The Determinants of Price in Internet Auctions of Used Cars

This study analyzes how auction, seller, and product factors influence the price premium in an eBay used car auction market. In auctions with at least one bid, the reputation of the seller, title status, and the time the auction ended influenced the price premium on the highest bid. For auctions that resulted in a sale, cars with clear title and dealers were able to secure significantly greater price premiums, but seller reputation had no significant effect. Using a binary logit model, cars had a greater probability of selling if the seller had a better reputation. The quality of the presentation and number of pictures did not enhance the price premium in any of the models.

Impacts of Foreign Exchange Auctions on the Informal Market Rate in Myanmar

Since the abolition of the official peg and the introduction of a managed float in April 2012, the Central Bank of Myanmar has operated the daily auctions of foreign exchange aimed at smoothing exchange rate fluctuations. Despite the reforms, however, informal trading of foreign exchange remains pervasive. Using the daily informal exchange rate and Central Bank auction data, this study examines the impacts of auctions on the informal rate. Generalized autoregressive conditional heteroskedasticity models indicate that the auctions did not reduce the conditional variance of the informal rate returns. Overall, the auctions have only a quite modest impact on the informal exchange rate.     

Jobs with different wage determination mechanisms, social efficiency and unemployment

The purpose of this paper is to construct a theoretical framework for the labor market, which is composed of a variety of jobs with different wage determination mechanisms. We identify an equilibrium in which some firms post a wage and others bargain with workers. This paper shows that the proportion of firms adopting wage bargaining in a decentralized equilibrium is below the socially optimal level. We identify policies to increase this proportion and to improve social efficiency. Furthermore, we examine the impact of those policies on unemployment. The results of this study will determine the direction of employment policy on the labor market with various employment styles.     

Was It Possible to Stabilise the Price of Wool? Organised Wool Marketing 1916 to 1970

Wool is the only Australian commodity for which there has been an attempt to organise price stability through a buffer stock scheme (1970–91). Growers pressed for the introduction of a scheme since the early 1920s. We test the veracity of claims that the sale of the stockpiles optimised growers' returns. We also simulate the likely outcomes of the reserve price schemes (RPS) proposed in 1925 and 1952, respectively. Our findings are that post-war stockpile disposals did not optimise wool growers' incomes, the undercapitalised proposed RPS of the 1920s would have collapsed in the depression, and that the post-1952 RPS would have been in considerable difficulty.     

Repeated Auctions with Impatient Bidders and Externalities

This article studies collusion in repeated auctions both among patient and among impatient bidders when the outside option of the participation constraint is endogenous due to negative externalities. We find that (i) there are no bidding wars along the equilibrium path both for patient and for impatient bidders; compared to the optimal collusive bidding scheme for patient bidders, that for impatient bidders involves (ii) a lower threshold type above which bidding starts when externalities are small or (iii) more frequent jumps in a bidding scheme when externalities are large. The results carry an empirical implication that we should observe either a higher probability of sales or a higher number of bid levels in auctions that are repeatedly offered in unstable markets than those offered in stable markets.     

国有住宅用地“双限”拍卖的竞价博弈模型

本文把国有住宅用地的“双限”拍卖构造成不完全信息竞价博弈模型,把房地产开发企业的资金机会成本和资金效率作为企业的类型。在一般效用函数形式下,本文求解了这个博弈的Bayesian Nash均衡。在均衡条件下,竞价企业的策略是企业类型参数的单调函数。     

Exclusive Dealing through Resellers in Auctions with Stochastic Bidder Participation

This paper demonstrates that a seller prefers to exclude final consumers from an auction and sell only to resellers when these resellers can gain access, at a cost, to a sufficiently bigger market than the seller himself. The intuition is that resellers recoup their expenses for marketing the item by reselling it to final consumers. If some consumers participate in the first auction and are outbid by the resellers, then their values for the item are relatively low. Outbidding part of their customer base is “bad news” for the resellers, and this depresses their bids when consumers compete with them. The socially optimal and revenue-maximizing choices of auction format may not coincide: Restricting participation of consumers may be socially optimal but privately suboptimal and vice-versa. The results suggest that (i) the exclusion of final consumers in some auctions may not be driven by transaction cost considerations, and (ii) sellers should not necessarily sell directly to consumers, even though new technologies allow them to do so at essentially zero cost, unless they can access a sufficiently large portion of the market.     

