This paper extends the Brander-Spencer (1985) model by considering market uncertainty, exploring nonlinear policy, and examining ̄rms' choices of strategic variables. By investigating the interrelationship between trade policy and market conduct, we ̄nd that unlike the oftenstudied linear policy, a nonlinear policy can in°uence the domestic ̄rm's choice of strategic variables and hence alter th...

ECOSEL is a voluntary market framework for private provision of forest ecosystem services. 4 Multi-objective optimization is used in conjunction with a unique funding mechanism to generate and 5 market forest management alternatives that are projected to lead to efficient bundles of ecosystem 6 services on a piece of forestland. ECOSEL allows the public to bid on the competing alternatives. 7 W...

In this paper, the effects of oil and gold prices on stock market index are investigated. We use a cointegrated vector autoregressive Markov-switching model to examine the nonlinear properties of these three variables during the period of January 2003 - December 2014. The Markov-switching vector-equilibrium-correction model with three regimes representing "deep recession", "mild recession" and ...

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...

We build a prediction model for a set of Emerging Markets and the US market and we evaluate its ability to forecast equity risk premia. Our models include traditional global and local variables as the dividend yield or a credit spread and we include some variables that has been rarely been used as predictor of emerging equity returns: the implied volatility of the US market. We study the period...

economic growth and development of market, stock exchange and related variables are among components which influence on business, economic activities and management of society. financial repression is among economic variables greatly influencing on financial market specifically capital market and economic growth and development; so that, this concept caused to publish financial growth and devel...

The authors present an analytical model of a irst-price sealed-bid cattle auction in which a spot and coordinated markets are interconnected. The model reveals that the conventional wisdom that market coordination negatively affects the bid price in the spot market is an oversimpli ication. The relationships between key market variables impact bids and bid shading in complex ways. While captive...

  Steel market and particularly rod bar market play important roles in economy of countries. Economic systems are considered as complex systems which are sophisticated to be modeled mathematically. One way to model these systems is simulation and use of system dynamics. This paper models rod bar supply chain in Iran using system dynamics. Data of this research is gathered from first hand materi...