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1.
Let (R1,…,Rk) be an arbitrary partition of the grand coalition in an atomless exchange economy with k “large enough.” We prove that an optimal allocation x belongs to the core if and only if x cannot be improved upon by any coalition that includes at least one of the Ri's. K is “large enough” if k ? r + 1, where r is the linear dimension of the cone P of the efficiency price vectors for x. Recall that it is always true that r ? n, when n is the number of commodities in the market, and that under differentiability and interiority r = 1; thus k can be chosen to be 2 (i.e., for any coalition R, an allocation x belongs to the core of the market if and only if x is not blocked by any coalition that either contains R or contains its complement). 相似文献
2.
Thijs ten Raa 《Journal of Economic Theory》1983,31(1):176-181
W. W. Sharkey and L. G. Telser (J. Econom. Theory18 (1978), 23–37) feel that invulnerability of a natural monopoly to the threat of competitive entry is well reflected in the concept of supportability. G. R. Faulhaber and S. B. Levinson (Amer. Econom. Rev.71 (1981), 1083–1091) point out that supportability is necessary for the achievability of anonymous equity, i.e., absence of consumer subsidies in public enterprise pricing. This paper reconciles supportability with market clearance and shows that supportability is sufficient for the achievability of anonymous equity. 相似文献
3.
This paper analyzes how an early entrant in a market can exploit its head start by strategic investment. The analysis is based on Spence's paper, Investment strategy and growth in a new market, (Bell J. Econ., 10 (1979), 1–19). We frist study the investment game in the no-discounting case, which embodies the key features of mobility deterrence. We establish the existence of a set of perfect equilibria and suggest that one particular equilibrium is most reasonable. This equilibrium, also valid with discounting, involves the follower firm being forever deterred from investing to its steady-state reaction curve, in contrast to Spence's proposed solution. 相似文献
4.
This article studies the question whether labour market institutions can explain the large differences in unemployment rates
in the new member states. It investigates several labour market institutions and concludes that they are on average no more
rigid in the new member states than in the old ones. However, there is a lot of heterogeneity both in terms of institutions
and unemployment rates. The impact of labour market institutions on performance is empirically examined for a panel of European
countries. These results are used to assess to what extent labour market institutions are responsible for the diverse unemployment
experiences in the new member states. Labour market institutions can explain only a small part of these differences. Other
causes of unemployment seem to be more important.
相似文献
Laura ThissenEmail: |
5.
《Journal of Comparative Economics》1987,11(3):295-308
There has been a great expansion in the role of the market mechanism in the distribution of industrial goods in China since the late 1970s. A two-tier system, whereby part of total production of each good is allocated by various kinds of directive plans, part by markets, has emerged. It is argued that the two-tier system has resulted in the demise of the direct role of mandatory planning in the allocation of industrial goods, and that the inherent dynamic tendencies of the system are leading to a continual increase in the share of the market over time. J. Comp. Econ., September 1987, 11(3), pp. 295–308. The World Bank, Washington, D.C. 20433. 相似文献
6.
Localized innovation, localized diffusion and the environment: an analysis of reductions of CO2 emissions by passenger cars 总被引:2,自引:1,他引:1
We investigate technological change with regard to CO2 emissions by passenger cars, using a Free Disposal Hull methodology to estimate technological frontiers. We have a sample
of cars available in the UK market in the period 2000–2007. Our results show that the rates of technological change (frontier
movement) and diffusion (distance to frontier at the car brand level) differ substantially between segments of the car market.
We conclude that successful policies should be aimed at the diffusion of best-practice technology, and take account of the
different potential for further progress between different segments of the market (e.g. diesel vs. gasoline engines and small
vs. large engines).
相似文献
Bart VerspagenEmail: |
7.
Corporate social responsibility and the ‘game of catallaxy’: the perspective of constitutional economics 总被引:1,自引:0,他引:1
Viktor J. Vanberg 《Constitutional Political Economy》2007,18(3):199-222
The paper examines the issue of corporate social responsibility (CSR) from the perspective of constitutional economics, focusing
on the distinction between a political community’s constitutional choice of the rules of the “market game,” and the market
players’ sub-constitutional choice of strategies within these rules. Three versions of CSR-demands are identified and discussed,
a “soft,” a “hard”, and a “radical” version. The soft version is concerned with the issue of how “socially responsible” corporations ought to play the market game within existing
rules. The hard version is about how the rules of the market ought to be changed in order to induce “socially responsible” corporate behavior.
And the radical version questions the compatibility of CSR and the logic of the market game, calling in effect for adopting some alternative
economic regime.
相似文献
Viktor J. VanbergEmail: |
8.
