WorldWideScience

Sample records for market structure behavior

  1. The effect of differentiated margin on futures market investors' behavior and structure An experimental research

    Institute of Scientific and Technical Information of China (English)

    Jin-hui Luo; Di-fang Wan; Yang Yang; Guang Yang

    2011-01-01

    Purpose-The purpose of this paper is to empirically analyze the role of differentiated margin system in leading investors' investing behavior and then optimize investor structure in futures markets.Design/methodology/approach-Using economic experimental research method,this paper designs and conducts a futures market experiment according to experimental research's basic norms,thus acquiring needed and credible empirical data.Findings-By analyzing the experimental data,it is found that compared with situations in futures markets that implement uniform margin system,investors' (especially speculators') futures open position and the ratio of their open position and futures turnover are both significantly higher,in futures markets that implement differentiated margin system.On the other hand,differentiated margin system has no effects on hedgers' futures turnover,but significantly reduces speculators' futures turnover.Research limitations/implications-The findings suggest that compared with uniform margin system,differentiated margin system is beneficial to effectively restrict both speculators' and hedgers' speculating behavior and lead hedgers' market participation.Practical implications-In order to resolve the problem of unreasonable investor structure in China's futures market,i.e.lack of hedgers and over-speculating China's futures market's regulators should reform the margin system and adopt differentiated margin system to lead investors' rational behavior and optimize investor structure.Originality/value-This paper empirically analyzes and verifies,for the first time,the roles of differentiated margin system in affecting investors' investing behavior.The futures market experiment designed and used in this study is a pioneering and exploratory experiment.

  2. The effects of behavioral and structural assumptions in artificial stock market

    Science.gov (United States)

    Liu, Xinghua; Gregor, Shirley; Yang, Jianmei

    2008-04-01

    Recent literature has developed the conjecture that important statistical features of stock price series, such as the fat tails phenomenon, may depend mainly on the market microstructure. This conjecture motivated us to investigate the roles of both the market microstructure and agent behavior with respect to high-frequency returns and daily returns. We developed two simple models to investigate this issue. The first one is a stochastic model with a clearing house microstructure and a population of zero-intelligence agents. The second one has more behavioral assumptions based on Minority Game and also has a clearing house microstructure. With the first model we found that a characteristic of the clearing house microstructure, namely the clearing frequency, can explain fat tail, excess volatility and autocorrelation phenomena of high-frequency returns. However, this feature does not cause the same phenomena in daily returns. So the Stylized Facts of daily returns depend mainly on the agents’ behavior. With the second model we investigated the effects of behavioral assumptions on daily returns. Our study implicates that the aspects which are responsible for generating the stylized facts of high-frequency returns and daily returns are different.

  3. Consumer Behavior dan Marketing Mix

    OpenAIRE

    Pura A, Agus Hasan

    2005-01-01

    Marketing concept emerged since business philosophy shifted to a customer-centered, the job is to find the right products for your choosen target markets. The reason for customer orientation in which all functions work together to respond to, Serve, and satisfy customer. To satisfy consumer (end user) the marketing concept use integrated marketing, that is segmenting, Targeting, positioning, and marketing mix (4p/7p). And to.be success, marketer have to understand the behavior of consumers of...

  4. Market structures in international telecommunications

    DEFF Research Database (Denmark)

    Henten, Anders

    1998-01-01

    Paper dealing with the internationalisation of telecommunications and the developing market structures.......Paper dealing with the internationalisation of telecommunications and the developing market structures....

  5. Market Structure and Market Access

    OpenAIRE

    Joseph Francois; Ian Wooton

    2008-01-01

    The authors examine an issue at the nexus of domestic competition policy and international trade, the interaction between goods trade and market power in domestic trade and distribution sectors. Theory suggests a set of linkages between service-sector competition and goods trade supported by econometrics involving imports of 22 OECD countries compared with 69 exporters. Competition in serv...

  6. Market structure, market strategy and customer satisfaction

    DEFF Research Database (Denmark)

    Eskildsen, Jacob Kjær; Kristensen, Kai; Steensen, Elmer Fly

    2007-01-01

    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 how consumer preferences affect 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....

  7. Equilibrium with arbitrary market structure

    DEFF Research Database (Denmark)

    Grodal, Birgit; Vind, Karl

    2005-01-01

    . The complete market predicted by this theory is clearly unrealistic, and Radner [10] formulated and proved existence of equilibrium in a multiperiod model with incomplete markets. In this paper the Radner result is extended. Radner assumed a specific structure of markets, independence of preferences...

  8. Traders' behavioral coupling and market phase transition

    Science.gov (United States)

    Ma, Rong; Zhang, Yin; Li, Honggang

    2017-11-01

    Traditional economic theory is based on the assumption that traders are completely independent and rational; however, trading behavior in the real market is often coupled by various factors. This paper discusses behavioral coupling based on the stock index in the stock market, focusing on the convergence of traders' behavior, its effect on the correlation of stock returns and market volatility. We find that the behavioral consensus in the stock market, the correlation degree of stock returns, and the market volatility all exhibit significant phase transitions with stronger coupling.

  9. Marketing Cooperatives and Financial Structure

    NARCIS (Netherlands)

    Hendrikse, G.W.J.; Veerman, C.P.

    1995-01-01

    The relationship between the financial structure of marketing cooperatives and the requirement of the domination of control by the members of the cooperative is analysed with an emphasis on incomplete contracts and system complementarities. It is argued that the disappearance of shortage markets in

  10. Structural versus behavioral remedies in the deregulation of electricity markets: an experimental investigation motivated by policy concerns

    Czech Academy of Sciences Publication Activity Database

    van Koten, Silvester; Ortmann, A.

    2013-01-01

    Roč. 64, November (2013), s. 256-265 ISSN 0014-2921 R&D Projects: GA MŠk LC542; GA ČR(CZ) GAP402/11/0364 Institutional support: RVO:67985998 Keywords : European electricity markets * economics experiments * forward markets Subject RIV: AH - Economics Impact factor: 1.364, year: 2013

  11. ECONOMIC AGENT BEHAVIOR ON REAL ESTATE MARKET

    Directory of Open Access Journals (Sweden)

    Oana CHINDRIŞ-VĂSIOIU

    2014-02-01

    Full Text Available Traditional theory of the consumer explains development of demand through changes in prices and income. Consumer tastes and preferences are considered to be constant, stable, therefore does not take account of them in explaining market participants behavior. Indeed, from scientific point of view, can only be explained a behavior by a hypothesis relating to individual tastes or preferences since it would be impossible to subject to such a hypothesis to the test of facts. If your preferences are stable, how we interpret fast transformation of modes of consumption? The increase of income can explain an increase in volume for consumption, but not the changes in its structure. At the limit, relative prices could explain budget allocation between existing goods and services, but not the incessant occurrence of new goods and services, which they come to satisfy what current language means that new needs.

