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.

A joint growth-carcass analysis was conducted to develop equations for predicting carcass quality traits associated with variation in growth path of crossbred cattle. During a four-year period (1994-1997) of the Australian "Southern Crossbreeding Project", mature Hereford cows (r = 581) were mated to 97 sires of Jersey, Wagyu, Angus, Hereford, South Devon, Limousin, and Belgian Blue breeds, res...

AUCNET is famous worldwide as one of the pioneers that developed an electronic market for used cars. It uses a unique satellite auction system. In 1985, AUCNET entered successfully the used-car market in Japan. In that period the used-car market was booming, so AUCNET could easily introduce their market system and could overcome the resistance from the traditional market. After a while AUCNET a...

n this paper we study retail price promotions and manufacturer trade deals in markets with multiproduct retailers. We find that in situations where retailers carry more than one competing brand, the promotions across brands can be positively or negatively correlated depending on the structure of the market: the relative sizes of the various market segments (in terms of loyalty to manufacturer, ...

Japanese pharmaceutical market, world's 2 nd largest in size, is traditionally renowned for its brands' domination and weakest generics share among major established economies. An in depth observation of published evidence in Japanese/English language provided closer insight into current trends in Japanese domestic legislation and pharmaceutical market development. Recent governmental intervent...

By employing dynamic pricing, sellers have the potential to increase their revenue by selling their goods at prices customized to the buyers’ demand, the market environment, and the seller’s supply at the moment of the transaction. As dynamic pricing becomes a necessary competitive maneuver, and as market mechanisms become more complex, there is a growing need for software agents to be used to ...

What is the impact of a bank failure on the whole banking industry? To resolve this issue, the paper develops a transfer entropy-based method to determine the interbank exposure matrix between banks. This method constructs the interbank market structure by calculating the transfer entropy matrix using bank stock price sequences. This paper also evaluates the stability of Chinese banking system ...

The electronic market hypothesis (EMH) predicts that by reducing coordination costs, information technology (IT) will shift industrial organization from hierarchical to market-based forms of economic activity. While academic researchers and practitioners have witnessed these shifts with the advent of the Internet, there is little understanding about the process and the underlying forces that dr...