WorldWideScience

Sample records for dynamic market impacts

  1. Linking Financial Market Dynamics and the Impact of News

    Science.gov (United States)

    Nacher, J. C.; Ochiai, T.

    2011-09-01

    In financial markets, he behavior of investors determines the prices of financial products. However, these investors can also be influenced by good and bad news. Here, we present a mathematical model to reproduce the price dynamics in real financial markets affected by news. The model has both positive and negative feed-back mechanisms. Furthermore, the behavior of the model is examined by considering two different types of noise. Our results show that the dynamic balance of positive and negative feed-back mechanisms with the noise effect determines the asset price movement. For comparison with real market, we have used the Forex data corresponding to the time period of the recent Tohoku-Kanto earthquake in Japan.

  2. Impact of Stock Market Structure on Intertrade Time and Price Dynamics

    Science.gov (United States)

    Ivanov, Plamen Ch.; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization–a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing

  3. Impact of stock market structure on intertrade time and price dynamics.

    Science.gov (United States)

    Ivanov, Plamen Ch; Yuen, Ainslie; Perakakis, Pandelis

    2014-01-01

    We analyse times between consecutive transactions for a diverse group of stocks registered on the NYSE and NASDAQ markets, and we relate the dynamical properties of the intertrade times with those of the corresponding price fluctuations. We report that market structure strongly impacts the scale-invariant temporal organisation in the transaction timing of stocks, which we have observed to have long-range power-law correlations. Specifically, we find that, compared to NYSE stocks, stocks registered on the NASDAQ exhibit significantly stronger correlations in their transaction timing on scales within a trading day. Further, we find that companies that transfer from the NASDAQ to the NYSE show a reduction in the correlation strength of transaction timing on scales within a trading day, indicating influences of market structure. We also report a persistent decrease in correlation strength of intertrade times with increasing average intertrade time and with corresponding decrease in companies' market capitalization-a trend which is less pronounced for NASDAQ stocks. Surprisingly, we observe that stronger power-law correlations in intertrade times are coupled with stronger power-law correlations in absolute price returns and higher price volatility, suggesting a strong link between the dynamical properties of intertrade times and the corresponding price fluctuations over a broad range of time scales. Comparing the NYSE and NASDAQ markets, we demonstrate that the stronger correlations we find in intertrade times for NASDAQ stocks are associated with stronger correlations in absolute price returns and with higher volatility, suggesting that market structure may affect price behavior through information contained in transaction timing. These findings do not support the hypothesis of universal scaling behavior in stock dynamics that is independent of company characteristics and stock market structure. Further, our results have implications for utilising transaction timing

  4. Dynamics of Markets

    Science.gov (United States)

    McCauley, Joseph L.

    2004-06-01

    Standard texts and research in economics and finance ignore the absence of evidence from the analysis of real, unmassaged market data to support the notion of Adam Smith's stabilizing Invisible Hand. In stark contrast, this text introduces a new empirically-based model of financial market dynamics that explains the volatility of prices options correctly and clarifies the instability of financial markets. The emphasis is on understanding how real markets behave, not how they hypothetically 'should' behave.

  5. Dynamic international oil markets

    International Nuclear Information System (INIS)

    van der Linde, C.

    1992-01-01

    Dynamic International Oil Market Developments and Structure 1860-1990 discusses the logic of changing market structures of the international oil industry. The market structures have, in the course of time, oscillated between competition and oligopoly, as the oil market expanded, matured, stagnated, and expanded again. This book provides a dynamic interpretation of the intensifying struggle among producer, and consumer governments, and oil companies, over the distribution of economic rents and profits. In particular, it shows the shifting fortunes of the governments and companies as they try to control the recurring capacity constraints between the upstream and downstream sectors, generated by the instability of the oil market. The first part of the book examines market conditions and developments between 1860 and 1990; the second part analyzes market structures after 1945

  6. Market Squid Population Dynamics

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This dataset contains population dynamics data on paralarvae, juvenile and adult market squid collected off California and the US Pacific Northwest. These data were...

  7. Impact of unexpected events, shocking news, and rumors on foreign exchange market dynamics

    Science.gov (United States)

    McDonald, Mark; Suleman, Omer; Williams, Stacy; Howison, Sam; Johnson, Neil F.

    2008-04-01

    The dynamical response of a population of interconnected objects, when exposed to external perturbations, is of great interest to physicists working on complex systems. Here we focus on human systems, by analyzing the dynamical response of the world’s financial community to various types of unexpected events—including the 9/11 terrorist attacks as they unfolded on a minute-by-minute basis. For the unfolding events of 9/11, our results show that there was a gradual collective understanding of what was happening, rather than an immediate realization. More generally, we find that for news items which are not simple economic statements—and hence whose implications for the market are not immediately obvious—there are periods of collective discovery during which opinions seem to vary in a remarkably synchronized way.

  8. Dynamics of Markets

    Science.gov (United States)

    McCauley, Joseph L.

    2009-09-01

    Preface; 1. Econophysics: why and what; 2. Neo-classical economic theory; 3. Probability and stochastic processes; 4. Introduction to financial economics; 5. Introduction to portfolio selection theory; 6. Scaling, pair correlations, and conditional densities; 7. Statistical ensembles: deducing dynamics from time series; 8. Martingale option pricing; 9. FX market globalization: evolution of the dollar to worldwide reserve currency; 10. Macroeconomics and econometrics: regression models vs. empirically based modeling; 11. Complexity; Index.

  9. Communication impacting financial markets

    Science.gov (United States)

    Vitting Andersen, Jørgen; Vrontos, Ioannis; Dellaportas, Petros; Galam, Serge

    2014-10-01

    Since the attribution of the Nobel prize in 2002 to Kahneman for prospect theory, behavioral finance has become an increasingly important subfield of finance. However the main parts of behavioral finance, prospect theory included, understand financial markets through individual investment behavior. Behavioral finance thereby ignores any interaction between participants. We introduce a socio-financial model (Vitting Andersen J. and Nowak A., An Introduction to Socio-Finance (Springer, Berlin) 2013) that studies the impact of communication on the pricing in financial markets. Considering the simplest possible case where each market participant has either a positive (bullish) or negative (bearish) sentiment with respect to the market, we model the evolution of the sentiment in the population due to communication in subgroups of different sizes. Nonlinear feedback effects between the market performance and changes in sentiments are taken into account by assuming that the market performance is dependent on changes in sentiments (e.g., a large sudden positive change in bullishness would lead to more buying). The market performance in turn has an impact on the sentiment through the transition probabilities to change an opinion in a group of a given size. The idea is that if for example the market has observed a recent downturn, it will be easier for even a bearish minority to convince a bullish majority to change opinion compared to the case where the meeting takes place in a bullish upturn of the market. Within the framework of our proposed model, financial markets stylized facts such as volatility clustering and extreme events may be perceived as arising due to abrupt sentiment changes via ongoing communication of the market participants. The model introduces a new volatility measure which is apt of capturing volatility clustering and from maximum-likelihood analysis we are able to apply the model to real data and give additional long term insight into where a market is

  10. Impacts of El Niño-Southern Oscillation on the wheat market: A global dynamic analysis.

    Science.gov (United States)

    Gutierrez, Luciano

    2017-01-01

    Although the widespread influence of the El Niño-Southern Oscillation (ENSO) occurrences on crop yields of the main agricultural commodities is well known, the global socio-economic consequences of ENSO still remain uncertain. Given the global importance of wheat for global consumption by providing 20% of global calories and nourishment, the monitoring and prediction of ENSO-induced variations in the worldwide wheat market are essential for allowing national governments to manage the associated risks and to ensure the supplies of wheat for consumers, including the underprivileged. To this end, we propose a global dynamic model for the analysis of ENSO impacts on wheat yield anomalies, export prices, exports and stock-to-use ratios. Our framework focuses on seven countries/regions: the six main wheat-exporting countries-the United States, Argentina, Australia, Canada, the EU, and the group of the main Black Sea export countries, i.e. Russia, Ukraine, and Kazakhstan-plus the rest of the world. The study shows that La Niña exerts, on average, a stronger and negative impact on wheat yield anomalies, exports and stock-to-use ratios than El Niño. In contrast, wheat export prices are positively related to La Niña occurrences evidencing, once again, its steady impact in both the short and long run. Our findings emphasize the importance of the two ENSO extreme phases for the worldwide wheat market.

  11. Dynamic impacts of high oil prices on the bioethanol and feedstock markets

    International Nuclear Information System (INIS)

    Cha, Kyung Soo; Bae, Jeong Hwan

    2011-01-01

    This study investigates the impacts of high international oil prices on the bioethanol and corn markets in the US. Between 2007 and 2008, the prices of major grain crops had increased sharply, reflecting the rise in international oil prices. These dual price shocks had caused substantial harm to the global economy. Employing a structural vector auto-regression model (SVAR), we analyze how increases in international oil prices could impact the prices of and demand for corn, which is used as a major bioethanol feedstock in the US. The results indicate that an increase in the oil price would increase bioethanol demand for corn and corn prices in the short run and that corn prices would stabilize in the long run as corn exports and feedstock demand for corn decline. Consequently, policies supporting biofuels should encourage the use of bioethanol co-products for feed and the development of marginal land to mitigate increases in the feedstock price. - Research highlights: → World economy experienced 'dual shocks', which were caused by skyrocketed oil prices and grain prices between 2007 and 2008. → Sharp increases in ethanol production in response to high oil prices were considered as a major driving force to 'ag-flation' in the United States. → Applying a time series econometric tool, called the 'structural vector auto-regression model', we evaluated relationship between ethanol production and corn prices. → The result shows that ethanol production affects corn prices in the short run, while corn prices are lowered as other corn demands (feed for livestock or export demand) decline in the long run.

  12. Electricity market dynamics: Oligopolistic competition

    International Nuclear Information System (INIS)

    Gutierrez-Alcaraz, G.; Sheble, Gerald B.

    2006-01-01

    Presently, electricity markets are characterized by a small number of suppliers with distributed resources. These market suppliers can easily be identified because their geographic location is known. Essentially, two or three of them compete for leading the market whereas the rest of them follow. Hence, it is necessary to study the market structure as ologopolistic competition rather than perfect competition. This paper studies market producer decisions in a dynamic sequential framework by using discrete event system simulation (DESS) also known as discrete control theory. Two-player ologopolistic market structure is presented in this paper. (author)

  13. Public policies for the development of solar photovoltaic energy and the impacts on dynamics of technology systems and markets

    International Nuclear Information System (INIS)

    Yu, Hyun Jin Julie

    2016-01-01

    Over the past decades, climate change has been a subject of serious international negotiations. Solar photovoltaic (PV) energy has caught the eyes of many governments as one of the front-runner technologies for the low carbon energy transition in the global community. Solar PV systems have experienced strong market growth over the last decade supported by favorable political reactions in the energy transition context. However, despite these favorable conditions, paradoxically, the global PV market recently went through a chaotic time encountering the overproduction issue, the industry crisis and the long-lasting trade disputes. Furthermore, as the level of PV penetration increases, many problematics started to appear with negative systemic impacts on the electricity sector. This thesis started from these problematics to understand the PV policy mechanisms and the context change. In order to define those issues, a systemic approach is taken to provide an accurate comprehension of the overall mechanisms of PV public policies. The concrete systemic vision of PV policy mechanisms is constructed based on theoretical and historical analysis by defining key variables and the context (Part I). A retrospective analysis using the proposed mapping tools is conducted to understand critical limits and challenges of PV development and to identify risks factors in the sector (Part II). This thesis also demonstrates how the nature of policy context changes in combined with the dynamic features of the PV sector. This helps anticipate possible risks of PV development in the future. The thesis highlights the nationwide PV policy dynamics was broken with the arrival of China in the PV sector. Taken the defined critical limits and challenges into account, this thesis eventually proposes strategic orientations of PV development at the two dimensions from both national and international perspectives (Part III). At the national level, this thesis discusses on PV self-consumption as the

  14. Modelling Market Dynamics with a "Market Game"

    Science.gov (United States)

    Katahira, Kei; Chen, Yu

    In the financial market, traders, especially speculators, typically behave as to yield capital gains by the difference between selling and buying prices. Making use of the structure of Minority Game, we build a novel market toy model which takes account of such the speculative mind involving a round-trip trade to analyze the market dynamics as a system. Even though the micro-level behavioral rules of players in this new model is quite simple, its macroscopic aggregational output has the reproducibility of the well-known stylized facts such as volatility clustering and heavy tails. The proposed model may become a new alternative bottom-up approach in order to study the emerging mechanism of those stylized qualitative properties of asset returns.

  15. Dynamic bifurcations on financial markets

    International Nuclear Information System (INIS)

    Kozłowska, M.; Denys, M.; Wiliński, M.; Link, G.; Gubiec, T.; Werner, T.R.; Kutner, R.; Struzik, Z.R.

    2016-01-01

    We provide evidence that catastrophic bifurcation breakdowns or transitions, preceded by early warning signs such as flickering phenomena, are present on notoriously unpredictable financial markets. For this we construct robust indicators of catastrophic dynamical slowing down and apply these to identify hallmarks of dynamical catastrophic bifurcation transitions. This is done using daily closing index records for the representative examples of financial markets of small and mid to large capitalisations experiencing a speculative bubble induced by the worldwide financial crisis of 2007-08.

  16. Impact of the implementation of rest days in live bird markets on the dynamics of H5N1 highly pathogenic avian influenza.

    Science.gov (United States)

    Fournié, G; Guitian, F J; Mangtani, P; Ghani, A C

    2011-08-07

    Live bird markets (LBMs) act as a network 'hub' and potential reservoir of infection for domestic poultry. They may therefore be responsible for sustaining H5N1 highly pathogenic avian influenza (HPAI) virus circulation within the poultry sector, and thus a suitable target for implementing control strategies. We developed a stochastic transmission model to understand how market functioning impacts on the transmission dynamics. We then investigated the potential for rest days-periods during which markets are emptied and disinfected-to modulate the dynamics of H5N1 HPAI within the poultry sector using a stochastic meta-population model. Our results suggest that under plausible parameter scenarios, HPAI H5N1 could be sustained silently within LBMs with the time spent by poultry in markets and the frequency of introduction of new susceptible birds' dominant factors determining sustained silent spread. Compared with interventions applied in farms (i.e. stamping out, vaccination), our model shows that frequent rest days are an effective means to reduce HPAI transmission. Furthermore, our model predicts that full market closure would be only slightly more effective than rest days to reduce transmission. Strategies applied within markets could thus help to control transmission of the disease.

  17. Dynamic Model of Market with Uninformed Market Maker

    Czech Academy of Sciences Publication Activity Database

    Šmíd, Martin; Kopa, Miloš

    2017-01-01

    Roč. 53, č. 5 (2017), s. 922-958 ISSN 0023-5954 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : market maker * optimal decision * price and inventory * high frequency data * dynamic model Subject RIV: BB - Applied Statistics, Operational Research OBOR OECD: Statistics and probability Impact factor: 0.379, year: 2016 http://www.library.utia.cas.cz/separaty/2017/E/smid-0483753.pdf

  18. The 2007-2009 Financial Crisis: Changing Market Dynamics and the Impact of Credit Supply and Aggregate Demand Sensitivity

    OpenAIRE

    Theoharry Grammatikos; Robert Vermeulen

    2012-01-01

    This paper highlights the impact of credit supply and aggregate demand sensitivity on 91 US industries' stock performance during the 2007-2009 financial crisis. We account explicitly for changes in the market model and investigate, next to stock returns, the changes in systematic risk and idiosyncratic return induced by the financial crisis. The results show that leverage has a significantly positive effect on systematic risk changes during the financial crisis. After accounting for the chang...

  19. Canadian natural gas market: dynamics and pricing

    International Nuclear Information System (INIS)

    2000-01-01

    This publication by the National Energy Board is part of a continuing program of assessing applications for long-term natural gas export licences. The market-based procedure used by the Board is based on the premise that the marketplace will generally operate in a way that will ensure that Canadian requirements for natural gas will be met at fair market prices. The market--based procedure consists of a public hearing and a monitoring component. The monitoring component involves the on-going assessment of Canadian energy markets to provide analyses of major energy commodities on either an individual or integrated commodity basis. This report is the result of the most recent assessment . It identifies factors that affect natural gas prices and describes the functioning of regional markets in Canada. It provides an overview of the energy demand, including recent trends, reviews the North American gas supply and markets, the natural gas pricing dynamics in Canada, and a regional analysis of markets, prices and dynamics in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and the Atlantic provinces. In general, demand growth outstripped growth in supply, but natural gas producers throughout North America have been responding to the current high price environment with aggressive drilling programs. The Board anticipates that in time, there will be a supply and demand response and accompanying relief in natural gas prices. A review of the annual weighted average border price paid for Alberta gas indicates that domestic gas users paid less than export customers until 1998, at which point the two prices converged, suggesting that Canadians have had access to natural gas at prices no less favourable than export customers. The influence of electronic trading systems such as NYMEX and AECO-C/NIT have had significant impact on the pricing of natural gas. These systems, by providing timely information to market participants. enables them to manage price

  20. Dynamics of electricity market correlations

    Science.gov (United States)

    Alvarez-Ramirez, J.; Escarela-Perez, R.; Espinosa-Perez, G.; Urrea, R.

    2009-06-01

    Electricity market participants rely on demand and price forecasts to decide their bidding strategies, allocate assets, negotiate bilateral contracts, hedge risks, and plan facility investments. However, forecasting is hampered by the non-linear and stochastic nature of price time series. Diverse modeling strategies, from neural networks to traditional transfer functions, have been explored. These approaches are based on the assumption that price series contain correlations that can be exploited for model-based prediction purposes. While many works have been devoted to the demand and price modeling, a limited number of reports on the nature and dynamics of electricity market correlations are available. This paper uses detrended fluctuation analysis to study correlations in the demand and price time series and takes the Australian market as a case study. The results show the existence of correlations in both demand and prices over three orders of magnitude in time ranging from hours to months. However, the Hurst exponent is not constant over time, and its time evolution was computed over a subsample moving window of 250 observations. The computations, also made for two Canadian markets, show that the correlations present important fluctuations over a seasonal one-year cycle. Interestingly, non-linearities (measured in terms of a multifractality index) and reduced price predictability are found for the June-July periods, while the converse behavior is displayed during the December-January period. In terms of forecasting models, our results suggest that non-linear recursive models should be considered for accurate day-ahead price estimation. On the other hand, linear models seem to suffice for demand forecasting purposes.

  1. Price dynamics in European petroleum markets

    International Nuclear Information System (INIS)

    Wlazlowski, Szymon; Giulietti, Monica; Binner, Jane; Milas, Costas

    2009-01-01

    This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. We investigate the cross-national price spill-overs and find that the extent of the welfare transfer due to asymmetric price transmission, when analysed in a cross-country setting, is less pronounced than claimed in previous contributions in this area. We also find empirical evidence, although indirect, for the politically charged concept of 'fuel tourism', using a pan-European cross-product time series dataset. (author)

  2. A Dynamic Market Mechanism for Markets with Shiftable Demand Response

    DEFF Research Database (Denmark)

    Hansen, Jacob; Knudsen, Jesper Viese; Kiani, Arman

    2014-01-01

    renewables, this mechanism accommodates both consumers with a shiftable Demand Response and an adjustable Demand Response. The overall market mechanism is evaluated in a Day Ahead Market and is shown in a numerical example to result in a reduction of the cost of electricity for the consumer, as well......In this paper, we propose a dynamic market mechanism that converges to the desired market equilibrium. Both locational marginal prices and the schedules for generation and consumption are determined through a negotiation process between the key market players. In addition to incorporating...

  3. Market Dynamics and Productivity in Developing Countries ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    25 nov. 2009 ... Market Dynamics and Productivity in Developing Countries : Economic Reforms in the Middle East and North Africa. Book cover Market Dynamics and Productivity in Developing Countries: Economic Reforms in the Middle East. Directeur(s):. Khalid Sekkat. Maison(s) d'édition: Springer, CDRI. 25 novembre ...

  4. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

    2008-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  5. Market Impact Costs of Institutional Equity Trades

    NARCIS (Netherlands)

    van der Sluis, P.J.; Bikker, J.A.; Spierdijk, L.

    2007-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  6. Market impact costs of institutional equity trades

    NARCIS (Netherlands)

    Bikker, Jacob A.; Spierdijk, Laura; van der Sluis, Pieter Jelle

    2007-01-01

    This article analyzes market impact costs of equity trading by one of the world's largest pension funds. We find that, on average, these costs are small in terms of market disruption, but substantial in terms of costs for the pension fund. Average market impact costs equal 20 basis points for buys

  7. Correlation dynamics in East Asian financial markets

    NARCIS (Netherlands)

    Lestano, L; Kuper, Gerard H.

    2016-01-01

    We examine the dynamic relationship between stock returns and exchange rate changes using daily data from January 1994 to September 2013 for six East Asian countries. We use the multivariate GARCH-DCC model in order to disclose the relationship between stock markets and foreign exchange markets

  8. GLOBALIZATION IMPACT ON UKRAINIAN MARKET OF SHARES

    Directory of Open Access Journals (Sweden)

    O. Zotsenko

    2013-05-01

    Full Text Available The paper examines the impact of globalization on the Ukrainian market of shares. Main trends of globalization of world share market are analyzed. The study highlights key elements of the operating share markets of the world leading countries. The research investigates main factors that affect on the level of national market of shares. The findings trace out a number of problems that hinder and distort the role of the Ukrainian share market in capital allocation.

  9. Impact of social media in sports marketing

    OpenAIRE

    Gadiraju, Gaurav Kumar

    2016-01-01

    JEL: M1 - Business Administration; M31 – Marketing; M37 - Advertising The purpose of this research is to evaluate the impact of social media in the field of sports marketing. This is carried out through an in-depth analysis on sports marketing and the rising popularity of social media marketing for sports brands in the world. One such brand is Nike, Inc. This company has shifted its focus to digital marketing. As social media marketing started to explode, the traditional marketing methods ...

  10. Investigating the impact of unanticipated market and construction delays on the development of a meshed HVDC grid using dynamic transmission planning

    NARCIS (Netherlands)

    Shariat Torbaghan, S.; Gibescu, M.; Rawn, B.G.; Müller, H.; Roggenkamp, M.; vd Meijden, M.A.M.M.

    2015-01-01

    This study presents a market-based dynamic transmission planning framework for the construction of a meshed offshore voltage source converter-high voltage direct current (VSC-HVDC) grid. Such a grid is foreseen for integrating offshore wind and electricity trade functions among the North Sea

  11. Dynamics of market orientation in Croatian economy

    Directory of Open Access Journals (Sweden)

    Ivana First

    2011-12-01

    Full Text Available It was the goal of this research to examine the dynamics of Croatian transformation to market orientation and test whether the market orientation model changes with time as the business environment changes. Based on the literature analysis, we proposed a hypothetical model which relies on behavioural approach in understanding market orientation. To empirically test the hypothetical model, we used data previously collected for 2001, and by replicating the same questionnaire now collected data for 2011. Data was analyzed by hierarchical regression analysis on the two sets of data. Our findings reveal that Croatian organizations reached the level of moderate market orientation leaving space for improvement. Findings also reveal that higher level of market orientation correlates with higher business performance. Furthermore, with development of ICT, the model of market orientation modified in time in a way that in predicting successful market oriented reaction, specific information on consumer satisfaction gains importance, while general information from competitor and consumer databases lose importance. Despite the changes in the relationships among the elements of market orientation, the model itself similarly predicts performance today as it did ten years ago. Managers are advised to increase implementation of market orientation especially focusing on market responsiveness as such behaviour will lead to better performance.

  12. Dynamic Stock Market Participation of Households

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    This paper develops and estimates a dynamic model of stock market participation, where consumers’ decisions regarding stock market participation are influenced by participation costs. The practical significance of the participation costs is considered as being a channel through which financial...... education programs can affect consumers’ investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market articipation cost is about 5% of labor...... income; however, it varies substantially over consumers’ life. The model successfully predicts the level of the observed articipation rate and the increasing pattern of stock market participation over the consumers’ life cycle....

  13. Coupled effects of market impact and asymmetric sensitivity in financial markets

    Science.gov (United States)

    Zhong, Li-Xin; Xu, Wen-Juan; Ren, Fei; Shi, Yong-Dong

    2013-05-01

    By incorporating market impact and asymmetric sensitivity into the evolutionary minority game, we study the coevolutionary dynamics of stock prices and investment strategies in financial markets. Both the stock price movement and the investors’ global behavior are found to be closely related to the phase region they fall into. Within the region where the market impact is small, investors’ asymmetric response to gains and losses leads to the occurrence of herd behavior, when all the investors are prone to behave similarly in an extreme way and large price fluctuations occur. A linear relation between the standard deviation of stock price changes and the mean value of strategies is found. With full market impact, the investors tend to self-segregate into opposing groups and the introduction of asymmetric sensitivity leads to the disappearance of dominant strategies. Compared with the situations in the stock market with little market impact, the stock price fluctuations are suppressed and an efficient market occurs. Theoretical analyses indicate that the mechanism of phase transition from clustering to self-segregation in the present model is similar to that in the majority-minority game and the occurrence and disappearance of efficient markets are related to the competition between the trend-following and the trend-aversion forces. The clustering of the strategies in the present model results from the majority-wins effect and the wealth-driven mechanism makes the market become predictable.

  14. DYNAMICS OF THE ROMANIAN ILLEGAL DRUG MARKETS

    Directory of Open Access Journals (Sweden)

    Irina Caunic

    2011-06-01

    Full Text Available Globalization has led to an increase in commercial activities running on the illegal markets, its dynamics being largely determined by the balance between profitability and the major risks involved. Revenuesare significant, one example being those obtained from drug industry. In recent years, illicit drug trafficking has seen in Romania an unprecedented escalation, as a result of market liberalization and the movement of per sons and because of the extending the phenomenon both among producers and consumers. This article examines the size of the Romanian illegal drug markets, the countries of origin and drugtransit routes, as well as the profits made by the drug trafficking networks.

  15. Market mood, adaptive beliefs and asset price dynamics

    International Nuclear Information System (INIS)

    Dieci, Roberto; Foroni, Ilaria; Gardini, Laura; He Xuezhong

    2006-01-01

    Empirical evidence has suggested that, facing different trading strategies and complicated decision, the proportions of agents relying on particular strategies may stay at constant level or vary over time. This paper presents a simple 'dynamic market fraction' model of two groups of traders, fundamentalists and trend followers, under a market maker scenario. Market mood and evolutionary adaption are characterized by fixed and adaptive switching fraction among two groups, respectively. Using local stability and bifurcation analysis, as well as numerical simulation, the role played by the key parameters in the market behaviour is examined. Particular attention is paid to the impact of the market fraction, determined by the fixed proportions of confident fundamentalists and trend followers, and by the proportion of adaptively rational agents, who adopt different strategies over time depending on realized profits

  16. Liquidity and Impact in Fair Markets

    OpenAIRE

    Jaisson, Thibault

    2015-01-01

    We develop a theory which applies to any market dynamics that satisfy a fair market assumption on the nullity of the average profit of simple market making strategies. We show that for any such fair market, there exists a martingale fair price which corresponds to the average liquidation value (at the ask or the bid) of an infinitesimal quantity of stock. We show that this fair price is a natural reference price to compute the ex post gain of limit orders. Using only the fair market assumptio...

  17. The Joint Dynamics of Equity Market Factors

    DEFF Research Database (Denmark)

    Christoffersen, Peter; Langlois, Hugues

    2013-01-01

    The 4 equity market factors from Fama and French (1993) and Carhart (1997) are pervasive in academia and practice. However, not much is known about their joint distribution and dynamics. We find striking evidence of asymmetric tail dependence across the factors. While the linear factor correlatio...

  18. Dynamic capabilities, Marketing Capability and Organizational Performance

    Directory of Open Access Journals (Sweden)

    Adriana Roseli Wünsch Takahashi

    2017-01-01

    Full Text Available The goal of the study is to investigate the influence of dynamic capabilities on organizational performance and the role of marketing capabilities as a mediator in this relationship in the context of private HEIs in Brazil. As a research method we carried out a survey with 316 IES and data analysis was operationalized with the technique of structural equation modeling. The results indicate that the dynamic capabilities have influence on organizational performance only when mediated by marketing ability. The marketing capability has an important role in the survival, growth and renewal on educational services offerings for HEIs in private sector, and consequently in organizational performance. It is also demonstrated that mediated relationship is more intense for HEI with up to 3,000 students and other organizational profile variables such as amount of courses, the constitution, the type of institution and type of education do not significantly alter the results.

  19. Liquid markets and market liquids . Collective and single-asset dynamics in financial markets

    Science.gov (United States)

    Cuniberti, G.; Matassini, L.

    2001-04-01

    We characterize the collective phenomena of a liquid market. By interpreting the behavior of a no-arbitrage N asset market in terms of a particle system scenario, (thermo)dynamical-like properties can be extracted from the asset kinetics. In this scheme the mechanisms of the particle interaction can be widely investigated. We test the verisimilitude of our construction on two-decade stock market daily data (DAX30) and show the result obtained for the interaction potential among asset pairs.

  20. Dynamic analysis of policy drivers for bioenergy commodity markets

    International Nuclear Information System (INIS)

    Jeffers, Robert F.; Jacobson, Jacob J.; Searcy, Erin M.

    2013-01-01

    Biomass is increasingly being considered as a feedstock to provide a clean and renewable source of energy in the form of both liquid fuels and electric power. In the United States, the biofuels and biopower industries are regulated by different policies and have different drivers, which impact the maximum price the industries are willing to pay for biomass. This article describes a dynamic computer simulation model that analyzes future behavior of bioenergy feedstock markets given policy and technical options. The model simulates the long-term dynamics of these markets by treating advanced biomass feedstocks as a commodity and projecting the total demand of each industry, as well as the market price over time. The model is used for an analysis of the United States bioenergy feedstock market that projects supply, demand, and market price given three independent buyers: domestic biopower, domestic biofuels, and foreign exports. With base-case assumptions, the biofuels industry is able to dominate the market and meet the federal Renewable Fuel Standard (RFS) targets for advanced biofuels. Further analyses suggest that United States bioenergy studies should include estimates of export demand in their projections, and that GHG-limiting policy would partially shield both industries from export dominance. - Highlights: ► We model a United States bioenergy feedstock commodity market. ► Three buyers compete for biomass: biopower, biofuels, and foreign exports. ► The presented methodology improves on dynamic economic equilibrium theory. ► With current policy incentives and ignoring exports, biofuels dominates the market. ► Overseas biomass demand could dominate unless a CO 2 -limiting policy is enacted.

  1. Simulating market dynamics : Interactions between consumer psychology and social networks

    NARCIS (Netherlands)

    Janssen, M.A; Jager, W.

    2003-01-01

    Markets can show different types of dynamics, from quiet markets dominated by one or a few products, to markets with continual penetration of new and reintroduced products. in a previous article we explored the dynamics of markets from a psychological perspective using a multi-agent simulation

  2. Dynamic portfolio optimization across hidden market regimes

    DEFF Research Database (Denmark)

    Nystrup, Peter; Madsen, Henrik; Lindström, Erik

    2017-01-01

    Regime-based asset allocation has been shown to add value over rebalancing to static weights and, in particular, reduce potential drawdowns by reacting to changes in market conditions. The predominant approach in previous studies has been to specify in advance a static decision rule for changing...... the allocation based on the state of financial markets or the economy. In this article, model predictive control (MPC) is used to dynamically optimize a portfolio based on forecasts of the mean and variance of financial returns from a hidden Markov model with time-varying parameters. There are computational...... than a buy-and-hold investment in various major stock market indices. This is after accounting for transaction costs, with a one-day delay in the implementation of allocation changes, and with zero-interest cash as the only alternative to the stock indices. Imposing a trading penalty that reduces...

  3. Renewable energy investment: Policy and market impacts

    International Nuclear Information System (INIS)

    Reuter, Wolf Heinrich; Szolgayová, Jana; Fuss, Sabine; Obersteiner, Michael

    2012-01-01

    Highlights: ► Feedback of decisions to the market: large companies can have an impact on prices in the market. ► Multiple uncertainties: analysis of uncertainties emanating from both markets and environment. ► Policy analysis: impact of uncertainty about the durability of feed-in tariffs. -- Abstract: The liberalization of electricity markets in recent years has enhanced competition among power-generating firms facing uncertain decisions of competitors and thus uncertain prices. At the same time, promoting renewable energy has been a key ingredient in energy policy seeking to de-carbonize the energy mix. Public incentives for companies to invest in renewable technologies range from feed-in tariffs, to investment subsidies, tax credits, portfolio requirements and certificate systems. We use a real options model in discrete time with lumpy multiple investments to analyze the decisions of an electricity producer to invest into new power generating capacity, to select the type of technology and to optimize its operation under price uncertainty and with market effects. We account for both the specific characteristics of renewables and the market effects of investment decisions. The prices are determined endogenously by the supply of electricity in the market and by exogenous electricity price uncertainty. The framework is used to analyze energy policy, as well as the reaction of producers to uncertainty in the political and regulatory framework. In this way, we are able to compare different policies to foster investment into renewables and analyze their impacts on the market.

  4. Evaluating impact of market changes on increasing cell-load variation in dynamic cellular manufacturing systems using a hybrid Tabu search and simulated annealing algorithms

    Directory of Open Access Journals (Sweden)

    Aidin Delgoshaei

    2016-06-01

    Full Text Available In this paper, a new method is proposed for scheduling dynamic cellular manufacturing systems (D-CMS in the presence of uncertain product demands. The aim of this method is to control the process of trading off between in-house manufacturing and outsourcing while product demands are uncertain and can be varied from period to period. To solve the proposed problem, a hybrid Tabu Search and Simulated Annealing are developed to overcome hardness of the proposed model and then results are compared with a Branch and Bound and Simulated Annealing algorithms. A Taguchi method (L_27 orthogonal optimization is used to estimate parameters of the proposed method in order to solve experiments derived from literature. An in-depth analysis is conducted on the results in consideration of various factors. For evaluating the system imbalance in dynamic market demands, a new measuring index is developed. Our findings indicate that the uncertain condition of market demands affects the routing of product parts and may induce machine-load variations that yield to cell-load diversity. The results showed that the proposed hybrid method can provide solutions with better quality.

  5. The impact of mobile marketing in airport

    Directory of Open Access Journals (Sweden)

    Lázaro Florido-Benítez

    2016-02-01

    Full Text Available Purpose: This paper seeks to analyze the effects of mobile marketing tool at airports and passengers. Design/methodology: This research approach consist of going through data files and bibliographical sources in search of information gathered by authors, institutions and organizations regarding our case study. Findings: Mobile marketing to increase passenger satisfaction and commercial income in the airports. Large airports are taking advantage of the consolidation of mobile devices in the 21st century to create applications for branding and communication. Originality/value: This paper is the first research that examines the impact of mobile marketing in airports. First, to evaluate the effects that mobile marketing is having over the levels of passenger satisfaction at airports. Second, to analyze the impact of mobile marketing on passengers behavior in the aerodrome; lastly, to study the effects of this tool on the perceived image of an airport.

  6. Modeling Dynamic Effects of the Marketing Mix on Market Shares

    NARCIS (Netherlands)

    D. Fok (Dennis); R. Paap (Richard); Ph.H.B.F. Franses (Philip Hans)

    2003-01-01

    textabstractTo comprehend the competitive structure of a market, it is important to understand the short-run and long-run effects of the marketing mix on market shares. A useful model to link market shares with marketing-mix variables, like price and promotion, is the market share attraction model.

  7. Patching. Restitching business portfolios in dynamic markets.

    Science.gov (United States)

    Eisenhardt, K M; Brown, S L

    1999-01-01

    In turbulent markets, businesses and opportunities are constantly falling out of alignment. New technologies and emerging markets create fresh opportunities. Converging markets produce more. And of course, some markets fade. In this landscape of continuous flux, it's more important to build corporate-level strategic processes that enable dynamic repositioning than it is to build any particular defensible position. That's why smart corporate strategists use patching, a process of mapping and remapping business units to create a shifting mix of highly focused, tightly aligned businesses that can respond to changing market opportunities. Patching is not just another name for reorganizing; patchers have a distinctive mindset. Traditional managers see structure as stable; patching managers believe structure is inherently temporary. Traditional managers set corporate strategy first, but patching managers keep the organization focused on the right set of business opportunities and let strategy emerge from individual businesses. Although the focus of patching is flexibility, the process itself follows a pattern. Patching changes are usually small in scale and made frequently. Patching should be done quickly; the emphasis is on getting the patch about right and fixing problems later. Patches should have a test drive before they're formalized but then be tightly scripted after they've been announced. And patching won't work without the right infrastructure: modular business units, fine-grained and complete unit-level metrics, and companywide compensation parity. The authors illustrate how patching works and point out some common stumbling blocks.

  8. The Complex Dynamics of Sponsored Search Markets

    Science.gov (United States)

    Robu, Valentin; La Poutré, Han; Bohte, Sander

    This paper provides a comprehensive study of the structure and dynamics of online advertising markets, mostly based on techniques from the emergent discipline of complex systems analysis. First, we look at how the display rank of a URL link influences its click frequency, for both sponsored search and organic search. Second, we study the market structure that emerges from these queries, especially the market share distribution of different advertisers. We show that the sponsored search market is highly concentrated, with less than 5% of all advertisers receiving over 2/3 of the clicks in the market. Furthermore, we show that both the number of ad impressions and the number of clicks follow power law distributions of approximately the same coefficient. However, we find this result does not hold when studying the same distribution of clicks per rank position, which shows considerable variance, most likely due to the way advertisers divide their budget on different keywords. Finally, we turn our attention to how such sponsored search data could be used to provide decision support tools for bidding for combinations of keywords. We provide a method to visualize keywords of interest in graphical form, as well as a method to partition these graphs to obtain desirable subsets of search terms.

  9. Dynamics of the Croatian electricity market opening

    International Nuclear Information System (INIS)

    Pesut, D.; Zeljko, M.; Zutobradic, S.

    2003-01-01

    Customer eligibility is regulated by the Law on Electricity Market and its Article 23 (Official Gazette 79/01). Eligibility is understood as a possible supplier choice. To ensure the eligible status, annual demand should exceed 40 GWh. The category of customers that has gained the eligibility status based on the Law on Electricity Market makes out a total of around 7 percent of the annual electric energy consumption in Croatia. Thus, it can be said that electricity market openness in Croatia lies somewhat below 10 percent. According to the already mentioned Article 23, paragraph 4, the Government may determine annual demand threshold lowering as a condition to grant the eligibility status. According to the Law on Gas Market from 2001, the category of eligible gas customers in Croatia includes all electricity generators who use gas, regardless of the annual gas consumption, and other customers whose annual consumption exceeds 100 million m3. In 2002 there were seven such customers and they participated with 1,374,160,000 m3, i.e. 51 percent in the total gas consumption. As INA is the sole natural gas producer in Croatia with a long-term contract on the supply line lease for the transportation of Russian gas, it is also the only supplier of natural gas. Therefore, in 2002 each eligible customer bought gas from INA. Issues related to this field are: what kind of dynamics should one proceed with toward further energy market opening in Croatia? How large is this share of electricity, i.e. gas consumption in Croatia? What are the prerequisites, both organisational and technical, for this kind of market opening? (author)

  10. INTERNATIONAL MIGRATION AND LABOUR MARKET IMPACTS

    OpenAIRE

    Liana SON; Graţiela Georgiana NOJA

    2012-01-01

    The research aims to identify and analyse the impact of labour emigration on labour markets within the European Union. The analysis is based on developing double-log macroeconometric models that combine cross-section and time series in a panel structure, by using a set of indicators specific for the emigration process and labour market, as main explanatory variables. The results show that an intense emigration process has extremely negative effects on the size and structure of the labour forc...

  11. Dynamics of world oil crops market

    Directory of Open Access Journals (Sweden)

    Knežević Marija

    2012-01-01

    Full Text Available According to the harvested area, oil crops are the second most important crops after cereals. Soybean is the most important oil crop in terms of production and trade of oilseeds and meals, and second most important in terms of production and trade of vegetable oils after palm oil. Dynamics of prices of derived oil crop products in the international market is conditioned by the relationship between supply and demand in the overall market of oil crops. The substitution of animal fats with vegetable oils in human nutrition, the expansion of biodiesel industry and intensification of livestock production have led to increased demand for oil crops. The objective of this paper was to identify trends in production, consumption and trade of soybeans, rapeseed and sunflower and their derived products.

  12. Dynamic Interaction between Cap & Trade and Electricity Markets

    Science.gov (United States)

    Jeev, Kumar

    Greenhouse Gases (GHG), such as Carbon-Dioxide (CO2), which is released in the atmosphere due to anthropogenic activities like power production, are now accepted as the main culprits for global warming. The Regional Greenhouse Gas Initiative (RGGI), an initiative of the North East and Mid-Atlantic States of the United States (US) for limiting the emission of GHG, has developed a regional cap-and-trade program for CO2 emissions for power plants. Existing cap-and-trade programs in US and Europe for Greenhouse Gases have recently been plagued by over-allocation. Carbon prices recently collapsed in all these markets during the global recession. Since then, there have been significant policy changes, which have resulted in the adoption of aggressive emission cap targets by most major carbon emission markets. This is expected to make carbon emissions availability more restrictive, raising the prices of these credits. These emissions markets are expected to have a major impact on the wholesale electricity markets. Two models to study the interaction of these two markets are presented. These models assess the impact of the emissions market on wholesale electricity prices. The first model characterizes the competition between two types of power plants (coal and gas) in both the electricity and emissions markets as a dynamic game using the Cournot approximation. Under this approximation, we find that in the Nash equilibrium the plants increase their permit allocation to high-demand periods and the marginal value of each credit for a plant is identical in all periods under their optimal equilibrium strategy. The second numerical model allows us to explicitly evaluate the closed loop equilibrium of the dynamic interaction of two competitors in these markets. We find that plants often try to corner the market and push prices all the way to the price cap. Power plants derive most of their profits from these extreme price regimes. In the experiments where trading is allowed

  13. Dynamic market behaviour of autonomous network based power systems

    NARCIS (Netherlands)

    Jokic, A.; Wittebol, E.H.M.; Bosch, van den P.P.J.

    2006-01-01

    Dynamic models of real-time markets are important since they lead to additional insights of the behavior and stability of power system markets. The main topic of this paper is the analysis of real-time market dynamics in a novel power system structure that is based on the concept of autonomous

  14. Better Jobs for Central American Women: Labour Market Dynamics ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    More than 60% of women work in such jobs. ... self-employment and to provide technical and marketing skills to potential women entrepreneurs. ... prepare a comparative analysis of labour market dynamics in El Salvador and Nicaragua; ...

  15. n-Person Dynamic Strategic Market Games

    Energy Technology Data Exchange (ETDEWEB)

    Wiecek, Piotr, E-mail: Piotr.Wiecek@pwr.wroc.pl [Wroclaw University of Technology, Institute of Mathematics and Computer Science (Poland)

    2012-04-15

    We present a discrete n-person model of a dynamic strategic market game. We show that for some values of the discount factor the game possesses a stationary equilibrium where all the players make high bids. Within the class of all the high-bidding strategies we distinguish between two classes of more and less aggressive ones. We show that the set of discount factors for which these more aggressive strategies form equilibria shrinks as n goes to infinity. On the other hand, the analogous set for the less aggressive strategies grows to the whole interval (0,1) as n grows to infinity. Further we analyze the properties of the value function corresponding to these high-bidding equilibria. We also give some numerical examples contradicting some other properties that seem intuitive.

  16. INTERNATIONAL MIGRATION AND LABOUR MARKET IMPACTS

    Directory of Open Access Journals (Sweden)

    Liana SON

    2012-10-01

    Full Text Available The research aims to identify and analyse the impact of labour emigration on labour markets within the European Union. The analysis is based on developing double-log macroeconometric models that combine cross-section and time series in a panel structure, by using a set of indicators specific for the emigration process and labour market, as main explanatory variables. The results show that an intense emigration process has extremely negative effects on the size and structure of the labour force, generating its significant reduction, especially regarding the highly skilled labour. At the same time, we identified a relaxation of the labour market pressures generated by high unemployment, through a downsize of this rate and a slight increase in employment, mainly due to a general improvement of the local employment opportunities.

  17. Dissecting cross-impact on stock markets: an empirical analysis

    Science.gov (United States)

    Benzaquen, M.; Mastromatteo, I.; Eisler, Z.; Bouchaud, J.-P.

    2017-02-01

    The vast majority of market impact studies assess each product individually, and the interactions between the different order flows are disregarded. This strong approximation may lead to an underestimation of trading costs and possible contagion effects. Transactions in fact mediate a significant part of the correlation between different instruments. In turn, liquidity shares the sectorial structure of market correlations, which can be encoded as a set of eigenvalues and eigenvectors. We introduce a multivariate linear propagator model that successfully describes such a structure, and accounts for a significant fraction of the covariance of stock returns. We dissect the various dynamical mechanisms that contribute to the joint dynamics of assets. We also define two simplified models with substantially less parameters in order to reduce overfitting, and show that they have superior out-of-sample performance.

  18. Financial market dynamics: superdiffusive or not?

    Science.gov (United States)

    Devi, Sandhya

    2017-08-01

    The behavior of stock market returns over a period of 1-60 d has been investigated for S&P 500 and Nasdaq within the framework of nonextensive Tsallis statistics. Even for such long terms, the distributions of the returns are non-Gaussian. They have fat tails indicating that the stock returns do not follow a random walk model. In this work, a good fit to a Tsallis q-Gaussian distribution is obtained for the distributions of all the returns using the method of Maximum Likelihood Estimate. For all the regions of data considered, the values of the scaling parameter q, estimated from 1 d returns, lie in the range 1.4-1.65. The estimated inverse mean square deviations (beta) show a power law behavior in time with exponent values between  -0.91 and  -1.1 indicating normal to mildly subdiffusive behavior. Quite often, the dynamics of market return distributions is modelled by a Fokker-Plank (FP) equation either with a linear drift and a nonlinear diffusion term or with just a nonlinear diffusion term. Both of these cases support a q-Gaussian distribution as a solution. The distributions obtained from current estimated parameters are compared with the solutions of the FP equations. For negligible drift term, the inverse mean square deviations (betaFP) from the FP model follow a power law with exponent values between  -1.25 and  -1.48 indicating superdiffusion. When the drift term is non-negligible, the corresponding betaFP do not follow a power law and become stationary after certain characteristic times that depend on the values of the drift parameter and q. Neither of these behaviors is supported by the results of the empirical fit.

  19. DYNAMIC OPTIMAL BUDGET ALLOCATION FOR INTEGRATED MARKETING CONSIDERING PERSISTENCE

    OpenAIRE

    SHIZHONG AI; RONG DU; QIYING HU

    2010-01-01

    Aiming at forming dynamic optimal integrated marketing policies, we build a budget allocation model considering both current effects and sustained ones. The model includes multiple time periods and multiple marketing tools which interact through a common resource pool as well as through delayed cross influences on each other's sales, reflecting the nature of "integrated marketing" and its dynamics. In our study, marginal analysis is used to illuminate the structure of optimal policy. We deriv...

  20. The dynamic interdependence of international financial markets: An empirical study on twenty-seven stock markets

    Science.gov (United States)

    Zhang, Xingwei; Zheng, Xiaolong; Zeng, Daniel Dajun

    2017-04-01

    In this paper, we aim to investigate the dynamic interdependence of international financial markets. Based on the data regarding daily returns of each market during the period 2006-2015 from Yahoo finance, we mainly focus on examining 27 markets from three continents, including Asia, America and Europe. By checking the dynamic interdependence between those markets, we find that markets from different continents have strong correlation at specific time shift. We also obtain that markets from different continents not only have a strong linkage with others at same day, but at a delay of one day, especially between Asia, Europe and Asia, America. In addition, we further analyze the time-varying influence strength between each two continents and observe that this value has abnormal changes during the financial crisis. These findings can provide us significant insights to understand the underlying dynamic interdependency of international financial markets and further help us make corresponding reasonable decisions.

  1. Dynamic analysis on market structure of China's coal industry

    International Nuclear Information System (INIS)

    Yang, Qing; Zhang, Lei; Wang, Xin

    2017-01-01

    According to industrial organization theory, market structure is a crucial factor to market performance. Based on the VAR model and the data from 1994 to 2014, we revealed the dynamic response route of the market structure to these factors and the change process of contribution rate of these factors to the market structure. It shows that market structure is inertial adjustment; technology advance and industry policy have continuous effects on improvement of market concentration ratio; market size and production scale have sustained negative effects on market concentration ratio; fixed capital has barrier effect, which is mainly the entry barrier effect at the beginning, and then the exit barrier effect continues to play a leading role. Therefore, the government has no need to introduce special policies to encourage merger or expansion on the capacity as enterprises would do it spontaneously; it is necessary to make market access system stricter, to improve exit compensation mechanism and to promote technological innovation; all these policies need dynamic adjustment based on the stages of economic cycle. - Highlights: • The adjustment mechanism of China's coal market structure is revealed. • Technology and industry policy are significant factors to optimize the market structure. • The government need not introduce special policy to encourage merger. • The market access system should be stricter. • Policies strength should be dynamically adjusted based on the economic cycle.

  2. Stock market dynamics created by interacting agents

    Directory of Open Access Journals (Sweden)

    Mohamed Riad Remita

    2006-01-01

    Full Text Available We study a stock market model, consisting in a large number of agents, going eventually to infinity, and evaluate the stock price under the influence of opinions of different agents. Next we study the behavior of prices when the market is very nervous; there appear discontinuities (phase transitions which can be interpreted as stock market crashes.

  3. Changing Dynamics in the Voluntary Market (Presentation)

    Energy Technology Data Exchange (ETDEWEB)

    Heeter, J.

    2014-12-01

    Voluntary green power markets are those in which consumers and institutions voluntarily purchase renewable energy to match their electricity needs. This presentation, presented at the Renewable Energy Markets Conference in December 2014, outlines the voluntary market in 2013, including community choice aggregation and community solar.

  4. The Crisis Impact on the Labour Market

    Directory of Open Access Journals (Sweden)

    Simona Valeria TOMA

    2010-12-01

    Full Text Available The aim of this paper is to discuss the impact of the current global economic crisis on the labour market, including the risk that the recession will be followed by a jobless recovery that contributes to a lost generation of young people in the workforce. The crisis affects different sectors in different ways, but the impact also varies according to age, gender, skills level and type of contract. Although it had a more significant effect on the private sector of the economy, the crisis’s impact on the broader public sector is also obvious. Migrants, both legal and illegal, are particularly vulnerable during crises because they are typically not being provided the same level of employment protection as native workers and hence they are the first to lose their jobs during an economic downturn.