The paper investigates price dynamics under market liberalization, with a focus on the effects of lowering price floors. We
analyze price dynamics by specifying and estimating a dynamic Tobit model under time-varying volatility, where the market
price is censored by a government-set support price. The model is applied to the U.S. butter market over the last three decades.
The econometric results show how the price support program affects both expected prices and the volatility of prices. It is
found that the censoring effects of a price support program can be significant and large even if the price support is set
relatively low.
相似文献
Jean-Paul ChavasEmail: |
9.
Krzysztof Kompa Aleksandra Matuszewska-Janica 《International Advances in Economic Research》2009,15(1):59-70
The Warsaw Stock Exchange (WSE) has been operating in present form for 15 years. WSE is regarded as an “emerging market”.
We can observe that it is still developing (in order to become “developed market”). The level of development is often analyzed
with reference to the efficiency of the market. We can say that the capital market is efficient if the prices at the market
fully reflect all available information. The aim of the presented research is to analyze the current situation at the Warsaw
Stock Exchange. Particularly we investigate the weak form of efficiency using selected statistical tests. The research is
based on actual data concerning daily observations of shares at the Warsaw Stock Exchange transformed to the logarithmic rates
of return, considering the period 2000–2006 and subperiods: the bear market, stagnation and the bull market.
相似文献
Aleksandra Matuszewska-Janica (Corresponding author)Email: |
10.
R Robert Russell 《Journal of Economic Theory》1985,35(1):109-126
Färe and Lovell (J. Econom. Theory19 (1978), 150–162) suggest four properties that a measure of technical efficiency should satisfy; the commonly employed Debreu-Farrell measure fails three of them. Necessary and sufficient conditions for a measure to satisfy the four conditions are provided and recently proposed measures are analyzed in the light of this result. Also, it is argued that the Debreu-Farrell measure has several desirable properties when one takes account of (1) (perhaps unknown) market prices and the relationship between technical and economic efficiency and (2) its characterization as a measure of economic efficiency using the shadow prices implicit in the production technology. 相似文献
11.
Germán Coloma 《Empirical Economics》2006,31(3):587-599
This paper presents a version of the proportionally calibrated almost ideal demand system (PCAIDS) model, useful for merger simulations, which can be econometrically estimated using price data for two firms in a market. PCAIDS is therefore seen as a set of restrictions to be imposed in an econometric estimation, and not only as a pure calibration method. The proposed model is applied to a database of the Argentine gasoline market, and its results are compared to the ones obtained with other alternative specifications.
相似文献
Germán ColomaEmail: |
12.
Mansor H. Ibrahim 《International Review of Economics》2007,54(4):463-483
In this paper, we empirically examine the finance-economic development relations for the case of Malaysia. Using a battery
of time series econometric techniques, we document robust evidence suggesting favorable output effects of financial market
development. Likewise, there are consistent results showing the adverse real effects of financial volatility. The results
of the development of financial intermediaries, however, are fragile. Moreover, the development of the financial markets hinges
crucially on macro-economic performance and financial stability of the country. However, the process of financial market development
is likely to be accompanied by financial volatility, leaving Malaysia with the trade-off between financial development and
financial volatility. Lastly, we obtain limited evidence indicating the complementarity between financial market and banking
sector developments.
相似文献
Mansor H. IbrahimEmail: |
13.
Order aggressiveness and order book dynamics 总被引:2,自引:0,他引:2
In this paper, we study the determinants of order aggressiveness and traders’ order submission strategy in an open limit order book market. Applying an order classification scheme, we model the most aggressive market orders, limit orders as well as cancellations on both sides of the market employing a six-dimensional autoregressive conditional intensity model. Using order book data from the Australian Stock Exchange, we find that market depth, the queued volume, the bid-ask spread, recent volatility, as well as recent changes in both the order flow and the price play an important role in explaining the determinants of order aggressiveness. Overall, our empirical results broadly confirm theoretical predictions on limit order book trading. However, we also find evidence for behavior that can be attributed to particular liquidity and volatility effects.
相似文献
Nikolaus HautschEmail: |
14.
In this paper, using daily data for six major international stock market indexes and a modified EGARCH specification, the
links between stock market returns, volatility and trading volume are investigated in a new nonlinear conditional variance
framework with multiple regimes and volume effects. Volatility forecast comparisons, using the Harvey-Newbold test for multiple
forecasts encompassing, seem to demonstrate that the MSV-EGARCH complex threshold structure is able to correctly fit GARCH-type
dynamics of the series under study and dominates competing standard asymmetric models in several of the considered stock indexes.
相似文献
José Dias CurtoEmail: |
15.
