
Volume 7, Issue 24 , October 2005, , Pages 95-116
Abstract
Fiscal disequilibrium causes budget deficit. The budget deficit is usually financed by borrowing from central bank, which increases monetary base and money supply followed by a rise in price level and inflation. The process of generating revenue and financing budget deficit by creating inflation is also ...
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Fiscal disequilibrium causes budget deficit. The budget deficit is usually financed by borrowing from central bank, which increases monetary base and money supply followed by a rise in price level and inflation. The process of generating revenue and financing budget deficit by creating inflation is also known as inflation tax. Relationship between inflation and income generated by this process is not linear. The government income at first has increasing trend, and after reaching its maximum point would fall. It is very similar to the Lafer curve.
In this paper, the inflation propensity of money velocity has been determined by using the monetary and fiscal data, which has been used to obtain the optimum size of money growth. The optimum size shows that how much money should be printed by government without generating inflation.
Mehrdad Bagheri; Bahaedin Najafi
Volume 6, Issue 19 , July 2004, , Pages 97-115
Abstract
The aim of this study was to investigate factors affecting repayment of agricultural loan in FarsProvince, using the data collected from the Agricultural Bank and 163 questionnaires filled out in the Province of Fars. The farmers were divided into repayment and defaulter groups and discriminant analysis ...
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The aim of this study was to investigate factors affecting repayment of agricultural loan in FarsProvince, using the data collected from the Agricultural Bank and 163 questionnaires filled out in the Province of Fars. The farmers were divided into repayment and defaulter groups and discriminant analysis model was used. Discriminant analysis function results in Fars Province indicated that natural losses, proportion of farm income to total income, crop insurance, farm income, saving, expected time period, the Bank supervision, repayment period time, type of activity, diversity index, market situation, non-farm income, acreage, education and town dummy variables separate two groups of farmers. Among variables in discriminant analysis function, natural losses and expected time period for receiving credit caused the probability of loan repayment to decrease, but the other variables to increase. Finally, some recommendations are made to improve repayment tendency and ability of borrowers.
Majid Sameti; Bahareh Teimouri
Volume 17, Issue 50 , April 2012, , Pages 99-137
Abstract
We employ the modelling strategy of Garratt, Lee, Pesaran and Shin (2003a) to estimate a structural cointegrating VARX* model for Iran in which core macroeconomic variables of the Iranian economy are related to current and lagged values of a number of key foreign variables. The long run macroeconomic ...
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We employ the modelling strategy of Garratt, Lee, Pesaran and Shin (2003a) to estimate a structural cointegrating VARX* model for Iran in which core macroeconomic variables of the Iranian economy are related to current and lagged values of a number of key foreign variables. The long run macroeconomic relations for real money balances, interest rates, output, prices and exchange rates are identified and tested within this framework over the period 1979Q1-2007Q4. We make use of generalised impulse response functions to analyze the dynamic properties of the model following a shock to exogenous variables (oil prices and foreign interest rates). We also examine via the persistence profiles, the speed of adjustments to the long run relations following a system-wide shock. The results show that money demand relation and UIP-PPP (international parity conditions jointly) are not rejected within the model. Furthermore, these two long run relations have well-behaved persistence profiles in which the effects of system wide-shocks on the long run relations are transitory and die out eventually. However, both UIP-PPP and the money demand relations exhibit sluggish rates of adjustments to shocks. We also provide evidence for the excessive importance of oil price shocks for Iranian economy in our impulse response analysis.
Ebrahim Gorji; Mohammad Borhanipour
Volume 10, Issue 34 , April 2008, , Pages 99-124
Abstract
The impact of globalization on income distribution is one of the most important issues among economists regardless of their views on globalization. In this study we investigate the impact of globalization on income distribution in Iran using the data for the period 1968-2004 and Johanson - Joselius co-integration ...
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The impact of globalization on income distribution is one of the most important issues among economists regardless of their views on globalization. In this study we investigate the impact of globalization on income distribution in Iran using the data for the period 1968-2004 and Johanson - Joselius co-integration method. We use the index of trade intensive (the ratio of the sum of export and import to GDP) as a globalization measurement standard. The rate of inflation and unemployment, government public expenditure and per capita income as other effective variables on income distribution.The results of estimation confirms the Kuznets hypothesis in Iranian economy, and the rate of inflation and unemployment have direct relationship with income inequality. The ratio of government public expenditure to GDP has direct relationship with the improvement of income distribution, and globalization would increase income inequality..
