A stylized theory of money and central banking is added to a model of competitive equilibrium in asset markets to explain the determination of the general level of asset prices and interest rates. The cash-in-advance constraint provides a transactions demand for money, but this is not sufficient to guarantee the determinacy of the price level if liquidity is costless or the price level is uncer...

The fixed-supply uniform-price auction suffers from existence of “collusive-seeming equilibria” in which all bidders dramatically shade their bids and very low prices may be realized. Our main result is that such equilibria do not exist in a family of “money-prize perturbations” of the uniform-price auction, in which a small payment discount is split among all rationed bidders. To shed light on...

We examine the impact of the universal service policy that was applied to the Spanish airline market during the period 2001–2009. Our analysis shows that routes that benefit from price discounts that were granted by the government to island residents enjoy higher demand than the rest of the country’s domestic routes. However, the lower elasticity of demand of these routes allows airlines to set...

In today’s competitive markets, selling price and purchasing cost are usually fluctuating with economic conditions. Both selling price and purchasing cost are vital to the profitability of a firm. Therefore, in this paper, I extend the inventory model introduced by Teng and Yang 2004 to allow for not only the selling price but also the purchasing cost to change from one replenishment cycle to a...

superconducting materials are capable of trapping extremely high magnetic fields. this property and meissner effect of superconductors causes a levitation force between bulk superconductors and a permanent magnet (pm). this levitation force has possible industrial applications such as permanent magnet guideways (pmg). because of the high price of permanent magnets, the optimization of pmg desig...

We consider the problem of designing revenue maximizing online posted-price mechanisms when the seller has limited supply. A seller has k identical items for sale and is facing n potential buyers (“agents”) that are arriving sequentially. Each agent is interested in buying one item. Each agent’s value for an item is an independent sample from some fixed (but unknown) distribution with support [...

We consider cost sharing for a class of facility location games, where the strategy spaceof each player consists of the bases of a player-specific matroid defined on the set of re-sources. We assume that resources have nondecreasing load-dependent costs and player-specific delays. Our model includes the important special case of capacitated facility loca-tion problems, where...

in contracts to insure the implementation of contractual obligations, guarantees will obtain from promisor. with reference to the general conditions of guarantees, nature and custody of these guarantees does not have been stipulated in civil law and fidic contracts. in civil law about the analysis of the substantive guarantees, the views presented that among the most are: contract guarantee, um...

The aim of this study is to analyse the volatility agricultural commodity prices and assess effectiveness supply chain contracts as possible tools prevent it. refers cereal sector, which vital importance for agri-food system Mediterranean area. Since Italy world’s largest producer durum wheat semolina, proper functioning Italian central investigation. was conducted following two different paths...

We consider online trading in a single security with the objective of getting rich when its price ever exhibits a large upcrossing, without risking bankruptcy. We investigate payoff guarantees that are expressed in terms of the extremity of the upcrossings. We obtain an exact and elegant characterisation of the guarantees that can be achieved. Moreover, we derive a simple canonical strategy for...