  5. Simulating market dynamics: interactions between consumer psychology and social networks.

    Science.gov (United States)

    Janssen, Marco A; Jager, Wander

    2003-01-01

    Markets can show different types of dynamics, from quiet markets dominated by one or a few products, to markets with continual penetration of new and reintroduced products. In a previous article we explored the dynamics of markets from a psychological perspective using a multi-agent simulation model. The main results indicated that the behavioral rules dominating the artificial consumer's decision making determine the resulting market dynamics, such as fashions, lock-in, and unstable renewal. Results also show the importance of psychological variables like social networks, preferences, and the need for identity to explain the dynamics of markets. In this article we extend this work in two directions. First, we will focus on a more systematic investigation of the effects of different network structures. The previous article was based on Watts and Strogatz's approach, which describes the small-world and clustering characteristics in networks. More recent research demonstrated that many large networks display a scale-free power-law distribution for node connectivity. In terms of market dynamics this may imply that a small proportion of consumers may have an exceptional influence on the consumptive behavior of others (hubs, or early adapters). We show that market dynamics is a self-organized property depending on the interaction between the agents' decision-making process (heuristics), the product characteristics (degree of satisfaction of unit of consumption, visibility), and the structure of interactions between agents (size of network and hubs in a social network).

  6. Dynamic Matching Markets and the Deferred Acceptance Mechanism

    DEFF Research Database (Denmark)

    Kennes, John; Monte, Daniel; Tumennasan, Norovsambuu

    In many dynamic matching markets, priorities depend on previous allocations. In such environments, agents on the proposing side can manipulate the period-by-period deferred acceptance (DA) mechanism. We show that the fraction of agents with incentives to manipulate the DA mechanism approaches zero...... as the market size increases. In addition, we provide a novel al- gorithm to calculate the percentage of markets that can be manipulated. Based on randomly generated data, we find that the DA becomes approximately non-manipulable when the schools capacity reaches 20. Our theoretical and simulation results...... together justify the implementation of the period-by-period DA mechanism in dynamic markets....

  7. Traveler’s Diarrhea Market: Evolving market trends and dynamics

    OpenAIRE

    Smita Deshmukh

    2016-01-01

    Traveler’s Diarrhea Market: Overview Traveler’s diarrhea refers to intestinal and stomach infection and occurs due to unsanitary conditions during handling of food. This disorder is characterized by frequent abdominal cramps resulting in loose stools and is usually caused by consumption of contaminated water or food. Travelling from one place to another where the sanitary conditions, social conditions, climate and other factors are different and hence presents high risk of developin...

  8. The dynamic conditional relationship between stock market returns and implied volatility

    Science.gov (United States)

    Park, Sung Y.; Ryu, Doojin; Song, Jeongseok

    2017-09-01

    Using the dynamic conditional correlation multivariate generalized autoregressive conditional heteroskedasticity (DCC-MGARCH) model, we empirically examine the dynamic relationship between stock market returns (KOSPI200 returns) and implied volatility (VKOSPI), as well as their statistical mechanics, in the Korean market, a representative and leading emerging market. We consider four macroeconomic variables (exchange rates, risk-free rates, term spreads, and credit spreads) as potential determinants of the dynamic conditional correlation between returns and volatility. Of these macroeconomic variables, the change in exchange rates has a significant impact on the dynamic correlation between KOSPI200 returns and the VKOSPI, especially during the recent financial crisis. We also find that the risk-free rate has a marginal effect on this dynamic conditional relationship.

  9. Price and inventory dynamics in petroleum product markets

    International Nuclear Information System (INIS)

    Considine, T.J.; Heo, Eunnyeong

    2000-01-01

    Unlike many studies of commodity inventory behavior, this paper estimates a model with endogenous spot and forward prices, inventories, production, and net imports. Our application involves markets for refined petroleum products in the United States. Our model is built around the supply and demand for storage. We estimate the model using Generalized Method of Moments and perform dynamic, simultaneous simulations to estimate the impacts of supply and demand shocks. Supply curves for the industry are inelastic and upward sloping. High inventory levels depress prices. Inventories fall in response to higher sales, consistent with production smoothing. Under higher input prices, refiners reduce their stocks of crude oil but increase their product inventories, consistent with cost smoothing. In some cases, imports of products are more variable than production or inventories. 25 refs

  10. A consensus-based dynamics for market volumes

    Science.gov (United States)

    Sabatelli, Lorenzo; Richmond, Peter

    2004-12-01

    We develop a model of trading orders based on opinion dynamics. The agents may be thought as the share holders of a major mutual fund rather than as direct traders. The balance between their buy and sell orders determines the size of the fund order (volume) and has an impact on prices and indexes. We assume agents interact simultaneously to each other through a Sznajd-like interaction. Their degree of connection is determined by the probability of changing opinion independently of what their neighbours are doing. We assume that such a probability may change randomly, after each transaction, of an amount proportional to the relative difference between the volatility then measured and a benchmark that we assume to be an exponential moving average of the past volume values. We show how this simple model is compatible with some of the main statistical features observed for the asset volumes in financial markets.

  11. Dynamics of Timber Market Integration in Sweden

    Directory of Open Access Journals (Sweden)

    Vishal Chandr Jaunky

    2015-12-01

    Full Text Available This paper addresses the performance of the timber markets (Scots pine, Pinus silvestris L. and Norway spruce, Picea abies (L. Karst. by evaluating the order of market integration in three Swedish regions (Central, Northern, and Southern. Quarterly data of delivery prices are employed over the period 1999Q1–2012Q4. Various unit root and cointegration tests have been computed. The results indicate that the variables are integrated of first order and co-integrated, especially after controlling for structural breaks. This supports the law-of-one-price hypothesis (LOP. However, the effects of structural shocks on forestry are arguably significant and these are controlled for while performing a vector error-correction mechanism (VECM-based Granger-causality test. Bi-directional causality between the Northern and central markets is uncovered in the short-run. In the long-run, a similar causal effect is detected between Northern and Southern markets while the central market emerges as the price leader. Further investigation is carried out using variance decompositions and impulse response functions and these approaches also tend to confirm the existence of a single market well, as price interdependence between markets.

  12. Evolutionary dynamics of the cryptocurrency market

    Science.gov (United States)

    Alessandretti, Laura; Pastor-Satorras, Romualdo; Baronchelli, Andrea

    2017-01-01

    The cryptocurrency market surpassed the barrier of $100 billion market capitalization in June 2017, after months of steady growth. Despite its increasing relevance in the financial world, a comprehensive analysis of the whole system is still lacking, as most studies have focused exclusively on the behaviour of one (Bitcoin) or few cryptocurrencies. Here, we consider the history of the entire market and analyse the behaviour of 1469 cryptocurrencies introduced between April 2013 and May 2017. We reveal that, while new cryptocurrencies appear and disappear continuously and their market capitalization is increasing (super-)exponentially, several statistical properties of the market have been stable for years. These include the number of active cryptocurrencies, market share distribution and the turnover of cryptocurrencies. Adopting an ecological perspective, we show that the so-called neutral model of evolution is able to reproduce a number of key empirical observations, despite its simplicity and the assumption of no selective advantage of one cryptocurrency over another. Our results shed light on the properties of the cryptocurrency market and establish a first formal link between ecological modelling and the study of this growing system. We anticipate they will spark further research in this direction. PMID:29291057

  13. Evolutionary dynamics of the cryptocurrency market.

    Science.gov (United States)

    ElBahrawy, Abeer; Alessandretti, Laura; Kandler, Anne; Pastor-Satorras, Romualdo; Baronchelli, Andrea

    2017-11-01

    The cryptocurrency market surpassed the barrier of $100 billion market capitalization in June 2017, after months of steady growth. Despite its increasing relevance in the financial world, a comprehensive analysis of the whole system is still lacking, as most studies have focused exclusively on the behaviour of one (Bitcoin) or few cryptocurrencies. Here, we consider the history of the entire market and analyse the behaviour of 1469 cryptocurrencies introduced between April 2013 and May 2017. We reveal that, while new cryptocurrencies appear and disappear continuously and their market capitalization is increasing (super-)exponentially, several statistical properties of the market have been stable for years. These include the number of active cryptocurrencies, market share distribution and the turnover of cryptocurrencies. Adopting an ecological perspective, we show that the so-called neutral model of evolution is able to reproduce a number of key empirical observations, despite its simplicity and the assumption of no selective advantage of one cryptocurrency over another. Our results shed light on the properties of the cryptocurrency market and establish a first formal link between ecological modelling and the study of this growing system. We anticipate they will spark further research in this direction.

  14. Dynamic Asset Allocation and the Informational Efficiency of Markets.

    OpenAIRE

    Grossman, Sanford J

    1995-01-01

    Markets have an allocational role; even in the absence of news about payoffs, prices change to facilitate trade and allocate resources to their best use. Allocational price changes create noise in the signal extraction process, and markets where such trading is important are markets in which we may expect to find a failure of informational efficiency. An important source of allocational trading is the use of dynamic trading strategies caused by the incomplete equitization of risks. Incomplete...

  15. Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

    OpenAIRE

    Škrinjarić, Tihana; Šego, Boško

    2016-01-01

    Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity) makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation an...

  16. Dynamic Portfolio Selection on Croatian Financial Markets: MGARCH Approach

    Directory of Open Access Journals (Sweden)

    Škrinjarić Tihana

    2016-09-01

    Full Text Available Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation and restructuring over time.

  17. Dynamic interaction between markets for leasing and selling automobiles

    OpenAIRE

    Andrikopoulos, Athanasios; Markellos, Raphael N.

    2015-01-01

    We develop a model of dynamic interactions between price variations in leasing and selling markets for automobiles. Our framework assumes a differential game between multiple Bertrand-type competing firms which offer differentiated products to forward-looking agents. Empirical analysis of our model using monthly US data from 2002 to 2011 shows that variations in selling (cash) market prices lead rapidly dissipating changes of leasing market prices in the opposite direction. We discuss the pra...

  18. Differences in Dynamic Brand Competition Across Markets: An Empirical Analysis

    OpenAIRE

    Jean-Pierre Dubé; Puneet Manchanda

    2005-01-01

    We investigate differences in the dynamics of marketing decisions across geographic markets empirically. We begin with a linear-quadratic game involving forward-looking firms competing on prices and advertising. Based on the corresponding Markov perfect equilibrium, we propose estimable econometric equations for demand and marketing policy. Our model allows us to measure empirically the strategic response of competitors along with economic measures such as firm profitability. We use a rich da...

  19. The dynamics of Chinese rural households' participation in labor markets

    NARCIS (Netherlands)

    Brosig, S.; Glauben, T.; Herzfeld, T.; Rozelle, S.; Wang, X.

    2007-01-01

    The work is devoted to the dynamics of labor market participation of Chinese rural households. Based on a theoretical farm household framework the choice between four distinct labor market participation states is empirically analyzed. Using household data over the period 1995¿2002 from the province

  20. Global impact of uncertainties in China’s gas market

    International Nuclear Information System (INIS)

    Xunpeng, Shi; Variam, Hari Malamakkavu Padinjare; Tao, Jacqueline

    2017-01-01

    This paper examines the uncertainties in Chinese gas markets, analyze the reasons and quantify their impact on the world gas market. A literature review found significant variability among the outlooks on China's gas sector. Further assessment found that uncertainties in economic growth, structural change in markets, environmental regulations, price and institutional changes contribute to the uncertainties. The analysis of China’s demand and supply uncertainties with a world gas-trading model found significant changes in global production, trade patterns and spot prices, with pipeline exporters being most affected. China's domestic production and pipeline imports from Central Asia are the major buffers that can offset much of the uncertainties. The study finds an asymmetric phenomenon. Pipeline imports are responding to China's uncertainties in both low and high demand scenarios while LNG imports are only responding to high demand scenario. The major reasons are higher TOP levels and the current practice of import only up to the minimum TOP levels for LNG, as well as a lack of liberalized gas markets. The study shows that it is necessary to create LNG markets that can respond to market dynamics, through either a reduction of TOP levels or change of pricing mechanisms to hub indexation. - Highlights: • Economic growth, regulations, reforms and shale gas cause the uncertainties. • Pipeline exporters to China and Southeast Asian and Australian LNG exporters affected the most. • China’s domestic production and pipe imports offset much of the uncertainties. • Pipeline imports are responding to China’s uncertainties in both low and high demand. • LNG imports are only responding to high demand scenario.

  1. Modeling long-term dynamics of electricity markets

    International Nuclear Information System (INIS)

    Olsina, Fernando; Garces, Francisco; Haubrich, H.-J.

    2006-01-01

    In the last decade, many countries have restructured their electricity industries by introducing competition in their power generation sectors. Although some restructuring has been regarded as successful, the short experience accumulated with liberalized power markets does not allow making any founded assertion about their long-term behavior. Long-term prices and long-term supply reliability are now center of interest. This concerns firms considering investments in generation capacity and regulatory authorities interested in assuring the long-term supply adequacy and the stability of power markets. In order to gain significant insight into the long-term behavior of liberalized power markets, in this paper, a simulation model based on system dynamics is proposed and the underlying mathematical formulations extensively discussed. Unlike classical market models based on the assumption that market outcomes replicate the results of a centrally made optimization, the approach presented here focuses on replicating the system structure of power markets and the logic of relationships among system components in order to derive its dynamical response. The simulations suggest that there might be serious problems to adjust early enough the generation capacity necessary to maintain stable reserve margins, and consequently, stable long-term price levels. Because of feedback loops embedded in the structure of power markets and the existence of some time lags, the long-term market development might exhibit a quite volatile behavior. By varying some exogenous inputs, a sensitivity analysis is carried out to assess the influence of these factors on the long-run market dynamics

  2. Multi-product dynamic advertisement planning in a segmented market

    Directory of Open Access Journals (Sweden)

    Aggarwal Sugandha

    2017-01-01

    Full Text Available In this paper, a dynamic multi-objective linear integer programming model is proposed to optimally distribute a firm’s advertising budget among multiple products and media in a segmented market. To make the media plan responsive to the changes in the market, the distribution is carried out dynamically by dividing the planning horizon into smaller periods. The model incorporates the effect of the previous period advertising reach on the current period (taken through retention factor, and it also considers cross-product effect of simultaneously advertising different products. An application of the model is presented for an insurance firm that markets five different products, using goal programming approach.

  3. The futility of utility: how market dynamics marginalize Adam Smith

    Science.gov (United States)

    McCauley, Joseph L.

    2000-10-01

    Economic theorizing is based on the postulated, nonempiric notion of utility. Economists assume that prices, dynamics, and market equilibria are supposed to be derived from utility. The results are supposed to represent mathematically the stabilizing action of Adam Smith's invisible hand. In deterministic excess demand dynamics I show the following. A utility function generally does not exist mathematically due to nonintegrable dynamics when production/investment are accounted for, resolving Mirowski's thesis. Price as a function of demand does not exist mathematically either. All equilibria are unstable. I then explain how deterministic chaos can be distinguished from random noise at short times. In the generalization to liquid markets and finance theory described by stochastic excess demand dynamics, I also show the following. Market price distributions cannot be rescaled to describe price movements as ‘equilibrium’ fluctuations about a systematic drift in price. Utility maximization does not describe equilibrium. Maximization of the Gibbs entropy of the observed price distribution of an asset would describe equilibrium, if equilibrium could be achieved, but equilibrium does not describe real, liquid markets (stocks, bonds, foreign exchange). There are three inconsistent definitions of equilibrium used in economics and finance, only one of which is correct. Prices in unregulated free markets are unstable against both noise and rising or falling expectations: Adam Smith's stabilizing invisible hand does not exist, either in mathematical models of liquid market data, or in real market data.

  4. Multiproduct Multiperiod Newsvendor Problem with Dynamic Market Efforts

    Directory of Open Access Journals (Sweden)

    Jianmai Shi

    2016-01-01

    Full Text Available We study a multiperiod multiproduct production planning problem where the production capacity and the marketing effort on demand are both considered. The accumulative impact of marketing effort on demand is captured by the Nerlove and Arrow (N-A advertising model. The problem is formulated as a discrete-time, finite-horizon dynamic optimization problem, which can be viewed as an extension to the classic newsvendor problem by integrating with the N-A model. A Lagrangian relaxation based solution approach is developed to solve the problem, in which the subgradient algorithm is used to find an upper bound of the solution and a feasibility heuristic algorithm is proposed to search for a feasible lower bound. Twelve kinds of instances with different problem size involving up to 50 products and 15 planning periods are randomly generated and used to test the Lagrangian heuristic algorithm. Computational results show that the proposed approach can obtain near optimal solutions for all the instances in very short CPU time, which is less than 90 seconds even for the largest instance.

  5. Dynamics of heating oil market prices in Europe

    International Nuclear Information System (INIS)

    Indjehagopian, J.P.; Lantz, F.; Simon, V.

    2000-01-01

    This paper concerns the German and French heating oil market and attempts to establish long- and short-term relationships between German and French monthly heating oil prices in dollars, the Rotterdam spot price for the same product and the DM/US$ and FF/US$ exchange rates during the period from January 1987 to December 1997. To model the market over the period under consideration, incorporating the Gulf War, we have used conventional unit root tests and sequential tests allowing structural changes. Long-term relationships, with shifts in regime detected by cointegration tests taking structural breaks into consideration, are estimated. The short-term dynamics defined by a vector error correction (VEC) mechanism is derived in a classic manner when in presence of a cointegrated VAR system. The econometric results obtained are commented on from an economic point of view. Weak exogeneity tests are performed and the conditional VEC model is deduced, enabling measurement of the instantaneous impact of variations in weakly exogenous exchange rates on variations in heating oil prices in Germany and France. Lastly, a study is made of the asymmetric reaction of domestic prices to positive and negative variations in exchange rates and the Rotterdam spot quotation. 25 refs

  6. Dynamic Decision Making in Agricultural Futures and Options Markets?

    NARCIS (Netherlands)

    Mattos, F.; Garcia, P.; Pennings, J.M.E.

    2008-01-01

    This paper investigates the dynamics of sequential decision-making in agricultural futures and options markets. Analysis of trading records of 12 traders identified considerable heterogeneity in individual dynamic trading behavior. Using risk measures derived from the deltas and vegas of traderâ¿¿s

  7. Dynamics of Investment for Market-Oriented Farmers in Chile

    NARCIS (Netherlands)

    Reyes, A.; Kuyvenhoven, A.; Lensink, R.; Moll, H.A.J.

    2012-01-01

    Using panel data from a survey conducted in 2006 and 2008 of 177 market-oriented farmers in central Chile, we investigate investment under imperfect capital markets. Specifically we determine the impact of formal credit constraints on fixed investment. By controlling for endogeneity problems, we

  8. Regional labour market dynamics in the Netherlands

    NARCIS (Netherlands)

    Broersma, Lourens; van Dijk, J.

    This article analyzes the response of regional labor markets in the Netherlands to region-specific labor demand shocks. Previous studies show remarkable differences in response between regions in European countries and regions in the United States. The analysis shows that, in Dutch regions, the

  9. Age-specific labor market dynamics

    NARCIS (Netherlands)

    Gielen, A. C.

    2008-01-01

    One important finding concerns the fact that job separations for older workers constitute mostly a one-way exit out of the labor force, despite the fact that an ageing society calls for an active labor market participation from us all. Also, the allocation of labor for younger workers has shown to

  10. Survey on Impact of Public push on Sustainability marketing mix and Sustainability marketing mix on Sustainability marketing success

    OpenAIRE

    iman mousavian; bahram kheiry; vahidreza mirabi

    2014-01-01

    Partaking the movement in reaching a more sustainable planet, organizations should reconsider their marketing strategies according to the social and environmental impacts. Even though, attaining sustainability would become a serious challenge for them, but there exist no other options for the third millennium. The main purpose of this study is to investigate the Impact of public push on the sustainability marketing mix, as well as the effect of sustainability marketing mix on sustainability m...

  11. Modelling the impact of market interventions on the strategic evolution of electricity markets

    International Nuclear Information System (INIS)

    Bunn, Derek W.; Oliveira, Fernando S.

    2005-01-01

    In this paper, we seek to develop some model-based insights into this two-stage dynamic process linking market interventions with individual company performance through strategic asset trading and structural change. Essentially, this is achieved with an evolutionary, agent-based, computational model that is capable of simulating how a Cournot player, by interacting with his opponents, can rationally adapt his generation portfolio in order to increase value. The functional capabilities of the proposed computational approach facilitate: 1) The study of asset portfolio adaptation as a result of rational choice. This cannot be achieved with a static Cournot model that, by construction, does not take into account endogenously the rational choice of the installed capacities and technologies used by the players. Further, this evolutionary computational model internalizes the ''path dependencies'' as one of the determinants of portfolio adaptation. 2) The analysis of market structure as an endogenous co-evolutionary process, enabling an adaptive view of the impact of short-term regulatory policies on the evolution of the industry's market structure. 3) The analysis of the behavioural implications f the rational adaptation of players to regulatory interventions. This analysis is carried-out by modelling how players trade their assets in order to improve the value of their portfolio. Our model therefore incorporates two main components: a plant trading game and an electricity market game. The plant trading game simulates the interaction between electricity companies that trade generation plants. The electricity market game simulates the performance of portfolios of plant in an electricity market assuming Cournot players. From this two-stage modelling platform, we analyze two sorts of anti-trust interventions: (a) the ''structural changes'' of enforced divestiture and (b) the ''behavioural remedies'' (sic Competition commission) of capacity availability requirements. We have

  12. Interacting gaps model, dynamics of order book, and stock-market fluctuations

    Czech Academy of Sciences Publication Activity Database

    Svorenčík, A.; Slanina, František

    2007-01-01

    Roč. 57, - (2007), s. 453-462 ISSN 1434-6028 R&D Projects: GA MŠk 1P04OCP10.001 Institutional research plan: CEZ:AV0Z10100520 Keywords : interacting gaps model * dynamics of order book * stock - market fluctuations Subject RIV: BE - Theoretical Physics Impact factor: 1.356, year: 2007

  13. Market dynamics of biomass fuel in California

    International Nuclear Information System (INIS)

    Delaney, W.F.; Zane, G.A.

    1991-01-01

    The California market for biomass fuel purchased by independent power producers has grown substantially since 1980. The PURPA legislation that based power purchase rates upon the 'avoided cost' of public utilities resulted in construction of nearly 900 Megawatts of capacity coming online by 1991. Until 1987, most powerplants were co-sited at sawmills and burned sawmill residue. By 1990 the installed capacity of stand-alone powerplants exceeded the capacity co-sited at wood products industry facilities. The 1991 demand for biomass fuel is estimated as 6,400,000 BDT. The 1991 market value of most biomass fuel delivered to powerplants is from $34 to $47 per BDT. Biomass fuel is now obtained from forest chips, agriculture residue and urban wood waste. The proportion of biomass fuel from the wood products industry is expected to decline and non-traditional fuels are expected to increase in availability

  14. Impact of global investment processes on ukrainian share market

    Directory of Open Access Journals (Sweden)

    O.К. Zotsenko

    2015-03-01

    Full Text Available The paper investigates the effects of financial and investment processes on the Ukrainian share market. The research analyzed and estimated investment climate in Ukraine. The study highlights a comparison of the domestic share market with share markets of other countries. In terms of share capitalization of listed companies in the GDP determined that equity is the most developed in the USA and UK. Largest share markets with highest capitalization rate characterized. The regional distribution of the share market capitalization by continents are shown. The study of the dynamics of Ukrainian and global share indexes revealed that the Ukrainian share market indexes show a constant volatility and unpredictability. Correlation Ukrainian stock indexes with indexes in Europe, Russia and America is very weak, which is a very negative trend of the stock market of Ukraine. The key problems and risks of the domestic investments are defined which are consequences of downturn in the Ukrainian share market.

  15. Dynamic Stock Market Participation of Households with Heterogeneous Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    This paper develops and estimates a dynamic model of stock market participation, where consumers’ decisions regarding stock market participation are influenced by participation costs. The practical significance of the participation costs is considered as being a channel through which financial...... education programs can affect consumers’ investment decisions. Using household data from the Panel Study of Income Dynamics, I estimate the magnitude of the participation cost, allowing for individual heterogeneity in it. The results show the average stock market participation cost is about 5% of labor...... income; however, it varies substantially over consumers’ life. The model successfully predicts the level of the observed participation rate and the increasing pattern of stock market participation over the consumers’ life cycle....

  16. Termination of Dynamic Contracts in an Equilibrium Labor Market Model

    OpenAIRE

    Wang, Cheng

    2005-01-01

    I construct an equilibrium model of the labor market where workers and firms enter into dyamic contracts that can potentially last forever, but are subject to optimal terminations. Upon a termination, the firm hires a new worker, and the worker who is terminated receives a termination compensation from the firm and is then free to go back to the labor market to seek new employment opportunities and enter into new dynamic contracts. The model permits only two types of equilibrium terminations ...

  17. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Overgaard, Per Baltzer; Møllgaard, Peter

    2005-01-01

    In the economics literature, various views on the likely (efficiency) effects of information exchange,communication between firms and market transparency present themselves. Often these views oninformation flows are highly conflicting. On the one hand, it is argued that increased...... informationdissemination improves firm planning to the benefit of society (including customers) and/or allowspotential customers to make the right decisions given their preferences. On the other hand, theliterature also suggests that increased information dissemination can have significant coordinating orcollusive......, where informational issues have played a significant role....

  18. Modeling energy market dynamics using discrete event system simulation

    International Nuclear Information System (INIS)

    Gutierrez-Alcaraz, G.; Sheble, G.B.

    2009-01-01

    This paper proposes the use of Discrete Event System Simulation to study the interactions among fuel and electricity markets and consumers, and the decision-making processes of fuel companies (FUELCOs), generation companies (GENCOs), and consumers in a simple artificial energy market. In reality, since markets can reach a stable equilibrium or fail, it is important to observe how they behave in a dynamic framework. We consider a Nash-Cournot model in which marketers are depicted as Nash-Cournot players that determine supply to meet end-use consumption. Detailed engineering considerations such as transportation network flows are omitted, because the focus is upon the selection and use of appropriate market models to provide answers to policy questions. (author)

  19. Econophysics and Data Driven Modelling of Market Dynamics

    CERN Document Server

    Aoyama, Hideaki; Chakrabarti, Bikas; Chakraborti, Anirban; Ghosh, Asim; Econophysics and Data Driven Modelling of Market Dynamics

    2015-01-01

    This book presents the works and research findings of physicists, economists, mathematicians, statisticians, and financial engineers who have undertaken data-driven modelling of market dynamics and other empirical studies in the field of Econophysics. During recent decades, the financial market landscape has changed dramatically with the deregulation of markets and the growing complexity of products. The ever-increasing speed and decreasing costs of computational power and networks have led to the emergence of huge databases. The availability of these data should permit the development of models that are better founded empirically, and econophysicists have accordingly been advocating that one should rely primarily on the empirical observations in order to construct models and validate them. The recent turmoil in financial markets and the 2008 crash appear to offer a strong rationale for new models and approaches. The Econophysics community accordingly has an important future role to play in market modelling....

  20. Marketing Impact on Diffusion in Social Networks

    OpenAIRE

    Naumov, Pavel; Tao, Jia

    2016-01-01

    The paper proposes a way to add marketing into the standard threshold model of social networks. Within this framework, the paper studies logical properties of the influence relation between sets of agents in social networks. Two different forms of this relation are considered: one for promotional marketing and the other for preventive marketing. In each case a sound and complete logical system describing properties of the influence relation is proposed. Both systems could be viewed as extensi...

  1. Impact of environment on marketing strategy

    Directory of Open Access Journals (Sweden)

    Stanišić Olivera

    2005-01-01

    Full Text Available Today companies faced with manifold shifts arose in business environment recently but particularly during the last two decades. Such issues ask for sharp response rate by companies as well as very solid level of marketing intelligence, research and customer loyalty development. Paper discuss the importance of knowing what's going on in the target market within PEST approach including unavoidable technology issues. General focus is directed to needs of an appropriate marketing strategy development.

  2. Correlation Dynamics in East Asian Financial Markets

    NARCIS (Netherlands)

    Kuper, Gerard; Lestano, L

    2014-01-01

    This paper examines the dynamic relationship between stock returns and exchange rate changes using daily data from January 3, 1994 - September 27, 2013 for six East Asian countries: Indonesia, Malaysia, the Philippines, Singapore, South Korea and Thailand. We estimate conditional correlations using

  3. Dynamics of the youth travel market on a global level

    Directory of Open Access Journals (Sweden)

    Timea DEMETER

    2015-06-01

    Full Text Available The segment of young tourists has been considered a niche market and was treated as a branch of the tourism industry. In the past 10 years, however, its market value has began to increase significantly bringing real benefits to the companies adapting to this segment by developing appropriate strategies and policies. Therefore, the aim of this project is to analyse the dynamics of the youth travel market, on a global level, taking into consideration the international youth arrivals, youth accommodation units and the behavioural habits of young tourists, serving as a starting point in the strategy development process.

  4. Wealth dynamics in a sentiment-driven market

    Science.gov (United States)

    Goykhman, Mikhail

    2017-12-01

    We study dynamics of a simulated world with stock and money, driven by the externally given processes which we refer to as sentiments. The considered sentiments influence the buy/sell stock trading attitude, the perceived price uncertainty, and the trading intensity of all or a part of the market participants. We study how the wealth of market participants evolves in time in such an environment. We discuss the opposite perspective in which the parameters of the sentiment processes can be inferred a posteriori from the observed market behavior.

  5. Future evolution of the liberalised European gas market: Simulation results with a dynamic model

    International Nuclear Information System (INIS)

    Lise, Wietze; Hobbs, Benjamin F.

    2008-01-01

    Strategic behaviour by gas producers is likely to affect future gas prices and investments in the European Union (EU). To analyse this issue, a computational game theoretic model is presented that is based on a recursive-dynamic formulation. This model addresses interactions among demand, supply, pipeline and liquefied natural gas (LNG) transport, storage and investments in the natural gas market over the period 2005-2030. Three market scenarios are formulated to study the impact of producer market power. In addition, tradeoffs among investments in pipelines, LNG liquefaction and regasification facilities, and storage are explored. The model runs indicate that LNG can effectively compete with pipelines in the near future. Further, significant decreases in Cournot prices between 2005 and 2010 indicate that near-term investments in EU gas transport capacity are likely to diminish market power by making markets more accessible. (author)

  6. Future evolution of the liberalised European gas market: Simulation results with a dynamic model

    Energy Technology Data Exchange (ETDEWEB)

    Lise, Wietze [IBS Research and Consultancy, Aga Han, Agahamami Cadessi 1/6, Cihangir, 34433 Beyoglu, Istanbul (Turkey); Energy Markets and International Environmental Policy group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands); Hobbs, Benjamin F. [Department of Geography and Environmental Engineering, The Johns Hopkins University, Ames Hall 313, 3400 North Charles Street, Baltimore, MD 21218 (United States)

    2008-07-15

    Strategic behaviour by gas producers is likely to affect future gas prices and investments in the European Union (EU). To analyse this issue, a computational game theoretic model is presented that is based on a recursive-dynamic formulation. This model addresses interactions among demand, supply, pipeline and liquefied natural gas (LNG) transport, storage and investments in the natural gas market over the period 2005-2030. Three market scenarios are formulated to study the impact of producer market power. In addition, tradeoffs among investments in pipelines, LNG liquefaction and regasification facilities, and storage are explored. The model runs indicate that LNG can effectively compete with pipelines in the near future. Further, significant decreases in Cournot prices between 2005 and 2010 indicate that near-term investments in EU gas transport capacity are likely to diminish market power by making markets more accessible. (author)

  7. A dynamic marketing model with best reply and inertia

    International Nuclear Information System (INIS)

    Bischi, Gian Italo; Cerboni Baiardi, Lorenzo

    2015-01-01

    In this paper we consider a nonlinear discrete-time dynamic model proposed by Farris et al. (2005) as a market share attraction model with two firms that decide marketing efforts over time according to best reply strategies with naïve expectations. The model also considers an adaptive adjustment toward best reply, a form of inertia or anchoring attitude, and we investigate the effects of heterogeneities among firms. A rich scenario of local and global bifurcations is obtained even with just two competing firms, and a comparison is proposed with apparently similar duopoly models based on repeated best reply dynamics with naïve expectations and adaptive adjustment.

  8. System Dynamics Modeling of the Massachusetts SREC Market

    Directory of Open Access Journals (Sweden)

    Wilson Rickerson

    2010-08-01

    Full Text Available As states across the country struggle to increase local development of renewable energy, policymakers are turning to innovative program designs to meet their renewable electricity targets. Massachusetts recently adopted a unique, auction-based price support mechanism for the solar portion of its renewable portfolio standard. During the program development process, the Massachusetts Department of Energy Resources (DOER used system dynamics to simulate potential solar renewable energy certificate market conditions under the proposed regulations. The modeling exercise resulted in several program design changes that will lead to a more stable certificate market. System dynamics can be a useful tool for developing and improving sustainability programs.

  9. Electricity market reforms: Institutional developments, investment dynamics and game modeling

    Science.gov (United States)

    Pineau, Pierre-Olivier

    The reform trend of the 1990's in electricity markets recreates, to some extent, the institutional framework from which they developed one century ago. Although these reforms do not endeavor to completely remove regulation, the basic objectives of deregulation dwell on limiting central and governmental control over the industry in order to promote free competition at all possible levels. To assess whether the electricity industry is or is not moving back to a 19th century structure is not the goal of this thesis. We will rather try to understand on what grounds deregulation reforms stand and review how different countries and large utilities have reacted to this trend. The special nature of electricity (non-storable basic good, centrally produced) creates different obstacles in the restructuring of electricity markets, compared to other industries like the airline or telecommunication ones. For example, the dominant positions of some utilities, the production structure and the importance of electricity in modern life could transform these reforms in a threatening move for consumers. Another specific issue arising from deregulation, now that national energy policy goals no longer rule the behavior of utilities, is how investment will be coordinated in the new market. A key element to keep in sight is the competition level targeted by these reforms. To which extent full competition can really occur in electricity markets remains an unanswered question. Indeed, the oligopolistic structure of the market could prevent such an outcome. An investigation of the investment dynamics in such a context seems therefore appropriate, and this will be an important theme of the thesis. This work offers an analysis of deregulated electricity markets and studies the oligopolistic market dynamics that could prevail in the new structure. Two complementary approaches are used for these purposes. The first is institutional and presents a thorough illustration of the economic arguments

  10. Evolutions in food marketing, quantifying the impact, and policy implications.

    Science.gov (United States)

    Cairns, Georgina

    2013-03-01

    A case study on interactive digital marketing examined the adequacy of extant policy controls and their underpinning paradigms to constrain the effects of this rapidly emerging practice. Findings were interactive digital marketing is expanding the strategies available to promote products, brands and consumer behaviours. It facilitates relational marketing; the collection of personal data for marketing; integration of the marketing mix, and provides a platform for consumers to engage in the co-creation of marketing communications. The paradigmatic logic of current policies to constrain youth-oriented food marketing does not address the interactive nature of digital marketing. The evidence base on the effects of HFSS marketing and policy interventions is based on conceptualizations of marketing as a force promoting transactions rather than interactions. Digital technologies are generating rich consumer data. Interactive digital technologies increase the complexity of the task of quantifying the impact of marketing. The rapidity of its uptake also increases urgency of need to identify appropriate effects measures. Independent analysis of commercial consumer data (appropriately transformed to protect commercial confidentiality and personal privacy) would provide evidence sources for policy on the impacts of commercial food and beverage marketing and policy controls. Copyright © 2012 Elsevier Ltd. All rights reserved.

  11. Assessing the Dynamic Behavior of Online Q&A Knowledge Markets: A System Dynamics Approach

    Science.gov (United States)

    Jafari, Mostafa; Hesamamiri, Roozbeh; Sadjadi, Jafar; Bourouni, Atieh

    2012-01-01

    Purpose: The objective of this paper is to propose a holistic dynamic model for understanding the behavior of a complex and internet-based kind of knowledge market by considering both social and economic interactions. Design/methodology/approach: A system dynamics (SD) model is formulated in this study to investigate the dynamic characteristics of…

  12. ASSESSING THE RELATIONSHIP BETWEEN MARKET FACTORS AND REGIONAL PRICE DYNAMICS IN U.S. CATTLE MARKETS

    OpenAIRE

    Walburger, Allan M.; Foster, Kenneth A.

    1997-01-01

    Regional live cattle prices are decomposed into two components: (a) a trend common to all regional cattle price series and (b) regional deviations or price dynamics around that trend. Tests are developed to determine if market factors are related to the regional price deviations around a common trend. Slaughter volume, distance between a market and the next closest, and forward contract deliveries are significantly related to price deviations from the estimated common trend.

  13. North American Oriented Strand Board Markets, Arbitrage Activity, and Market Price Dynamics: A Smooth Transition Approach

    OpenAIRE

    Goodwin, Barry K.; Holt, Matthew T.; Prestemon, Jeffery P.

    2008-01-01

    Price dynamics for North American oriented strand board (OSB) markets are examined. The role of transactions costs are explored vis-a-vis the law of one price. Weekly data, February 3rd, 1995 through October 9th, 2009, are used in the analysis. Nonlinearities induced by unobservable transactions costs are modeled by estimating Time-Varying Smooth Transition Autoregressions (TV-STARs). Results indicate that nonlinearity and structural change are important features of these markets; price...

  14. Information Exchange, Market Transparency and Dynamic Oligopoly

    DEFF Research Database (Denmark)

    Møllgaard, H. Peter; Overgaard, Per Baltzer

    Economic literature often offers conflicting views on the likely efficiency effects of information exchanges, communication between firms, and market transparency. On the one hand, it is argued that increased information dissemination improves firm planning to the benefit of society (including...... buyers) and allows potential buyers to make correct decisions given their preferences. On the other hand, economic literature also shows that increased information dissemination can raise prices through tacit or explicit collusion to the benefit of firms but at the expense of society at large....... This chapter provides a general analytical framework to reconcile these views and presents some basic conclusions for antitrust practice. In addition, the chapter reviews cases from both sides of the Atlantic where informational issues have played a significant role....

  15. Evaluating the market transformation impacts of a DSM program in the Province of Quebec

    Energy Technology Data Exchange (ETDEWEB)

    Baillargeon, P.; Michaud, N. [Econoler, 160 St-Paul Street, Quebec, QC, G1K 3W1 (Canada); Schmitt, B. [Hydro-Quebec, Complexe Desjardins, East Tower, C.P. 10000, Place Desjardins, Montreal, QC, H5B 1H7 (Canada); Megdal, L. [Megdal and Associates, 198 High Street, Acton, MA 01720 (United States)

    2012-01-15

    In 2006, Hydro-Quebec introduced a large DSM program on the market to promote the adoption of compact fluorescent lamps in Quebec households. After 3 years of program implementation, there was significant indication on the part of market actors that the promotional campaign component was quite effective in transforming the Quebec market. Hydro-Quebec therefore decided to modify its approach to program evaluation to include the quantification of market effects. Econoler led a team including American partners, Opinion Dynamics Inc. and Megdal and Associates to conduct an evaluation of program impacts on market transformation. An evaluation strategy was designed where different research tools would be integrated to determine market evolution over the two previous years. Each research method was used to determine an estimate of program impacts, then triangulated with other approaches to determine the most appropriate impact evaluation method regarding the Hydro-Quebec program. Research efforts included a non-participant survey, interviews at manufacturer headquarters across Canada, interviews with banner distributor representatives across Canada, the collection of sales and market share data from manufacturers and retailers as well as secondary research to identify other players that could influence the market. The evaluation revealed that savings of 168 GWh could be attributed to direct and indirect impacts of the program for the 2006-2007 period.

  16. Forecasting the Electricity Demand and Market Shares in Retail Electricity Market Based on System Dynamics and Markov Chain

    OpenAIRE

    Qingyou Yan; Chao Qin; Mingjian Nie; Le Yang

    2018-01-01

    Due to the deregulation of retail electricity market, consumers can choose retail electric suppliers freely, and market entities are facing fierce competition because of the increasing number of new entrants. Under these circumstances, forecasting the changes in all market entities, when market share stabilized, is important for suppliers making marketing decisions. In this paper, a market share forecasting model was established based on Markov chain, and a system dynamics model was construct...

  17. Outflow dynamics in modeling oligopoly markets: the case of the mobile telecommunications market in Poland

    Science.gov (United States)

    Sznajd-Weron, Katarzyna; Weron, Rafał; Włoszczowska, Maja

    2008-11-01

    In this paper we introduce two models of opinion dynamics in oligopoly markets and apply them to a situation where a new entrant challenges two incumbents of the same size. The models differ in the way in which the two forces influencing consumer choice—(local) social interactions and (global) advertising—interact. We study the general behavior of the models using the mean field approach and Monte Carlo simulations and calibrate the models using data from the Polish telecommunications market. For one of the models criticality is observed—below a certain critical level of advertising the market approaches a lock-in situation, where one market leader dominates the market and all other brands disappear. Interestingly, for both models the best fits to real data are obtained for conformity level p \\in (0.3,0.4) . This agrees very well with the conformity level found by Solomon Asch in his famous social experiment.

  18. Expectation formation in dynamic market experiments

    NARCIS (Netherlands)

    Heemeijer, P.

    2009-01-01

    People often make mistakes when predicting economic variables such as prices. It is important to understand how these predictions are formed, since people's expectations have a large impact on the development and stability of economic systems. In this thesis the expectation formation of individuals

  19. Creating lift versus building the base : Current trends in marketing dynamics

    NARCIS (Netherlands)

    Leeflang, P.S.H.; Bijmolt, T.H.A.; van Doorn, J.; Hanssens, D.M.; van Heerde, H.J.; Verhoef, P.C.; Wieringa, J.E.

    Markets are dynamic by nature; and marketing-efforts can be directed to stimulate, reduce, or to utilize these dynamics. The field of marketing dynamics aims at modeling the effects of marketing actions and policies on short-term performance ("lift") and on long-term performance ("base"). One of the

  20. Market Orientation Impact on Radical and Incremental Marketing Innovation: A Study of Saudi Arabia Hospital Marketing Efforts

    OpenAIRE

    Alshahry Abdullah saeed A; Wang Aimin

    2015-01-01

    We conducted an empirical study to measure influence of market orientation on marketing innovation in hospitals in Saudi Arabia. The sample includes 109 hospital workers that have been identified as having an adequate knowledge of the subject of research. In particular we explain the impact of customer orientation, inter-functional orientation and competitor orientation on marketing innovation. Furthermore the moderating effects of centralization and formalization on those relationships are e...

  1. Investigating the Nonlinear Dynamics of Emerging and Developed Stock Markets

    Directory of Open Access Journals (Sweden)

    K. Guhathakurta

    2015-01-01

    Full Text Available Financial time-series has been of interest of many statisticians and financial experts. Understanding the characteristic features of a financial-time series has posed some difficulties because of its quasi-periodic nature. Linear statistics can be applied to a periodic time series, but since financial time series is non-linear and non-stationary, analysis of its quasi periodic characteristics is not entirely possible with linear statistics. Thus, the study of financial series of stock market still remains a complex task having its specific requirements. In this paper keeping in mind the recent trends and developments in financial time series studies, we want to establish if there is any significant relationship existing between trading behavior of developing and developed markets. The study is conducted to draw conclusions on similarity or differences between developing economies, developed economies, developing-developed economy pairs. We take the leading stock market indices dataset for the past 15 years in those markets to conduct the study. First we have drawn probability distribution of the dataset to see if any graphical similarity exists. Then we perform quantitative techniques to test certain hypotheses. Then we proceed to implement the Ensemble Empirical Mode Distribution technique to draw out amplitude and phase of movement of index value each data set to compare at granular level of detail. Our findings lead us to conclude that the nonlinear dynamics of emerging markets and developed markets are not significantly different. This could mean that increasing cross market trading and involvement of global investment has resulted in narrowing the gap between emerging and developed markets. From nonlinear dynamics perspective we find no reason to distinguish markets into emerging and developed any more.

  2. Capacity subscription and its market design impact

    International Nuclear Information System (INIS)

    Doorman, Gerard; Solem, Gerd

    2005-04-01

    Capacity Subscription (CS) implies that consumers buy (subscribe to) a certain amount of capacity. Their demand is limited to this capacity when the total power system is short of capacity and the System Operator activates controllable Load Limiting Devices (LLDs). The objective is to maintain system security by avoiding involuntary load shedding. The report describes a market design with CS. As a case study, an analysis is made of the changes in the market design of the Nordic system that would be necessary to implement CS. First the present Nordic market design is described. Focus is on the various market participants, their roles within various time horizons and their interactions. So it is described how CS works, why it works and what is necessary to make it work. Subsequently the necessary changes in the Nordic market structure are described. The major changes are the installation of the LLDs, the establishment of the necessary infrastructure to control the LLDs and the rules governing their control and the establishment of a capacity market. The major rule is that the System Operator announces LLD activation when a shortage situation is expected. In the capacity market generators offer available capacity during system peak conditions, while consumers bid their need for capacity. Market participants are the same as on the spot market, while small consumers buy through retailer. Generators are obliged to offer the capacity sold on the capacity market on the spot market during LLD activation. Failure to do so results in a penalty payment. The report further discusses issues like the need for verification procedures, import and export, generation pooling, the handling of small consumers, reserves and a possible implementation path of CS. With respect to transmission constraints it is argued that market splitting can be a viable option. It is concluded that CS can be a possible solution to maintain generation adequacy, but there are some serious challenges. The

  3. Electricity Market Stochastic Dynamic Model and Its Mean Stability Analysis

    Directory of Open Access Journals (Sweden)

    Zhanhui Lu

    2014-01-01

    Full Text Available Based on the deterministic dynamic model of electricity market proposed by Alvarado, a stochastic electricity market model, considering the random nature of demand sides, is presented in this paper on the assumption that generator cost function and consumer utility function are quadratic functions. The stochastic electricity market model is a generalization of the deterministic dynamic model. Using the theory of stochastic differential equations, stochastic process theory, and eigenvalue techniques, the determining conditions of the mean stability for this electricity market model under small Gauss type random excitation are provided and testified theoretically. That is, if the demand elasticity of suppliers is nonnegative and the demand elasticity of consumers is negative, then the stochastic electricity market model is mean stable. It implies that the stability can be judged directly by initial data without any computation. Taking deterministic electricity market data combined with small Gauss type random excitation as numerical samples to interpret random phenomena from a statistical perspective, the results indicate the conclusions above are correct, valid, and practical.

  4. Immigration and urban housing market dynamics : the case of Haifa

    NARCIS (Netherlands)

    van der Vlist, Arno J.; Czamanski, Daniel; Folmer, Henk

    2011-01-01

    This paper addresses the interplay between demographics and housing market dynamics in Haifa, Israel. In the 1990s the city of Haifa, with a population of approximately 220,000, absorbed about 45,000 immigrants. The case of Haifa offers a typical non-controlled experiment on how demographic shocks

  5. Insurance brokers market dynamics in Poland before deregulation

    Directory of Open Access Journals (Sweden)

    Jarosław Krajewski

    2014-12-01

    Full Text Available The article focus on insurance broker profession in connection with second part of professions deregulations. It briefly presents modifications in polish law in this domain. Next part concerns the insurance brokers market dynamics analysis. The results shows permanent increase in brokers quantity in spite of existing regulations. Presented paper makes start point to following analysis.

  6. Measuring the Impact of Road Rehabilitation on Spatial Market Efficiency in Maize Markets in Mozambique

    DEFF Research Database (Denmark)

    Cirera, Xavier; Arndt, Channing

    2008-01-01

    to the existing literature in three ways. First, a unique data set, where road rehabilitation episodes between market pairs are identified, is developed. Second, special care is devoted to estimation of transaction costs due to the sensitivity of the PBM model to the quality of transaction costs estimates......This article analyzes the impact of road rehabilitation on the spatial market efficiency of maize markets in Mozambique. We estimate a modified version of the Parity Bounds Model (PBM) that allows us to test the impact of road rehabilitation on spatial efficiency. This article seeks to contribute....... Finally, as opposed to most existing literature that focuses on relatively distant markets, the article focuses on spatially closed markets. We find that maize markets tend to be segmented due to high transport costs. Following road rehabilitation, inefficiency and average absolute price differentials...

  7. Policy changes and the dynamics of capacity expansion in the Swiss electricity market

    International Nuclear Information System (INIS)

    Ochoa, Patricia; Van Ackere, Ann

    2009-01-01

    Capacity of supply is a crucial matter in electricity markets as it directly influences reliability of supply, price volatility and blackout risk. In this paper, we analyse the dynamics of capacity expansion in the Swiss electricity market and the impact of different policies such as nuclear phaseout and management of electricity exchanges - imports and exports - policies. This article develops the conceptualization model presented in [Ochoa, P., 2007b. Policy changes in the Swiss electricity market: a system dynamics analysis of likely market responses. Socio-Economic Planning Sciences 41 (4):336-349.]. We build a system dynamics model based on the dynamics of capacity expansion explained in the latter paper and present and analyse different scenarios. We conclude that international electricity exchanges are important for the Swiss market as they help to lower costs and to increase the income of the utility companies; however, we illustrate the need for explicit policies for managing imports and exports of electricity to avoid import dependence from neighbouring countries. (author)

  8. Dynamics of Correlation Structure in Stock Market

    Directory of Open Access Journals (Sweden)

    Maman Abdurachman Djauhari

    2014-01-01

    Full Text Available In this paper a correction factor for Jennrich’s statistic is introduced in order to be able not only to test the stability of correlation structure, but also to identify the time windows where the instability occurs. If Jennrich’s statistic is only to test the stability of correlation structure along predetermined non-overlapping time windows, the corrected statistic provides us with the history of correlation structure dynamics from time window to time window. A graphical representation will be provided to visualize that history. This information is necessary to make further analysis about, for example, the change of topological properties of minimal spanning tree. An example using NYSE data will illustrate its advantages.

  9. The impact of mobile marketing in airports

    OpenAIRE

    Florido-Benítez, Lázaro

    2016-01-01

    Purpose: This paper seeks to analyze the effects of mobile marketing tool at airports and passengers. Design/methodology: This research approach consist of going through data files and bibliographical sources in search of information gathered by authors, institutions and organizations regarding our case study. Findings: Mobile marketing to increase passenger satisfaction and commercial income in the airports. Large airports are taking advantage of the consolidation of mobile devic...