  12. Consumer behavior on the market with food

    Directory of Open Access Journals (Sweden)

    Jana Turčínková

    2006-01-01

    Full Text Available The paper deals with consumer behavior on the market with selected food products. It focuses on expenditures on food, development of prices and comparison of results among EU countries. When comparing the development of consumer prices and incomes in 1990–2003, it is obvious that the growth of income was lower then the total increase of consumer prices. There were not only changes in price levels, but also in the structure of consumer expenditures, where we can see growth of expenditures for housing and decline in share of expenditures for food. In the Czech Republic, there was a decrease in consumption of beef and pork meet, and increase in poultry consumption. The consumption of fish is significantly below the EU average. Consumption of butter, potatoes and sugar reaches the similar level as the EU average. The analysis of motives for changes in consumption of selected foodstuffs provides some insight in reasons for changes in consumption of bakery products and sweets, where it mostly is the healthy lifestyle (motive for whole-grain bakery product consumption and improved market offer and advertising (for sweets and durable bakery products. Changes in meat consumption are motivated by healthy lifestyle for poultry and fish and improved market offer and advertising for canned meat products and salamis. Advertising and improved market offer played an important role for changes in consumption of yoghurts and cheeses, healthy lifestyle caused changes of yoghurts and milk. In category of selected beverages, it were advertising and improved market offer the motives for change of consumption of tea, wine and mineral waters, while healthy lifestyle motivated the change of mineral water consumption.

  13. Hospital Market Structure and the Behavior of Not-for-Profit Hospitals: Evidence from Responses to California's Disproportionate Share Program

    OpenAIRE

    Mark Duggan

    2000-01-01

    I exploit a plausibly exogenous change in hospital financial incentives to examine whether the behavior of private not-for-profit hospitals varies with the share of nearby hospitals organized as for-profit firms. My results show that not-for-profit hospitals in for-profit intensive areas are significantly more responsive to an increased incentive to treat low-income patients insured by the Medicaid program than are other not-for-profit providers. The heterogeneity in behavior is not due to di...

  14. Multifractals of investor behavior in stock market

    Science.gov (United States)

    Oh, Gabjin

    2017-07-01

    In this paper, we analyze the nonlinear properties of investor activity using the multifractal detrended fluctuation analysis (MF-DFA) method. Using the aggregated trading volumes of buying, selling, and normalized net investor trading (NIT) to quantify the characteristics of trader behavior in the KOSPI market, we find that the cumulative distribution functions of all NIT time series, except for individual traders, follow a power-law distribution with an exponent in the range of 2.92 ≤ γ ≤ 3.87. To observe the nonlinear features of investor activity, we also calculate the multifractal spectra for the buyer, seller, and NIT data sets and find that a multifractal structure exists in all of the data, regardless of the investor type studied.

  15. Determination of collective behavior of the financial market.

    Science.gov (United States)

    Li, Shouwei; Xu, Tao; He, Jianmin

    2016-01-01

    In this paper, we adopt the network synchronization to measure the collective behavior in the financial market, and then analyze the factors that affect the collective behavior. Based on the data from the Chinese financial market, we find that the clustering coefficient, the average shortest path length and the volatility fluctuation have a positive effect on the collective behavior respectively, while the average return has a negative effect on it; the effect of the average shortest path length on the collective behavior is the greatest in the above four variables; the above results are robust against the window size and the time interval between adjacent windows of the stock network; the effect of network structures and stock market properties on the collective behavior during the financial crisis is the same as those during other periods.

  16. International Good Market Segmentation and Financial Market Structure

    OpenAIRE

    Basak, Suleyman; Croitoru, Benjamin

    2003-01-01

    While financial markets have recently become more complete and international capital flows well liberalized, markets for goods remain segmented. To investigate how more complete security markets may relieve the effects of this segmentation, we examine a series of two-country economies with internationally segmented good markets, distinguished by the available financial securities. We show that, under heterogeneity within countries, the financial structure matters: even with internationally co...

  17. Thought and Behavior Contagion in Capital Markets

    OpenAIRE

    Hirshleifer, David; Teoh, Siew Hong

    2008-01-01

    Prevailing models of capital markets capture a limited form of social influence and information transmission, in which the beliefs and behavior of an investor affects others only through market price, information transmission and processing is simple (without thoughts and feelings), and there is no localization in the influence of an investor on others. In reality, individuals often process verbal arguments obtained in conversation or from media presentations, and observe...

  18. BEHAVIORAL ASPECTS IN INSURANCE MARKET

    Directory of Open Access Journals (Sweden)

    Stroe Andreea

    2013-07-01

    In this paper there are showed and debated some situation in which psychological effects like loss aversion, reference point, status-quo and framming effects can influence the deccision of the consumer and are not consistent with the standard economic model.In addition to this aspects, Cumulative Prspect Theory enhance the fact that decision makers overestimate low peobabilities and underestimate high probabilities,thus buying inadequate insurance in many situation.in thiss sense, in order to support this idea I tried to make a qualitative presentation of the model used on the insurance market using Prelec function which is the function related with the Cumulative Prospect Theory which can be used in the insurance context.The weak points of the theory of expected utility are explained through this new perspectives and nevertheless aspects like insensivity to bad news concerning incomes,elasticity of price,displacements of status-quo and default,disposition effect and equity premium are taken into consideration.As example,I chose a Kunreuther experiment about insurance decision in with is underlyined the fact that for moderate risk people buy insurance with premiums that exceed the expected loss.There are demands for low deductibles in the the markets for extended guarantees and insurances for mobile phones where was observed that the insurance underwriting rate increases with the probability of loss keeping the expected loss constant.It is better to mention that the theory and the model that are presented here comes as complementary to the economic standard theory not as a substitute.

  19. Changing health behaviors with social marketing.

    Science.gov (United States)

    Suarez-Almazor, M E

    2011-08-01

    Social marketing uses marketing techniques to promote healthy attitudes and behaviors. As in traditional marketing, the development and implementation of social marketing programs is based on the four P's: product, price, place, and promotion, but it also incorporates the partnership and participation of stakeholders to enhance public health and engage policy makers. The "product" in social marketing is generally a behavior, such as a change in lifestyle (e.g., diet) or an increase in a desired health practice (e.g., screening). In order for people to desire this product, it must offer a solution to a problem that is weighed with respect to the price to pay. The price is not just monetary, and it often involves giving something up, such as time (e.g., exercising) or a wanted, satisfying behavior (e.g., smoking). In its development phase, social marketing incorporates qualitative methods to create messages that are powerful and potentially effective. The implementation of the programs commonly involves mass campaigns with advertisement in various media. There have been a few social media campaigns targeting bone health that have been disseminated with substantial outreach. However, these have not been systematically evaluated, specifically with respect to change in behavior and health outcomes. Future campaigns should identify target behaviors that are amenable to change such as bone mass measurement screening or exercise. Audience segmentation will be crucial, since a message for young women to increase peak bone mass would be very different from a message for older individuals who have just experienced a fracture. Campaigns should involve key stakeholders, including policy makers, health providers, and the public. Finally, success must be carefully evaluated, not just by the outreach of the campaign, but also by a change in relevant behaviors and a decrease in deleterious health outcomes.

  20. Market segmentation in behavioral perspective.

    OpenAIRE

    Wells, V.K.; Chang, S.W.; Oliveira-Castro, J.M.; Pallister, J.