A real options study on cook stove CDM project under emission allowance price uncertainty

South Korea is one of the countries that have been actively involved in reducing greenhouse gas emissions and global climate action as a party to the Paris Agreement. As the national emissions reduction target has been getting reinforced, an increasing number of South Korean firms have been participating into the Clean Development Mechanism (CDM) projects to secure CER credits, one of which is the ‘improved energy-efficient cook-stove distribution project’ in developing countries. The purpose of this paper is to develop a real options model to analyze investment decisions on cook-stove distribution CDM project in Myanmar, where we estimate the optimal threshold CER price that makes the investment economically feasible. We also analyze the sensitivity of the threshold price across the investment parameters. The results show that our project was economically feasible at the time the project was launched, as the KOC prices were generally higher than the investment threshold price. The sharp decline of the KOC prices in 2020, however, deteriorated the economic feasibility of the project. The results suggest that various risk factors should be incorporated before making investment decisions.     

企业如何应对价格战

商场如战场,以降价为主要特征的价格战已经涉及到了国民经济的各大行业,其作用具有两面性。本文重点探讨了价格战的爆发原因和作用,并提出了企业应对价格战的策略。     

我国高额外汇储备的管理方法探讨

在全球大部分国家仍深陷次贷危机引发的金融危机的泥潭中时,中国经济已经率先发出了企稳回升的信号。而伴随着经济的复苏,中国的外汇储备也摆脱了2009年初的负增长,并一举突破了2万亿美元的大关。巨额的外汇储备及储备的管理都引起了业界和学术界的极大关注。本文就这一问题进行深入分析,试图寻找适合于我国国情的外汇储备的管理方法,在保证外汇资产安全的前提下,实现外汇储备的保值和增值。     

Experiments on Electronic Double Auctions and Abnormal Trades

The flash crash experienced by U.S. markets in May 2010 provided stark evidence that a large trade can have a powerful influence. We explore the impact of an unusual trade on behavior in experimental bubbles markets. We chose the experimental design proposed by Smith, Suchanek, and Williams (1988) because replication shows it produces markets prone to mispricing. After several rounds of trading, our markets receive a large quantity order at an extreme price. In a standard double auction bubble market, pricing is unaffected by an abnormal order. However, with increased uncertainty about the underlying economic value of the asset, over‐pricing weakens on arrival of a negative price shock.     

基于外部性与经营期电价的风电经济性研究

风电的外部影响主体主要包括环境、电网和用户。将外部成本和收益内部化是研究风电经济性的前提条件。考虑了风电的减排效益及对电网备用的影响,基于经营期电价,测算其在预期收益下合理的上网电价,并提出经济发电利用小时数概念,为研究风电投资可行性提供参考。结果表明,在综合考虑内外部成本和收益的前提下,在目前技术条件下,风电合理的上网电价与我国现行风电标杆电价一致,仍高于常规能源电价。结果证明了方法的有效性。     

拍卖机制中最优保留价比较分析

在基准模型中,讨论了拍卖商期望收益最大化的最优保留价设置问题。在拍卖机制中,公开与不公开最 优保留价的两种情况下,比较了投标商的投标策略和拍卖商获得的最大期望收益与投标商估价区间的关系。     

The impacts of distance to CBD on housing prices in Shanghai: a hedonic analysis

It is widely recognized that location is the primary determining factor of housing price. But to what extent the variation of housing price in Shanghai can be explained by the locational factor has not been empirically examined. In this paper, we examine the power of applying the hedonic method to the spatial-statistical analysis of housing prices in Shanghai. The data we use covers all new commercial residential housings sold in Shanghai during July 2004 and June 2006. The main focus in this paper is to examine the effect of geographical distance to city centre on the selling price of residential housings in Shanghai. We also discuss how the price gradient varies at different directions in Shanghai. Finally, we demonstrate the importance of applying quality control on the development of a housing price index. The statistical methodology and empirical results obtained in this paper carry interesting implications for other cities in China as well.     

美国生猪价格保险对中国生猪保险的启示

为了解决中国生猪价格保险存在的保单设置、保险公司的赔付指标和政府补贴的不合理性以及保险公司存在巨大的赔付风险等问题,对美国生猪的价格保险进行研究.运用Eview s8.0分别对生猪价格与玉米价格和饲料价格进行回归分析.结果表明猪料比作为赔付指标更加合理.制定免赔额和投保上限能够有效解决养殖户道德风险及政府补贴不合理等问题,同时政府提高对保险公司的风险保障将为中国生猪价格保险的发展创造良好的环境.     

我国运用货币政策调控物价的利弊分析

物价的稳定关系到我国经济的发展水平,我国运用货币政策调控物价,既有有利的一面,也存在着很多弊端。本文分析了当前我国物价变动的趋势及特点,提出了进一步完善我国物价调控的一些措施。