  10. Correlation between agricultural markets in dynamic perspective-Evidence from China and the US futures markets

    Science.gov (United States)

    Jia, Rui-Lin; Wang, Dong-Hua; Tu, Jing-Qing; Li, Sai-Ping

    2016-12-01

    Emerging as the earliest futures markets, agricultural futures markets play an important role in risk aversion and price discovery. With the integration of global economy, the linkage between domestic and international futures markets becomes closer than ever. By using the thermal optimal path (TOP) method, this paper selects soybean, corn and wheat as the representatives to study the dynamic lead-lag relationship between the Chinese and American markets in both returns and volatility. The results indicate that: (1) For the futures return, different kinds of agricultural futures lead-lag relationship between China and the US varied before 2014 both in direction and order in different time periods. However, China leads the US for all the three kinds we study after 2014. (2) Agricultural commodities subject to less import restrictions and government regulations in China such as soybean are more susceptible to the fluctuations from the international markets. On the other hand, lower foreign trade openness and more government regulation species such as wheat are less affected by fluctuations from outside. (3) The volatility transmission from the US to China wheat futures market takes longer time than soybean, which suggests that China's soybean futures market is more closely linked to the international agricultural futures market than wheat.

  11. Market impact and trading profile of hidden orders in stock markets.

    Science.gov (United States)

    Moro, Esteban; Vicente, Javier; Moyano, Luis G; Gerig, Austin; Farmer, J Doyne; Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N

    2009-12-01

    We empirically study the market impact of trading orders. We are specifically interested in large trading orders that are executed incrementally, which we call hidden orders. These are statistically reconstructed based on information about market member codes using data from the Spanish Stock Market and the London Stock Exchange. We find that market impact is strongly concave, approximately increasing as the square root of order size. Furthermore, as a given order is executed, the impact grows in time according to a power law; after the order is finished, it reverts to a level of about 0.5-0.7 of its value at its peak. We observe that hidden orders are executed at a rate that more or less matches trading in the overall market, except for small deviations at the beginning and end of the order.

  12. The Impact of Colours on Online Marketing Communications

    OpenAIRE

    Chai-Lee Goi

    2012-01-01

    Colour choice has become a common strategy and correlates highly with marketing. Three broad functions can be identified for colour in a building context especially applied in marketing communications, which are its role as an important parameter in illumination designs, its capacity to influence the visual appearance of a building in a predictable manner and as an aesthetic function. The review of literatures shows that colour has an impact on online marketing communicat...

  13. Multi-Market Impacts of Market-Based Recycling Initiatives.

    Science.gov (United States)

    Fisher, Linda R

    1999-09-01

    In 1995 the average tipping fee in the state of New York was $70/ton, with some landfills charging as high as $100. 1 In New Jersey, fees reached prices as high as $165/ton. 2 With budget crises occurring at all levels of government, economists, environmental scientists, policy-makers, and others are scrambling to find alternatives to waste disposal. Recycling as a solution has risen to the forefront, most likely because it both saves landfill space and may use fewer resources than virgin material processing. At every level of government, policies are being set that encourage recycling. Unfortunately, some of these programs may be resulting in unintended and undesirable side effects. To understand these effects, a broader view of the many factors involved in materials use, waste generation, and disposal is necessary. Within this paper, the broader view is considered, including a discussion of the externalities that exist in the markets affected by waste and an analysis of the effects on all alternatives to recycling, including composting and reuse. Through use of mathematical optimization, this paper shows that a recycling subsidy, or the more complicated tax/subsidy scheme, does not necessarily provide greater environmental benefits compared with disposal taxes.

  14. Impact of Competition on Mutual Fund Marketing Expenses

    Directory of Open Access Journals (Sweden)

    Sitikantha Parida

    2018-03-01

    Full Text Available In this paper, I study the impact of market competition on mutual fund marketing expenses. In a sample of US domestic equity mutual funds, I find that marketing expenses decrease with the competition. This effect is stronger for top-performing funds. These results are counterintuitive, as one would ordinarily expect funds to incur more marketing expenses in response to pressure from competing funds. However, these results support the narrative that mutual funds employ marketing to draw attention to their performance in a tournament-like market, where the top-performing funds (the winners are rewarded with disproportionately high new investments. Higher competition decreases the chances of each fund to outperform the others and adversely affect their ability to attract new investments, and the funds respond by decreasing marketing expenses. Thus, competition appears to have implications for investor search cost.

  15. Oil price and financial markets: Multivariate dynamic frequency analysis

    International Nuclear Information System (INIS)

    Creti, Anna; Ftiti, Zied; Guesmi, Khaled

    2014-01-01

    The aim of this paper is to study the degree of interdependence between oil price and stock market index into two groups of countries: oil-importers and oil-exporters. To this end, we propose a new empirical methodology allowing a time-varying dynamic correlation measure between the stock market index and the oil price series. We use the frequency approach proposed by Priestley and Tong (1973), that is the evolutionary co-spectral analysis. This method allows us to distinguish between short-run and medium-run dependence. In order to complete our study by analysing long-run dependence, we use the cointegration procedure developed by Engle and Granger (1987). We find that interdependence between the oil price and the stock market is stronger in exporters' markets than in the importers' ones. - Highlights: • A new time-varying measure for the stock markets and oil price relationship in different horizons. • We propose a new empirical methodology: multivariate frequency approach. • We propose a comparison between oil importing and exporting countries. • We show that oil is not always countercyclical with respect to stock markets. • When high oil prices originate from supply shocks, oil is countercyclical with stock markets

  16. Impact of market restructuring on power systems operation

    International Nuclear Information System (INIS)

    Dunn, W.H. Jr.; Rossi, M.A.; Avramovic, B.

    1995-01-01

    This article examines the effect that competitive pricing will have on control center applications, information technology requirements, and transaction analysis in the USA by examining the England and Wales system. The topics of the article include a comparison of market-based and cost-based systems, impacts on control center applications, impacts on information technology requirements, and impacts on transaction analysis

  17. The Impact of Product Market Competition on Training Provision

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

    2014-01-01

    While standard models of training focus on how input market affects firms' training decisions, this paper investigates the impact of product market competition on training provision. Using the longitudinal data from Statistics Canada's Workplace and Employee Survey, we find that increased...... that increasing training is an important channel through which competition raises productivity....

  18. The Impact of Earthquakes on the Domestic Stock Market

    NARCIS (Netherlands)

    Scholtens, Bert; Voorhorst, Yvonne

    How do financial markets respond to the impact of earthquakes? We investigate this for more than 100 earthquakes with fatalities in 21 countries from five continents in the period 1973-2011. Using an event study methodology we conclude that there are significant negative effects on stock market

  19. Continuous Trading Dynamically Effectively Complete Market with Heterogeneous Beliefs

    DEFF Research Database (Denmark)

    Qin, Zhenjiang

    on the heterogeneous posterior variance of dividend throughout [0; T). The market populated with many time-additive exponential-utility investors is dynamically effectively complete, if investors are allowed to trade in only two long-lived securities continuously. The underlying mechanism is that these assumptions...... imply that the Pareto efficient individual consumption plans are measurable with respect to the aggregate consumption. Hence, I may not need a dynamically complete market to facilitate a Pareto efficient allocation of consumption, the securities only have to facilitate an allocation which is measurable...... a sufficient statistic for computation of the price of redundant dividend derivative and the equilibrium portfolios. The investors form their Pareto optimal trading strategies as if they intend to dynamically endogenously replicate the value of the dividend derivative....

  20. Stability of power systems coupled with market dynamics

    Science.gov (United States)

    Meng, Jianping

    This Ph.D. thesis presented here spans two relatively independent topics. The first part, Chapter 2 is self-contained, and is dedicated to studies of new algorithms for power system state estimation. The second part, encompassing the remaining chapters, is dedicated to stability analysis of power system coupled with market dynamics. The first part of this thesis presents improved Newton's methods employing efficient vectorized calculations of higher order derivatives in power system state estimation problems. The improved algorithms are proposed based on an exact Newton's method using the second order terms. By efficiently computing an exact gain matrix, combined with a special optimal multiplier method, the new algorithms show more reliable convergence compared with the existing methods of normal equations, orthogonal decomposition, and Hachtel's sparse tableau. Our methods are able to handle ill-conditioned problems, yet show minimal penalty in computational cost for well-conditioned cases. These claims are illustrated through the standard IEEE 118 and 300 bus test examples. The second part of the thesis focuses on stability analysis of market/power systems. The work presented is motivated by an emerging problem. As the frequency of market based dispatch updates increases, there will inevitably be interaction between the dynamics of markets determining the generator dispatch commands, and the physical response of generators and network interconnections, necessitating the development of stability analysis for such coupled systems. We begin with numeric tests using different market models, with detailed machine/exciter/turbine/governor dynamics, in the New England 39 bus test system. A progression of modeling refinements are introduced, including such non-ideal effects as time delays. Electricity market parameter identification algorithms are also studied based on real time data from the PJM electricity market. Finally our power market model is augmented by optimal

  1. North American oriented strand board markets, arbitrage activity, and market price dynamics: A smooth transition approach

    Science.gov (United States)

    Barry Goodwin; Matthew Holt; Jeffrey P. Prestemon

    2011-01-01

    Price dynamics for North American oriented strand board markets are examined. The role of transactions costs are explored vis-à-vis the law of one price. Nonlinearities induced by unobservable transactions costs are modeled by estimating time-varying smooth transition autoregressions (TV-STARs). Results indicate that nonlinearity and structural change are important...

  2. Impact of Global Financial Crisis on Nigerian Stock Market | Onuoha ...

    African Journals Online (AJOL)

    Impact of Global Financial Crisis on Nigerian Stock Market. ... that the global financial crisis measured by currency crisis, credit crisis, liquidity crisis, ... relevant regulatory authorities should use the financial stress index (FSI) as proposed by ...

  3. Electricity market reforms : institutional developments, investment dynamics and game modeling (Finland)

    International Nuclear Information System (INIS)

    Pineau, P.-O.

    2001-01-01

    During the 1990s, there was a definite trend to reform the electric power industry from the way in which it operated a century ago. The reform does not try to totally remove regulation. Rather, the basic objective is to limit central and governmental control over the industry so that free competition can be encouraged at all possible levels. This thesis tried to understand the status of deregulatory reforms and reviews how different countries and large utilities have reacted to the trend. Electricity is particular in that it is a non-storable basic good that is centrally produced. Compared to other industries such as the airline or telecommunication industry, this special nature creates barriers in the restructuring of power markets. An issue that is emerging with deregulation is that national energy policy goals no longer determine the behaviour of utilities. This will impact on how investments will be coordinated in the new market. A major factor to keep in mind is the competition level sought by these reforms. It is not yet known to which extent full competition can really occur in electricity markets. The oligopolistic structure of the market may even prevent such an outcome. It is important to examine the investment dynamics in such a context. This was the primary theme of the thesis. The two complementary approaches used included an example of an institution and its economic arguments that support market reform. A detailed example of the reform process in the electricity market in Finland was presented. The second approach was more analytical and was based on the market equilibria that may occur as a result of market reform. A dynamic model of investment for the power market was again applied to the electricity market in Finland

  4. Electricity market reforms : institutional developments, investment dynamics and game modeling (Finland)

    Energy Technology Data Exchange (ETDEWEB)

    Pineau, P.-O.

    2001-07-01

    During the 1990s, there was a definite trend to reform the electric power industry from the way in which it operated a century ago. The reform does not try to totally remove regulation. Rather, the basic objective is to limit central and governmental control over the industry so that free competition can be encouraged at all possible levels. This thesis tried to understand the status of deregulatory reforms and reviews how different countries and large utilities have reacted to the trend. Electricity is particular in that it is a non-storable basic good that is centrally produced. Compared to other industries such as the airline or telecommunication industry, this special nature creates barriers in the restructuring of power markets. An issue that is emerging with deregulation is that national energy policy goals no longer determine the behaviour of utilities. This will impact on how investments will be coordinated in the new market. A major factor to keep in mind is the competition level sought by these reforms. It is not yet known to which extent full competition can really occur in electricity markets. The oligopolistic structure of the market may even prevent such an outcome. It is important to examine the investment dynamics in such a context. This was the primary theme of the thesis. The two complementary approaches used included an example of an institution and its economic arguments that support market reform. A detailed example of the reform process in the electricity market in Finland was presented. The second approach was more analytical and was based on the market equilibria that may occur as a result of market reform. A dynamic model of investment for the power market was again applied to the electricity market in Finland.

  5. Nonlinear impact of the marketing mix on brand sales performance

    OpenAIRE

    Porto, Rafael Barreiros; Lima, Nolah Schutte da Rocha

    2016-01-01

    The pattern of the impact that marketing activities exert on sales has not been widely examined in the literature. Many studies have adopted restricted linear perspectives, disregarding the empirical evidence. We investigated the nonlinear impact of the marketing mix on the volume of sales, volume of consumers and level of purchasing by each consumer, through a longitudinal study with panel data of brands and consumers simultaneously. We analyzed 121 brands during 13 months, with 793 purchase...

  6. The Impact Of Viral Marketing On Corporate Brand Reputation

    OpenAIRE

    Lawrence Mpele Lekhanya

    2014-01-01

    This paper reports on the impact of viral marketing on corporate brand reputation. The study aimed to analyse and evaluate the use of viral marketing and the impact it has on the reputation of corporate branding of South African companies. The study was conducted in four South African provinces. The sample consisted of 75 companies, selected using a stratified sampling method, with respondents completing a five-point Likert scale questionnaire with the assistance of an interviewer. The result...

  7. Molecular dynamics simulation of impact test

    International Nuclear Information System (INIS)

    Akahoshi, Y.; Schmauder, S.; Ludwig, M.

    1998-01-01

    This paper describes an impact test by molecular dynamics (MD) simulation to evaluate embrittlement of bcc Fe at different temperatures. A new impact test model is developed for MD simulation. The typical fracture behaviors show transition from brittle to ductile fracture, and a history of the impact loads also demonstrates its transition. We conclude that the impact test by MD could be feasible. (orig.)

  8. Molecular dynamics simulation of impact test

    Energy Technology Data Exchange (ETDEWEB)

    Akahoshi, Y. [Kyushu Inst. of Tech., Kitakyushu, Fukuoka (Japan); Schmauder, S.; Ludwig, M. [Stuttgart Univ. (Germany). Staatliche Materialpruefungsanstalt

    1998-11-01

    This paper describes an impact test by molecular dynamics (MD) simulation to evaluate embrittlement of bcc Fe at different temperatures. A new impact test model is developed for MD simulation. The typical fracture behaviors show transition from brittle to ductile fracture, and a history of the impact loads also demonstrates its transition. We conclude that the impact test by MD could be feasible. (orig.)

  9. A stochastic MILP energy planning model incorporating power market dynamics

    International Nuclear Information System (INIS)

    Koltsaklis, Nikolaos E.; Nazos, Konstantinos

    2017-01-01

    Highlights: •Stochastic MILP model for the optimal energy planning of a power system. •Power market dynamics (offers/bids) are incorporated in the proposed model. •Monte Carlo method for capturing the uncertainty of some key parameters. •Analytical supply cost composition per power producer and activity. •Clean dark and spark spreads are calculated for each power unit. -- Abstract: This paper presents an optimization-based methodological approach to address the problem of the optimal planning of a power system at an annual level in competitive and uncertain power markets. More specifically, a stochastic mixed integer linear programming model (MILP) has been developed, combining advanced optimization techniques with Monte Carlo method in order to deal with uncertainty issues. The main focus of the proposed framework is the dynamic formulation of the strategy followed by all market participants in volatile market conditions, as well as detailed economic assessment of the power system’s operation. The applicability of the proposed approach has been tested on a real case study of the interconnected Greek power system, quantifying in detail all the relevant technical and economic aspects of the system’s operation. The proposed work identifies in the form of probability distributions the optimal power generation mix, electricity trade at a regional level, carbon footprint, as well as detailed total supply cost composition, according to the assumed market structure. The paper demonstrates that the proposed optimization approach is able to provide important insights into the appropriate energy strategies designed by market participants, as well as on the strategic long-term decisions to be made by investors and/or policy makers at a national and/or regional level, underscoring potential risks and providing appropriate price signals on critical energy projects under real market operating conditions.

  10. Dynamic pricing for demand response considering market price uncertainty

    DEFF Research Database (Denmark)

    Ghazvini, Mohammad Ali Fotouhi; Soares, Joao; Morais, Hugo

    2017-01-01

    Retail energy providers (REPs) can employ different strategies such as offering demand response (DR) programs, participating in bilateral contracts, and employing self-generation distributed generation (DG) units to avoid financial losses in the volatile electricity markets. In this paper......, the problem of setting dynamic retail sales price by a REP is addressed with a robust optimization technique. In the proposed model, the REP offers price-based DR programs while it faces uncertainties in the wholesale market price. The main contribution of this paper is using a robust optimization approach...

  11. [Clinical impact of social marketing strategy on breast cancer detection].

    Science.gov (United States)

    Quintana-Vidaurri, Adriana Guadalupe; Santana-Chávez, Luis Alejandro; González-Villalobos, Cynthia Guadalupe

    2013-01-01

    to prove the impact of social marketing strategies in breast cancer detection, taking as a parameter the number of mammographies performed. quasi-experimental research, before and after. Sixty-nine physicians in charge of medical consultation and fourteen nurses were studied for a period of seven months, applying social marketing strategies. The total of mammographies were analyzed using Wilcoxon rank-sum test (p marketing proved to be an adequate strategy, which has an impact on the clinical practice of both physicians and nurses.

  12. The impact of derivatives on Malaysian stock market

    Science.gov (United States)

    Malim, M. R.; Halim, F. A.; Murad, A.; Maad, H. A.; Annuar, N. F. M.

    2017-09-01

    The essential of derivatives has been discovered by researchers over recent decade. However, the conclusions made regarding the impact of derivatives on stock market volatility remains debatable. The main objective of this study is to examine the impact of derivatives on Malaysian stock market volatility by exploring FTSE Bursa Malaysia Kuala Lumpur Composite Index Futures (BMD FKLI) using FBM KLCI as the underlying asset. Generalized Autoregressive Conditional Heteroskedasticity (GARCH) (1, 1) model was employed to realize the objective. The results have shown that the introduction of futures trading has decreased the volatility of Malaysian stock market. The volatility increased vigorously during the Asian financial crisis compared to the Global financial crisis. However, the role of futures as a risk transfer is agreed as it could improve the market by decreasing the volatility in the spot market.

  13. COMPETITIVENESS, MARKETING ACCESS, AND NETWORK CAPABILITY AND ITS IMPACTS ON MARKETING PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Teguh Iman Sayekti

    2016-12-01

    Full Text Available This study is to determine what factors influencingthe performance of SMEs. The population in this study is SMEs in the Central Java. Sample collection was conducted with a purposive sampling method. Criteriaused to take into accountis the SMEs that are already running at leastfortwo years. The sample in this study is intended as the representative of total population,67 (sixty seven. The data were processed and analyzed by computer program of SPSS 20 for Windows. Based on the results of regression analysis, it can be concluded that competitiveness has positive and significant impact on marketing performance marketing access has positive and significant impact on marketing performance. It means that the higher competitiveness and marketing access, the higher its performance. Competitiveness and marketing access have influence on SMEs’ performance through network capability.   

  14. Measuring the impact of market coupling on the Italian electricity market

    International Nuclear Information System (INIS)

    Pellini, Elisabetta

    2012-01-01

    This paper evaluates the impact on the Italian electricity market of replacing the current explicit auction mechanism with market coupling. Maximising the use of the cross-border interconnection capacity, market coupling increases the level of market integration and facilitates the access to low-cost generation by consumers located in high-cost generation countries. Thus, it is expected that a high-priced area such as Italy could greatly benefit from the introduction of this mechanism. In this paper, the welfare benefits are estimated for 2012 under alternative market scenarios, employing the optimal dispatch model ELFO++. The results of the simulations suggest that the improvement in social surplus is likely to be significant, especially when market fundamentals are tight. - Highlights: ► We study the impact on the Italian electricity market of introducing market coupling. ► We estimate welfare benefits under two market scenarios for 2012. ► Scenarios are simulated using the optimal dispatch model ELFO++. ► Welfare gains range between 33 M€/year and 741 M€/year.

  15. Poverty, Job Quality and Labor Market Dynamics in the Middle East ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Poverty, Job Quality and Labor Market Dynamics in the Middle East and North Africa ... This project will explore links between labour market dynamics and the quality ... public health, and health systems research relevant to the emerging crisis.

  16. Interplay Between Energy-Market Dynamics and Physical Stability of a Smart Power Grid

    Science.gov (United States)

    Picozzi, Sergio; Mammoli, Andrea; Sorrentino, Francesco

    2013-03-01

    A smart power grid is being envisioned for the future which, among other features, should enable users to play the dual role of consumers as well as producers and traders of energy, thanks to emerging renewable energy production and energy storage technologies. As a complex dynamical system, any power grid is subject to physical instabilities. With existing grids, such instabilities tend to be caused by natural disasters, human errors, or weather-related peaks in demand. In this work we analyze the impact, upon the stability of a smart grid, of the energy-market dynamics arising from users' ability to buy from and sell energy to other users. The stability analysis of the resulting dynamical system is performed assuming different proposed models for this market of the future, and the corresponding stability regions in parameter space are identified. We test our theoretical findings by comparing them with data collected from some existing prototype systems.

  17. Assessment of emission trading impacts on competitive electricity market price

    DEFF Research Database (Denmark)

    Singh, S.N.; Saxena, D.; Østergaard, Jacob

    2011-01-01

    analyzes the impact of electricity prices in the competitive electricity markets having a uniform market clearing price mechanism. Findings - It is found that the electricity prices depend on the system loading, generation mix, etc. at a particular hour. Various emission trading instruments are discussed...... side emission trading impact on electricity prices in the competitive power market. Design/methodology/approach - Various schemes are suggested and are being implemented to achieve this objective. It is expected that electricity price will increase due to imposition of emission taxes. This paper...... with a special emphasis on the European market. Research limitations/implications - Block bidding of the suppliers is considered whereas the demand is assumed to be inelastic. Originality/value - The emission trading impacts are analyzed on a simple example....

  18. AN AUTOPSY OF THE SOUTH KOREAN MARKET: DYNAMICS AND CONTRADICTIONS

    Directory of Open Access Journals (Sweden)

    You-Il Lee

    2003-01-01

    Full Text Available The most dynamic feature of the South Korean economy in the late 20th century is the emergence of the country as a major destination for foreign investors. However, because the market has been closed to outsiders, for almost two decades, except for certain industries, Korea is as yet an unknown entity among the global business community. This acts as a deterrent to market entry. It is evident that among the economic and business literature there has been limited emphasis on the cultural and other complications such as the position and influence of the chaebol (a group of mostly family owned conglomerates in Korea that exists for foreign businesses in the Republic of Korea. This paper attempts to crystallize some of the key cultural issues, examine their relevance and highlight some consequences of the lack of understanding of these cultural issues for the world's leading multinational corporations wishing to enter the Korean market.

  19. Global climate change impacts on forests and markets

    Science.gov (United States)

    Xiaohui Tian; Brent Sohngen; John B Kim; Sara Ohrel; Jefferson Cole

    2016-01-01

    This paper develops an economic analysis of climate change impacts in the global forest sector. It illustrates how potential future climate change impacts can be integrated into a dynamic forestry economics model using data from a global dynamic vegetation model, theMC2model. The results suggest that climate change will cause forest outputs (such as timber) to increase...

  20. The Dynamics of Market Insurance, Insurable Assets, and Wealth Accumulation

    OpenAIRE

    Koeniger, Winfried

    2002-01-01

    We analyze dynamic interactions between market insurance, the stock of insurable assets and liquid wealth accumulation in a model with non-durable and durable consumption. The stock of the durable is exposed to risk against which households can insure. Since the model does not have a closed form solution we first provide an analytical approximation for the case in which households own abundant liquid wealth. It turns out that precautionary motives still matter because of fluctuations of the p...

  1. The impact of the cigarette market opening in Taiwan.

    Science.gov (United States)

    Wen, C P; Cheng, T Y; Eriksen, M P; Tsai, S P; Hsu, C C

    2005-06-01

    To assess the effect of the opening of the Taiwanese cigarette market on cigarette consumption, changes in market share, and the effects on tobacco control efforts. With the use of key word "Taiwan", the Legacy Tobacco Documents Library of the University of California, San Francisco, was searched for internal documents related to smuggling activities, promotion of light cigarettes, and market share analyses in Taiwan. Age adjusted smoking rates and cigarette and betel quid consumption before and after market opening were compared. By 2000, the market share of imported cigarettes increased from less than 2% in 1986 to nearly 50%, and per capita cigarette consumption increased 15% following market opening. Because of the sharp increase in smuggling, with contraband cigarettes being as popular as legal imports, and the rapid proliferation of retail outlets, such as betel quid stalls, the market penetration by foreign tobacco companies was greater in Taiwan than among the other Super 301 Asian countries. Aggressive cigarette marketing strategies were associated with a 6% increase in adult male smoking prevalence, and with a 13% increase in the youth rate, within three years after market opening. The market opening also had an incidental effect on increasing the popularity of betel quid. Betel quid chewing has since become a major public health problem in Taiwan. The opening of the cigarette market in 1987 had a long lasting impact on Taiwan. It increased smoking prevalence and the market has become dominated by foreign companies. The seriousness of smuggling and its associated loss of revenue by the government, the extent of increased youth smoking and its associated future health care costs, and the increased use of betel quid and the associated doubling of oral cancer mortality rates each pose significant problems to Taiwan. However, the market opening galvanised anti-smoking sentiment and forced the government to initiate and intensify a series of tobacco control

  2. Self-reinforcing feedback loop in financial markets with coupling of market impact and momentum traders

    Science.gov (United States)

    Zhong, Li-Xin; Xu, Wen-Juan; Chen, Rong-Da; Zhong, Chen-Yang; Qiu, Tian; Ren, Fei; He, Yun-Xing

    2018-03-01

    By incorporating market impact and momentum traders into an agent-based model, we investigate the conditions for the occurrence of self-reinforcing feedback loops and the coevolutionary mechanism of prices and strategies. For low market impact, the price fluctuations are originally large. The existence of momentum traders has little impact on the change of price fluctuations but destroys the equilibrium between the trend-following and trend-rejecting strategies. The trend-following herd behaviors become dominant. A self-reinforcing feedback loop exists. For high market impact, the existence of momentum traders leads to an increase in price fluctuations. The trend-following strategies of rational individuals are suppressed while the trend-following strategies of momentum traders are promoted. The crowd-anticrowd behaviors become dominant. A negative feedback loop exists. A theoretical analysis indicates that, for low market impact, the majority effect is beneficial for the trend-followers to earn more, which in turn promotes the trend-following strategies. For high market impact, the minority effect causes the trend-followers to suffer great losses, which in turn suppresses the trend-following strategies.

  3. The market value and impact of offshore wind on the electricity spot market: Evidence from Germany

    International Nuclear Information System (INIS)

    Ederer, Nikolaus

    2015-01-01

    Highlights: • Market value of offshore wind based on feed-in and weather data is assessed. • Merit order effect caused by wind energy is simulated for 2006–2014. • Results indicate same impact of on- and offshore wind on market price and value. • Steadier wind resource offshore imposes less variability on market price. • Characteristic of variable wind feed-in cannot be blamed for price deterioration. - Abstract: Although the expansion of offshore wind has recently increased in Germany, as in other countries, it is still forced to defend its role in long-term energy policy plans, particularly against its onshore counterpart, to secure future expansion targets and financial support. The objective of this article is to investigate the economic effects of offshore wind on the electricity spot market and thus open up another perspective that has not been part of the debate about offshore vs. onshore wind thus far. A comprehensive assessment based on a large amount of market, feed-in and weather data in Germany revealed that the market value of offshore wind is generally higher than that of onshore wind. Simulating the merit order effect on the German day-ahead electricity market for the short term and long term in the years 2006–2014 aimed to identify the reason for this observation and show whether it is also an indication of a lower impact on the electricity spot market due to a steadier wind resource prevailing offshore. Although the results suggest no difference regarding the impact on market price and value, they indeed reveal that offshore wind imposes less variability on the spot market price than onshore wind. In addition, the long-term simulation proved that the ongoing price deterioration cannot be blamed on the characteristic of variable wind production

  4. Canadian natural gas market: dynamics and pricing -- an energy market assessment

    International Nuclear Information System (INIS)

    2000-11-01

    This publication is part of the Energy Market Assessment Program of the National Energy Board. It focuses on identifying factors that affect natural gas prices and describe the current functioning of domestic regional markets in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and in the Atlantic provinces.The report emphasizes the growth in demand for natural gas throughout North America, and the aggressive response by producers to the current high price environment with increased drilling programs. The report also predicts a supply and demand adjustment over time, and an accompanying relief in natural gas prices, although the Board is not able to predict with certainty any movements in commodity markets. The Board's findings indicate that domestic users of natural gas paid less than export customers until 1998, at which point the two prices have converged. The end result of the convergence was that Canadians have had access to natural gas under terms and conditions which were no less favourable than those in effect for export customers. The influence of electronic trading systems is reviewed, noting that spot markets and futures markets such as the NYMEX and AECO-C/NIT have had a significant impact on the pricing of natural gas, mostly by allowing market participants to manage price volatility by forward contracting. 1 tab., 42 figs., 1 glossary

  5. Dynamic linkages among the gold market, US dollar and crude oil market

    Science.gov (United States)

    Mo, Bin; Nie, He; Jiang, Yonghong

    2018-02-01

    This paper aims to examine the dynamic linkages among the gold market, US dollar and crude oil market. The analysis also delves more deeply into the effect of the global financial crisis on the short-term relationship. We use fractional cointegration to analyze the long-term memory feature of these volatility processes to investigate whether they are tied through a common long-term equilibrium. The DCC-MGARCH model is employed to investigate the time-varying long-term linkages among these markets. The Krystou-Labys non-linear asymmetric Granger causality method is used to examine the effect of the financial crisis. We find that (i) there is clearly a long-term dependence among these markets; (ii) the dynamic gold-oil relationship is always positive and the oil-dollar relationship is always negative; and (iii) after the crisis, we can observe evidence of a positive non-linear causal relationship from gold to US dollar and US dollar to crude oil, and a negative non-linear causal relationship from US dollar to gold. Investors who want to construct their optimal portfolios and policymakers who aim to make effective macroeconomic policies should take these findings into account.

  6. Welfare Impact of Virtual Trading on Wholesale Electricity Markets

    Science.gov (United States)

    Giraldo, Juan S.

    Virtual bidding has become a standard feature of multi-settlement wholesale electricity markets in the United States. Virtual bids are financial instruments that allow market participants to take financial positions in the Day-Ahead (DA) market that are automatically reversed/closed in the Real-Time (RT) market. Most U.S. wholesale electricity markets only have two types of virtual bids: a decrement bid (DEC), which is virtual load, and an increment offer (INC), which is virtual generation. In theory, financial participants create benefits by seeking out profitable bidding opportunities through arbitrage or speculation. Benefits have been argued to take the form of increased competition, price convergence, increased market liquidity, and a more efficient dispatch of generation resources. Studies have found that price convergence between the DA and RT markets improved following the introduction of virtual bidding into wholesale electricity markets. The improvement in price convergence was taken as evidence that market efficiency had increased and many of the theoretical benefits realized. Persistent price differences between the DA and RT markets have led to calls to further expand virtual bidding as a means to address remaining market inefficiencies. However, the argument that price convergence is beneficial is extrapolated from the study of commodity and financial markets and the role of futures for increasing market efficiency in that context. This viewpoint largely ignores details that differentiate wholesale electricity markets from other commodity markets. This dissertation advances the understanding of virtual bidding by evaluating the impact of virtual bidding based on the standard definition of economic efficiency which is social welfare. In addition, an examination of the impacts of another type of virtual bid, up-to-congestion (UTC) transactions is presented. This virtual product significantly increased virtual bidding activity in the PJM interconnection

  7. Market power in the European electricity market - The impacts of dry weather and additional transmission capacity

    International Nuclear Information System (INIS)

    Lise, Wietze; Hobbs, Benjamin F.; Hers, Sebastiaan

    2008-01-01

    This paper uses a static computational game theoretic model of a fully opened European electricity market and can take strategic interaction among electricity-producing firms into account. The model is run for a number of scenarios: first, in the baseline under perfect competition, the prices differ due to the presence of various generation technologies and a limited ability to exchange electricity among countries. In addition, when large firms exercise market power, the model runs indicate that prices are the highest in countries where the number of firms is low. Second, dry weather would increase the prices in the hydro-rich Nordic countries followed by the Alpine countries. The price response would be about 20% higher with market power. Third, more transmission capacity would lower the prices in countries with high prices and it also reduces the impact of market power. Hence, more transmission capacity can improve market competitiveness. (author)

  8. Market power in the European electricity market - The impacts of dry weather and additional transmission capacity

    Energy Technology Data Exchange (ETDEWEB)

    Lise, Wietze [IBS Research and Consultancy, Agahamami Cadessi 1/6, Aga Han, Cihangir, 34433 Beyoglu, Istanbul (Turkey); Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands); Hobbs, Benjamin F. [Department of Geography and Environmental Engineering, Johns Hopkins University, Baltimore, MD 21218 (United States); Hers, Sebastiaan [Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands)

    2008-04-15

    This paper uses a static computational game theoretic model of a fully opened European electricity market and can take strategic interaction among electricity-producing firms into account. The model is run for a number of scenarios: first, in the baseline under perfect competition, the prices differ due to the presence of various generation technologies and a limited ability to exchange electricity among countries. In addition, when large firms exercise market power, the model runs indicate that prices are the highest in countries where the number of firms is low. Second, dry weather would increase the prices in the hydro-rich Nordic countries followed by the Alpine countries. The price response would be about 20% higher with market power. Third, more transmission capacity would lower the prices in countries with high prices and it also reduces the impact of market power. Hence, more transmission capacity can improve market competitiveness. (author)

  9. Characterising Wildlife Trade Market Supply-Demand Dynamics

    Science.gov (United States)

    Rowcliffe, M.; Cowlishaw, G.; Alexander, J. S.; Ntiamoa-Baidu, Y.; Brenya, A.; Milner-Gulland, E. J.

    2016-01-01

    The trade in wildlife products can represent an important source of income for poor people, but also threaten wildlife locally, regionally and internationally. Bushmeat provides livelihoods for hunters, traders and sellers, protein to rural and urban consumers, and has depleted the populations of many tropical forest species. Management interventions can be targeted towards the consumers or suppliers of wildlife products. There has been a general assumption in the bushmeat literature that the urban trade is driven by consumer demand with hunters simply fulfilling this demand. Using the urban bushmeat trade in the city of Kumasi, Ghana, as a case study, we use a range of datasets to explore the processes driving the urban bushmeat trade. We characterise the nature of supply and demand by explicitly considering three market attributes: resource condition, hunter behaviour, and consumer behaviour. Our results suggest that bushmeat resources around Kumasi are becoming increasingly depleted and are unable to meet demand, that hunters move in and out of the trade independently of price signals generated by the market, and that, for the Kumasi bushmeat system, consumption levels are driven not by consumer choice but by shortfalls in supply and consequent price responses. Together, these results indicate that supply-side processes dominate the urban bushmeat trade in Kumasi. This suggests that future management interventions should focus on changing hunter behaviour, although complementary interventions targeting consumer demand are also likely to be necessary in the long term. Our approach represents a structured and repeatable method to assessing market dynamics in information-poor systems. The findings serve as a caution against assuming that wildlife markets are demand driven, and highlight the value of characterising market dynamics to inform appropriate management. PMID:27632169

  10. 77 FR 16205 - National Defense Stockpile Market Impact Committee Request for Public Comments on the Potential...

    Science.gov (United States)

    2012-03-20

    .... The Committee is seeking public comments on the potential market impact of the material research and... Defense Stockpile Market Impact Committee Request for Public Comments on the Potential Market Impact of... National Defense Stockpile Market Impact Committee, co-chaired by the Departments of Commerce and State, is...

  11. 77 FR 42271 - National Defense Stockpile Market Impact Committee Request for Public Comments on the Potential...

    Science.gov (United States)

    2012-07-18

    ... comments on the potential market impact associated with the two material research and development projects... Defense Stockpile Market Impact Committee Request for Public Comments on the Potential Market Impact of... National Defense Stockpile Market Impact Committee, co-chaired by the Departments of Commerce and State, is...

  12. Sustainable purchase. Impact on the Dutch real estate market

    International Nuclear Information System (INIS)

    Kok, N.

    2009-08-01

    The effect of the sustainable procurement policy of the Dutch government is starting to become visible in the market. There is a distinct movement towards making the existing stock more sustainable. Investors are responding to the changing demand. This is the outcome of a study commissioned by SenterNovem with respect to the impact of sustainable procurement on the office building market. The Dutch government envisages 100% sustainable procurement in 2010. This also includes renting and purchasing office buildings. [nl

  13. Electricity market deregulation and its impact on the nuclear industry

    International Nuclear Information System (INIS)

    Jung, Y.E.; Alfors, G.

    2000-01-01

    Electricity has traditionally been supplied in OECD countries by state-owned facilities, or state-protected monopolies with regulated pricing. More recently, however, several countries have deregulated their electricity markets, thus opening the door to competitive supply and pricing. Deregulation of electricity markets is a trend that is expected to be followed by many countries, and can have a significant impact on the future of nuclear power programmes. (authors)

  14. Measuring liquidity on stock market: impact on liquidity ratio

    OpenAIRE

    Siniša Bogdan; Suzana Bareša; Saša Ivanović

    2012-01-01

    The purpose – It is important to emphasize that liquidity on Croatian stock market is low, the purpose of this paper is to test empirically and find out which variables make crucial role in decision making process of investing in stocks. Design – This paper explores the impact of various liquidity variables on liquidity ratio since it is still insufficiently researched topic. Methodology –This research uses secondary and primary data available from Croatian stock market. Considering pri...

  15. Promotional Strategy Impacts on Organizational Market Share and Profitability

    OpenAIRE

    Adesoga Dada Adefulu

    2015-01-01

    The paper examined promotional strategy impacts on market share and profitability in Coca-Cola and 7up companies in Lagos State, Nigeria. Survey research method was adopted. The study population was the staff in marketing positions in the selected companies. Questionnaire was administered on the samples from Coca-Cola and 7UP companies. The statistical tool employed was the univariate analysis of variance (ANOVA) to determine the statistical significance and the extent to which...

  16. Linking apple farmers to markets: Determinants and impacts of marketing contracts in China

    OpenAIRE

    Ma, Wanglin; Abdulai, Awudu

    2015-01-01

    This study investigates the determinants of marketing contract choices and the related impact on farm net returns of apple farmers in China. We employ a two-stage selection correction approach (BFG) for the multinomial logit model. On the basis of the BFG estimation, we also use an endogenous switching regression model and a propensity score matching technique to estimate the causal effects of marketing contract choices on net returns. The empirical results reveal that written contracts incre...

  17. Dynamic asset trees in the US stock market: Structure variation and market phenomena

    International Nuclear Information System (INIS)

    Huang, Wei-Qiang; Yao, Shuang; Zhuang, Xin-Tian; Yuan, Ying

    2017-01-01

    In this work, employing a moving window to scan through every stock price time series over a period from 2 January 1986 to 20 October 2015, we use cross-correlations to measure the interdependence between stock prices, and we construct a corresponding minimal spanning tree for 170 U.S. stocks in every given window. We show how the asset tree evolves over time and describe the dynamics of its normalized length, centrality measures, vertex degree and vertex strength distributions, and single- and multiple-step edge survival ratios. We find that the normalized tree length shows a tendency to decrease over the 30 years. The power-law of vertex degree or vertex strength distribution does not hold for all trees. The survival ratio analysis reveals an increased stability of the dependence structure of the stock market as time elapses. We then examine the relationship between tree structure variation and market phenomena, such as average, volatility and tail risk of stock (market) return. Our main observation is that the normalized tree length has a positive relationship with the level of stock market average return, and it responds negatively to the market return volatility and tail risk. Furthermore, the majority of stocks have their vertex degrees significantly positively correlated to their average return, and significantly negatively correlated to their return volatility and tail risk.

  18. The cultural impact of market liberalization

    International Nuclear Information System (INIS)

    Anon.

    1998-01-01

    The European Union gas directive will bring about major changes of a legal, financial and commercial nature. It will also have a strong impact on gas utilities, their organisation and corporate culture. At the first Round Table during the French gas associations's annual conference, four European pipeline companies (German, British and French) reviewed their own deregulation experience

  19. Impacts of market liberalisation on the EU gas industry

    International Nuclear Information System (INIS)

    Van Oostvoorn, F.; Boots, M.G.

    1999-10-01

    The paper presents an analysis of tbc effects of tbc European Union (EU) Gas Directive on the EU natural gas industry in the next ten years. First, it briefly reviews the current driving factors for increasing competition in the EU gas markets. Second, the different directions of implementation of EU Gas Directive are discussed. Finally we give an assessment of impacts of the different directions of implementation of the Gas Directive, thereby focusing on structural changes of the gas industry and the scope for reduction of consumer gas prices. Note that our assessment of the impacts is partly based on an analysis of recent trends in the EU gas market and partly on calculations with a recently developed model of the EU gas market on company level. The paper summarises the main observations of a study conducted by the Netherlands Energy Research Foundation (ECN) last year in the framework of a larger scenario study for the European Committee, Directorate-General 17, in the Shared Analysis Project, 'Economic Foundations for Energy Policy in Europe to 2020' managed by FhG-ISI. For the complete results of the ECN study, see report 'Impacts of Market Liberalisation on the EU Gas Industry', September 1999, forthcoming. Note that the analysis is limited to the gas market and does not include other impacts, i.c. on energy conservation, emissions, etc. 21 refs

  20. Dynamic Pricing of New Products in Competitive Markets: A Mean-Field Game Approach

    OpenAIRE

    Chenavaz, Régis; Paraschiv, Corina; Turinici, Gabriel

    2017-01-01

    Dynamic pricing of new products has been extensively studied in monopolistic and oligopolistic markets. But, the optimal control and differential game tools used to investigate the pricing behavior on markets with a finite number of firms are not well-suited to model competitive markets with an infinity of firms. Using a mean-field games approach, this paper examines dynamic pricing policies in competitive markets, where no firm exerts market power. The theoretical setting is based on a diffu...

  1. Economic effect of fusion in energy market. Economic impact of fusion deployment in energy market

    International Nuclear Information System (INIS)

    Konishi, Satoshi

    2002-01-01

    Energy model analysis estimates the significant contribution of fusion in the latter half of the century under the global environment constraints if it will be successfully developed and introduced into the market. The total possible economical impact of fusion is investigated from the aspect of energy cost savings, sales, and its effects on Gross Domestic Products. Considerable economical possibility will be found in the markets for fusion related devices, of currently developing countries, and for synthesized fuel. The value of fusion development could be evaluated from these possible economic impact in comparison with its necessary investment. (author)

  2. Geothermal Brief: Market and Policy Impacts Update

    Energy Technology Data Exchange (ETDEWEB)

    Speer, B.

    2012-10-01

    Utility-scale geothermal electricity generation plants have generally taken advantage of various government initiatives designed to stimulate private investment. This report investigates these initiatives to evaluate their impact on the associated cost of energy and the development of geothermal electric generating capacity using conventional hydrothermal technologies. We use the Cost of Renewable Energy Spreadsheet Tool (CREST) to analyze the effects of tax incentives on project economics. Incentives include the production tax credit, U.S. Department of Treasury cash grant, the investment tax credit, and accelerated depreciation schedules. The second half of the report discusses the impact of the U.S. Department of Energy's (DOE) Loan Guarantee Program on geothermal electric project deployment and possible reasons for a lack of guarantees for geothermal projects. For comparison, we examine the effectiveness of the 1970s DOE drilling support programs, including the original loan guarantee and industry-coupled cost share programs.

  3. Statistical properties and pre-hit dynamics of price limit hits in the Chinese stock markets.

    Science.gov (United States)

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders' short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners.

  4. Statistical Properties and Pre-Hit Dynamics of Price Limit Hits in the Chinese Stock Markets

    Science.gov (United States)

    Wan, Yu-Lei; Xie, Wen-Jie; Gu, Gao-Feng; Jiang, Zhi-Qiang; Chen, Wei; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

    2015-01-01

    Price limit trading rules are adopted in some stock markets (especially emerging markets) trying to cool off traders’ short-term trading mania on individual stocks and increase market efficiency. Under such a microstructure, stocks may hit their up-limits and down-limits from time to time. However, the behaviors of price limit hits are not well studied partially due to the fact that main stock markets such as the US markets and most European markets do not set price limits. Here, we perform detailed analyses of the high-frequency data of all A-share common stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2000 to 2011 to investigate the statistical properties of price limit hits and the dynamical evolution of several important financial variables before stock price hits its limits. We compare the properties of up-limit hits and down-limit hits. We also divide the whole period into three bullish periods and three bearish periods to unveil possible differences during bullish and bearish market states. To uncover the impacts of stock capitalization on price limit hits, we partition all stocks into six portfolios according to their capitalizations on different trading days. We find that the price limit trading rule has a cooling-off effect (object to the magnet effect), indicating that the rule takes effect in the Chinese stock markets. We find that price continuation is much more likely to occur than price reversal on the next trading day after a limit-hitting day, especially for down-limit hits, which has potential practical values for market practitioners. PMID:25874716

  5. Dynamics of a durable commodity market involving trade at disequilibrium

    Science.gov (United States)

    Panchuk, A.; Puu, T.

    2018-05-01

    The present work considers a simple model of a durable commodity market involving two agents who trade stocks of two different types. Stock commodities, in contrast to flow commodities, remain on the market from period to period and, consequently, there is neither unique demand function nor unique supply function exists. We also set up exact conditions for trade at disequilibrium, the issue being usually neglected, though a fact of reality. The induced iterative system has infinite number of fixed points and path dependent dynamics. We show that a typical orbit is either attracted to one of the fixed points or eventually sticks at a no-trade point. For the latter the stock distribution always remains the same while the price displays periodic or chaotic oscillations.

  6. Interpreting the empirical evidence on illegal gun market dynamics.

    Science.gov (United States)

    Braga, Anthony A; Wintemute, Garen J; Pierce, Glenn L; Cook, Philip J; Ridgeway, Greg

    2012-10-01

    Thousands of Americans are killed by gunfire each year, and hundreds of thousands more are injured or threatened with guns in robberies and assaults. The burden of gun violence in urban areas is particularly high. Critics suggest that the results of firearm trace data and gun trafficking investigation studies cannot be used to understand the illegal supply of guns to criminals and, therefore, that regulatory and enforcement efforts designed to disrupt illegal firearms markets are futile in addressing criminal access to firearms. In this paper, we present new data to address three key arguments used by skeptics to undermine research on illegal gun market dynamics. We find that criminals rely upon a diverse set of illegal diversion pathways to acquire guns, gun traffickers usually divert small numbers of guns, newer guns are diverted through close-to-retail diversions from legal firearms commerce, and that a diverse set of gun trafficking indicators are needed to identify and shut down gun trafficking pathways.

  7. Optimal dispatch in dynamic security constrained open power market

    International Nuclear Information System (INIS)

    Singh, S.N.; David, A.K.

    2002-01-01

    Power system security is a new concern in the competitive power market operation, because the integration of the system controller and the generation owner has been broken. This paper presents an approach for dynamic security constrained optimal dispatch in restructured power market environment. The transient energy margin using transient energy function (TEF) approach has been used to calculate the stability margin of the system and a hybrid method is applied to calculate the approximate unstable equilibrium point (UEP) that is used to calculate the exact UEP and thus, the energy margin using TEF. The case study results illustrated on two systems shows that the operating mechanisms are compatible with the new business environment. (author)

  8. The impact of social housing on the labour market status of the disabled.

    Science.gov (United States)

    Gregoir, Stéphane; Maury, Tristan-Pierre

    2013-09-01

    Disability may impact on employment through entitlement to social housing. Estimates of an original dynamic panel data model of disability, labour market and housing tenure transitions in England indicate that up to one-quarter of the lower employment probability of the disabled can be attributed to the effect of qualifying for social housing. Short-lived disabilities can result in long spells in social housing that reduce incentives to participate in the labour market. This suggests that authorities should reform the welfare system and the allocation of social housing to limit the persistent and unfavourable consequences of allocating social housing to the disabled. Copyright © 2013 John Wiley & Sons, Ltd.

  9. The Analysis of the Dynamics of the Marketing Services Market in Terms of Strategic Management of Crisis

    Directory of Open Access Journals (Sweden)

    Ivanova Natalya

    2016-12-01

    Full Text Available The aim of the study is to determine the basic modern marketing services according to the dynamics data of the media market of Ukraine. Thus, marketing services are considered as tools that provide crisis man-agement in strategic business development perspective. Scientific and practical significance of the study lies in the results of trend analysis of the dynamics of the media market of Ukraine and its components, the results of which led to the conclusion about the importance of Internet advertising as a modern marketing tool in terms of anti-crisis policy. The study predicted the values of the obtained volumes and market share of Internet advertising in the media market structure in Ukraine for the next period.

  10. TRANSACTION COSTS AND MARKET IMPACT IN INVESTMENT MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Marek Kociński

    2015-05-01

    Full Text Available The aim of this article is to analyse the major sources of transaction costs in financial markets, in particular to find the amounts of such costs on the Warsaw Stock Exchange (WSE. Sources of transaction costs are considered: commissions, bid-ask spread and market impact. The commissions are only briefly described since they are explicitly stated and easily measured. More attention is paid to the bid-ask spread which is one of the main causes of trading costs. It is shown that the investor who wants to outperform the Polish market should usually expect a much higher bid-ask spread than it follows from the officially used calculations. Then it is demonstrated how historical spreads can be used in predicting their future values. This seems to be important from the practical point of view, since forecasting trading costs is a compelling task for financial managers. Next, market impact and market impact costs are considered. The practical method of measuring these is applied and discussed.

