2024-03-29T07:09:08Z
https://mpra.ub.uni-muenchen.de/cgi/oai2
oai:mpra.ub.uni-muenchen.de:367
2019-10-01T05:20:11Z
7374617475733D756E707562
7375626A656374733D44:4438:443830
7375626A656374733D4C:4C31:4C3130
7375626A656374733D43:4337:433730
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/367/
What if Hayek goes shopping in the bazaar?
Lamieri, Marco
Bertacchini, Enrico
D80 - General
L10 - General
C70 - General
D40 - General
The paper presents a comparative analysis of the peculiar institutional features of two retail markets: the middle eastern Bazaar and the western Mall (shopping center). We study the informational functions and performance of the different market institutions using an Agent Based Computational Economics (ACE) model under the assumption of behavioral learning by agents. Sellers decide which price setting strategy to adopt whereas buyers form their price beliefs exploring the market and decide which price to accept.
The agents learn how to adapt and behave within the specific institutional framework to carry out their economic transactions, but market institutions, as mechanisms to coordinate information of market participants are expected to affect the price dynamics. The main area of interest concerns the question of whether the economic argument on the presumed underperformance of bazaar institutions respect to more competitive markets holds true or it is necessary a reassessment on it.
2006-06-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/367/1/MPRA_paper_367.pdf
Lamieri, Marco and Bertacchini, Enrico (2006): What if Hayek goes shopping in the bazaar?
en
oai:mpra.ub.uni-muenchen.de:487
2019-10-03T04:48:49Z
7374617475733D756E707562
7375626A656374733D4C:4C35:4C3531
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/487/
Interconnection of Cable Networks: A Regulation Proposal for Broadband Internet Services
Leitão, João
L51 - Economics of Regulation
D40 - General
In this article a brief revision of the European and Portuguese Regulatory frameworks is made, especially in terms of the interconnection of broadband internet services that are offered by cable operators. A formalization with two cable networks is presented, in order to obtain a benchmark for symmetric networks, and two scenarios: collusion and regulated market; are developed. This justifies the implementation of regulatory policies, with the establishment of caps for the interconnection tariffs, in order to assure a larger penetration rate of the broadband internet services and a bigger total welfare.
2006-10-16
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/487/1/MPRA_paper_487.pdf
Leitão, João (2006): Interconnection of Cable Networks: A Regulation Proposal for Broadband Internet Services.
en
oai:mpra.ub.uni-muenchen.de:646
2019-10-05T16:39:10Z
7374617475733D707562
7375626A656374733D4F:4F35:4F3535
7375626A656374733D4C:4C37:4C3739
7375626A656374733D46:4630:463031
7375626A656374733D4F:4F31:4F3131
7375626A656374733D43:4334:433434
7375626A656374733D43:4335:433531
7375626A656374733D4F:4F32:4F3231
7375626A656374733D4F:4F31:4F3139
7375626A656374733D51:5131:513133
7375626A656374733D4D:4D33:4D3331
7375626A656374733D44:4434:443431
7375626A656374733D4C:4C31:4C3131
7375626A656374733D4F:4F32:4F3234
7375626A656374733D51:5131:513137
7375626A656374733D43:4332:433232
7375626A656374733D46:4631:463134
7375626A656374733D44:4434:443430
7375626A656374733D46:4631:463133
7375626A656374733D45:4533:453330
7375626A656374733D4F:4F31:4F3133
7375626A656374733D4C:4C37:4C3738
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/646/
Causality and Efficiency in the Coffee Futures Market
Kebede, Yohannes
O55 - Africa
L79 - Other
F01 - Global Outlook
O11 - Macroeconomic Analyses of Economic Development
C44 - Operations Research ; Statistical Decision Theory
C51 - Model Construction and Estimation
O21 - Planning Models ; Planning Policy
O19 - International Linkages to Development ; Role of International Organizations
Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
M31 - Marketing
D41 - Perfect Competition
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
O24 - Trade Policy ; Factor Movement Policy ; Foreign Exchange Policy
Q17 - Agriculture in International Trade
C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes
F14 - Empirical Studies of Trade
D40 - General
F13 - Trade Policy ; International Trade Organizations
E30 - General
O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products
L78 - Government Policy
Tests for causality and rationality in the coffee futures market were carried out using data from the New York Market. Tests of causality indicated that futures prices strongly influence variations in spot price eight weeks or more to maturity. However, beginning seven weeks to maturity there seems to be a strong causal relationship going from futures to spot and from spot to futures. Risk constancy or neutrality, equality of risk premium and spot price, and efficiency were rejected for the period 18, 51, and 33 weeks or more to maturity. However, simultaneity of risk neutrality and efficiency was accepted for contracts with 55-77 weeks to maturity. The general conclusion from this study is that coffee futures market can be used as an indicator of spot market prices for contracts with 55-77 weeks to maturity. While benefits can be obtained through short term adjustment of available stock and making use of quality storage facilities, planning longer term planting and marketing decisions (e.g., ≥ 77 weeks) on the basis of futures market price can result in misallocation of resources and welfare loss.
1992-03-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/646/1/MPRA_paper_646.pdf
Kebede, Yohannes (1992): Causality and Efficiency in the Coffee Futures Market. Published in: Journal of International Food & Agribusiness Marketing , Vol. 5, No. 1 (1993): pp. 55-71.
en
oai:mpra.ub.uni-muenchen.de:1046
2019-09-27T13:27:19Z
7374617475733D707562
7375626A656374733D4C:4C31:4C3136
7375626A656374733D4C:4C31:4C3130
7375626A656374733D4E:4E31
7375626A656374733D45:4531:453132
7375626A656374733D4E:4E38
7375626A656374733D4D:4D33:4D3331
7375626A656374733D4C:4C31:4C3131
7375626A656374733D4D:4D31:4D3130
7375626A656374733D44:4434:443430
7375626A656374733D45:4533:453331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1046/
The Real Thing: Nominal Price Rigidity of the Nickel Coke, 1886–1959
Levy, Daniel
Young, Andrew
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
L10 - General
N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations
E12 - Keynes ; Keynesian ; Post-Keynesian
N8 - Micro-Business History
M31 - Marketing
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
M10 - General
D40 - General
E31 - Price Level ; Inflation ; Deflation
We report that the price of a 6.5oz Coke was 5¢ from 1886 until 1959. Thus, we are documenting a nominal price rigidity that lasted more than 70 years! The case of Coca-Cola is particularly interesting because during the 70-year period there were substantial changes in the soft drink industry as well as two World Wars, the Great Depression, and numerous regulatory interventions and lawsuits, which led to substantial changes in the Coca-Cola market conditions. The nickel price of Coke, nevertheless, remained unchanged. We find that this unusual rigidity is best explained by (1) a contract between the Company and its parent bottlers that encouraged retail price maintenance, (2) a single-coin vending machine technology, which limited the Company’s price adjustment options due to limited availability and unreliability of the existing flexible price adjustment technologies, and (3) a single-coin monetary transaction technology, which limited the Company’s price adjustment options due to the customer “inconvenience cost.” We show that these price adjustment costs are of a different nature than the standard menu cost, and their estimates exceed the existing estimates by an order of magnitude. A possible broader relevance of the nickel Coke phenomenon is discussed in the context of Nickel and Dime Stores, which were popular in the US in the late 1800s and the early 1900s.
2004-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1046/1/MPRA_paper_1046.pdf
Levy, Daniel and Young, Andrew (2004): The Real Thing: Nominal Price Rigidity of the Nickel Coke, 1886–1959. Published in: Journal of Money, Credit and Banking , Vol. Volume, No. Issue No. 4 (August 2004): pp. 765-799.
en
oai:mpra.ub.uni-muenchen.de:1468
2019-09-29T12:41:22Z
7374617475733D707562
7375626A656374733D51:5134:513430
7375626A656374733D4C:4C31:4C3131
7375626A656374733D44:4434:443430
7375626A656374733D43:4335:433532
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1468/
Non-linearities in mark-up on costs
Wlazlowski, Szymon
Binner, Jane
Giulietti, Monica
Joseph, Nathan
Q40 - General
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
D40 - General
C52 - Model Evaluation, Validation, and Selection
Abstract
This study employs an error-correction SETAR model to analyse the non-linearities in the behaviour of the mark-up on costs charged by the filling stations in the New York metropolitan area. While usual price transmission gained significant attention in the literature, the mark-up portion of the price has not been analysed to date. The results indicate that the adjustment to mark-ups to their long run values is non-linear, but the speeds with they adjust to their long-run values are equal across regimes for two out of three series analysed. For one of the series the adjustment is beneficial for the end consumers such that prices fall faster than they rise. The findings are somewhat surprising, indicating that there is no need for government intervention in the NY petroleum market.
2006-11-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1468/1/MPRA_paper_1468.pdf
Wlazlowski, Szymon and Binner, Jane and Giulietti, Monica and Joseph, Nathan (2006): Non-linearities in mark-up on costs. Published in: Aston Working Papers No. 2006 (2006): pp. 1-21.
en
oai:mpra.ub.uni-muenchen.de:1486
2019-09-27T16:54:41Z
7374617475733D707562
7375626A656374733D44:4434:443430
7375626A656374733D44:4434:443439
7375626A656374733D51:5134:513430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1486/
Petrol and Crude Oil Prices: Asymmetric Price Transmission
Wlazlowski, Szymon
D40 - General
D49 - Other
Q40 - General
This paper examines the relationship between crude oil prices, the dollar-pound exchange rate and petrol prices in the UK over the period 1982-2001. Quantitative methods were used to examine the existence of the long-run equilibrium and test for the presence of asymmetric patterns in the short-run responses to upstream price changes. Also the degree of asymmetry in the adjustment towards long-run equilibrium was analysed. Results confirm that short-run response is greater for increases in upstream prices and that the long-run equilibrium is reached faster after increase in upstream prices. Thus the opinion held by drivers in the UK is confirmed. Detailed analysis confirmed close relationship between the asymmetry and the size and change in the market margin.
2001
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1486/1/MPRA_paper_1486.pdf
Wlazlowski, Szymon (2001): Petrol and Crude Oil Prices: Asymmetric Price Transmission. Published in: Ekonomia , Vol. 11, (2003): pp. 1-25.
en
oai:mpra.ub.uni-muenchen.de:1515
2019-10-09T22:23:27Z
7374617475733D756E707562
7375626A656374733D44:4434:443430
7375626A656374733D43:4337:433738
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1515/
Firm Size and Pricing Policy
Roy Chowdhury, Prabal
D40 - General
C78 - Bargaining Theory ; Matching Theory
We relate the pricing policy
of the firms to their size, where firm size is interpreted as the
size of the clientele served by the concerned firm. We argue that a
firm with a large clientele faces a more severe reputational
backlash if it reneges. This allows the firm to effectively commit
to its offers, leading to a unique equilibrium without delay, where
the firm extracts the whole of the surplus. For smaller firms,
however, the reputational effects are much less intense and,
consequently, the equilibria involve reneging possibilities. In this
case the equilibria are non-unique, and may involve delays as well.
2006-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1515/1/MPRA_paper_1515.pdf
Roy Chowdhury, Prabal (2006): Firm Size and Pricing Policy.
en
oai:mpra.ub.uni-muenchen.de:1773
2019-09-27T04:52:26Z
7374617475733D707562
7375626A656374733D52:5234:523431
7375626A656374733D52:5234:523430
7375626A656374733D4C:4C39:4C3931
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/1773/
Transporte público en Cartagena: ¿Qué factores determinan las preferencias de los usuarios?
Toro González, Daniel
Alvis Arrieta, Jorge
Arellano Cartagena, William
R41 - Transportation: Demand, Supply, and Congestion ; Travel Time ; Safety and Accidents ; Transportation Noise
R40 - General
L91 - Transportation: General
D40 - General
This document analizes the preferences of public transportation system users in Cartagena de Indias - Colombia. The research uses related variables on transportation modes chosen by people and some other characteristics of the people who make such decisions. The analysis allows us to understand the behavior of public urban transportation system users in the city of Cartagena, and shows us evidence about some probable reasons associated with new informal public transportation modes, which at this moment play an important role in the public transportation market in the city. The research uses binary choice probabilistic models (Probit) and primary information collected by a survey for system users.
2004-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/1773/1/MPRA_paper_1773.pdf
Toro González, Daniel and Alvis Arrieta, Jorge and Arellano Cartagena, William (2004): Transporte público en Cartagena: ¿Qué factores determinan las preferencias de los usuarios? Published in: Economía & Región , Vol. Vol.2, No. No.3 (July 2005): pp. 7-54.
es
oai:mpra.ub.uni-muenchen.de:2385
2019-09-30T12:59:00Z
7374617475733D707562
7375626A656374733D4C:4C30
7375626A656374733D43:4337:433738
7375626A656374733D44:4438:443836
7375626A656374733D4C:4C39:4C3934
7375626A656374733D4C:4C37:4C3732
7375626A656374733D51:5133:513331
7375626A656374733D51:5134:513431
7375626A656374733D43:4337:433731
7375626A656374733D4C:4C31:4C3133
7375626A656374733D43:4337
7375626A656374733D4C:4C32:4C3232
7375626A656374733D44:4434:443433
7375626A656374733D4C:4C34:4C3432
7375626A656374733D52:5233:523332
7375626A656374733D4C:4C31:4C3134
7375626A656374733D43:4337:433732
7375626A656374733D4C:4C31:4C3130
7375626A656374733D51:5133:513332
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2385/
Cena węgla brunatnego jako wyznacznik podziału zysku w układach kopalń i elektrowni. Część II – Formuły cen węgla brunatnego.
Jurdziak, Leszek
L0 - General
C78 - Bargaining Theory ; Matching Theory
D86 - Economics of Contract: Theory
L94 - Electric Utilities
L72 - Mining, Extraction, and Refining: Other Nonrenewable Resources
Q31 - Demand and Supply ; Prices
Q41 - Demand and Supply ; Prices
C71 - Cooperative Games
L13 - Oligopoly and Other Imperfect Markets
C7 - Game Theory and Bargaining Theory
L22 - Firm Organization and Market Structure
D43 - Oligopoly and Other Forms of Market Imperfection
L42 - Vertical Restraints ; Resale Price Maintenance ; Quantity Discounts
R32 - Other Spatial Production and Pricing Analysis
L14 - Transactional Relationships ; Contracts and Reputation ; Networks
C72 - Noncooperative Games
L10 - General
Q32 - Exhaustible Resources and Economic Development
D40 - General
For methods of the profit division in the bilateral monopoly of the mine and the power station sug-gested in the first part of this paper the formulae for lignite price and shares in the joint profit of the mine and the power station are calculated. The proposed profit division contain: the egalitarian, normal and asymmetrical Nash solution, the proportional division, assuring equal and proportional profit margins division (in it calculated only on the basis of prime costs) and Nash and Kalai-Smorodinsky solution with individual utility functions.
2006-11-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2385/1/MPRA_paper_2385.pdf
Jurdziak, Leszek (2006): Cena węgla brunatnego jako wyznacznik podziału zysku w układach kopalń i elektrowni. Część II – Formuły cen węgla brunatnego. Published in: Górnictwo i geologia IX (Mining and geology IX) , Vol. Seria:, No. Prace Naukowe Instytutu Górnictwa Politechniki Wrocławskiej Nr 118 (Scientific Papers of the Institute of Mining of the Wroclaw Univ. of Technology No.118) (23 March 2007): pp. 59-68.
pl
oai:mpra.ub.uni-muenchen.de:2713
2019-10-03T14:19:41Z
7374617475733D707562
7375626A656374733D44:4434:443430
7375626A656374733D42:4235
7375626A656374733D42:4235:423531
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2713/
Microfoundations of macroeconomics. Post-Keynesian contributions on the theory of the firm
Canale, Rosaria Rita
D40 - General
B5 - Current Heterodox Approaches
B51 - Socialist ; Marxian ; Sraffian
Looking through contributions about microeconomic theory, from classics to modern theory, it is possible to identify various attitudes on the role that firms play in the market. To simplify the existing multiplicity of opinion, two distinct positions can be recognized: 1) the first one considers the theory of the firm, its choices about price and production as ruled by consumer sovereignty, assuming that it is the eagerness to buy that drives the market. The entrepreneur’s and consumer’s interests converge thanks to automatic mechanisms leading to equilibrium. It is well-known that neoclassical economists can be ascribed to this trend of study. 2) the second position, on the other hand, considers the side of production as having a higher incidence in the identification of market equilibrium, as firms are able to set prices and co-ordinate demand behaviour. This turn-round in causality defines a market where the demand-supply relationship does not follow the rules of competitive-marginalist equilibrium, but alternative principles. The aim of this study is to analyse the contribution of Post-Keynesian scholars about this theme in the belief that the fundamental assumptions and conclusions they have drawn represent an alternative to the traditional theory, and are worth being considered carefully.
However, in the identification of the theoretical foundations of Post-Keynesian microeconomics theory, one can run into the difficulty of reducing to few unification principles the content of very different contributions, which often stand out for their critical positions vis-à-vis orthodox theory rather than for setting up the parts of a single alternative paradigm .
Besides, Post-Keynesians have a strong taste for macroeconomics themes, rather than for microeconomics ones, since they believe that the macro aggregates determine the behaviour of small decision-making units. In fact, looking at this literature, one can find a lot of contributions on this subject: the most reputed (Kalecki 1954, and, for an expansion of this, Asimakopulos 1975 and Cowling 1982) explain the formation of prices and produced quantities as the results of decision-making process of firms as a whole. These theories set themselves out as theories of investment decisions, profit accumulation, and the conflicting nature of income distribution. This point of view, however, is submitted to the criticism of those who argue that Post-Keynesian theory does not possess persuasive microeconomics bases and that, even though it can be maintained that in the process of aggregation the firms behave uniformly in influencing aggregate production and income distribution, it is always necessary to define the rules that allow each unit to take its production choices.
Most recently, some scholars have committed themselves to define the rules of such a decision-making process and to clarify the reasons why the interests between consumers and producers in the market do not converge. In so doing, they have tried to provide a microeconomic foundation to the distributive conflict identified at an aggregate level. These different contributions underline various dimensions of the undertaker’s decision-making mechanism. However, I believe that they share some common elements, as they are characterized by a common global vision that brings about a persuasive alternative to the theoretical system of neoclassical microeconomics.
The aim of the present study is that of presenting the key elements of the Post-Keynesian global vision on the theory of the firm, and of explaining why price mechanisms prevail over quantity-determining mechanism.