Parviz Sedaghat; . .
Volume 1, Issue 1 , April 1995, , Pages 99-109
Gholamreza Keshavarz Haddad; Arash Alavian Ghavanini
Volume 17, Issue 53 , February 2013, , Pages 101-133
Abstract
In the recent years, females’ literacy rate has experienced a drastic improvement in Iran; accordingly a remarkable increase in their participation rate is reasonably expected. Education is considered as one of driving forces of females’ presence in the labor market; however they ...
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In the recent years, females’ literacy rate has experienced a drastic improvement in Iran; accordingly a remarkable increase in their participation rate is reasonably expected. Education is considered as one of driving forces of females’ presence in the labor market; however they are likely to be paid less than men in some occupations or activities. This phenomenon is called gender wage gap in the labor market literature. This wage gap occurs when a worker is paid less than her counterpart with the same level of marginal product. This study provides quantitative estimates of the gender gap in the labor market of Iran. To this end, using data on household income and expenditure, from 2005 through 2011, and applying the Oaxaca (1973) and Blinder (1973) wage decomposition, the wage differential between men and women that cannot be explained by human capital characteristics, is estimated as an indicator of gender wage discrimination. The results reveal the existense of the gender wage discrimination in the labor market of Iran, but its magnitude in professional job groups is less than low skilled jobs. Furthermore, the wage differentials in the private sector are much higher than the public sector.
Aliakbar Arabmazar; Ali Askar Qasemi Rad
Volume 13, Issue 40 , October 2009, , Pages 101-123
Abstract
In this paper، the effects of bank facilities and the real rate of foreign exchange on the agricultural products exports haves been investigated modeled and studied via a macro dynamic model. Time span of this study is 1358_1385 (1979_2006). The results of this study show that، due to the first shock ...
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In this paper، the effects of bank facilities and the real rate of foreign exchange on the agricultural products exports haves been investigated modeled and studied via a macro dynamic model. Time span of this study is 1358_1385 (1979_2006). The results of this study show that، due to the first shock of increasing real rate of foreign exchange، exports of agricultural products increases but the percentage of this increase is in a relatively smalsmall amountl، and it decreases through time. as time passes it shows that exports of agricultural products doesn't increase but decreases. It means that the effect of the shock in the long run is negative.Examining the effect of increasing bank facilities onto the export of agricultural products shows that the influence of the first shock in the beginning years is almost zero but in the last years of the time span becomes positive. This examination also shows that increasing the bank facilities causes higher rate of increase in the export of agricultural products. In fact، T the credit policy in agricultural sector is a midterm or long term policy، so the effect may not be clear in the first years of the policy implementation but as time passes it becomes noticeable. Finally combining merging these two policies shows that the effect of simultaneous implementation of two policieshas a positive effect on the export of agricultural products is positive.
Seyed Komeyl Tayebi; Mahdi Jamshidian; Seyed Hossein Madani
Volume 2, Issue 7 , February 2001, , Pages 101-120
Abstract
This paper examines the effectiveness of financial rewards on the production process of hot rolling mill in Mobarekeh Steel Complex. The authors hypothesize that the policy of financial rewards granting to personnel plays a positive and significant role to a certain extent in production effectiveness. ...
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This paper examines the effectiveness of financial rewards on the production process of hot rolling mill in Mobarekeh Steel Complex. The authors hypothesize that the policy of financial rewards granting to personnel plays a positive and significant role to a certain extent in production effectiveness. It also postulates that rises in direct labour time, electricity and gas energies as well as machinery equipment and materials lead to an improvement in steel products that will be accepted by quality control unit and met with customer satisfaction.To analyze the impacts of such determinants on production, an econometric Cobb-Douglas production model is specified and estimated using monthly data over the period of 1372:1-1376:12.A dummy variable is employed in the model to indicate the effect of financial rewards on the production process, defining a policy for two separate periods in which workers mayor may not benefit from such rewards. Estimation results confirm that the hypothesis cannot be rejected and all explanatory variables have direct impacts on the dependant production variable.Finally, a scenario of a 10 percent increase in the direct labor time, as an alternative policy, is conducted to show its effect on the model through a simulation procedure. Results reveal that the production process of the hot rolling mill in Mobarekeh Steel Complex is substantially influenced.