  11. Price dynamics in the market for Liquid Petroleum Gas transport

    International Nuclear Information System (INIS)

    Adland, Roar; Jia Haiying; Lu Jing

    2008-01-01

    The purpose of this paper is to investigate the dynamics of the spot freight rate in the Liquid Petroleum Gas (LPG) shipping market. The spot freight rate process is nonparametrically specified so that the model allows for maximal flexibility in fitting the data. The model is estimated using data for the Very Large Gas Carrier (VLGC) sector and the estimation results are compared to those of crude oil tankers available in the literature. The empirical results suggest that the LPG spot freight rate can be appropriately described by a simple linear stochastic model and does not exhibit the non-linearity found in other bulk shipping sectors

  12. Dynamics of a Protected Housing Market: The Case of Switzerland

    DEFF Research Database (Denmark)

    Borowiecki, Karol

    2012-01-01

    We analyze the determinants and dynamics of a highly protected housing market. Based on Swiss data for the time period 1990 to 2009 we model house prices and construction activity. We find that house prices exhibit a positive association with construction price, working age population as well...... as GDP and a negative with interest rates, whereas construction activity is positively related to working age population and GDP and negatively with construction price and interest rates. These estimates are broadly consistent with previous theoretical and empirical research....

  13. Promotional Strategy Impacts on Organizational Market Share and Profitability

    Directory of Open Access Journals (Sweden)

    Adesoga Dada Adefulu

    2015-12-01

    Full Text Available The paper examined promotional strategy impacts on market share and profitability in Coca-Cola and 7up companies in Lagos State, Nigeria. Survey research method was adopted. The study population was the staff in marketing positions in the selected companies. Questionnaire was administered on the samples from Coca-Cola and 7UP companies. The statistical tool employed was the univariate analysis of variance (ANOVA to determine the statistical significance and the extent to which promotional strategy brings about variation in market share and profitability in the selected companies The study revealed the need for a better understanding of the organizational factors that determine the commitment of organizational resources to drive the achievement of marketing goals. In addition, promotional strategy measured by advertising, publicity and sales promotion affected market share and profitability at different percentage rates while Personal selling did not .The study concluded that promotional strategy suitable to a business caused variations in market share and profitability. Managers concerned about maintaining competitive edge in the market may find it appropriate to begin by examining promotional strategy adoption. Suggestions are also made for further research and study limitations are denoted. Researchers are encouraged to devote efforts to identifying what variables may modify the nature of relationship?

  14. Predicting Market Impact Costs Using Nonparametric Machine Learning Models.

    Directory of Open Access Journals (Sweden)

    Saerom Park

    Full Text Available Market impact cost is the most significant portion of implicit transaction costs that can reduce the overall transaction cost, although it cannot be measured directly. In this paper, we employed the state-of-the-art nonparametric machine learning models: neural networks, Bayesian neural network, Gaussian process, and support vector regression, to predict market impact cost accurately and to provide the predictive model that is versatile in the number of variables. We collected a large amount of real single transaction data of US stock market from Bloomberg Terminal and generated three independent input variables. As a result, most nonparametric machine learning models outperformed a-state-of-the-art benchmark parametric model such as I-star model in four error measures. Although these models encounter certain difficulties in separating the permanent and temporary cost directly, nonparametric machine learning models can be good alternatives in reducing transaction costs by considerably improving in prediction performance.

  15. Predicting Market Impact Costs Using Nonparametric Machine Learning Models.

    Science.gov (United States)

    Park, Saerom; Lee, Jaewook; Son, Youngdoo

    2016-01-01

    Market impact cost is the most significant portion of implicit transaction costs that can reduce the overall transaction cost, although it cannot be measured directly. In this paper, we employed the state-of-the-art nonparametric machine learning models: neural networks, Bayesian neural network, Gaussian process, and support vector regression, to predict market impact cost accurately and to provide the predictive model that is versatile in the number of variables. We collected a large amount of real single transaction data of US stock market from Bloomberg Terminal and generated three independent input variables. As a result, most nonparametric machine learning models outperformed a-state-of-the-art benchmark parametric model such as I-star model in four error measures. Although these models encounter certain difficulties in separating the permanent and temporary cost directly, nonparametric machine learning models can be good alternatives in reducing transaction costs by considerably improving in prediction performance.

  16. The impact of 'studentification' on the rental housing market

    OpenAIRE

    Mira G. Baron; Sigal Kaplan

    2011-01-01

    Recent 'studentification' processes raise issues regarding the positive and negative impacts of student influx on the urban environment. The positive impacts discussed in the literature include urban core revitalization, employment generation and economic growth. The negative externalities comprise the formation of temporary sub-communities, competition with low-income groups in the rental housing market, and an increase in traffic volume. The current study adds to the literature by focusing ...

  17. Can Big Data Help Predict Financial Market Dynamics?: Evidence from the Korean Stock Market

    Directory of Open Access Journals (Sweden)

    Dong-Jin Pyo

    2017-06-01

    Full Text Available This study quantifies the dynamic interrelationship between the KOSPI index return and search query data derived from the Naver DataLab. The empirical estimation using a bivariate GARCH model reveals that negative contemporaneous correlations between the stock return and the search frequency prevail during the sample period. Meanwhile, the search frequency has a negative association with the one-week- ahead stock return but not vice versa. In addition to identifying dynamic correlations, the paper also aims to serve as a test bed in which the existence of profitable trading strategies based on big data is explored. Specifically, the strategy interpreting the heightened investor attention as a negative signal for future returns appears to have been superior to the benchmark strategy in terms of the expected utility over wealth. This paper also demonstrates that the big data-based option trading strategy might be able to beat the market under certain conditions. These results highlight the possibility of big data as a potential source-which has been left largely untapped-for establishing profitable trading strategies as well as developing insights on stock market dynamics.

  18. The Disparate Labor Market Impacts of Monetary Policy

    Science.gov (United States)

    Carpenter, Seth B.; Rodgers, William M., III

    2004-01-01

    Employing two widely used approaches to identify the effects of monetary policy, this paper explores the differential impact of policy on the labor market outcomes of teenagers, minorities, out-of-school youth, and less-skilled individuals. Evidence from recursive vector autoregressions and autoregressive distributed lag models that use…

  19. Forecasting market impact costs and identifying expensive trades

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; Hoevenaars, R.P.M.M.; van der Sluis, P.J.

    Often, a relatively small group of trades causes the major part of the trading costs on an investment portfolio. For the equity trades studied in this paper, executed by the world's second largest pension fund, we find that only 10% of all trades determines 75% of total market impact costs.

  20. The Impact of the LCR on the Interbank Money Market

    NARCIS (Netherlands)

    Bonner, C.; Eijffinger, S.C.W.

    2012-01-01

    This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are just above/below their short-term regulatory liquidity requirement

  1. The Impact of the LCR on the Interbank Money Market

    NARCIS (Netherlands)

    Bonner, C.; Eijffinger, S.C.W.

    2012-01-01

    Abstract: This paper analyses the impact of the Basel 3 Liquidity Coverage Ratio (LCR) on the unsecured interbank money market and therefore on the implementation of monetary policy. Combining two unique datasets, we show that banks which are just above/below their short-term regulatory liquidity

  2. The Impact of Marketing Advisory Service Recommendations on Producers' Marketing Decisions

    NARCIS (Netherlands)

    Pennings, J.M.E.; Isengildina, O.; Irwin, S.H.; Good, D.L.

    2004-01-01

    Abstract To date, there is only fragmented and anecdotal information about the impact of the recommendations of market advisory services (MAS) on producers¿ decision-making. A conceptual framework is developed in which, among others, producers¿ risk attitudes and risk perceptions; producers¿

  3. The Impact of Market Advisory Service Recommendation on Producers' Marketing Decisions

    NARCIS (Netherlands)

    Pennings, J.M.E.; Isengildina, O.; Irwin, S.; Good, D.

    2004-01-01

    A conceptual framework was developed that provides insight into the factors affecting the impact of these recommendations on producer pricing decisions. Data from 656 U.S. producers reveal that the perceived performance of the Market Advisory Services (MAS), the way in which MAS recommendations are

  4. Impact parameter analysis and soft QCD dynamics

    International Nuclear Information System (INIS)

    Carvalho, P.A.S.; Martini, A.F.; Menon, M.J.

    2002-01-01

    In a recent paper, based on the hypothesis of light-cone dipole representation for gluon Bremsstrahlung, Kopeliovich et al. developed a dynamical model for the elastic hadronic amplitude. The model has been applied to pp and p (bar) p scattering and the effects of unitarity and peripheral interactions have been investigated in the impact parameter representation. In this communication, making use of a model independent extraction of the scattering amplitude in the impact parameter space (early developed), we represent a comparative study between the predictions from the dynamical model and the impact parameter analysis. (author)

  5. DYNAMICS AND NEW CHALLENGES IN THE GLOBAL COMMODITY MARKET

    Directory of Open Access Journals (Sweden)

    MARIA CARTAS

    2015-12-01

    Full Text Available Global economy and particularly the world production of goods depends to a large extent on the supply of raw materials, of resource inputs extracted from the environment as well as an easy access to them. Commodities play an important part in the growth of global production and in the world trade in goods and services. The access to raw materials is vital for sustaining the productive capacity of the economy and also for satisfying domestic demand for industrial goods. On the other side, increasing demand for commodities and the need for assuring a sustainable supply pose great challenges on the world economy. The issue of raw materials supply represents a high - priority theme in the political agenda of the European Union. The Raw Materials Initiative launched in 2008 by the European Commission is based on three main pillars: - to ensure the access to raw materials on world market at undistorted conditions; - to foster sustainable supply of raw materials from European sources; - to reduce the EU's consumption of primary raw materials. (EC, 2008. To this end, EC has started to take action in order to ensure access to resources and avoid supply shortages. A great deal of attention is being paid to the study of recent developments in the global and particular commodity markets, taking into consideration fundamental aspects as supply concentration, governance of producing countries, the pressure of demand and its impact on prices, material's substitutability, stressing the role of resource consumption efficiency, recycling and substitution of vital raw materials and thus providing policy makers and industry with reliable information on how to efficiently manage resource inputs. This paper is dealing with the main developments which occurred during the past decade or so in the global commodity market, a major driver of the world economy, with particular reference to selected key -markets - as: aluminium, copper, nickel; cotton; corn, meat - swine

  6. Analysis of the long-term availability of uranium: The influence of dynamic constraints and market competition

    International Nuclear Information System (INIS)

    Monnet, Antoine; Gabriel, Sophie; Percebois, Jacques

    2017-01-01

    Abstract: The availability of natural uranium has a direct impact on the global capability to sustain the demand from nuclear power plants in the coming decades. Therefore, the expansion scenarios of nuclear power should be analysed in conjunction with long-term dynamics of the uranium market. This paper presents three forms of a partial-equilibrium model of the uranium market. All forms consider global demand as exogenous (input scenarios from the literature) and regional estimates of the quantities and the costs of ultimate resources (results obtained from previous work). The three forms differ by the market constraints and the market structure considered. Comparing them highlights the role of the market structure and the impact of some key parameters of the market dynamics on the long-term availability of uranium. An important finding is the influence of two constraints: the anticipation of demand and the significant role played by the correlation between price and exploration expenses in shaping the price trends. In addition, results from simulations highlight different long-term dynamics when the producers are allocated into a limited number of regions (to simulate an oligopoly) compared to a single region (undefined number of players to simulate perfect competition). - Highlights: • The growth rate of demand during the 21st century is a key driver of price trends. • Uncertainties on ultimate resources have a limited impact in expansion scenarios. • The price-exploration correlation is a first-order dynamic constraint. • The anticipation of demand is a strong dynamic constraint related to scarcity rent. • The uranium market is better represented by a constrained oligopoly.

  7. Nonlinear analysis and dynamic structure in the energy market

    Science.gov (United States)

    Aghababa, Hajar

    This research assesses the dynamic structure of the energy sector of the aggregate economy in the context of nonlinear mechanisms. Earlier studies have focused mainly on the price of the energy products when detecting nonlinearities in time series data of the energy market, and there is little mention of the production side of the market. Moreover, there is a lack of exploration about the implication of high dimensionality and time aggregation when analyzing the market's fundamentals. This research will address these gaps by including the quantity side of the market in addition to the price and by systematically incorporating various frequencies for sample sizes in three essays. The goal of this research is to provide an inclusive and exhaustive examination of the dynamics in the energy markets. The first essay begins with the application of statistical techniques, and it incorporates the most well-known univariate tests for nonlinearity with distinct power functions over alternatives and tests different null hypotheses. It utilizes the daily spot price observations on five major products in the energy market. The results suggest that the time series daily spot prices of the energy products are highly nonlinear in their nature. They demonstrate apparent evidence of general nonlinear serial dependence in each individual series, as well as nonlinearity in the first, second, and third moments of the series. The second essay examines the underlying mechanism of crude oil production and identifies the nonlinear structure of the production market by utilizing various monthly time series observations of crude oil production: the U.S. field, Organization of the Petroleum Exporting Countries (OPEC), non-OPEC, and the world production of crude oil. The finding implies that the time series data of the U.S. field, OPEC, and the world production of crude oil exhibit deep nonlinearity in their structure and are generated by nonlinear mechanisms. However, the dynamics of the non

  8. The changing dynamics between biofuels and commodity markets

    International Nuclear Information System (INIS)

    Bole, T.; Londo, H.M.

    2008-06-01

    The recent development of the biofuel industries coincides with significant increases in prices of basic commodities such as food and feed. Against popular perception, it appears that there is not a straightforward causal relationship between the two; there are a number of factors that determine the level and strength of the impact of the biofuels sector on other commodities. For the case of markets of agricultural raw material these factors include the amount of feedstock claimed by the biofuels industry, its relative purchasing power, the responsiveness of the agricultural sector to price incentives and availability of substitutes. For consumer food markets we must additionally consider the relative share of agricultural input costs in the retail food price and the demand elasticity. Based on the analysis of these factors and estimates of other studies that attempted to quantify the price impacts of biofuels on crop prices, we conclude that the impact of biofuels is relatively small, especially when compared with other causes that triggered the recent price increases. We end the paper with a recommendation for future efforts in curbing food price inflations while keeping ambitious biofuel targets and suggest a shift in focus of the debate around the social costs of biofuels

  9. Heterarcical market: Dynamical interplay between time and space in the continuous interaction in a market model

    Science.gov (United States)

    Sasai, Kazuto; Gunji, Yukio-Pegio; Kinoshita, Tetsuo

    2017-07-01

    Multi-agent models of robust open systems such as natural systems are the important theme in the literature of systems science. Heterarchy, which means dynamical hierarchy, is a structural model, which includes the dynamical interplay between different levels. However, it is not easy to build a formal model of a heterarchical system because the interplay between different levels lead a self-referential paradox. In this paper, we propose an continuous double auction model, which includes a formal model of conitnuous transaction. We encode the model into a restriction rule of the order submittion. The proposed model shows a critical behavior of the actual markets, and it can have the relationship with the behaviors of natural systems.

  10. IMPACT OF MARKETING STRATEGIES ON SACHET PRODUCTS IN BANGLADESH

    Directory of Open Access Journals (Sweden)

    Hossain Shahid SHOHROWARDHY

    2015-06-01

    Full Text Available A product is anything that can be accessible to the market for satisfaction. The basic objective of marketing is maximum satisfaction since satisfaction of consumer and business performance is positively related to each other. For satisfaction, product is diversified in different categories i.e. generic product, product type product, substitute product and product line etc. Sachet product is one of the expansions of product line. The term ‘Sachet’ is originated from the French word which means “mini”. In Bangladesh, sachet product has a strong market share. Thus, this study attempts to determine the exiting share of sachet product and measure the impact of marketing strategies on sachet product in Bangladesh. This study uses the selective 22 dimensions to favor the sachet product on the basis of 4Ps (Product, Price, Place and Promotion. To accomplish the study, 125 samples have been taken from selective markets in Cosmopolitan city, Chittagong. The study found that sachet product has strong market position comparative with other categories of products, where promotional effect is the dominant factor who played the vital role to sustain the sachet product in Bangladesh. The results of this study will be constructive for executives and policy-makers of business organization who works with fast moving consumer good (FMCG items effectively in Bangladesh.

  11. Asymmetric impacts of global risk appetite on the risk premium for an emerging market

    Science.gov (United States)

    Kanlı, İbrahim Burak

    2008-05-01

    This paper analyzes the impact of global risk appetite on the risk premium utilizing high-frequency data. Taking the Turkish economy as our laboratory, we find that the risk premium volatility responds only to a worsening in the risk appetite for the Turkish economy, which is a result that we do not observe for the other emerging markets. Then, we investigate the role of current account dynamics on this asymmetric effect, by focusing also on an economy with similar current account performance. The empirical results find supporting evidence for the role of current account dynamics on the estimated asymmetry.

  12. Impact of global financial crisis on stylized facts between energy markets and stock markets

    Science.gov (United States)

    Leng, Tan Kim; Cheong, Chin Wen; Hooi, Tan Siow

    2014-06-01

    Understanding the stylized facts is extremely important and has becomes a hot issue nowadays. However, recent global financial crisis that started from United States had spread all over the world and adversely affected the commodities and financial sectors of both developed and developing countries. This paper tends to examine the impact of crisis on stylized facts between energy and stock markets using ARCH-family models based on the experience over 2008 global financial crisis. Empirical results denote that there is long lasting, persists and positively significant the autocorrelation function of absolute returns and their squares in both markets for before and during crisis. Besides that, leverage effects are found in stock markets whereby bad news has a greater impact on volatility than good news for both before and during crisis. However, crisis does not indicate any impact on risk-return tradeoff for both energy and stock markets. For forecasting evaluations, GARCH model and FIAPARCH model indicate superior out of sample forecasts for before and during crisis respectively.

  13. The European electricity market. What are the effects of market power on prices and the environment? Keywords: Electricity market; liberalisation; market power; game theory; environmental impacts; Northwestern Europe

    International Nuclear Information System (INIS)

    Lise, W.

    2005-07-01

    This paper presents a static computational game theoretic COMPETES model. This model is used to study the economic and environmental effects of the liberalisation of the European electricity market. The COMPETES model takes strategic interaction into account. The model is calibrated to four European countries: Belgium, France, Germany and the Netherlands. To analyse the impact of emission trading, a fixed permit price per tonne CO2 emissions is introduced. The effects are studied under different market structures depending on the ability of firms to exercise market power. The results indicate that the effects of liberalisation depend on the resulting market structure, while a reduction in market power of large producers may be beneficial for the consumer (i.e. lower prices), this is not necessarily true for the environment (i.e. lower reduction in CO2 emissions)

  14. Neoliberal policy impact: supply-side growth and emergence of duality in Turkish tobacco product market

    Directory of Open Access Journals (Sweden)

    Efza Evrengil

    2018-03-01

    Full Text Available Background In Turkey, adoption and implementation of MPOWER strategies were accompanied by a neoliberal tobacco policy framework aiming at supply-side growth, initiated in 1980's and culminating in Law No 4733 in 2002, which solidified liberalization, privatization, and market efficiency rules for tobacco manufacturing and trade, and guaranteed oligopoly conditions for transnational tobacco companies (TTCs. This study employs empirical market dynamics data to argue that demand reduction strategies cannot be pursued effectively in tandem with neoliberal policies. Methods Legal market dynamics are gauged with official data (2003-2016 on licenced tobacco products. The magnitude of illicit product market is assessed by employing prevalence data and estimations in secondary sources. Results During 2003-2016, (a Manufacturing and exports of licenced products have risen sharply (Cigarette manufacturing by 3 billion sticks/year; 2 new cigarette brands licenced per month. The declining trend in legal cigarette sales since 1999 was disrupted during last 5 years and was pushed upward. (b In addition to illicit cigarettes (market share 7.5%, the staggering growth in illicit RYO tobacco, estimated at 15,000 tonnes for 2016 by Tobacco Experts Association, represents 20.5 billion cigarette equivalents, which explains legal sales of 19 billion macarons (empty cigarette tubes in 2016. Estimated share of illicit products in total consumption has thus reached unprecedented level of 27%. Furthermore, using prevalence data, WPT market is estimated as 99% illicit. Conclusions Both legal and illicit tobacco product markets are growing in Turkey, indicating neoliberal framework has had far larger de facto impact than demand reduction efforts, and Law No 4733 is failing, given emergent duality between legal and illicit markets epitomised by TTCs and domestic outfits, respectively. This picture is in clear defiance of FCTC objectives, principles, and obligations, and

  15. The Impact of Real Estate Market in the Albanian Economy

    Directory of Open Access Journals (Sweden)

    Dorina Kripa

    2015-05-01

    Full Text Available The real estate market has an important impact on social and economic development of a country, and it involves many aspects which increase the complexity of the impact analysis and often have opposite directions. This can be supported by the fact that real estate is one of the most important items in public spending3, but also in investment expenses in general (this is especially typical for Albania. These expenses are mainly related to infrastructure and accommodation of homeless people by the National Housing Entity. Researchers have studied the relation between the price of real estates with the GDP of a country, concluding that real estate prices and the government policies related to them, do impact the GDP growth, and movements in residential prices can be used to forecast GDP growth. On the other hand, when purchasing a home, individuals use all their savings, or take loans, which constantly cause the reduction of consumption and saving possibilities in order to afford the installments and other loan expenses. So, from this point of view, this investment may have an adverse effect, even on GDP. But, the question we raise in this study is: what impact has the real estate market in Albanian economy? We begin the study by emphasizing the importance of the real estate market, and then we identify key developments related to this market’s financing, price developments and the construction activity, as an important part of the market itself. The study is concluded with a regression analysis on the role the real estate market plays in the Albanian economy.

  16. Electricity deregulation - impact on gas users and markets

    International Nuclear Information System (INIS)

    Koeppel, H.

    1995-01-01

    Various scenarios for the natural gas market as a function a electricity deregulation were predicted. One scenario was the formation of an integrated market where sellers would offer a broad spectrum of energy products. This diversification would expand into the retail sector across North America. The second effect of electricity deregulation was energy cost reduction. The consumers have already been experiencing this benefit of deregulation. Cost reduction has also stimulated competition among energy suppliers, and improved suppliers' response to consumers'demands. The eventual shake-out of energy suppliers was predicted. Smaller companies that could not survive the competition would give up the market to larger companies that understood and met the customers' needs. It was concluded that deregulation of the electricity industry would have an enormous impact on the natural gas industry and that there would be opportunities for gain among buyers and sellers

  17. Dynamic Game Analysis of Coal Electricity Market Involving Multi-Interests

    Directory of Open Access Journals (Sweden)

    Yu Xiaobao

    2016-01-01

    Full Text Available The coal consumption of China reached 2.75 billion tons of standard coal in 2013, which accounted for 67.5% of total energy consumption and more than 50% of global coal consumption. Therefore, the impact of coal price is huge on coal market and even energy market in China. As a large consumer of coal, thermal power enterprise has a strong sensitivity to coal price. In order to balance the rising cost of enterprises due to coal price, we need to analyze the interests of multiple stakeholders. Firstly, this paper combined the Nash equilibrium and cobweb model and proposed the characteristics in different cobweb model. Then, for coal, power, and energy companies, the dynamic game analysis model is constructed. This model gives a game analysis in four scenarios and quantifies the decision of each stakeholder in different coal prices. Finally, the impact figure of different coal prices on each stakeholder has been drawn. The impacts of different coal or thermal power prices on different markets have been put forward, so relevant policy recommendations have been proposed combined with the cobweb model.

  18. Market Analysis and Consumer Impacts Source Document. Part I. The Motor Vehicle Market in the Late 1970's

    Science.gov (United States)

    1980-12-01

    The source document on motor vehicle market analysis and consumer impact consists of three parts. Part I is an integrated overview of the motor vehicle market in the late 1970's, with sections on the structure of the market, motor vehicle trends, con...

  19. The Impact of E-Commerce Development on the Warehouse Space Market in Poland

    Directory of Open Access Journals (Sweden)

    Dembińska Izabela

    2016-12-01

    Full Text Available The subject of discussion in the article is the impact of e-commerce sector on the warehouse space market. On the basis of available reports, the development of e-commerce has been characterized in Poland, showing the dynamics and the type of change. The needs of e-commerce sector in the field of logistics, in particular in the area of storage, have been presented in the paper. These needs have been characterized and at the same time, how representatives of the warehouse space market are prepared to support companies in the e-commerce sector is also discussed. The considerations are illustrated by the changes that occur as a result of the development of e-commerce on the warehouse space market in Poland.

  20. The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching

    Directory of Open Access Journals (Sweden)

    Slah Bahloul

    2017-03-01

    Full Text Available The objective of this paper is to study the impact of conventional stock market return and volatility and various macroeconomic variables (including inflation rate, short-term interest rate, the slope of the yield curve and money supply on Islamic stock markets returns for twenty developed and emerging markets using Markov switching regression models. The empirical results for the period 2002–2014 show that both developed and emerging Islamic stock indices are influenced by conventional stock indices returns and money supply for both the low and high volatility regimes. However, the other macroeconomic variables fail to explain the dynamics of Islamic stock indices especially in the high volatility regime. Similar conclusions are obtained by using the MS-VAR model.

  1. Climate change: impacts on electricity markets in Western Europe.

    Science.gov (United States)

    Golombek, Rolf; Kittelsen, Sverre A C; Haddeland, Ingjerd

    This paper studies some impacts of climate change on electricity markets, focusing on three climate effects. First, demand for electricity is affected because of changes in the temperature. Second, changes in precipitation and temperature have impact on supply of hydro electric production through a shift in the inflow of water. Third, plant efficiency for thermal generation will decrease because the temperature of water used to cool equipment increases. To find the magnitude of these partial effects, as well as the overall effects, on Western European energy markets, we use the multi-market equilibrium model LIBEMOD. We find that each of the three partial effects changes the average electricity producer price by less than 2%, while the net effect is an increase of only 1%. The partial effects on total electricity supply are small, and the net effect is a decrease of 4%. The greatest effects are found for Nordic countries with a large market share for reservoir hydro. In these countries, annual production of electricity increases by 8%, reflecting more inflow of water, while net exports doubles. In addition, because of lower inflow in summer and higher in winter, the reservoir filling needed to transfer water from summer to winter is drastically reduced in the Nordic countries.

  2. Beer tapping: dynamics of bubbles after impact

    OpenAIRE

    Mantic-Lugo, V.; Cayron, A.; Brun, P-T; Gallaire, F.

    2015-01-01

    Beer tapping is a well known prank where a bottle of beer is impacted from the top by a solid object, usually another bottle, leading to a sudden foam overflow. A description of the shock-driven bubble dynamics leading to foaming is presented based on an experimental and numerical study evoking the following physical picture. First, the solid impact produces a sudden downwards acceleration of the bottle creating a strong depression in the liquid bulk. The existing bubbles undergo a strong exp...

  3. THE IMPACT OF ACCESSION TO THE EUROPEAN UNION ON THE ROMANIAN CAPITAL MARKET

    OpenAIRE

    Dragoş Mînjină; Andrei Stănculescu

    2007-01-01

    The accession to the European Union has had a significant impact on the Romanian capital market. In this paper are presented some aspects of the capital market which are influenced by the mentioned event, such as a harmonized legislation with EU legislation and restructured capital market architecture. In order to synthesize the accession effect on the Romanian capital market, we have analyzed the specific market indicators (such as market value, turnover, market indexes etc.), computed for t...

  4. Statistical Analysis of the Impact of Wind Power on Market Quantities and Power Flows

    DEFF Research Database (Denmark)

    Pinson, Pierre; Jónsson, Tryggvi; Zugno, Marco

    2012-01-01

    In view of the increasing penetration of wind power in a number of power systems and markets worldwide, we discuss some of the impacts that wind energy may have on market quantities and cross-border power flows. These impacts are uncovered through statistical analyses of actual market and flow data...... of load and wind power forecasts on Danish and German electricity markets....

  5. Offering memorable patient experience through creative, dynamic marketing strategy

    Science.gov (United States)

    Raţiu, M; Purcărea, T

    2008-01-01

    Creative, dynamic strategies are the ones that identify new and better ways of uniquely offering the target customers what they want or need. A business can achieve competitive advantage if it chooses a marketing strategy that sets the business apart from anyone else. Healthcare services companies have to understand that the customer should be placed in the centre of all specific marketing operations. The brand message should reflect the focus on the patient. Healthcare products and services offered must represent exactly the solutions that customers expect. The touchpoints with the patients must be well mastered in order to convince them to accept the proposed solutions. Healthcare service providers must be capable to look beyond customer's behaviour or product and healthcare service aquisition. This will demand proactive and far–reaching changes, including focusing specifically on customer preference, quality, and technological interfaces; rewiring strategy to find new value from existing and unfamiliar sources; disintegrating and radically reassembling operational processes; and restructuring the organization to accommodate new typess of work and skill. PMID:20108466

  6. Offering memorable patient experience through creative, dynamic marketing strategy.

    Science.gov (United States)

    Purcărea, Victor Lorín; Raţíu, Monica; Purcărea, Theodor; Davila, Carol

    2008-01-01

    Creative, dynamic strategies are the ones that identify new and better ways of uniquely offering the target customers what they want or need. A business can achieve competitive advantage if it chooses a marketing strategy that sets the business apart from anyone else. Healthcare services companies have to understand that the customer should be placed in the centre of all specific marketing operations. The brand message should reflect the focus on the patient. Healthcare products and services offered must represent exactly the solutions that customers expect. The touchpoints with the patients must be well mastered in order to convince them to accept the proposed solutions. Healthcare service providers must be capable to look beyond customer's behaviour or product and healthcare service aquisition. This will demand proactive and far-reaching changes, including focusing specifically on customer preference, quality, and technological interfaces; rewiring strategy to find new value from existing and unfamiliar sources: disintegrating and radically reassembling operational processes: and restructuring the organization to accommodate new types of work and skill.

  7. European Integration, Labour Market Dynamics and Migration Flows

    Directory of Open Access Journals (Sweden)

    Martinoia, Michela

    2011-06-01

    Full Text Available The paper has two objectives. Firstly, we wish to evaluate whether a greater economic integration has effects, and of what type, on migration flows from Central and Eastern Europe (New Member States of the EU, NMS towards the fifteen countries of the European Union (EU-15. Secondly, we wish to understand what effect the migration flows from the NMS have on the labour market of the receiving countries in the EU-15. The most suitable theoretical context that seems to summarise European labour market characteristics is that of the insider/outsider model by Layard, Nickell and Jackman (Layard et al., 1991. We have modified the above mentioned model by introducing two innovations. Firstly, we constructed three measures that act as a proxy for economic integration: the Intra Regional Trade Index (IRTI, Global Trade Index (GTI and Financial Market Integration (FMI. Then we placed the three indicators into the insider/outsider model to arrive at a modified version of Layard, Nickell and Jackman (Layard et al., 1991. The second innovative contribution was the introduction of an equation modelling migration flows. The creation of this equation is inspired by the neo-classical approach to migration theory (Harris-Todaro, 1970. The theoretical model, based on rational expectations, has been solved to find the equilibrium solution and the impact multipliers. We then carried out an empirical analysis, which involved estimating a Structural Vector Autoregression Model (SVAR. The aim of this estimation was to evaluate, on the one hand, the effect that greater European integration (a positive shock to the integration indicators has on migration flows, and, on the other, to measure the type of effect that migration flows could have on the labour market of the EU-15 countries, considered as a single entity. The results of our empirical evidence show that economic integration does generate significant effects on migration flows from the enlargement countries

  8. The Impact of Internal Marketing on Customer Satisfaction and Loyalty

    OpenAIRE

    Mohammad Reza Moghadam; Mahmood Nouraei; Abd-Al-Rasoul Torabi

    2016-01-01

    This research is trying to determine the impact of internal marketing on customer satisfaction and loyalty in Global Distribution of Bunny Chow of Qazvin Branch. The research type was applied research in terms of goal and descriptive-survey research in terms of nature. Sampling methods were census type for staffs and available non- probability for customers. It was used questionnaire to collect data. It was used Cronbach's Alpha to assess reliability of questionnaire. To test questions of...

  9. Do co-jumps impact correlations in currency markets?

    Czech Academy of Sciences Publication Activity Database

    Baruník, J.; Vácha, Lukáš

    Roč. 37, č. 1 ( 2018 ), s. 97-119 ISSN 1386-4181 Grant - others:GA ČR GA16-14151S Institutional support: RVO:67985556 Keywords : Co-jumps * Currency markets * Realized covariance * Wavelets * Bootstrap Subject RIV: AH - Economics OBOR OECD: Finance Impact factor: 1.134, year: 2016 http://library.utia.cas.cz/separaty/ 2018 /E/vacha-0487659.pdf

  10. Impact of electric industry deregulation on gas markets: a power marketer's perspective

    International Nuclear Information System (INIS)

    Jahns, F.H.

    1996-01-01

    The impact of electric industry deregulation on gas markets was examined. The presentation included industry comparisons of 1994 gas total revenues versus electricity total revenues for residential, commercial, and industrial use. A chart forecasting the outlook for gas-fired generation of electric power indicated that the use of natural gas as feedstock for power generation will increase from 12% to 37% during the period 1994 to 2003. 16 figs

  11. Handling of impact forces in inverse dynamics

    NARCIS (Netherlands)

    Bisseling, Rob W.; Hof, At L.

    2006-01-01

    In the standard inverse dynamic method, joint moments are assessed from ground reaction force data and position data, where segmental accelerations are calculated by numerical differentiation of position data after low-pass filtering. This method falls short in analyzing the impact phase, e.g.

  12. Investigating the Evolution of Linkage Dynamics among Equity Markets Using Network Models and Measures: The Case of Asian Equity Market Integration

    Directory of Open Access Journals (Sweden)

    Biplab Bhattacharjee

    2017-12-01

    Full Text Available The state of cross-market linkage structures and its stability over varying time-periods play a key role in the performance of international diversified portfolios. There has been an increasing interest of global investors in emerging capital markets in the Asian region. In this setting, an investigation into the temporal dynamics of cross-market linkage structures becomes significant for the selection and optimal allocation of securities in an internationally-diversified portfolio. In the quest for this, in the current study, weighted network models along with network metrics are employed to decipher the underlying cross-market linkage structures among Asian markets. The study analyses the daily return data of fourteen major Asian indices for a period of 14 years (2002–2016. The topological properties of the network are computed using centrality measures and measures of influence strength and are investigated over temporal scales. In particular, the overall influence strengths and India-specific influence strengths are computed and examined over a temporal scale. Threshold filtering is also performed to characterize the dynamics related to the linkage structure of these networks. The impacts of the 2008 financial crisis on the linkage structural patterns of these equity networks are also investigated. The key findings of this study include: a set of central and peripheral indices, the evolution of the linkage structures over the 2002–2016 period and the linkage dynamics during times of market stress. Mainly, the set of indices possessing influence over the Asian region in general and the Indian market in particular is also identified. The findings of this study can be utilized in effective systemic risk management and for the selection of an optimally-diversified portfolio, resilient to system-level shocks.

  13. Star marketer’s impact on the market strategy choice

    Directory of Open Access Journals (Sweden)

    Vlašić Goran

    2017-01-01

    Full Text Available We focus on understanding the role of star marketers in pursuing a market-driven vs. a market-driving strategy. Results indicate that market-driving and market-driven strategies are two approaches that can be pursued by market-oriented firms. A star marketer has a robust positive influence on market-driving strategy. In contrast, a star marketer has no meaningful influence on market-driven strategy. In short, while star marketers are very important for market-driving strategy and long term success, they represent an unnecessary cost and provide no added value to companies focusing on market-driven strategies and short term results.

  14. The Price and Volatility Dynamics in the Swedish-Norwegian Renewable Electricity Certificate MarketA Study of Spillover Effects and Regulatory changes

    OpenAIRE

    Finell, Philip; Hiller, Maria

    2016-01-01

    The market for renewable electricity certificates (REC) is the primary support system for renewable energy in Sweden and Norway. Regulatory uncertainty and equity markets have previously been proven to impact the volatility of the REC spot contract. As policy makers, renewable electricity investors and other stakeholders aim for profitability and efficient regulation, additional insights of the dynamics in the  REC market is needed. This study examines regulatory uncertainty on both REC spot ...

  15. The Empirical Analysis of the Dynamic Prices Relationship between Cotton Spot Market and Futures Market in Xinjiang

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The thesis analyzes the causal relationship between the cotton spot,and the tendency and impact of prices of futures markets in Xinjiang by using ADF test,co-integration analysis,Granger causality test and other econometric methods in order to discuss the interacted relationship between futures market prices of cotton and spot market prices since the futures of cotton in Xinjiang go public.The results of empirical analysis show that the spot market prices of cotton and the futures market prices in Xinjiang fluctuate prominently in the short run and tend to counterpoise in the long run;the futures market of cotton plays the role of leading the spot market prices of cotton in Xinjiang,while the spot market prices of cotton in Xinjiang impacts little on the futures market prices.The corresponding countermeasures are put forward.The government should continuously perfect the construction of the futures market of cotton in Xinjiang,so as to exert the function of price discovery and the function of hedging,and promote the development of cotton industry in Xinjiang.

  16. Impact of Variable Renewable Energy in the Iberian Electricity Market

    DEFF Research Database (Denmark)

    Nuño, Edgar; Pereira, Adelino J. C.; Machado Ferreira, C. M.

    2015-01-01

    Market and system operators face new challenges as more renewable energy sources are added. The driving factors in this trend are mainly associated with environmental benefits of the renewable generation and climate change mitigation, as well as the reduction of the dependency of conventional...... and external energy source. If integrated in large scale, the nondispatchable nature of intermittent resources imposes some technical and economic challenges on the operation of power systems. Particularly, market dynamics and prices could be influenced by such integrations. Over the last years, the generation...... mix of Spain and Portugal has undergone a dramatic change, driven by new environmental policies and financial incentives. In this regard, wind has become one of the most popular alternative sources of energy, bringing new challenges from the operational and structural point of view. This trend has...

  17. The impact of heat waves on electricity spot markets

    International Nuclear Information System (INIS)

    Pechan, Anna; Eisenack, Klaus

    2014-01-01

    Thermoelectric power plants depend on cooling water drawn from water bodies. Low river run-off and/or high water temperatures limit a plant's production capacity. This problem may intensify with climate change. Our study quantifies the impact of forced capacity reductions on market prices, production costs, consumer and producer surplus, as well as emissions by means of a bottom-up power generation system model. First, we simulate the German electricity spot market during the heat wave of 2006. Then we conduct a sensitivity study that accounts for future climatic and technological conditions. We find an average price increase of 11% during the heat wave 2006, which is even more pronounced during times of peak demand. Production costs accumulate to an additional but moderate 16 m. Due to the price increase, producers gain from the heat wave, whereas consumers disproportionately bear the costs. Carbon emissions in the German electricity sector increase during the heat wave. The price and cost effects are more pronounced and increase significantly if assumptions on heat-sensitive demand, hydropower capacity, net exports, and capacity reductions are tightened. These are potential additional effects of climate change. Hence, if mitigation fails or is postponed globally, the impacts on the current energy system are very likely to rise. Increases in feed-in from renewable resources and demand-side management can counter the effects to a considerable degree. Countries with a shift toward a renewable energy supply can be expected to be much less susceptible to cooling water scarcity than those with a high share of nuclear and coal-fired power plants. - Highlights: • We quantify the impact of thermal capacity reductions on the electricity market. • German heat wave 2006 caused moderate rise in production costs. • Capacity reductions have substantial impact on prices and raise producer surplus. • Impacts on prices, production cost and surplus amplify under climate

  18. 2004 Power marketing program, draft environmental impact statement

    International Nuclear Information System (INIS)

    1996-04-01

    The Sierra Nevada Region proposes to develop a marketing plan that would be implemented in the year 2005 and to allocate power to eligible entities within its marketing area in northern and central California and Nevada. Four alternatives were analyzed that are structured around the range of operations of the Central Valley Project hydroelectric system, levels of power purchases, and customer group allocations. The manner in which hydropower Generating plants are operated is one of the fundamental differences across the alternatives. Operating the hydrosystem to provide peaking power (the maximize hydropower peaking alternative, which is similar to the no-action alternative), would provide up to 941 MW of additional load-carrying capacity in comparison to baseload operations of the CVP system (the baseload alternative). Although it is not possible to determine where or when any lost capacity would be made up, building replacement capacity in response to the baseload alternative would result in land-use impacts and the use of natural and financial resources. Peaking also results in small but beneficial regional economic effects. Peaking and baseload alternatives result in different hourly air emission patterns. The peaking alternative results in annual reductions in air pollution and wastewater. Impacts within the CVP are limited to regulating reservoirs, which would have reduced pool-level fluctuations under the baseload alternative. Changes in allocations to customer groups result in small regional effects that are dependent on assumptions made about customer access to wholesale energy markets. The renewable resource acquisition alternative assumes that technology improvements allow for competitively melding 250 MW of renewables with Federal hydropower. Environmental impacts of the renewables alternative depend on the presence of biomass in the resource mix. Overall, the 2004 Draft Environmental Impact Statement (2004 EIS) identified no significant impacts

  19. The impact of the new regulatory framework on the French market of photovoltaic. What is the sector's future after the decrease of purchase tariffs and the foreseen limit of market?

    International Nuclear Information System (INIS)

    2011-05-01

    This article presents the content of a market study which aimed at identifying the dynamics of the French market of photovoltaic, at assessing the impact of reviewing the legal framework of this sector, at analysing the strategies of equipment manufacturer, installers and operators, and at anticipating the evolutions of the market and competition intensity by 2015. Data and information from nearly forty companies have been used for this study

  20. Price dynamics among U.S. electricity spot markets

    International Nuclear Information System (INIS)

    Park, Haesun; Mjelde, James W.; Bessler, David A.

    2006-01-01

    Combining recent advances in causal flows with time series analysis, relationships among 11 U.S. spot market electricity prices are examined. Results suggest that the relationships among the markets vary by time frame. In contemporaneous time, the western markets are separated from the eastern markets and the Electricity Reliability Council of Texas. At longer time frames these separations disappear, even though electricity transmission between the regions is limited. It appears the relationships among markets are not only a function of physical assets (such as transmissions lines among markets), but by similar and dissimilar institutional arrangements among the markets. (Author)

  1. Quantitative law describing market dynamics before and after interest-rate change

    International Nuclear Information System (INIS)

    Petersen, Alexander M.; Wang Fengzhong; Stanley, H. Eugene; Havlin, Shlomo

    2010-01-01

    We study the behavior of U.S. markets both before and after U.S. Federal Open Market Commission meetings and show that the announcement of a U.S. Federal Reserve rate change causes a financial shock, where the dynamics after the announcement is described by an analog of the Omori earthquake law. We quantify the rate n(t) of aftershocks following an interest-rate change at time T and find power-law decay which scales as n(t-T)∼(t-T) -Ω , with Ω positive. Surprisingly, we find that the same law describes the rate n ' (|t-T|) of 'preshocks' before the interest-rate change at time T. This study quantitatively relates the size of the market response to the news which caused the shock and uncovers the presence of quantifiable preshocks. We demonstrate that the news associated with interest-rate change is responsible for causing both the anticipation before the announcement and the surprise after the announcement. We estimate the magnitude of financial news using the relative difference between the U.S. Treasury Bill and the Federal Funds effective rate. Our results are consistent with the 'sign effect', in which 'bad news' has a larger impact than 'good news'. Furthermore, we observe significant volatility aftershocks, confirming a 'market under-reaction' that lasts at least one trading day.

  2. Quantitative law describing market dynamics before and after interest-rate change.

    Science.gov (United States)

    Petersen, Alexander M; Wang, Fengzhong; Havlin, Shlomo; Stanley, H Eugene

    2010-06-01

    We study the behavior of U.S. markets both before and after U.S. Federal Open Market Commission meetings and show that the announcement of a U.S. Federal Reserve rate change causes a financial shock, where the dynamics after the announcement is described by an analog of the Omori earthquake law. We quantify the rate n(t) of aftershocks following an interest-rate change at time T and find power-law decay which scales as n(t-T)∼(t-T)(-Ω) , with Ω positive. Surprisingly, we find that the same law describes the rate n'(|t-T|) of "preshocks" before the interest-rate change at time T . This study quantitatively relates the size of the market response to the news which caused the shock and uncovers the presence of quantifiable preshocks. We demonstrate that the news associated with interest-rate change is responsible for causing both the anticipation before the announcement and the surprise after the announcement. We estimate the magnitude of financial news using the relative difference between the U.S. Treasury Bill and the Federal Funds effective rate. Our results are consistent with the "sign effect," in which "bad news" has a larger impact than "good news." Furthermore, we observe significant volatility aftershocks, confirming a "market under-reaction" that lasts at least one trading day.

  3. Quantitative law describing market dynamics before and after interest-rate change

    Science.gov (United States)

    Petersen, Alexander M.; Wang, Fengzhong; Havlin, Shlomo; Stanley, H. Eugene

    2010-06-01

    We study the behavior of U.S. markets both before and after U.S. Federal Open Market Commission meetings and show that the announcement of a U.S. Federal Reserve rate change causes a financial shock, where the dynamics after the announcement is described by an analog of the Omori earthquake law. We quantify the rate n(t) of aftershocks following an interest-rate change at time T and find power-law decay which scales as n(t-T)˜(t-T)-Ω , with Ω positive. Surprisingly, we find that the same law describes the rate n'(|t-T|) of “preshocks” before the interest-rate change at time T . This study quantitatively relates the size of the market response to the news which caused the shock and uncovers the presence of quantifiable preshocks. We demonstrate that the news associated with interest-rate change is responsible for causing both the anticipation before the announcement and the surprise after the announcement. We estimate the magnitude of financial news using the relative difference between the U.S. Treasury Bill and the Federal Funds effective rate. Our results are consistent with the “sign effect,” in which “bad news” has a larger impact than “good news.” Furthermore, we observe significant volatility aftershocks, confirming a “market under-reaction” that lasts at least one trading day.

  4. Jump dynamics and volatility: Oil and the stock markets

    International Nuclear Information System (INIS)

    Chiou, Jer-Shiou; Lee, Yen-Hsien

    2009-01-01

    Our study distinguishes itself from the prior studies within the oil and financial literature by not only examining the asymmetric effects of oil prices on stock returns, but also exploring the importance of structure changes in this dependency relationship. We retrieve daily data on S and P 500 and West Texas Intermediate (WTI) oil transactions covering the period from 1 January 1992 to 7 November 2006, and then transform the available data into daily returns. In contrast to the extant literature, in this study, consideration of expected, unexpected and negative unexpected oil price fluctuations is incorporated into the model of stock returns; we also focus on the ways in which oil price volatility, as opposed to general macroeconomic variables, can influence the stock market. We go on to implement the ARJI (Autoregressive Conditional Jump Intensity) model with structure changes, from which we conclude that high fluctuations in oil prices have asymmetric unexpected impacts on S and P 500 returns. (author)

  5. The articulation of Mexico into the dynamics of competition of the North American natural gas market

    International Nuclear Information System (INIS)

    Elizalde Baltierra, A.

    2002-07-01

    Deregulation is at the origin of the new dynamics of competition in the natural gas industry. The United States and Canada were the pioneer countries to suffer these changes. In fact, their natural gas markets today function in a very similar way: i) the private sector takes a place as large as possible, and ii)competition is developed within the three segments of the gas value, especially at the upstream level (emergence of hubs, spot and financial markets,...). In Mexico, its downstream gas activities (transportation, storage and distribution) were liberalized in 1995 in order to attract private investments and to develop the gas sector that has historically been operated under State control. Gas upstream operations remain reserved by the Constitution to the national oil company Petroleos Mexicanos (PEMEX). This thesis develops an evaluation framework of the articulation of Mexico into the dynamics of competition of the North American natural gas market, based on the structure-conduct-performance paradigm. In the first part, all North American's natural gas industries base conditions are analyzed. We examine in the second part, the deregulation and articulation of the dynamics of competition of the American and Canadian gas industries. Finally, in the third part we analyze the main elements of the articulation of Mexico into the dynamics of competition of United States and Canada's gas industries. Furthermore, we evaluate the impact of three of these elements (the economic growth, the electric power generation sector and eventually opening to private investments of gas upstream activities) on the adjustment of gas supply and demand in Mexico to the year 2020. (author)

  6. Star marketer’s impact on the market strategy choice

    OpenAIRE

    Goran, Vlašić; Hair, Joe F.; Krupka, Zoran

    2017-01-01

    We focus on understanding the role of star marketers in pursuing a market-driven vs. a market-driving strategy. Results indicate that market-driving and market-driven strategies are two approaches that can be pursued by market-oriented firms. A star marketer has a robust positive influence on market-driving strategy. In contrast, a star marketer has no meaningful influence on market-driven strategy. In short, while star marketers are very important for market-driving strategy and long term su...

  7. Dynamic conditional correlation analysis of financial market interdependence : An application to Thailand and Indonesia

    NARCIS (Netherlands)

    Kuper, Gerard H.; Lestano, [No Value

    2006-01-01

    This paper examines the dynamic linkages among financial markets in Thailand and Indonesia. In particular, we focus on the cross-border relationship in individual markets and on the relationship between finan- cial markets within each country. We find that while tight monetary policy pursued by

  8. a Statistical Dynamic Approach to Structural Evolution of Complex Capital Market Systems

    Science.gov (United States)

    Shao, Xiao; Chai, Li H.

    As an important part of modern financial systems, capital market has played a crucial role on diverse social resource allocations and economical exchanges. Beyond traditional models and/or theories based on neoclassical economics, considering capital markets as typical complex open systems, this paper attempts to develop a new approach to overcome some shortcomings of the available researches. By defining the generalized entropy of capital market systems, a theoretical model and nonlinear dynamic equation on the operations of capital market are proposed from statistical dynamic perspectives. The US security market from 1995 to 2001 is then simulated and analyzed as a typical case. Some instructive results are discussed and summarized.

  9. Stock Market Autoregressive Dynamics: A Multinational Comparative Study with Quantile Regression

    Directory of Open Access Journals (Sweden)

    Lili Li

    2016-01-01

    Full Text Available We study the nonlinear autoregressive dynamics of stock index returns in seven major advanced economies (G7 and China. The quantile autoregression model (QAR enables us to investigate the autocorrelation across the whole spectrum of return distribution, which provides more insightful conditional information on multinational stock market dynamics than conventional time series models. The relation between index return and contemporaneous trading volume is also investigated. While prior studies have mixed results on stock market autocorrelations, we find that the dynamics is usually state dependent. The results for G7 stock markets exhibit conspicuous similarities, but they are in manifest contrast to the findings on Chinese stock markets.

