People can get most of their needs broadly satisfied in two ways: by close communal ties and by dealings with people in the marketplace. These modes of relating-termed communal and market-often necessitate qualitatively different motives, behaviors, and mind-sets. We reasoned that activating market mode would produce behaviors consistent with it and impair behaviors consistent with communal mod...

We examine the Fisher market model when buyers, as well as sellers, have an intrinsic value for money. We show that when the buyers have oligopsonistic power they are highly incentivized to act strategically with their monetary reports, as their potential gains are unbounded. This is in contrast to the bounded gains that have been shown when agents strategically report utilities [5]. Our main f...

The goal of present experiments is to investigate the use of multiple kernel learning as a tool for pricing options in the context of Indian stock market for Nifty index options. In this paper, fair price of an option is predicted by Multiple Kernel Support Vector Regression (MKLSVR) using linear combinations of kernels and Single Kernel Support Vector Regression (SKSVR). Prices of option highl...

This paper attempts to develop a methodology for measuring competition in markets where the object for sale has a common but unknown monetary value. We do this by conceptualizing transactions in the viatical settlement market as first-price, common value auctions and deriving a parametric model for equilibrium bid functions. Within this model, we then estimate parameters and make observations a...

We introduce and study the following exchange market mechanism problem without money: consider a set of agents who wish to obtain a set of items, and have a set of items to offer to others. An exchange market mechanism specifies for each agent a subset of items to give away, and another subset of items that he would receive in exchange. Each agent would like to maximize the number of items he r...

The current discussion about the future of the financial system draws heavily on a set of theories known as the ‘New Monetary Economics’. The New Monetary Economics predicts that deregulation and financial innovation will lead to a moneyless world. This paper uses a market microstructure approach to show that a common medium of exchange that serves as unit of account will remain a necessary ins...

The creation and annihilation of money and its economic effects are reviewed. Economic values appear “in the mind” of the market participants; e.g., by pretending, maintaining and achieving a particular price for a certain asset. Upon its creation by banks, this kind of “value phantasy” is converted into “real money” often in terms of buyer’s debt accompanied by a simultaneous payment of fiat m...