The last two decades have witnessed the emergence and consolidation of an economic paradigm which emphasizes domestic deregulation and the removal of barriers to international trade and finance. If properly managed, such an approach can lead to perceptible gains in health status. Where markets are non-exclusionary, regulatory institutions strong and safety nets in place, globalization enhances ...

In this paper‎, ‎the impacts of premium bounds of put option contracts on the operation of put option and day-ahead electricity markets are studied‎. ‎To this end‎, ‎first a comprehensive equilibrium model for a joint put option and day-ahead markets is presented‎. ‎Interaction between put option and day-ahead markets‎, ‎uncertainty in fuel price, impact of premium bounds, and elasticity of con...

Since the 1990s economists have devoted considerable attention to the study of the relationship between financial markets development and economic growth. In particular, the emergence of stock markets with economic development is an intriguing and interesting aspect of such a relationship, and yet relatively unexplored. This paper examines the most recent findings in the theoretical and empiric...

In this study behavior in a Cournot duopoly with two production periods (the market clears only after the second period) is compared to behavior in a standard one-period Cournot duopoly. Theory predicts the endogenous emergence of a Stackelberg outcome in the two-period market. The results of the experiments, however, reveal that in both markets (roughly) symmetric outcomes emerge and that, aft...

We present an agent-based model of a multi-tier energy market. We show how reward interdependence between strategic business units within a vertically integrated firm can increase its profits in oligopolistic energy markets. The effects are shown to be distinct from those of the raising rivals’ costs model. In our case, higher prices relate to the nature of energy markets, which facilitate the ...

This paper explores the impact of the regional jet (RJ), an important new technological innovation in the airline industry, on service patterns and service quality. The evidence shows that RJs were used to provide service on a large number of new hub-and-spoke (HS) and point-topoint (PP) routes. In addition, they replaced discontinued jet and turboprop service on many HS routes, as well as supp...

The deregulation of the electricity sector has culminated in the introduction of competitive markets. In addition, the emergence of new forms of electric energy production, namely the production of renewable energy, has brought additional changes in electricity market operation. Renewable energy has significant advantages, but at the cost of an intermittent character. The generation variability...

This simulation model is an example of theory-driven modeling that aims at developing new hypotheses on mechanisms that work in markets. The central aim is to model processes of knowledge accumulation in markets on the theoretical basis of Hayek’s concept of “competition as a discovery procedure,” in which firms experiment with innovations that are tested in the market, and the superior innovat...

E-commerce concerns the digitization of markets and the emergence of a new industry to sustain these electronic markets. Being a paradigm that emerges across disciplines, e-commerce will affect most aspects of not only traditional commerce but every day life as well. Many organisations have already embarked upon reengineering efforts in order to keep or create a competitive business advantage i...