2003
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2713/1/MPRA_paper_2713.pdf
Canale, Rosaria Rita (2003): Microfoundations of macroeconomics. Post-Keynesian contributions on the theory of the firm. Published in: Atti del Convegno AISPE 2003 (2005)
en
oai:mpra.ub.uni-muenchen.de:2761
2019-09-27T18:21:02Z
7374617475733D756E707562
7375626A656374733D45:4533:453331
7375626A656374733D45:4535:453530
7375626A656374733D4D:4D33:4D3330
7375626A656374733D44:4432:443231
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D32:4D3230
7375626A656374733D4C:4C31:4C3131
7375626A656374733D45:4531:453132
7375626A656374733D45:4535:453532
7375626A656374733D4C:4C31:4C3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2761/
Price Rigidity and Flexibility: Recent Theoretical Developments
Levy, Daniel
E31 - Price Level ; Inflation ; Deflation
E50 - General
M30 - General
D21 - Firm Behavior: Theory
D40 - General
M20 - General
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
E12 - Keynes ; Keynesian ; Post-Keynesian
E52 - Monetary Policy
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
The price system, the adjustment of prices to changes in market conditions, is the primary mechanism by which markets function and by which the three most basic questions get answered: what to produce, how much to produce and for whom to produce. To the behaviour of price and price system, therefore, have fundamental implications for many key issues in microeconomics and industrial organization, as well as in macroeconomics and monetary economics. In microeconomics, managerial economics, and industrial organization, economists focus on the price system efficiency. In macroeconomics and monetary economics, economists focus on the extent to which nominal prices fail to adjust to changes in market conditions. Nominal price rigidities play particularly important role in modern monetary economics and in the conduct of monetary policy because of their ability to explain short-run monetary non-neutrality. The behaviour of prices, and in particular the extent of their rigidity and flexibility, therefore, is of central importance in economics. This introductory essay briefly summarizes the eight studies of price rigidity that are included in this special issue.
2007-04-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2761/1/MPRA_paper_2761.pdf
Levy, Daniel (2007): Price Rigidity and Flexibility: Recent Theoretical Developments.
en
oai:mpra.ub.uni-muenchen.de:2762
2019-09-27T14:55:06Z
7374617475733D756E707562
7375626A656374733D45:4533:453331
7375626A656374733D45:4535:453530
7375626A656374733D4D:4D33:4D3330
7375626A656374733D44:4432:443231
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D32:4D3230
7375626A656374733D45:4535:453538
7375626A656374733D4C:4C31:4C3131
7375626A656374733D45:4531:453132
7375626A656374733D45:4535:453532
7375626A656374733D4C:4C31:4C3136
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2762/
Price Rigidity and Flexibility: New Empirical Evidence
Levy, Daniel
E31 - Price Level ; Inflation ; Deflation
E50 - General
M30 - General
D21 - Firm Behavior: Theory
D40 - General
M20 - General
E58 - Central Banks and Their Policies
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
E12 - Keynes ; Keynesian ; Post-Keynesian
E52 - Monetary Policy
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
The marketplace, along with its price system, is the single most important institution in a western-style free enterprise economy. The ability of prices to adjust to changes in supply and demand conditions enables the market to function efficiently and lies behind the magical invisible hand mechanism. To the behaviour of prices and in particular to the ability of prices to adjust to changes in market conditions, therefore, have fundamental implications for many key issues in many areas of both microeconomics as well as macroeconomics. It is, therefore, critical to study and understand whether there are barriers to price adjustments, what are the nature of these barriers, how the barriers lead to price rigidity, what are possible implications of these rigidities, etc. This introductory essay briefly summarizes the fourteen empirical studies of price rigidity that are included in this special issue.
2007-04-17
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2762/1/MPRA_paper_2762.pdf
Levy, Daniel (2007): Price Rigidity and Flexibility: New Empirical Evidence.
en
oai:mpra.ub.uni-muenchen.de:2837
2019-09-29T05:01:09Z
7374617475733D756E707562
7375626A656374733D43:4336:433633
7375626A656374733D43:4336:433631
7375626A656374733D44:4438:443833
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D33:4D3331
7375626A656374733D43:4337:433733
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/2837/
Using Genetics Based Machine Learning to find Strategies for Product Placement in a dynamic Market
Fent, Thomas
C63 - Computational Techniques ; Simulation Modeling
C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis
D83 - Search ; Learning ; Information and Knowledge ; Communication ; Belief ; Unawareness
D40 - General
M31 - Marketing
C73 - Stochastic and Dynamic Games ; Evolutionary Games ; Repeated Games
In this paper we discuss the necessity of models including complex adaptive systems in order to eliminate the shortcomings of neoclassical models based on equilibrium theory. A simulation model containing artificial adaptive agents is used to explore the dynamics of a market of highly replaceable products. A population consisting of two classes of agents is implemented to observe if methods provided by modern computational intelligence can help finding a meaningful strategy for product placement. During several simulation runs it turned out that the agents using CI-methods outperformed their competitors.
1999-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/2837/1/MPRA_paper_2837.pdf
Fent, Thomas (1999): Using Genetics Based Machine Learning to find Strategies for Product Placement in a dynamic Market.
en
oai:mpra.ub.uni-muenchen.de:3013
2019-10-01T03:53:21Z
7374617475733D707562
7375626A656374733D45:4531:453130
7375626A656374733D44:4434:443439
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3013/
Determination of Profit and Loss Sharing Ratios in Interest-Free Business Finance
Hasan, Zubair
E10 - General
D49 - Other
D40 - General
This paper discusses how profit and loss sharing ratios will be determined at the micro and micro levels in an interest free system of financing business operating side by side of an interest based conventional financing.It shows that leverage magnification of return on owners' equity is also available under the Islamic financing. It argues that for the bank Islamic finance may be more profitable than conventional financing
1985
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3013/1/MPRA_paper_3013.pdf
Hasan, Zubair (1985): Determination of Profit and Loss Sharing Ratios in Interest-Free Business Finance. Published in: Journal of Research in Islamic Economics , Vol. 3, No. 1 (1985): pp. 13-29.
en
oai:mpra.ub.uni-muenchen.de:3047
2019-10-03T04:57:42Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3136
7375626A656374733D44:4434:443432
7375626A656374733D45:4533:453331
7375626A656374733D44:4434
7375626A656374733D4C:4C32:4C3230
7375626A656374733D4D:4D32:4D3231
7375626A656374733D4D:4D33:4D3331
7375626A656374733D4D:4D31:4D3130
7375626A656374733D4C:4C38:4C3831
7375626A656374733D45:4531:453132
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3047/
Discussion of "Lumpy Price Adjustments: A Microeconometric Analysis" by Dhyne, et al. (2007)
Levy, Daniel
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
D42 - Monopoly
E31 - Price Level ; Inflation ; Deflation
D4 - Market Structure, Pricing, and Design
L20 - General
M21 - Business Economics
M31 - Marketing
M10 - General
L81 - Retail and Wholesale Trade ; e-Commerce
E12 - Keynes ; Keynesian ; Post-Keynesian
D40 - General
Discussion of "Lumpy Price Adjustments: A Microeconometric Analysis" by Emmanuel Dhyne, Catherine Fuss, Hashem Pesaran, and Patrick Sevestre (2007); Presented at the Spring 2007 Conference of the Deutsche Bundesbank and the Banque De France on "Micro-Data and Macroeconomic Implications," April 27-28, 2007, Eltville, Germany.
2007-04-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3047/1/MPRA_paper_3047.pdf
Levy, Daniel (2007): Discussion of "Lumpy Price Adjustments: A Microeconometric Analysis" by Dhyne, et al. (2007).
en
oai:mpra.ub.uni-muenchen.de:3113
2019-09-27T22:29:22Z
7374617475733D707562
7375626A656374733D44:4437:443738
7375626A656374733D44:4437:443731
7375626A656374733D44:4431:443131
7375626A656374733D49:4930:493030
7375626A656374733D44:4434:443430
7375626A656374733D44:4432:443230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3113/
Prospettive per un nuovo Welfare.
Reggiani, Tommaso
D78 - Positive Analysis of Policy Formulation and Implementation
D71 - Social Choice ; Clubs ; Committees ; Associations
D11 - Consumer Economics: Theory
I00 - General
D40 - General
D20 - General
"Exit, Voice, and Loyalty" (A.O. Hirschman 1970) is a theoretical concept derived from the work of Albert O. Hirschman (1970) which is focused on two essential options in organizatios and products decline, being "exit" and "voice".The basis concept is as follows: members of an organization, whether consumers , or any other kind of human grouping, have essentially two possible responses when they perceive that the producer/organization is demonstrating a decrease in quality or benefit to the consumer/member: they can EXIT (withdraw from the relationship-the standard market strategy); or, they can VOICE (attempt to repair or improve the relationship through communication of the complaint, grievance or proposal for change -the standard political strategy). In this article we apply this approach to welfare and health care markets, emphasizing the main importance of LOYALTY option (a mixed "voice-exit" strategy).
2007-03-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3113/1/MPRA_paper_3113.pdf
Reggiani, Tommaso (2007): Prospettive per un nuovo Welfare. Published in: Appunti di cultura e politica , Vol. vol. 2, No. march-april (2007) (26 April 2007): pp. 35-38.
it
oai:mpra.ub.uni-muenchen.de:3236
2019-09-28T04:42:43Z
7374617475733D756E707562
7375626A656374733D4C:4C38:4C3831
7375626A656374733D4C:4C32:4C3230
7375626A656374733D4C:4C31:4C3136
7375626A656374733D45:4533:453331
7375626A656374733D4D:4D31:4D3130
7375626A656374733D44:4434:443432
7375626A656374733D4D:4D33:4D3331
7375626A656374733D44:4434:443430
7375626A656374733D44:4434
7375626A656374733D4D:4D32:4D3231
7375626A656374733D45:4531:453132
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/3236/
Discussion of "Inflation and Relative Price Asymmetry" by Ratfai, A.
Levy, Daniel
L81 - Retail and Wholesale Trade ; e-Commerce
L20 - General
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
E31 - Price Level ; Inflation ; Deflation
M10 - General
D42 - Monopoly
M31 - Marketing
D40 - General
D4 - Market Structure, Pricing, and Design
M21 - Business Economics
E12 - Keynes ; Keynesian ; Post-Keynesian
This is a discussion of Ratfai (2007), presented at the 2007 Macroeconomics Workshop of the Rimini Center for Economic Analysis on "The Macroeconomics of Price Setting," May 10-11, 2007, University of Bologna, Rimini, Italy.
2007-05-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/3236/1/MPRA_paper_3236.pdf
Levy, Daniel (2007): Discussion of "Inflation and Relative Price Asymmetry" by Ratfai, A.
en
oai:mpra.ub.uni-muenchen.de:4344
2019-09-30T05:16:10Z
7374617475733D756E707562
7375626A656374733D44:4434:443430
7375626A656374733D4C:4C35:4C3530
7375626A656374733D4C:4C38:4C3832
7375626A656374733D44:4436:443630
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4344/
An Analysis on Market Structure of Broadcast Service – Issues on Optimal Level of Channel Variety –
Shishikura, Manabu
Kasuga, Norihiro
D40 - General
L50 - General
L82 - Entertainment ; Media
D60 - General
Unlike general goods, broadcasting service is financed not only by consumer’s direct
payment but also by advertisement revenue. In other words, broadcasting service is
supported by direct and indirect financial sources. However, rate of dependence on those
financial sources are different by each media type; Terrestrial broadcasting carrier
primarily depends on advertisement revenue while cable TV carrier and satellite carrier,
which is called as pay-TV primarily depend on payment from audience in addition to
small amount of advertisement revenue.
In this paper, we examine broadcast market, where carriers with different financial
sources compete in the market, and analyze market performance as a result of
competition. Especially, we focus on the effect of competition in the mixed market which
includes advertising supported media and subscription fee supported media.
We made economic model and analyze the difference on several types of market. Our
principle results of Case III, the market that an advertisement supported carrier and a
subscription supported carrier compete in the market, are as follows;.
(1) The greater the substitutability is, the number of channels supplied by advertisement
supported media increases while those supplied by subscription fee supported carrier
decreases.
(2) Total number of channels supplied by advertisement supported carrier and
subscription fee supported carrier is equal to the number of channels supplied by an
advertisement supported carrier (Case II).
(3) Total TV watching time of Case III is equal to Case II.
(4) Because the amount of payment by consumer increases compared to Case II, consumer
surplus decreases.
General economic model predicts that the increase of the number of entrants brings the
increase of consumer surplus. However, in our model, we show here that the increase of
the number of entrants does not necessarily bring the increase of consumer surplus.
2007-08-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4344/1/MPRA_paper_4344.pdf
Shishikura, Manabu and Kasuga, Norihiro (2007): An Analysis on Market Structure of Broadcast Service – Issues on Optimal Level of Channel Variety –.
en
oai:mpra.ub.uni-muenchen.de:4484
2019-09-26T12:48:27Z
7374617475733D756E707562
7375626A656374733D44:4434:443430
7375626A656374733D4C:4C31:4C3130
7375626A656374733D4D:4D32:4D3230
7375626A656374733D41:4131:413132
7375626A656374733D4D:4D33:4D3330
7375626A656374733D44:4431:443130
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4484/
Behavioral industrial organization, firm strategy, and consumer economics
Azar, Ofer H.
D40 - General
L10 - General
M20 - General
A12 - Relation of Economics to Other Disciplines
M30 - General
D10 - General
The field of behavioral economics is one of the fastest-growing fields in economics in recent years. Not long ago this was a small field, but over the last decade or so, the field gained more recognition, and today it seems clear that psychological motivations and biases affect economic behavior in many important ways. Insights from psychology were incorporated in several areas of economics. This paper offers a short review of the application of behavioral economics to industrial organization, which can be denoted “behavioral industrial organization,” and on the relationship between behavioral industrial organization, firm strategy, and consumer economics.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4484/1/MPRA_paper_4484.pdf
Azar, Ofer H. (2006): Behavioral industrial organization, firm strategy, and consumer economics.
en
oai:mpra.ub.uni-muenchen.de:4899
2019-09-26T08:34:46Z
7374617475733D707562
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4899/
TÜRKİYE’DE UN SANAYİ SEKTÖRÜNÜN ANALİZİ
Aktas, Erkan
Yurdakul, Oğuz
D40 - General
In this research, firstly, the production of wheat, wheat flour, and, the situation of flour mill industry in the world and Turkey, were investigatited. The support policies which were applied to wheat in Turkey, the capacity for flour mill industry, production, import, export affair were discussed and the problem were determined.
The producer of flour mill in Turkey were analysed. Investigation data was collected by questionnaire from 49 active firms where loceted different regions in Turkey. The capasities of the firms, technological levels, the production amount, the supply of row material, and marketing were examined and problems and solution were discussed. Industrial organisation model (Structure, Conduct and Performans) were used for analysis these data.
Determined problems are inactive capacity, low quality wheat and unfair competition. As a result, which can find solutions to their problems and keep their capital and technological power are claim a stable share in the field, otherwise they lost their shares in the market.
2001
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4899/1/MPRA_paper_4899.pdf
Aktas, Erkan and Yurdakul, Oğuz (2001): TÜRKİYE’DE UN SANAYİ SEKTÖRÜNÜN ANALİZİ. Published in: University of Cukurova, Journal of Social Sciences. , Vol. 8, No. No:8. (2001)
tr
oai:mpra.ub.uni-muenchen.de:4916
2019-09-27T10:40:45Z
7374617475733D707562
7375626A656374733D44:4435:443538
7375626A656374733D44:4434:443430
7375626A656374733D44:4435:443533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4916/
Market dynamics and agents behaviors: a computational approach
Derveeuw, Julien
D58 - Computable and Other Applied General Equilibrium Models
D40 - General
D53 - Financial Markets
We explore market dynamics generated by the Santa-Fe Artificial Stock Market
model. It allows to study how agents adapt themselves to a market dynamic without knowing
its generation process. It was shown by Arthur and LeBaron, with the help of computer experiments, that agents in bounded rationality can make a rational global behavior emerge in this context. In the original model, agents do not ground their decision on an economic logic. Hence, we modify indicators used by agents to watch the market to give them more economic rationality. This leads us to divide agents in two groups: fundamentalists agents, who watch the market with classic economic indicators and speculator agents, who watch the market with technical indicators. This split allows us to study the influence of individual agents behaviors on global price dynamics. In this article, we show with the help of computational simulations that these two types of agents can generate classical market dynamics as well as perturbed ones (bubbles and kraches).
2005-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4916/1/MPRA_paper_4916.pdf
Derveeuw, Julien (2005): Market dynamics and agents behaviors: a computational approach. Published in: (2005)
en
oai:mpra.ub.uni-muenchen.de:4918
2019-10-10T13:18:18Z
7374617475733D707562
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/4918/
Testing double auction as a component within a generic market model architecture
Derveeuw, Julien
Beaufils, Bruno
Mathieu, Philippe
Brandouy, Olivier
D40 - General
Since the first multi-agents based market simulations in the nineties, many different
artificial stock market models have been developped. There are mainly used to reproduce
and understand real markets statistical properties such as fat tails, volatility clustering and positive auto-correlation of absolute returns. Though they share common goals, these market models are most of the time different one from another: some are based on equations, others on complex microstructures, some are synchronous, others are asynchronous. It is hence hard to understand which characteristic of the market model used is at the origin of observed statistical properties. To investigate this question, we propose a generic model of artificial markets architecture which allows to freely compose modules coming from existing market models. To illustrate this formalism, we implement these components to propose a model of an asynchronous double auction based on an order-book and show that many stylized facts of real stock markets are reproduced with our model.
2007-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/4918/1/MPRA_paper_4918.pdf
Derveeuw, Julien and Beaufils, Bruno and Mathieu, Philippe and Brandouy, Olivier (2007): Testing double auction as a component within a generic market model architecture. Published in: (September 2007)
en
oai:mpra.ub.uni-muenchen.de:5389
2019-10-01T21:38:52Z
7374617475733D756E707562
7375626A656374733D4F:4F34:4F3430
7375626A656374733D4F:4F33:4F3330
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5389/
An endogenous growth model with quality ladders and consumers’ heterogeneity
Marasco, Antonio
O40 - General
O30 - General
D40 - General
This paper develops an endogenous growth model with quality ladders where consumers
heterogeneity is assumed and is modelled through non homothetic preferences. We show that in such a model, unlike mainstream quality ladders models, the steady state equilibrium is
characterised by a duopoly were the state of the art technology and the one immediately below it are both able to survive and thrive, under given conditions for the income distribution. In the words of Schumpeter, this model delivers only partial creative destruction. Furthermore, we show that under duopoly, an increase in the degree of income inequality, raises the intensity of research activities and the growth rate of the economy.
