The Spot Market Matters: Evidence on Implicit Contracts from Britain Based on the methodology of Beaudry and DiNardo (1991), this paper investigates the relative importance of the spot market and implicit contracts in the determination of British real wages. Empirical work is carried out separately for males and females with individuallevel data taken from the New Earnings Survey Panel for the ...

A fundamental assumption in this article is that not only the public administration but also semi-private and private agencies provide electronic intermediaries between public services and citizens in a quasi-market situation. The theoretical framework of this study views markets as constructed in contrast to natural phenomena. In these processes of construction the role of technologies such as...

Michael Lister has responded to my critique of his work with what Lakatos (1980) called a “problem shift”. In his original paper, Lister (2007) presented empirical evidence that selective welfare state institutions undermine norms of solidarity, which in turn depresses turnout in general elections. In my comment (Arzheimer 2008), I demonstrate that, while the hypothesis is certainly plausible, ...

The Black-Scholes theory, which is the main subject of this course and its sequel, is based on the Efficient Market Hypothesis, that arbitrages (the term will be defined shortly) do not exist in efficient markets. Although this is never completely true in practice, it is a useful basis for pricing theory, and we shall limit our attention (at least for now) to efficient (that is, arbitrage-free)...

Due to the strong complexity of financial markets, economics does not have a unified theory of price formation in financial markets. The most common assumption is the Efficient-Market Hypothesis, which has been attacked by a number of researchers, using different tools. There were varying degrees to which these tools complied with the formal definitions of efficiency and predictability. In our ...

in this paper, a model based on gmdh type neural network, is used to predict gas price in the spot market while using oil spot market price, gas spot market price, gas future market price, oil future market price and average temperature of the weather. the results suggest that gmdh neural network model, according to the root mean squared error (rmse) and direction statistics (dstat) statistics ...

INTRODUCTION................................................................................... 380 I. AVOIDING GRIDLOCK: A FUNDAMENTAL PROBLEM FOR THE TELECOM INDUSTRY IS A GRIDLOCKED REGULATORY PROCESS........................................................... 381 A. General Reasons for Regulatory Gridlock.......................... 384 B. Telecom Act As a Specific Cause of Gridlock .............

Forecasting markets are a promising approach for predicting future events. The basic idea of a forecasting market is to trade virtual stocks whose final value is tied to a particular future event. The market prices can then be interpreted as predictions of the probability of those future events. The results of recent studies on forecasting markets are encouraging. However, various design issues...