Competition is an increasingly important theme in telecommunications policy. It has been credited with expanding services, lowering prices, and stimulating innovation. (Jamison et al. 2009) But competition can raise difficult challenges for telecommunications policy makers and regulators. One of these challenges is determining the optimal mix of market and regulatory involvement in determinatio...

Numerous research have been discovered to developed internationalization process model (investment to other country market). Like Johanson and Vahlne, they are among the first to discuss the internationalization process model. There are four key items underlying Johanson and Vahlne’s model, those are market knowledge, market commitment, commitment decision, and current activities. However, many...

Real market institutions, stock and commodity exchanges for example, do not occur in isolation. The same stocks and commodities may be listed on multiple exchanges, and traders who want to deal in those goods have a choice of markets in which to trade. While there has been extensive research into agentbased trading in individual markets, there is little work on this kind of multiple market scen...

Designing electronic markets is a difficult task. Due to the complexities inherent to the design, the approach of market engineering provides a structured engineering process that divides the design process into phases and recommends methods to solve the tasks within the single design phases. This paper introduces the tool workbench CAME for designing electronic markets. The workbench supports ...

The efficient market hypothesis suggests that stock markets are “informationally efficient”. That is, any new information relevant to the market is spontaneously reflected in the stock prices. A consequence of this hypothesis is that past prices cannot have any predictive power for future prices once the current prices have been used as an explanatory variable. In other words the change in futu...

Executive Summary This brief paper discusses the strengths of the patent system and its weaknesses in terms of creating incentives for innovation. It considers how Advanced Market Commitments (AMCs) may supplement the patent system, and introduces a Comprehensive Advance Market Commitment (CAMC) proposal. It shows how both AMCs and a CAMC could increase incentives for R&D into diseases of the p...

It is widely believed that the resilience of the stock market and its ability to accurately set prices are affected by credit conditions in the economy. A scarcity of deployable capital may cause market-makers to become financially constrained, leading to a breakdown in intermediation. This paper describes another channel by which the supply of available capital affects secondary market liquidi...

We show that the proportional response algorithm for computing an economic equilibrium in a Fisher market model can be interpreted as iteratively approximating the economy by one with Cobb-Douglas utilities, for which a closed-form equilibrium can be obtained. We also extend the method to allow elasticities of substitution at most one.

In this paper we extend the standard LIBOR market model to accommodate the pronounced phenomenon of implied volatility smiles/skews. We adopt a multiplicative stochastic factor to the volatility functions of all relevant forward rates. The stochastic factor follows a square-root diffusion process, and it can be correlated to the forward rates. For any swap rate, we derive an approximate process...

Technical analysis is one of the financial market analysis tools. Technical analysis is a method of anticipating prices and markets through studying historical market data. Based on the factors studied in this type of analysis, indicators are designed and presented to facilitate decision-making on buy and sell stress and then buy and sell action in financial markets. This research evaluates per...