2002-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5389/1/MPRA_paper_5389.pdf
Marasco, Antonio (2002): An endogenous growth model with quality ladders and consumers’ heterogeneity.
en
oai:mpra.ub.uni-muenchen.de:5483
2019-10-02T06:32:53Z
7374617475733D756E707562
7375626A656374733D44:4434:443431
7375626A656374733D47:4730:473030
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5483/
The Failure of Competition in the Credit Card Market in Turkey: The New Empirical Evidence
Aysan, Ahmet Faruk
Müslim, Nusret Ahmet
D41 - Perfect Competition
G00 - General
D40 - General
The high credit card interest rates in Turkey attracted considerable attention in recent years to regulate the Turkish credit card industry. Before any regulation decision taken, there needs to be better conceptualization and analysis of the Turkish credit card market. First, we highlight the most striking aspects of the Turkish credit card market. After exposing the problem, we benefit from the existing theoretical and empirical studies on the structure of competition in the credit card industry. Potential reasons for the lack of competitions are denoted. Having the existing studies in mind, we finally, construct an empirical model to estimate the market structure in the Turkish credit card industry. Newly disseminated data on the Turkish credit card industry is first introduced in this paper. Our empirical results are based on the panel data set of 22 banks from the second quarter of 2001 to the third quarter of 2005. In addition to random and fixed effects regressions, instrumental variable fixed effect regressions are run on this sample. Our results robustly conclude that the credit cards interest rates in Turkey are economically insensitive to the changes in the cost of fund. This result shows lack of strong competition Turkish credit card market.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5483/1/MPRA_paper_5483.pdf
Aysan, Ahmet Faruk and Müslim, Nusret Ahmet (2006): The Failure of Competition in the Credit Card Market in Turkey: The New Empirical Evidence.
en
oai:mpra.ub.uni-muenchen.de:5673
2019-09-26T20:00:08Z
7374617475733D696E7072657373
7375626A656374733D4C:4C31:4C3136
7375626A656374733D44:4434:443430
7375626A656374733D47:4731:473130
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/5673/
Banking competition and financial fragility: Evidence from panel-data
Ruiz-Porras, Antonio
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
D40 - General
G10 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
We study how banking competition may affect the stability of banking systems. We develop our study by expanding the failure-determinant methodology to include panel-data techniques and by controlling the effects of financial structure and development. We use indicators for 47 countries between 1990 and 1997. The main findings show that banking concentration and foreign ownership are associated to bank-based financial systems and financial underdevelopment. They also show that banking credit and bank-based financial systems enhance banking fragility. Banking concentration is not a significant determinant. Furthermore our findings suggest that financial structure and, maybe, the property regime matter to assess fragility.
2007-10-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/5673/1/MPRA_paper_5673.pdf
Ruiz-Porras, Antonio (2007): Banking competition and financial fragility: Evidence from panel-data. Forthcoming in: Estudios Economicos
en
oai:mpra.ub.uni-muenchen.de:6309
2017-12-22T03:27:02Z
oai:mpra.ub.uni-muenchen.de:6766
2017-12-22T03:41:43Z
oai:mpra.ub.uni-muenchen.de:6783
2019-09-28T04:46:28Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D47:4733:473331
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D35:4D3532
7375626A656374733D47:4733:473330
7375626A656374733D4D:4D34:4D3430
7375626A656374733D44:4434:443436
7375626A656374733D4D:4D34:4D3431
7375626A656374733D47:4731:473132
7375626A656374733D47:4730
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/6783/
Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto
G11 - Portfolio Choice ; Investment Decisions
G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity
D40 - General
M52 - Compensation and Compensation Methods and Their Effects
G30 - General
M40 - General
D46 - Value Theory
M41 - Accounting
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G0 - General
M21 - Business Economics
This paper presents a new way of measuring residual income,
originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital implicitly infused into the business, (c) the outstanding capital of a shadow project, (d) the claimholders' credit. Relations of the lost capital with book values and market values are studied, as well as relations of the lost-capital residual income with the classical standard paradigm; many appealing properties are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors in such different fields as
economic theory, management accounting and corporate finance, are considered: O'Hanlon and Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Keynes's (1936) user cost; Drukarczyk and Schueler's (2000) Net Economic Income,
Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are all conveniently reinterpreted within the theoretical domain of the lost-capital paradigm and conjoined in a unified view. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital budgeting decision-making
2007-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/6783/1/MPRA_paper_6783.pdf
Magni, Carlo Alberto (2007): Residual income and value creation: An investigation into the lost-capital paradigm.
en
oai:mpra.ub.uni-muenchen.de:6873
2017-12-22T03:46:04Z
oai:mpra.ub.uni-muenchen.de:7335
2019-10-02T17:14:18Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D47:4733:473331
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D35:4D3532
7375626A656374733D47:4733:473330
7375626A656374733D4D:4D34:4D3430
7375626A656374733D44:4434:443436
7375626A656374733D4D:4D34:4D3431
7375626A656374733D47:4731:473132
7375626A656374733D47:4730
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7335/
Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto
G11 - Portfolio Choice ; Investment Decisions
G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity
D40 - General
M52 - Compensation and Compensation Methods and Their Effects
G30 - General
M40 - General
D46 - Value Theory
M41 - Accounting
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G0 - General
M21 - Business Economics
This paper presents a new way of measuring residual income,
originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital implicitly infused into the business, (c) the outstanding capital of a shadow project, (d) the claimholders' credit. Relations of the lost capital with book values and market values are studied, as well as relations of the lost-capital residual income with the classical standard paradigm; many appealing properties are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors in such different fields as
economic theory, management accounting and corporate finance, are considered: O'Hanlon and Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Keynes's (1936) user cost; Drukarczyk and Schueler's (2000) Net Economic Income,
Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are all conveniently reinterpreted within the theoretical domain of the lost-capital paradigm and conjoined in a unified view. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital budgeting decision-making
2007-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7335/3/MPRA_paper_7335.pdf
Magni, Carlo Alberto (2007): Residual income and value creation: An investigation into the lost-capital paradigm.
en
oai:mpra.ub.uni-muenchen.de:7425
2019-10-01T12:20:07Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D47:4733:473331
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D35:4D3532
7375626A656374733D47:4733:473330
7375626A656374733D4D:4D34:4D3430
7375626A656374733D44:4434:443436
7375626A656374733D4D:4D34:4D3431
7375626A656374733D47:4731:473132
7375626A656374733D47:4730
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7425/
Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto
G11 - Portfolio Choice ; Investment Decisions
G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity
D40 - General
M52 - Compensation and Compensation Methods and Their Effects
G30 - General
M40 - General
D46 - Value Theory
M41 - Accounting
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G0 - General
M21 - Business Economics
This paper presents a new way of measuring residual income,
originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital implicitly infused into the business, (c) the outstanding capital of a shadow project, (d) the claimholders' credit. Relations of the lost capital with book values and market values are studied, as well as relations of the lost-capital residual income with the classical standard paradigm; many appealing properties are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors in such different fields as
economic theory, management accounting and corporate finance, are considered: O'Hanlon and Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Keynes's (1936) user cost; Drukarczyk and Schueler's (2000) Net Economic Income,
Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are all conveniently reinterpreted within the theoretical domain of the lost-capital paradigm and conjoined in a unified view. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital budgeting decision-making
2007-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7425/1/MPRA_paper_7425.pdf
Magni, Carlo Alberto (2007): Residual income and value creation: An investigation into the lost-capital paradigm.
en
oai:mpra.ub.uni-muenchen.de:7463
2019-09-27T16:45:57Z
7374617475733D756E707562
7375626A656374733D44:4432:443231
7375626A656374733D45:4535:453538
7375626A656374733D44:4434:443431
7375626A656374733D44:4434:443430
7375626A656374733D43:4332:433235
7375626A656374733D44:4434:443439
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7463/
Operationalizing and Measuring Competition: Determinants of Competition in Private Banking Industry in India
Kv, Bhanu Murthy
Deb, Ashis Taru
D21 - Firm Behavior: Theory
E58 - Central Banks and Their Policies
D41 - Perfect Competition
D40 - General
C25 - Discrete Regression and Qualitative Choice Models ; Discrete Regressors ; Proportions ; Probabilities
D49 - Other
Using an appropriate theoretical framework and econometric methodology, the study has sought to measure and model competition in private banking industry in India in an attempt to analyse the process of market dynamics in the industry. The changing scenario of private banking consequent to deregulation provided the motivation behind the study. It used the concept of competition proposed by Stigler (1961) and measured it by Bodenhorn’s (1990) measure of mobility. The study provides a critique of the mechanism of inducing competition, which is implicit in the Narasimham Committee (1991). It then provides the theoretical background of an alternative mechanism based on Structure-Conduct-Performance paradigm, which incorporates basic conditions and strategic groups, apart from including entry, economies of scale, product differentiation and price cost margin, One basic contention of the study is that competition goes beyond “conduct” and encompasses all the four components of S-C-P paradigm: basic conditions, structure, conduct and performance.
Accordingly, a three equation simultaneous equation model is used to ultimately estimate the equation of competition through Tobit technique. The result demonstrates that variables related to basic conditions, structure, and conduct and performance influence competition. The study has found evidence against the simplistic relationship between concentration and competition, which remained implicit in the literature. The study also developed a methodology to arrive at market form from an analysis of three aspects of a market and concludes that private banking industry in India is characterized by monopolistic competition.
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7463/1/MPRA_paper_7463.pdf
Kv, Bhanu Murthy and Deb, Ashis Taru (2008): Operationalizing and Measuring Competition: Determinants of Competition in Private Banking Industry in India.
en
oai:mpra.ub.uni-muenchen.de:7465
2019-09-27T06:56:17Z
7374617475733D756E707562
7375626A656374733D44:4432:443231
7375626A656374733D42:4231:423139
7375626A656374733D45:4535:453538
7375626A656374733D44:4434:443431
7375626A656374733D44:4434:443430
7375626A656374733D42:4232:423239
7375626A656374733D44:4434:443439
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7465/
Theoretical Framework Of Competition As Applied To Banking Industry
Kv, Bhanu Murthy
Deb, Ashis Taru
D21 - Firm Behavior: Theory
B19 - Other
E58 - Central Banks and Their Policies
D41 - Perfect Competition
D40 - General
B29 - Other
D49 - Other
Concepts evolve through time and over time they assume different meanings. The concept of competition is no exception. This paper discusses the evolution of the concept of competition in general with a view to derive a theoretical framework for analyzing competition in banking industry. Starting from the classical notions of competition it proceeds to some of the latest approaches (Northcott (2004), Neuberger (1998), Toolsema (2003), Bolt and Tieman (2001)). The ordinary Structure-Conduct-Performance approach does not involve any analysis of market dynamics. Our approach introduces various aspects of industry dynamics and growth. It provides a methodology to arrive at the market form in banking industry through an analysis of all the aspects of basic conditions, structure, conduct and performance.
It is argued that sustained growth and dynamics of the industry is not price led. Growth arises out of changing basic conditions and dynamics arises out of sharing the new market created by basic conditions. Hence the prime mover of competition is rivalry among firms to control market share and to internalize externalities rather than adjustments brought about by the price mechanism.
2008-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7465/1/MPRA_paper_7465.pdf
Kv, Bhanu Murthy and Deb, Ashis Taru (2008): Theoretical Framework Of Competition As Applied To Banking Industry.
en
oai:mpra.ub.uni-muenchen.de:7764
2019-09-28T04:35:30Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D47:4733:473331
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D35:4D3532
7375626A656374733D47:4733:473330
7375626A656374733D4D:4D34:4D3430
7375626A656374733D44:4434:443436
7375626A656374733D4D:4D34:4D3431
7375626A656374733D47:4731:473132
7375626A656374733D47:4730
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/7764/
Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto
G11 - Portfolio Choice ; Investment Decisions
G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity
D40 - General
M52 - Compensation and Compensation Methods and Their Effects
G30 - General
M40 - General
D46 - Value Theory
M41 - Accounting
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G0 - General
M21 - Business Economics
This paper presents a new way of measuring residual income,
originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital implicitly infused into the business, (c) the outstanding capital of a shadow project, (d) the claimholders' credit. Relations of the lost capital with book values and market values are studied, as well as relations of the lost-capital residual income with the classical standard paradigm; many appealing properties are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors in such different fields as
economic theory, management accounting and corporate finance, are considered: O'Hanlon and Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Keynes's (1936) user cost; Drukarczyk and Schueler's (2000) Net Economic Income,
Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are all conveniently reinterpreted within the theoretical domain of the lost-capital paradigm and conjoined in a unified view. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital budgeting decision-making
2007-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/7764/1/MPRA_paper_7764.pdf
Magni, Carlo Alberto (2007): Residual income and value creation: An investigation into the lost-capital paradigm.
en
oai:mpra.ub.uni-muenchen.de:9043
2019-10-04T18:09:51Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D47:4733:473331
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D35:4D3532
7375626A656374733D47:4733:473330
7375626A656374733D4D:4D34:4D3430
7375626A656374733D44:4434:443436
7375626A656374733D4D:4D34:4D3431
7375626A656374733D47:4731:473132
7375626A656374733D47:4730
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9043/
Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto
G11 - Portfolio Choice ; Investment Decisions
G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity
D40 - General
M52 - Compensation and Compensation Methods and Their Effects
G30 - General
M40 - General
D46 - Value Theory
M41 - Accounting
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G0 - General
M21 - Business Economics
This paper presents a new way of measuring residual income,
originally introduced by Magni (2000a, 2000b, 2000c, 2001a, 2001b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital implicitly infused into the business, (c) the outstanding capital of a \emph{shadow project}, (d) the claimholders' credit. Relations of the lost capital with book values and market values are studied, as well as relations of the lost-capital residual income with the
classical standard paradigm; many appealing properties are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors in such different fields as economic theory, management accounting and corporate finance, are considered: O'Hanlon and Peasnell's (2002) unrecovered capital and
Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Keynes's (1936) user cost; Drukarczyk and Schueler's (2000) Net Economic Income, Fern\'{a}ndez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are all conveniently reinterpreted within the theoretical domain of the lost-capital paradigm and conjoined in a unified view. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital budgeting decision-making.
2007-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9043/1/MPRA_paper_9043.pdf
Magni, Carlo Alberto (2007): Residual income and value creation: An investigation into the lost-capital paradigm.
en
oai:mpra.ub.uni-muenchen.de:9742
2019-09-30T18:13:54Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D47:4733:473331
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D35:4D3532
7375626A656374733D47:4733:473330
7375626A656374733D4D:4D34:4D3430
7375626A656374733D44:4434:443436
7375626A656374733D4D:4D34:4D3431
7375626A656374733D47:4731:473132
7375626A656374733D47:4730
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9742/
Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto
G11 - Portfolio Choice ; Investment Decisions
G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity
D40 - General
M52 - Compensation and Compensation Methods and Their Effects
G30 - General
M40 - General
D46 - Value Theory
M41 - Accounting
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G0 - General
M21 - Business Economics
This paper presents a new way of measuring residual income,
originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital implicitly infused into the business, (c) the outstanding capital of a shadow project, (d) the claimholders' credit. Relations of the lost capital with book values and market values are studied, as well as relations of the lost-capital residual income with the classical standard paradigm; many appealing properties are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors in such different fields as
economic theory, management accounting and corporate finance, are considered: O'Hanlon and Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Young and O'Byrne's (2001) Adjusted EVA; Keynes's (1936) user cost; Drukarczyk and Schueler's (2000) Net Economic Income,
Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are all conveniently reinterpreted within the theoretical domain of the lost-capital paradigm and conjoined in a unified view. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital budgeting decision-making
2007-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9742/1/MPRA_paper_9742.pdf
Magni, Carlo Alberto (2007): Residual income and value creation: An investigation into the lost-capital paradigm.
en
oai:mpra.ub.uni-muenchen.de:9818
2019-10-07T23:49:27Z
7374617475733D707562
7375626A656374733D47:4731
7375626A656374733D41:4131:413132
7375626A656374733D44:4432:443230
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9818/
SuperMontage in the American Securities Markets Context
Senn, Myriam
G1 - General Financial Markets
A12 - Relation of Economics to Other Disciplines
D20 - General
D40 - General
The approval of NASDAQ'S SuperMontage was described as a challenge for the regulators. SuperMontage raises issues in relation to market structure, fragmentation and competition.
2002-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9818/1/MPRA_paper_9818.pdf
Senn, Myriam (2002): SuperMontage in the American Securities Markets Context. Published in: Journal of International Financial Markets , Vol. 4, No. 6 (2002): pp. 200-208.
en
oai:mpra.ub.uni-muenchen.de:9840
2019-09-28T04:34:41Z
7374617475733D707562
7375626A656374733D45:4532:453232
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/9840/
Analisis de la Encuesta de Grandes Empresas del INDEC y un intento de conceptualizacion
Burachik, Gustavo
E22 - Investment ; Capital ; Intangible Capital ; Capacity
D40 - General
This article analyses the evolution of foreign capital weigh in 500 biggest companies based on Big Firms Survey carried by official statistical bureau, INDEC. Next other episodes of expansion and contraction of foreign capital are accounted for. Based on that facts, we propose a conceptual framework to explain cicles of foreign capital expansion and contraction.
2008-07
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/9840/1/MPRA_paper_9840.pdf
Burachik, Gustavo (2008): Analisis de la Encuesta de Grandes Empresas del INDEC y un intento de conceptualizacion. Published in: Revista Realidad Economica No. 235 (May 2008): pp. 62-83.
es
oai:mpra.ub.uni-muenchen.de:10784
2019-09-27T02:55:50Z
7374617475733D707562
7375626A656374733D47:4732:473232
7375626A656374733D43:4334:433430
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10784/
Is the Insurance Market in Romania Prepared for the Impact with the European Union One? International Level Comparisons
Cristea, Mirela
Mitu, Narcis Eduard
Tudor, Sorin
G22 - Insurance ; Insurance Companies ; Actuarial Studies
C40 - General
D40 - General
International statistics regarding the main index registered on the insurance market and in the structure reveals the activity level of insurance on the profile markets and their absorption capacity. Taking into account these results and international comparisons, in Romania, in
2006, which represents the preparatory year for the impact with European insurance market, the consolidation process of insurance industry has been continued, by the capitalization growth of insurance companies, fusions, changes in the shareholding structure and portfolios
transfer. At the same time, by the implementation of new legal stipulation, one can notice a growth of the preparation level and professional improvement of the employees from the insurance domain, with positive effects on performed services quality and on the information
given to consumers of insurance products.
2006-10-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10784/1/MPRA_paper_10784.pdf
Cristea, Mirela and Mitu, Narcis Eduard and Tudor, Sorin (2006): Is the Insurance Market in Romania Prepared for the Impact with the European Union One? International Level Comparisons. Published in: Journal of International Conference, Constanţa 2006 , Vol. Vol II, No. ISBN 978-973-742-466-2; 978-973-742-586-7 (14 October 2006): pp. 756-764.
en
oai:mpra.ub.uni-muenchen.de:10798
2019-09-27T11:18:53Z
7374617475733D707562
7375626A656374733D43:4334:433430
7375626A656374733D44:4434:443430
7375626A656374733D4C:4C38:4C3833
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/10798/
The impacts of football point systems on the competitive balance: evidence from some European footbal leagues
HALICIOGLU, Ferda
C40 - General
D40 - General
L83 - Sports ; Gambling ; Restaurants ; Recreation ; Tourism
Introduction. – 1. Outcome of uncertainty and competitive balance in professional team sports. – 2. Measurement of competitive balance in professional team sports. – 3. Football point systems and competitive balance: empirical evidence . – 4. Some concluding remarks.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/10798/1/MPRA_paper_10798.pdf
HALICIOGLU, Ferda (2006): The impacts of football point systems on the competitive balance: evidence from some European footbal leagues. Published in: Rivista di Diritto ed Economia dello Sport , Vol. 2, No. 2 (2006): pp. 67-76.
en
oai:mpra.ub.uni-muenchen.de:11346
2019-09-27T04:40:04Z
7374617475733D756E707562
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D33:4D3330
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11346/
Analyzing new profit opportunities: a guide to making business projects financially successful
Winther, K. Tobias
D40 - General
M30 - General
This book presents a simple, yet very powerful, conceptual framework, which can be used to estimate market sizes, prices and their interdependency for new products based on historical market data for existing products in related areas. Even in situations where insufficient data is available the methods can be used in a semi-quantitative manner to evaluate the market potential for a given product or find ways to improve upon the product to make it more successful in the marketplace. The methods are explained in detail, examples of practical applications are provided; and the foundation in existing economic theory is discussed.
