An Object-Z formal speciication of the ODP Trader is presented which concisely captures the hierarchical context structure, the distribution of information and the communication aspects of the Trader. Particular use is made of generic classes, class inheritance and object aggregation (i.e. the instantiation of collections of similar objects) to give a structured speciication that can be readily...

In a nite-trader version of the Diamond-Dybvig (1983) model, the symmetric, ex-ante e cient allocation is implementable by a direct mechanism (i.e., each trader announces the type of his own ex-post preference) in which truthful revelation is the strictly dominant strategy for each trader. When the model is modi ed by formalizing the sequential-service constraint (cf. Wallace, 1988), the truth-...

A consumer off-premises contract still raises doubts, even in terms of basic concepts. In the context Directive 2011/83, a problem arose how to understand “public place” which contact established by trader with personal and individual way, directly results conclusion contract, makes it an contract. It was about made hostess aisle exhibition fairs leading trade stands. Until now, seemed that had...

This brief technical note introduces PRZI (Parameterised-Response Zero Intelligence), a new form of zero-intelligence trader intended for use in simulation studies auction markets. Like Gode & Sunder's classic Zero-Intelligence Constrained (ZIC) trader, generates quote-prices from random distribution over some specified domain discretely-valued allowable quote-prices. Unlike ZIC, which uses uni...

This study deals with firm level data of Indonesian high-tech manufacturing industries to determine firm’s production, especially among global trade variables, such as export intensity, vertical integration, and two-way trade. employs a generalized method moments (GMM) approach examine the most important factors phenomenon. In full-sample, result demonstrates that integration are significant de...

This paper addresses several questions surrounding volatility forecasting and its use in the estimation of optimal hedging ratios. Specifically: Are there economic gains by nesting time-series econometric models (GARCH) and dynamic programming models (therefore forecasting volatility several periods out) in the estimation of hedging ratios whilst accounting for volatility in the futures bid–ask...

If f is a risk measure, the diversification benefit of aggregating portfolio’s A and B is defined to be (1) f(A) + f(B)− f(A + B) When using full revaluation VaR as the methodology for computing a risk measure, its quite possible to get negative diversification. Pathological examples are possible, but the following example is not absurd: Suppose one has a portfolio that is made up by a Trader A...