We use experiments to study the efficiency effects for a market as a whole of adding the possibility of forward contracting to a pre-existing spot market. We deal separately with the cases where spot market competition is in quantities and where it is in supply functions. In both cases we compare the effect of adding a contract market with the introduction of an additional competitor, changing ...

In this paper we present a model for the dynamic evolution of the term structure of default-free and defaultable interest rates. The model is set in the Libor market model framework but in contrast to the classical diffusion-driven setup, its dynamics are driven by a time-inhomogeneous Lévy process which allows us to better capture the real-world dynamics of credit spreads. We present necessary...

During the past two decades financial systems world-wide have developed rapidly in terms of size, industry structure, and the range of products and services produced. In Australia the size of the financial system, measured by total assets, has approximately doubled relative to nominal GDP in the past twenty years, while in a number of other countries the growth has been even more dramatic. More...

Street drugs when in great demand in an illicit market become not only more expensive but are also subject to extensive adulteration and dilution. These fraudulent practices may also contribute to the amplification of toxic effects observed in the abuse of certain drugs including cocaine hydrochloride. The number of seizures reflects the increase of illicit use of cocaine powder in the city of ...

In recent years many transformations have occurred in Iranian society and women and girls still have a lot of worries about comes to urban public spaces. Also, due to some ambiguities in defining the domain of public space in traditional Islamic cities and gaps in the knowledge related to the Kurdish cities, the main problem of this paper is how we can define a participatory approach to improve...

Street vending is an important component of the informal economy a city. It forms major base livelihood for significant proportion urban poor. Embedded with conceptual, theoretical, and methodological realm anthropology right to city, this article assesses vendors’ striving subsistence livelihoods amidst increased rigidness local authorities towards them in Pokhara. Based on qualitative data co...