2008-08-18
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11346/1/MPRA_paper_11346.pdf
Winther, K. Tobias (2008): Analyzing new profit opportunities: a guide to making business projects financially successful.
en
oai:mpra.ub.uni-muenchen.de:11795
2019-10-03T05:36:00Z
7374617475733D756E707562
7375626A656374733D4C:4C39:4C3936
7375626A656374733D4C:4C35:4C3531
7375626A656374733D4C:4C34:4C3431
7375626A656374733D4B:4B32:4B3231
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11795/
Asymmetric Equilibria and Non-Cooperative Access Pricing in Telecommunications
Behringer, Stefan
L96 - Telecommunications
L51 - Economics of Regulation
L41 - Monopolization ; Horizontal Anticompetitive Practices
K21 - Antitrust Law
D40 - General
This paper looks at competition in the Telecommunications industry with non-linear tariffs and network based price discrimination. Allowing for asymmetric networks and non-cooperatively chosen access prices simultaneously allows to explicitly derive non-reciprocal equilibrium access price choices that are above the efficient level.
2008-11-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11795/1/MPRA_paper_11795.pdf
Behringer, Stefan (2008): Asymmetric Equilibria and Non-Cooperative Access Pricing in Telecommunications.
en
oai:mpra.ub.uni-muenchen.de:11914
2019-10-01T09:39:54Z
7374617475733D756E707562
7375626A656374733D4C:4C39:4C3933
7375626A656374733D44:4432:443231
7375626A656374733D4C:4C31:4C3139
7375626A656374733D44:4434:443430
7375626A656374733D44:4432:443239
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/11914/
Airline Strategies: An Empirical Analysis of Profitability and Market Share
Lawrence, Craig
L93 - Air Transportation
D21 - Firm Behavior: Theory
L19 - Other
D40 - General
D29 - Other
M21 - Business Economics
This paper examines the relationship between airline profitability and market share in the context of contemporary strategic business theory.
The paper provides a general overview of the business environment in which airlines operate, provides some of the organizational goals airlines pursue, and develops a situation assessment template for the airline industry. Theories of business management are then evaluated with respect to the nature of the airline industry before major elements of market share and profitability are examined.
An empirical analysis based on a model of a domestic Australian route is used to draw some conclusions about the impact of different business strategies on airline profitability and market share. This is then broadened through the introduction of a simple network model to examine the potential impact of operating a network of services.
The paper reaches the conclusion that the simplistic profitability-market share relationship is not applicable to the airline industry, given that there are a large number of other factors impacting on airline performance.
1993-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/11914/1/MPRA_paper_11914.pdf
Lawrence, Craig (1993): Airline Strategies: An Empirical Analysis of Profitability and Market Share.
en
oai:mpra.ub.uni-muenchen.de:12965
2019-10-02T15:16:27Z
7374617475733D756E707562
7375626A656374733D43:4330:433032
7375626A656374733D44:4434:443430
7375626A656374733D43:4337:433733
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/12965/
Optimal Strategies for Automated Traders in a Producer-Consumer Futures Market
Laib, Fodil
Radjef, MS
C02 - Mathematical Methods
D40 - General
C73 - Stochastic and Dynamic Games ; Evolutionary Games ; Repeated Games
The aim of this work is to show how automated traders can operate a futures
market. First, we established some hypothesises on the properties of the
’correct’ price pattern which translates accurately the underlying moves in the
supply/demand balance and the nominal price, then mathematical measures
were derived allowing to estimate the efficiency of a given trading strategy. As
a starting step, we applied our approach to a simplified market setup where
only two automated traders, a producer and a consumer, can trade. They
receive a stream of forecasts on supply and demand levels and they should
react instantaneously by adjusting these forecasts, then issuing sale and buy
orders. Later, we suggested a parameterized trading strategy for the two automatons.
Finally, we obtained by simulation the optimal parameters of this
strategy in some particular cases.
2008-05-08
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/12965/1/MPRA_paper_12965.pdf
Laib, Fodil and Radjef, MS (2008): Optimal Strategies for Automated Traders in a Producer-Consumer Futures Market.
en
oai:mpra.ub.uni-muenchen.de:13464
2019-10-06T14:59:49Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3130
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13464/
Acquisitions, Divestitures and Innovation Performance in the Netherlands
Van Beers, Cees
Dekker, Ronald
L10 - General
D40 - General
This aim of this paper is twofold. First it examines the determinants of acquisitions and divestitures of Dutch firms in the period 1996-2004. Second, it investigates the impact of acquisitions and divestitures on the firm’s innovative output performance. An econometric model is specified and estimated with Community Innovation Survey data for the Netherlands in the period 1996-2004.
The main findings of this study are as follows. First, innovating firms are significantly more involved in acquisition activities than non-innovating firms, which suggests that acquisitions are a strategy to gain access to new technologies or knowledge. Second, lack of knowledge as a barrier to innovate increases the chance of acquiring assets of other firms although not significantly. Lack of finance as a barrier to innovate increases significantly the chance of divesting assets. Third, acquisitions motivated by knowledge barriers in the innovation process affect the probability of positive innovative sales positively while acquisitions motivated by other reasons than innovation barriers affect this probability negatively. No effect of knowledge barriers induced acquisitions on the level of the innovative sales could be found.
2009-02-02
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13464/1/MPRA_paper_13464.pdf
Van Beers, Cees and Dekker, Ronald (2009): Acquisitions, Divestitures and Innovation Performance in the Netherlands.
en
oai:mpra.ub.uni-muenchen.de:13587
2019-09-27T05:28:32Z
7374617475733D756E707562
7375626A656374733D47:4731:473132
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
7375626A656374733D45:4533:453337
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13587/
Apples and oranges: relative growth rate of consumer price indices
Kitov, Ivan
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
E31 - Price Level ; Inflation ; Deflation
D40 - General
E37 - Forecasting and Simulation: Models and Applications
Headline CPI, core CPI, and indices for various small expenditure categories were analyzed. Sustainable long-term linear trends have been found in the difference between the headline CPI and these indices. Overall, the results completely support our previous findings for such principal categories as energy, food, housing, etc. One should return to relative price of apples and oranges in order to explain these linear trends in terms of the mainstream economics.
2009-02-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13587/1/MPRA_paper_13587.pdf
Kitov, Ivan (2009): Apples and oranges: relative growth rate of consumer price indices.
en
oai:mpra.ub.uni-muenchen.de:13731
2019-09-26T18:31:20Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3131
7375626A656374733D4C:4C31:4C3130
7375626A656374733D4F:4F31:4F3136
7375626A656374733D47:4733:473334
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13731/
An empirical investigation of the effects of concentration on profitability among US banks
Fiona, Tregenna
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
L10 - General
O16 - Financial Markets ; Saving and Capital Investment ; Corporate Finance and Governance
G34 - Mergers ; Acquisitions ; Restructuring ; Corporate Governance
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
This paper analyses the effects of concentration on profitability in the US banking sector from 1994-2005, using bank-level panel data. A new index of concentration is proposed, which reflects the depth and intensity of concentration. The econometric specification facilitates the simultaneous testing of the four main hypotheses in the literature concerning the relationship between concentration and profitability. Strong support is found for the Structure-Conduct-Performance hypothesis, as well as some support for the Relative Market Power hypothesis. The results are robust to alternative econometric techniques and specifications, and to various measures of profitability and of concentration. Further analysis sheds light on the nature and possible channels of the concentration-profitability relationship. A positive relationship is found between concentration and profitability even when the largest banks are excluded from the sample, suggesting that the relationship between concentration and profitability may act in a generalised structural way. In addition to very large banks, large banks and small banks also appear to benefit from concentration, but with no clear advantages to lower-middle-sized banks. Analysis of the effects of concentration on the components of profitability suggests that concentration may raise both interest and non-interest revenue, and reduce both interest and non-interest costs. Furthermore, concentration appears to depress bank deposit interest rates and raise both lending rates and the interest rate spread. This suggests that bank concentration might have negative effects on savings, investment, and growth.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13731/1/MPRA_paper_13731.pdf
Fiona, Tregenna (2006): An empirical investigation of the effects of concentration on profitability among US banks.
en
oai:mpra.ub.uni-muenchen.de:13975
2019-09-29T04:44:33Z
7374617475733D707562
7375626A656374733D44:4430:443032
7375626A656374733D47:4732:473233
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/13975/
Zmiany na rynku powszechnych towarzystw emerytalnych w Polsce po przystąpieniu do Unii Europejskiej
POTERAJ, Jarosław
D02 - Institutions: Design, Formation, Operations, and Impact
G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors
D40 - General
Author presents changes in Polish market of public pension societies after accession to European Union. There is a little influence of that accession on the providing that kind of financial institutions.
2005
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/13975/1/MPRA_paper_13975.pdf
POTERAJ, Jarosław (2005): Zmiany na rynku powszechnych towarzystw emerytalnych w Polsce po przystąpieniu do Unii Europejskiej. Published in: Przekształcenia rynku finansowego w Polsce , Vol. vol. I, (2005): pp. 201-215.
pl
oai:mpra.ub.uni-muenchen.de:14343
2019-09-28T10:36:32Z
7374617475733D756E707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14343/
The Economics of Software Products: an Example of Market Failure
Carlos, del Cacho
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D40 - General
In this paper we examine pricing imperfections in software companies by analyzing the case of Microsoft, and we uncover the presence of pervasive dead-weight losses derived
from the inability of the producer to achieve first degree price discrimination. Because the nature of software is such that it can be reproduced an infinite number of times at practically zero cost once the first copy is manufactured, the amount of these losses in terms of efficiency can be substantial, which opens the door for external intervention in the market. We finish by suggesting a simple policy rule in this direction, although the applicability may be limited to the theoretical realm, as it can distort the incentives of private enterprise as a provider of software products.
2009-03-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14343/1/MPRA_paper_14343.pdf
Carlos, del Cacho (2009): The Economics of Software Products: an Example of Market Failure.
en
oai:mpra.ub.uni-muenchen.de:14488
2019-09-27T16:47:41Z
7374617475733D707562
7375626A656374733D46:4631:463136
7375626A656374733D43:4333:433332
7375626A656374733D44:4434:443430
7375626A656374733D4F:4F31:4F3139
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14488/
SPATIAL integration of the rice market: emprirical evidence from mid-west and far-west Nepal and the Nepalese-Indian border
Sanogo, Issa
F16 - Trade and Labor Market Interactions
C32 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models
D40 - General
O19 - International Linkages to Development ; Role of International Organizations
This paper studies the integration of rice markets in the mid-west and far-west districts of Nepal.
The data were drawn mainly from the World Food Programme (WFP) database on Nepal. Results
indicate that the rice markets of the hinterland are poorly integrated with the regional market of
Nepalgunj. In contrast, price fluctuations are transmitted, both in the short and medium run, across
the Indian-Nepali border between Nepalgunj and the Indian border districts of Rupedia and Jogbani.
Large price differentials relative to transport costs indicate market inefficiencies in the mid-west and
far-west districts of Nepal. Moreover, the poor road infrastructure determines the price differentials.
Poor infrastructure impedes price correlation and convergence between these districts. Given its opendoor
policy with India and the ongoing efforts to further align trade policies with the World Trade
Organization, the findings suggest that Nepal would maintain its partnership with India and build
an effective market surveillance system that covers the Indian border markets as well, to ensure food
security in the short run. However, substantial investment in transport infrastructure is required to
improve market integration and accessibility in the long run, especially in the hilly and mountainous
areas.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14488/1/MPRA_paper_14488.pdf
Sanogo, Issa (2008): SPATIAL integration of the rice market: emprirical evidence from mid-west and far-west Nepal and the Nepalese-Indian border. Published in: Asian Journal of Agriculture and Development , Vol. 4, No. 1 (2008): pp. 139-156.
en
oai:mpra.ub.uni-muenchen.de:14570
2019-09-27T06:49:09Z
7374617475733D756E707562
7375626A656374733D47:4731:473131
7375626A656374733D47:4733:473331
7375626A656374733D44:4434:443430
7375626A656374733D4D:4D35:4D3532
7375626A656374733D47:4733:473330
7375626A656374733D4D:4D34:4D3430
7375626A656374733D44:4434:443436
7375626A656374733D4D:4D34:4D3431
7375626A656374733D47:4731:473132
7375626A656374733D47:4730
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14570/
Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto
G11 - Portfolio Choice ; Investment Decisions
G31 - Capital Budgeting ; Fixed Investment and Inventory Studies ; Capacity
D40 - General
M52 - Compensation and Compensation Methods and Their Effects
G30 - General
M40 - General
D46 - Value Theory
M41 - Accounting
G12 - Asset Pricing ; Trading Volume ; Bond Interest Rates
G0 - General
M21 - Business Economics
This paper presents a new way of measuring residual income,
originally introduced by Magni (2000a, 2000b, 2003). Contrary to the standard residual income, the capital charge is equal to the capital lost by investors. The lost capital may be viewed as (a) the foregone capital, (b) the capital implicitly infused into the business, (c) the outstanding capital of a shadow project, (d) the claimholders' credit. Relations of the lost capital with book values and market values are studied, as well as relations of the lost-capital residual income with the classical standard paradigm; many appealing properties are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors in such different fields as
economic theory, management accounting and corporate finance, are considered: O'Hanlon and Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA improvement; Miller and Modigliani's (1961) investment opportunities approach to valuation; Young and O'Byrne's (2001) Adjusted EVA; Keynes's (1936) user cost; Drukarczyk and Schueler's (2000) Net Economic Income,
Fernandez's (2002) Created Shareholder Value, Anthony's (1975) profit. They are all conveniently reinterpreted within the theoretical domain of the lost-capital paradigm and conjoined in a unified view. The results found make this new theoretical approach a good candidate for firm valuation, incentive compensation, capital budgeting decision-making
2007-11-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14570/1/MPRA_paper_14570.pdf
Magni, Carlo Alberto (2007): Residual income and value creation: An investigation into the lost-capital paradigm.
en
oai:mpra.ub.uni-muenchen.de:14619
2019-10-01T07:56:49Z
7374617475733D756E707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14619/
The Economics of Software Products: an Example of Market Failure
Carlos, del Cacho
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D40 - General
In this paper we examine pricing imperfections in software companies by analyzing the case of Microsoft, and we uncover the presence of pervasive dead-weight losses derived
from the inability of the producer to achieve first degree price discrimination. Because the nature of software is such that it can be reproduced an infinite number of times at practically zero cost once the first copy is manufactured, the amount of these losses in terms of efficiency can be substantial, which opens the door for external intervention in the market. We finish by suggesting a simple policy rule in this direction, although the applicability may be limited to the theoretical realm, as it can distort the incentives of private enterprise as a provider of software products.
2009-03-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14619/1/MPRA_paper_14619.pdf
Carlos, del Cacho (2009): The Economics of Software Products: an Example of Market Failure.
en
oai:mpra.ub.uni-muenchen.de:14690
2019-10-11T04:37:32Z
7374617475733D756E707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14690/
The Economics of Software Products: an Example of Market Failure
Carlos, del Cacho
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D40 - General
In this paper we examine pricing imperfections in software companies by analyzing the case of Microsoft, and we uncover the presence of pervasive dead-weight losses derived
from the inability of the producer to achieve first degree price discrimination. Because the nature of software is such that it can be reproduced an infinite number of times at practically zero cost once the first copy is manufactured, the amount of these losses in terms of efficiency can be substantial, which opens the door for external intervention in the market. We finish by suggesting a simple policy rule in this direction, although the applicability may be limited to the theoretical realm, as it can distort the incentives of private enterprise as a provider of software products.
2009-03-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14690/2/MPRA_paper_14690.pdf
Carlos, del Cacho (2009): The Economics of Software Products: an Example of Market Failure.
en
oai:mpra.ub.uni-muenchen.de:14881
2019-10-25T18:00:49Z
oai:mpra.ub.uni-muenchen.de:14919
2019-09-26T19:13:23Z
7374617475733D756E707562
7375626A656374733D43:4330:433032
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/14919/
A Dynamic Correlation Modelling Framework with Consistent Stochastic Recovery
Li, Yadong
C02 - Mathematical Methods
D40 - General
This paper describes a flexible and tractable bottom-up dynamic correlation modelling framework with a consistent stochastic recovery specification. In this modelling framework, only the joint distributions of default indicators are determined from the calibration to the index tranches; and the joint distribution of default time and spread dynamics can be changed independently from the CDO tranche pricing by applying one of the existing top-down methods to the common factor process. Numerical results showed that the proposed modelling method achieved good calibration to the index tranches across multiple maturities under the current market conditions. This modelling framework offers a practical approach to price and risk manage the exotic correlation products.
2009-02-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/14919/1/MPRA_paper_14919.pdf
Li, Yadong (2009): A Dynamic Correlation Modelling Framework with Consistent Stochastic Recovery.
en
oai:mpra.ub.uni-muenchen.de:15253
2019-09-27T03:37:39Z
7374617475733D707562
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15253/
The cost of market power in banking: social welfare loss vs. inefficiency cost
Maudos, Joaquin
Fernandez de Guevara, Juan
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
This paper analyses the relationship between market power in the loan and deposit markets and efficiency in the EU15 countries over 1993-2002. Results show the existence of a positive relationship between market power and cost X-efficiency, allowing rejection of the so-called quiet life hypothesis (Berger and Hannan, 1998). The social welfare loss attributable to market power in 2002 represented 0.54% of the GDP of the EU15. Results show that the welfare gains associated with a reduction of market power are greater than the loss of bank cost efficiency, showing the importance of economic policy measures aimed at removing the barriers to outside competition.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15253/1/MPRA_paper_15253.pdf
Maudos, Joaquin and Fernandez de Guevara, Juan (2006): The cost of market power in banking: social welfare loss vs. inefficiency cost. Published in: Documentos de Trabajo, Fundación de las Cajas de Ahorros (2006)
en
oai:mpra.ub.uni-muenchen.de:15254
2019-09-29T23:51:42Z
7374617475733D707562
7375626A656374733D4C:4C31:4C3131
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15254/
Banking competition, financial dependence and economic growth
Maudos, Joaquin
Fernandez de Guevara, Juan
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
The aim of this paper is to analyse the effect of financial development and banking competition on economic growth using both structural measures of competition (market concentration) and measures based on the new empirical industrial organization perspective (Panzar and Rosse`s test and the Lerner index). The evidence obtained in the period 1993-2003 for a sample of 53 sectors in 21 countries indicates that financial development and the exercise of bank market power promote economic growth. The latter result is consistent with the literature on relationship lending which argues that bank competition can have a negative effect on the availability of finance for companies that are informationally more opaque. The results cast doubt on the use of market concentration measures as indicators of competition.