  10. Impacts of nonstate, market-driven governance on Chilean forests.

    Science.gov (United States)

    Heilmayr, Robert; Lambin, Eric F

    2016-03-15

    Global markets for agricultural products, timber, and minerals are critically important drivers of deforestation. The supply chains driving land use change may also provide opportunities to halt deforestation. Market campaigns, moratoria, and certification schemes have been promoted as powerful tools to achieve conservation goals. Despite their promise, there have been few opportunities to rigorously quantify the ability of these nonstate, market-driven (NSMD) governance regimes to deliver conservation outcomes. This study analyzes the impacts of three NSMD governance systems that sought to end the conversion of natural forests to plantations in Chile at the start of the 21st century. Using a multilevel, panel dataset of land use changes in Chile, we identify the impact of participation within each of the governance regimes by implementing a series of matched difference-in-differences analyses. Taking advantage of the mosaic of different NSMD regimes adopted in Chile, we explore the relative effectiveness of different policies. NSMD governance regimes reduced deforestation on participating properties by 2-23%. The NSMD governance regimes we studied included collaborative and confrontational strategies between environmental and industry stakeholders. We find that the more collaborative governance systems studied achieved better environmental performance than more confrontational approaches. Whereas many government conservation programs have targeted regions with little likelihood of conversion, we demonstrate that NSMD governance has the potential to alter behavior on high-deforestation properties.

  11. The Impact of Relationship Marketing Strategy in Indonesia Retail Industries

    Directory of Open Access Journals (Sweden)

    Freddy Pandapotan Simbolon

    2016-09-01

    Full Text Available This research aimed to examine the impact of relationship marketing strategy on customer loyalty in Indonesia’s retail industries. A questionnaire derived from previous studies and the relevant literature was completed by 182 retail customers in Jakarta. Multiple regression analysis assessed the impact on customer loyalty of four key constructs of relationship marketing (trust, commitment, communication, and conflict handling. The two variables (trust and commitment had a significant effect and predicted a good proportion of the variance in customer loyalty. Moreover, they were significantly related to one another. The relationships investigated in this study deserved further research. Since the data analyzed were collected from one sector of the service industry in one region, more studies were required before general conclusions can be drawn. It is reasonable to conclude, on this evidence, that customer loyalty can be created, reinforced, and retained by marketing plans aimed at building trust, demonstrating a commitment to service, communicating with customers in a timely, reliable and proactive fashion, and handling conflict efficiently, reinforces and refines the body of knowledge relating to customer loyalty in service industries.

  12. Market dynamics as a driver towards the evolution of research needs

    African Journals Online (AJOL)

    Market dynamics offer positive (incentive) or negative (disincentive) feedback loops that shape the research needs for, or certain aspects of, a particular technology. Our case study results illustrate how market dynamics have influenced the evolution of research needs in the wastewater treatment sector, with specific ...

  13. Environmental Impacts of Sand Exploitation. Analysis of Sand Market

    Directory of Open Access Journals (Sweden)

    Marius Dan Gavriletea

    2017-06-01

    Full Text Available Sand is an indispensable natural resource for any society. Despite society’s increasing dependence on sand, there are major challenges that this industry needs to deal with: limited sand resources, illegal mining, and environmental impact of sand mining. The purpose of this paper is twofold: to present an overview of the sand market, highlighting the main trends and actors for production, export and import, and to review the main environmental impacts associated with sand exploitation process. Based on these findings, we recommend different measures to be followed to reduce negative impacts. Sand mining should be done in a way that limits environmental damage during exploitation and restores the land after mining operations are completed.

  14. TQM and market orientation's impact on SMEs' performance

    Directory of Open Access Journals (Sweden)

    Hadi Abdollahi

    2014-05-01

    Full Text Available This paper presents an empirical investigation to study the impact of total quality management (TQM as well as market orientation on organizational performance on some Iranian small and medium enterprises (SMEs. The study designs a questionnaire in Likert scale and distributes it among some experts in city of Shiraz, Iran. Using structural equation modeling, the study determines that three components of market orientation including intelligence generation, intelligence dissemination, and responsiveness through TQM influences on organizational performance components including financial and non-financial performance as well as efficiency. In addition, TQM components including training, process management, supplier quality management, employee relationships, quality of data and reports and top management commitment influence positively on organizational performance in SMEs.

  15. The impact of Chernobyl on health and labour market performance.

    Science.gov (United States)

    Lehmann, Hartmut; Wadsworth, Jonathan

    2011-09-01

    Using longitudinal data from Ukraine we examine the extent of any long-lasting effects of exposure to the Chernobyl disaster on the health and labour market performance of the adult workforce. Variation in the local area level of radiation fallout from the Chernobyl accident is considered as a random exogenous shock with which to try to establish its causal impact on poor health, labour force participation, hours worked and wages. There appears to be a significant positive association between local area-level radiation dosage and perception of poor health, though much weaker associations between local area-level dosage and other specific self-reported health conditions. There is also some evidence to suggest that those who lived in areas more exposed to Chernobyl-induced radiation have significantly lower levels of labour market performance 20 years on. Copyright © 2011 Elsevier B.V. All rights reserved.

  16. THE IMPACT OF PRODUCTION DECISIONS ON THE BALANCE PERFECT MARKET. AN INTERACTIVE STUDY

    Directory of Open Access Journals (Sweden)

    Zaharia Marian

    2011-12-01

    Full Text Available Given that the market equilibrium at a given time t is the result of ratio of product demand, at the same moment of time t, and the supply launched at an earlier time t − Δt , and given that the product remains on the market until the sale was full, rationality of supply decision, by future sizing anticipating of demand, has a fundamental influence on the stability and equilibrium of product market. This paper provides an interactive version for study of sizing impact on offer, based from three dynamic models of perfect markets, derived from Kaldor's cobweb model. Using the same values of marginal demand, marginal supply and incompressible demand and supply are presented interactively the influences of the producer decision on the stability of the product market. IT produs, dezvoltat pentru acest scop poate fi utilizat, de asemenea, în cereri şi cursuri practice în microeconomie, dinamica economică, luarea deciziilor şi altele.

  17. A Market Dynamics Model for New Industrial Products and Its Application

    OpenAIRE

    Shmuel S. Oren; Michael H. Rothkopf

    1984-01-01

    New product planning models attempt to predict the market consequences of product line and product design decisions. One output of such models, especially those driven by subjective or market research data, is usually theoretical market shares based upon consumer preferences under idealized conditions. This paper describes a class of models that bridge the gap between such theoretical market shares and dynamic sales forecasts. This model accounts for differences in customer awareness of diffe...

  18. The relationship between hospital and ehr vendor market dynamics on health information organization presence and participation.

    Science.gov (United States)

    Lin, Sunny C; Adler-Milstein, Julia

    2018-05-08

    Health Information Organizations (HIOs) are third party organizations that facilitate electronic health information exchange (HIE) between providers in a geographic area. Despite benefits from HIE, HIOs have struggled to form and subsequently gain broad provider participation. We sought to assess whether market-level hospital and EHR vendor dynamics are associated with presence and level of hospital participation in HIOs. 2014 data on 4523 hospitals and their EHR vendors were aggregated to the market level. We used multivariate OLS regression to analyze the relationship between hospital and vendor dynamics and (1) probability of HIO presence and (2) percent of hospitals participating in an HIO. 298 of 469 markets (64%) had HIO presence, and in those markets, 47% of hospitals participated in an HIO on average. In multivariate analysis, four characteristics were associated with HIO presence. Markets with more hospitals, markets with more EHR vendors, and markets with an EHR vendor-led HIE approach were more likely to have an HIO. Compared to markets with low hospital competition, markets with high hospital competition had a 25 percentage point lower probability of HIO presence. Two characteristics were associated with level of hospital HIO participation. Markets with more hospitals as well as markets with high vendor competition (compared to low competition) had lower participation. Both hospital and EHR vendor dynamics are associated with whether a market has an HIO as well as the level of hospital participation in HIOs.

  19. Market Integration Dynamics and Asymptotic Price Convergence in Distribution

    NARCIS (Netherlands)

    A. García-Hiernaux (Alfredo); D.E. Guerrero (David); M.J. McAleer (Michael)

    2015-01-01

    textabstractThis paper analyzes the market integration process of nominal prices, develops a model to analyze market integration, and presents a test of increasing market integration. A distinction is made between the economic concepts of price conver- gence in mean and variance. When both types of

  20. Market Integration Dynamics and Asymptotic Price Convergence in Distribution

    NARCIS (Netherlands)

    A. García-Hiernaux (Alfredo); D.E. Guerrero (David); M.J. McAleer (Michael)

    2013-01-01

    textabstractIn this paper we analyse the market integration process of the relative price distribution, develop a model to analyze market integration, and present a formal test of increasing market integration. We distinguish between the economic concepts of price convergence in mean and in

  1. Price dynamics of crude oil and the regional ethylene markets

    International Nuclear Information System (INIS)

    Masih, Mansur; Algahtani, Ibrahim; De Mello, Lurion

    2010-01-01

    This paper is the first attempt to investigate: (1) is the crude oil (WTI) price significantly related to the regional ethylene prices in the Naphtha intensive ethylene markets of the Far East, North West Europe, and the Mediterranean? (2) What drives the regional ethylene prices? The paper is motivated by the recent and growing debate on the lead-lag relationship between crude oil and ethylene prices. Our findings, based on the long-run structural modelling approach of Pesaran and Shin, and subject to the limitations of the study, tend to suggest: (1) crude oil (WTI) price is cointegrated with the regional ethylene prices (2) our within-sample error-correction model results tend to indicate that although the ethylene prices in North West Europe and the Mediterranean were weakly endogenous, the Far East ethylene price was weakly exogenous both in the short and long term. These results are consistent, during most of the period under review (2000.1-2006.4) with the surge in demand for ethylene throughout the Far East, particularly in China and South Korea. However, during the post-sample forecast period as evidenced in our variance decompositions analysis, the emergence of WTI as a leading player as well, is consistent with the recent surge in WTI price (fuelled mainly, among others, by the strong hedging activities in the WTI futures/options and refining tightness) reflecting the growing importance of input cost in determining the dynamic interactions of input and product prices. (author)

  2. Perceptual market orientation gap and its impact on relationship quality and patient loyalty: the role of internal marketing.

    Science.gov (United States)

    Huang, Jin-An; Weng, Rhay-Hung; Lai, Chi-Shiun; Hu, Jer-San

    2013-06-01

    The purpose of this study was to explore the perceptual market orientation gaps between physician and patients and its impact on relationship quality and patient loyalty, and to verify the critical role of internal marketing on developing market orientation. Self-administered questionnaires were then employed to collect the data. We used a convenience sample of physicians and patients at a medical center in central Taiwan, and 90 usable questionnaires from physicians and 450 usable questionnaires from patients were returned. Hierarchical multiple regression analyses were used to validate the research hypotheses. Physicians' perceptual market orientation had a positive influence on physician-patient relationship quality, hospital-patient relationship quality, and patient loyalty, but the perceptual market orientation gap between physicians and their patients had a direct negative impact on these constructs. Finally, internal marketing was found to have an influence on relationship quality and patient loyalty through the mediation of market orientation. In order to enhance relationship quality and patient loyalty, hospital managers should focus their efforts on improving employees' market orientation and reducing patients' perceptual market orientation gap. In addition, internal marketing was found to be a useful pathway in developing market orientation.

  3. The Dynamics in the Structure of Sugarcane Job Market

    Directory of Open Access Journals (Sweden)

    Roselis Natalina Mazzuchetti

    2015-12-01

    Full Text Available Esta pesquisa teve como propósito averiguar a estrutura do mercado de trabalho na atividade de cultivo de cana-de-açúcar, à luz das mudanças recentes ocorridas no setor sucroalcooleiro, levando-se em conta os principais estados produtores de cana. Para tanto, realizou-se uma análise estatística descritiva e uma análise de regressão linear simples, com base nos dados da PNAD, de 1997 a 2009. Como corolário, constatou-se que houve uma redução da informalidade no mercado de trabalho em questão, sendo que esta redução foi mais expressiva em Alagoas. Confirmou-se, também, mudanças recentes nas ocupações do setor, com acréscimos nas atividades técnicas, representadas por tratoristas e operadores de máquinas. Evidenciou-se que o mercado de trabalho do setor em questão tem sua dinâmica diretamente ligada aos fatores que ocorrem na cadeia produtiva do setor sucroalcooleiro como um todo. Palavras-Chave: Mercado de Trabalho, Tecnologia, Agronegócios e Produção de cana-de-açúcar. *** Abstract: This research aims to verify the structure of sugarcane cultivation’s job market, considering the recent changes in this sector and the states with the major production. For that, descriptive and statistical analysis were made, as well as a simplified line regression analysis, based on the Pesquisa Nacional por Amostra de Domicílios - PNAD data, for the 1997-2009 period. As corollary, it was stated that there was a reduction in the informal jobs in the sugarcane production market, showing more expressivity in the state of Alagoas. Recent changes in the sector occupation were confirmed, as an increase in technical activities, represented by tractors and machinery operators. It was evidenced that this sector’s job market has its dynamics closely linked to the sugarcane production chain as a whole. Keywords: Job Market, Agribusiness, Technology, Sugarcane production. *** Sumario: Esta investigación tuvo como objetivo investigar la

  4. Do Credit Rating Agencies Add to the Dynamics of Emerging Market Crises?

    NARCIS (Netherlands)

    Kraussl, R.G.W.

    2005-01-01

    This study investigates the role of credit rating agencies in international financial markets. With an index of speculative market pressure it is analyzed whether sovereign ratings changes have an impact on the financial stability in emerging market economies. The event study analysis indicates that

  5. Market-oriented Energy Revolution in China and Impacts

    Institute of Scientific and Technical Information of China (English)

    Wang Zhen; Xue Qing

    2015-01-01

    China has been undergoing a new round ofambitious reform in its energy sectors after presidentXi's call for“energy revolution”in June 2014. Thistop-down strategy paves a way to market-oriented transition for Chinese energy govern system on both industrial level and corporation level. This paper analyzes the newtrends of China's energy policy and its impacts on crude oil market as well as on Chinese state-owned petroleum enterprises. Thisrevolutionwill reshapethe managementsystemof Chinese energyindustryto cope with rising energy demand, supply restraints, huge environmental costs and backward technologies.With the deepening reform of oil and gas pricing mechanism and the opening-up of petroleum industry, Chinese domestic energy market will be upgraded towards a more rationalized and competitive system. Mixed ownerships will be introduced to stimulate the vitality, creativity and brandinfluence of state-owned petroleum corporations, pushing Chinese national oil majors to collaboratejointly withvarious foreign oil and gas companies and the emerging domestic private companies with great entrepreneurship.

  6. The Impact of Brand Awareness on Companies` Marketing Strategies

    Directory of Open Access Journals (Sweden)

    Alexandra Zaif

    2016-07-01

    Full Text Available Within this paper,we will try to emphasize the importance of brand awareness and its significant role in brand-building,discussing how companies implementing brand-awareness marketing strategies will have a substantial role in creating brand image,strenghten brand equity and increase profitability . Firstly,we will conduct an empirical research based on previous published literature concerning brand awareness and will discuss the effectiveness of marketing strategies that incorporate in their objectives brand awareness increase,acknowledging its impact on significant factors such as brand image ,sales increase,influencing customer behaviour and other important equity-related aspects.We will try to corroborate our statements by referring to a marketing strategy designed to enhance brand awareness and stimulate other brand-equity dimensions (brand association,brand loyalty,etc.,as well as generate higher sales revenues , namely sponsorship and we will discuss a particular category,respectively sponsorship in the sports industry.The study case wil be concluded with an example of a succesfull partnership involving a sponsorship agreement between a reputable multinational food and beverage corporation,PepsiCo(known for famous products such as Pepsi soft drinks and foods such as Lay`s Chips and one of the most important events expected by football enthusiasts around the world,the UEFA Champions` League annual tournament.

  7. Intervening in global markets to improve access to HIV/AIDS treatment: an analysis of international policies and the dynamics of global antiretroviral medicines markets

    Directory of Open Access Journals (Sweden)

    Hochstadt Jenny

    2010-05-01

    Full Text Available Abstract Background Universal access to antiretroviral therapy (ART in low- and middle-income countries faces numerous challenges: increasing numbers of people needing ART, new guidelines recommending more expensive antiretroviral (ARV medicines, limited financing, and few fixed-dose combination (FDC products. Global initiatives aim to promote efficient global ARV markets, yet little is known about market dynamics and the impact of global policy interventions. Methods We utilize several data sources, including 12,958 donor-funded, adult first-line ARV purchase transactions, to describe the market from 2002-2008. We examine relationships between market trends and: World Health Organization (WHO HIV/AIDS treatment guidelines; WHO Prequalification Programme (WHO Prequal and United States (US Food and Drug Administration (FDA approvals; and procurement policies of the Global Fund to Fight AIDS, Tuberculosis, and Malaria (GFATM, US President's Emergency Plan for AIDS Relief (PEPFAR and UNITAID. Results WHO recommended 7, 4, 24, and 6 first-line regimens in 2002, 2003, 2006 and 2009 guidelines, respectively. 2009 guidelines replaced a stavudine-based regimen ($88/person/year with more expensive zidovudine- ($154-260/person/year or tenofovir-based ($244-465/person/year regimens. Purchase volumes for ARVs newly-recommended in 2006 (emtricitabine, tenofovir increased >15-fold from 2006 to 2008. Twenty-four generic FDCs were quality-approved for older regimens but only four for newer regimens. Generic FDCs were available to GFATM recipients in 2004 but to PEPFAR recipients only after FDA approval in 2006. Price trends for single-component generic medicines mirrored generic FDC prices. Two large-scale purchasers, PEPFAR and UNITAID, together accounted for 53%, 84%, and 77% of market volume for abacavir, emtricitabine, and tenofovir, respectively, in 2008. PEPFAR and UNITAID purchases were often split across two manufacturers. Conclusions Global initiatives

  8. Intervening in global markets to improve access to HIV/AIDS treatment: an analysis of international policies and the dynamics of global antiretroviral medicines markets.

    Science.gov (United States)

    Waning, Brenda; Kyle, Margaret; Diedrichsen, Ellen; Soucy, Lyne; Hochstadt, Jenny; Bärnighausen, Till; Moon, Suerie

    2010-05-25

    Universal access to antiretroviral therapy (ART) in low- and middle-income countries faces numerous challenges: increasing numbers of people needing ART, new guidelines recommending more expensive antiretroviral (ARV) medicines, limited financing, and few fixed-dose combination (FDC) products. Global initiatives aim to promote efficient global ARV markets, yet little is known about market dynamics and the impact of global policy interventions. We utilize several data sources, including 12,958 donor-funded, adult first-line ARV purchase transactions, to describe the market from 2002-2008. We examine relationships between market trends and: World Health Organization (WHO) HIV/AIDS treatment guidelines; WHO Prequalification Programme (WHO Prequal) and United States (US) Food and Drug Administration (FDA) approvals; and procurement policies of the Global Fund to Fight AIDS, Tuberculosis, and Malaria (GFATM), US President's Emergency Plan for AIDS Relief (PEPFAR) and UNITAID. WHO recommended 7, 4, 24, and 6 first-line regimens in 2002, 2003, 2006 and 2009 guidelines, respectively. 2009 guidelines replaced a stavudine-based regimen ($88/person/year) with more expensive zidovudine- ($154-260/person/year) or tenofovir-based ($244-465/person/year) regimens. Purchase volumes for ARVs newly-recommended in 2006 (emtricitabine, tenofovir) increased >15-fold from 2006 to 2008. Twenty-four generic FDCs were quality-approved for older regimens but only four for newer regimens. Generic FDCs were available to GFATM recipients in 2004 but to PEPFAR recipients only after FDA approval in 2006. Price trends for single-component generic medicines mirrored generic FDC prices. Two large-scale purchasers, PEPFAR and UNITAID, together accounted for 53%, 84%, and 77% of market volume for abacavir, emtricitabine, and tenofovir, respectively, in 2008. PEPFAR and UNITAID purchases were often split across two manufacturers. Global initiatives facilitated the creation of fairly efficient markets

  9. THE DYNAMICS OF THE TEXTILE MARKET. ANALYTICAL REFERENCES

    Directory of Open Access Journals (Sweden)

    Aliona CERNOVA

    2013-12-01

    Full Text Available During the transition to a market economy, the state of many countries’ economies and the international textile industry face considerable challenges. There are many uncertainties surrounding the global textile market, exacerbated by gloomy predictions that for a decade should have been eliminated, resulting in “free” trade flows. There is no doubt that manufacturers which have created niche markets will be better positioned to compete in the global marketplace and achieve higher margins for products while yielding greater profitability. This paper is an introduction of a reasearch that examines how some textile market niches have evolved. The goal of this paper is research and the role that textile niche markets will play by 2025. Specific objectives are: to give a broad overview of various trade theories, including classical, neo-classical, post-neo-classical, and modern, in order to determine what are the possibilities for development and protection. In particular, emphasis will be focused the special problems, due to the vector exchanges and commercial conjuncture, to illustrate how traditional marketing methods differ from market to market and to examine what role will play niche markets in the textiles industry and textile apparel industry in 2050. The results of this research study will help formulate a business strategy that can be used in market capitalization and will provide a framework for research for textile researchers at a global level.

  10. On the market impact of wind energy forecasts

    International Nuclear Information System (INIS)

    Jonsson, Tryggvi; Pinson, Pierre; Madsen, Henrik

    2010-01-01

    This paper presents an analysis of how day-ahead electricity spot prices are affected by day-ahead wind power forecasts. Demonstration of this relationship is given as a test case for the Western Danish price area of the Nord Pool's Elspot market. Impact on the average price behaviour is investigated as well as that on the distributional properties of the price. By using a non-parametric regression model to assess the effects of wind power forecasts on the average behaviour, the non-linearities and time variations in the relationship are captured well and the effects are shown to be quite substantial. Furthermore, by evaluating the distributional properties of the spot prices under different scenarios, the impact of the wind power forecasts on the price distribution is proved to be considerable. The conditional price distribution is moreover shown to be non-Gaussian. This implies that forecasting models for electricity spot prices for which parameters are estimated by a least squares techniques will not have Gaussian residuals. Hence the widespread assumption of Gaussian residuals from electricity spot price models is shown to be inadequate for these model types. The revealed effects are likely to be observable and qualitatively similar in other day-ahead electricity markets significantly penetrated by wind power. (author)

  11. 2004 Power marketing program. Draft environmental impact statement

    International Nuclear Information System (INIS)

    1996-04-01

    The Sierra Nevada Region proposes to develop a marketing plan that would be implemented in the year 2005 and to allocate power to eligible entities within its marketing area in northern and central California and Nevada. Four alternatives were analyzed that are structured around the range of operations of the Central Valley Project hydroelectric system, levels of power purchases, and customer group allocations. The manner in which hydropower generating plants are operated is one of the fundamental differences across the alternatives. Operating the hydrosystem to provide peaking power (the maximize hydropower peaking alternative, which is similar to the no-action alternative), would provide up to 94 t MW of additional load-carrying capacity in comparison to baseload operations of the CVP system (the baseload alternative). Although it is not possible to determine where or when any lost capacity would be made up, building replacement capacity in response to the baseload alternative would result in land-use impacts and the use of natural and financial resources. Peaking also results in small but beneficial regional economic effects. Peaking and baseload alternatives result in different hourly air emission patterns. The peaking alternative results in annual reductions in air pollution and wastewater. Impacts within the CVP are limited to regulating reservoirs, which would have reduced pool-level fluctuations under the baseload alternative. The regional economic effects of the Sierra Nevada Region's power purchases are small regardless of CVP operations and depend on their quantity and whether they are firm or economy purchases. Changes in allocations co customer groups result in small regional effects that are dependent on assumptions made about customer access to wholesale energy markets

  12. Impact of renewables on electricity markets – Do support schemes matter?

    International Nuclear Information System (INIS)

    Winkler, Jenny; Gaio, Alberto; Pfluger, Benjamin; Ragwitz, Mario

    2016-01-01

    Rising renewable shares influence electricity markets in several ways: among others, average market prices are reduced and price volatility increases. Therefore, the “missing money problem” in energy-only electricity markets is more likely to occur in systems with high renewable shares. Nevertheless, renewables are supported in many countries due to their expected benefits. The kind of support instrument can however influence the degree to which renewables influence the market. While fixed feed-in tariffs lead to higher market impacts, more market-oriented support schemes such as market premiums, quota systems and capacity-based payments decrease the extent to which markets are affected. This paper analyzes the market impacts of different support schemes. For this purpose, a new module is added to an existing bottom-up simulation model of the electricity market. In addition, different degrees of flexibility in the electricity system are considered. A case study for Germany is used to derive policy recommendations regarding the choice of support scheme. - Highlights: •Renewable support schemes matter regarding the impact on electricity markets. •Market-oriented support schemes reduce the impact on electricity markets. •More flexible electricity systems reduce the need for market participation. •Sliding premiums combine market integration with a productive risk allocation.

  13. Social Impact "Buycotts": A Tool for Innovation, Impact, and Engagement to Teach Integrated Marketing Communications

    Science.gov (United States)

    Holland, Jonna

    2016-01-01

    A novel concept for an integrated marketing communications (IMC) semester project succeeded in meeting or exceeding course learning objectives while increasing social impact and community engagement. Partnering with a selected business and a synergistic community cause, student teams developed and implemented an IMC plan to motivate consumers to…

  14. Intraday price dynamics in spot and derivatives markets

    Science.gov (United States)

    Kim, Jun Sik; Ryu, Doojin

    2014-01-01

    This study examines intraday relationships among the spot index, index futures, and the implied volatility index based on the VAR(1)-asymmetric BEKK-MGARCH model. Analysis of a high-frequency dataset from the Korean financial market confirms that there is a strong intraday market linkage between the spot index, KOSPI200 futures, and VKOSPI and that asymmetric volatility behaviour is clearly present in the Korean market. The empirical results indicate that the futures return shock affects the spot market more severely than the spot return shock affects the futures market, though there is a bi-directional causal relationship between the spot and futures markets. Our results, based on a high-quality intraday dataset, satisfy both the positive risk-return relationship and asymmetric volatility effect, which are not reconciled in the frameworks of previous studies.

  15. The grounds for time dependent market potentials from dealers' dynamics

    Science.gov (United States)

    Yamada, K.; Takayasu, H.; Takayasu, M.

    2008-06-01

    We apply the potential force estimation method to artificial time series of market price produced by a deterministic dealer model. We find that dealers’ feedback of linear prediction of market price based on the latest mean price changes plays the central role in the market’s potential force. When markets are dominated by dealers with positive feedback the resulting potential force is repulsive, while the effect of negative feedback enhances the attractive potential force.

  16. Dynamics of the Asia-Pacific oil market

    International Nuclear Information System (INIS)

    Yamaguchi, N.D.

    1996-01-01

    The Asia-Pacific could become the world's largest oil market with an estimated 10 million b/d new demand by 2010. At the same time less Asian crude will be available for the world market. Refinery expansion is likely to be insufficient and imports of refined products will rise. The Asia-Pacific market could be the world's largest middle distillate importer and a major centre of trade for essentially every other petroleum product and form of commercial energy. (Author)

  17. Price dynamics of natural gas and the regional methanol markets

    International Nuclear Information System (INIS)

    Masih, A. Mansur M.; Albinali, Khaled; DeMello, Lurion

    2010-01-01

    A 'methanol economy' based mainly on natural gas as a feedstock has a lot of potential to cope with the current and ongoing concerns for energy security along with the reduction of CO-2 emissions. It is, therefore, important to examine the price dynamics of methanol in order to ascertain whether the price of methanol is mainly natural-gas-cost driven or demand driven in the context of different regions. This paper is the first attempt to investigate the following: (1) is the natural gas price significantly related to the regional methanol prices in the Far East, United States and Europe? (2) who drives the regional methanol prices? The paper is motivated by the recent and growing debate on the lead-lag relationship between natural gas and methanol prices. Our findings, based on the most recently developed 'long-run structural modelling' and subject to the limitations of the study, tend to suggest: (1) natural gas price is cointegrated with the regional methanol prices, (2) our within-sample error-correction model results tend to indicate that natural gas was driving the methanol prices in Europe and the United States but not in the Far East. These results are consistent, during most of the period under review (1998.5-2007.3), with the surge in demand for methanol throughout the Far East, particularly in China, Taiwan and South Korea, which appears to have played a relatively more dominant role in the Far East compared to that in Europe and the United States within the framework of the dynamic interactions of input and product prices. However, during the post-sample forecast period as evidenced in our variance decompositions analysis, the emergence of natural gas as the main driver of methanol prices in all three continents is consistent with the recent surge in natural gas price fueled mainly, among others, by the strong hedging activities in the natural gas futures/options as well as refining tightness (similar to those that were happening in the crude oil markets

  18. Perestroika and Its Impact on the Soviet Labor Market.

    Science.gov (United States)

    Brand, Horst

    1991-01-01

    Discusses two books, "Restructuring the Soviet Economy: In Search of the Market" and "In Search of Flexibility: The New Soviet Labour Market," that assess the success of perestroika and the transition to a market-based economy. (JOW)

  19. RIA Beam Dynamics Comparing TRACK to IMPACT

    CERN Document Server

    Mustapha, Brahim; Ostroumov, Peter; Qiang, Ji; Ryne, Robert D

    2005-01-01

    In order to benchmark the newly developed beam dynamics code TRACK we have performed comparisons with well established existing codes. During code development, codes like TRANSPORT, COSY, GIOS and RAYTRACE were used to check TRACK's implementation of the different beam line elements. To benchmark the end-to-end simulation of the RIA driver linac, the simulation of the low-energy part (from the ion source to the entrance of the SC linac) was compared with PARMTEQ and found to agree well. For the simulation of the SC linac the code IMPACT is used. Prior to these simulations, the code IMPACT had to be updated to meet the special requirements of the RIA driver linac. Features such as multiple charge state acceleration, stripper simulation and beam collimation were added to the code. IMPACT was also modified to support new types of rf cavities and to include fringe fields for all the elements. This paper will present a comparison of the beam dynamics simulation in the RIA driver linac between the codes TRACK and I...

  20. Social media and its impact in marketing strategy

    OpenAIRE

    BEQIRI GONXHE

    2016-01-01

    Marketing through social media nowadays represents one of the most effective ways to introduce the company and its products on the market. Various businesses are achieving amazing results being advertised via e-mail marketing. Online marketing is fast, simple, represents a different way to socialize the business and it is most direct marketing medium that is currently available. Through social media platform businesses are exposed to a global market and different kind of customers. Well-conce...

  1. Co-Marketing Capability and its Impact on Marketing Allinace Performance

    OpenAIRE

    Schögel, Marcus; Herhausen, Dennis

    2010-01-01

    The aim of this paper is to conceptualize co-marketing capability (CMC) and to explore its relationship to marketing alliance performance. Drawing on a literature review, in-depth interviews with marketing alliance managers and consulting experience concerning co-marketing alliances, we established a multidimensional model of CMC. Using data from 287 chief marketing officers, we empirically show that the identified CMC is an important source of competitive advantage in terms of marketing alli...

  2. A Two-Stage Method to Determine Optimal Product Sampling considering Dynamic Potential Market

    Science.gov (United States)

    Hu, Zhineng; Lu, Wei; Han, Bing

    2015-01-01

    This paper develops an optimization model for the diffusion effects of free samples under dynamic changes in potential market based on the characteristics of independent product and presents a two-stage method to figure out the sampling level. The impact analysis of the key factors on the sampling level shows that the increase of the external coefficient or internal coefficient has a negative influence on the sampling level. And the changing rate of the potential market has no significant influence on the sampling level whereas the repeat purchase has a positive one. Using logistic analysis and regression analysis, the global sensitivity analysis gives a whole analysis of the interaction of all parameters, which provides a two-stage method to estimate the impact of the relevant parameters in the case of inaccuracy of the parameters and to be able to construct a 95% confidence interval for the predicted sampling level. Finally, the paper provides the operational steps to improve the accuracy of the parameter estimation and an innovational way to estimate the sampling level. PMID:25821847

  3. The Impact of Viral Marketing Through Social Media on BCD's Consumer Brand Knowledge

    OpenAIRE

    Kusumadjaja, Levina

    2014-01-01

    Due to the continous increase in viral marketing's popularity phenomenon that causes viral marketing to later become a strategic requirement for marketers worldwide, a necessity to assess the effectiveness of viral marketing in achieveing its objectives in leveraging brand and products has emerged. This research was accomplished to study the impact of viral marketing through social media on consumer brand knowledge of a franchised Taiwanese bubble tea company, BCD. The company utilizes viral...

  4. Beer tapping: dynamics of bubbles after impact

    Science.gov (United States)

    Mantič-Lugo, V.; Cayron, A.; Brun, P.-T.; Gallaire, F.

    2015-12-01

    Beer tapping is a well known prank where a bottle of beer is impacted from the top by a solid object, usually another bottle, leading to a sudden foam overflow. A description of the shock-driven bubble dynamics leading to foaming is presented based on an experimental and numerical study evoking the following physical picture. First, the solid impact produces a sudden downwards acceleration of the bottle creating a strong depression in the liquid bulk. The existing bubbles undergo a strong expansion and a sudden contraction ending in their collapse and fragmentation into a large amount of small bubbles. Second, the bubble clouds present a large surface area to volume ratio, enhancing the CO2 diffusion from the supersaturated liquid, hence growing rapidly and depleting the CO2. The clouds of bubbles migrate upwards in the form of plumes pulling the surrounding liquid with them and eventually resulting in the foam overflow. The sudden pressure drop that triggers the bubble dynamics with a collapse and oscillations is modelled by the Rayleigh-Plesset equation. The bubble dynamics from impact to collapse occurs over a time (tb ≃ 800 μs) much larger than the acoustic time scale of the liquid bulk (tac = 2H/c ≃ 80 μs), for the experimental container of height H = 6 cm and a speed of sound around c ≃ 1500 m/s. This scale separation, together with the comparison of numerical and experimental results, suggests that the pressure drop is controlled by two parameters: the acceleration of the container and the distance from the bubble to the free surface.

  5. Exact solution of a modified El Farol's bar problem: Efficiency and the role of market impact

    Science.gov (United States)

    Marsili, Matteo; Challet, Damien; Zecchina, Riccardo

    2000-06-01

    We discuss a model of heterogeneous, inductive rational agents inspired by the El Farol Bar problem and the Minority Game. As in markets, agents interact through a collective aggregate variable - which plays a role similar to price - whose value is fixed by all of them. Agents follow a simple reinforcement-learning dynamics where the reinforcement, for each of their available strategies, is related to the payoff delivered by that strategy. We derive the exact solution of the model in the “thermodynamic” limit of infinitely many agents using tools of statistical physics of disordered systems. Our results show that the impact of agents on the market price plays a key role: even though price has a weak dependence on the behavior of each individual agent, the collective behavior crucially depends on whether agents account for such dependence or not. Remarkably, if the adaptive behavior of agents accounts even “infinitesimally” for this dependence they can, in a whole range of parameters, reduce global fluctuations by a finite amount. Both global efficiency and individual utility improve with respect to a “price taker” behavior if agents account for their market impact.

  6. The Dynamics of "Market-Making" in Higher Education

    Science.gov (United States)

    Komljenovic, Janja; Robertson, Susan L.

    2016-01-01

    This paper examines what to some is a well-worked furrow; the processes and outcomes involved in what is typically referred to as "marketization" in the higher education sector. We do this through a case study of Newton University, where we reveal a rapid proliferation of market exchanges involving the administrative division of the…

  7. Pooling data for the analysis of dynamic marketing systems

    NARCIS (Netherlands)

    Horvath, C.; Wieringa, J.E.

    Vector autoregressive (VAR) models have become popular in marketing literature for analyzing the behavior of competitive marketing systems. One drawback of these models is that the number of parameters can become very large, potentially leading to estimation problems. Pooling data for multiple

  8. Collective farmers marketing inititatives, Diversity, Contextuality and Dynamics

    NARCIS (Netherlands)

    Renting, H.; Schermer, M.; Oostindië, H.A.

    2011-01-01

    Collective action by farmers has played an important role in the history of European agriculture. During the twentieth century, the foundation of agricultural marketing co-operatives contributed in many countries to better market access, increased farm incomes and rural employment. However, European

  9. Dynamical agents' strategies and the fractal market hypothesis

    Czech Academy of Sciences Publication Activity Database

    Vácha, Lukáš; Vošvrda, Miloslav

    2005-01-01

    Roč. 14, č. 2 (2005), s. 172-179 ISSN 1210-0455 Grant - others:GA UK(CZ) 454/2004/A EK/FSV Institutional research plan: CEZ:AV0Z10750506 Keywords : efficient market hypothesis * fractal market hypothesis * agent's investment horizons Subject RIV: AH - Economics

  10. Competitive Dynamics of Market Entry: Scale and Survival

    Directory of Open Access Journals (Sweden)

    John W. UPSON

    2017-06-01

    Full Text Available Market entry is the essence of strategy and is largely viewed as a dichotomous event: entry or no entry. What has not been acknowledged is the uniqueness of each market entry. Our study highlights the scale of market entry in the context of multipoint competition. We assert that entry scale varies based on the risk of market incumbent retaliation. Theory suggests that when risk associated with retaliation are low, firms enter with large scale and when associated risks are high, firms enter with low scale. Further, survival is viewed as dependent on following theory. We argue and find supporting evidence that firms behave in the opposite manner and do so to their own benefit, thereby revealing a unique discrepancy between theory and practice among 75 product market entries by 27 firms.

  11. A dynamic replicator model of the players' bids in an oligopolistic electricity market

    International Nuclear Information System (INIS)

    Sahraei-Ardakani, Mostafa; Rahimi-Kian, Ashkan

    2009-01-01

    In this paper, the replicator dynamics of the power suppliers' bids in an oligopolistic electricity market are derived for both the fixed and variable demand cases. The replicator dynamics stability analysis is also performed. The dynamics of the electricity markets are the results of players' decisions. The physical parameters of the power systems (such as the lines capacities, voltage limitations, etc.) also affect the market dynamics indirectly, through the changes in players' behaviors. Assuming rational players, an optimal bidding strategy for constructing the supply function (SF) of a generating firm is presented and based on that, the dynamics of the bid replicators are studied. Both fixed demands and price sensitive demands are taken into account. The replicator model is presented in the well-known state space structure. A case study is presented to show the applicability of the developed dynamic replicator bid model, and also to show how the Nash-SFE equilibrium evolves over time. (author)

  12. Canadian natural gas market dynamics and pricing : an update

    International Nuclear Information System (INIS)

    2002-10-01

    This energy market assessment (EMA) report discusses natural gas price formation and describes the current functioning of regional gas markets in Canada. This EMA also describes the factors affecting the price of natural gas in Canada and examines natural gas markets on a region-by region basis. It is shown that as part of an integrated North American market, prices of natural gas in Canada reflect supply and demand factors in both Canada and the United States. During the low oil price period of 1997/1998, high demand for natural gas outpaced the supply because of low drilling and production activity by producers. In response to the increased demand and lower levels of supply, the price of natural gas increased significantly in 1999 and 2000. This was followed by a period of market adjustment. The importance of electronic trading systems for enhancing price discovery was also discussed with reference to how spot and futures markets allow market participants to manage price volatility. It was determined that Canadians have had access to natural gas on terms and conditions equal to export customers, and at equal pricing. In early November 2000, natural gas prices in North American began to rise due to low levels of natural gas in storage. The price shocks were felt unevenly across the North American market. In response to the high prices, consumers conserved energy use, and many industrial users switched to cheaper fuels. By the spring 2001, demand continued to decrease at a time when production was high. These factors contributed to the downward pressure on gas prices. This EMA discusses the structure of market transactions and market adjustment mechanisms. It is presented in the context of the approaching 2002/2003 winter season where the tightening between natural gas supply and demand is expected to result in price volatility. 28 figs

  13. Unraveling hidden order in the dynamics of developed and emerging markets.

    Science.gov (United States)

    Berman, Yonatan; Shapira, Yoash; Ben-Jacob, Eshel

    2014-01-01

    The characterization of asset price returns is an important subject in modern finance. Traditionally, the dynamics of stock returns are assumed to lack any temporal order. Here we present an analysis of the autocovariance of stock market indices and unravel temporal order in several major stock markets. We also demonstrate a fundamental difference between developed and emerging markets in the past decade - emerging markets are marked by positive order in contrast to developed markets whose dynamics are marked by weakly negative order. In addition, the reaction to financial crises was found to be reversed among developed and emerging markets, presenting large positive/negative autocovariance spikes following the onset of these crises. Notably, the Chinese market shows neutral or no order while being regarded as an emerging market. These findings show that despite the coupling between international markets and global trading, major differences exist between different markets, and demonstrate that the autocovariance of markets is correlated with their stability, as well as with their state of development.

  14. An Assessment of the Impact of Information Technology on Marketing and Advertising

    Directory of Open Access Journals (Sweden)

    Z. Hosseini

    2018-02-01

    Full Text Available The present study aimed to evaluate the impact of Technology on Marketing and Advertising by using structural equations modeling. To do this, 200 marketing and information technology (IT experts participated in the study. They answered questionnaires regarding IT, marketing mix and advertising. For data analysis, structural equations modeling using SMARTPLS were used. The results showed that the effect of IT on marketing mix and advertising was positive and significant. The effect of marketing mix on advertising was positive and significant. The indirect effect of IT on advertising via marketing mix was therefore positive and significant. Totally, the results emphasized the effect of technology on marketing mix and advertising.

  15. IMMIGRATION AND ITS IMPACT IN ALBANIAN LABOR MARKET

    Directory of Open Access Journals (Sweden)

    Irma SHYLE

    2010-09-01

    Full Text Available Population growth has already begun to fall in most of the countries. In the wider European area, therefore, population decline is likely to occur several years earlier. Regions with declining population demographic trends are affected by social and economic developments. Migration flows, in particular, are related to regional differences in labor market conditions, people moving from areas of low job growth to ones with more employment opportunities, and, over the longer-term, such differences can also affect birth and death rates. Declining regions in the EU are, therefore, characterized by low income levels, high unemployment and a large proportion of the work force employed in agriculture and industry. In addition, they tend to have a relatively small number of young people, reflecting their migration to other areas as well as low fertility rates, and a low density of population, reflecting the rural nature of many of them. The aim of this paper is to present the important consequences these trends will have regarding Albanian reality. We will see this for social welfare and taxation systems. We are also going to present here the policies to discourage illegal immigration, engaged in facilitating the entry, installment into the labor market, legal regulation, and social integration of Albanian emigrants in receiving countries. Finally, we will promote the impact of voluntary return of emigrants in the country development.

  16. The market dynamics of selective serotonin re-uptake inhibitors: a ...

    African Journals Online (AJOL)

    The market dynamics of selective serotonin re-uptake inhibitors: a private sector study in South Africa. Frasia Oosthuizen, Pariksha Jolene Kondiah, Hawa Bibi Moosa, Siddiqa Naroth, Nabeel Ismail Patel, Divashnee Reddy, Amanda Soobramoney ...

  17. The dynamic correlation between policy uncertainty and stock market returns in China

    Science.gov (United States)

    Yang, Miao; Jiang, Zhi-Qiang

    2016-11-01

    The dynamic correlation is examined between government's policy uncertainty and Chinese stock market returns in the period from January 1995 to December 2014. We find that the stock market is significantly correlated to policy uncertainty based on the results of the Vector Auto Regression (VAR) and Structural Vector Auto Regression (SVAR) models. In contrast, the results of the Dynamic Conditional Correlation Generalized Multivariate Autoregressive Conditional Heteroscedasticity (DCC-MGARCH) model surprisingly show a low dynamic correlation coefficient between policy uncertainty and market returns, suggesting that the fluctuations of each variable are greatly influenced by their values in the preceding period. Our analysis highlights the understanding of the dynamical relationship between stock market and fiscal and monetary policy.

  18. Impact of Turquality Model on Branding and International Marketing

    Directory of Open Access Journals (Sweden)

    Suat Askin

    2016-05-01

    Full Text Available A brand consists of name, symbol, concept, design, standard, quality or several of them which are used to distinguish a product from its competitors. Without a brand, all products have the same qualities in the eyes of the consumers. Business managers use brands to draw attention of the consumers and ensure that the consumers purchase their products again. The fundamental reason for gaining brand value for a product is that it separates the product from the other products. In the first part of this study, brand and concepts regarding the brand were discussed and the importance of the brand in terms of consumers and manufacturers was also addressed. Then, the impact of exporting with brand in the international market was mentioned. In the second part of the study, Turquality and the advantages of the companies which have Turquality Certificate were presented.

  19. Impact of Energy Transition in Germany on the Nordic Power Market – A Blessing or Curse?

    DEFF Research Database (Denmark)

    Zakeri, Behnam; Syri, Sanna; Connolly, David

    2015-01-01

    integrate and harmonize regional markets towards a pan-European power market with a single pricing algorithm. The impacts of such power market couplings on the interconnected countries are complex, which concerns market participants in different levels, from consumers and producers to grid operators...... in such interconnected countries calls for a market-based multiregion energy system model. In this respect, this contribution analyses the impact of further VRE in Germany on the Nordic countries by proposing a new integrated energy system, power market model of the region. The results reveal the market-economic impact......The European energy policy emphasizes the establishment of EU-wide internal energy markets as a reliable solution in increasing the security of supply, optimal use of internal energy resources, and improved economic competitiveness. With respect to the power sector, the EU’s strategy is to further...

  20. Green marketing impact on a company’s success : studying the case of Patagonia

    OpenAIRE

    Ventura, Manuel Robles Machado Simões

    2016-01-01

    The increased demand for products with low environmental impact has increased the number of green marketing campaigns released during the last years. However, the impact of green marketing in companies’ performance is not clear. It mainly depends on the company’s characteristics and the perceived honesty of their green claims. Thus, the present study aimed to analyze the impact of green marketing in a particular company, Patagonia. Patagonia is recognized as a pioneer in corporate environment...

  1. The impact of modern technology on changing marketing actions in organisations. Marketing 4.0

    OpenAIRE

    Świeczak Witold

    2017-01-01

    The article presents the theory that modern technologies are changing the way in which marketing is organised and that they will transform the prevailing composition of the market, while enterprises should come to terms with the act that having a market share will no longer suffice to maintain the market leader position. The aim of this paper is to provide an overview of the key challenges generated by technological innovations and to identify the opportunities for marketing in light of the n...

  2. Collisional model for granular impact dynamics.

    Science.gov (United States)

    Clark, Abram H; Petersen, Alec J; Behringer, Robert P

    2014-01-01

    When an intruder strikes a granular material from above, the grains exert a stopping force which decelerates and stops the intruder. Many previous studies have used a macroscopic force law, including a drag force which is quadratic in velocity, to characterize the decelerating force on the intruder. However, the microscopic origins of the force-law terms are still a subject of debate. Here, drawing from previous experiments with photoelastic particles, we present a model which describes the velocity-squared force in terms of repeated collisions with clusters of grains. From our high speed photoelastic data, we infer that "clusters" correspond to segments of the strong force network that are excited by the advancing intruder. The model predicts a scaling relation for the velocity-squared drag force that accounts for the intruder shape. Additionally, we show that the collisional model predicts an instability to rotations, which depends on the intruder shape. To test this model, we perform a comprehensive experimental study of the dynamics of two-dimensional granular impacts on beds of photoelastic disks, with different profiles for the leading edge of the intruder. We particularly focus on a simple and useful case for testing shape effects by using triangular-nosed intruders. We show that the collisional model effectively captures the dynamics of intruder deceleration and rotation; i.e., these two dynamical effects can be described as two different manifestations of the same grain-scale physical processes.

  3. Anomalous Price Impact and the Critical Nature of Liquidity in Financial Markets

    Science.gov (United States)

    Tóth, B.; Lempérière, Y.; Deremble, C.; de Lataillade, J.; Kockelkoren, J.; Bouchaud, J.-P.

    2011-10-01

    We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V shaped and vanishes around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are, to a first approximation, diffusive. This naturally accounts for two striking stylized facts: First, large metaorders have to be fragmented in order to be digested by the liquidity funnel, which leads to a long memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of the linear response and a diverging impact of small orders, explaining the “square-root” impact law, for which we provide additional empirical support. Finally, we test our arguments quantitatively using a numerical model of order flow based on the same minimal ingredients.

  4. Anomalous Price Impact and the Critical Nature of Liquidity in Financial Markets

    Directory of Open Access Journals (Sweden)

    B. Tóth

    2011-10-01

    Full Text Available We propose a dynamical theory of market liquidity that predicts that the average supply/demand profile is V shaped and vanishes around the current price. This result is generic, and only relies on mild assumptions about the order flow and on the fact that prices are, to a first approximation, diffusive. This naturally accounts for two striking stylized facts: First, large metaorders have to be fragmented in order to be digested by the liquidity funnel, which leads to a long memory in the sign of the order flow. Second, the anomalously small local liquidity induces a breakdown of the linear response and a diverging impact of small orders, explaining the “square-root” impact law, for which we provide additional empirical support. Finally, we test our arguments quantitatively using a numerical model of order flow based on the same minimal ingredients.

  5. Labour Market Dynamics in Times of Crisis: Evidence from Africa ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    ... from Kenya, researchers will track how the labour trajectories for men and women change over time, and the links between firm outcomes and labour markets. ... Addressing Africa's unmet need for family planning by intensifying sexual and ...

  6. The Influence of Information Acquisition on the Complex Dynamics of Market Competition

    Science.gov (United States)

    Guo, Zhanbing; Ma, Junhai

    In this paper, we build a dynamical game model with three bounded rational players (firms) to study the influence of information on the complex dynamics of market competition, where useful information is about rival’s real decision. In this dynamical game model, one information-sharing team is composed of two firms, they acquire and share the information about their common competitor, however, they make their own decisions separately, where the amount of information acquired by this information-sharing team will determine the estimation accuracy about the rival’s real decision. Based on this dynamical game model and some creative 3D diagrams, the influence of the amount of information on the complex dynamics of market competition such as local dynamics, global dynamics and profits is studied. These results have significant theoretical and practical values to realize the influence of information.