    2010-01-01

    A segmentation approach is presented using both traditional demographic segmentation bases (age, social class/occupation, and working status) and a segmentation by benefits sought. The benefits sought in this case are utilitarian and informational reinforcement, variables developed from the Behavioral Perspective Model (BPM). Using data from 1,847 consumers and from a total of 76,682 individual purchases, brand choice and price and reinforcement responsiveness were assessed for each segment a...

  1. Macedonian Small Investors’ Behavior Towards Stock Market

    Directory of Open Access Journals (Sweden)

    Angelovska Julijana

    2015-05-01

    Full Text Available Convenience sample survey was fielded to the Macedonian individual stock market investors to find out whether their investment behavior can be explained by some underlying factors grounded in the behavioral approach to the study of financial markets. Descriptive statistics technique has been used to analyze the investors’ attitude about the market’s efficiency and to test different theories of behavioral finance. The results have indicated that investors are not completely rational individuals as supposed by theories of traditional finance. Also in the theoretical framework of behavioral finance Macedonian investors use heuristics, or rules of thumb, when judging information and forming beliefs, but Macedonian investors do not behave as suggested within prospect theory and regret aversion.

  2. Recent market behavior of utility stocks

    International Nuclear Information System (INIS)

    Studness, C.M.

    1990-01-01

    This article reviews the recent market behavior of utility stocks as compared to the Standard and Poor's 500 and the long-term government bond yield. Utility stock's performance continues to be affected by unfavorable regulation,and it appears that it will continue to be a factor for some time to come. A continually shrinking excess capacity continues to be a concern

  3. Structural Change in Southern Softwood Stumpage Markets

    Science.gov (United States)

    Douglas R. Carter

    1998-01-01

    The potential for structural change in southern stumpage market models has impacts on not only our basic understanding of those markets, but also on harvest, inventory and price projections, and related policy. In this paper, we test for structural change in both sawtimber and pulpwood softwood stumpage markets in the U.S. South over the period 1950-1994. Test...

  4. Modern structure of marketing communications complex

    Directory of Open Access Journals (Sweden)

    Hrebenyukova Elena

    2015-08-01

    Full Text Available The article presents the results of the desk research, in which the current structure of the marketing communications complex was analyzed. According to the results of the content analysis of scientific and educational literature in marketing it was proved that there is a certain structural asymmetry in today's complex of marketing communication: the rejection of impersonal tools and actualization of those which make possible personalized communication with the consumer.

  5. 75 FR 28667 - Market Structure Roundtable

    Science.gov (United States)

    2010-05-21

    ... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-62115; File No. 4-602] Market Structure... views of investors, issuers, exchanges, alternative trading systems, financial services firms, high frequency traders, and the academic community regarding the current securities market structure. The...

  6. Market Structure and Competitive Strategy in Market Square

    Institute of Scientific and Technical Information of China (English)

    PENG Juanjuan

    2007-01-01

    Market Square shopping center contains several restaurants and cafés providing a diverse range of Asian foods and delicacies and this area is known by locals and Griffith University students as a great location for 'eating out'. Then, what is the market structure in this shopping mall and what kind of competitive strategies should be used to maximize profits according to the characteristics in this shopping center?

  7. Spanish generation market: structure, design and results

    International Nuclear Information System (INIS)

    Agosti, L.; Padilla, A. J.; Requejo, A.

    2007-01-01

    This paper provides an overview of the structure, design and outcome of the Spanish generation market from 1998, when the market was liberalised, to date. More precisely, this paper reviews the history of the liberalisation process; describes the structure of the generation market and its evolution over time; analyses the existence of market power; and evaluates the outcome of the liberalisation process from the viewpoint of its impact on al locative efficiency, productive efficiency and dynamic efficiency. The paper concludes with a brief summary of recent regulatory reforms. (Author)

  8. Airline network structure in competitive market

    Directory of Open Access Journals (Sweden)

    Babić Danica D.

    2014-01-01

    Full Text Available Airline's network is the key element of its business strategy and selected network structure will not have influence only on the airline's costs but could gain some advantage in revenues, too. Network designing implies that an airline has to make decisions about markets that it will serve and how to serve those markets. Network choice raises the following questions for an airline: a what markets to serve, b how to serve selected markets, c what level of service to offer, d what are the benefits/cost of the that decisions and e what is the influence of the competition. We analyzed the existing airline business models and corresponding network structure. The paper highlights the relationship between the network structures and the airline business strategies. Using a simple model we examine the relationship between the network structure and service quality in deregulated market.

  9. Capacity mechanisms and effects on market structure

    International Nuclear Information System (INIS)

    Elberg, Christina; Kranz, Sebastian

    2014-01-01

    Liberalized electricity markets are characterized by fluctuating priceinelastic demand of non-storable electricity, often defined by a substantial market share held by one or few incumbent firms. These characteristics have led to a controversial discussion concerning the need for and the design of capacity mechanisms, which combine some form of capacity payments with price caps in the spot market. The purpose of this study is to understand the effects of capacity mechanisms on the market structure. We consider a model with dominant firms and a competitive fringe and investigate the impact of price caps and capacity payments on investment incentives and market concentration. While lower price caps reduce the potential for the exercise of market power in static models, we find that in the dynamic model with endogenous investments, lower price caps result in an increase in market concentration, the frequency of capacity withholding and the profits of the dominant firms.

  10. Quantifying trading behavior in financial markets using Google Trends.

    Science.gov (United States)

    Preis, Tobias; Moat, Helen Susannah; Stanley, H Eugene

    2013-01-01

    Crises in financial markets affect humans worldwide. Detailed market data on trading decisions reflect some of the complex human behavior that has led to these crises. We suggest that massive new data sources resulting from human interaction with the Internet may offer a new perspective on the behavior of market participants in periods of large market movements. By analyzing changes in Google query volumes for search terms related to finance, we find patterns that may be interpreted as "early warning signs" of stock market moves. Our results illustrate the potential that combining extensive behavioral data sets offers for a better understanding of collective human behavior.

  11. 18 CFR 35.41 - Market behavior rules.

    Science.gov (United States)

    2010-04-01

    ... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Market behavior rules. 35.41 Section 35.41 Conservation of Power and Water Resources FEDERAL ENERGY REGULATORY COMMISSION... Sales of Electric Energy, Capacity and Ancillary Services at Market-Based Rates § 35.41 Market behavior...

  12. Market structure and market definition: the case of small market banks and thrifts

    OpenAIRE

    Andrew Cohen

    2004-01-01

    This paper introduces a simple method to test between two general approaches to defining bank and thrift product markets. I estimate two models that endogenize market structure using data on banks and thrifts from 1,884 rural markets for the year 2000. The first model assumes that banks and thrifts are in "independent product markets," i.e., that bank profitability depends only on competition from other banks and that thrift profitability depends only on competition from other thrifts. An alt...

