We develop a new class of artificial stock market that apply general equilibrium price clearing. Our model is the first multi-asset artificial stock market to use exogenously generated dividends from a geometric vector autoregressive model and is therefore the first truly multi-asset artificial stock market. Our model does not require the concept of a risk free asset and agents are able to form...

his study investigated the farmers’ feedback on Agricultural Development Project’s (ADP’s) performance. The study was carried out in Kogi State, Nigeria. Interview schedules were used to collect data from 160 contact farmers and 80 field extension workers who were randomly selected using multistage random sampling techniques. The data collected were subjected to both descriptive and non-paramet...

We present a static model of aggregate demand and unemployment. The economy has a nonproduced good, a produced good, and labor. Product and labor markets have matching frictions. A general equilibrium is a set of prices, market tightnesses, and quantities such that buyers and sellers optimize given prices and tightnesses, and actual tightnesses equal posted tightnesses. In each frictional marke...

This paper examines competition in e-markets by comparing price levels and price dispersion in the on-line music market. The data consists of price information on CDs pure-play Internet and hybrid firms in North American and European markets. The sellers are divided in groups according to a geographical location, a brand valuation and a variety of product offerings. We find that pure price leve...

We introduce a distinction between model-based and model-free arbitrage and formulate an operational de nition for absence of model-free arbitrage in a nancial market, in terms of a set of minimal requirements for the pricing rule prevailing in the market. We show that any pricing rule verifying these properties can be represented as a conditional expectation operator with respect to a probabil...

The futures market in West Texas Intermediate crude oil was introduced in 1983 with a posted-price cash market in which the posted price changed a few times a year. By 2002, the cash price changed almost daily. Evidence from producers’ invoices shows that this initially low frequency of price changes reflects transactions prices. Using experiments, we show that the introduction of a futures mar...

Uaiene, Rafael N., M.S., Purdue University, December, 2004. Maize and Sorghum Technologies and the Effects of Marketing Strategies on Farmers’ Income in Mozambique. Major Professor: John H. Sanders, College of Agriculture. About three-quarter of Mozambicans depend on agriculture for their livelihoods. Maize and sorghum are major crops and food staples. Given limited off-farm employment opportun...

In this chapter, we investigate the determinants of inorganic fertilizer use on major cereal crops in Kenya, Ethiopia, and Uganda. By using panel data in the three countries, we estimate the determinants of the fertilizer price and application at the household level and evaluate the fertilizer policies in each country. The determinants of the DAP price and application in Kenya can be mostly exp...

A number of recent papers find that the volatility implied by index option prices significantly overstates future stock market volatility. We investigate whether this bias is purely due to measurement error and model misspecification, or whether the bias is also apparent in option market prices. We accomplish this by examining the profits for trading strategies designed to exploit the apparent ...