  7. Assessing welfare impact of entry into power market

    International Nuclear Information System (INIS)

    Cho, In-Koo; Kim, Hyunsook

    2013-01-01

    This paper calculates the welfare impact of a new entrant based on the location of entry in the Korean electricity market. We use two different models. One is the optimal fuel mix model to estimate the effect of a new entry in the long run. The other is the variable cost minimization model to assess the contribution of an existing installed private generator in the short run. A specific private generator, which has a cost advantage, saves a substantial amount of system-wide variable costs. We show that the right location for a new entrant can save power generation costs significantly, even if a new entrant does not have a cost advantage. - Highlights: • This paper calculates the welfare impact of a new entrant based on the location of entry. • We use two different models to estimate the entry effect. • The minimum and maximum cost savings of a new entrant are about 0.3% and 0.84% of total generation cost. • Even if a new entrant has no cost advantage, its choice of location could save money

  8. Biopower market impact: Applying advanced technologies to specific needs

    International Nuclear Information System (INIS)

    Gregoire, C.E.; Bain, R.L.; Craig, K.R.

    1994-01-01

    The impact of biopower on the electric power capacity in the United States is projected to increase 5- to 10-fold by the year 2010. A number of competing technologies will likely be available that will provide a variety of advantages for the U.S. economy, from creating jobs in rural areas to increasing the demand for component manufacturing. Biopower also offers environmental advantages over conventional fossil fuel-fired power plants, particularly global climate change benefits. Feedstock type and availability, proximity to users or transmission stations, and markets for potential byproducts will influence which biomass conversion technology is selected and the scale of operation. Cofiring biomass in aging coal-fired power plants represents a near-term alternative for reducing sulfur and CO 2 emissions. Producing biocrude from pyrolysis processes may be suitable for isolated feedstock supplies with high transportation costs or to supply fuel to a single large family in a centralized area. Integrated gasification/combined cycle (IGCC) systems offer high efficiencies and low capital costs. More advanced systems, including fuel cells, will offer additional opportunities for increasing the impact of biopower on the nation's power production

  9. An Empirical Analysis of the Impact of Capital Market Activities on ...

    African Journals Online (AJOL)

    An Empirical Analysis of the Impact of Capital Market Activities on the Nigerian Economy. ... Others include the expansion of the stock market in terms of depth and breadth and the attraction of foreign direct investment and foreign portfolio investment into the Nigerian economic landscape. Keywords: Nigeria, Market ...

  10. The dynamics of risk premiums in Nord Pool's futures market

    International Nuclear Information System (INIS)

    Mork, E.

    2006-01-01

    Premiums in futures prices are usually considered through the use of 2 models: a no-arbitrage model; and the equilibrium approach or theory of normal backwardation. The no-arbitrage approach equates futures prices with spot prices, storage costs and convenience yields, and is difficult to apply to electricity markets. This paper investigated future electricity prices in Nord Pool's futures market using an equilibrium approach, which split futures prices into an expected spot price component and a risk premium component. Three main hypotheses were used: (1) that risk premiums were present in the Nord Pool futures market during the period 1997-2004; that risk premiums in the Nord Pool futures market were smaller or absent during the period of 2000 to 2002; and, that there was a significant change in risk premiums in Nord Pool's futures market after the winter of 2002-2003 due to a change in consumer hedging behaviour. Futures prices were compared to realized spot prices in their delivery periods in order to test the hypotheses. In order to estimate the futures premiums, a 1-sample test was performed on the entire period for 1, 30, 60, and 90 days before delivery of the block or month contract. The test employed the null hypothesis that the futures premiums were 0. Premiums were positive and varied between 3.7 per cent and 9.3 per cent. The purpose of the study was to determine whether risk premiums were present. Results showed that risk premiums varied over time. Two additional hypotheses were then investigated to examine whether the presence of outside speculators reduced risk premiums, and to see if a period of high prices and volatility caused more buyers to hedge in the futures market. Results showed that in the face of volatility and higher prices, consumers do not purchase fixed-price contracts which would ultimately increase futures premiums in the market. It was concluded that premiums are an important element in the pricing of Nord Pool futures and forwards

  11. Dynamics of cluster structures in a financial market network

    Science.gov (United States)

    Kocheturov, Anton; Batsyn, Mikhail; Pardalos, Panos M.

    2014-11-01

    In the course of recent fifteen years the network analysis has become a powerful tool for studying financial markets. In this work we analyze stock markets of the USA and Sweden. We study cluster structures of a market network constructed from a correlation matrix of returns of the stocks traded in each of these markets. Such cluster structures are obtained by means of the P-Median Problem (PMP) whose objective is to maximize the total correlation between a set of stocks called medians of size p and other stocks. Every cluster structure is an undirected disconnected weighted graph in which every connected component (cluster) is a star, or a tree with one central node (called a median) and several leaf nodes connected with the median by weighted edges. Our main observation is that in non-crisis periods of time cluster structures change more chaotically, while during crises they show more stable behavior and fewer changes. Thus an increasing stability of a market graph cluster structure obtained via the PMP could be used as an indicator of a coming crisis.

  12. The Impact of Market Reform Programmes on Coffee Prices in ...

    African Journals Online (AJOL)

    (ICA) and liberalization of coffee marketing in Tanzania on coffee prices. The motivation for this ... indirect effects of market reforms on the level of prices, their variance ..... This strategy could be achieved through dedicated support to farmers to ...

  13. Green marketing and its impact on consumer behaviour

    OpenAIRE

    Gajdoš, Michal

    2016-01-01

    This bachelor thesis is devoted to green marketing, and how this kind of marketing affects consumer behaviour. Describes in detail what is green marketing and its components, and also describes the negative part of green marketing - greenwashing. It also deals with the topic of corporate social responsibilty and in the last theoretical part with the consumer beahviour. In the practical part was created quantitative research in the form of online survey, which aimed at identifying people's awa...

  14. Market power in the European electricity market-The impacts of dry weather and additional transmission capacity

    Energy Technology Data Exchange (ETDEWEB)

    Lise, Wietze [IBS Research and Consultancy, Agahamami Cadessi 1/6, Aga Han, Cihangir, 34433 Beyoglu, Istanbul (Turkey); Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands)], E-mail: wietze.lise@ibsresearch.com; Hobbs, Benjamin F. [Department of Geography and Environmental Engineering, Johns Hopkins University, Baltimore, MD 21218 (United States); Hers, Sebastiaan [Energy Markets and International Environmental Policy Group, ECN Policy Studies, Energy Research Centre of the Netherlands, Amsterdam (Netherlands)

    2008-04-15

    This paper uses a static computational game theoretic model of a fully opened European electricity market and can take strategic interaction among electricity-producing firms into account. The model is run for a number of scenarios: first, in the baseline under perfect competition, the prices differ due to the presence of various generation technologies and a limited ability to exchange electricity among countries. In addition, when large firms exercise market power, the model runs indicate that prices are the highest in countries where the number of firms is low. Second, dry weather would increase the prices in the hydro-rich Nordic countries followed by the Alpine countries. The price response would be about 20% higher with market power. Third, more transmission capacity would lower the prices in countries with high prices and it also reduces the impact of market power. Hence, more transmission capacity can improve market competitiveness.

  15. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    International Nuclear Information System (INIS)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-01-01

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems

  16. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    Science.gov (United States)

    Yang, Ge; Wang, Jun; Fang, Wen

    2015-04-01

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  17. Numerical analysis for finite-range multitype stochastic contact financial market dynamic systems

    Energy Technology Data Exchange (ETDEWEB)

    Yang, Ge; Wang, Jun [School of Science, Beijing Jiaotong University, Beijing 100044 (China); Fang, Wen, E-mail: fangwen@bjtu.edu.cn [School of Economics and Management, Beijing Jiaotong University, Beijing 100044 (China)

    2015-04-15

    In an attempt to reproduce and study the dynamics of financial markets, a random agent-based financial price model is developed and investigated by the finite-range multitype contact dynamic system, in which the interaction and dispersal of different types of investment attitudes in a stock market are imitated by viruses spreading. With different parameters of birth rates and finite-range, the normalized return series are simulated by Monte Carlo simulation method and numerical studied by power-law distribution analysis and autocorrelation analysis. To better understand the nonlinear dynamics of the return series, a q-order autocorrelation function and a multi-autocorrelation function are also defined in this work. The comparisons of statistical behaviors of return series from the agent-based model and the daily historical market returns of Shanghai Composite Index and Shenzhen Component Index indicate that the proposed model is a reasonable qualitative explanation for the price formation process of stock market systems.

  18. The impact of counterfeit products on the market

    OpenAIRE

    Tkachov, Maksim

    2015-01-01

    The author proves that the level of counterfeit presentation of goods on the market directly affects the equilibrium of the market. The greater the number of counterfeit products, the greater the level of losses holders of intellectual property rights, the lower the level of consumer confidence to the market.

  19. Impacts of seaborne trade on coal importing countries: Atlantic market

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-07-15

    In recent years, there has been a convergence of international trade with traditional domestic markets. With imports increasing in many coal-producing regions, the influence of trade on domestic markets has been twofold: firstly, imported coal displaces domestic production, and in doing so, and secondly international price trends may drive prices of what remains of the indigenous market for coal.

  20. Modeling a Dynamic Portfolio for Pension Plans in Emerging Markets With Myopic and Nonmyopic Behavior

    DEFF Research Database (Denmark)

    Pimentel, Livia F.; Santiago, Leonardo

    2015-01-01

    We introduce a dynamic formulation for the problem of portfolio selection of pension funds in the absence of a risk-free asset. In emerging markets, a risk-free asset might be unavailable, and the approaches commonly used may no longer be suitable. We use a parametric approach to combine dynamic...

  1. A unifying energy-based approach to stability of power grids with market dynamics

    NARCIS (Netherlands)

    Stegink, Tjerk; De Persis, Claudio; van der Schaft, Arjan

    2017-01-01

    In this paper a unifying energy-based approach is provided to the modeling and stability analysis of power systems coupled with market dynamics. We consider a standard model of the power network with a third-order model for the synchronous generators involving voltage dynamics. By applying the

  2. Commercial Capabilities and Entrepreneurial Value Capturing in Dynamic Maritime Markets

    DEFF Research Database (Denmark)

    Sløk-Madsen, Stefan Kirkegaard

    This paper develops and tests a theory of entrepreneurial value capturing in maritime markets. The framework is argued to be applicable in all maritime fields and other fields with similar attributes but is specifically tested on Oil Service companies operating in the North Sea region...... market process view; building on Kirznerian alertness, Hayekian capital heterogeneity, and Knightian uncertainty. The theory helps explain value capturing from a firm perspective but also subsequent new firm creation or value loss. The model is tested and relevant managerial implications, as well...

  3. Advanced Modeling of Renewable Energy Market Dynamics: May 2006

    Energy Technology Data Exchange (ETDEWEB)

    Evans, M.; Little, R.; Lloyd, K.; Malikov, G.; Passolt, G.; Arent, D.; Swezey, B.; Mosey, G.

    2007-08-01

    This report documents a year-long academic project, presenting selected techniques for analysis of market growth, penetration, and forecasting applicable to renewable energy technologies. Existing mathematical models were modified to incorporate the effects of fiscal policies and were evaluated using available data. The modifications were made based on research and classification of current mathematical models used for predicting market penetration. An analysis of the results was carried out, based on available data. MATLAB versions of existing and new models were developed for research and policy analysis.

  4. Multifractal spectrum analysis of nonlinear dynamical mechanisms in China’s agricultural futures markets

    Science.gov (United States)

    Chen, Shu-Peng; He, Ling-Yun

    2010-04-01

    Based on Partition Function and Multifractal Spectrum Analysis, we investigated the nonlinear dynamical mechanisms in China’s agricultural futures markets, namely, Dalian Commodity Exchange (DCE for short) and Zhengzhou Commodity Exchange (ZCE for short), where nearly all agricultural futures contracts are traded in the two markets. Firstly, we found nontrivial multifractal spectra, which are the empirical evidence of the existence of multifractal features, in 4 representative futures markets in China, that is, Hard Winter wheat (HW for short) and Strong Gluten wheat (SG for short) futures markets from ZCE and Soy Meal (SM for short) futures and Soy Bean No.1 (SB for short) futures markets from DCE. Secondly, by shuffling the original time series, we destroyed the underlying nonlinear temporal correlation; thus, we identified that long-range correlation mechanism constitutes major contributions in the formation in the multifractals of the markets. Thirdly, by tracking the evolution of left- and right-half spectra, we found that there exist critical points, between which there are different behaviors, in the left-half spectra for large price fluctuations; but for the right-hand spectra for small price fluctuations, the width of those increases slowly as the delay t increases in the long run. Finally, the dynamics of large fluctuations is significantly different from that of the small ones, which implies that there exist different underlying mechanisms in the formation of multifractality in the markets. Our main contributions focus on that we not only provided empirical evidence of the existence of multifractal features in China agricultural commodity futures markets; but also we pioneered in investigating the sources of the multifractality in China’s agricultural futures markets in current literature; furthermore, we investigated the nonlinear dynamical mechanisms based on spectrum analysis, which offers us insights into the underlying dynamical mechanisms in

  5. Impact of Market Regulations on the Development of Wind Power - An International Comparison

    International Nuclear Information System (INIS)

    Ackermann, Thomas; Soeder, Lennart

    2000-01-01

    This paper presents and briefly evaluates the most important existing market regulations and market schemes regarding its influence on the development of wind power. The evaluation of the existing market regulations focuses on the incentives provided by the various instruments to reduce production costs. The instruments and schemes are: Feed-in Tariffs, Net Metering, Bidding Process, Fixed Quotas, Green Certificate Trading, Green Power Exchange, Green Pricing. In addition, the impact of market regulations for international electricity markets with a power exchange are investigated. The analysis showed that new wind power generation can faces significant market barriers. (author)

  6. THE IMPACT OF RISK OF POVERTY ON SEGMENTS OF THE MARKET IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Cornelia Marcela Danu

    2014-07-01

    Full Text Available In the present work I presented the risk of poverty in Romania considering the economic and social determination. I highlighted that poverty in Romania, is a mix of economic, educational, cultural etc. factors and reinforced by the lack of family or social support. Among the most significant correlative causes of poverty are: lack of money-unemployment, low salaries, lack of money, lack of food-hunger, deprivation, misery, lack of culture, lack of housing, disease, decay, addictions, political causes, individual causes, etc. I analyzed the dynamics of the decision-making behavior of the population of Romania both as a whole and as segments of the market, in terms of age, sex, residence environment, etc. in the market acts, regarding the purchase and consumption decision. The approach and treatment of the poverty must be understand regarding to the systemic economic-social-psychologically interaction. The impact of risk of poverty on the segments of the market is reflected in the production of goods and services; increasing of this type of risk lead to diminishing and modifying the request and further lead to diminishing supply, business failure, etc.

  7. A marketing perspective on the impact of financial and non-financial measures on shareholder value

    OpenAIRE

    Terblanche, Nic S; Gerber, Charlene; Erasmus, Pierre; Schmidt, Delia

    2013-01-01

    The pressure for financial accountability contributed to widespread concern about the function of marketing within the company. Consequently, marketers have become preoccupied with measuring the performance of marketing activity. Diverse financial and non-financial methods have been developed to provide evidence of how marketing activity impacts on the bottom line. This article proposes an approach whereby financial and non-financial performance measures are combined to measure the contributi...

  8. A STUDY ON IMPACT OF ICT ON THE MARKETING STRATEGY OF INDIAN TOURISM INDUSTRY

    OpenAIRE

    Md. Kashif Ansari; Garima Jain; Jasleen Kaur

    2017-01-01

    Deployment of ICT has been changing the way companies in every industry conduct their business. The most impacted is the marketing department. Marketers need to constantly study the market and the rapid changes in technology to continue satisfying the new-age customers. These customers have access to multiple sources of information due to increased usage of ICT. The present study analyses the evolution of Indian tourism industry, focusing on its marketing strategies over the years. The author...

  9. An Assessment of the Impact of Information Technology on Marketing and Advertising

    OpenAIRE

    Z. Hosseini; S. Mohammadi; H. Safari

    2018-01-01

    The present study aimed to evaluate the impact of Technology on Marketing and Advertising by using structural equations modeling. To do this, 200 marketing and information technology (IT) experts participated in the study. They answered questionnaires regarding IT, marketing mix and advertising. For data analysis, structural equations modeling using SMARTPLS were used. The results showed that the effect of IT on marketing mix and advertising was positive and significant. The effect of marketi...

  10. Drug repurposing in pharmaceutical industry and its impact on market access: market access implications

    Science.gov (United States)

    Murteira, Susana; Millier, Aurélie; Toumi, Mondher

    2014-01-01

    Background Drug repurposing is a group of development strategies employed in order to overcome some of the hurdles innate to drug research and development. Drug repurposing includes drug repositioning, reformulation and combination. Objective This study aimed to identify the determinants of successful market access outcome for drug repurposing in the United States of America (USA) and in Europe. Methods The case studies of repurposing strategies were identified through a systematic review of the literature. Price information and reimbursement conditions for all the case studies were collected mainly through access of public datasources. A list of attributes that could be associated with market access outcome (price level and reimbursement conditions) was developed, discussed, and validated by an external expert group. Detailed information for all attributes was researched and collected for each case study. Bivariate regression models were conducted to identify factors associated with price change for all repurposing cases. A similar analysis was performed for reformulation and repositioning cases, in the USA and in Europe, separately. A significance level of 5% was used for all analyses. Results A total of 144 repurposing case studies were included in the statistical analysis for evaluation of mean price change. Combination cases (the combination of two or more individual drug components) were excluded from the statistical analysis due to the low number of cases retrieved. The main attributes associated with a significant price increase for overall repurposing cases were ‘change in administration setting to hospital’ (374%, ptarget product had a different administration route than the source product, and having a similar brand name for repurposed and original products, were variables that impacted a positive price change for repurposed drugs overall. Our research results also suggested that orphan designation could have a positive impact for repositioning in

  11. Drug repurposing in pharmaceutical industry and its impact on market access: market access implications.

    Science.gov (United States)

    Murteira, Susana; Millier, Aurélie; Toumi, Mondher

    2014-01-01

    Drug repurposing is a group of development strategies employed in order to overcome some of the hurdles innate to drug research and development. Drug repurposing includes drug repositioning, reformulation and combination. This study aimed to identify the determinants of successful market access outcome for drug repurposing in the United States of America (USA) and in Europe. The case studies of repurposing strategies were identified through a systematic review of the literature. Price information and reimbursement conditions for all the case studies were collected mainly through access of public datasources. A list of attributes that could be associated with market access outcome (price level and reimbursement conditions) was developed, discussed, and validated by an external expert group. Detailed information for all attributes was researched and collected for each case study. Bivariate regression models were conducted to identify factors associated with price change for all repurposing cases. A similar analysis was performed for reformulation and repositioning cases, in the USA and in Europe, separately. A significance level of 5% was used for all analyses. A total of 144 repurposing case studies were included in the statistical analysis for evaluation of mean price change. Combination cases (the combination of two or more individual drug components) were excluded from the statistical analysis due to the low number of cases retrieved. The main attributes associated with a significant price increase for overall repurposing cases were 'change in administration setting to hospital' (374%, ptarget product had a different administration route than the source product, and having a similar brand name for repurposed and original products, were variables that impacted a positive price change for repurposed drugs overall. Our research results also suggested that orphan designation could have a positive impact for repositioning in the USA, in particular. Although a change

  12. Dynamics in international market segmentation of new product growth

    NARCIS (Netherlands)

    Lemmens, A.; Croux, C.; Stremersch, S.

    2012-01-01

    Prior international segmentation studies have been static in that they have identified segments that remain stable over time. This paper shows that country segments in new product growth are intrinsically dynamic. We propose a semiparametric hidden Markov model to dynamically segment countries based

  13. A Bayesian Panel Data Approach to Explaining Market Beta Dynamics

    NARCIS (Netherlands)

    R. Bauer (Rob); M.M.J.E. Cosemans (Mathijs); R. Frehen (Rik); P.C. Schotman (Peter)

    2008-01-01

    markdownabstractWe characterize the process that drives the market betas of individual stocks by setting up a hierarchical Bayesian panel data model that allows a flexible specification for beta. We show that combining the parametric relationship between betas and conditioning variables specified by

  14. Labour Market Dynamics in Times of Crisis: Evidence from Africa ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    By examining recent panel data from Ghana, Madagascar, South Africa and Uganda, plus cross-sectional data from Kenya, researchers will track how the labour trajectories for men and women change over time, and the links between firm outcomes and labour markets. It is hoped that the ... Date de début. 15 mars 2011 ...

  15. Effects of social networks on innovation diffusion and marketing dynamics

    NARCIS (Netherlands)

    Delre, Sebastiano Alessio

    2007-01-01

    The main goal of this thesis is to incorporate part of the flourishing literature on network structures in a marketing context. Most of the results we have obtained and presented generate several implications. First of all we hope that the reader, after going through these chapters is convinced that

  16. Understanding volatility dynamics in the EU-ETS market

    DEFF Research Database (Denmark)

    Sanin, Maria Eugenia; Mansanet-Bataller, Maria; Violante, Francesco

    the fitness of the model, we combine the underlying price process with an additive stochastic jump process. We improve the model's performance by introducing a time-varying jump probability that is explained by two variables: the daily relative change in the volume of transactions and the European Commission...... periods. Thus, authorities face a trade off between disseminating information effectively and promoting market stability....

  17. Dynamic effects of increasing heterogeneity in financial markets

    International Nuclear Information System (INIS)

    Naimzada, Ahmad K.; Ricchiuti, Giorgio

    2009-01-01

    Despite canonical behavioural financial market models [Day R, Huang W. Bulls, bears and market sheep. J Econ Behav Org 1990;14:299-329], that use different types of agents (i.e., fundamentalist vs. chartists), we develop a model in which the source of instability is the interaction of groups that are homogeneous in the strategy they use, but have heterogeneous beliefs about the fundamental value of the asset. Specifically, heterogeneity arises among two groups of fundamentalists that follow gurus. We show that an increasing distance between beliefs (the degree of heterogeneity), leads first (i) to a pitchfork bifurcation to arise secondly (ii) it generates, together with a larger reaction to misalignment of both market maker and agents, the appearance of a periodic, or even, chaotic, price fluctuation; (iii) finally a homoclinic bifurcation [Dieci R, Bischi GI, Gardini L. From bi-stability to chaotic oscillations in a macroeconomic model. Chaos, Solitons and Fractals 2001;12:805-22] transforms a two piece chaotic set into a one piece chaotic set that generates bull and bear markets.

  18. The impact of modern technology on changing marketing actions in organisations. Marketing 4.0

    Directory of Open Access Journals (Sweden)

    Świeczak Witold

    2017-12-01

    Full Text Available The article presents the theory that modern technologies are changing the way in which marketing is organised and that they will transform the prevailing composition of the market, while enterprises should come to terms with the act that having a market share will no longer suffice to maintain the market leader position. The aim of this paper is to provide an overview of the key challenges generated by technological innovations and to identify the opportunities for marketing in light of the new communication and information technologies so that quantifiable benefits can be gained. The research topic underpinning this paper is: 1 an analysis of social media use by the Millennial generation; 2 an evaluation of the attitudes of SMEs towards the incorporation of information technology into their current marketing practices; 3 determining the implementation possibilities of Marketing 4.0 by promoting a flexible approach to organising marketing actions. Following a review of the available literature on the subject, we will present a concept of the model of the flexible organisation of marketing actions. The D3I2C concept combines today’s marketing actions and digital transformation. It can be harnessed by academia and other organisations seeking guidance on the implementation of transformation in the organisation of marketing actions.

  19. Impacts of demand response and renewable generation in electricity power market

    Science.gov (United States)

    Zhao, Zhechong

    This thesis presents the objective of the research which is to analyze the impacts of uncertain wind power and demand response on power systems operation and power market clearing. First, in order to effectively utilize available wind generation, it is usually given the highest priority by assigning zero or negative energy bidding prices when clearing the day-ahead electric power market. However, when congestion occurs, negative wind bidding prices would aggravate locational marginal prices (LMPs) to be negative in certain locations. A load shifting model is explored to alleviate possible congestions and enhance the utilization of wind generation, by shifting proper amount of load from peak hours to off peaks. The problem is to determine proper amount of load to be shifted, for enhancing the utilization of wind generation, alleviating transmission congestions, and making LMPs to be non-negative values. The second piece of work considered the price-based demand response (DR) program which is a mechanism for electricity consumers to dynamically manage their energy consumption in response to time-varying electricity prices. It encourages consumers to reduce their energy consumption when electricity prices are high, and thereby reduce the peak electricity demand and alleviate the pressure to power systems. However, it brings additional dynamics and new challenges on the real-time supply and demand balance. Specifically, price-sensitive DR load levels are constantly changing in response to dynamic real-time electricity prices, which will impact the economic dispatch (ED) schedule and in turn affect electricity market clearing prices. This thesis adopts two methods for examining the impacts of different DR price elasticity characteristics on the stability performance: a closed-loop iterative simulation method and a non-iterative method based on the contraction mapping theorem. This thesis also analyzes the financial stability of DR load consumers, by incorporating

  20. The international hardwood lumber market and potential impacts on your bottom line

    Science.gov (United States)

    Bill Luppold; Matthew. Bumgardner

    2014-01-01

    Even if you don't sell logs or lumber to foreign customers, the international hardwood market can impact your business in significant ways, and smart business leaders are taking notice so that they are ready for shifting market impacts. Many people believe that lumber exporting is only an opportunity for larger sawmills. However, even if you have a portable mill...

  1. Cheap versus expensive trades: Assessing the determinants of market impact costs

    NARCIS (Netherlands)

    Bikker, J.A.; Spierdijk, L.; van der Sluis, P.J.

    2005-01-01

    This paper assesses the determinants of market impact costs of institutional equity trades, using unique data from the world's second largest pension fund. We allow the impact of trade characteristics and market conditions on trading costs to depend on the level of trading costs itself and establish

  2. Impact of monetary policy changes on the Chinese monetary and stock markets

    Science.gov (United States)

    Tang, Yong; Luo, Yong; Xiong, Jie; Zhao, Fei; Zhang, Yi-Cheng

    2013-10-01

    The impact of monetary policy changes on the monetary market and stock market in China is investigated in this study. The changes of two major monetary policies, the interest rate and required reserve ratio, are analyzed in a study period covering seven years on the interbank monetary market and Shanghai stock market. We find that the monetary market is related to the macro economy trend and we also find that the monetary change surprises both of lowering and raising bring significant impacts to the two markets and the two markets respond to the changes differently. The results suggest that the impact of fluctuations is much larger for raising policy changes than lowering changes in the monetary market on policy announcing and effective dates. This is consistent with the “sign effect”, i.e. bad news brings a greater impact than good news. By studying the event window of each policy change, we also find that the “sign effect” still exists before and after each change in the monetary market. A relatively larger fluctuation is observed before the event date, which indicates that the monetary market might have a certain ability to predict a potential monetary change, while it is kept secret by the central bank before official announcement. In the stock market, we investigate how the returns and spreads of the Shanghai stock market index respond to the monetary changes. Evidences suggest the stock market is influenced but in a different way than the monetary market. The climbing of returns after the event dates for the lowering policy agrees with the theory that lowering changes can provide a monetary supply to boost the market and drive the stock returns higher but with a delay of 2 to 3 trading days on average. While in the bear market, the lowering policy brings larger volatility to the market on average than the raising ones. These empirical findings are useful for policymakers to understand how monetary policy changes impact the monetary and stock markets

  3. Recycling energy taxes. Impacts on a disaggregated labour market

    International Nuclear Information System (INIS)

    Bosello, F.; Carraro, C.

    2001-01-01

    This paper analyses the impacts of energy taxes whose revenue is recycled to reduce gross wages and increase employment. The main novel feature of this paper, is the attempt to assess the effectiveness of this fiscal reform by using a labour market model in which both skilled and unskilled workers are used in the production process. This segmentation enables us to compare a policy which aims at reducing unskilled workers' wages, as in the original Delors' White book, with a policy in which the environmental fiscal revenue is used to reduce the gross wage of all workers. Moreover, two policy scenarios will be considered. A non-co-operative one in which each country determines the optimal domestic energy tax to achieve a given employment target and a co-operative one, in which the energy taxes are harmonised to equalise marginal abatement costs in the EU and in which the employment target is set for the EU. Our results show that: (1) an employment double dividend can be achieved in the short run only, even if a trade-off between environment and employment always exists; (2) the effect on employment is larger when the fiscal revenue is recycled into all workers' gross wages rather than into unskilled workers only; (3) a co-operative policy leads to even larger benefits in terms of employment provided that an adequate redistribution of fiscal revenues is adopted by EU countries

  4. The impact of Mexico's CRE regulation on Pemex marketing

    International Nuclear Information System (INIS)

    Martinez, A.

    1997-01-01

    The past, present and future of the natural gas industry in Mexico was reviewed. As far as the past is concerned, Pemex-Gas was a state monopoly, not subject to an independent regulatory authority. It was primarily concerned with providing natural gas to domestic consumers, it engaged in minimal marketing activities, and it was highly centralized. In the country as a whole, there was a notable indifference to regulation, and an almost total absence of a regulatory culture. Natural gas was seen as a minor byproduct of petroleum, not as an engine of economic growth. Reforms introduced in May 1995 attempt to institute revolutionary changes by creating a federal regulatory commission, (Comision Reguladora de Energia, CRE for short), and strongly encouraging private sector involvement in the storage, transmission and distribution of natural gas, while reserving exclusive jurisdiction for exploration and production to the State. Provisions of the new natural gas legislation were explained, including the impact on transportation, distribution and retail sales by the State Gas company, Pemex-Gas, and its assigned leading role in bringing about the legislated changes. A fully functioning open access system is expected to be in place by November 1997

  5. The Entropic Linkage between Equity and Bond Market Dynamics

    Directory of Open Access Journals (Sweden)

    Edgar Parker

    2017-06-01

    Full Text Available An alternative derivation of the yield curve based on entropy or the loss of information as it is communicated through time is introduced. Given this focus on entropy growth in communication the Shannon entropy will be utilized. Additionally, Shannon entropy’s close relationship to the Kullback–Leibler divergence is used to provide a more precise understanding of this new yield curve. The derivation of the entropic yield curve is completed with the use of the Burnashev reliability function which serves as a weighting between the true and error distributions. The deep connections between the entropic yield curve and the popular Nelson–Siegel specification are also examined. Finally, this entropically derived yield curve is used to provide an estimate of the economy’s implied information processing ratio. This information theoretic ratio offers a new causal link between bond and equity markets, and is a valuable new tool for the modeling and prediction of stock market behavior.

  6. International energy market dynamics: a modelling approach. Tome 1

    International Nuclear Information System (INIS)

    Nachet, S.

    1996-01-01

    This work is an attempt to model international energy market and reproduce the behaviour of both energy demand and supply. Energy demand was represented using sector versus source approach. For developing countries, existing link between economic and energy sectors were analysed. Energy supply is exogenous for energy sources other than oil and natural gas. For hydrocarbons, exploration-production process was modelled and produced figures as production yield, exploration effort index, etc. The model built is econometric and is solved using a software that was constructed for this purpose. We explore the energy market future using three scenarios and obtain projections by 2010 for energy demand per source and oil natural gas supply per region. Economic variables are used to produce different indicators as energy intensity, energy per capita, etc. (author). 378 refs., 26 figs., 35 tabs., 11 appends

  7. International energy market dynamics: a modelling approach. Tome 2

    International Nuclear Information System (INIS)

    Nachet, S.

    1996-01-01

    This work is an attempt to model international energy market and reproduce the behaviour of both energy demand and supply. Energy demand was represented using sector versus source approach. For developing countries, existing link between economic and energy sectors were analysed. Energy supply is exogenous for energy sources other than oil and natural gas. For hydrocarbons, exploration-production process was modelled and produced figures as production yield, exploration effort index, ect. The model build is econometric and is solved using a software that was constructed for this purpose. We explore the energy market future using three scenarios and obtain projections by 2010 for energy demand per source and oil and natural gas supply per region. Economic variables are used to produce different indicators as energy intensity, energy per capita, etc. (author). 378 refs., 26 figs., 35 tabs., 11 appends

  8. Dynamic Correlation between Stock Market Returns and Crude Oil Prices: Evidence from a Developing Economy

    Directory of Open Access Journals (Sweden)

    Emenike O. Kalu

    2015-10-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE Modeling the correlation of assets returns volatilities across different markets or segments of a market has practical value for portfolio selection and diversification, market regulation, and risk management. This paper therefore evaluates the nature of time-varying correlation between volatilities of stock market and crude oil returns in Nigeria using Dynamic Conditional Correlation-Generalised Autoregressive Conditional Heteroscedasticity (DCC-GARCH model. Results from DCC-GARCH (1,1 model show evidence of volatility clustering and persistence in Nigeria stock market and crude oil returns. The results also show that there is no dynamic conditional correlation in ARCH effects between stock market returns and crude oil prices in Nigeria. The results further show that there is strong evidence of time-varying volatility correlation between stock market and crude oil returns volatility. The findings will help shape policy-making in risk management and market regulation in Nigeria.

  9. Dynamic pricing of general insurance in a competitive market

    OpenAIRE

    Emms, P.

    2006-01-01

    A model for general insurance pricing is developed which represents a stochastic generalisation of the discrete model proposed by Taylor (1986). This model determines the insurance premium based both on the breakeven premium and the competing premiums offered by the rest of the insurance market. The optimal premium is determined using stochastic optimal control theory for two objective functions in order to examine how the optimal premium strategy changes with the insurer’s objective. Each of...

  10. The impact of marketing resources on corporate competitiveness

    Directory of Open Access Journals (Sweden)

    Tamás Gyulavári

    2012-07-01

    Full Text Available The objective of this paper is to analyze the association between marketing resources and corporate competitiveness. Empirical data were collected by a survey of 300 domestic organizations and the results were compared to the ones of a similar research conducted five years before. We have found that all the marketing resources investigated have a significant effect on marketing performance. Among them the most marketing-related resource dimension, called market management, excels regarding the strength of the association with competitiveness. Clusters of companies were formulated and analyzed. A small group of the companies investigated (12% managed to advance in the development and possession of marketing resources whilst maintaining competitive product supply and price. The proportion of successful companies among them is highly significant.

  11. The impact of project marketing on the projects finality

    Directory of Open Access Journals (Sweden)

    Oxana SAVCIUC

    2015-06-01

    Full Text Available In the last years we assist at the level of the Republic of Moldova and also at international level at a trend to offer financial support with a special focus on project-based funding. Once with the appearance and development of the project concept, other related concepts are being developed such as project management or newly, we can also speak about the projects marketing. Until recently, the product marketing was intensely discussed; concepts such as services marketing appeared afterwards, but also the specific marketing for various branches, such as agromarketing, political marketing, etc. Given that fact that the projects are a product / service itself, at the moment, more and more often projects marketing is discussed.

  12. The Impact of Marketing in the Touristic Entities

    Directory of Open Access Journals (Sweden)

    Păiuşan Luminiţa

    2017-01-01

    Full Text Available Through this work, we intend to emphasize marketing as that function of the organization thatidentifies customer needs and desires, determines which markets are best served and designsadequate products, services and programs to serve these markets. It is not only a special function,but more - a philosophy that guides the entire organization. The aim of marketing is to satisfycustomers in a profitable manner, by establishing advantageous links with them. Many believe thatmarketing is synonymous with advertising or selling. They are wrong and because of this aspect wedecided to tackle this issue trying to prove that in reality, marketing activity refers not so much tosell, but rather to the knowledge of what must be produced. Submission on the market is the resultof knowing the consumer needs and of finding those solutions that through value, quality andsuperior service delight customers. Neither advertising, nor sale cannot compensate for a possiblecustomer dissatisfaction.

  13. Impact from the blockchain technology on the Nordic capital market

    OpenAIRE

    Victoria, Karlsson Lundström

    2016-01-01

    This master thesis explores how the blockchain technology might affect the capital market, a market with an established role in our current society. This exploration is conducted by a literature study and an interview study with participants within the capital market, in order to gather several opinions and experiences of the technology. The blockchain technology is a registration technology that provides a high degree of security and the possibility to cut of intermediaries. These are two su...

  14. FOCUS-GROUP AND ITS IMPACT IN THE QUESTIONNAIRE OF MARKETING RESEARCH ON THE ROMANIAN CAR MARKET

    Directory of Open Access Journals (Sweden)

    MANEA Constantin

    2010-12-01

    Full Text Available Designing a questionnaire is the most profound activity which makes an impact on a research in marketing. The investigation instrument finally determines the quality of this type of research. Never will a market research be able to exceed its questionnaire in point of quality. The present contribution succinctly itemizes a research project for the Romanian car market, emphasizing the importance of focus group, and appends, at the end, the concrete result, applied to the Romanian car market. The first part describes the hypotheses and sets out the objectives of the research, focusing on the market leader, i.e. Automobile Dacia Renault. The second section describes the practical process of designing the questionnaire, with a special stress laid on the impact of focus-group in the final version. The synthesis of focus group is materialized through a number of final remarks on the manner of concretely writing the questionnaire, which was put to practical use on the Romanian car market.

  15. Evaluating the impacts of farmers' behaviors on a hypothetical agricultural water market based on double auction

    Science.gov (United States)

    Du, Erhu; Cai, Ximing; Brozović, Nicholas; Minsker, Barbara

    2017-05-01

    Agricultural water markets are considered effective instruments to mitigate the impacts of water scarcity and to increase crop production. However, previous studies have limited understanding of how farmers' behaviors affect the performance of water markets. This study develops an agent-based model to explicitly incorporate farmers' behaviors, namely irrigation behavior (represented by farmers' sensitivity to soil water deficit λ) and bidding behavior (represented by farmers' rent seeking μ and learning rate β), in a hypothetical water market based on a double auction. The model is applied to the Guadalupe River Basin in Texas to simulate a hypothetical agricultural water market under various hydrological conditions. It is found that the joint impacts of the behavioral parameters on the water market are strong and complex. In particular, among the three behavioral parameters, λ affects the water market potential and its impacts on the performance of the water market are significant under most scenarios. The impacts of μ or β on the performance of the water market depend on the other two parameters. The water market could significantly increase crop production only when the following conditions are satisfied: (1) λ is small and (2) μ is small and/or β is large. The first condition requires efficient irrigation scheduling, and the second requires well-developed water market institutions that provide incentives to bid true valuation of water permits.

  16. The need for speed: informed land acquisitions for conservation in a dynamic property market.

    Science.gov (United States)

    McDonald-Madden, Eve; Bode, Michael; Game, Edward T; Grantham, Hedley; Possingham, Hugh P

    2008-11-01

    Land acquisition is a common approach to biodiversity conservation but is typically subject to property availability on the public market. Consequently, conservation plans are often unable to be implemented as intended. When properties come on the market, conservation agencies must make a choice: purchase immediately, often without a detailed knowledge of its biodiversity value; survey the parcel and accept the risk that it may be removed from the market during this process; or not purchase and hope a better parcel comes on the market at a later date. We describe both an optimal method, using stochastic dynamic programming, and a simple rule of thumb for making such decisions. The solutions to this problem illustrate how optimal conservation is necessarily dynamic and requires explicit consideration of both the time period allowed for implementation and the availability of properties.

  17. The Impact of Marketing Strategies and Satisfaction on Student Loyalty: A Structural Equation Model Approach

    Science.gov (United States)

    Chen, Yu-Chuan

    2016-01-01

    The dynamic changes in higher education observed over the last 20 years have transformed the educational market. The potential value of promoting student satisfaction and loyalty in higher education has become a significant issue. This study investigates the directions and strengths of the relationships among marketing strategies, student…

  18. Dynamic of Arabica Coffee Marketing Organization in Ngada District:Progress Upon Implementing of Geographical Indication

    OpenAIRE

    Aklimawati, Lya

    2017-01-01

    Farmer organization has important role on coffee agribusiness development. Organization was positioned as a driving force on farmer economic activities, especially in strengthening partnership networks. Realizing the importance of organization, the aim of this research was to identify the coffee market structure in the scheme of Geographical Indication; to analyze the dynamic of coffee marketing organization at farmers level; and to analyze added value of wet parchment bean sales at the farme...

  19. Dynamics in a nonlinear Keynesian good market model

    International Nuclear Information System (INIS)

    Naimzada, Ahmad; Pireddu, Marina

    2014-01-01

    In this paper, we show how a rich variety of dynamical behaviors can emerge in the standard Keynesian income-expenditure model when a nonlinearity is introduced, both in the cases with and without endogenous government spending. A specific sigmoidal functional form is used for the adjustment mechanism of income with respect to the excess demand, in order to bound the income variation. With the aid of analytical and numerical tools, we investigate the stability conditions, bifurcations, as well as periodic and chaotic dynamics. Globally, we study multistability phenomena, i.e., the coexistence of different kinds of attractors

  20. The Impact of Peer Mentoring on Marketing Content Mastery

    Science.gov (United States)

    Metcalf, Lynn E.; Neill, Stern; Simon, Lisa R.; Dobson, Sharon; Davis, Brennan

    2016-01-01

    This article describes and assesses a course design that uses peer mentors to facilitate a collaborative, hands-on learning experience in an introductory marketing course. Results demonstrate that peer mentoring increased content mastery and had a positive effect on students' perceptions of the learning experience. Peer marketing mentors, along…

  1. The Impact of Learning on Women's Labour Market Transitions

    Science.gov (United States)

    Haasler, Simone R.

    2014-01-01

    Women play an increasingly important role in the labour market and as wage earners. Moreover, in many countries, young women have outperformed men in terms of educational attainment and qualification. Still, women's human capital investment does not pay off as it does for men as they are still significantly disadvantaged on the labour market.…

  2. Marketing's profit impact : Quantifying online and offline funnel progression

    NARCIS (Netherlands)

    Wiesel, T.; Pauwels, K.; Arts, J.

    2011-01-01

    I nofec, a small- to medium-sized enterprise in the business-to-business sector, desired a more analytic approach to allocate marketing resources across communication activities and channels. We developed a conceptual framework and econometric model to empirically investigate (1) the marketing

  3. Fractal stock markets: International evidence of dynamical (in)efficiency

    Science.gov (United States)

    Bianchi, Sergio; Frezza, Massimiliano

    2017-07-01

    The last systemic financial crisis has reawakened the debate on the efficient nature of financial markets, traditionally described as semimartingales. The standard approaches to endow the general notion of efficiency of an empirical content turned out to be somewhat inconclusive and misleading. We propose a topological-based approach to quantify the informational efficiency of a financial time series. The idea is to measure the efficiency by means of the pointwise regularity of a (stochastic) function, given that the signature of a martingale is that its pointwise regularity equals 1/2 . We provide estimates for real financial time series and investigate their (in)efficient behavior by comparing three main stock indexes.

  4. Analysis of impact of Internet marketing on visits of the Lenovo Blog CZ

    OpenAIRE

    Ruskovská, Petra

    2013-01-01

    The thesis analyses the impact of Internet marketing tools on visits of the Lenovo Blog CZ, the official blog of the computer manufacturer Lenovo. It focuses evolution of visits of the blog over time, on the impact of social networks and Facebook posts paid promotion on visits. Finally, it observes to what extent the Internet marketing tools impact overall visits of the blog over the observed time.

  5. The Nightmare of the Leader: The Impact of Deregulation on an Oligopoly Insurance Market

    OpenAIRE

    Jennifer L. Wang; Larry Y. Tzeng; En-Lin Wang

    2003-01-01

    This paper explores the impact of deregulation of licensing on an oligopoly insurance market. We show that deregulation of licensing in a Stackelberg-type oligopoly market may not have any impact on the leader’s output if the number of firms increases but the market structure remains. On the other hand, if the market structure is reorganized because of the deregulation of licensing, the leader’s output could be significantly reduced after deregulation. By using the unique data of the insuranc...

  6. The Impact of Direct-to-Consumer Advertising on Health Insurance Markets

    OpenAIRE

    William Encinosa; Chad Meyerhoefer; Samuel Zuvekas; Dongyi Du

    2014-01-01

    Direct-to-consumer advertising (DTCA) for drugs has increased from US$200 million in 1997 to US$4 billion in 2011. While studies show that DTCA impacts the patient-physician relationship, little is known of the effect of DTCA on health insurance markets. We test whether DTCA raises the costs in these markets or makes the markets more efficient in drug pricing. Across 212 markets, we examine the impact of DTCA on insurers’ negotiated prices for 166 drugs. Controlling for unobserv...

  7. Impact of Public Aggregate Wind Forecasts on Electricity Market Outcomes

    DEFF Research Database (Denmark)

    Exizidis, Lazaros; Kazempour, Jalal; Pinson, Pierre

    2017-01-01

    Following a call to foster a transparent and more competitive market, member states of the European transmission system operator are required to publish, among other information, aggregate wind power forecasts. The publication of the latter information is expected to benefit market participants...... by offering better knowledge of the market operation, leading subsequently to a more competitive energy market. Driven by the above regulation, we consider an equilibrium study to address how public information of aggregate wind power forecasts can potentially affect market results, social welfare as well...... as the profits of participating power producers. We investigate, therefore, a joint day-ahead energy and reserve auction, where producers offer their conventional power strategically based on a complementarity approach and their wind power at generation cost based on a forecast. In parallel, an iterative game...

  8. Impact of electricity market deregulation on information systems

    International Nuclear Information System (INIS)

    Pharabod, E.; Berrier, M.

    2005-01-01

    Electricity market deregulation is based on un-bundling of activities between generation, transmission and distribution. In a very short time, mechanisms were put in place in order to allow the new market participants to buy and sell electricity. The market operation requires to exchange information at various time horizon, from yearly to real time exchanges, between various actors geographically distributed. The recent market opening to professional customers has also increased the amount of data involved. The information system developed by RTE to manage these data is organised around referential data base, internal and external exchange tools. It must be operated respecting confidentiality of commercial data and being non discriminatory with actors. The security of this information system is now a key issue for the electricity market operation. (authors)

  9. 77 FR 64311 - Potential Market Impact of the Proposed Fiscal Year 2014 Annual Materials Plan; National Defense...

    Science.gov (United States)

    2012-10-19

    ... actually be associated with the two material research and development projects will depend on the market... Market Impact of the Proposed Fiscal Year 2014 Annual Materials Plan; National Defense Stockpile Market... Stockpile Market Impact Committee, co-chaired by the Departments of Commerce and State, is seeking public...

  10. Dynamic VaR Measurement of Gold Market with SV-T-MN Model

    Directory of Open Access Journals (Sweden)

    Fenglan Li

    2017-01-01

    Full Text Available VaR (Value at Risk in the gold market was measured and predicted by combining stochastic volatility (SV model with extreme value theory. Firstly, for the fat tail and volatility persistence characteristics in gold market return series, the gold price return volatility was modeled by SV-T-MN (SV-T with Mixture-of-Normal distribution model based on state space. Secondly, future sample volatility prediction was realized by using approximate filtering algorithm. Finally, extreme value theory based on generalized Pareto distribution was applied to measure dynamic risk value (VaR of gold market return. Through the proposed model on the price of gold, empirical analysis was investigated; the results show that presented combined model can measure and predict Value at Risk of the gold market reasonably and effectively and enable investors to further understand the extreme risk of gold market and take coping strategies actively.

  11. Market dynamics, innovation, and transition in China's solar photovoltaic (PV) industry

    DEFF Research Database (Denmark)

    Zou, Hongyang; Du, Huibin; Ren, Jingzheng

    2017-01-01

    development from the perspective of technological innovation. By incorporating a Technological Innovation System (TIS) approach, the analysis performed here complements the previous literature, which has not provided agrounded itself in a theoretical framework for associated analyses. In addition......China’s photovoltaic (PV) industry has undergone dramatic development in recent years and is now the global market leader in terms of newly added capacity. However, market diffusion and adoption in China is not ideal. This paper examines the blocking and inducement mechanisms of China’s PV industry......, to determine the current market dynamics, we closely examine the market concentration trends as well as the vertical and horizontal integration of upstream and downstream actors and calculate the market concentration of the upstream and downstream integration (74.8% and 36.3%). The results of applying the TIS...

  12. Determinacy, stock market dynamics and monetary policy inertia

    DEFF Research Database (Denmark)

    Pfajfar, Damjan; Santoro, Emiliano

    2011-01-01

    We study equilibrium determinacy in a New-Keynesian model where the Central Bank responds to asset prices growth. Unlike Taylor-type rules that react to asset prices, the proposed alternative does not harm dynamic stability and in certain cases promotes determinacy by inducing interest-rate inertia....

  13. A Dynamic Model of the Combined Electricity and Natural Gas Markets

    DEFF Research Database (Denmark)

    Jenkins, Sandra; Annaswamy, Anuradha M.; Hansen, Jacob

    2015-01-01

    With the shale gas revolution, coal retirements, environmental regulations, and increasing renewable energy resources, the interdependency of natural gas and electricity has grown significantly. Interdependency challenges, such as mismatched market schedules and disparate market operations, require...... quantitative modeling in order to garner insights into the effectiveness of various solutions. In this paper, a quantitative model with a dynamic market mechanism is proposed to evaluate the effects of the fuel uncertainty of natural gas-fired power plants on Social Welfare. The results of the model show...

  14. Dynamics of market correlations: taxonomy and portfolio analysis.

    Science.gov (United States)

    Onnela, J-P; Chakraborti, A; Kaski, K; Kertész, J; Kanto, A

    2003-11-01

    The time dependence of the recently introduced minimum spanning tree description of correlations between stocks, called the "asset tree" has been studied in order to reflect the financial market taxonomy. The nodes of the tree are identified with stocks and the distance between them is a unique function of the corresponding element of the correlation matrix. By using the concept of a central vertex, chosen as the most strongly connected node of the tree, an important characteristic is defined by the mean occupation layer. During crashes, due to the strong global correlation in the market, the tree shrinks topologically, and this is shown by a low value of the mean occupation layer. The tree seems to have a scale-free structure where the scaling exponent of the degree distribution is different for "business as usual" and "crash" periods. The basic structure of the tree topology is very robust with respect to time. We also point out that the diversification aspect of portfolio optimization results in the fact that the assets of the classic Markowitz portfolio are always located on the outer leaves of the tree. Technical aspects such as the window size dependence of the investigated quantities are also discussed.

  15. Dynamics of market correlations: Taxonomy and portfolio analysis

    Science.gov (United States)

    Onnela, J.-P.; Chakraborti, A.; Kaski, K.; Kertész, J.; Kanto, A.

    2003-11-01

    The time dependence of the recently introduced minimum spanning tree description of correlations between stocks, called the “asset tree” has been studied in order to reflect the financial market taxonomy. The nodes of the tree are identified with stocks and the distance between them is a unique function of the corresponding element of the correlation matrix. By using the concept of a central vertex, chosen as the most strongly connected node of the tree, an important characteristic is defined by the mean occupation layer. During crashes, due to the strong global correlation in the market, the tree shrinks topologically, and this is shown by a low value of the mean occupation layer. The tree seems to have a scale-free structure where the scaling exponent of the degree distribution is different for “business as usual” and “crash” periods. The basic structure of the tree topology is very robust with respect to time. We also point out that the diversification aspect of portfolio optimization results in the fact that the assets of the classic Markowitz portfolio are always located on the outer leaves of the tree. Technical aspects such as the window size dependence of the investigated quantities are also discussed.

