Little is known about the prices firms pay for repurchases. We compile a U.S. dataset of actual repurchase prices paid, and we compare that price to the average market price. We find that firms repurchase at significant lower prices than the market average. Firms' ability to time the market varies cross-sectionally: less frequent repurchasers obtain significantly lower prices, as do firms repur...

A model of a decentralized market is developed that features search frictions, advertised prices and bargaining. Sellers can post ask prices to attract buyers through a process of directed search, but ex post there is the possibility of negotiation. Similarly, buyers can post negotiable bid prices to attract sellers. Even when transaction prices often differ from quoted prices, bid and ask pric...

This paper argues that the market rules governing the operation of a re-structured electricity market in combination with its market structure can have a substantial impact on behavior of marketclearing prices. Using evidence on the design of electricity markets in England and Wales, Norway, the state of Victoria in Australia and New Zealand, this paper illustrates that market structure and mar...

The internet presumably reduces search costs and creates an “efficient” market. Prior research quantifying the dispersion in the electronic market, however, has yielded mixed results. Some recent research has documented very low levels of dispersion in internet attributing it to the use of transaction prices as opposed to posted prices. We revisit this issue using contemporaneous online and off...

It has been shown in prior research that cost effectiveness in the competitive emissions permit market could be affected by tacit collusion or price manipulation when the corresponding polluting product market is oligopolistic. We analyze these cross market links using a Stackelberg model to show that under reasonable assumptions, there are no incentives to collude for lobbying prices up. Howev...

This paper addresses a finite difference approximation for an infinite dimensional Black-Scholes equation obtained in Chang and Youree [5]. The equation arises from a consideration of an European option pricing problem in a market in which stock prices and the riskless asset prices have hereditary structures. Under a general condition on the payoff function of the option, it is shown that the p...

The paper examines the impacts of climate change, agroecology and socio-economic factors on agricultural land use diversity (ALUD) using a panel data of 17 regions of Bangladesh covering a 61 year period (1948–2008) by applying a dynamic panel GMM estimator. Results revealed that ALUD and total rainfall have actually increased @ 0.19% and 0.02% per year whereas variability in temperature has de...

This paper proposes an agent-based computational model of the Italian wholesale electricity market where Generation Companies (GenCos) sign forward contracts and then accordingly submit bids in a Day-Ahead spot Market (DAM). The DAM clearing mechanism considers realistic physical constraints of the Italian high-voltage transmission network, thus determining realistic zonal market prices. The gl...

to survey the effects of nutritional and growth regulator components on adverse effects of recent consecutive droughts, an experiment was conducted on uniform grape trees (vitisviniferal.clv.'khalili') in bavanat and shiraz (akbar-abad) regions in 2010- 2011.trial was arranged in a randomized complete blockdesign (rcbd), with three replication and five trees per each plot. experimental treatmen...

We consider an incumbent who operates in two independent markets and has private information about his production cost. In one of the markets, there is a potential entrant o¤ering a di¤erentiated product. The most reasonable perfect bayesian equilibrium is either the least cost separating equilibrium or the pooling equilibrium where both types of incumbents set the low cost monopoly prices. The...