  13. An analysis of heating fuel market behavior, 1989--1990

    Energy Technology Data Exchange (ETDEWEB)

    1990-06-01

    The purpose of this report is to fully assess the heating fuel crisis from a broader and longer-term perspective. Using EIA final, monthly data, in conjunction with credible information from non-government sources, the pricing phenomena exhibited by heating fuels in late December 1989 and early January 1990 are described and evaluated in more detail and more accurately than in the interim report. Additionally, data through February 1990 (and, in some cases, preliminary figures for March) make it possible to assess the market impact of movements in prices and supplies over the heating season as a whole. Finally, the longer time frame and the availability of quarterly reports filed with the Securities and Exchange Commission make it possible to weigh the impact of revenue gains in December and January on overall profits over the two winter quarters. Some of the major, related issues raised during the House and Senate hearings in January concerned the structure of heating fuel markets and the degree to which changes in this structure over the last decade may have influenced the behavior and financial performance of market participants. Have these markets become more concentrated Was collusion or market manipulation behind December's rising prices Did these, or other, factors permit suppliers to realize excessive profits What additional costs were incurred by consumers as a result of such forces These questions, and others, are addressed in the course of this report.

  14. Transport Market and its Structure

    Directory of Open Access Journals (Sweden)

    Teodor Perić

    2002-05-01

    Full Text Available Market is the integrity of relations between supply and demandof traffic or some other service (goods which at a ce11ainplace and location, at a certain time affect the supply and purchaseof certain products, including services, stocks, money,and the set of all institutions, areas, devices and instrumentsthat act on the sale and other transactions realised at that point.It is the main resource allocator (~resource allocation in thesystems of free private ownership economic and transport systems.

  15. Advertising Systems in Japan Marketing Behavior, Advertising Industry, Advertising Literacy

    OpenAIRE

    KISHIYA, Kazuhiro

    2005-01-01

    This paper clarifies advertising systems unique to Japan. As typical of Japanese advertising systems, advertising expression tend to adopt soft sell and transformational type. The advertising expression is explained not only by the cultural value but also marketing behavior of advertisers and the characteristics of Advertising transactions. As to marketing behavior channel-oriented marketing behavior has an impact on advertising expressions. As to characteristics of Advertising transactions, ...

  16. Random fractal structures in North American energy markets

    Energy Technology Data Exchange (ETDEWEB)

    Serletis, Apostolos [Calgary Univ., Dept. of Economics, Calgary, AB (Canada); Andreadis, Ioannis [European Univ. of the Hague, Center of Management Studies, The Hague (Netherlands)

    2004-05-01

    This paper uses daily observations on West Texas Intermediate (WTI) crude oil prices at Chicago and Henry Hub natural gas prices at LA (over the deregulated period of the 1990s) and various tests from statistics and dynamical systems theory to support a random fractal structure for North American energy markets. In particular, this evidence is supported by the Vassilicos et al. (1993) multifractal structure test and the Ghashghaie et al. [Nature 381 (1996) 767] turbulent behavior test. (Author)

  17. Electricity Market Manipulation: How Behavioral Modeling Can Help Market Design

    Energy Technology Data Exchange (ETDEWEB)

    Gallo, Giulia [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2015-12-18

    The question of how to best design electricity markets to integrate variable and uncertain renewable energy resources is becoming increasingly important as more renewable energy is added to electric power systems. Current markets were designed based on a set of assumptions that are not always valid in scenarios of high penetrations of renewables. In a future where renewables might have a larger impact on market mechanisms as well as financial outcomes, there is a need for modeling tools and power system modeling software that can provide policy makers and industry actors with more realistic representations of wholesale markets. One option includes using agent-based modeling frameworks. This paper discusses how key elements of current and future wholesale power markets can be modeled using an agent-based approach and how this approach may become a useful paradigm that researchers can employ when studying and planning for power systems of the future.

  18. Multifractal structures for the Russian stock market

    Science.gov (United States)

    Ikeda, Taro

    2018-02-01

    In this paper, we apply the multifractal detrended fluctuation analysis (MFDFA) to the Russian stock price returns. To the best of our knowledge, this paper is the first to reveal the multifractal structures for the Russian stock market by financial crises. The contributions of the paper are twofold. (i) Finding the multifractal structures for the Russian stock market. The generalized Hurst exponents estimated become highly-nonlinear to the order of the fluctuation functions. (ii) Computing the multifractality degree according to Zunino et al. (2008). We find that the multifractality degree of the Russian stock market can be categorized within emerging markets, however, the Russian 1998 crisis and the global financial crisis dampen the degree when we consider the order of the polynomial trends in the MFDFA.

  19. A General Theory of Endogenous Market Structures

    OpenAIRE

    Federico Etro; Paolo Bertoletti

    2014-01-01

    We provide a unified approach to imperfect (monopolistic, Bertrand and Cournot) competition equilibria with demand functions derived from symmetric preferences over a large but finite number of goods. The equilibrium markups depend on the Morishima Elasticity of Substitution/Complementarity between goods, and can be derived directly from the utility functions and ranked unambiguously. We characterize the endogenous market structures, their dependence on market size, income and firms’ producti...

  20. CONSIDERATIONS ON MEASURING PERFORMANCE AND MARKET STRUCTURE

    OpenAIRE

    Spiridon Cosmin Alexandru

    2011-01-01

    According to neoclassical theory, the relationship between the price, respectively of marginal cost and market structures, the methods for determining the performance of a firm or of an industry, deviate from the model of perfect competition. Assessing performance involves performing comparisons, reporting that their reference level can be a standard value, or a statistical value which can be a national-regional average, a homogeneous group, or an average value at a market level. Modern theor...

  1. Behavioral Finance and Agent-Based Artificial Markets

    NARCIS (Netherlands)

    M. Lovric (Milan)

    2011-01-01

    textabstractStudying the behavior of market participants is important due to its potential impact on asset prices and the dynamics of financial markets. The idea of individual investors who are prone to biases in judgment and who use various heuristics, which might lead to anomalies on the market

  2. Economic Culture and Trading Behaviors in Information Markets

    Science.gov (United States)

    Alhayyan, Khalid N.

    2012-01-01

    There are four main components for influencing traders' behaviors in an information market context: trader characteristics, organizational characteristics, market design, and external information. This dissertation focuses on investigating the impact of individual trader characteristics on trading behaviors. Two newly-developed constructs,…

  3. 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.

  4. Organizational Structure and Product Market Competition

    OpenAIRE

    Jung Hur; Yohanes E. Riyanto

    2007-01-01

    We analyze an interaction between a firm’s choice of organizational structure and competition in the product-market. Two organizational structures are considered, namely a centralized-organization, whereby formal authority is retained by a principal, and a decentralized-organization, whereby formal authority is delegated to an agent. We show that the choice of organizational structure hinges on a trade-off between operating-profit and managerial effort. The principal may prefer to choose an o...

  5. Analytical estimates of structural behavior

    CERN Document Server

    Dym, Clive L

    2012-01-01

    Explicitly reintroducing the idea of modeling to the analysis of structures, Analytical Estimates of Structural Behavior presents an integrated approach to modeling and estimating the behavior of structures. With the increasing reliance on computer-based approaches in structural analysis, it is becoming even more important for structural engineers to recognize that they are dealing with models of structures, not with the actual structures. As tempting as it is to run innumerable simulations, closed-form estimates can be effectively used to guide and check numerical results, and to confirm phys

  6. MARKETING AS A BEHAVIORAL SYSTEM: An Illustration of Retail Loans

    OpenAIRE

    Pamir, Can; Tosun, Petek; Sezgin, Selime

    2015-01-01

    Marketing management, which has elevated the position of marketing to a strategic level in institutions, is generally executed within complex systems. These complex marketing systems are inherently not only “open” but also “behavioral” paradigms, which continuously and overtly interact with their environment and adjust themselves accordingly. Taking the open and behavioral aspects of systems approach into consideration, this paper analyzes the marketing management practice of consumer loans i...