Karim Azarbaijani; Mohammadreza Rezaei
Volume 3, 8(Spring and Summer ) , April 2001, , Pages 101-114
Abstract
The objective of the present paper is to explore the role of steel industry in the economy and to investigate its demand determinants. The paper has made attempts to find answers for questions still remaining in steel products market. Although the trend of domestic production has had an appropriate growth ...
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The objective of the present paper is to explore the role of steel industry in the economy and to investigate its demand determinants. The paper has made attempts to find answers for questions still remaining in steel products market. Although the trend of domestic production has had an appropriate growth during the period 1967-99, excess demand for steel has been yet met by imports. The study specifies an import demand model for Iran's steel industry in a logarithmic form and uses the OLS method to estimate the model. The results indicate that import demand for steel is inelastic with respect to changes in relative prices, and elastic with respect to income. Finally, based upon the estimation results the model predicts steel demand for the third I.R. Iran's cultural, Social and Economic Development Plan, to be 10 Million tons for ending years.
Jafar Kheirkhahan; Hamid Reza Baradaran Shoraka
Volume 5, Issue 16 , October 2003, , Pages 101-132
Abstract
The low rate of economic growth in resource-abundant countries remains as a paradox for economists and socio-political scientists. There have been various explanations for this phenomena.One of the latest explanations considers the under-development of legal institutions as the major factor، which is ...
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The low rate of economic growth in resource-abundant countries remains as a paradox for economists and socio-political scientists. There have been various explanations for this phenomena.One of the latest explanations considers the under-development of legal institutions as the major factor، which is indicated by non-cooperative and rent seeking behavior of the interest groups، leading to serious economic difficulties.This paper examines the case of oil boom in the context of modern approaches of political economy. The saving rate reaction is explained within the conflicting positions of interest groups in an oil exporting economy. The "Varacity Effect" is introduced and examined، indicating a counter cyclical behavior for the saving rate in a developing economy، where the rise in aggregate consumption may exceed the effects of resource boom.An econometric analysis of oil exporting economies indicates the experience of varacity effect in all OPEC members after the oil boom.In conclusion، it is argued that initiation of certain institutional reforms are crucial for improving the savings behavior and overall performance of resource-based economies.
Mohammad Reza Hosseini; Ahmad Jafari Samimi
Volume 14, Issue 42 , April 2010, , Pages 101-122
Abstract
The index of economic well-being (IEWB) covering consumption, wealth, income distribution and economic security is a suitable composite index measuring welfare, growth and development at both partial as well as comprehensive levels .In this study the composite index has been proposed for the first time ...
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The index of economic well-being (IEWB) covering consumption, wealth, income distribution and economic security is a suitable composite index measuring welfare, growth and development at both partial as well as comprehensive levels .In this study the composite index has been proposed for the first time in Iran and the welfare trend has also been measured for the available data period 1368-1382. In order to aggregate variables and welfare dimensions we have normalized data using the first year of the first development plan (1368) as the base year. In addition, to estimate the trend of total economic welfare index we have used a uniform weight (0.25) table for each of the four dimensions. The results show that the economic security and consumption were respectively the most important dimensions of economic welfare in Iran .Also, comparing the absolute as well as the relative changes in per capita income and IEWB we found that using per capita income as an index will overestimate the level of economic welfare in Iran.
Gholamreza Keshavarz Haddad; Mohammad Rezaei
Volume 15, Issue 45 , February 2011, , Pages 103-137
Abstract
this paper following Lakonishok (1992) and Sias (2004), we examine the presence of herding behavior among active institutional investors, test the presence of momentum strategy (as a determiner of herding behavior) and the correlation between herding behavior and weekly, monthly and quarterly stock return, ...