2006
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15254/1/MPRA_paper_15254.pdf
Maudos, Joaquin and Fernandez de Guevara, Juan (2006): Banking competition, financial dependence and economic growth. Published in: Documentos de Trabajo, Fundación de las Cajas de Ahorros (2006)
en
oai:mpra.ub.uni-muenchen.de:15255
2019-09-28T17:28:30Z
7374617475733D707562
7375626A656374733D4C:4C31:4C3131
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15255/
Regional financial development and bank competition: effects on economic growth
Fernandez de Guevara, Juan
Maudos, Joaquin
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
Many studies have analysed the effect of financial development and bank competition on economic growth from a cross-country perspective. However, to our knowledge, no paper has analysed the effect of these two financial variables on growth at regional level. This paper examines the case of the Spanish regions in an attempt to fill this gap. Our results show that firms in industries with a greater dependence on external finance grow faster in more developed financial regions. The results also show that bank monopoly power has an inverted-U effect on economic growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry they belong to. This result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms.
2007
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15255/1/MPRA_paper_15255.pdf
Fernandez de Guevara, Juan and Maudos, Joaquin (2007): Regional financial development and bank competition: effects on economic growth. Published in: Documento de Trabajo, Fundación BBVA (2007)
en
oai:mpra.ub.uni-muenchen.de:15256
2019-09-26T18:02:00Z
7374617475733D707562
7375626A656374733D4C:4C31:4C3131
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15256/
Regional Financial Development and Bank Competition: Effects on Firms' Growth
Fernandez de Guevara, Juan
Maudos, Joaquin
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
This paper analyzes the effect of regional financial development and bank competition on firms’ growth using the Spanish provinces as a testing ground. Our results show that firms in industries with a greater dependence on external finance grow faster in more financially developed provinces. The results also show that bank monopoly power has an inverted-U effect on firms’ growth, suggesting that market power has its highest effect at intermediate values. The effect is heterogeneous among firms according to the financial dependence of the industry they belong to. This result is consistent with the literature on relationship banking which argues that bank competition can have a negative effect on the availability of finance for more informationally opaque firms.
2009
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15256/1/MPRA_paper_15256.pdf
Fernandez de Guevara, Juan and Maudos, Joaquin (2009): Regional Financial Development and Bank Competition: Effects on Firms' Growth. Published in: Regional Studies , Vol. 43, No. 2 (2009): pp. 211-228.
en
oai:mpra.ub.uni-muenchen.de:15755
2019-09-28T04:13:27Z
7374617475733D756E707562
7375626A656374733D41:4131
7375626A656374733D44:4434:443430
7375626A656374733D44:4431
7375626A656374733D4F:4F31
7375626A656374733D45:4532
7375626A656374733D4E:4E35
7375626A656374733D45:4532:453233
7375626A656374733D52:5232
7375626A656374733D4F:4F34
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15755/
Achieving Sustainable Consumption for Sustainable Development: Issues and Solutions
K, Sudarkodi
A1 - General Economics
D40 - General
D1 - Household Behavior and Family Economics
O1 - Economic Development
E2 - Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy
N5 - Agriculture, Natural Resources, Environment, and Extractive Industries
E23 - Production
R2 - Household Analysis
O4 - Economic Growth and Aggregate Productivity
Promoting sustainable consumption and production are important aspects of sustainable development. Agenda 21, endorsed by the United Nations Conference on Economic Development (UNCED) in 1992, identified unsustainable consumption and production patterns, particularly in industrialised countries, as the major cause behind the continued deterioration of the global environment. Agenda 21 stresses that changes in consumption and production patterns are necessary to ensure more sustainable development. It calls on industrialised countries to take the lead in achieving sustainable consumption patterns and demonstrate that resource-efficient, low-pollution lifestyles are feasible. The World Summit on Sustainable Development (WSSD) in Johannesburg recognised the necessity of “changing unsustainable patterns of consumption and production”. Current patterns of consumption and production, particularly, in the developed countries are unsustainable. They are depleting forest resources, fisheries, groundwater and bio diversity, polluting air, water and eco systems and causing dangerous climate changes. Environmental decay is occurring everywhere around the globe.
This article focuses on sustainable consumption. Without sustainable consumption, sustainable development is impossible. Sustainable consumption has become an important issue on the global governance agenda. There is an increasing recognition that increases in resource productivity alone will not be sufficient to deliver sustainable development. Shifts in the scale and pattern of consumption are essential and it depends on the expectations, choices, behaviours and the lifestyles of consumers. These issues are key components within the emerging concept of ‘Sustainable Consumption’.
2009-06-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15755/1/MPRA_paper_15755.pdf
K, Sudarkodi (2009): Achieving Sustainable Consumption for Sustainable Development: Issues and Solutions.
en
oai:mpra.ub.uni-muenchen.de:15808
2019-10-02T08:54:50Z
7374617475733D707562
7375626A656374733D4C:4C31:4C3130
7375626A656374733D46:4631:463134
7375626A656374733D48:4833:483330
7375626A656374733D44:4434:443430
7375626A656374733D4E:4E36:4E3634
7375626A656374733D4E:4E35:4E3534
7375626A656374733D44:4437:443730
7375626A656374733D46:4632:463230
7375626A656374733D4E:4E37:4E3733
7375626A656374733D51:5131:513137
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15808/
Spanish Merino wools and the Nouvelles Draperies: an industrial transformation in the late-medieval Low Countries
Munro, John H.
L10 - General
F14 - Empirical Studies of Trade
H30 - General
D40 - General
N64 - Europe: 1913-
N54 - Europe: 1913-
D70 - General
F20 - General
N73 - Europe: Pre-1913
Q17 - Agriculture in International Trade
N43 - Europe: Pre-1913
This article seeks to explain why Spanish merino wools arrived so late in the Low Countries, only from the 1420s, why initially only those cloth producers known as the 'nouvelles draperies' chose to use them, and why their resort to such merino wools allowed at least some of them to escape the current crisis afflicting the traditional ‘old draperies’, and indeed to expand to become the chief producers of woollen cloths in the southern Low Countries during the later fifteenth and early sixteenth centuries. Although the merino have been by far the world’s finest wools, since at least the seventeenth century, English wools had enjoyed that supremacy in the medieval era. The Spanish sheep breeds that produced the first merino wools did not emerge until or after the 1340s; and it took many decades of experimental breeding and improved flock management to produce better quality wools in sufficient quantities for export (first to Italy). Before the introduction of merinos, the indigenous Spanish sheep had produced some of the worst wools in Europe. In the thirteenth century, they were used only in making very cheap, coarse, light cloths, when north-west Europe was producing a wide range of textiles, from such coarse light generally worsted-style fabrics to the most luxurious woollens.
For reasons that I have elaborated elsewhere, the onset of a spreading stain of chronic and debilitating wars, from the 1290s, throughout the Mediterranean basin and north-west Europe, resulted in a sharp rise in transaction costs that made long-distance trade in cheaper textiles unprofitable. Consequently, by the 1330s, most north-west European draperies had abandoned export-oriented production of cheaper line textiles to concentrate on very high priced luxury woollens, those that could so much better ‘bear the freight’. Furthermore, in Flanders, a considerable number of small-town and village producers engaged in precisely the same industrial re-orientation; but in producing genuine heavy weight woollens, they sought to imitate those of the large Flemish towns; and, in selling their cloths at lower prices, came to be known as the nouvelles draperies. This industrial reorientation meant that cloth producers in the Low Countries became all the more reliant on English wools, above all the traditional urban draperies (who came to use such wools exclusively). The English crown was quick to exploit this dependency by sharply raising export taxes, which, by the 1390s, constituted half of the sales price; and that in turn accounted for up to 70 percent of production costs in the Low Countries’ urban draperies. Meanwhile, English cloth exports, very lightly taxed, gained an enormous cost and thus price advantage, but one not fully exploited until the fifteenth century.
The catalyst for the final economic crisis, one that brought about the irredeemable decline of most of the urban draperies in the Low Countries, and the expansion of the nouvelles draperies, took place from 1429 to 1473, when the English crown sought to exploit the wool trade even further, in pursuing ill-advised bullionist policies: by requiring that the Calais Staple wool cartel sharply raise prices, that it seel all wools only for ‘ready English money’ without credit, and that it deliver one third of the sales receipts to the mint in gold bullion. Not until the 1470s did the Burgundians succeed in having these bullionist ordinances revoked. Meanwhile the traditional Flemish and Brabantine draperies, in continuing to use such high-cost English wools exclusively, for fear of losing customers, ensured their own rapid decline, indeed losing markets to both the English cloth trade and the nouvelles draperies, who also acquired considerable capital and labour from the declining draperies. Their success, as less quality-conscious imitators, lay in their willingness to use the far cheaper but now improved Spanish wools. An historic prejudice against pre-merino Spanish wools probably explains whey even they had not used these wools before the onset of this crisis. Having displaced the traditional draperies, the nouvelles draperies reached their apogee in the 1540s, when they were superseded by the sayetteries, after international market conditions had once more favoured long-distance trade in truly cheaper, light textiles.
2004-11-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15808/1/MPRA_paper_15808.pdf
Munro, John H. (2004): Spanish Merino wools and the Nouvelles Draperies: an industrial transformation in the late-medieval Low Countries. Published in: Economic History Review , Vol. 58, No. 3 (August 2005): pp. 431-484.
en
oai:mpra.ub.uni-muenchen.de:15842
2019-09-27T00:15:43Z
7374617475733D707562
7375626A656374733D4C:4C31:4C3130
7375626A656374733D46:4631:463134
7375626A656374733D48:4833:483330
7375626A656374733D44:4434:443430
7375626A656374733D4E:4E36:4E3634
7375626A656374733D4E:4E35:4E3534
7375626A656374733D44:4437:443730
7375626A656374733D46:4632:463230
7375626A656374733D4E:4E37:4E3733
7375626A656374733D51:5131:513137
7375626A656374733D4E:4E34:4E3433
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/15842/
Spanish Merino wools and the Nouvelles Draperies: an industrial transformation in the late-medieval Low Countries
Munro, John H.
L10 - General
F14 - Empirical Studies of Trade
H30 - General
D40 - General
N64 - Europe: 1913-
N54 - Europe: 1913-
D70 - General
F20 - General
N73 - Europe: Pre-1913
Q17 - Agriculture in International Trade
N43 - Europe: Pre-1913
This article seeks to explain why Spanish merino wools arrived so late in the Low Countries, only from the 1420s, why initially only those cloth producers known as the 'nouvelles draperies' chose to use them, and why their resort to such merino wools allowed at least some of them to escape the current crisis afflicting the traditional ‘old draperies’, and indeed to expand to become the chief producers of woollen cloths in the southern Low Countries during the later fifteenth and early sixteenth centuries. Although the merino have been by far the world’s finest wools, since at least the seventeenth century, English wools had enjoyed that supremacy in the medieval era. The Spanish sheep breeds that produced the first merino wools did not emerge until or after the 1340s; and it took many decades of experimental breeding and improved flock management to produce better quality wools in sufficient quantities for export (first to Italy). Before the introduction of merinos, the indigenous Spanish sheep had produced some of the worst wools in Europe. In the thirteenth century, they were used only in making very cheap, coarse, light cloths, when north-west Europe was producing a wide range of textiles, from such coarse light generally worsted-style fabrics to the most luxurious woollens.
For reasons that I have elaborated elsewhere, the onset of a spreading stain of chronic and debilitating wars, from the 1290s, throughout the Mediterranean basin and north-west Europe, resulted in a sharp rise in transaction costs that made long-distance trade in cheaper textiles unprofitable. Consequently, by the 1330s, most north-west European draperies had abandoned export-oriented production of cheaper line textiles to concentrate on very high priced luxury woollens, those that could so much better ‘bear the freight’. Furthermore, in Flanders, a considerable number of small-town and village producers engaged in precisely the same industrial re-orientation; but in producing genuine heavy weight woollens, they sought to imitate those of the large Flemish towns; and, in selling their cloths at lower prices, came to be known as the nouvelles draperies. This industrial reorientation meant that cloth producers in the Low Countries became all the more reliant on English wools, above all the traditional urban draperies (who came to use such wools exclusively). The English crown was quick to exploit this dependency by sharply raising export taxes, which, by the 1390s, constituted half of the sales price; and that in turn accounted for up to 70 percent of production costs in the Low Countries’ urban draperies. Meanwhile, English cloth exports, very lightly taxed, gained an enormous cost and thus price advantage, but one not fully exploited until the fifteenth century.
The catalyst for the final economic crisis, one that brought about the irredeemable decline of most of the urban draperies in the Low Countries, and the expansion of the nouvelles draperies, took place from 1429 to 1473, when the English crown sought to exploit the wool trade even further, in pursuing ill-advised bullionist policies: by requiring that the Calais Staple wool cartel sharply raise prices, that it seel all wools only for ‘ready English money’ without credit, and that it deliver one third of the sales receipts to the mint in gold bullion. Not until the 1470s did the Burgundians succeed in having these bullionist ordinances revoked. Meanwhile the traditional Flemish and Brabantine draperies, in continuing to use such high-cost English wools exclusively, for fear of losing customers, ensured their own rapid decline, indeed losing markets to both the English cloth trade and the nouvelles draperies, who also acquired considerable capital and labour from the declining draperies. Their success, as less quality-conscious imitators, lay in their willingness to use the far cheaper but now improved Spanish wools. An historic prejudice against pre-merino Spanish wools probably explains whey even they had not used these wools before the onset of this crisis. Having displaced the traditional draperies, the nouvelles draperies reached their apogee in the 1540s, when they were superseded by the sayetteries, after international market conditions had once more favoured long-distance trade in truly cheaper, light textiles.
2004-11-19
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/15842/1/MPRA_paper_15842.pdf
Munro, John H. (2004): Spanish Merino wools and the Nouvelles Draperies: an industrial transformation in the late-medieval Low Countries. Published in: Economic History Review , Vol. 58, No. 3 (August 2005): pp. 431-484.
en
oai:mpra.ub.uni-muenchen.de:16108
2019-10-03T03:46:43Z
7374617475733D756E707562
7375626A656374733D44:4438:443832
7375626A656374733D44:4434:443430
7375626A656374733D4C:4C31:4C3135
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/16108/
Competition and the signaling role of prices
Adriani, Fabrizio
Deidda, Luca
D82 - Asymmetric and Private Information ; Mechanism Design
D40 - General
L15 - Information and Product Quality ; Standardization and Compatibility
In a market where sellers are heterogeneous with respect of the quality of their good and are more informed than buyers, high quality sellers' chances to trade might depend on their ability to inform buyers about the quality of the goods they offer. We study how the strength of competition among sellers affects the ability of sellers of high quality goods to achieve communication by means of appropriate pricing decisions in the context of a market populated by a large number of strategic price setting sellers and a large number of buyers. When competition among sellers is weak high quality sellers are able to use prices as a signaling device and this enables them to trade. By contrast, strong competition among sellers inhibits the role of prices as signals of high quality, and high quality sellers are driven out of the market.
2008
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/16108/1/MPRA_paper_16108.pdf
Adriani, Fabrizio and Deidda, Luca (2008): Competition and the signaling role of prices.
en
oai:mpra.ub.uni-muenchen.de:16830
2019-09-30T04:49:14Z
7374617475733D707562
7375626A656374733D47:4732:473232
7375626A656374733D43:4334:433430
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/16830/
Is the Insurance Market in Romania Prepared for the Impact with the European Union One? International Level Comparisons
Cristea, Mirela
Mitu, Narcis Eduard
Tudor, Sorin
G22 - Insurance ; Insurance Companies ; Actuarial Studies
C40 - General
D40 - General
International statistics regarding the main index registered on the insurance market and in the structure reveals the activity level of insurance on the profile markets and their absorption capacity. Taking into account these results and international comparisons, in Romania, in
2006, which represents the preparatory year for the impact with European insurance market, the consolidation process of insurance industry has been continued, by the capitalization growth of insurance companies, fusions, changes in the shareholding structure and portfolios
transfer. At the same time, by the implementation of new legal stipulation, one can notice a growth of the preparation level and professional improvement of the employees from the insurance domain, with positive effects on performed services quality and on the information
given to consumers of insurance products.
2006-10-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/16830/1/MPRA_paper_16830.pdf
Cristea, Mirela and Mitu, Narcis Eduard and Tudor, Sorin (2006): Is the Insurance Market in Romania Prepared for the Impact with the European Union One? International Level Comparisons. Published in: Journal of International Conference, Constanţa 2006 , Vol. Vol II, No. ISBN 978-973-742-466-2; 978-973-742-586-7 (14 October 2006): pp. 756-764.
en
oai:mpra.ub.uni-muenchen.de:16905
2019-09-27T16:49:07Z
7374617475733D707562
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/16905/
Price setting in South Africa 2001-2007 - stylised facts using consumer price micro data
Creamer, Kenneth
Rankin, Neil A.
E31 - Price Level ; Inflation ; Deflation
D40 - General
Inflation, a macroeconomic variable, is underpinned by microeconomic data. This paper uses a large microdata sample at the unit level of South Africa’s Consumer Price Index (CPI) for the period 2001m12 to 2007m12 to begin to understand price setting conduct in South Africa. An understanding of price setting conduct is important since macroeconomic models, used for monetary policy, often incorporate estimates of pricing conduct. Often these estimates are not based on rigorous analysis of the underlying data. The dataset used in this paper allows for the following to be calculated: the frequency of price changes, the frequency of price increases and price decreases, findings on the magnitude of price changes, price increases and price decreases, and findings on the duration of prices, and thus provides a more accurate estimate on pricing conduct than has been previously available for South Africa. Results are presented at both an aggregate and a disaggregated level, based on the CPI’s major product categories and show the heterogeneous nature of price changes within the South African economy. These South African results are compared briefly to the results for other countries, where such micro level price data analysis has been undertaken. The study is part of a broader research effort into the implications of price setting conduct for monetary policy in South Africa, including an analysis of time- and state-dependent factors influencing the frequency and magnitude of price changes.
