For utility maximization problems under proportional transaction costs, it has been observed that the original market with transaction costs can sometimes be replaced by a frictionless shadow market that yields the same optimal strategy and utility. However, the question of whether or not this indeed holds in generality has remained elusive so far. In this paper we present a counterexample whic...

This paper examines the equilibrium growth effect of money/inflation within a standard one-sector AK model of endogenous growth with the most generalized cash-in-advance constraint and wealth-enhanced preferences for social status. We show that the sign for the correlation between money and output growth depends crucially on (i) the liquidityconstrained ratio of consumption to investment expend...

Modified BG Prasad socioeconomic scale is widely used to determine the socioeconomic status of study subjects in health studies in India. It is an income-based scale and, therefore, has to be constantly updated to take inflation and depreciation of rupee into account. The Consumer Price Index (CPI) for industrial workers (IW) is used to calculate updated income categories for January 2014. Deta...

Abstract Using two basic assumptions of time series analysis, a test is proposed to assess the quality of seasonal adjustment of a series. The test is applied to several seasonally adjusted series of the Consumer Price Index (CPI) using three methods of seasonal adjustment: State Space Model Based Method (SSMB), TRAMO SEATS Method and X12ARIMA method. The empirical results are presented along w...

A shadow price is a process S̃ lying within the bid/ask prices S, S of a market with proportional transaction costs, such that maximizing expected utility from consumption in the frictionless market with price process S̃ leads to the same maximal utility as in the original market with transaction costs. For finite Ω, this note provides an elementary proof for the existence of such a shadow price.

We study a competitive supply marketplace where multiple suppliers offer a single nondifferentiated product to multiple buyers. Within this multi-supplier, multi-buyer marketplace, each buyer chooses the supply partner that serves the buyer’s order profile, described by his order size and delivery frequency, with the best price. Suppliers differ from each other in terms of their logistic cost s...

I. Four sheep were given four diets containing proportions of rolled barley and soya-bean meal varied to provide 10.3, 13'3, 16.1 and 19.9 % crude protein in the dietary dry matter; the treatments were given according to a 4 x 4 Latin square design. The mean daily intake was 989 g dry matter. The apparent disappearance of protein, ash, ether extractives and carbohydrate before the abomasum, bet...

blood transfusion centers are under considerable pressure to produce platelet concentrates with a shelf life limit of 3 to 5 days. many approaches have been investigated experimentally to produce new hemostatically active platelet products that are capable of long term storage. in this article infusible platelet membrane will be explained as a platelet substitute versus conventional liquid-stor...

Increasingly, buyers are turning to the use of online, reverse auctions in their negotiation activities with suppliers. How does the use of these price competition mechanisms impact buyer-supplier relationships? We consider this question in the context of a quasi-experiment involving six reverse auctions conducted in the supply base of a major industrial buyer. The results indicate that online,...