  7. MARKET STRUCTURE AND PERFORMANCE OF TUNISIAN BANKS

    Directory of Open Access Journals (Sweden)

    Ines Ayadi

    2013-04-01

    Full Text Available The objective of this research is to examine the relationship between market structure and the performance of the Tunisian banking system over the period 1990-2009. The Data Envelopment Analysis (DEA method was used to assess the scores of x-efficiency and scale efficiency, the hypotheses of the market power theory and those of the efficient structure theory were tested. Our Results have shown that x-efficiency has had a positive and significant effect on the performance of the Tunisian commercial banks as well as the hypothesis of x-efficiency.

  8. Health marketing and behavioral change: a review of the literature.

    Science.gov (United States)

    Chichirez, Cristina-Mihaela; Purcărea, Victor Lorin

    2018-01-01

    Health marketing as a part of social marketing, must influence individuals, voluntarily, through various social programmes, in order to accept, reject, modify or abandon a behavior in favour of a healthier lifestyle. Acting on individual behavior change, social marketing can influence the behaviour of those who decide public policies, with positive effects in social change. In time, in order to understand and predict a behavior, a number of theories, models and tactics were developed with the aim to identify factors and mechanisms with the greatest impact in the changing process. Cognitive- social theories proved to be more effective, because they offer guidelines for conducting research in behavioral change.

  9. Health marketing and behavioral change: a review of the literature

    Science.gov (United States)

    Chichirez, Cristina-Mihaela; Purcărea, Victor Lorin

    2018-01-01

    Health marketing as a part of social marketing, must influence individuals, voluntarily, through various social programmes, in order to accept, reject, modify or abandon a behavior in favour of a healthier lifestyle. Acting on individual behavior change, social marketing can influence the behaviour of those who decide public policies, with positive effects in social change. In time, in order to understand and predict a behavior, a number of theories, models and tactics were developed with the aim to identify factors and mechanisms with the greatest impact in the changing process. Cognitive- social theories proved to be more effective, because they offer guidelines for conducting research in behavioral change. PMID:29696059

  10. Market Efficiency and Behavioral Biases in the WNBA Betting Market

    Directory of Open Access Journals (Sweden)

    Rodney J. Paul

    2014-04-01

    Full Text Available The betting market for the Women’s National Basketball Association (WNBA is a thin financial market, which does not attract much interest from sports bettors. Given these characteristics, it is possible that profitable wagering strategies could exist for informed bettors of the WNBA. Using betting data on the WNBA from 2007–2012, we find that simple betting strategies do not earn statistically significant returns. WNBA bettors are like NBA bettors; however, in that they strongly prefer the best teams, particularly when they are on the road. Despite this clear bias, betting against the most popular public wagers is not found to earn statistically significant profits.

  11. Illinois Walls in alternative market structures

    NARCIS (Netherlands)

    Schinkel, M.P.; Tuinstra, J.

    2005-01-01

    This note extends on our paper Illinois Walls: How Barring Indirect Purchaser Suits Facilitates Collusion (Schinkel, Tuinstra and Rüggeberg, 2005, henceforth STR). It presents analyses of two alternative, more competitive, market structures to conclude that when the conditions for existence of

  12. RESEARCH ON BEHAVIORS OF GOVERNMENT'S TOURISM MARKETING

    Directory of Open Access Journals (Sweden)

    Shan Quian

    2010-06-01

    Full Text Available Tourism has become one of the world's largest industries with broad prospects and large industrial scale. In tourism marketing, planning and packaging the image of destinations, promotion,and participating in nonprofit marketing have become inevitable choice of all levels of governments. This paper firstly discusses inevitability and necessity of government tourism marketing, and then analyzing their roles. On these basis,paper discusses the strategy of the implementation of government tourism marketing, respectively, promoting the image, location, destination organization, and information technology support.

  13. Structural Change Accounting with Labor Market Distortions

    OpenAIRE

    Wenbiao Cai

    2014-01-01

    This paper quantifies the relative importance of sectoral productivity and labor market distortions for structural change. I use a model in which labor productivity is the product of TFP and human capital in each sector, but distortions generate wedges in wage per efficiency worker across sectors. I calculate human capital by sector using micro census data, and use the model to infer TFP and distortions such that it replicates structural change in the US, India, Mexico and Brazil between 1960...

  14. Endoscopy Practice Management, Fee Structures, and Marketing.

    Science.gov (United States)

    Divers, Stephen J

    2015-09-01

    Although our knowledge and appreciation of endoscopic procedures in exotic pets is extensive, associated management practices, including equipment preferences and fee structures, have rarely been discussed. This short article highlights the results of a small survey of 35 experienced exotic animal endoscopists and details their equipment ownership/preferences and fee structures. The importance of marketing is also emphasized. Copyright © 2015 Elsevier Inc. All rights reserved.

  15. 75 FR 3593 - Concept Release on Equity Market Structure

    Science.gov (United States)

    2010-01-21

    ... Structure 2. Other Measures B. High Frequency Trading 1. Strategies a. Passive Market Making b. Arbitrage c... trend from a market structure with primarily manual trading to a market structure with primarily... Part III Securities and Exchange Commission 17 CFR Part 242 Concept Release on Equity Market...

  16. Pecking Order Behavior in Emerging Markets

    NARCIS (Netherlands)

    Seifert, Bruce; Gonenc, Halit

    2010-01-01

    This paper examines the validity of the pecking order hypothesis in 23 emerging market countries. Emerging market countries would appear to be an ideal setting for the pecking order hypothesis to hold because of the presence of strong asymmetric information issues and agency costs. We observe,

  17. Market Structure and Innovation Policies in Denmark

    DEFF Research Database (Denmark)

    Kammer, Aske

    2017-01-01

    The Danish media system is a hybrid one where strong public service broadcasters and private print and broadcast media co-exist. This chapter, first, analyzes the market structure, measuring the degree of market concentration in newspapers, television, and radio and mapping state intervention....... The analysis shows that all these media markets are highly concentrated: the four dominant television and radio broadcasters account for 80–90 % of total viewing/listening, the four dominant newspaper publishers for around 75 % of total circulation. The extent of state intervention also is high in Denmark...... for digital publishers and an earmarked pool to stimulate media innovation. However, the fact that not the entire innovation pool has actually been allotted to media innovation questions how appropriate the criteria for eligibility are. Third, the chapter makes recommendations for future revision of the media...

  18. The international uranium market - structure and outlook

    International Nuclear Information System (INIS)

    Noreng, Oe.