2008-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/16905/1/MPRA_paper_16905.pdf
Creamer, Kenneth and Rankin, Neil A. (2008): Price setting in South Africa 2001-2007 - stylised facts using consumer price micro data. Published in: Journal of Development Perspectives , Vol. 1, No. 4 : pp. 93-118.
en
oai:mpra.ub.uni-muenchen.de:17260
2019-09-30T19:39:59Z
7374617475733D756E707562
7375626A656374733D45:4533:453332
7375626A656374733D44:4434:443430
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/17260/
The Price-Marginal Cost Markup and its Determinants in U.S. Manufacturing
Mazumder, Sandeep
E32 - Business Fluctuations ; Cycles
D40 - General
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
This paper estimates the price-marginal cost markup for US manufacturing using a new methodology. Most existing techniques of estimating the markup are a variant on Hall's (1988) framework involving the manipulation of the Solow Residual. However this paper argues that this notion is based on the unreasonable assumption that labor can be costlessly adjusted at a fixed wage rate. By relaxing this assumption, we are able to derive a generalized markup index, which when estimated using manufacturing data is highly countercyclical and decreasing in trend since the 1960s. When we then seek to explain what causes the manufacturing markup to behave in this way, the most important determinant is the share of imported goods in the industry. Thus, increasing foreign competition in manufacturing has led to a decline in the industry's markup over time.
2009-09
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/17260/1/MPRA_paper_17260.pdf
Mazumder, Sandeep (2009): The Price-Marginal Cost Markup and its Determinants in U.S. Manufacturing.
en
oai:mpra.ub.uni-muenchen.de:17321
2019-09-27T00:45:39Z
7374617475733D696E7072657373
7375626A656374733D44:4432:443233
7375626A656374733D44:4432:443231
7375626A656374733D46:4630:463032
7375626A656374733D44:4434:443430
7375626A656374733D41:4131:413130
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/17321/
The Future Economic Consequences of Commoditization
Ryan, John
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D21 - Firm Behavior: Theory
F02 - International Economic Order and Integration
D40 - General
A10 - General
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
Predicting the future is an imprecise science, and something that should always be carried out carefully and the results should be taken with a pinch of salt. That said it is sensible to assume that most of the drivers of commoditization are likely to remain in force for the foreseeable future. Unlike the futurologists who attempt to predict how society and technology will change over the next fifty years, we are only going to look a few years ahead, which is a more sensible time horizon. History is not always a good predictor of the future, but in the case of commoditization we think it is. It is clear that when we look back in time we can see how the process of commoditization has subsumed great tranches of industry, eliminated significant numbers of manual labourers and increased the general efficiency and effectiveness of society. In many respects we could argue that it was important to the advancement of the industrialised economies of the West. In projecting forward from this point, we should expect commoditization to continue to expand its footprint into areas which we currently think are outside of the realms of possibility. After all, no one would have expected the IT industry to have become so commoditized when it first emerged during the 1940s. And in the same way that white collar workers were caught out when they believed they were immune from the initial waves of downsizing and offshoring that affected the manufacturing sector, others at the mid- and high-end of the workforce may also be caught out sometime in the future. And as commoditization continues to advance it will touch on many more peoples’ lives and livelihoods.
2009-09-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/17321/1/MPRA_paper_17321.pdf
Ryan, John (2009): The Future Economic Consequences of Commoditization. Forthcoming in:
en
oai:mpra.ub.uni-muenchen.de:17368
2019-09-26T13:17:27Z
7374617475733D756E707562
7375626A656374733D43:4331:433130
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/17368/
Approche Econométrique des Déterminants de la Rentabilité des Banques Européennes.
Yao, Jean-Marie
C10 - General
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
This article analyzes the profitability of the banks in six European countries between 1994 and 1997. We deal with the link between profitability and certain external and interns' determinants of European banking system.
Following a methodology of panel analysis with a fixed individual effects model we show the diversity of answers of the European banking structure compared to the variation of certain determinants.
xxxxxxxxxxxxx
Ce papier analyse la rentabilité des banques dans six pays européens entre 1994 et 1997. Nous nous proposons de réexaminer le lien entre la rentabilité et certains déterminants externes et internes au système bancaire.
Suivant une méthodologie de panel avec modèle à effets individuels fixes, nous montrons la diversité des réponses du système bancaire européen face aux variations de certains déterminants.
2005-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/17368/1/MPRA_paper_17368.pdf
Yao, Jean-Marie (2005): Approche Econométrique des Déterminants de la Rentabilité des Banques Européennes.
fr
oai:mpra.ub.uni-muenchen.de:17465
2019-09-28T04:42:01Z
7374617475733D756E707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4432:443231
7375626A656374733D46:4630:463032
7375626A656374733D44:4434:443430
7375626A656374733D41:4131:413130
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/17465/
The Future Economic Consequences of Commoditization
Ryan, John
Holmes, Andrew
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D21 - Firm Behavior: Theory
F02 - International Economic Order and Integration
D40 - General
A10 - General
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
Predicting the future is an imprecise science, and something that should always be carried out carefully and the results should be taken with a pinch of salt. That said it is sensible to assume that most of the drivers of commoditization are likely to remain in force for the foreseeable future. Unlike the futurologists who attempt to predict how society and technology will change over the next fifty years, we are only going to look a few years ahead, which is a more sensible time horizon. History is not always a good predictor of the future, but in the case of commoditization we think it is. It is clear that when we look back in time we can see how the process of commoditization has subsumed great tranches of industry, eliminated significant numbers of manual labourers and increased the general efficiency and effectiveness of society. In many respects we could argue that it was important to the advancement of the industrialised economies of the West. In projecting forward from this point, we should expect commoditization to continue to expand its footprint into areas which we currently think are outside of the realms of possibility. After all, no one would have expected the IT industry to have become so commoditized when it first emerged during the 1940s. And in the same way that white collar workers were caught out when they believed they were immune from the initial waves of downsizing and offshoring that affected the manufacturing sector, others at the mid- and high-end of the workforce may also be caught out sometime in the future. And as commoditization continues to advance it will touch on many more peoples’ lives and livelihoods.
2009-09-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/17465/1/MPRA_paper_17465.pdf
Ryan, John and Holmes, Andrew (2009): The Future Economic Consequences of Commoditization.
en
oai:mpra.ub.uni-muenchen.de:17802
2019-09-29T04:37:09Z
7374617475733D756E707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/17802/
The Economics of Software Products: an Example of Market Failure
Carlos, del Cacho
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D40 - General
In this paper we examine pricing imperfections in software companies by analyzing the case of Microsoft, and we uncover the presence of pervasive dead-weight losses derived
from the inability of the producer to achieve first degree price discrimination. Because the nature of software is such that it can be reproduced an infinite number of times at practically zero cost once the first copy is manufactured, the amount of these losses in terms of efficiency can be substantial, which opens the door for external intervention in the market. We finish by suggesting a simple policy rule in this direction, although the applicability may be limited to the theoretical realm, as it can distort the incentives of private enterprise as a provider of software products.
2009-03-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/17802/2/MPRA_paper_17802.pdf
Carlos, del Cacho (2009): The Economics of Software Products: an Example of Market Failure.
en
oai:mpra.ub.uni-muenchen.de:17877
2019-10-04T17:17:17Z
7374617475733D756E707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/17877/
The Economics of Software Products: an Example of Market Failure
Carlos, del Cacho
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D40 - General
In this paper we examine pricing imperfections in software companies by analyzing the case of Microsoft, and we uncover the presence of pervasive dead-weight losses derived from the inability of the producer to achieve first degree price discrimination. Because the nature of software is such that it can be reproduced an infinite number of times at practically zero cost once the first copy is manufactured, the amount of these losses in terms of efficiency can be substantial, which opens the door for external intervention in the market. We then study the case of duopoly and general competitive outcomes, and suggest simple policy rules to improve on the behaviour of the market, although the applicability may be limited to the theoretical realm, as it requires an omniscient regulator, and it can distort the incentives of private enterprise as a provider of software products.
2009-03-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/17877/2/MPRA_paper_17877.pdf
Carlos, del Cacho (2009): The Economics of Software Products: an Example of Market Failure.
en
oai:mpra.ub.uni-muenchen.de:18281
2019-09-27T16:29:17Z
7374617475733D707562
7375626A656374733D42:4231:423139
7375626A656374733D44:4434:443430
7375626A656374733D42:4231:423131
7375626A656374733D44:4434:443439
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18281/
Perception of market and pricing among the sixteenth century Muslim scholars
Islahi, Abdul Azim
B19 - Other
D40 - General
B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
D49 - Other
The present paper investigates the perception of market and mechanism of pricing among the sixteenth century Muslim scholars, a period hitherto unexplored. In the commencement it briefly states the insufficient attention that the subject of market – the most fundamental element of Economics – has received in the conventional economics. To set a proper perspective it examines the situation in the Islamic tradition in earlier centuries before it studies the understanding of market and pricing among the Muslim scholars of the study period. It also deals with their stand regarding the price regulation. For comparison purpose, it examines the treatment of market and pricing in the work of their contemporary Western scholars. The paper ends with a note on 'just price', one of the most important economic concepts in the medieval period.
2007-06-21
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18281/1/MPRA_paper_18281.pdf
Islahi, Abdul Azim (2007): Perception of market and pricing among the sixteenth century Muslim scholars. Published in: Thought on Economics , Vol. 18, No. 1 (January 2008): pp. 31-42.
en
oai:mpra.ub.uni-muenchen.de:18376
2019-09-28T01:53:00Z
7374617475733D756E707562
7375626A656374733D44:4438:443831
7375626A656374733D44:4434:443430
7375626A656374733D44:4438:443830
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18376/
Evoluţii şi semnificaţii ale operaţiunilor de franchising pe plan naţional şi internaţional
Parpandel, Denisa Elena
Stanciulescu, Cecilia Gabriela
Ciochina, Iuliana
Iordache, Carmen
Rizea, Ionela Carmen
D81 - Criteria for Decision-Making under Risk and Uncertainty
D40 - General
D80 - General
The contents of this paper I will try to address all those interested in studying the system of franchising, both theoreticians and practitioners in this field to contribute to the progress of this system in our country.
Franchising is a reality in motion which will write more, being on time to find a theoretical foundation able to provide solutions for all aspects and economic instruments involved a commercial phenomenon.
Novelty apparent basis of:
• importance and the complexity and variety of system franchise (franchise), but at the same time very interesting and appropriate, the pace with this growing vertical marketing system and contract in the world economy;
• that specialized in Romanian literature is not enough work to deal with the franchise system as a whole broad issue of the whole system;
• theoretical and practical knowledge in this area are generally poor in our country, for development imposed by the very nature deeply International franchise system;
• deeply democratic franchise system in terms of organization, where relations between franchisors and franchisees are partnership firms having independent franchisees legal and financial part to ensure a more cooperative advantage superior to other systems in the world economy;
• by expanding the franchise system existence and create new jobs, promoting and strengthening the middle class society of a country;
• universal economic reality created the concept of globalization to achieve world number one organizational system. One of the major systems of vertical organization and service area is considered disposal and franchise system, widely practiced in contemporary economy;
• this system can join with small steps between the pillars of economic and financial stability of the new millennium.
The success of franchises is most dependent on one man: the franchisee, and to be successful is not enough that it will have the necessary knowledge to purchase a license and to build a franchise unit, to arrange and start businesses in within this unit. Franchisee must be dedicated to his work, it must have the desire and willingness to work hard and ability to remain motivated, ability to do business.
2009-11-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18376/1/MPRA_paper_18376.pdf
Parpandel, Denisa Elena and Stanciulescu, Cecilia Gabriela and Ciochina, Iuliana and Iordache, Carmen and Rizea, Ionela Carmen (2009): Evoluţii şi semnificaţii ale operaţiunilor de franchising pe plan naţional şi internaţional.
en
oai:mpra.ub.uni-muenchen.de:18445
2019-09-27T11:04:18Z
7374617475733D707562
7375626A656374733D41:4131:413133
7375626A656374733D44:4434:443430
7375626A656374733D48:4830:483030
7375626A656374733D42:4231:423135
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18445/
Works on market supervision and shar'iyah governance (al-hisbah wa al-siyasah al-shar'iyah) by the sixteenth century scholars
Islahi, Abdul Azim
A13 - Relation of Economics to Social Values
D40 - General
H00 - General
B15 - Historical ; Institutional ; Evolutionary
In Islamic tradition two sets of works – al-hisbah and al-siyasah al-shar‛iyah – appeared that proved to be a rich source of economic thought of past Muslim thinkers. Works related to al-hisbah generally discussed socio-economic control, moral and market supervision, prevention of monopolies, check on cheating and fraud and such other corrupting practices, standardization of products, facilitation of the supply of necessities, etc. As far works pertaining to al-siyasah al-shar'iyah are concerned, they generally dealt with the rules of governance, economic role of the state, sources of public revenue, public expenditure (in addition to works exclusively devoted to public finances), maintenance of law and order, internal and external defense, etc. The present paper aims to discuss the state of these two institutions in the sixteenth century and writings on the subject by the scholars of the period.
2006-02-28
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18445/1/MPRA_paper_18445.pdf
Islahi, Abdul Azim (2006): Works on market supervision and shar'iyah governance (al-hisbah wa al-siyasah al-shar'iyah) by the sixteenth century scholars. Published in: Quarterly Journal of the Pakistan Historical Cociety , Vol. 54, No. 3 (July 2008): pp. 7-20.
en
oai:mpra.ub.uni-muenchen.de:18631
2019-09-30T00:54:42Z
7374617475733D707562
7375626A656374733D4D:4D34:4D3431
7375626A656374733D42:4235:423532
7375626A656374733D48:4832
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/18631/
Zakah on stocks: some unsettled issues
Islahi, Abdul Azim
Obaidullah, Mohammed
M41 - Accounting
B52 - Institutional ; Evolutionary
H2 - Taxation, Subsidies, and Revenue
D40 - General
Issues relating to zakah on equity shares are far from being settled if one considers the available fatawa and observed practices in many Muslim countries. The most basic questions pertain to the correct method of valuation of equity shares for the purpose of estimation of zakah liability. This paper reviews alternative methods of valuation and argues in favour of marketbased valuation. It also raises serious questions on the permissibility of exemption of fixed assets from zakah liability in the accounting based framework, notwithstanding its actual use in some Muslim countries. A market-based valuation framework is rooted in the notion of market efficiency, which dominates modern finance theories for over a century. The paper seeks to push forward the concept of "average price" as the basis of valuation as also of estimating zakah liability. It argues that the concept not only follows
logically from the efficient market theory, but also is backed by sound Shari'ah evidence.
2002
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/18631/1/MPRA_paper_18631.pdf
Islahi, Abdul Azim and Obaidullah, Mohammed (2002): Zakah on stocks: some unsettled issues. Published in: Journal of King Abdulaziz University -Islamic Economics , Vol. 17, No. 2 (2004): pp. 3-17.
en
oai:mpra.ub.uni-muenchen.de:20457
2019-10-10T11:56:38Z
7374617475733D756E707562
7375626A656374733D43:4330:433032
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/20457/
A Dynamic Correlation Modelling Framework with Consistent Stochastic Recovery
Li, Yadong
C02 - Mathematical Methods
D40 - General
This paper describes a flexible and tractable bottom-up dynamic correlation modelling framework with a consistent stochastic recovery specification. The stochastic recovery specification only models the first two moments of the spot recovery rate as the higher moments of the recovery rate have almost no contribution to the loss distribution and CDO tranche pricing. Observing that only the joint distribution of default indicators is needed to build the portfolio loss distribution, we argue that the default indicator copula should be used instead of the default time copula for the purpose of CDO tranche calibration and pricing. We then defined a generic class of default indicator copula with the "time locality" property, which makes it easy to calibrate to index tranche prices across multiple maturities.
This correlation modelling framework has the unique advantage that the joint distribution of default time and other dynamic properties of the model can be changed independently from the loss distribution and tranche prices. After calibrating the model to index tranche prices, existing top-down methods can be applied to the common factor process to construct very flexible systemic dynamics without changing the already calibrated tranche prices. This modelling framework therefore combines the best features of the bottom-up and top-down models: it is fully consistent with all the single name market information and it admits very rich and flexible spread dynamics.
Numerical results from a non-parametric implementation of this modelling framework are also presented. The non-parametric implementation achieved fast and accurate calibration to the index tranches across multiple maturities even under extreme market conditions. A conditional Markov chain method is also proposed to construct the systemic dynamics, which supports an efficient lattice pricing method for dynamic spread instruments. We also showed how to price tranche options as an example of this fast lattice method.
2009-02-26
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/20457/2/MPRA_paper_20457.pdf
Li, Yadong (2009): A Dynamic Correlation Modelling Framework with Consistent Stochastic Recovery.
en
oai:mpra.ub.uni-muenchen.de:20722
2019-09-26T08:44:46Z
7374617475733D756E707562
7375626A656374733D44:4432:443230
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/20722/
Islamic Finance: Debt versus Equity Financing in the Light of Maqasid al-Shari'ah
Eddy Yusof, Ezry Fahmy
Kashoogie, Jhordy
Anwar Kamal, Asim
D20 - General
D40 - General
A hot topic among Islamic economists is the debt versus equity debate. Which of the two are more in line with justice and equality? Which of them is more productive in fulfilling the greater objectives of the Shariah? This paper is divided into sections. After the introduction, it is followed by problem statement as well as objective of the study. After that, section 4 briefs the research questions for answering the analysis in this paper. Section 5 deals with discussion obtained from literature review whichhighlights important issues regarding Maqasid Al-Shari’ah in term of justice and equality vis-àvis the current practice as well as ideal model of Islamic banking and finance. Finally, this paper ends up with conclusion.
2009-04
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/20722/1/MPRA_paper_20722.pdf
Eddy Yusof, Ezry Fahmy and Kashoogie, Jhordy and Anwar Kamal, Asim (2009): Islamic Finance: Debt versus Equity Financing in the Light of Maqasid al-Shari'ah.
en
oai:mpra.ub.uni-muenchen.de:21559
2019-09-28T21:49:15Z
7374617475733D756E707562
7375626A656374733D44:4430:443032
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21559/
Market Institutions: An Expository Essay
Singh, Nirvikar
D02 - Institutions: Design, Formation, Operations, and Impact
D40 - General
This essay provides an elementary, unified introduction to the models of market institutions that go beyond the competitive model of price-taking behavior on both sides of the market. Several models of market institutions that govern price determination are explored and compared, including contracting, posted prices, bilateral bargaining, middlemen, and auctions. While equilibrium models still do not capture the full possibilities for market behavior, modeling specific market institutions reduces the level of abstraction inherent in the standard competitive model.