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this paper following Lakonishok (1992) and Sias (2004), we examine the presence of herding behavior among active institutional investors, test the presence of momentum strategy (as a determiner of herding behavior) and the correlation between herding behavior and weekly, monthly and quarterly stock return, using time series data (2006 – 2008) in the Tehran Stock Exchange. Our findings confirm the presence of herding behavior among the institutional investors and show that its intensity is higher than the developed countries, but they reject the presence of momentum strategy and its role as a determiner of herding behavior. Furthermore, the results show that the herding behavior of institutional investors does not affect the market return and has no correlation with the past and future returns.
Ghahreman Abdoli
Volume 9, Issue 31 , July 2007, , Pages 103-126
Abstract
Over the final two decades of the 20th century, a number of formerly industrializing economics achieved levels of innovative capacity commensurate with or greater than those of some economies that were historically more innovative. In this paper, I discuss the conditions and factors affecting innovative ...
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Over the final two decades of the 20th century, a number of formerly industrializing economics achieved levels of innovative capacity commensurate with or greater than those of some economies that were historically more innovative. In this paper, I discuss the conditions and factors affecting innovative capacity. The framework of National Innovative capacity (NIC) can explain the difference in innovation and economic growth among countries. NIC is the ability of a country to produce and commercialize a flow of innovative technology over the long term. NIC depends on the strength of a nation’s common innovation infrastructure, the environment for innovation in its leading industrial clusters, and strength of linkage between these two areas. I use this framework to find the productivity of Iran NIC. The results of the estimated equations imply that there is a weak linkage between innovation and NIC.
Behrooz Keshtegar; Zeinab Sarani
Abstract
In this paper, a nonparametric logit modelling was introduced to estimate the probability of participation of Iranian female labour using household income-expended in 2008. The logistic function for women’s participation was regressed based on the maximum likelihood estimator that the geographical ...
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In this paper, a nonparametric logit modelling was introduced to estimate the probability of participation of Iranian female labour using household income-expended in 2008. The logistic function for women’s participation was regressed based on the maximum likelihood estimator that the geographical location (urban/rural), husband’s income, education, female age, non-labour income, number of children above and under six years were implemented for input variables. The accuracies of the logit models based on the parametric and nonparametric modeling approaches were evaluated using White statistic, confidence index, and root mean square error. Finally, the marginal effects of input variables on women’s probability of participation were estimated based the results of calibrated unknown coefficients of parametric and nonparametric models. The results demonstrated that nonparametric logit model is more accurate than parametric logit model. Education and number of child under six years have effective positive and negative effects compared to another input variables, respectively.
mahshid shahchera; Mandana Taheri
Abstract
Banks have an important role in providing and allocating resources, identifying investment opportunities, and diversifying risk. According to the Bank International Settlement (BIS), one of the main factors of weakness in the banking system is lack of financial resources for lending of banks to various ...
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Banks have an important role in providing and allocating resources, identifying investment opportunities, and diversifying risk. According to the Bank International Settlement (BIS), one of the main factors of weakness in the banking system is lack of financial resources for lending of banks to various sectors of the economy. The weaknesses and inefficiencies in financing indicate a lack of optimal capital structure in the banking system and stable funding with aim of provides secure facilities in banking. In this paper, we survey the effect of stable funding strategies from the perspective of the net stable funding ratio (NSFR) and its effect on the bank profit margin with aim of compensating the financing risk in the Iranian banking system for the period from 2006-2016.The Stable financing strategies are divided into two parts of the stables allocation and funding strategies. Funding strategies in turn are divided into three sections and allocations strategies are divided into four sections. According to the results, the sustainability of the banks' resources in the balance sheet requires the allocation of funds in the form of facilities and loans on the other side of the balance sheet i.e. assets. The proper functioning of banks has an impact on improving the business environment of the banks.
Ali Faridzad; Soheila Parvin; Ali Asghar Banoue
Volume 16, Issue 47 , July 2011, , Pages 105-127
Abstract
Reforming Iran’s tax system is one of the most important issues due to the role of government’s expenditures and uncertainty in oil income. Therefore the modern value-added tax system is recognized as an approach by which tax transparency and tax structure reform can be enabled. However, ...