    1978-01-01

    It is pointed out that the international uranium market is immature and is subject to factors of a political, rather than economic nature. This is due largely to potential military exploitation, which has led USA, Canada and Australia to adopt a restrictive export policy. South Africa and France, on the other hand have a more liberal attitude. The history of the market, and the development of U308 prices are then discussed and related to the phases in the commercial exploitation of nuclear power. The present market structure is described, both international and within Canada, USA, Australia, South Africa and France. The future demand is then discussed, assuming three levels of demand and various price categories. It is shown that the demand will be only slightly influenced by moderate to large increases in price, assuming price rises for coal and oil. It is concluded that the price can rise to $400-500/pound U308. (JIW)

  19. Structure, conduct and performance of Plantain Marketing in Edo ...

    African Journals Online (AJOL)

    Structure, conduct and performance of Plantain Marketing in Edo State, Nigeria. ... marketing system, assess its performance and estimate the cost and returns in plantain marketing. ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  20. Development of a virtual power market model to investigate strategic and collusive behavior of market players

    International Nuclear Information System (INIS)

    Shafie-khah, Miadreza; Parsa Moghaddam, Mohsen; Sheikh-El-Eslami, Mohamad Kazem

    2013-01-01

    In this paper, a virtual power market model is proposed to investigate the behavior of power market players from regulator's point of view. In this approach, strategic players are modeled in a multi-agent environment. These agents which are virtual representative of actual players forecast the prices and participate in the markets, exactly the same as real world situation. In addition, the role of ISO is encountered by using security constraint unit commitment (SCUC) and security constraint economic dispatch (SCED) solutions. Moreover, the interaction between market players is modeled using a heuristic dynamic game theory algorithm based on the supply function equilibria (SFE). In addition to the collusive behavior, using the proposed model, the short-term strategic behavior of players, which their effects will appear in long-term, can be simulated. The proposed model enables the market regulators to make decision before implementing new market rules with the confidence of their results. To represent the effectiveness of the proposed method, a case study including wind power plants is considered and the impact of various market rules on players’ behavior is simulated and discussed. Numerical studies indicate that simulating the strategic and collusive behavior prior to any change in the market rules is necessary. - Highlights: • A virtual power market model is proposed using a heuristic dynamic game theory. • The proposed model can simulate the behavior of market players in a certain period. • This model can evaluate the oligopoly, collusive and strategic behavior of players. • The price uncertainty and security constraint are considered. • Neglecting strategic behavior of players can cause adverse consequences

  1. Developing organizational structures for international marketing

    OpenAIRE

    Ioan Cucu

    2002-01-01

    International marketing represents marketing activities performed across national boundaries. The level of involvement in international marketing can range from casual exporting to globalization of markets. Although most firms adjust their marketing mixes for differences in target markets, some firms are able to standardize their marketing efforts worldwide

  2. A BEHAVIORAL FINANCE PERSPECTIVE OF THE EFFICIENT MARKET HYPOTHESIS

    OpenAIRE

    Camelia Oprean

    2012-01-01

    Nowadays, a central theme in the finance and economic theory is market efficiency. After several decades of research, economists have not yet reached a consensus about the existence of efficient financial markets in terms of information. In the problematized approaches regarding the treated subject, one can find the inquiries on the validity of assumptions underlying the informational efficiency theory of the financial market. The emerging discipline of behavioral economics and finance has ch...

  3. Pengaruh Green Marketing Hotel Terhadap Green Consumer Behavior

    OpenAIRE

    Yo Fernandez, Eunike Christe; Tjoanda, Evelyn

    2017-01-01

    Penelitian ini dilakukan untuk mengetahui pengaruh dari green marketing hotel terhadap green consumer behavior. Green marketing memiliki 3 dimensi, yaitu green product, green price, dan green promotion. Penelitian ini melibatkan 272 responden masyarakat Surabaya dan menggunakan metode regresi linear berganda. Hasil penelitian menunjukkan bahwa green product dan green price berpengaruh secara positif dan signifikan sedangkan green promotion berpengaruh namun tidak signifikan terhadap green con...

  4. Bank Behavior with Access to Credit Risk Transfer Markets

    NARCIS (Netherlands)

    Goderis, B.V.G.; Marsh, I.; Vall Castello, J.; Wagner, W.B.

    2006-01-01

    One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyze the effect that access to these markets has had on the lending behavior of a sample of

  5. The Formation of Structure of Marketing Department

    Directory of Open Access Journals (Sweden)

    Darius Dubickis

    2014-04-01

    Full Text Available In the changing high-level complex environment, it is moreand more important for the companies to focus on the marketand costumer. Or, in other words, the companies supposed toturn their attention to the marketing. Despite the fact that themajor subject of an economy is a company, the analysis of themarket-ing issues on the company level is limited. Meanwhile,both practical and scientific problems are significant. One ofthe most important issues is forming the structure of marketingdepartment. Its functions and the content of implementingmeasures determine that its structure supposed to consist ofthe market research and segmentation, development of businessstrategy, strategic planning as well as advertising and realizationof production.

  6. Novelty, Stress, and Biological Roots in Human Market Behavior

    Directory of Open Access Journals (Sweden)

    Alexey Sarapultsev

    2014-02-01

    Full Text Available Although studies examining the biological roots of human behavior have been conducted since the seminal work Kahneman and Tversky, crises and panics have not disappeared. The frequent occurrence of various types of crises has led some economists to the conviction that financial markets occasionally praise irrational judgments and that market crashes cannot be avoided a priori (Sornette 2009; Smith 2004. From a biological point of view, human behaviors are essentially the same during crises accompanied by stock market crashes and during bubble growth when share prices exceed historic highs. During those periods, most market participants see something new for themselves, and this inevitably induces a stress response in them with accompanying changes in their endocrine profiles and motivations. The result is quantitative and qualitative changes in behavior (Zhukov 2007. An underestimation of the role of novelty as a stressor is the primary shortcoming of current approaches for market research. When developing a mathematical market model, it is necessary to account for the biologically determined diphasisms of human behavior in everyday low-stress conditions and in response to stressors. This is the only type of approach that will enable forecasts of market dynamics and investor behaviors under normal conditions as well as during bubbles and panics.

  7. Ownership structure and market power in the nordic power market

    International Nuclear Information System (INIS)

    Amundsen, E.S.; Bergman, L.

    1999-01-01

    The opening of Nord Pool in 1996 seriously constrained the power companies' ability to exercise market power within their national borders. Currently there is an integration process going on among the power companies in the Nord Pool area. It manifest itself in terms of take-over and reciprocal acquisition of shares in the power companies - nationally and abroad. This process may undo what the introduction of the common power market achieved in curtailing market power. The aim of this paper is to investigate the effects on market power of increased cross- ownership in the Nordic power market. (au)

  8. Market behavior and performance of different strategy evaluation schemes.

    Science.gov (United States)

    Baek, Yongjoo; Lee, Sang Hoon; Jeong, Hawoong

    2010-08-01

    Strategy evaluation schemes are a crucial factor in any agent-based market model, as they determine the agents' strategy preferences and consequently their behavioral pattern. This study investigates how the strategy evaluation schemes adopted by agents affect their performance in conjunction with the market circumstances. We observe the performance of three strategy evaluation schemes, the history-dependent wealth game, the trend-opposing minority game, and the trend-following majority game, in a stock market where the price is exogenously determined. The price is either directly adopted from the real stock market indices or generated with a Markov chain of order ≤2 . Each scheme's success is quantified by average wealth accumulated by the traders equipped with the scheme. The wealth game, as it learns from the history, shows relatively good performance unless the market is highly unpredictable. The majority game is successful in a trendy market dominated by long periods of sustained price increase or decrease. On the other hand, the minority game is suitable for a market with persistent zigzag price patterns. We also discuss the consequence of implementing finite memory in the scoring processes of strategies. Our findings suggest under which market circumstances each evaluation scheme is appropriate for modeling the behavior of real market traders.

