Under proportional transaction costs, a price process is said to have a consistent price system, if there is a semimartingale with an equivalent martingale measure that evolves within the bid-ask spread. We show that a continuous, multi-asset price process has a consistent price system, under arbitrarily small proportional transaction costs, if it satisfies a natural multi-dimensional generaliz...

The fiscal theory of price determination asserts that the price level is determined by the ratio of nominal public debt to the present value of real primary surpluses. To show its fragility, we describe a cash-in-advance economy with infinitely lived real productive assets. The fiscal theory does not hold since speculative bubbles partly restore the classical indeterminacy result.

The consumer price index (CPI) is an important indicator of inflation in a market economy. It is necessary to regularly monitor and improve the quality of the CPI. Before one can develop a quality assurance system, one has to formulate a conceptual framework for evaluating the quality of consumer price statistics. In this paper various quality aspects of the CPI are presented. These aspects are...

In a discrete preference game, each agent is equipped with an internal belief and declares her preference from a discrete set of alternatives. The payoff of an agent depends on whether the declared preference agrees with the belief of the agent and on the coordination with the preferences declared by the neighbors of the agent in the underlying social network. These games have been used to mode...

Logit-response dynamics [AFN10] are a rich and natural class of noisy bestresponse dynamics. In this work we revise the price of anarchy and the price of stability by considering the quality of long-run equilibria in these dynamics. Our results show that prior studies on simpler dynamics of this type can strongly depend on a synchronous schedule of the players’ moves. In particular, a small noi...

Socml security checks dellwred to benefiaanes m the first week of July 1977 reflected the thwd automatic cost-of-hvmg nxrease m cash benefits under legulatlon enacted m 1972 and 1973 The 5 Q-percent merease, which became effectwe m June, apphed to benefits for all persons on the social security benefit rolls at the end of May, except those recelvlng benefits under the “special mnunum” PIA provw...

This paper compares the Portuguese and Bulgarian consumer price indices (CPI) and attempts to identify some areas in which the CPI compilation methodology could be improved in the two countries. This work is organised into six sections. The first section briefly describes the organisational structure on which the production of the CPI is based in the two countries. The second section focuses on...

New regulations grant network service providers with the right to lease their spectrum to short-term leased secondary users (SUs) for opportunistic usage. In this work, we tackle the challenge of determining admission control and pricing policies on SUs that guarantee profitability under general secondary demand and general traffic models, and accurately reflect the operation of modern cellular...

abstract the objective of this study is evaluation of government’s optimum combination of policy instruments on per capita consumption of bread and the share of this product in food cost of families in different income classes. the minimization of changes in dead weight loss function is used in this study. by using boot strop method and on base of normal distribution for supply elasticity and d...

We study the link between price points and price rigidity, using two datasets: weekly scanner data, and Internet data. We find that (i) “9” is the most frequently used price-ending for the penny, dime, dollar and ten-dollar digits, (ii) the most common price changes are those that keep the price endings at these “9” digits, (iii) the 9-ending prices are less likely to change in comparison to no...