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Reforming Iran’s tax system is one of the most important issues due to the role of government’s expenditures and uncertainty in oil income. Therefore the modern value-added tax system is recognized as an approach by which tax transparency and tax structure reform can be enabled. However, increase in prices is an impact of applying this system. In this paper we have taken the advantage of symmetric product-by-product input-output table with basic prices to study the impacts of implementing value-added tax systems. With the help of IO-SAM software, this is the first time to set the Make and Use matrix on price basis of the year 1378. This table is the only table that can be used in analyzing price impacts caused by value-added tax system. The results illustrate; a 3-percent value added tax rate leads to increase in level of prices for about 1.5 percent, without consideration of any tax exemption. After exempting subject products of article 12 of value-added tax law, this index reaches 0.8 percent. Moreover, our examinations identify a 2.99 housing service price impact as the highest among the other 119 products’ in the economy. This rather high impact is generally rooted in its being not interchangeable in the as well as its overweighting demand.
Seyed Komail Tayebi; Amir Jabari; Mohamad Reza Shateri; Meysam Koochak Zadeh
Volume 9, Issue 33 , February 2008, , Pages 105-127
Ali Mohamad Ahmadi; Mahdi Zolfaghari; Aidin Ghafar Nejad Mehrabani
Volume 13, Issue 41 , February 2010, , Pages 107-121
Abstract
Electricity demand is growing very fast in Iran and it is important to forecast its future demand and its monthly variation accurately. Artificial Neural Network (ANN) is a powerful tool for nonlinear models for forecasting and it was used to estimate monthly electricity demand in this study. In this ...
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Electricity demand is growing very fast in Iran and it is important to forecast its future demand and its monthly variation accurately. Artificial Neural Network (ANN) is a powerful tool for nonlinear models for forecasting and it was used to estimate monthly electricity demand in this study. In this paper, we compared the Non-linear ANN model with ARIMA linear model to estimate monthly electricity demand for a priod of 3 years. Using MSE, RMSE, NMSE, MHE, MAPE and R2 indicatorss, our results show that ANN forecasting model is superior to ARIMA in terms of less error coefficient and high explanatory ability.
Vahid Mehrbani
Abstract
The main issue of discussion in this paper is to investigate the decision-making for divorce by using the utility theory. This analysis is constructed on the exit-voice theory to explain what factors tend to increase or decrease the occurrence of divorce. This analysis proposes four hypotheses: first, ...
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The main issue of discussion in this paper is to investigate the decision-making for divorce by using the utility theory. This analysis is constructed on the exit-voice theory to explain what factors tend to increase or decrease the occurrence of divorce. This analysis proposes four hypotheses: first, men with higher income have less incentive to divorce. Second, women’s income has positive effect on probability of their incentive to divorce. Third, women’s employment destabilizes the marriage and fourth, men’s incentive to divorce is higher than that for women. To test these hypotheses, samples of married men and women (at least 35 years old) were used. The results suggest that third hypothesis is rejected while other hypotheses have been accepted.
Abbas Rezaei Pandari; Adel Azar; Alireza Rayati Shavazi
Volume 16, Issue 48 , October 2011, , Pages 109-134
Abstract
Generally, investors consider simultaneously conflicting objectives such as rate of return, risk and liquidity in portfolio selection. On the other hand, every investor has his own specific preferences about objectives. Therefore, we can use Multi Objective Decion Making (MODM) techniques in order to ...
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Generally, investors consider simultaneously conflicting objectives such as rate of return, risk and liquidity in portfolio selection. On the other hand, every investor has his own specific preferences about objectives. Therefore, we can use Multi Objective Decion Making (MODM) techniques in order to solve portfolio selection problem. The Studies shows that a MODM technique by nonlinear goals such as minimization of nonsystematic risk and skewness maximization isn’t employed for portfolio selection, so a new approach is applied. We employ MODM model to select a best portfolio in 50 superior companies in Tehran stock exchange with regards to optimization objectives of return, systematic risk, nonsystematic risk, skewness, liquidity and sharp ratio. This model is non-convexed, so operational research algorithms can not find the best solution; therefore we use Genetic Algorithms (GA) for achieving nonlinear multi-objective model. In the end, the result of GA is comprised with Markwitz classic model and goal programming (containing linear and nonlinear objectives). The comparison indicates that although return of the portfolio of GA model is less than the other models, but GA has the best results in decreasing risk criteria which completely cover the return and lead to best results. The other advantage of using GA is a higher diversification in its proposed portfolio in comparison with other models.