2010-03-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21559/1/MPRA_paper_21559.pdf
Singh, Nirvikar (2010): Market Institutions: An Expository Essay.
en
oai:mpra.ub.uni-muenchen.de:21800
2019-09-26T19:35:10Z
7374617475733D756E707562
7375626A656374733D44:4431:443132
7375626A656374733D44:4434:443430
7375626A656374733D47:4732:473231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/21800/
Bank level stability factors and consumer confidence – a comparative study of Islamic and conventional banks’ product mix
Hussein, Kassim
D12 - Consumer Economics: Empirical Analysis
D40 - General
G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages
This study examines the behaviour of key bank level stability factors of liquidity, capital, risk-taking and consumer confidence in Islamic and conventional banks which operate in the same market. Using fixed effect sample of 194 banks of Gulf Cooperating Countries between 2000 and 2007, we found that liquidity is not determined by bank’s product mix but rather attributed to systematic factors. However, non performing assets (representing loans to sub prime borrowers) have positive and significant relationship with liquidity implying that during the crisis, Islamic banks tend to take stringent risk strategies compared to conventional banks. Furthermore, Islamic banks generally tend to provide higher consumer confidence levels as they were more capitalized than conventional banks, although conventional banks had carried higher averages of liquidity compared to Islamic banks. Consumer confidence levels or depositors’ discipline as proxied by deposits and customer funding over liabilities generally appear to be higher in Islamic banks than conventional banks.
2010-04-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/21800/1/MPRA_paper_21800.pdf
Hussein, Kassim (2010): Bank level stability factors and consumer confidence – a comparative study of Islamic and conventional banks’ product mix.
en
oai:mpra.ub.uni-muenchen.de:22050
2019-09-26T22:03:26Z
7374617475733D707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4432:443231
7375626A656374733D46:4630:463032
7375626A656374733D44:4434:443430
7375626A656374733D41:4131:413130
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22050/
Where will commoditization take us?
RYAN, JOHN
HOLMES, ANDREW
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D21 - Firm Behavior: Theory
F02 - International Economic Order and Integration
D40 - General
A10 - General
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
Predicting the future is an imprecise science, and something that should always be carried out
carefully and the results should be taken with a pinch of salt. That said it is sensible to assume that
most of the drivers of commoditization are likely to remain in force for the foreseeable future. Unlike
the futurologists who attempt to predict how society and technology will change over the next fifty
years, we are only going to look a few years ahead, which is a more sensible time horizon. History is
not always a good predictor of the future, but in the case of commoditization we think it is. It is clear
that when we look back in time we can see how the process of commoditization has subsumed great
tranches of industry, eliminated significant numbers of manual labourers and increased the general
efficiency and effectiveness of society. In many respects we could argue that it was important to the
advancement of the industrialised economies of the West. In projecting forward from this point, we
should expect commoditization to continue to expand its footprint into areas which we currently think
are outside of the realms of possibility. After all, no one would have expected the IT industry to have
become so commoditized when it first emerged during the 1940s. And in the same way that white
collar workers were caught out when they believed they were immune from the initial waves of
downsizing and offshoring that affected the manufacturing sector, others at the mid- and high-end of
the workforce may also be caught out sometime in the future. And as commoditization continues to
advance it will touch on many more peoples’ lives and livelihoods.
2008-09-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22050/1/MPRA_paper_22050.pdf
RYAN, JOHN and HOLMES, ANDREW (2008): Where will commoditization take us? Published in: DEPARTMENT OF ECONOMICS, UNIVERSITY OF VENICE , Vol. 2008, No. 31 (1 September 2008): pp. 1-14.
en
oai:mpra.ub.uni-muenchen.de:22053
2019-09-26T16:05:14Z
7374617475733D707562
7375626A656374733D44:4432:443233
7375626A656374733D44:4432:443231
7375626A656374733D46:4630:463032
7375626A656374733D44:4434:443430
7375626A656374733D41:4131:413130
7375626A656374733D44:4432:443234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22053/
Surviving in a Commoditized World
Ryan, John
Holmes, Andrew
D23 - Organizational Behavior ; Transaction Costs ; Property Rights
D21 - Firm Behavior: Theory
F02 - International Economic Order and Integration
D40 - General
A10 - General
D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity
This paper examines why organizations have adopted a wide range of responses when addressing the opportunities and threats posed by commoditization. Some may choose to focus on their cost base, whilst others may focus on innovation. Whatever strategy is adopted, it will be driven by a range of factors including the market or markets in which the organization operates the nature of its competition and how easy it is for them to become commoditized. This paper will present Ryanair, Wal-Mart, Starbucks, Tesco, General Electric and Dell as examples of which highlight how different organizations have approached the challenge of commoditization. What we can conclude from these is that there are many different ways to tackle commoditization and that many organisations do so successfully. For those organizations which are comfortably outside the commoditized zone, it will give them some insights on what to do should the risk of commoditization increase to a point where action is necessary.
2008-02-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22053/1/MPRA_paper_22053.pdf
Ryan, John and Holmes, Andrew (2008): Surviving in a Commoditized World. Published in: University of Venice Working Paper , Vol. 2008, No. 7 (1 February 2008): pp. 1-12.
en
oai:mpra.ub.uni-muenchen.de:22137
2019-10-10T13:11:31Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3133
7375626A656374733D4C:4C31:4C3130
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22137/
Sequential play and cartel stability in a Cournot oligopoly
Currarini, Sergio
Marini, Marco A.
L13 - Oligopoly and Other Imperfect Markets
L10 - General
D40 - General
We reconsider the problem of cartel stability in a linear
symmetric Cournot oligopoly by assuming that every coalition of firms defecting from a cartel can choose its quantity before the remaining firms. We show that differently from Salant et al. (1983) the only profitable cartel includes all firms in the industry. This result is shown to be robust to non linearities in payffs provided that the inverse demand function is not too log-concave.
2002-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22137/2/MPRA_paper_22137.pdf
Currarini, Sergio and Marini, Marco A. (2002): Sequential play and cartel stability in a Cournot oligopoly.
en
oai:mpra.ub.uni-muenchen.de:22793
2019-09-26T10:21:10Z
7374617475733D756E707562
7375626A656374733D44:4434:443436
7375626A656374733D44:4434:443430
7375626A656374733D42:4230:423030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/22793/
Market and pricing mechanism in pre-classical literature
Islahi, Abdul Azim
D46 - Value Theory
D40 - General
B00 - General
Western literature on the history of economic thought seldom pays attention to the contribution of scholars from the other regions on different economic issues, as if they have nothing to offer on the subject. The same happened when Schumpeter remarked "as regards the theory of the mechanism of pricing, there is very little to report before the middle of the eighteenth century". The fact is that considerable ideas on market and pricing mechanism existed long before this period. The paper analyzes the concept of market and pricing mechanism in pre-classical period as developed by the scholars of the West Asian region. In this connection the following thinkers have been chosen to discuss their ideas: Abu Yusuf (731-798 AD) , Abu Hamid al-Ghazali (l058-1111 AD), Ibn Taimiyah (1263-1328 AD), and Ibn Khaldun (1332-1404 AD). It also compares their ideas with those of Western writers of that period. Views of the writers cited in this paper show that they had a clear notion of the working of the market. They were trying to grapple with other related issues also. This warrants reconsideration of Schumpeter's statement about the mechanism of pricing before the middle of the eighteenth century. Especially, the contribution of the East, Middle East, Far East and other regions to economic thought has to be rehabilitated in the science of economics for the sake of doctrinal continuity as well as objectivity.
1991
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/22793/1/MPRA_paper_22793.pdf
Islahi, Abdul Azim (1991): Market and pricing mechanism in pre-classical literature.
en
oai:mpra.ub.uni-muenchen.de:23770
2019-09-30T02:25:20Z
7374617475733D756E707562
7375626A656374733D44:4432:443231
7375626A656374733D4C:4C31:4C3130
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/23770/
Information Acquisition and Innovation under Competitive Pressure
Barbos, Andrei
D21 - Firm Behavior: Theory
L10 - General
D40 - General
This paper studies information acquisition under competitive pressure and proposes a model to examine the relationship between product market competition and the level of innovative activity in an industry. Recent empirical papers point to an inverted-U shape relationship between competition and innovation. Our paper offers theoretical support to these results while employing a more accurate definition of innovation than the previous literature; more precisely, we isolate innovation from riskless technological progress. The firms in our model learn of an invention and decide on whether and when to innovate. In making this decision, firms face a trade-off between seeking a first-mover advantage and waiting to acquire more information. By recognizing that a firm can intensify its innovative activity on two dimensions, a temporal and a quantitative one, we show that firms solve this trade-off precisely so as to generate the inverted-U shape relationship. When the competition in the pre innovation market is sufficiently high, the level of competition in the post innovation market is endogenous. We investigate the welfare effects of innovation under competitive pressure and find conditions that determine the socially optimal level of competition. We study the effects that the degree of technological spread in the industry has on innovation and highlight the roles that strategic uncertainty and the discreteness of the information acquisition process play in this context.
2009-05-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/23770/1/MPRA_paper_23770.pdf
Barbos, Andrei (2009): Information Acquisition and Innovation under Competitive Pressure.
en
oai:mpra.ub.uni-muenchen.de:24008
2019-09-26T14:54:39Z
7374617475733D707562
7375626A656374733D4C:4C30
7375626A656374733D44:4434:443430
7375626A656374733D44:4430:443030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24008/
Learning-by-Doing and Cannibalization Effects at Multi-Vintage Firms: Evidence from the Semiconductor Industry
Siebert, Ralph Bernd
L0 - General
D40 - General
D00 - General
Previous studies on the measurement of learning-by-doing emphasize the importance of accounting
for multi-vintage effects having an impact on firms’ production costs through economies
of scope. This study shows that accounting for cannibalization effects on the demand side is
equally important for the adequate measurement of learning. Since multi-vintage firms anticipate
the demand-side cannibalization effects in their production optimization, a previously omitted incentive
to decrease production is captured having an impact on the measurement of learning by
doing. We derive an empirical model from a dynamic oligopoly game of learning-by-doing and
allow cannibalization effects to enter from the demand side. Using quarterly firm-level data for
the dynamic random access memory semiconductor industry, we find support for cannibalization
effects entering firms’ pricing relations resulting in higher estimated learning effects.
2010-03-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24008/1/MPRA_paper_24008.pdf
Siebert, Ralph Bernd (2010): Learning-by-Doing and Cannibalization Effects at Multi-Vintage Firms: Evidence from the Semiconductor Industry. Published in: The B.E. Journal of Economic Analysis & Policy , Vol. Vol. 1, No. Issue 1 (Advances) (5 May 2010)
en
oai:mpra.ub.uni-muenchen.de:24140
2019-09-28T15:20:10Z
7374617475733D756E707562
7375626A656374733D44:4432:443231
7375626A656374733D4C:4C31:4C3130
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24140/
Information Acquisition and Innovation under Competitive Pressure
Barbos, Andrei
D21 - Firm Behavior: Theory
L10 - General
D40 - General
This paper studies information acquisition under competitive pressure and proposes a model to examine the relationship between product market competition and the level of innovative activity in an industry. Recent empirical papers point to an inverted-U shape relationship between competition and innovation. Our paper offers theoretical support to these results while employing a more accurate definition of innovation than the previous literature; more precisely, we isolate innovation from riskless technological progress. The firms in our model learn of an invention and decide on whether and when to innovate. In making this decision, firms face a trade-off between seeking a first-mover advantage and waiting to acquire more information. By recognizing that a firm can intensify its innovative activity on two dimensions, a temporal and a quantitative one, we show that firms solve this trade-off precisely so as to generate the inverted-U shape relationship. When the competition in the pre innovation market is sufficiently high, the level of competition in the post innovation market is endogenous. We investigate the welfare effects of innovation under competitive pressure and find conditions that determine the socially optimal level of competition. We study the effects that the degree of technological spread in the industry has on innovation and highlight the roles that strategic uncertainty and the discreteness of the information acquisition process play in this context.
2009-05-12
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24140/1/MPRA_paper_24140.pdf
Barbos, Andrei (2009): Information Acquisition and Innovation under Competitive Pressure.
en
oai:mpra.ub.uni-muenchen.de:24159
2019-09-28T12:12:00Z
7374617475733D696E7072657373
7375626A656374733D44:4431:443131
7375626A656374733D44:4439:443931
7375626A656374733D44:4434:443430
7375626A656374733D4F:4F33:4F3333
7375626A656374733D4C:4C31:4C3136
7375626A656374733D45:4531:453131
7375626A656374733D4C:4C31:4C3135
7375626A656374733D4F:4F33:4F3331
7375626A656374733D45:4532:453230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24159/
Evolution of Consumers’ Preferences due to Innovation
Dahlan, Rolan Mauludy
Situngkir, Hokky
D11 - Consumer Economics: Theory
D91 - Intertemporal Household Choice ; Life Cycle Models and Saving
D40 - General
O33 - Technological Change: Choices and Consequences ; Diffusion Processes
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
E11 - Marxian ; Sraffian ; Kaleckian
L15 - Information and Product Quality ; Standardization and Compatibility
O31 - Innovation and Invention: Processes and Incentives
E20 - General
The integration process between evolutionary approach and conventional economic analysis is very essential for the next development of economic studies, especially in the fundamental concepts of modern economics: supply and demand analysis. In this presentation, we use the concept of meme to explore evolution of demand. This study offers an evolutionary model of demand, which views utility as a function of the distance between the two types of sequences of memes (memeplex), which represent economic product and consumer preference. It is very different from the conventional approach of demand, which only views utility as a function of quantity. This modification provides an opportunity to see innovation and transformation of consumer preferences in the demand perspective. Innovation is seen as a change in sequence of memes in economic products, while the transformation of consumer behavior is defined as a change in the aligning memes of consumer preference. Demand quantity is the result of the selection process. This model produces some interesting characteristics, such as: (i) quantitative and qualitative properties of evolution of demand, (ii) relationship between consumer behavior and properties of evolution of demand that occurred and (iii) power law on the distribution of product lifetime. At the end we show the improvement of utility function, in the concept of meme, might create a new landscape for the further development of economics.
2010-07-29
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24159/1/MPRA_paper_24159.pdf
Dahlan, Rolan Mauludy and Situngkir, Hokky (2010): Evolution of Consumers’ Preferences due to Innovation. Forthcoming in: WP-6-2010 No. BFI Working Paper Series (29 July 2010)
en
oai:mpra.ub.uni-muenchen.de:24901
2019-09-30T16:48:32Z
7374617475733D756E707562
7375626A656374733D44:4435:443533
7375626A656374733D41:4131:413133
7375626A656374733D44:4430:443032
7375626A656374733D44:4435:443532
7375626A656374733D44:4434:443430
7375626A656374733D44:4438:443835
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/24901/
Structure, conduct and performance of grain trading in Tigray and its impact on demand for commodity exchange: The case Maychew, Mokone, Alemata, Mekelle and Himora
Mezgebo, Taddese
Dereje, Fikadu
D53 - Financial Markets
A13 - Relation of Economics to Social Values
D02 - Institutions: Design, Formation, Operations, and Impact
D52 - Incomplete Markets
D40 - General
D85 - Network Formation and Analysis: Theory
Grain markets of Alemata, Maychew, Mokone, Mekelle and Himora are observed to operate in highly inefficient market structure, with very low level of trust at meso and macro level. As result the marking system is less developed and less efficient in terms of creating space and time utility. In which lack of finance is the most critical problem. Under such reality warehouse receipt system with receipts that can be used as collateral for loan are critical first stage needed to get the market right. If ECX’s exchange service has to be introduced it has to be low cost and low value added service, if not it may not find significant demand among grain traders.
2010-09-10
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/24901/1/MPRA_paper_24901.pdf
Mezgebo, Taddese and Dereje, Fikadu (2010): Structure, conduct and performance of grain trading in Tigray and its impact on demand for commodity exchange: The case Maychew, Mokone, Alemata, Mekelle and Himora.
en
oai:mpra.ub.uni-muenchen.de:25018
2019-10-02T20:07:10Z
7374617475733D707562
7375626A656374733D41:4132:413233
7375626A656374733D49:4932:493231
7375626A656374733D44:4437:443738
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25018/
La competitivite du service d'education en Roumanie dans le contexte de la crise mandiale
Grigorescu, Adriana
Leoveanu, Constantin Andy
A23 - Graduate
I21 - Analysis of Education
D78 - Positive Analysis of Policy Formulation and Implementation
D40 - General
By starting with the statement of Alfred Marshall: "The most valuable of all capital is invested in being human" we can consider the quality of human resources in general and quality of educational resources, especially as a decisive factor for economic growth together. The specialists appreciate that there is a very close relationship between technological progress and investment in education with involvement in all areas of life: economic, political, social and cultural.
In terms of the current global financial crisis, when the pressure is on the level of education of human resources and their degree of competitiveness, we need an act of high educational quality and more efficiency. After defining the terms in which it operates - competitiveness, quality, efficiency, educational act - it is, in part, a description of the state of the Romanian educational system and causes that have generated the current situation. The aim of the paper is devoted to exploring the effects of an educational point of view of low competitive and to continue with a short general diagnosis of the latter. At the end of the paper we will try to find some concrete measures to increase the competitiveness of the Romanian educational act. These comments will obviously be accompanied by a series of point solutions to adjust - together - the offer of the Romanian education with the demand that exists on the labor market, in terms of the current crisis.
2009-05-25
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25018/2/MPRA_paper_25018.pdf
Grigorescu, Adriana and Leoveanu, Constantin Andy (2009): La competitivite du service d'education en Roumanie dans le contexte de la crise mandiale. Published in: Annales de L’Universite Valahia de Targoviste, Section Science Economique , Vol. VIV-em, No. No.24/2009 (2009)
fr
oai:mpra.ub.uni-muenchen.de:25090
2019-09-28T17:29:02Z
7374617475733D756E707562
7375626A656374733D41:4133
7375626A656374733D49:4932:493233
7375626A656374733D44:4438:443839
7375626A656374733D41:4132:413239
7375626A656374733D44:4434:443430
7375626A656374733D4A:4A32:4A3234
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25090/
Rebordering the borders created by multidisciplinary sciences: A study
Kannan, Srinivasan
A3 - Collective Works
I23 - Higher Education ; Research Institutions
D89 - Other
A29 - Other
D40 - General
J24 - Human Capital ; Skills ; Occupational Choice ; Labor Productivity
Emergence of “Glass ceiling” like phenomena in the minds of professionals doing research in a multidisciplinary subject needs to be studied. For an example, computational neurosciences(CNS) comprises of neurology, cognitive science, psychology, computer science, physics, mathematics, information technology, radiology, anthropology, sociology, and biology. When a specialist doing research in a multidisciplinary science like computational neuroscience, know less about other disciplines. This at times leads to tension among the members of the multidisciplinary group. This may create an environment where some members feel excluded. This may also lead to a power structure among different professionals. In case of CNS, the biological scientists feel the computational and engineering sciences may use their mathematical power to control them. On the other hand the engineering scientists feel they need to learn more about biology to understand CNS. The highly technical medical specialist such as Electro physiologists were also feeling like the biologists. As computational neurosciences gaining more importance, it is important to understand the interaction among the scientists from different disciplines and its effect on the development of discipline. The present paper is an attempt to study the dynamics of the members of the multidisciplinary group, who have done their short course on CNS.