  9. Exploring Strategic Behavior in an Oligopoly Market Using Classroom Clickers

    Science.gov (United States)

    Brouhle, Keith

    2011-01-01

    This article discusses an innovative technique to teach strategic behavior in oligopoly markets. In the classroom exercise, students play the role of a firm that maximizes its profit given the behavior of other firms in the industry. Using classroom clickers to communicate pricing decisions, students explore first-hand the strategic nature of…

  10. Market Behavior in the Welfare State:

    DEFF Research Database (Denmark)

    Kristensen, Niels Nørgaard; christensen, bjarke

    2018-01-01

    The “consumerist citizen” is a type of citizen who develops his or her public and political commitments on the basis of market-like principles. For this citizen the important thing is the possibility to make individual choices in public contexts. In this article the implications of the consumerist...... of the consumerist citizen, and finally we suggest its implications for the welfare state. The dissemination of consumerist identity represents a serious change in the relationship between citizens and the welfare state. The rise of a public acting on the basis of market-logic is a serious change taking place...... in relation to citizenship. Regardless of whether this development is perceived as positive or negative, it will inevitably influence the ways in which the public sector is perceived. The rise of the consumerist citizen can be seen as a factor erosive of the basic solidary principles of the welfare state...

  11. Multifractality and herding behavior in the Japanese stock market

    International Nuclear Information System (INIS)

    Cajueiro, Daniel O.; Tabak, Benjamin M.

    2009-01-01

    In this paper we present evidence of multifractality and herding behavior for a large set of Japanese stocks traded in the Tokyo Stock Exchange. We find evidence that herding behavior occurs in periods of extreme market movements. Therefore, based on the intuition behind the tests to detect herding phenomenon developed, for instance, in Christie and Huang [Christie W, Huang R. Following the pied pier: do individual returns herd around the market? Financ Analysts J 1995;51:31-7] and Chang et al. [Chang EC, Cheng JW, Khorana A. Examination of herd behavior in equity markets: an international perspective. J Bank Finance 2000;24:1651-99], we suggest that herding behavior may be one of the causes of multifractality.

  12. Business spending markets and buying behavior

    Directory of Open Access Journals (Sweden)

    Stanković Čedomir

    2004-01-01

    Full Text Available Most buyers on the business spending markets use one or more of the following buying methods: description, inspection, sampling and negotiating. Products are usually standardized according to their characteristics (size, shape, weight or color. The buyer is able to buy only depending in the description or quantity or other characteristic. In some cases buyer may specify business brand or its equivalent when describing desired product.

  13. Variations in mature market consumer behavior within a health care product: implications for marketing strategy.

    Science.gov (United States)

    Hopper, J A; Busbin, J W

    1995-01-01

    America is undergoing a profound age shift in its demographic make-up with people 55 and over comprising an increasing proportion of the population. Marketers may need to increase their response rate to this shift, especially in refining the application of marketing theory and practice to older age consumers. To this end, a survey of older couple buying behavior for health insurance coverage is reported here. Results clarify evaluative criteria and the viability of multiple market segmentation for health care coverage among older consumers as couples. Commentary on the efficacy of present health coverage marketing programs is provided.

  14. Coherence and incoherence collective behavior in financial market

    Science.gov (United States)

    Zhao, Shangmei; Xie, Qiuchao; Lu, Qing; Jiang, Xin; Chen, Wei

    2015-10-01

    Financial markets have been extensively studied as highly complex evolving systems. In this paper, we quantify financial price fluctuations through a coupled dynamical system composed of phase oscillators. We find that a Financial Coherence and Incoherence (FCI) coexistence collective behavior emerges as the system evolves into the stable state, in which the stocks split into two groups: one is represented by coherent, phase-locked oscillators, the other is composed of incoherent, drifting oscillators. It is demonstrated that the size of the coherent stock groups fluctuates during the economic periods according to real-world financial instabilities or shocks. Further, we introduce the coherent characteristic matrix to characterize the involvement dynamics of stocks in the coherent groups. Clustering results on the matrix provides a novel manifestation of the correlations among stocks in the economic periods. Our analysis for components of the groups is consistent with the Global Industry Classification Standard (GICS) classification and can also figure out features for newly developed industries. These results can provide potentially implications on characterizing the inner dynamical structure of financial markets and making optimal investment into tragedies.

  15. Positioning marketing in the hospital's power structure.

    Science.gov (United States)

    Beckham, D

    1984-08-01

    Although hospitals are increasingly recognizing the importance of marketing, many have difficulty assimilating what has been primarily an industrial concern into a health care environment. The author explains the function of marketing in health care, the outlook and expectations of a good marketing executive, and why hospital management and the medical staff may have difficulty accepting marketing and the expectations of the marketing executive.

  16. THE HERDING BEHAVIOR ON SMALL CAPITAL MARKETS: EVIDENCE FROM ROMANIA

    Directory of Open Access Journals (Sweden)

    Andreea Pece

    2014-07-01

    Full Text Available The evolution of financial markets is influenced by the speculative bubbles and by the occurance of financial crisis. The speculative bubbles are formed on the markets when take place an unsustainable growth in the price of a financial asset, which leads to a high level of instability and to the rise of financial crashes. One of the cause of speculative bubbles is the herding behavior of investors characterized by trading in the same direction on the market, the same stocks, in the same period of time, or when they ignore the private information and trades similar with other investors, which may lead to incorrect trading decision. The aim of this paper is to test the existence of herding behavior on the Romanian stock market and the impact of the subprime financial crisis on the behavior of investors. We have analyzed the Romanian stock market on sector level by using firm level data. The statistical methodology used in this paper was proposed by Chang et al. (2000 and uses the cross sectional absolute deviation of returns (CSAD as a measure of return dispersion.The results indicate the existence of herding behavior of investors in various sectors, both for upper and lower markets. We also conclude that during the subprime crisis, is no evidence of herding, due to the fact that the impact of the crisis was transmitted globally.

  17. Evaluating Point of Sale Tobacco Marketing Using Behavioral Laboratory Methods

    Science.gov (United States)

    Robinson, Jason D.; Drobes, David J.; Brandon, Thomas H.; Wetter, David W.; Cinciripini, Paul M.

    2018-01-01

    With passage of the 2009 Family Smoking Prevention and Tobacco Control Act, the FDA has authority to regulate tobacco advertising. As bans on traditional advertising venues and promotion of tobacco products have grown, a greater emphasis has been placed on brand exposure and price promotion in displays of products at the point-of-sale (POS). POS marketing seeks to influence attitudes and behavior towards tobacco products using a variety of explicit and implicit messaging approaches. Behavioral laboratory methods have the potential to provide the FDA with a strong scientific base for regulatory actions and a model for testing future manipulations of POS advertisements. We review aspects of POS marketing that potentially influence smoking behavior, including branding, price promotions, health claims, the marketing of emerging tobacco products, and tobacco counter-advertising. We conceptualize how POS marketing potentially influence individual attention, memory, implicit attitudes, and smoking behavior. Finally, we describe specific behavioral laboratory methods that can be adapted to measure the impact of POS marketing on these domains.