  16. Contribution to modeling and dynamic risk hedging in energy markets

    International Nuclear Information System (INIS)

    Noufel, Frikha

    2010-12-01

    This thesis is concerned with probabilistic numerical problems about modeling, risk control and risk hedging motivated by applications to energy markets. The main tool is based on stochastic approximation and simulation methods. This thesis consists of three parts. The first one is devoted to the computation of two risk measures of the portfolio loss distribution L: the Value-at-Risk (VaR) and the Conditional Value-at-Risk (CVaR). This computation uses a stochastic algorithm combined with an adaptive variance reduction technique. The first part of this chapter deals with the finite dimensional case, the second part extends the results of the first part to the case of a path-dependency process and the last one deals low discrepancy sequences. The second chapter is devoted with risk minimizing hedging strategies in an incomplete market operating in discrete time using quantization based stochastic approximation. Theoretical results on CVaR hedging are presented then numerical aspects are addressed in a Markovian framework. The last part deals with joint modeling of Gas and Electricity spot prices. The multi-factor model presented is based on stationary Ornstein process with parameterized diffusion coefficient. (author)

  17. The dynamic linkages between crude oil and natural gas markets

    International Nuclear Information System (INIS)

    Batten, Jonathan A.; Ciner, Cetin; Lucey, Brian M.

    2017-01-01

    The time varying price spillovers between natural gas and crude oil markets for the period 1994 to 2014 are investigated. Contrary to earlier research, we show that in a large part of our sample the natural gas price leads the price of crude oil with price spillover effects lasting up to two weeks. This result is robust to a battery of tests including out-of-sample forecasting exercises. However, after 2006, we detect little price dependencies between these two energy commodities. These findings arise due to a conjunction of both demand and supply-side shocks arising from both natural and economic events, including Hurricane Katrina, the Tohoku earthquake and the Global Financial Crisis, as well as infrastructure and technological improvements. The increased use of new technologies such as hydraulic fracking for the extraction of gas and oil in particular affected supply in the latter part of the study. We conclude that the long term relation present in the early part of the sample has decoupled, such that price determination of these two energy sources is now independent. - Highlights: • Contrary to earlier research we find natural gas may lead crude oil prices over a long sample. • This finding holds in forecasting out of sample. • There may be a break in the relationship between oil and gas in 2006. • We suggest that new technologies and financial conditions have led to a decoupling of these markets. • Oil and natural gas prices may now be determined independently.

  18. Dynamic evolution of cross-correlations in the Chinese stock market.

    Science.gov (United States)

    Ren, Fei; Zhou, Wei-Xing

    2014-01-01

    The analysis of cross-correlations is extensively applied for the understanding of interconnections in stock markets and the portfolio risk estimation. Current studies of correlations in Chinese market mainly focus on the static correlations between return series, and this calls for an urgent need to investigate their dynamic correlations. Our study aims to reveal the dynamic evolution of cross-correlations in the Chinese stock market, and offer an exact interpretation for the evolution behavior. The correlation matrices constructed from the return series of 367 A-share stocks traded on the Shanghai Stock Exchange from January 4, 1999 to December 30, 2011 are calculated over a moving window with a size of 400 days. The evolutions of the statistical properties of the correlation coefficients, eigenvalues, and eigenvectors of the correlation matrices are carefully analyzed. We find that the stock correlations are significantly increased in the periods of two market crashes in 2001 and 2008, during which only five eigenvalues significantly deviate from the random correlation matrix, and the systemic risk is higher in these volatile periods than calm periods. By investigating the significant contributors of the deviating eigenvectors in different time periods, we observe a dynamic evolution behavior in business sectors such as IT, electronics, and real estate, which lead the rise (drop) before (after) the crashes. Our results provide new perspectives for the understanding of the dynamic evolution of cross-correlations in the Chines stock markets, and the result of risk estimation is valuable for the application of risk management.

  19. Impacts of a farmers' market incentive programme on fruit and vegetable access, purchase and consumption.

    Science.gov (United States)

    Olsho, Lauren Ew; Payne, Gayle Holmes; Walker, Deborah Klein; Baronberg, Sabrina; Jernigan, Jan; Abrami, Alyson

    2015-10-01

    The present study examines the impact of Health Bucks, a farmers' market incentive programme, on awareness of and access to farmers' markets, and fruit and vegetable purchase and consumption in low-income New York City neighbourhoods. The evaluation used two primary data collection methods: (i) an on-site point-of-purchase survey of farmers' market shoppers; and (ii) a random-digit-dial telephone survey of residents in neighbourhoods where the programme operates. Additionally, we conducted a quasi-experimental analysis examining differential time trends in consumption before and after programme introduction using secondary Community Health Survey (CHS) data. New York City farmers' markets and communities. Farmers' market shoppers (n 2287) completing point-of-purchase surveys in a representative sample of New York City farmers' markets in 2010; residents (n 1025) completing random-digit-dial telephone survey interviews in 2010; and respondents (n 35 606) completing CHS interviews in 2002, 2004, 2008 and 2009. Greater Health Bucks exposure was associated with: (i) greater awareness of farmers' markets; (ii) increased frequency and amount of farmers' market purchases; and (iii) greater likelihood of a self-reported year-over-year increase in fruit and vegetable consumption. However, our CHS analysis did not detect impacts on consumption. While our study provides promising evidence that use of farmers' market incentives is associated with increased awareness and use of farmers' markets, additional research is needed to better understand impacts on fruit and vegetable consumption.

  20. Deforestation in Amazonia impacts riverine carbon dynamics

    Science.gov (United States)

    Langerwisch, Fanny; Walz, Ariane; Rammig, Anja; Tietjen, Britta; Thonicke, Kirsten; Cramer, Wolfgang

    2016-12-01

    Fluxes of organic and inorganic carbon within the Amazon basin are considerably controlled by annual flooding, which triggers the export of terrigenous organic material to the river and ultimately to the Atlantic Ocean. The amount of carbon imported to the river and the further conversion, transport and export of it depend on temperature, atmospheric CO2, terrestrial productivity and carbon storage, as well as discharge. Both terrestrial productivity and discharge are influenced by climate and land use change. The coupled LPJmL and RivCM model system (Langerwisch et al., 2016) has been applied to assess the combined impacts of climate and land use change on the Amazon riverine carbon dynamics. Vegetation dynamics (in LPJmL) as well as export and conversion of terrigenous carbon to and within the river (RivCM) are included. The model system has been applied for the years 1901 to 2099 under two deforestation scenarios and with climate forcing of three SRES emission scenarios, each for five climate models. We find that high deforestation (business-as-usual scenario) will strongly decrease (locally by up to 90 %) riverine particulate and dissolved organic carbon amount until the end of the current century. At the same time, increase in discharge leaves net carbon transport during the first decades of the century roughly unchanged only if a sufficient area is still forested. After 2050 the amount of transported carbon will decrease drastically. In contrast to that, increased temperature and atmospheric CO2 concentration determine the amount of riverine inorganic carbon stored in the Amazon basin. Higher atmospheric CO2 concentrations increase riverine inorganic carbon amount by up to 20 % (SRES A2). The changes in riverine carbon fluxes have direct effects on carbon export, either to the atmosphere via outgassing or to the Atlantic Ocean via discharge. The outgassed carbon will increase slightly in the Amazon basin, but can be regionally reduced by up to 60 % due to

  1. ABARE gas market study to evaluate impact of reforms

    International Nuclear Information System (INIS)

    Harman, J.

    2000-01-01

    ABARE has conducted Research into the Australian gas market for many years. For example, studies have examined the costs and benefit of interconnections in the gas and electricity markets (Dalziell et al 1993) and the net economic benefits of the oil and gas extraction industry (Hogan et al 1996). The biennial energy supply and demand projections published for more than 20 years) provide detailed and reliable energy forecasts. The most recent study (Bush et al 1999) found that natural gas consumption was expected to grow at an average rate of almost 4.4 percent to 2014-15, representing an increase to around 28 percent of total energy market share. Energy market and policy developments will effect the actual rate of growth of gas consumption. Major trends in the gas market which are raising important issues include an integration of regional gas markets through the construction of new gas pipelines and increasing interstate trade in gas, new access regimes in the transmission and distribution sector, along with increasing customer contestability in the retail markets

  2. 2004 Power marketing program draft environmental impact statement

    International Nuclear Information System (INIS)

    1996-04-01

    The Western Area Power Administration (Western), created in 1977 under the Department of Energy (DOE) Organization Act, markets and transmits electric power throughout 15 western states. Western's Sierra Nevada Customer Service Region (Sierra Nevada Region) markets approximately 1,480 megawatts (MW) of power from the Central Valley Project (CVP) and other sources, and markets available nonfirm energy from the Washoe Project. The Sierra Nevada Region's marketing area is shown in Figure 1. 1. Western's mission is to sell and deliver electricity that is in excess of Project Use (power required for project operations), which for the Sierra Nevada Region is generated from CVP and Washoe Project powerplants. Western's power marketing responsibility includes managing the Federal transmission system. The hydroelectric generation facilities of the CVP are operated by the Bureau of Reclamation (Reclamation). Reclamation manages and releases water in accordance with the various acts authorizing specific projects and with other laws and enabling legislation. Western's capacity and energy sales must be in conformance with the laws that govern its sale of electrical power. Hydropower operations at each facility must comply with minimum and maximum flows and other constraints set by Reclamation, the U.S. Fish and Wildlife Service (the Service), or other regulatory agencies, acting in accordance with law or policy. This EIS describes the environmental consequences of the range of reasonable marketing alternatives that meet the needs and purposes of the proposed marketing plan

  3. Tendances Carbone no. 74 'The Timing Impact Approach: How particularities of carbon markets influence market developments'

    International Nuclear Information System (INIS)

    Ruf, Philipp

    2012-01-01

    Among the publications of CDC Climat Research, 'Tendances Carbone' bulletin specifically studies the developments of the European market for CO 2 allowances. This issue addresses the following points: With the current 'back-loading' proposal of the European Commission on the table it is essential to further examine the specialities of carbon markets to assess the implications of the proposal on the market development of the EU ETS. An emission right is a new kind of good which can be thought of as a hybrid of a commodity good and a financial product

  4. Bubbles, Post-Crash Dynamics, and the Housing Market

    OpenAIRE

    Crocker H. Liu; Adam Nowak; Stuart Rosenthal

    2014-01-01

    This paper documents and explains previously unrecognized post-crash dynamics following the collapse of a housing bubble. A simple model predicts that speculative developers ensure stable pre-crash relative prices between small and large homes while their post-crash exit allows small-home relative values to fall. Evidence from Phoenix supports the model. Although home prices doubled 2004-2006, relative prices of small-to-large homes remained nearly constant but then plummeted post-crash. As s...

  5. Complex dynamics and multistability with increasing rationality in market games

    International Nuclear Information System (INIS)

    Cavalli, Fausto; Naimzada, Ahmad

    2016-01-01

    In this work we study oligopoly models in which firms adopt decision mechanisms based on best response techniques with different rationality degrees. Firms are also assumed to face resource or financial constraints in adjusting their production levels, so that, from time to time, they can only increase or decrease their strategy by a bounded quantity. We consider different families of oligopolies of generic sizes, characterized by heterogeneous compositions with respect to the rationality degrees of firms. We analytically study the local stability of the equilibrium depending on the oligopoly size and composition and through numerical simulations we investigate the possible dynamics arising when trajectories do not converge toward the equilibrium. We show that in this case complex dynamics can arise, and this is due to both the loss of stability of the equilibrium and to the emergence of multiple attractors, with the stable steady state coexisting with a different, periodic or chaotic, attractor. In particular, we show that multistability phenomena occur when the overall degree of rationality of the oligopoly is increased. Finally, we investigate the effect of non-convergent dynamics on the realized profits.

  6. Market dynamics of community pharmacies in Minnesota, U.S. from 1992 through 2012.

    Science.gov (United States)

    Schommer, Jon C; Yusuf, Akeem A; Hadsall, Ronald S

    2014-01-01

    An understanding of community pharmacy market dynamics is important for monitoring access points for pharmacist services. The purpose of this study was to describe (1) changes in pharmacy mix (independent versus chain) between 1992 and 2002 and between 2002 and 2012 for 87 counties in Minnesota (state in U.S.) and (2) the number (and proportion) of community pharmacies in Minnesota for the years 1992, 2002, and 2012 using a new categorization method developed specifically for this study. Data included licensure records for 1992, 2002, and 2012 from the State of Minnesota Board of Pharmacy and county level demographics for 1990, 2000 and 2010 from the US Census Bureau. Descriptive statistics were used to summarize findings over time and to describe associations between study variables. The ratio of independent pharmacies to chain pharmacies changed from approximately 2:1 in 1992 to 1:2 in 2012. The primary market factors associated with changes in the number of community pharmacies per county were (1) the metropolitan designation of the county and (2) whether the population density (persons/square mile) was increasing or decreasing. The face of community pharmacy in Minnesota changed between 1992 and 2012. By 2012, pharmacies were located in traditional retail pharmacies, mass merchandiser outlets, supermarkets, and clinics/medical centers. Furthermore, specialty pharmacies grew in proportion to meet patient needs. Between 1992 and 2012, the market dynamics of community pharmacies in Minnesota was characterized by vigorous market entry and exit. In light of recent health reform that is exhibiting characteristics such as continuity-of-care models, performance-based payment, technology advances, and the care of patients becoming more "ambulatory" (versus in-patient), we suggest that the market dynamics of community pharmacies will continue to exhibit vigorous market entry and exit in this new environment. It is proposed that the community pharmacy categories developed

  7. Bill project for a new organisation of the electricity market (NOME): impact study

    International Nuclear Information System (INIS)

    2010-01-01

    This document reports a study of the impact of the implementation of regulated access to electricity, of a capacity obligation, and of the evolution of regulated selling prices. It outlines that the progressive opening to concurrence of electricity in European markets did not reach in France the expected objectives: to let consumers get the benefit of investment in nuclear energy, incentives for innovation and demand reduction, promotion of investments within the frame of the electricity European market, etc. The authors describe the electricity market new organisation which is defined in the bill project, and the expected impacts on the different actors, macro-economical impacts, impacts on public finance and employment, environmental impacts, social impacts, and legal impacts

  8. Universal scaling and nonlinearity of aggregate price impact in financial markets

    Science.gov (United States)

    Patzelt, Felix; Bouchaud, Jean-Philippe

    2018-01-01

    How and why stock prices move is a centuries-old question still not answered conclusively. More recently, attention shifted to higher frequencies, where trades are processed piecewise across different time scales. Here we reveal that price impact has a universal nonlinear shape for trades aggregated on any intraday scale. Its shape varies little across instruments, but drastically different master curves are obtained for order-volume and -sign impact. The scaling is largely determined by the relevant Hurst exponents. We further show that extreme order-flow imbalance is not associated with large returns. To the contrary, it is observed when the price is pinned to a particular level. Prices move only when there is sufficient balance in the local order flow. In fact, the probability that a trade changes the midprice falls to zero with increasing (absolute) order-sign bias along an arc-shaped curve for all intraday scales. Our findings challenge the widespread assumption of linear aggregate impact. They imply that market dynamics on all intraday time scales are shaped by correlations and bilateral adaptation in the flows of liquidity provision and taking.

  9. Impact of Global Financial Crisis on Nigerian Stock Market

    African Journals Online (AJOL)

    DrNneka

    Key words: Global financial crisis, Nigerian stock market, currency crisis, ... drop in all economic indices over a relatively short period of time leading to corporate .... magnitude and many countries with sound fundamentals also plunged into a ...

  10. European Sugar MarketImpact of Quota System

    Directory of Open Access Journals (Sweden)

    Irena Benešová

    2015-01-01

    Full Text Available The European agricultural market has been criticized for its heavy regulations and subsidization. The sugar market is one of the most regulated ones; however, this will change radically in 2017 when the current system of production quotas will end. The aim of this paper is to present the basic characteristics of the EU quota sugar market. The analysis identifies the main drivers of EU sugar market and their position within the EU sugar market. The paper identifies especially those drivers/companies/alliances which take control over the EU sugar production realized under the quota production system. The paper also highlights the level of EU sugar market concentration and also identifies those countries and companies which are the main leaders in the sugar production area realized under the quota system. Based on the results deriving from the paper, it is possible to characterize the EU sugar market as a heavily concentrated one – nearly 75% (10 mil. tonnes of the quota is controlled by five multinational companies only; these companies are operating more than 50% of all the available sugar plants located in the EU. These multinational alliances are also in control of the production capacities of their subsidiaries. In most countries, this causes serious problems as the given quota is controlled by one or two producers only. The EU sugar market is extremely concentrated especially if we take into consideration the location of each alliance’s headquarters. The majority of production capacities are under (the control of especially German and French companies. These two countries are also the main beneficiaries in relation to the EU sugar production quota system.

  11. The Impact of Brand Awareness on Companies` Marketing Strategies

    OpenAIRE

    Alexandra Zaif

    2016-01-01

    Within this paper,we will try to emphasize the importance of brand awareness and its significant role in brand-building,discussing how companies implementing brand-awareness marketing strategies will have a substantial role in creating brand image,strenghten brand equity and increase profitability . Firstly,we will conduct an empirical research based on previous published literature concerning brand awareness and will discuss the effectiveness of marketing strategies that incorporate ...

  12. Microeconomics of Agricultural Grading: Impacts on the Marketing Channel

    OpenAIRE

    David A. Hennessy

    1995-01-01

    In this paper I focus on how grade prices affect the provision of product transformation skills in the food marketing system. A self-protection model is used to show how resources are allocated to protect the potential value of commodities in the marketing channel. Resource allocations may be complementary, and complementarity may be exploited to expand an industry. Further, uncertainty concerning skill levels may inhibit expansion. Because two primary objectives of agricultural extension inv...

  13. IMPACT OF MARKETING STRATEGIES ON SACHET PRODUCTS IN BANGLADESH

    OpenAIRE

    Hossain Shahid SHOHROWARDHY; H.M. Kamrul HASSAN

    2015-01-01

    A product is anything that can be accessible to the market for satisfaction. The basic objective of marketing is maximum satisfaction since satisfaction of consumer and business performance is positively related to each other. For satisfaction, product is diversified in different categories i.e. generic product, product type product, substitute product and product line etc. Sachet product is one of the expansions of product line. The term ‘Sachet’ is originated from the French word which mean...

  14. Impact of Public Market Information System (PMIS) on Farmers Food Marketing Decisions: Case of Benin

    OpenAIRE

    Kpenavoun Chogou, Sylvain; Lebailly, Philippe; Adegbidi, Anselme; Gandonou, Esaie

    2009-01-01

    To sell their surpluses of maize, the main staple in Benin, farmers may choose among three modes of transaction: they may sell under a contract with itinerant traders, or they may sell without a contract at the farmgate or on distant markets. It has been postulated that farmers may choose a profitable mode of transaction if they have good access to information on the prevailing market conditions. Using detailed farm household survey data from Benin, this paper applies the Nested Logit model t...

  15. Firm expansion, size spillovers and market dominance in retail chain dynamics

    OpenAIRE

    Blevins, JR; Khwaja, Ahmed Wali; Yang, N

    2017-01-01

    We develop and estimate a dynamic game of strategic firm expansion and contraction decisions to study the role of firm size on future profitability and market dominance. Modeling firm size is important because retail chain dynamics are more richly driven by expansion and contraction than de novo entry or permanent exit. Additionally, anticipated size spillovers may influence the strategies of forward looking firms making it difficult to analyze the effects of size without explicitly accountin...

  16. The Impact of Sovereign Credit Rating Changes on Emerging Stock Markets

    OpenAIRE

    YIN, WEIGUO

    2008-01-01

    This study investigate the impact of sovereign rating change in emerging markets by using 42 sample counties over the period Jan. 1999 to Aug. 2008. The concurrent relationship between sovereign rating changes and the associated stock market spread can be established: the spreads tend to rise (fall) when upgrades (downgrades) occur. Surprisingly, according to Fitch report regarding the emerging market liquidity, we divide the whole time line into two sub-periods. It is found that rating chang...

  17. The impact of capital markets on the economic growth in South Africa

    Directory of Open Access Journals (Sweden)

    Queen Sarah Khetsi

    2015-03-01

    Full Text Available Capital markets are institutions that actively play a role in the development of an economy. This study investigates the impact of capital markets on economic growth in South Africa from 1971-2013. The results indicated that there is a positive relationship between economic growth and capital markets in South Africa. Furthermore, the country should focus on factors that contribute to the development of capital markets, such as the development of financial institutions. The study contributes to the existing body of empirical literature with regards to economic growth and capital markets, especially with reference to stock markets as South Africa has one of the largest stock markets (JSE in the world.

  18. Phosphate Production Reduction Decree of the Netherlands : impact on markets, environment and dairy farm structure

    NARCIS (Netherlands)

    Jongeneel, Roel; Daatselaar, Co; Leeuwen, van Myrna; Silvis, Huib

    2017-01-01

    This research has been commissioned by the Ministry of Economic Affairs. Wageningen Economic Research, an independent research institute, has been asked to assess the market impacts and environmental impacts of the PPRD. The following research questions were defined: Assess the impacts of the PPRD

  19. Conditional co-movement and dynamic interactions: US and BRIC equity markets

    Directory of Open Access Journals (Sweden)

    Singh Amanjot

    2017-01-01

    Full Text Available The present study attempts to capture conditional or time-varying co-movement and dynamic interactions between the US and BRIC (Brazil, Russia, India, and China equity markets across the sample period 2004 to 2014 by employing diverse econometric models. The sample period is further divided into three different sub-periods concerning the US financial crisis period, viz. pre-crisis, crisis, and post-crisis periods. The vector autoregression- dynamic conditional correlation-multivariate asymmetric generalized autoregressive conditional heteroskedastic [VAR-DCC-MVAGARCH (1.1] model and Toda-Yamamoto’s (1995 Granger causality tests are employed for the purpose of overall analysis in a multivariate framework. The results report the existence of time-varying co-movement between the US and BRIC equity markets, whereby co-movement between the US and Brazilian markets is found to be the highest, followed by the Russian, Indian, and Chinese equity markets. Dynamic interactions are also registered between the respective US/BRIC comovements during different sub-periods. The results have important implications for market participants and policymakers.

  20. The Competitiveness of Exports from Manufacturing Industries in Croatia and Slovenia to the EU-15 Market: A Dynamic Panel Analysis

    Directory of Open Access Journals (Sweden)

    Nebojša Stojčić

    2012-04-01

    Full Text Available It is often stated that the growth prospects of nations are closely related to patterns of competitiveness exercised by their firms and industries in the international market. Building on foundations of endogenous growth and new trade theories academics and policy-makers postulate that quality-driven competitiveness bears higher growth potential than the ability to compete in terms of prices. The transition of Central and Eastern European Countries has been characterised by movement from the latter towards the former pattern of competitiveness. This process was facilitated by the transfer of knowledge and skills through the outsourcing of production from their most important trading partners, the West European members of the European Union (EU-15 countries, which paved the way for the development of intra-industry trade. This paper explores the competitiveness of manufacturing industries from Croatia and Slovenia in the EU-15 market. Using dynamic panel analysis we find that between 2002 and 2007 producers from the two countries followed different patterns of competitiveness. While in Slovenia the quality of exports is the main determinant of EU-15 market share, the competitiveness of Croatian producers still depends on their labour costs. We also find a strong impact of intra-industry trade on the competiveness of industries from the two countries in the EU-15 market.

  1. Market impacts of hypothetical fuel treatment thinning programs on federal lands in the western United States

    Science.gov (United States)

    Peter J. Ince; Henry Spelter; Kenneth Skog; Andrew Kramp; Dennis P. Dykstra

    2000-01-01

    This paper addresses the economics of forest fuel thinning programs on federal lands in the U.S. West, and presents a model of regional timber and product market impacts. The issue of economics is vital to the debate about fire management, and this paper presents market implications of two alternative silvicultural strategies, even-aged and uneven-aged...

  2. Impact of construction and remodeling markets on the U.S. secondary hardwood products industry

    Science.gov (United States)

    Matt Bumgardner; Urs Buehlmann; Al Schuler; Karen. Koenig

    2011-01-01

    The housing correction that started in 2007 continues to run its course. Excessive inventory levels, limited credit availability, and record foreclosure rates continue to have an impact on U.S. housing markets. With inventories high and demand for new construction low, the U.S. hardwood industry's largest markets for appearance-grade products remain under pressure...

  3. Exploring policy impacts for servicising in product-based markets : A generic agent-based model

    NARCIS (Netherlands)

    van der Veen, R.A.C.; Kisjes, K.H.; Nikolic, I.

    2017-01-01

    The shift to markets based on servicising, i.e. market-level transitions from product-based to service-based production and consumption patterns, may contribute to achieve absolute decoupling, i.e. the combined development of economic growth and environmental impact reduction. However, the

  4. Risk Profiles Along the Lifecycle in Dynamic Markets

    Directory of Open Access Journals (Sweden)

    Koplyay Tamas

    2015-09-01

    Full Text Available That supply chain management and logistics are a determining factor for the long term success of a company was well documented by Forrester over a half century ago [1], with the importance of the statement only growing through the intervening years.Whether consciously factored into the operating mode or not, logistics and distribution channel management plays a critical role in the life, and death, of a firm. From the rudimentary beginnings of the start-up company to the hectic world of the growth company and onto the relatively secure existence in mature markets, the value chain consisting of logistics and distribution channel linkages follows the firm, until it solidifies into immutable form of the mature value chain and begins to exert an inexorable pressure on the survival of the entire chain, and conversely the chain imposes its will on the members. The emergence of mature industry value chains is often driven by the need to monopolistically control logistics and distribution channels which provides a competitive advantage but also introduces a serious exposure to pending shock loadings of the chain.

  5. Impact of climate change on Taiwanese power market determined using linear complementarity model

    International Nuclear Information System (INIS)

    Tung, Ching-Pin; Tseng, Tze-Chi; Huang, An-Lei; Liu, Tzu-Ming; Hu, Ming-Che

    2013-01-01

    Highlights: ► Impact of climate change on average temperature is estimated. ► Temperature elasticity of demand is measured. ► Impact of climate change on Taiwanese power market determined. -- Abstract: The increase in the greenhouse gas concentration in the atmosphere causes significant changes in climate patterns. In turn, this climate change affects the environment, ecology, and human behavior. The emission of greenhouse gases from the power industry has been analyzed in many studies. However, the impact of climate change on the electricity market has received less attention. Hence, the purpose of this research is to determine the impact of climate change on the electricity market, and a case study involving the Taiwanese power market is conducted. First, the impact of climate change on temperature is estimated. Next, because electricity demand can be expressed as a function of temperature, the temperature elasticity of demand is measured. Then, a linear complementarity model is formulated to simulate the Taiwanese power market and climate change scenarios are discussed. Therefore, this paper establishes a simulation framework for calculating the impact of climate change on electricity demand change. In addition, the impact of climate change on the Taiwanese market is examined and presented.

  6. Dynamic peak demand pricing under uncertainty in an agent-based retail energy market

    NARCIS (Netherlands)

    M. Ansarin (Mohammad); W. Ketter (Wolfgang); J. Collins (John)

    2016-01-01

    textabstractFor a transition to a sustainable energy future, smart grids must adapt to the mass introduction of renewable energy sources and their inherent unpredictability. The Power TAC competition is a simulation of distribution grid market dynamics with autonomous retail broker agents. It seeks

  7. Poverty, Job Quality and Labor Market Dynamics in the Middle East ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    This project will explore links between labour market dynamics and the quality of jobs in three varied settings. Egypt features low job quality and a large gender gap. Morocco conforms to Egypt to a significant degree. Jordan offers an exception, however, apparently related to greater diversification and better industrial export ...

  8. 3C, Internet Dynamics and Retail: Towards a new market segmentation?

    NARCIS (Netherlands)

    drs. Frans van den Reep; Peter van den Heuvel

    2006-01-01

    The Internet introduces new business choices for customer interaction. In this article we introduce two claims. Firstly, we will show that the way companies shape their customer interaction, and not their sector or size, determine the market segmentation. Secondly, Internet dynamics and its effect

  9. Dynamic effects of social influence and direct marketing on the adoption of high-technology products

    NARCIS (Netherlands)

    Risselada, H.; Verhoef, P.C.; Bijmolt, T.H.A.

    Many firms capitalize on their customers' social networks to improve the success rate of their new products. In this article, the authors analyze the dynamic effects of social influence and direct marketing on the adoption of a new high-technology product. Social influence is likely to play a role

  10. Essays on Labour Markets: Worker-Firm Dynamics, Occupational Segregation and Workplace Conditions

    NARCIS (Netherlands)

    I.S. Buhai (Sebastian)

    2008-01-01

    textabstractThe main chapters of this book, “Essays on Labour Markets”, focus on analyzing the dynamics of the employment relationship between workers and firms (chapters 2 and 3), modelling occupational segregation and labour market inequalities between social groups (chapter 4) and characterizing

  11. Poverty, Job Quality and Labor Market Dynamics in the Middle East ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Unemployment is one of the main economic, social and political problems facing governments in the Middle East and North Africa. The nature and ... This project will explore links between labour market dynamics and the quality of jobs in three varied settings. ... Effects of the new labor law on informality & job quality. 41985.

  12. Deregulation and competitive power markets -- Its impact on developing economies

    International Nuclear Information System (INIS)

    Saran, K.

    1998-01-01

    The aim of privatization in developed countries is to encourage competition in generation and supply of power whereas the focus of developing economies is to bridge the demand supply gap by addition of capacity. However, there needs to be a reconciliation between these two apparently having conflicting objectives even in case of developing economies. In competitive power markets it is necessary that rules of the game are identified in advance and followed uniformly by all players. Existence of a ''referee'' would be necessary to regulate the game so as to ensure fair play. The regulatory institution would serve this purpose and work as a stimulator to development of privatization and competitive power markets in developing economies. Consumer interests should be of upper-most priority in the mind while establishing power markets and regulatory institutions, particularly as market forces are unfavorable to consumer interests in power shortage conditions. As competition fosters, gradually market forces take over and the ''harsh'' regulator would convert itself to a ''silent vigil referee'' so as to ensure genuine competition. The debate of deregulation vs. regulation will continue but the show must go on for building of an increasingly sound, competitive and vibrant power sector in the interest of end use consumers. The planned and phased restructuring though a delayed process is a preferred process and India is fully determined to achieve this

  13. The impact of energy derivatives on the crude oil market

    Energy Technology Data Exchange (ETDEWEB)

    Fleming, J.; Ostdiek, B. [Jones Graduate School of Management, Rice University, MS 531, P.O. Box 1892 Houston, TX (United States)

    1999-04-01

    We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  14. The impact of foreign investors on the Serbian stock market

    Directory of Open Access Journals (Sweden)

    Rakočević Rade

    2016-01-01

    Full Text Available Frontier markets, such as Serbia, which are at the early stages of development, are characterized by very low level of solvency, absence of corporate management rules and reports to the public, insufficiently developed regulations, as well as significant participation of foreign portfolio investors in the exchange. Those are usually foreign investment funds specialized in risky investments at such markets; they apply the principle of geographic portfolio diversification in their investment policy. At the Belgrade Stock Exchange, foreign investors have been present at the stock market since 2002 and they participated in high volumes in stock buying during the stock market growth in the period from 2002 to 2007, whereas during the crisis at the Serbian capital market from 2008 to 2010 there was a significant increase in foreign investors' participation on the selling side and a withdrawal from the Belgrade Stock Exchange. Such behavior of foreign investors was initially prompted by local factors, but was intensified by the global financial crisis and will be analyzed in this paper.

  15. General Impact Of A Single Market - Albania Goes Digital

    Directory of Open Access Journals (Sweden)

    Nikollaq Pano

    2015-08-01

    Full Text Available Although Brexit did trigger some discussion about the European Single Market future The Commission strategy for an area without internal frontiers in which the free movement of goods persons services and capital is ensured remains the same and increasingly attracts the attention and interest of policy makers and researchers. The digital single market a recent concept developed in the context of the European Union goes beyond the Cloud computing IoT and Big Data that are present-day words frequently mentioned in country strategies. The aim of coming together into a single market is to maximise the benefits of technology while simultaneously preserving values we hold timeless. Expanding this concept and considering the configuration of a digital market in Albania is the underpinning of this paper. Goods and services provided on-line will grant a better access and improved service to the benefit of customers under conditions of fair competition and a high level of consumer and personal data protection. A single platform necessarily digital can incorporate the banking industrial education investment markets and contribute to their unification. This first step of placing the idea should be followed by considering components like digital infrastructure development digitally educated people collaborative economy and others. There is a vision for the country development with no timeline yet above and beyond the brainstorming approach.

  16. The impact of energy derivatives on the crude oil market

    International Nuclear Information System (INIS)

    Fleming, J.; Ostdiek, B.

    1999-01-01

    We examine the effects of energy derivatives trading on the crude oil market. There is a common public and regulatory perception that derivative securities increase volatility and can have a destabilizing effect on the underlying market. Consistent with this view, we find an abnormal increase in volatility for three consecutive weeks following the introduction of NYMEX crude oil futures. While there is also evidence of a longer-term volatility increase, this is likely due to exogenous factors, such as the continuing deregulation of the energy markets. Subsequent introductions of crude oil options and derivatives on other energy commodities have no effect on crude oil volatility. We also examine the effects of derivatives trading on the depth and liquidity of the crude oil market. This analysis reveals a strong inverse relation between the open interest in crude oil futures and spot market volatility. Specifically, when open interest is greater, the volatility shock associated with a given unexpected increase in volume is much smaller. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  17. Knottin cyclization: impact on structure and dynamics

    Directory of Open Access Journals (Sweden)

    Gracy Jérôme

    2008-12-01

    Full Text Available Abstract Background Present in various species, the knottins (also referred to as inhibitor cystine knots constitute a group of extremely stable miniproteins with a plethora of biological activities. Owing to their small size and their high stability, knottins are considered as excellent leads or scaffolds in drug design. Two knottin families contain macrocyclic compounds, namely the cyclotides and the squash inhibitors. The cyclotide family nearly exclusively contains head-to-tail cyclized members. On the other hand, the squash family predominantly contains linear members. Head-to-tail cyclization is intuitively expected to improve bioactivities by increasing stability and lowering flexibility as well as sensitivity to proteolytic attack. Results In this paper, we report data on solution structure, thermal stability, and flexibility as inferred from NMR experiments and molecular dynamics simulations of a linear squash inhibitor EETI-II, a circular squash inhibitor MCoTI-II, and a linear analog lin-MCoTI. Strikingly, the head-to-tail linker in cyclic MCoTI-II is by far the most flexible region of all three compounds. Moreover, we show that cyclic and linear squash inhibitors do not display large differences in structure or flexibility in standard conditions, raising the question as to why few squash inhibitors have evolved into cyclic compounds. The simulations revealed however that the cyclization increases resistance to high temperatures by limiting structure unfolding. Conclusion In this work, we show that, in contrast to what could have been intuitively expected, cyclization of squash inhibitors does not provide clear stability or flexibility modification. Overall, our results suggest that, for squash inhibitors in standard conditions, the circularization impact might come from incorporation of an additional loop sequence, that can contribute to the miniprotein specificity and affinity, rather than from an increase in conformational rigidity

  18. Dynamical Analysis of Stock Market Instability by Cross-correlation Matrix

    Science.gov (United States)

    Takaishi, Tetsuya

    2016-08-01

    We study stock market instability by using cross-correlations constructed from the return time series of 366 stocks traded on the Tokyo Stock Exchange from January 5, 1998 to December 30, 2013. To investigate the dynamical evolution of the cross-correlations, crosscorrelation matrices are calculated with a rolling window of 400 days. To quantify the volatile market stages where the potential risk is high, we apply the principal components analysis and measure the cumulative risk fraction (CRF), which is the system variance associated with the first few principal components. From the CRF, we detected three volatile market stages corresponding to the bankruptcy of Lehman Brothers, the 2011 Tohoku Region Pacific Coast Earthquake, and the FRB QE3 reduction observation in the study period. We further apply the random matrix theory for the risk analysis and find that the first eigenvector is more equally de-localized when the market is volatile.

  19. Ageing shocks and short-run regional labour market dynamics in a spatial panel VAR approach

    DEFF Research Database (Denmark)

    Mitze, Timo; Schmidt, Torben Dall; Rauhut, Daniel

    2018-01-01

    Using a flexible spatial panel VAR model for a small-scale labour market system, we investigate the dynamic interdependences between changes in the demographic structure and the labour market performance of a regional economy. With a particular focus on ageing shocks, we describe an increase...... in the share of elderly in regional population due to exogenous changes in the institutional context, such as pension reforms. The regional labour market implications of an ageing shock are then tested with regard to the effects on employment growth, unemployment and labour participation rate. Our results...... based on a sample of 71 Scandinavian regions point to negative regional labour market effects of an ageing shock implying a reduction in employment growth and a temporarily declining labour participation rate, while the unemployment rate increases. Importantly, spatial spillovers amplify these negative...

  20. Dynamical Analysis of Stock Market Instability by Cross-correlation Matrix

    International Nuclear Information System (INIS)

    Takaishi, Tetsuya

    2016-01-01

    We study stock market instability by using cross-correlations constructed from the return time series of 366 stocks traded on the Tokyo Stock Exchange from January 5, 1998 to December 30, 2013. To investigate the dynamical evolution of the cross-correlations, crosscorrelation matrices are calculated with a rolling window of 400 days. To quantify the volatile market stages where the potential risk is high, we apply the principal components analysis and measure the cumulative risk fraction (CRF), which is the system variance associated with the first few principal components. From the CRF, we detected three volatile market stages corresponding to the bankruptcy of Lehman Brothers, the 2011 Tohoku Region Pacific Coast Earthquake, and the FRB QE3 reduction observation in the study period. We further apply the random matrix theory for the risk analysis and find that the first eigenvector is more equally de-localized when the market is volatile. (paper)

  1. Dynamic pricing in the spanish gasoline market. A tacit collusion equilibrium

    International Nuclear Information System (INIS)

    Perdiguero Garcia, Jordi

    2010-01-01

    During the last twenty years, the Spanish petrol market has undergone an intensive restructuration process; it has changed from being a state-owned monopoly to total liberalization and privatization. This liberalization process was accompanied by measures that facilitated the creation of a 'national champion', the Repsol Group, which is a huge, vertically integrated company with a high market share in all the industry's segments. Using a dynamic model, this paper analyses whether the prices established by companies in the Spanish gasoline market, after the restructuration process, fits with a tacit collusion equilibrium. The empirical results show that a strategic behaviour of companies occurs and is compatible with a tacit collusion price strategy. So, the restructuration process does not seem to have introduced effective competition into the Spanish gasoline market. (author)

  2. Cointegration and causality analysis of dynamic linkage between stock market and equity mutual funds in Australia

    Directory of Open Access Journals (Sweden)

    Sasipa Pojanavatee

    2014-12-01

    Full Text Available The existing literature finds conflicting results on the magnitude of price linkages between equity mutual funds and the stock market. The study contends that in an optimal lagged model, the expectations of future prices using knowledge of past price behaviour in a particular equity mutual fund category will improve forecasts of prices of other equity mutual fund categories and the stock market index. The evidence shows that the long-run pricing of equity mutual funds is cointegrated with the stock market index. In the short run, the results indicate that some equity mutual fund categories possess both long-run and short-run exogeneity with the stock market. Therefore, the short-run dynamic indicates short-run Granger causal links running between different equity mutual fund categories.

  3. Competitive Structure of U.S. Grain Exporters in the World Market: A Dynamic Panel Approach

    Directory of Open Access Journals (Sweden)

    Hyun J. Jin

    2008-06-01

    Full Text Available The objective of this study is to analyze the competitive structure of U.S. wheat, corn, and soybeans exporters in the world market. A dynamic two¡ⓒway panel estimator is utilized in the analysis in place of typically used two¡ⓒway fixed effects panel estimator. A broader (in terms of the number of destination markets and more recent data sample is analyzed in this study in comparison to previous studies in order to reflect vast changes that occurred in world grain markets during the last twenty years. Results indicate the presence of pricing¡ⓒto¡ⓒmarkets behavior by U.S. grain exporters overall, and toward some importing countries in particular.

  4. A dynamic approach for the optimal electricity dispatch in the deregulated market

    International Nuclear Information System (INIS)

    Carraretto, Cristian; Lazzaretto, Andrea

    2004-01-01

    The electricity market has been experiencing the deregulation process in many countries. Effective approaches to the management of single power plants or groups of plants are therefore becoming crucial for the competitiveness of energy utilities. A dynamic programming approach is presented in this paper for the optimal plant management in the new Italian deregulated market. A thorough description of the method is given in cases of free or fixed production over time (e.g. when the overall production is limited by bilateral contracts or cogeneration). Analysis of market characteristics, detailed thermodynamic models of plant operation and reliable price forecasts over the time period of interest are required. The suggested approach is useful for both long-term scheduling and planning daily offers in the market

  5. On the environmental impact of energy market liberalisation

    International Nuclear Information System (INIS)

    Van Soest, D.P.; De Groot, H.L.F.

    2000-01-01

    In the literature, attention has been paid to the environmental consequences of lower energy prices caused by market liberalisation: the drop in energy prices reduces the attractiveness of investing in energy-saving technologies. In this paper we develop a simple model of investment decision-making emphasising the importance of not only levels but also volatility of energy prices for actual investment behaviour. The general finding is that lower energy prices and higher uncertainty reduce the propensity to invest. To empirically assess the importance of changes in both levels and volatility, we use US natural gas price data over the market liberalisation period and apply the information to the investment decision with respect to a specific energy-saving technology in the paper industry. We find that energy market liberalisation reduces the propensity to invest in energy-saving technologies substantially, not only because of the lower energy price but also because of its increased volatility. 12 refs

  6. THE IMPACT OF BEHAVIORAL FINANCE ON STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    FELICIA RAMONA BIRĂU

    2012-09-01

    Full Text Available This article presents a new approach in the analysis of capital markets, namely behavioral finance. Behavioralfinance is the study of the influence of the psychological factors on financial markets evolution. Financial investors arepeople with a very varied number of deviations from rational behaviour, which is the reason why there is a variety ofeffects, which explain market anomalies. Classical finance assumes that investors are rational and they are focused toselect an efficient portfolio, which means including a combination of asset classes chosen in such a manner as toachieve the greatest possible returns over the long term, under the terms of a tolerable level of risk. Behavioral financeparadigm suggests that investment decision is influenced in a large proportion by psychological and emotional factors.

  7. The Impact of Marketing Mix Towards Customer Loyalty Mediated by Customer Satisfaction of Blackberry Indonesia

    OpenAIRE

    Sukamto, Raymond; Lumintan, Daniel

    2015-01-01

    This research conducted to know the impact of Marketing Mix strategy toward customer loyalty mediated by customer satisfaction of Blackberry Indonesia. The data gathered using simple random sampling method and distribute questionnaires to 102 respondents who ever used or own Blackberry. The data then being analyzed by Path Analysis and Sobel Test The result shown that marketing mix simultaneously having significant impact toward customer loyalty mediated by customer satisfaction of Blackberry...

  8. Impact of Online/Internet Marketing in Enhancing Consumer Experience on Computer Industry (Case of Malaysia)

    OpenAIRE

    Ramin Azadavar, Solmohammad Bastam ,Hassan Dehghan Dehnavi, Hamed Armesh , Mojgan Sharifi Rayeni

    2011-01-01

    As far as businesses are concerned, the internet has been subject to a variety of experimentations that seek to determine the viability of using the internet to improve business practices in various industries especially in computer industry in Malaysia. One particular aspect of business is that the internet marketing has a great impact on computer industry in Malaysia. This research paper is concerned with making a critical examination of the impact of internet/online marketing on computer i...

  9. Impact of Knowledge Economy on the Participation of Women in Labor Market

    OpenAIRE

    Abeer Mohamed Ali Abd Elkhalek

    2017-01-01

    Purpose: To examine the influence and participation of women in the labor market by the know-ledge economy; in negative or positive manner. Methodology: Quantitative research technique has been implied to evaluate women’s participa-tion in the labor market to minimize negative impacts of knowledge economy. Findings: Within the service and agricultural sectors, the outcomes demonstrated that knowledge economy is found to have a significant impact on the participation of women’s labor for...

  10. THEORETICAL APPROACHES TO ASSESS THE IMPACT OF ADVERTISING ON CONSUMERS AND MARKET COMPETITION

    Directory of Open Access Journals (Sweden)

    Maryna SOBOLIEVA

    2016-07-01

    Full Text Available In the article we examine theoretical perspectives on the impact of advertising on consumer behavior, entry barriers in the industry, the structure of the industry, the competitive behavior of firms and market power; systemic structure of the research of advertising impact on consumer behavior; analyze the main results of empirical studies of the effects of advertising on the competitive relationship in the market.

  11. THEORETICAL APPROACHES TO ASSESS THE IMPACT OF ADVERTISING ON CONSUMERS AND MARKET COMPETITION

    Directory of Open Access Journals (Sweden)

    Maryna SOBOLIEVA

    2016-07-01

    Full Text Available In the article we examine theoretical perspectives on the impact of advertising on consumer behavior, entry barriers in the industry, the structure of the industry, the competitive behavior of firms and market power; systemize structure of the research of advertising impact on consumer behavior; analyze the main results of empirical studies of the effects of advertising on the competitive relationship in the market.

  12. Endogenous and exogenous dynamics in the fluctuations of capital fluxes. An empirical analysis of the Chinese stock market

    Science.gov (United States)

    Jiang, Z.-Q.; Guo, L.; Zhou, W.-X.

    2007-06-01

    A phenomenological investigation of the endogenous and exogenous dynamics in the fluctuations of capital fluxes is carried out on the Chinese stock market using mean-variance analysis, fluctuation analysis, and their generalizations to higher orders. Non-universal dynamics have been found not only in the scaling exponent α, which is different from the universal values 1/2 and 1, but also in the distributions of the ratio η= σexo / σendo of individual stocks. Both the scaling exponent α of fluctuations and the Hurst exponent Hi increase in logarithmic form with the time scale Δt and the mean traded value per minute , respectively. We find that the scaling exponent αendo of the endogenous fluctuations is independent of the time scale. Multiscaling and multifractal features are observed in the data as well. However, the inhomogeneous impact model is not verified.

  13. The impact of microgeneration upon the Dutch balancing market

    International Nuclear Information System (INIS)

    Van der Veen, Reinier A.C.; De Vries, Laurens J.

    2009-01-01

    The share of microgeneration (power generation at the level of households and small businesses) in the Dutch electricity system continues to grow. Over time, this development may pose a threat to the reliability and efficiency of the Dutch electricity balancing market. We investigated possible changes to the design of the Dutch balancing market that can maintain or even improve upon its current operational performance level. The first step of the research was an analysis of the existing Dutch balancing market. It consists of three main instruments: programme responsibility, the single buyer market for regulating and reserve power (RRP), and imbalance settlement. The balancing market currently functions satisfactorily. Subsequently, the effects of large-scale development of microgeneration in the Netherlands were evaluated with a qualitative scenario analysis. Four microgeneration scenarios and two methods for allocating the household electricity consumption and generation were considered. The four scenarios concerned large-scale penetration of PV, heat-led micro CHP, electricity-led micro CHP operated by the household consumer, and electricity-led micro CHP operated by the supply company. The last scenario was found to have the strongest positive net effect. Finally, six design options were identified for improving the Dutch balancing market design in case the share of microgeneration would increase substantially. Of these six options, adjusting the profile methodology and the regulation of smart meters are no-regret options that can be implemented immediately. The attractiveness of the other options depends upon the microgeneration portfolio that emerges, the manageability of large metering data flows, and the nature of the technical effects of large-scale microgeneration penetration.

  14. CITY MARKETING AND ITS IMPACT OVER URBAN TOURISM – SIBIU EUROPEAN CAPITAL OF CULTURE 2007 - A SUCCESS STORY

    Directory of Open Access Journals (Sweden)

    ELENA LIDIA ALEXA

    2011-04-01

    Full Text Available In the past years tourism has become the fastest-growing economic sector, both in terms of turnover and the opportunity to create jobs. In this context, it begun to be one of the activities with an important potential and, in the same time, a challenge for the development of urban centers which find themselves forced to redefine their identity, due to the decrease of other types of industries under the impact of the global economic crisis and the economic reset. After analyzing the main indicators of the touristic activity in the urban area, it is noticeable that cities have an important percentage in the overall touristic circulation. The future development of this form of tourism is, however, conditioned by the assimilation in the urban management process of marketing strategies meant to allow the development of touristic functions in the main urban localities and of touristic programs designed to bring added value to the cultural attractions for large and small cities alike. Urban marketing comes, in this case, as a natural response to the requirements of the city to better answer the market’s needs and to adjust to the dynamics of the tourist market. The present article aims to analyze the different urban marketing strategies used by urban centers interested in attracting important tourist flows and their impact over their future development, based on the Sibiu case after implementing the “Sibiu - European Capital of Culture” Programme in 2007.

  15. The Impact of the Asian Crisis on International Financial Markets

    Directory of Open Access Journals (Sweden)

    Sang-Uck Loh

    1998-12-01

    Full Text Available Among the influences of the Asian financial crisis on the international market and its monetary policy and situation, the sharp backwash of the international private capital which has been continually related to the emerging market since the early 1990s is considered as the most important one. Though this trend is partly the result of the internal causes of the emerging countries, such as the inflexible policy of the exchange rate, the accumulation of the frequent income and expenses deficit and the stagnation of the economy in the countries hit by the Asian economic crisis, the unstable internal structure of the application system of the international monetary market probably also brought a tremendous influence. This thesis takes a look at the situation and is directed towards the direction and scale of the future international capital based on the studies of the unsteady factors of the structure of the economic market, which appeared in the period of the Asian economic crisis. After the moratorium of Russia, the liquidity of the international private capital in the international monetary market became various with the implement of the policy which lowered the exchange rate under the cooperation of the developed countries. Meanwhile, the Asian countries strived to establish the structure of enterprises and financial department in a full speed and with a high intensity after the economic crisis. So it is believed that they were fully qualified to enter the emerging market, and would be again in case of need. As the international investors experienced the Asian economic crisis, they faced and estimated the risk of investing into the emerging markets again. As the case stands, the strengthened joint of finance and trade among countries lead to a higher risk of the possibility that the crisis of one country expands to a worldwide crisis. So it is predicted that the inflow of the capital to the emerging market will be in a gradual way. The selection

  16. National customer satisfaction indices: The impact of market structure

    DEFF Research Database (Denmark)

    Eskildsen, Jacob Kjær; Kristensen, Kai

    The popularity of customer satisfaction measurements has grown considerably over the last few years but we know very little about how the structure of the individual markets with respect to the transparency of products and services as well as consumer preferences affects customer satisfaction. Here...... a total of 14540 customers have evaluated their preferred supplier with respect to banking, property insurance, supermarkets and mobile telecom. The analysis shows that market structure has a profound effect on customer satisfaction measurements and that this effect differs from industry to industry....... The paper concludes with an evaluation of the implications of the findings in relation to the use of results from customer satisfaction studies....