2010-06
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25090/1/MPRA_paper_25090.pdf
Kannan, Srinivasan (2010): Rebordering the borders created by multidisciplinary sciences: A study.
en
oai:mpra.ub.uni-muenchen.de:25186
2019-09-27T10:00:55Z
7374617475733D756E707562
7375626A656374733D45:4532:453232
7375626A656374733D4C:4C37:4C3731
7375626A656374733D44:4432:443230
7375626A656374733D44:4434:443430
7375626A656374733D4C:4C36:4C3630
7375626A656374733D42:4235:423532
7375626A656374733D4F:4F33
7375626A656374733D4C:4C32:4C3235
7375626A656374733D44:4432:443231
7375626A656374733D44:4438:443831
7375626A656374733D4C:4C31:4C3130
7375626A656374733D43:4337:433730
7375626A656374733D4C:4C31:4C3136
7375626A656374733D44:4430:443033
7375626A656374733D4C:4C32:4C3231
7375626A656374733D44:4435:443532
7375626A656374733D44:4430:443031
7375626A656374733D44:4430:443030
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25186/
Patterns of technological progress and corporate innovation
Waśniewski, Krzysztof
E22 - Investment ; Capital ; Intangible Capital ; Capacity
L71 - Mining, Extraction, and Refining: Hydrocarbon Fuels
D20 - General
D40 - General
L60 - General
B52 - Institutional ; Evolutionary
O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights
L25 - Firm Performance: Size, Diversification, and Scope
D21 - Firm Behavior: Theory
D81 - Criteria for Decision-Making under Risk and Uncertainty
L10 - General
C70 - General
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
D03 - Behavioral Microeconomics: Underlying Principles
L21 - Business Objectives of the Firm
D52 - Incomplete Markets
D01 - Microeconomic Behavior: Underlying Principles
D00 - General
The bulk of the global innovative effort takes place in 5 countries: USA, Japan and China as leaders, with France and United Kingdom as immediate followers, which all display, on the long run, a negative marginal value added on innovation. The present paper attempts to answer the following question: why does most of innovative activity takes place in markets apparently hostile to innovation, i.e. giving back negative marginal value added on innovation ? A model is introduced in which any market may be represented as a Selten’s extensive game, subgames of which are played as Harsanyi’s games with imperfect information, by a temporarily finite and changing set of players. The firms’ innovative activity is a Nash’s dynamic equilibrium in which innovating is rational though suboptimal, without premium on innovation being a real economic profit. The model is the theoretical framework for the study of six cases: Ford Motor, General Motors, Honda, Chevron, Akzo Nobel and IBM, which allow to conclude that firms do innovation either because they have to or because this is their comparative advantage and they can do it in an exceptionally efficient way. As economic growth is grounded in efficient business patterns and in some countries those business patterns shape themselves in the context of a strong exogenous pressure on innovation. This leads to the development of economies which, regardless its pace of economic growth and balance of payments, come to a point when marginal value added on innovation is negative. At this point, however, incentives to innovate do not disappear and firms continue to apply the same business patterns and thus do create scientific input which gives back negative marginal real output. This pattern of global technological progress seem to be quite durable, with financial markets that allow to compensate, by successful financial placements, the downturns of innovative projects.
2010-05
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25186/1/MPRA_paper_25186.pdf
Waśniewski, Krzysztof (2010): Patterns of technological progress and corporate innovation.
en
oai:mpra.ub.uni-muenchen.de:25508
2019-10-07T18:53:30Z
7374617475733D707562
7375626A656374733D44:4431:443131
7375626A656374733D45:4531:453132
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
7375626A656374733D45:4536:453633
7375626A656374733D47:4730:473031
7375626A656374733D43:4337:433738
7375626A656374733D48:4836:483630
7375626A656374733D45:4535:453530
7375626A656374733D44:4436:443631
7375626A656374733D45:4534:453430
7375626A656374733D44:4430:443031
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25508/
Market Myths in Contemporary Economics
Punabantu, Siize
D11 - Consumer Economics: Theory
E12 - Keynes ; Keynesian ; Post-Keynesian
E31 - Price Level ; Inflation ; Deflation
D40 - General
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
G01 - Financial Crises
C78 - Bargaining Theory ; Matching Theory
H60 - General
E50 - General
D61 - Allocative Efficiency ; Cost-Benefit Analysis
E40 - General
D01 - Microeconomic Behavior: Underlying Principles
F31 - Foreign Exchange
This paper elaborates on the economic operating system (EOS) the role it can play in growth. It focuses on markets, price determination and forces of demand and supply in order to illustrate how an EOS model offers greater economic growth, stability and safety. This paper delves into market theory to determine whether what is commonly understood about market forces and free markets in contemporary economics is as reliable as might be expected; do free markets encourage or retard economic growth? It is often, for amusement, brought up how modern medicine despite its advances cannot cure the common cold. Contemporary economics has a similar pet peeve; it does not know how to cure common inflation and deflation. The same way medicine leaves the body’s immune system to deal with colds until a cure is found contemporary economics leaves inflation and deflation to market forces to sort out with the occasional booster shot of intervention when this process seems to fail. To this day the stand off between Keynesian and Monetarist models demonstrates the irascible nature of this economic bug; is seems in contemporary economics there is only one way to control it and that’s do nothing about it. This nothing in contemporary economics is what is referred to as free markets. Allowing free markets to set prices and act as a mechanism for managing inflation works, what doesn’t work is that free markets systems based on a Monetarist model lack reliable growth and not being able to do anything comprehensive when market forces begin to act up. In a downturn, suddenly the liberty of free markets can become a threat to economic stability. Free markets may work best in an economic operating system (EOS) model better able to exploit the efficiency of markets whilst accelerating economic growth.
2010-10-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25508/1/MPRA_paper_25508.pdf
Punabantu, Siize (2010): Market Myths in Contemporary Economics. Published in:
en
oai:mpra.ub.uni-muenchen.de:25669
2019-10-01T05:46:18Z
7374617475733D707562
7375626A656374733D44:4431:443131
7375626A656374733D45:4531:453132
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
7375626A656374733D45:4536:453633
7375626A656374733D47:4730:473031
7375626A656374733D43:4337:433738
7375626A656374733D48:4836:483630
7375626A656374733D45:4535:453530
7375626A656374733D44:4436:443631
7375626A656374733D45:4534:453430
7375626A656374733D44:4430:443031
7375626A656374733D46:4633:463331
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/25669/
Market Myths in Contemporary Economics
Punabantu, Siize
D11 - Consumer Economics: Theory
E12 - Keynes ; Keynesian ; Post-Keynesian
E31 - Price Level ; Inflation ; Deflation
D40 - General
E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy ; Stabilization ; Treasury Policy
G01 - Financial Crises
C78 - Bargaining Theory ; Matching Theory
H60 - General
E50 - General
D61 - Allocative Efficiency ; Cost-Benefit Analysis
E40 - General
D01 - Microeconomic Behavior: Underlying Principles
F31 - Foreign Exchange
This paper elaborates on the economic operating system (EOS) the role it can play in growth. It focuses on markets, price determination and forces of demand and supply in order to illustrate how an EOS model offers greater economic growth, stability and safety. It delves into market theory to determine whether what is commonly understood about market forces and free markets in contemporary economics is as reliable as might be expected; do free markets encourage or retard economic growth? It is often, for amusement, brought up how modern medicine despite its advances cannot cure the common cold. Contemporary economics has a similar pet peeve; it does not know how to cure common inflation and deflation. The same way medicine leaves the body’s immune system to deal with colds until a cure is found contemporary economics leaves inflation and deflation to market forces to sort out with the occasional booster shot of intervention when this process seems to fail. To this day the stand off between Keynesian and Monetarist models demonstrates the irascible nature of this economic bug; it seems in contemporary economics there is only one way to control it and that’s do nothing about it. This nothing in contemporary economics is what is referred to as free markets. Allowing free markets to set prices and act as a mechanism for managing inflation works, what doesn’t work is that free markets systems based on a Monetarist model lack reliable growth and not being able to do anything comprehensive when market forces begin to act up. In a downturn, suddenly the liberty of free markets can become a threat to economic stability. Free markets may work best in an economic operating system (EOS) model better able to exploit the efficiency of markets. whilst accelerating economic growth.
2010-10-01
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/25669/1/MPRA_paper_25669.pdf
Punabantu, Siize (2010): Market Myths in Contemporary Economics. Published in:
en
oai:mpra.ub.uni-muenchen.de:27617
2019-09-29T03:45:36Z
7374617475733D696E7072657373
7375626A656374733D44:4432:443231
7375626A656374733D4C:4C31:4C3131
7375626A656374733D45:4531:453132
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
7375626A656374733D4C:4C31:4C3136
7375626A656374733D45:4535:453538
7375626A656374733D45:4535:453532
7375626A656374733D45:4535:453530
7375626A656374733D4D:4D33:4D3330
7375626A656374733D4D:4D32:4D3230
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27617/
Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue
Levy, Daniel
Smets, Frank
D21 - Firm Behavior: Theory
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
E12 - Keynes ; Keynesian ; Post-Keynesian
E31 - Price Level ; Inflation ; Deflation
D40 - General
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
E58 - Central Banks and Their Policies
E52 - Monetary Policy
E50 - General
M30 - General
M20 - General
This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank’s Inflation Persistence Network.
2010-02-11
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27617/1/MPRA_paper_27617.pdf
Levy, Daniel and Smets, Frank (2010): Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue. Forthcoming in: Managerial and Decision Economics
en
oai:mpra.ub.uni-muenchen.de:27660
2019-09-29T20:43:29Z
7374617475733D756E707562
7375626A656374733D43:4339:433930
7375626A656374733D44:4436:443631
7375626A656374733D44:4434:443430
7375626A656374733D44:4438:443832
7375626A656374733D4C:4C32:4C3236
7375626A656374733D44:4435:443531
7375626A656374733D42:4235:423533
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27660/
Markets as economizers of information: Field experimental examination of the “Hayek Hypothesis”
Al-Ubaydli, Omar
Boettke, Peter
C90 - General
D61 - Allocative Efficiency ; Cost-Benefit Analysis
D40 - General
D82 - Asymmetric and Private Information ; Mechanism Design
L26 - Entrepreneurship
D51 - Exchange and Production Economies
B53 - Austrian
The work of Friedrich Von Hayek contains several testable predictions about the nature of market processes. Vernon Smith termed the most important one the ‘Hayek hypothesis’: equilibrium prices and the gains from trade can be achieved in the presence of diffuse, decentralized information, and in the absence of price-taking behavior and centralized market direction. Vernon Smith tested this by surveying data on laboratory experimental markets and found strong support. We repeat this exercise using field experimental market data. Using field experiments allows us to test several other predictions. Generally speaking, we find support for Hayek’s theories.
2010-12-22
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27660/1/MPRA_paper_27660.pdf
Al-Ubaydli, Omar and Boettke, Peter (2010): Markets as economizers of information: Field experimental examination of the “Hayek Hypothesis”.
en
oai:mpra.ub.uni-muenchen.de:27712
2019-09-30T18:02:06Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3136
7375626A656374733D4C:4C38:4C3831
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27712/
Price Setting in Retailing: the Case of Uruguay
Borraz, Fernando
Zipitría, Leandro
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
L81 - Retail and Wholesale Trade ; e-Commerce
E31 - Price Level ; Inflation ; Deflation
D40 - General
We use a rich and unique dataset of 20 million daily prices in groceries and supermarkets across the country to analyze stylized facts of the behaviour of consumer prices. Our findings are as follows: i) The median duration of prices is little over 2 months. Therefore, retail prices in Uruguay are less sticky than in the US but stickier than in the UK. ii) We do not find evidence of a seasonal pattern in the likelihood of price adjustments. iii) The frequency of price adjustment varies positively with expected inflation for the food and personal care product categories. However, in the alcohol and soft drink categories we find that firms increase the percentage points of the adjustment and not its frequency. iv) The probability of price change in the first day of the month is seven times higher than in any another day. v) The probability of a price change is not constant over time.
2010-12-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27712/1/MPRA_paper_27712.pdf
Borraz, Fernando and Zipitría, Leandro (2010): Price Setting in Retailing: the Case of Uruguay.
en
oai:mpra.ub.uni-muenchen.de:27800
2019-09-26T13:21:16Z
7374617475733D756E707562
7375626A656374733D45:4530:453032
7375626A656374733D49:4933:493330
7375626A656374733D44:4434:443430
7375626A656374733D49:4933:493332
7375626A656374733D50:5034:503431
7375626A656374733D42:4235:423532
7375626A656374733D51:5131:513133
7375626A656374733D49:4933:493338
7375626A656374733D49:4932:493238
7375626A656374733D44:4438:443830
7375626A656374733D44:4436:443630
7375626A656374733D52:5231:523131
7375626A656374733D50:5034:503434
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27800/
An Unbiased Pareto Improvement strategy for poverty alleviation
Zaman, Md Monowaruz
E02 - Institutions and the Macroeconomy
I30 - General
D40 - General
I32 - Measurement and Analysis of Poverty
P41 - Planning, Coordination, and Reform
B52 - Institutional ; Evolutionary
Q13 - Agricultural Markets and Marketing ; Cooperatives ; Agribusiness
I38 - Government Policy ; Provision and Effects of Welfare Programs
I28 - Government Policy
D80 - General
D60 - General
R11 - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
P44 - National Income, Product, and Expenditure ; Money ; Inflation
There are historical and institutional reasons behind our economic problems like poverty and environmental damage but it is not acceptable if they persist in years to come. The strategic use of information by individual economic agents establishes a biasing effect on our economy. In case of poverty, economic efforts of poor people are continuously undervalued and therefore, true welfare across an economy cannot be achieved without protecting the poor people for their immediate economic needs and simultaneously counteracting the biasing forces. This article describes an Unbiased Pareto Improvement (UPI) strategy to be implemented across an economy and eventually across the world to solve poverty problems. This strategy describes making business opportunities involving poor people as well as helping government to set up pro-poor economic policies and infrastructures. A new indicator RICR (Real Income to Contribution Ratio) is introduced to measure its performance.
2010-12-31
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27800/1/MPRA_paper_27800.pdf
Zaman, Md Monowaruz (2010): An Unbiased Pareto Improvement strategy for poverty alleviation.
en
oai:mpra.ub.uni-muenchen.de:27940
2019-09-27T12:03:26Z
7374617475733D707562
7375626A656374733D44:4430
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/27940/
The limitations of markets: Background essay
Goodwin, Neva
D0 - General
D40 - General
Business leaders and voting citizens as well as policy makers are influenced in their decision-making by the idea that a “perfectly free” market can produce a social optimum (a “best of all possible worlds”). Because this idea is so influential, it is important to understand the conditions that must be met for the theory to work. The theoretic prediction of the optimality of market outcomes presupposes a number of requirements, which can be grouped into three broad categories: (1) the assumption of perfectly functioning markets; (2) market-oriented patterns of motivation and behavior, on the part of both individuals and firms; and (3) the universal existence and scope of markets.
2005
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/27940/1/MPRA_paper_27940.pdf
Goodwin, Neva (2005): The limitations of markets: Background essay. Published in: CasePlace.org No. Market Failures: Corporate Governance and Accountabilty (December 2005)
en
oai:mpra.ub.uni-muenchen.de:28809
2019-09-30T11:22:57Z
7374617475733D756E707562
7375626A656374733D4C:4C31:4C3136
7375626A656374733D4C:4C38:4C3831
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/28809/
Price Setting in Retailing: the Case of Uruguay
Borraz, Fernando
Zipitría, Leandro
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
L81 - Retail and Wholesale Trade ; e-Commerce
E31 - Price Level ; Inflation ; Deflation
D40 - General
We use a rich and unique dataset of 30 million daily prices in groceries and supermarkets across the country to analyze stylized facts of the behaviour of consumer prices. Our findings are as follows: i) The median duration of prices is two months and half. Therefore, retail prices in Uruguay are less sticky than in the US, Brazil and Chile, but stickier than in the UK. ii) We do not find evidence of a seasonal pattern in the likelihood of price adjustments. iii) The frequency of price adjustment is only correlated with expected inflation for the personal care product category. However, for the food category we find that firms changes the percentage points of the adjustment and not their frequency. iv) The probability of price change in the first day of the month is nine times higher than in any another day. v) The probability of a price change is not constant over time. Therefore, the evidence presented in this paper indicates that price stickiness in Uruguay is low, in consequence there are doubts regarding the effectiveness of monetary policy.
2010-12-27
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/28809/1/MPRA_paper_28809.pdf
Borraz, Fernando and Zipitría, Leandro (2010): Price Setting in Retailing: the Case of Uruguay.
en
oai:mpra.ub.uni-muenchen.de:29565
2019-09-30T18:06:34Z
7374617475733D756E707562
7375626A656374733D44:4432:443231
7375626A656374733D4C:4C31:4C3131
7375626A656374733D44:4431:443131
7375626A656374733D45:4533:453331
7375626A656374733D44:4434:443430
7375626A656374733D4C:4C30:4C3030
7375626A656374733D4C:4C31:4C3136
7375626A656374733D44:4430:443033
7375626A656374733D4D:4D33:4D3331
7375626A656374733D4C:4C31:4C3135
7375626A656374733D4D:4D32:4D3231
74797065733D7061706572
https://mpra.ub.uni-muenchen.de/29565/
Shrinking Goods and Sticky Prices: Theory and Evidence
Snir, Avichai
Levy, Daniel
D21 - Firm Behavior: Theory
L11 - Production, Pricing, and Market Structure ; Size Distribution of Firms
D11 - Consumer Economics: Theory
E31 - Price Level ; Inflation ; Deflation
D40 - General
L00 - General
L16 - Industrial Organization and Macroeconomics: Industrial Structure and Structural Change ; Industrial Price Indices
D03 - Behavioral Microeconomics: Underlying Principles
M31 - Marketing
L15 - Information and Product Quality ; Standardization and Compatibility
M21 - Business Economics
If producers have more information than consumers about goods’ attributes, then they may use non-price (rather than price) adjustment mechanisms and, consequently, the market may reach a new equilibrium even if prices remain sticky. We study a situation where producers adjust the quantity (per package) rather than the price in response to changes in market conditions. Although consumers should be indifferent between equivalent changes in goods' prices and quantities, empirical evidence suggests that consumers often respond differently to price changes and equivalent quantity changes. We offer a possible explanation for this puzzle by constructing and empirically testing a model in which consumers incur cognitive costs when processing goods’ price and quantity information. The model is based on evidence from cognitive psychology and explains consumers’ decision whether or not to process goods’ price and quantity information. Our findings explain why producers sometimes adjust goods’ prices and sometimes goods’ quantities. In addition, they predict variability in price adjustment costs over time and across economic conditions.
2011-03-13
MPRA Paper
NonPeerReviewed
application/pdf
en
https://mpra.ub.uni-muenchen.de/29565/1/MPRA_paper_29565.pdf
Snir, Avichai and Levy, Daniel (2011): Shrinking Goods and Sticky Prices: Theory and Evidence.
en
metadataPrefix%3Doai_dc%26offset%3D29566%26set%3D7375626A656374733D44%253A4434%253A443430