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As one of the mother industries, the petrochemical industry is one of the essential pillars of development and the driving engine of various sectors of the country’s economy. This industry will achieve several important goals, such as increasing export income, expanding downstream sectors, creating jobs, and increasing GDP. This importance has been emphasized in the country’s upstream documents, such as the general policies of the resistance economy, focusing on developing petroleum refineries to prevent the vulnerability of oil and gas revenues by extending the value chain and increasing the export of these products. The current work aims to investigate the value chain of the petrochemical industry with the new approach of petrochemical refineries, as well as the pathology and evaluation of the current state of the chains mentioned above in the country with the descriptive research method and the library method using policy research. The research results show that the chain of petrochemical products with the approach of creating petrochemical refineries has relatively high advantages compared to focusing on chains with the traditional method.

EXTENDED ABSTRACT INTRODUCTION Exchange rate is a variable transferring international economic shocks to domestic economy. In countries like Iran which are experiencing a high inflation and whose GDP as well as consumption expenditures are mostly dependent on imports and foreign capital flows, exchange rate changes and its effects need to be carefully monitored by policy makers and economic researchers. Considering the importance of inflation in the theoretical discussions and the high inflation rate in some developing countries, the effect of exchange rate on inflation has attracted economists interested in monetary issues and international economics.Nonlinear behavior in the exchange rate effect on inflation can provide false estimates of exchange rate coefficient when the econometric model is estimated linearly. In such a circumstance, we can accommodate cases when the inflation condition and its rate affect economic factors in response to an exchange rate shock. Indeed, domestic prices may not be sensitive to an exchange rate shock due to a low and stable inflation. However, they may respond wildly to a similar shock when inflation is above some significant thresholds.Although studies have mostly focused on measuring the extent of exchange rate effect on price levels, we believet that investigating the possible existence of one or more thresholds in exchange rate effect is important, because the reaction of monetary policymakers may somehow depend on the extent of exchange rate effect with respect to one (or more) threshold value(s). For instance, policymakers might not take care of the exchange rate fluctuations below a certain level, but as soon as it crosses such a level, they believe it damages the economy and the country welfare, thus triggering some intervention in the currency market. METHODOLOGY A reason for the non-linear response of inflation is the non-linear nature of exchange rate trend. In fact, geometrically, among all the time paths of exchange rate, the probability of a linear path between the two time points is very weak. The effect consequence of all determinants of the exchange rate is displayed in its changes. Here are two important points to note. First, the cross-effects of exchange rate determinants can influence the impact of each determinant. Second, the importance of currency, especially in developing countries, and its key role between the foreign exchange and financial markets, has made the exchange rate an intelligent variable, which corrects mistakes at the next rate through the learning process. Hence, the course of exchange rate over time is expected to be nonlinear.The purpose of the present paper is to the test a nonlinear model estimating the response of inflation to real effective exchange rate in Iran. In order to examine threshold effects of exchange rate on inflation in Iran, following Posedel & Tica (2009), pattern was used:where inflation π is a function of the Real Effective Exchange Rate (REER). The variable  is a dummy variable:  if the REER () is equal or bigger than the threshold () and  if the REER () is smaller than threshold (). FINDINGS Finding based on time series data for the period 1971-2017 and Threshold Regression (TR) model indicates that real effective exchange rate of 6160.27 Rials has been applied as a threshold value. In other words, based on the above threshold value, the estimated model shows the exchange rate coefficient has increased somewhat from the first to the second regime.CONCLUSION Considering the fact that preserving the value of the national currency is one of the most important tasks of central banks and to control inflation, it seems necessary to give the due attention to exchange rate and its threshold impacts when planning, designing and implementing monetary and exchange policies. The results of this study suggests a policy guideline, namely, that, in order to limit the damaging effects of inflation on the economy and household welfare, monetary policymakers in Iran must restrain the foreign exchange shocks.

Researchers examined anomalies in the market to understand the market dimensions. Prior studies considered the effects of biases on momentum strategy. Stock liquidity as one of the risk factors for assets was also considered by researchers. The purpose of this study is to examine the role of stock liquidity in the separately and jointly effect of anchoring bias and the disposition effect on momentum profit. The population of this study consists of all companies listed on the Tehran Stock Exchange. Based on systematic election sampling this study covers 136 companies over the period of 2007-2020. In this study, the effect of disposition effect is calculated using the approach of Greenblatt and Han (2005) and Frazzini (2006) and the anchorage bias is calculated according to George and Hwang (2004). This study calculates momentum profits according to Jegadeesh and Titman (1993). To test the hypotheses, multivariate regressions and the five-factor model of Fama and French (2015) have been used. The results of this study show that the disposition effect in stocks with low liquidity increases momentum profit. In addition, anchoring bias in stocks with low liquidity leads to an increase the momentum profit. Findings of this study document that the interaction effect of anchoring bias and disposition effect, while reinforcing each other, is also associated with increasing in momentum profit. Finally, when anchoring bias and disposition effect reinforce each other, and stocks have low liquidity, they do not increase momentum profits.

Khorasan Razavi Province suffers from the most critical groundwater resources in Iran, i.e. the groundwater decline has reached 1 m; 34 out of 37 water plains are banned in Khorasan Razavi Province. Recently, Mashhad plain has been fighting with the crisis of drought and water scarcity. Illegal harvesting from groundwater resources and the warming trend caused by change in climate have exacerbated the crisis. Comprehensive water resources management, assuming the complicated nature of water-related issues, rapid growth of population, water requirement for a variety of purposes, and limited water resources, requires novel methods to stack up technical, economic, environmental, social, and logical perspectives in an integrated forum. One of the tools for comprehensive water resources management is utilizing hydro-economic models to simulate the present status of drainage basins and evaluate the impacts of different scenarios and policies. The current study used a hydro-economic model to simulate the hydrological status of Mashhad plain and evaluate the impacts of different scenarios. Then, the agent-based model (ABM) was used in order to reach an agreement with stakeholders on executing different conservation scenarios. The hydro-economic model results revealed that reducing the water demand of the agricultural sector and, as a result, surface and groundwater consumption is possible through following adaptation scenarios. Implementing various adaptation scenarios may alter the present cultivation pattern. Moreover, the ABM results showed a significant difference between the volume of available water, due to the execution of strategies, and water demand, bringing about the lack of farmers’ cooperation regarding the implementation of conservation scenarios. However, through applying some incentive policies, a number of representative farmers may agree to pursue adaptation scenarios.