As the title suggests, this paper compares two “formula” or mechanical investment techniques, dollar cost averaging and a relatively new proposal, value averaging, to a form of random investing to determine if any technique yields superior investment performance. Results indicate that value averaging does provide superior expected investment returns when investment prices are quite volatile and...

The mobile online medium (i.e. mobile data communication) allows the creation of context-sensitive profiles for mobile consumers by using identityand context information and thereby enabling the efficient targeting of current consumers' needs. However, current implementations of Mobile Marketing activities do not make use of these beneficial unique features and apply, for instance, content-base...

We separate the “rentier” portion of the budget constraint of the representative agent from the “income-plus-distributed profits” segment. The former’s wealth consists exclusively of returns on government bonds, the latter’s wealth is wage income from working for firms plus the distributed profits of the latter. The non-neoclassical element is the non-imposition of the market-clearing assumptio...

It has been recognized for a long time that non-market interactions, i.e. interactions between agents that are not mediated by the market, are crucial to explain different economic phenomena such as stock market crashes, growth, education, religion, crime, etc. (for recent surveys, see Glaeser and Scheinkman, 2002, and Durlauf, 2004). In these models, the marginal utility to one person of under...

The study of labor flows across labor markets is a central ingredient in any discussion of labor market equilibrium. These labor flows help markets reach a more efficient allocation of resources. This paper surveys the economic analysis of immigration. It investigates the determinants of the immigration decision by workers in source countries and the impact of that decision on the host country'...

In recent years, many developments have been made in matching theory and its applications to market design. This paper surveys them and suggests possible research directions. The main focus is on the advances in matching theory that try to solve market design problems in practical markets where the classic theory is inapplicable. Specifically, we discuss the recent theory of matching in large m...

The Korean telecommunications services market has recently experienced an unprecedented growth in the wire-line broadband Internet access and mobile telephony markets. At 2004, 11 million households had broadband Internet access, while mobile telephony subscription reached 36 million—the corresponding penetration rates are 73% and 75%, respectively. By contrast, wire-line and wireless voice mar...

Globalization, by raising the number of buyers available to each seller and the number of sellers available to each buyer, raises the thickness, or the effective number of participants, of every market. Market thickness can have subtle effects on incentives and organizations, alleviating hold-up problems, resulting in less vertical integration, more informal contracting, and more cooperative an...

Regarding changes in French and British labour market as in their educational system since the Eighties, one may address the evolution of their labour market segmentation. Is the predominance of Internal Labour Market in France and Occupational Labour Market in Great Britain (Eyraud, Marsden, Silvestre,1990) still relevant ? We propose a more complex segmentation of labour market with four segm...

This paper studies the information content of survey-based predictions for the Brazilian short-term interest rate. We perform vector autoregression analysis to test for the dynamic relationship between market expectations of interest rates and spot interest rates, and a single regression forecasting approach. Empirical results suggest that surveys may be useful in assessing market expectations ...