  17. IMPACT OF GLOBAL RETAILERS ON REGIONAL MARKET PARTICIPANTS

    Directory of Open Access Journals (Sweden)

    A. A. Evtyugina

    2010-06-01

    Full Text Available The given article is focused on a topical subject of global trade networks and the current trends of their development on a regional retail market. The authors believe that deep integration of international networks in the regions significantly increases the competition among network operators in the trade sector and creates a certain challenge for Russian retailers, and require introduction of innovative management techniques, automation of operational processes, expansion of assortment, better service, lower prices, etc. Research and assessment of the parameters given in the article help verifying an effect of international networks on the development process of regional market participants.

  18. Impact of energy prices: a housing-market analysis

    Energy Technology Data Exchange (ETDEWEB)

    Zaki, A.S.; Isakson, H.R.

    1983-04-01

    This paper investigates the effect of energy costs on the housing-market response. As the effect of energy costs has not been specifically investigated before in the literature, both a linear and nonlinear model were investigated. The choice of the appropriate model was determined using the Box-Cox transformation technique. The chosen model was then validated. The results reveal that in the Spokane, Washington, area, where energy costs are relatively low, energy prices do not have a significant effect on market response. However, applying the same methodology to areas where energy costs are higher might produce different results. 29 references, 3 tables.

  19. The Impact of Wind Power on European Natural Gas Markets

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2012-09-06

    Due to its clean burning properties, low investment costs and flexibility in production, natural gas is often put forward as the ideal partner fuel for wind power and other renewable sources of electricity generation with strongly variable output. This working paper examines three vital questions associated with this premise: 1) Is natural gas indeed the best partner fuel for wind power? 2) If so, to what extent will an increasing market share of wind power in European electricity generation affect demand for natural gas in the power sector? and 3) Considering the existing European natural gas markets, is natural gas capable of fulfilling this role of partner for renewable sources of electricity?.

  20. The behaviour of Pacific metallurgical coal markets: the impact of Japan's acquisition strategy on market price

    Energy Technology Data Exchange (ETDEWEB)

    Koerner, R J [Queensland University, St. Lucia, Qld. (Australia). Graduate School of Management, Faculty of Commerce and Economics

    1993-03-01

    This paper examines whether some elements of Japan's resource acquisition strategies might have caused price and other distortions of market behaviour in the Pacific metallurgical coal trade. The industry chosen for investigation is that of steel manufacture, and the traded resources commodity examined is coking coal, which is the primary energy input for blast furnace iron making. Regression modelling studies to determine historic acquisition value and quality relationships for US, Australian and Canadian coals sold into the Japanese coking coal market are described. Departures from normal demand response behaviour to price competitiveness are also investigated. 3 figs., 3 tabs.

  1. Understanding E-Marketing as a Firm’s Promotional tool and Its Impact on Consumer Perception

    OpenAIRE

    Zulqurnain Ali; Saira Ejaz; Asma Aleem; Muhammad Usman Saeed; Faisal Altaf Tahir; Muhammad Kashif

    2015-01-01

    The rapid adoption of internet and related technologies as a promotional tool has made it imperative for firm’s marketing plan. As internet presence is essential for a firm survival, so it has changed the way of doing businesses altogether. In this study, we empirically checked the four dimensions of electronic marketing (electronic mail marketing, web marketing, mobile marketing and marketing through internet) impact on consumer perception to make a buying decision. A total of 250 questionna...

  2. Nonlinear dynamics between linear and impact limits

    CERN Document Server

    Pilipchuk, Valery N; Wriggers, Peter

    2010-01-01

    This book examines nonlinear dynamic analyses based on the existence of strongly nonlinear but simple counterparts to the linear models and tools. Discusses possible application to periodic elastic structures with non-smooth or discontinuous characteristics.

  3. Chicago's water market: Dynamics of demand, prices and scarcity rents

    Science.gov (United States)

    Ipe, V.C.; Bhagwat, S.B.

    2002-01-01

    Chicago and its suburbs are experiencing an increasing demand for water from a growing population and economy and may experience water scarcity in the near future. The Chicago metropolitan area has nearly depleted its groundwater resources to a point where interstate conflicts with Wisconsin could accompany an increased reliance on those sources. Further, the withdrawals from Lake Michigan is limited by the Supreme Court decree. The growing demand and indications of possible scarcity suggest a need to reexamine the pricing policies and the dynamics of demand. The study analyses the demand for water and develops estimates of scarcity rents for water in Chicago. The price and income elasticities computed at the means are -0.002 and 0.0002 respectively. The estimated scarcity rents ranges from $0.98 to $1.17 per thousand gallons. The results indicate that the current prices do not fully account for the scarcity rents and suggest a current rate with in the range $1.53 to $1.72 per thousand gallons.

  4. Empirical Analysis of the Impact of Capital Market on Economic ...

    African Journals Online (AJOL)

    The Nigerian capital market had not been performing effectively in terms of providing long term capital needed by firms to finance capital projects. This cast doubts on its ability to meaningfully enhance the growth of the economy against the apriori expectations amidst different reforms that were introduced by the government ...

  5. The impact of microgeneration upon the Dutch balancing market

    NARCIS (Netherlands)

    Van der Veen, R.A.C.; De Vries, L.J.

    2009-01-01

    The share of microgeneration (power generation at the level of households and small businesses) in the Dutch electricity system continues to grow. Over time, this development may pose a threat to the reliability and efficiency of the Dutch electricity balancing market. We investigated possible

  6. Pharmaceutical industry marketing: understanding its impact on women's health.

    Science.gov (United States)

    Sufrin, Carolyn B; Ross, Joseph S

    2008-09-01

    The delivery of modern health care entails significant involvement from the pharmaceutical industry, including developing and manufacturing drugs. However, the industry also has tremendous influence on the practice of medicine through its considerable marketing efforts, both to patients through direct to consumer advertising, and to physicians through detailing, providing samples, continuing medical education, and other efforts. This article will review the role that pharmaceutical marketing plays in health care, and the substantial evidence surrounding its influence on patient and physician behaviors, with additional discussion of the medical device industry, all with particular attention to women's health. Understanding the effects of pharmaceutical marketing on women's health, through discussion of relevant examples-including oral contraceptive pills, drugs for premenstrual dysphoric disorder, Pap smear cytology techniques, and neonatal herpes prophylaxis-will help ensure that women receive unbiased, evidenced-based care. We will conclude with a discussion of guidelines that have been proposed by professional organizations, policy makers, and universities, to assist physicians in managing exposure to pharmaceutical marketing.

  7. LNG : its potential impact on North American markets

    International Nuclear Information System (INIS)

    Schlesinger, B.

    2003-01-01

    Liquefied natural gas (LNG) is expected to play a greater role in North American gas supplies and markets due to the decrease in conventional natural gas production in North America accompanied by an increase in demand for energy. It is expected that the overall share of the LNG gas market will rise from about 1.4 per cent in 2002 to more than 5 per cent by 2020, and potentially up to 15 per cent by that year. The construction of at least 15 new LNG receiving terminals has been proposed for location in the U.S., Canada, and Mexico. In addition, El Paso has proposed a novel offshore LNG receiving concept involving offshore gas pipelines and on-board-ship regasification. As trading of LNG increases in the Atlantic, markets in eastern United States and Canada will benefit from improved gas supplies, but pricing patterns are expected to change. Basis differentials along the Atlantic coastline will probably diminish, potentially reducing the value of Sable Island gas and the pipeline system that runs north to south along the eastern coast of North America. It was noted that Middle Eastern suppliers of LNG will play an important potential role in North American markets. 19 figs

  8. Newspaper Advertising Impact in Non-Metropolitan Markets.

    Science.gov (United States)

    Lynn, Jerry R.

    A telephone survey of 1,487 adults in 91 nonmetropolitan areas of Tennessee was conducted to determine the nonmetropolitan newspaper audience, the exposure and effectiveness of nonmetro newspaper advertising, and the complementary relationship of advertising media, particularly newspapers and television, in nonmetropolitan markets. The results…

  9. How Will Online Affiliate Marketing Networks Impact Search Engine Rankings?

    NARCIS (Netherlands)

    D. Janssen (David); H.W.G.M. van Heck (Eric)

    2007-01-01

    textabstractIn online affiliate marketing networks advertising web sites offer their affiliates revenues based on provided web site traffic and associated leads and sales. Advertising web sites can have a network of thousands of affiliates providing them with web site traffic through hyperlinks on

  10. Cultural marketing in Europe and its impact on literature. Case study: Sylvia Plath

    Directory of Open Access Journals (Sweden)

    C. Pipoş

    2013-06-01

    Full Text Available The present article aims to discuss the impact of marketing techniques on culture. Nowadays, not only goods are sold but ideas, images, feelings become available for trading. Still, it is not easy for culture to compete against other fields and sell its goods. As it is, cultural marketing is promoting all that is related to verbal communication, culture and arts. In order to understand the impact of marketing in the 20th century on culture we chose one of the poets that understood the importance of creating a cultural product that sells – Sylvia Plath and studied her beliefs on selling art.

  11. Marketing.

    Science.gov (United States)

    Chambers, David W

    2010-01-01

    There is not enough marketing of dentistry; but there certainly is too much selling of poor quality service that is being passed off as dentistry. The marketing concept makes the patient and the patients' needs the ultimate criteria of marketing efforts. Myths and good practices for effective marketing that will promote oral health are described under the traditional four "Ps" categories of "product" (best dental care), "place" (availability), "promotion" (advertising and other forms of making patients aware of available services and how to use them), and "price" (the total cost to patients of receiving care).

  12. Analysis of the impact of imbalance settlement design on market behaviour in electricity balancing markets

    NARCIS (Netherlands)

    Van der Veen, R.A.C.; Abbasy, A.; Hakvoort, R.A.

    2010-01-01

    The imbalance settlement design is the part of an electricity balancing market design that stimulates so-called Balance Responsible Parties (BRPs) to balance their electricity production and consumption portfolio and to stick to their energy schedules by penalizing any deviations from these

  13. Marketing communication expenditures and financial capital—the impact of marketing as an option

    NARCIS (Netherlands)

    Hodgson, V.L.; Hodgson, A.

    2008-01-01

    This paper examines the financial effectiveness of marketing communication expenditure (MCE) as an instrument to increase risk-weighted capital. We nest a cross-sectional time-series panel model within the risk-adjusted earnings principles of Ohlson (1995), and apply the model to a dataset of NSW

  14. 56 Hydrological Dynamics and Human Impact on Ecosystems of ...

    African Journals Online (AJOL)

    `123456789jkl''''#

    Hydrological Dynamics and Human Impact on Ecosystems of Lake Tana, Northwestern. Ethiopia. 1Amare ... and lake level data were evaluated to identify change in climate and lake level. The annual ... economic importance. The total area of ...

  15. The impact of database quality on keystroke dynamics authentication

    KAUST Repository

    Panasiuk, Piotr; Rybnik, Mariusz; Saeed, Khalid; Rogowski, Marcin

    2016-01-01

    This paper concerns keystroke dynamics, also partially in the context of touchscreen devices. The authors concentrate on the impact of database quality and propose their algorithm to test database quality issues. The algorithm is used on their own

  16. Emissions impacts of wind and energy storage in a market environment.

    Science.gov (United States)

    Sioshansi, Ramteen

    2011-12-15

    This study examines the emissions impacts of adding wind and energy storage to a market-based electric power system. Using Texas as a case study, we demonstrate that market power can greatly effect the emissions benefits of wind, due to most of the coal-fired generation being owned by the two dominant firms. Wind tends to have less emissions benefits when generators exercise market power, since coal-fired generation is withheld from the market and wind displaces natural gas-fired generators. We also show that storage can have greater negative emissions impacts in the presence of wind than if only storage is added to the system. This is due to wind increasing on- and off-peak electricity price differences, which increases the amount that storage and coal-fired generation are used. We demonstrate that this effect is exacerbated by market power.

  17. Impact of competitive electricity market on renewable generation technology choice and policies in the United States

    International Nuclear Information System (INIS)

    Sarkar, Ashok

    1999-01-01

    Market objectives based on private value judgments will conflict with social policy objectives toward environmental quality in an emerging restructured electricity industry. This might affect the choice of renewables in the future generation mix. The US electricity industry's long-term capacity planning and operations is simulated for alternative market paradigms to study this impact. The analysis indicates that the share of renewable energy generation sources would decrease and emissions would increase considerably in a more competitive industry, with greater impact occurring in a monopoly market. Alternative environmental policy options can overcome market failures and help achieve appropriate levels of renewable generation. An evaluation of these policies indicate their varying cost-effectiveness, with higher levels of intervention necessary if market power exists. (Author)

  18. Forest insurance market participants’ game behavior in China: An analysis based on tripartite dynamic game model

    Directory of Open Access Journals (Sweden)

    Ning Ma

    2015-11-01

    Full Text Available Purpose: In forest insurance market, there are three main participants including the insurance company, the forest farmer and the government. As different participant has different benefit object, there will be a complex and dynamic game relationship among all participants. The purpose of this paper is to make the game relationship among all participants in forest insurance market clear, and then to put forward some policy suggestions on the implementation of forest insurance from the view of game theory. Design/methodology/approach: Firstly, the static game model between the insurance company and the forest farmer is set up. According to the result of static game model, it’s difficult to implement forest insurance without government. Secondly, the tripartite dynamic game model among the government, the insurance company and the forest farmer is proposed, and the equilibrium solution of tripartite dynamic game model is acquired. Finally, the behavioral characteristics of all participants are analyzed according to the equilibrium solution of tripartite dynamic game model. Findings: the government’s allowance will be an important positive factor to implement forest insurance. The loss of the insurance company, which the lower insurance premium brings, can be compensated by the allowance from the government. The more the government provides allowance, the more actively the insurance company will implement forest insurance at a low insurance premium. In this situation, the forest farmer will be more likely to purchase the forest insurance, then the scope of forest insurance implementation will expend. Originality/value: There is a complex and dynamic game relationship among all participants in forest insurance market. Based on the tripartite dynamic game model, to make the game relationship between each participant clear is conducive to the implementation of forest insurance market in China.

  19. Needed but not liked - The impact of labor market policies on natives' opinions about immigrants

    DEFF Research Database (Denmark)

    Careja, Romana; Andreß, H.-J.

    2013-01-01

    in a multilevel design the impact that regulations in the EU member states concerning immigrants' access to domestic labor markets have on threat perceptions and on opinions about immigrants' economic role. It finds that labor market regulations have a positive effect on opinions about immigrants' economic role...... and reduce the negative relationships between precarious labor market status and opinions about the economic role. However, a robust effect of labor market regulations on threat perceptions was not found. Our results imply that labor market incorporation rules need to be accompanied by other measures......This article builds on the notion that immigrants' integration into the labor market benefits migrants and shapes natives' opinions about immigrants. Using insights from the newest literature on labor immigration and drawing upon the literature on attitudes toward immigrants, the article explores...

  20. Static and dynamic factors in an information-based multi-asset artificial stock market

    Science.gov (United States)

    Ponta, Linda; Pastore, Stefano; Cincotti, Silvano

    2018-02-01

    An information-based multi-asset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented. In the market, agents trade risky assets in exchange for cash. Beside the amount of cash and of stocks owned, each agent is characterized by sentiments and agents share their sentiments by means of interactions that are determined by sparsely connected networks. A central market maker (clearing house mechanism) determines the price processes for each stock at the intersection of the demand and the supply curves. Single stock price processes exhibit volatility clustering and fat-tailed distribution of returns whereas multivariate price process exhibits both static and dynamic stylized facts, i.e., the presence of static factors and common trends. Static factors are studied making reference to the cross-correlation of returns of different stocks. The common trends are investigated considering the variance-covariance matrix of prices. Results point out that the probability distribution of eigenvalues of the cross-correlation matrix of returns shows the presence of sectors, similar to those observed on real empirical data. As regarding the dynamic factors, the variance-covariance matrix of prices point out a limited number of assets prices series that are independent integrated processes, in close agreement with the empirical evidence of asset price time series of real stock markets. These results remarks the crucial dependence of statistical properties of multi-assets stock market on the agents' interaction structure.

  1. Quantifying the behavior of price dynamics at opening time in stock market

    Science.gov (United States)

    Ochiai, Tomoshiro; Takada, Hideyuki; Nacher, Jose C.

    2014-11-01

    The availability of huge volume of financial data has offered the possibility for understanding the markets as a complex system characterized by several stylized facts. Here we first show that the time evolution of the Japan’s Nikkei stock average index (Nikkei 225) futures follows the resistance and breaking-acceleration effects when the complete time series data is analyzed. However, in stock markets there are periods where no regular trades occur between the close of the market on one day and the next day’s open. To examine these time gaps we decompose the time series data into opening time and intermediate time. Our analysis indicates that for the intermediate time, both the resistance and the breaking-acceleration effects are still observed. However, for the opening time there are almost no resistance and breaking-acceleration effects, and volatility is always constantly high. These findings highlight unique dynamic differences between stock markets and forex market and suggest that current risk management strategies may need to be revised to address the absence of these dynamic effects at the opening time.

  2. Complex dynamics and chaos control of duopoly Bertrand model in Chinese air-conditioning market

    International Nuclear Information System (INIS)

    Yi, Qi Guo; Zeng, Xiang Jin

    2015-01-01

    Highlights: •A dynamic duopoly Bertrand model with bounded rationality and quadratic cost function. •In Chinese air-conditioning market the boundary equilibrium point is locally stable. •The Lyapunov dimension of the chaos attractor is 1.9585. •The adjustment speeds may cause a market structure to behave chaotically. •The chaotic behavior can be controlled by decreasing the degree of substitutability. -- Abstract: A dynamic duopoly Bertrand model with quadratic cost function which is closer to reality and different from previous researches is discussed. The model is applied into air-conditioning market where the boundary equilibrium point is locally stable. Numerical simulations illustrate that the stability of Nash equilibrium strongly depends on the speed of adjustment of bounded rational player. The adjustment speeds and the degree of substitutability may undermine the stability of the equilibrium and cause a market structure to behave chaotically. The Lyapunov dimension of the chaos attractor is 1.9585 under some conditions. The stabilization of the chaotic behavior can be obtained by reducing the degree of substitutability. The results have an important theoretical and practical significance to Chinese air-conditioning market

  3. A marketing perspective on the impact of financial and non-financial measures on shareholder value

    Directory of Open Access Journals (Sweden)

    Charlene Gerber

    2013-05-01

    Full Text Available The pressure for financial accountability contributed to widespread concern about the function of marketing within the company. Consequently, marketers have become preoccupied with measuring the performance of marketing activity. Diverse financial and non-financial methods have been developed to provide evidence of how marketing activity impacts on the bottom line. This article proposes an approach whereby financial and non-financial performance measures are combined to measure the contribution of marketing to sales. Secondary data from two retail brands within the same industry were analysed whereby actual accounting data were adjusted to examine the link between marketing expenditures, specifically with regard to the 4Ps (typical non-financial measures, and sales. The results of the time series regression showed that the nature of the relationship between marketing expenditures and sales is dependent largely on the product characteristics. The link between marketing and sales depicted serves as a starting point from which to build a more robust measurement tool incorporating financial and non-financial marketing performance measures that will serve to justify investment in the marketing of a brand.

  4. The impact of the Market Power Mitigation Agreement on power prices in Ontario

    International Nuclear Information System (INIS)

    Chute, R. G.

    2000-01-01

    Market power was defined by the Market Design Committee (MDC) as 'the ability to sustain a significant price increase profitably', although it is generally understood to refer to the 'overwhelming dominance of generating capacity and supply capability of Ontario Power Generation' (OPG), the former generating arm of Ontario Hydro. The MDC sought to address market power within the context of the Ontario Government's White Paper on electricity sector reform, entitled 'Directions for Change'. The solution was the Market Power Mitigation Agreement (MPMA), a negotiated agreement between the MDC and OPG that established market share goals and provided incentives and penalties to meet these goals. Briefly, the major instrument used by the MPMA is the price of electric power sold in the Ontario market to reward, or penalize the actions of OPG in moving towards its market share goals as defined in the MPMA. This paper explains the principal elements of the MPMA and how they are expected to influence the market prices for power in Ontario. The principal elements of the Agreement are price cap and rebate, decontrol targets, and intertie capacity and limits, while the instruments comprise licence conditions, settlement agreements, market rules and ministerial directives. The issue of the impact of the MPMA on the cost of power, and the future prospects of market power after the expiration of the MPMA are also addressed

  5. Dynamic evolution of cross-correlations in the Chinese stock market.

    Directory of Open Access Journals (Sweden)

    Fei Ren

    Full Text Available The analysis of cross-correlations is extensively applied for the understanding of interconnections in stock markets and the portfolio risk estimation. Current studies of correlations in Chinese market mainly focus on the static correlations between return series, and this calls for an urgent need to investigate their dynamic correlations. Our study aims to reveal the dynamic evolution of cross-correlations in the Chinese stock market, and offer an exact interpretation for the evolution behavior. The correlation matrices constructed from the return series of 367 A-share stocks traded on the Shanghai Stock Exchange from January 4, 1999 to December 30, 2011 are calculated over a moving window with a size of 400 days. The evolutions of the statistical properties of the correlation coefficients, eigenvalues, and eigenvectors of the correlation matrices are carefully analyzed. We find that the stock correlations are significantly increased in the periods of two market crashes in 2001 and 2008, during which only five eigenvalues significantly deviate from the random correlation matrix, and the systemic risk is higher in these volatile periods than calm periods. By investigating the significant contributors of the deviating eigenvectors in different time periods, we observe a dynamic evolution behavior in business sectors such as IT, electronics, and real estate, which lead the rise (drop before (after the crashes. Our results provide new perspectives for the understanding of the dynamic evolution of cross-correlations in the Chines stock markets, and the result of risk estimation is valuable for the application of risk management.

  6. Local and global dynamics in a duopoly with price competition and market share delegation

    International Nuclear Information System (INIS)

    Fanti, Luciano; Gori, Luca; Mammana, Cristiana; Michetti, Elisabetta

    2014-01-01

    This paper aims at studying a nonlinear dynamic duopoly model with price competition and horizontal product differentiation augmented with managerial firms, where managers behave according to market share delegation contracts. Ownership and management are then separate and managers are paid through adequate incentives in order to achieve a competitive advantage in the market. In this context, we show that complexity arises, related both to the structure of the attractors of the system and the structure of their basins, as multistability occurs. The study is conducted by combining analytical and numerical techniques, and aims at showing that slight different initial conditions may cause very different long-term outcomes

  7. Price dynamics of the financial markets using the stochastic differential equation for a potential double well

    Science.gov (United States)

    Lima, L. S.; Miranda, L. L. B.

    2018-01-01

    We have used the Itô's stochastic differential equation for the double well with additive white noise as a mathematical model for price dynamics of the financial market. We have presented a model which allows us to test within the same framework the comparative explanatory power of rational agents versus irrational agents, with respect to the facts of financial markets. We have obtained the mean price in terms of the β parameter that represents the force of the randomness term of the model.

  8. Impact Of The Ban On Uncovered SCDS Trade On the Interdependencies Between The CDS Market And Other Sectors Of Financial Markets. The Case Of Safe And Developed Versus Risky And Developing European Markets

    OpenAIRE

    Kliber, Agata

    2016-01-01

    The aim of the article is to verify the impact of the ban on uncovered sCDS trade in Europe on the interdependencies between the sCDS market and other sectors of financial markets. We analyse two European markets: the safe and developed Swedish market, and the risky and developing Hungarian one. The study covers the period from October 2008 to October 2013. We analyse changes in the interdependencies between the sCDS market and the bond market, as well as between the sCDS market and the stock...

  9. The Impact of Product Market Competition on Training Provision

    DEFF Research Database (Denmark)

    Lai, Tat-kei; Ng, Travis

    's Workplace and Employee Survey, we find that increased competition is strongly associated with more training provision within workplace. We show that this association is unlikely to be driven by unobservable workplace heterogeneity, the specific measures used, and other relevant factors which can affect...... training provisions. To the extent that training is a significant source of human capital and industry competitiveness, our empirical results suggest increasing training is a significant channel through which competition raises productivity.......While standard models of training focus on how the structure of the input market affects training provisions of firms, this paper investigates the relationship between product market competition and training provision. Using the longitudinal and nationally representative data from Statistics Canada...

  10. Electricity deregulation - impact on gas users and markets

    International Nuclear Information System (INIS)

    Girling, R.

    1995-01-01

    A profile of TransCanada Northridge Power Ltd. (TNPL) was presented. The peculiarities of the market for electricity was described. The topic of focus in this presentation was competition and its effects on producers and consumers of natural gas. It was stated that competition was necessary to stimulate growth. The evolution of competition in the electricity market, existing competition, and future competition were discussed. The effect of competition was that it encouraged producers and consumers to optimize revenue and expense. In the long term, competition was seen as the keystone of free enterprise in that it gives consumers a choice, provides signals for producers and consumers to invest capital, and provides opportunities to understand and respond to historic inefficiencies

  11. URBAN MARKETING AND ITS IMPACT OVER THE COMPETITION BETWEEN CITIES

    Directory of Open Access Journals (Sweden)

    Lidia Elena ALEXA

    2010-01-01

    Full Text Available In the globalization era, characterized by profound political and economical reforms of which main objective is the increased competitiveness, whether we talk about goods, companies, cities or countries, the proactive attitude and the marketing strategy is a must in order to survive and develop. Now more than ever the cities have become brands of their one, because they are in an endless competition for attention, investments, inhabitants and tourists and the main competitor is no longer the city located a couple of kilometers away, but any city across the globe. Cities and regions need competitive strategies in order to attract more tourists, investors and inhabitants and for this they have to make a change in the decision makers’ attitude. The new city is no longer a plain urban conglomerate; it becomes a Company, a Product, and a Market depending on the target group it applies to.

  12. Impacts of international sanctions on Iranian pharmaceutical market.

    Science.gov (United States)

    Cheraghali, Abdol Majid

    2013-07-31

    Iran in recent decade faced several regional and international sanctions in foreign trade, financial and banking services. Iran national pharmaceutical industry has always played a major role in providing medicines to the Iranian patients. However, following the sanctions it has faced profound difficulties for importing of both finished products and pharmaceutical raw materials. Although medicines are exempted from sanctions, due to restriction on money transaction and proper insurance Iranian pharmaceutical companies have to pay cash in advance for imports of medicines and raw materials or to secure offshore funds at very high risks. Current situation in Iran pharmaceutical market confirms that the sanctions against Iran are affecting ordinary citizens and national health sector which resulted to reduction of availability of lifesaving medicines in the local market and has caused increasing pain and suffering for Iranian patients.

  13. Impact of exchange rates on the world uranium market

    International Nuclear Information System (INIS)

    Fulton, M.E.; Combs, G.F. Jr.

    1986-01-01

    A preliminary analysis of the relationship between exchange rates and US uranium prices and product ion is presented. This analysis supplements the discussions on the broader topic of fuel prices, exchange rates and other international economic phenomena scheduled during the 1985 EPRI Fuel Supply Seminar. By varying exchange rate assumptions in the recently developed Uranium Market Model, estimates of the magnitude and timing of price and production effects were obtained. These effects do indeed appear to be large and have implications in procurement, fuel planning and commodity policy. While analysts may differ on details, the inescapable conclusion is that exchange rates matter a great deal in the uranium market. The case described is for a scenario of exchange rates with other currencies returning to their 1980 levels. A second case, an across the board weakening of the dollar by 25%, the results of which are somewhat less dramatic is also examined

  14. Exchange rate risks and their impact upon the energy market

    Directory of Open Access Journals (Sweden)

    Abed Al-Zabidi

    2007-04-01

    Full Text Available The expansion of international business in Slovakia brought not only the opening of markets and expansion of enterprise possibilities but also an increase in the competition and new risks. One of such risks is also the exchange rate risk. The business that realizes a financial transaction exceeding borders of the state or derives his buying or selling prices in Slovak crowns from the foreign currency, is subjected to the exchange rate risks. The exchange rate risks are caused by volatility of exchange courses of Slovak crowns related to foreign currencies. The progress of exchange rates can considerably influence a real result of a transaction negatively; therefore it is important for enterprises to identify possible risks resulting from changes in exchange rates, so they could react accordingly.The proposed article is aimed at the explanation of basic techniques of minimizing exchange rate risks with the use of financial tools available on the financial market.

  15. Audit market competition: auditor changes and the impact of tendering

    OpenAIRE

    Beattie, V.; Fearnley, S.

    1998-01-01

    Increased competition within the external audit market and the recent phenomenon of audit tendering has renewed interest in the factors influencing auditor changes. In this paper, a questionnaire instrument is used to elicit perceptions of the factors which influence auditor-client realignments in this new environment and to indicate the relative influence of economic and behavioural factors. Positive, statistically significant associations were found between unsolicited approaches and the co...

  16. How Will Online Affiliate Marketing Networks Impact Search Engine Rankings?

    OpenAIRE

    Janssen, David; Heck, Eric

    2007-01-01

    textabstractIn online affiliate marketing networks advertising web sites offer their affiliates revenues based on provided web site traffic and associated leads and sales. Advertising web sites can have a network of thousands of affiliates providing them with web site traffic through hyperlinks on their web sites. Search engines such as Google, MSN, and Yahoo, consider hyperlinks as a proof of quality and/or reliability of the linked web sites, and therefore use them to determine the relevanc...

  17. 2004 Power marketing program draft environmental impact statement

    International Nuclear Information System (INIS)

    1996-04-01

    This is volume 3 of a draft environmental impact statement from the Western Power Administration's Sierra Nevada Region. Information is included on the following topics: statutory and legal framework; Sierra Nevada region customer groups and economic regions; renewable technology cost information matrix; hydrological assumptions; recreation resources along river reaches and the delta; archaeological and historical aspects; power resources in PROSYM; air quality regulatory structure; energy generation for PROSYM cases; overall power costs for utility, agriculture, and other customers; socioeconomic impacts in specific economic regions; projected air resource impacts; and land use, water quality, and solid waste impact factors

  18. An Impact of Reverse Logistics Activities on Marketing Communication

    Directory of Open Access Journals (Sweden)

    František Milichovský

    2017-01-01

    Full Text Available The topic of reverse logistics has become very actual due the requirements of highly competitive market. This importance is made by significance of condition for environment-friendly production and purchasing around the world. Individual activities, which are included in reverse logistics, support entrepreneurs in their competitiveness to other companies and to own customers. The objective of the paper is to find relationship between marketing communication tool and activities of reverse logistics on behaviour of final customers in Czech Republic. A theoretical background from the area of reverse logistics supports this approach with data from primary research collected by the author. A data from primary research was used. The entire primary research focused on the evaluation of customers’ perception in the area of reverse logistics in the Czech Republic by a questionnaire survey. Sample population was created by 1266 consumers’ respondents, which were chosen in random way. There were returned questionnaires from 332 respondents. Questionnaire itself was distributed by only platform, during June 2016. The research itself was aimed at a random chosen group of people in the Czech Republic. Findings of the research shows connection of individual activities of reverse logistics and individual communication tools, which are well-accepted on customer side. The result of the research can be used for the companies that operate in the Czech or Central European market.

  19. Minimal agent based model for financial markets II. Statistical properties of the linear and multiplicative dynamics

    Science.gov (United States)

    Alfi, V.; Cristelli, M.; Pietronero, L.; Zaccaria, A.

    2009-02-01

    We present a detailed study of the statistical properties of the Agent Based Model introduced in paper I [Eur. Phys. J. B, DOI: 10.1140/epjb/e2009-00028-4] and of its generalization to the multiplicative dynamics. The aim of the model is to consider the minimal elements for the understanding of the origin of the stylized facts and their self-organization. The key elements are fundamentalist agents, chartist agents, herding dynamics and price behavior. The first two elements correspond to the competition between stability and instability tendencies in the market. The herding behavior governs the possibility of the agents to change strategy and it is a crucial element of this class of models. We consider a linear approximation for the price dynamics which permits a simple interpretation of the model dynamics and, for many properties, it is possible to derive analytical results. The generalized non linear dynamics results to be extremely more sensible to the parameter space and much more difficult to analyze and control. The main results for the nature and self-organization of the stylized facts are, however, very similar in the two cases. The main peculiarity of the non linear dynamics is an enhancement of the fluctuations and a more marked evidence of the stylized facts. We will also discuss some modifications of the model to introduce more realistic elements with respect to the real markets.

  20. Dynamic voltage stability constrained congestion management framework for deregulated electricity markets

    International Nuclear Information System (INIS)

    Amjady, Nima; Hakimi, Mahmood

    2012-01-01

    Highlights: ► A new congestion management method for electricity markets is proposed. ► The proposed method includes dynamic models of generators and loads. ► Dynamic voltage stability limits are properly modeled in the proposed method. ► The proposed method is compared with several other congestion management methods. ► It leads to a more robust power system with a lower congestion management cost. - Abstract: Congestion management is an important part of power system operation in today deregulated electricity markets. However, congestion management is traditionally performed based on static analysis tools, while these tools may not correctly capture dynamic voltage stability limits of a power system. In this paper, a new congestion management framework considering dynamic voltage stability boundary of power system is proposed. For this purpose, precise dynamic modeling of power system equipment, including generators and loads, is incorporated into the proposed congestion management framework. The proposed method alleviates congestion with a lower congestion management cost and more dynamic voltage stability margin, resulting in a more robust power system, compared with the previous congestion management methods. The validity of proposed congestion management framework is studied based on the New England 39-bus power system. The obtained results confirm the validity of the developed approach.

  1. Wholesale energy market in a smart grid. Dynamic modeling, stability, and robustness

    Energy Technology Data Exchange (ETDEWEB)

    Kiani Bejestani, Arman

    2013-01-24

    The recent paradigm shift in the architecture of the smart grid is driven by the need to integrate Renewable Energy Resources (RER), the availability of information through communication networks, and an emerging policy of demand that is intertwined with pricing. A major component of this architecture is the design of electricity markets, which pertains to the optimal scheduling of power generation and reserve requirements. The challenge is to carry out this scheduling with a high level of integration of renewable generation sources, a formidable task due to intermittency and uncertainty. Introducing huge intermittency and uncertainty in the smart grid will demand a dynamic framework for addressing the operation, scheduling and financial settlements in the uncertain environment. The temporal components in scheduling generation are necessary due to increasing penetration of renewable sources, and increasing potential of adjustable demand via Demand Response (DR). The former brings issues of strong intermittency and uncertainty, and the latter brings a feedback structure, where demand can be modulated over a range of time-scales. Both of these components are dictating a new look at market mechanisms, with a controls viewpoint enabling a novel framework for analysis and synthesis. This dissertation provides static and dynamic models that capture the various aspects of electrical power systems, including the dynamics of market participants, the physical and technical constraints of power systems, and the uncertainty of RER. The proposed models shed new light on wholesale electricity market design, allowing an understanding to be gained of how to create markets, which enhance the stability of price profiles, and efficiency of the power systems, in the presence of uncertain demand and intermittent resources. The notion of market equilibrium in the presence of RER and DR is presented. The effects of uncertainties due to forecast errors in RER and variations due to DR on

  2. Poverty, Job Quality and Labor Market Dynamics in the Middle East ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    The problem is compounded by youthful populations, low quality education, bloated public sectors and low productivity levels in small and medium enterprises (SMEs). This project will ... Morocco conforms to Egypt to a significant degree. Jordan offers an ... Impact of labor market reforms on informality in Egypt. Documents.

  3. Cereals Market in Romania under the Impact of the Common Agricultural Policy

    Directory of Open Access Journals (Sweden)

    Florentina CONSTANTIN

    2013-12-01

    Full Text Available The aim of this paper is to analyses the cereals market after Romania accession to European Union. Thus, I considered necessary and appropriate to achieve the dynamic analysis of production, prices, trade, consumption, and self-sufficiency that provides an overview on the evolution of the cereals market in Romania, in the European context, starting from resources representing the demand, to the uses that represent the supply. I also point out the main mechanisms and support instruments for the cereals market under the Common Agriculture Policy, in the period 2007-2013 and towards 2014-2020.

  4. Evaluating the Impact of China’s Rail Network Expansions on Local Accessibility: A Market Potential Approach

    Directory of Open Access Journals (Sweden)

    Wenjie Wu

    2016-05-01

    Full Text Available This paper uses a market potential approach to examine the evolution of the rail transport network of China and its spatial distributional impacts on local accessibility, with a particular focus on high-speed rail improvements. Accessibility is measured by using a “market potential” function that was derived from the general equilibrium model of the economic geography literature, and is empirically calculated based on Geographical Information System (GIS techniques. A key finding, albeit from a highly stylized model, is that rail improvements may help raise territorial polarizing patterns across counties. The results point to the profound implications of railroad network expansion on the accessibility dynamics in periphery regions relative to core regions.

  5. Exploring oil market dynamics: a system dynamics model and microworld of the oil producers

    Energy Technology Data Exchange (ETDEWEB)

    Morecroft, J.D.W. [London Business School (United Kingdom); Marsh, B. [St Andrews Management Institute, Fife (United Kingdom)

    1997-11-01

    This chapter focuses on the development of a simulation model of global oil markets by Royal Dutch/Shell Planners in order to explore the implications of different scenarios. The model development process, mapping the decision making logic of the oil producers, the swing producer making enough to defend the intended price, the independents, quota setting, the opportunists, and market oil price and demand are examined. Use of the model to generate scenarios development of the model as a gaming simulator for training, design of the user interface, and the value of the model are considered in detail. (UK)

  6. THE IMPACT OF MARKETING EXPERIMENTS ON THE RELATIONSHIP BETWEEN SOFTWARE PRODUCERS AND THEIR RETAILERS

    Directory of Open Access Journals (Sweden)

    HERȚANU ANDREEA

    2013-07-01

    Full Text Available This paper presents the results of a marketing experiment done on the Romanian software market. The main purpose of this research is to determine how the marketing campaigns of software manufacturers can influence the decisions of software retailers. Through this marketing experimental research an evaluation and an analysis of the impact that marketing policies of software companies have on the retailers from all over the country is made. Three different marketing campaigns were proposed to three groups of software vendors from the most important cities of the country. The total number of software retailers included in this experiment is of 45, and the marketing campaigns proposed by the authors in this experiment refer to the Microsoft brand. Promotion strategies such as: sales promotion by encouraging sales force and promotional pricing or even the policy of partner relationship management have a great impact on three aspects regarding software retailers: loyalty, purchase and resale intention and attitude towards a brand. The results of the experiment show a high interest for the strategy of promotional pricing. The representatives of the software vendors have a positive orientation towards sales promotion by encouraging sales force. Regarding the influences of the manipulations used in the experiment, the greatest impact on the loyalty of the software vendors it has the strategy of promotional pricing. Also the policy of sales promotion by encouraging sales force has the biggest impact on the purchase and sale intention of the software retailers. All three manipulations have also an impact on the attitude towards a brand of the vendors, but the differences are too small to determine which of the proposed stimuli has a greater impact on this aspect. The results of the experiment may help and could have a great influence on the future marketing decisions of manufacturers regarding the strategies and marketing policies used on the Romanian

  7. Market and Impact Study Setting Up MMX Discount Store

    OpenAIRE

    Sabina Irimie; Andreea Ionică; Virginia Băleanu; Cristina Osvath

    2008-01-01

    The paper is focused on the following elements of the impact study’s content: social and economic features of the area and the social, economic and commercial impact. Currently we witness the materialisation of the research’s results by setting up such a store MMX DISCOUNT in the town of Vulcan from the Jiu Valley

  8. The impacts of price responsiveness on strategic equilibrium in competitive electricity markets

    Energy Technology Data Exchange (ETDEWEB)

    Bompard, Ettore; Ma, Yuchao; Napoli, Roberto [Department of Electrical Engineering, Politecnico di Torino, C.so Duca degli Abruzzi, 24, 10129 Torino (Italy); Abrate, Graziano; Ragazzi, Elena [Ceris-CNR, Via Real Collegio, 30, 10024 Moncalieri (Italy)

    2007-06-15

    One of the most important aspects that may affect market welfare is that related to the low demand responsiveness to price. This situation may greatly impact the market performance causing low efficiency, high prices and a disproportional allocation of surpluses. The structure of electricity markets is usually oligopolistic; producers may bid prices higher than their marginal costs to the short run wholesale market, inducing outcome deviations from the perfect competitive benchmark. The possibility of gaming the market is amplified in the presence of low demand responsiveness to price. This paper proposes a model to assess the role of demand elasticity in mitigating the effects of supply side strategic bidding behavior. We model the supply side in a conjectural supply function (CSF) framework, which allows incorporation of exogenous changes in demand elasticity and different levels of competition in a given market. The impacts of demand responsiveness on the market performances are assessed through a set of proposed indices that are applied to a model of the Italian market. (author)

  9. Biomass power generation in competitive markets - The impact of instruments and regulations

    International Nuclear Information System (INIS)

    Ackermann, Thomas; Soeder, Lennart

    1999-01-01

    This paper presents and briefly evaluates the most important existing market instruments and market schemes which support the development of renewable energy generation as well as the impact of market regulations on the development of biomass power generation. The evaluation of the existing instruments focuses on the incentives provided by the various instruments to reduce production costs. The instruments and schemes are: Feed-in Tariffs, Net Metering, Bidding Process, Fixed Quotas, Green Certificate Trading, Green Power Exchange, Green Pricing. Feed-in tariffs and net metering are important instruments to get the different technologies 'off the ground', however, they can only be considered an interim solution as they do not necessarily lead to cost reduction. A bidding process is one way to achieve these cost reductions, but high transaction costs will support the development of large renewable energy projects, which is not always the desired effect. Fixed quotas combined with green certificate trading or a power exchange in combination with Green Pricing seem to lead to similar costs reduction, however, so far there is only limited experience with such instruments. The analysis of the impact of market regulations focuses on international electricity markets with a power exchange. Such markets exist, for example, in Scandinavia, England and Wales, Australia, New Zealand and California. The analysis showed that new distributed generation, for example based on biomass, faces significant market barriers. Furthermore, distributed generation is not treated equally within the market regulations compared to large-scale power generation

  10. The impacts of price responsiveness on strategic equilibrium in competitive electricity markets

    International Nuclear Information System (INIS)

    Bompard, Ettore; Ma, Yuchao; Napoli, Roberto; Abrate, Graziano; Ragazzi, Elena

    2007-01-01

    One of the most important aspects that may affect market welfare is that related to the low demand responsiveness to price. This situation may greatly impact the market performance causing low efficiency, high prices and a disproportional allocation of surpluses. The structure of electricity markets is usually oligopolistic; producers may bid prices higher than their marginal costs to the short run wholesale market, inducing outcome deviations from the perfect competitive benchmark. The possibility of gaming the market is amplified in the presence of low demand responsiveness to price. This paper proposes a model to assess the role of demand elasticity in mitigating the effects of supply side strategic bidding behavior. We model the supply side in a conjectural supply function (CSF) framework, which allows incorporation of exogenous changes in demand elasticity and different levels of competition in a given market. The impacts of demand responsiveness on the market performances are assessed through a set of proposed indices that are applied to a model of the Italian market. (author)

  11. Case Studies in the Field of Marketing Education: Learner Impact, Case Performance, and Cost Efficiency

    Science.gov (United States)

    Spais, George S.

    2005-01-01

    The major objective of this study is to identify a methodology that will help educators in marketing to efficiently manage the design, impact, and cost of case studies. It is my intention is to examine the impact of case study characteristics in relation to the degree of learner involvement in the learning process. The author proposes that…

  12. Impact of agricultural technology adoption on market participation in the rural social network system

    NARCIS (Netherlands)

    Mekonnen Melesse, Tigist

    2017-01-01

    This paper provides empirical evidence regarding the impact of agricultural technologies on smallholders’ output market participation. The analysis is based on Farmer Innovation Fund impact evaluation survey collected by the World Bank in 2010-2012 covering 2,675 households in Ethiopia. Endogenous

  13. Evaluation of the Impact of Media Marketing Strategies on Continuing Education Enrollments. AIR Forum 1982 Paper.

    Science.gov (United States)

    Campbell, Jill F.; Spiro, Louis M.

    The impact of media marketing strategies on continuing education enrollment at the State University of New York College at Brockport (SUNY-CB), was evaluated. The evaluation of advertising impacts used advertising records of SUNY-CB and other area colleges and a telephone questionnaire instrument. A stratified, random countywide sample, in…

  14. The credit crunch : Impacts on the housing market and policy responses in the Netherlands

    NARCIS (Netherlands)

    Priemus, H.

    2009-01-01

    This contribution deals with the impact of the credit crunch on the Dutch housing market and the policy responses of the Dutch government so far. Reinhart and Rogoff have presented an overview of credit crises after WW II: what are the general characteristics and impacts? Also in the Netherlands,

  15. Coordinated vs. liberal market HRM: the impact of institutionalisation on multinational firms

    NARCIS (Netherlands)

    Farndale, E.; Brewster, C.; Poutsma, F.

    2008-01-01

    The impact of institutionalized contexts on the HRM activities of multinational firms has become a focus of increasing attention in recent literature. However, theories of how different types of business systems or market economies may influence HRM, and the impact of context on multinational

  16. Market dynamics as a driver towards the evolution of research needs; the case of up-flow anaerobic sludge blanket seeding granules

    CSIR Research Space (South Africa)

    Musee, N

    2013-01-01

    Full Text Available Market dynamics offer positive (incentive) or negative (disincentive) feedback loops that shape the research needs for, or certain aspects of, a particular technology. Our case study results illustrate how market dynamics have influenced...

  17. An insight into airline dynamic pricing practices in emerging markets: Effects of low cost carriers' presence on routes from Belgrade 'Nikola Tesla' airport

    Directory of Open Access Journals (Sweden)

    Ivanov Nikola V.

    2016-01-01

    Full Text Available Dynamic pricing and revenue management in airline industry have been the subject of research for more than twenty years now. Building upon that massive body of research, in this paper we investigate actual dynamic pricing patterns in new and emerging markets. We specifically focus on the impact that recent entry of low cost carriers on a number of routes from Belgrade Nikola Tesla Airport might have had on pricing practices of legacy incumbents. Unlike with most of previous contributions in the field, we analyse the market characterised by relatively low frequencies and predominantly short-to-medium haul flights. In this paper, we observe and analyse pricing dynamics on two types of routes: routes where only legacy carriers operate and routes where legacy carriers face competition from low cost carriers. The effects of route competition on offered airline fares are estimated and conclusions derived.

  18. Coal transport demand in Western Europe and Japan: Impacts of energy market liberalisation and climate policy

    International Nuclear Information System (INIS)

    Golombek, Rolf; Kittelsen, Sverre A.C.; Maestad, Ottar

    2005-12-01

    Western Europe and Japan are among the main importers of coal. Climate policies following the Kyoto agreement are creating pressure to substitute away from coal and turn to less emission intensive energy sources. At the same time, liberalizations of energy markets in Europe and Japan are likely to cause reduced electricity prices, which will boost the overall demand for electricity. This paper analyses the combined effect of electricity market liberalization and climate policies on the international coal trade. Using the numerical equilibrium model LIBEMOD, we find that while liberalization of electricity markets will imply a large increase in aggregate coal transport demand, the negative impact of climate policies may be even larger, in particular if Russia and Ukraine utilise their market power in the market for emission permits. If this market power is exploited, the total effect of liberalisation and climate policy - when including the impact of general economic growth - is a 20% reduction in aggregate coal transport between 2000 and 2010. Further, impacts differ markedly between Western Europe and Japan. A main difference is that liberalisation has a much more positive - and climate policies have a much stronger negative - impact on steam coal demand in Western Europe than in Japan

  19. Dynamic tests on metallic impact limiters

    International Nuclear Information System (INIS)

    Sagartz, M.J.

    1978-01-01

    Three different types of metallic impact limiters were tested; plain fins, laterally stiffened fins and tubes whose axes were aligned with the direction of impact. All specimens were made of 304 stainless steel and were annealed before testing. A heavy steel drop table of variable mass and moving at about 13.4 m/s (44 ft/s) was used to impact the specimens which were mounted on a stationary base. Impact velocity, drop table acceleration vs. time and force vs. time were measured on each test and were used to calculate the energy absorbed by the impact limiters. Results showed that the peak stress that a plain fin can transmit to the cask body can be several times the static yield stress of the fin. Also as buckling proceeds the load in a plain fin drops significantly and the rate at which it absorbs energy falls off dramatically, making the fin a rather inefficient energy absorber overall. The laterally stiffened fin and the cylinders did not exhibit this rapid decrease in load-carrying capacity with deformation and hence were able to absorb relatively more energy per unit volume of material

  20. Market concentration and technological innovation in a dynamic model of growth and distribution

    Directory of Open Access Journals (Sweden)

    Gilberto Tadeu Lima

    2000-12-01

    Full Text Available This paper develops a post Keynesian macromodel of growth and distribution in which endogenous technological innovation plays a pivotal role. The innovationrate is made quadratic in market concentration, to capture a plausible neo-Schumpeterian non-linear influence of market structure on firms' propensity to innovate. Concentration is endogenous, though, since under neo-Schumpeterian competition the relation between market structure and technical change cuts both ways. Investment will then be non-linear in concentration, and the effect of changes in concentration on capacity utilisation, growth and distribution will depend on the level of concentration. Demand also plays a role, with capacity utilisation andgrowth rising with the wage share. The dynamic stability properties of the system will depend on the direction and relative strength of the technological innovation effects with respect to the demand ones, and on the relative bargaining power of workers and capitalists.