Johan Willner 《Empirica》2008,35(5):449-464
This contribution analyses a market with an upstream bottleneck monopoly and a downstream activity that may either be vertically
integrated or separated. Separation always reduces the consumer surplus, and the total surplus unless there are large cost
reductions. Downstream competition from a public or private network monopoly would crowd out other firms, also when public
ownership is associated with more modest objectives than welfare-maximisation. A market is therefore less likely to remain
a mixed oligopoly than without vertical relations. However, private firms would survive in a moderately welfare-improving
mixed oligopoly with cross-subsidisation and access charges equal to marginal costs.
相似文献
Johan WillnerEmail: |
16.
The behavior of the exchange rate in the genetic algorithm with agents having long memory 总被引:1,自引:1,他引:0
Yiping Xu 《Journal of Evolutionary Economics》2006,16(3):279-297
This paper studies the behavior of the exchange rate in Kareken and Wallace (1981)'s model under the genetic algorithm adaptation with agents having long memory. The simulation results show that, if agents have full memory, the average portfolio fraction will converge, and the initial equilibrium that it converges to is history dependent. Under the lasting evolutionary pressure of the noise trader, the market will eventually drift from one equilibrium to another, and asymptotically will converge to the neighborhood of an equilibrium with agents putting their savings equally into two currencies. If the agents do not have full memory, the foreign exchange market will show periodic crisis. Before and after a market crises, the average portfolio fraction will converge to different stationary equilibria. A mean difference equation of the average portfolio fraction is also given to describe the dynamics of the model.
相似文献
Yiping XuEmail: |
17.
We document the patterns of market-wide and firm-specific volatility in the Portuguese stock market over the 1991–2005 period
and test several explanations for the behavior of firm-level idiosyncratic volatility. Unlike previous studies we find no
evidence of a statistically significant rise in firm-specific volatility. On the contrary, the ratio of firm-specific risk
to total risk slightly decreases. We show that this result stems from new listings of large privatized companies that display
lower firm-specific risk. Our findings are consistent with the idea that changes in idiosyncratic volatility are related to
changes in the composition of the market.
相似文献
Ana Paula SerraEmail: |
18.
This study presents an analysis of dividend-driven trading strategies based on dividend yield growth effects in the Polish
stock market in the years 1994–2004. Results indicate that the dividend yield growth portfolios were capable of beating the
market in the entire sample period. Their performance, however, was not consistent over time and the highest returns were
obtained during final years. Empirical findings based on the analysis of different types of portfolios demonstrate the importance
of dividends as a source of significant fundamental information items from stock market companies. At the same time, they
show that a dividend investment strategy for the Polish stock market is most successful when the selection of stocks for the
dividend yield growth portfolios is subject to further restrictions, most notably concerning company size.
相似文献
Jerzy GajdkaEmail: |
19.
Starting from August 2007, the FED intervened by injecting liquidity in the inter-banking market and reducing interest rates.
Day after day, the financial markets register negative trends and rallies. This is not due to events which are particularly
related to the market itself. This appeared in the days when there were government interventions, when everybody expected
a positive sign in the financial market but a negative sign occurred. Sometimes, this is due to the intensity of actions taken
by the governments. The markets always expect appropriate interventions (in terms of intensity). Looking at these market reactions
(in unexpected signs) after each government action, we can suppose that policy makers underestimate the intensity of this
crisis. The capacity of making enforcement on the system should avoid underlining the side of governance rules which will
never be precise. Being able to count on an active control of the market dealers, broadly speaking is a way of giving active
confidence to individual/institutional agents who decide the allocations of saving in the financial market. There is no such
confidence at the moment, if one focuses only on the definitions of new rules. If one starts from existing rules and does
continuous monitoring so that they are applied adequately at crucial moments, then one could reduce the possibility of facing
new exceeding volatilities of banking securities in the stock market. This work is focused on understanding how governance
as well as central banks’ policy impact on the crisis, as well as possible future scenarios.
相似文献
Rocco CicirettiEmail: |
20.
Given the low levels of migration in the CEEC found in the literature, this paper raises the issue of who is willing to migrate
in these countries. Using data on the willingness to migrate in the Czech Republic we show that variables measuring regional
labour market conditions and amenities contribute little to explaining willingness to migrate, but that personal and household
characteristics are more important. The least willing to migrate are the family-house owners, the less educated and the elderly
as well as persons residing in regions with above-average unemployment rates. Improving the efficiency of the housing market
and focusing on the problems of peripheral regions should thus be primary foci of a policy aimed at improving labour-market
adjustment through migration. These policies are, however, unlikely to yield rapid results, since the willingness to migrate
of all subgroups analysed (except for the less educated) reacts only weakly to regional labour market incentives and amenities.
相似文献
Peter HuberEmail: |