  18. Consumer behavior on the media market

    Directory of Open Access Journals (Sweden)

    Martin Přibyl

    2009-01-01

    Full Text Available The paper deals with a correlation between factors identifying a household representative and frequency of media usage. Particularly it concentrates on the analysis of internet and daily press usage. Internet is a constantly developing communication channel which is increasingly used in the field of marketing communication and contributes to the development of business environment. Due to its characteristics it is an ideal mean for multilingual communication and communication on international markets. The daily press is on the other hand a representative of traditional media. It is perceived by public as a more natural communication channel. The paper seeks an answer to the question which communication channel is more suitable to communicate with a particular target group – press or the internet. The paper tests the correlation between identification factors and frequency of internet and press presence. Testing will be carried out by using a database obtained in a primary research conducted by the Department of Marketing and Trade at the Faculty of Business and Economics, Mendel University in Brno. Results published in the paper are part of research objective, id. code: 62156 48904 “The Czech Republic in the process of integration and globalization and the evolution of agrarian and service sectors in the new conditions of the European integrated market”, thematic area 03 “The evolution of trade relationships regarding changes in a life style and purchasing be­ha­viour and changes of business environment in the process of integration and globalization” that is conducted with a financial support of Ministry of Education, Youth and Sports.

  19. HERDING BEHAVIOR UNDER MARKETS CONDITION: EMPIRICAL EVIDENCE ON THE EUROPEAN FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Moatemri Ouarda

    2013-01-01

    Full Text Available This study presents four main contributions to the literature of behavior herding. Firstly, it extends the behavioral researches of herding of the investors on a developed market and mainly on a European market as a whole. Secondly, we are interested in examination of herding behavior at the level of sectors by using data at the levels of companies. Thirdly, this document estimates the implications of herding behavior in terms of returns, volatility and volume of transaction. Fourthly, the herding behavior is revealed as well during the period of the recent global financial crisis in 2007-2008 and of Asian crisis. Our results reveal a strong evidence of herding behavior sharply contributed to a bearish situation characterized by a strong volatility and a trading volume. The repercussion of herding during the period of the recent financial crisis is clearly revealed for the sectors of the finance and the technology.

  20. Market Segmentation from a Behavioral Perspective

    Science.gov (United States)

    Wells, Victoria K.; Chang, Shing Wan; Oliveira-Castro, Jorge; Pallister, John

    2010-01-01

    A segmentation approach is presented using both traditional demographic segmentation bases (age, social class/occupation, and working status) and a segmentation by benefits sought. The benefits sought in this case are utilitarian and informational reinforcement, variables developed from the Behavioral Perspective Model (BPM). Using data from 1,847…

  1. Speed of adjustment and market structure

    International Nuclear Information System (INIS)

    Lanza, A.

    1991-01-01

    This paper studies the relationship between changes in costs and prices in the gasoline market in the Federal Republic of Germany for the period 1980-90. We shall use an econometric model, and distinguish two stages in the transmission of cost changes to prices. The first is the adjustment of gasoline prices ex-refinery to changes in the price of crude oil, and the second is the adjustment of gasoline price (net of taxes) at the pump to ex-refinery prices. The study of price adjustments to cost changes involves the analysis of two inter-related but different phenomena. The first is the speed of adjustment, defined here as the mean of the length of the time periods required for the transmission of the full effect of an exogenous shock from the independent to the dependent variable of the econometric model used in the analysis. The second relates to possible asymmetries in the response of prices to increases and decreases in costs. Both phenomena are closely related to the structure of the market. The common assumption is that the first is negatively correlated to the degree of competition, and that the second is an indication of the prevailing market structure. The main findings of this paper are as follows: (a) at the refinery level there is only weak evidence of asymmetrical reaction; the average lag in case of crude price increases or decreases is about three months; (b) at the consumers' level, the speed of adjustment was lower when the ex-refinery price was declining than when it was rising; the adjustment lag was about 6.07 months when ex-refinery prices were declining and 5.37 months when they were rising. (author)

  2. Market behavior and performance of different strategy evaluation schemes

    OpenAIRE

    Yongjoo Baek; Sang Hoon Lee; Hawoong Jeong

    2010-01-01

    Strategy evaluation schemes are a crucial factor in any agent-based market model, as they determine the agents' strategy preferences and consequently their behavioral pattern. This study investigates how the strategy evaluation schemes adopted by agents affect their performance in conjunction with the market circumstances. We observe the performance of three strategy evaluation schemes, the history-dependent wealth game, the trend-opposing minority game, and the trend-following majority game,...

  3. MULTIFRACTAL STRUCTURE OF CENTRAL AND EASTERN EUROPEAN FOREIGN EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Cn#259;pun#351;an Rn#259;zvan

    2012-07-01

    Full Text Available It is well known that empirical data coming from financial markets, like stock market indices, commodities, interest rates, traded volumes and foreign exchange rates have a multifractal structure. Multifractals were introduced in the field of economics to surpass the shortcomings of classical models like the fractional Brownian motion or GARCH processes. In this paper we investigate the multifractal behavior of Central and Eastern European foreign exchange rates, namely the Czech koruna, Croatian kuna, Hungarian forint, Polish zlot, Romanian leu and Russian rouble with respect to euro from January 13, 2000 to February 29, 2012. The dynamics of exchange rates is of interest for investors and traders, monetary and fiscal authorities, economic agents or policy makers. The exchange rate movements affect the international balance of payments, trade flows, and allocation of the resources in national and international economy. The empirical results from the multifractal detrending fluctuation analysis algorithm show that the six exchange rate series analysed display significant multifractality. Moreover, generating shuffled and surrogate time series, we analyze the sources of multifractality, long-range correlations and heavy-tailed distributions, and we find that this multifractal behavior can be mainly attributed to the latter. Finally, we propose a foreign exchange market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. The regulators, through policy instruments, aim to improve the informational inefficiency of the markets, to reduce the associated risks and to ensure economic stabilization. Evaluation of the degree of information efficiency of foreign exchange markets, for Central and Eastern Europe countries, is important to assess to what extent these countries are prepared for the transition towards fully monetary integration. The weak form efficiency implies that the past exchange rates cannot help to

  4. Structure of Maiduguri cattle market, Borno State, Nigeria | Bila ...

    African Journals Online (AJOL)

    Market structure is an important factor that influences the performance and efficiency of a market. The study aimed at determining the structure of Maiduguri cattle market. Primary data were collected, from questionnaires randomly administered to the respondents. Descriptive statistics was used to analyse product ...

  5. Has microblogging changed stock market behavior? Evidence from China

    Science.gov (United States)

    Jin, Xi; Shen, Dehua; Zhang, Wei

    2016-06-01

    This paper examines the stock market behavior for a long-lived subset of firms in Shanghai and Shenzhen CSI 300 Index (CSI 300 Index) both before and after the establishment of firms' Microblogging in Sina Weibo. The empirical results show a significant increase in the relative trading volume as well as the decreases in the daily expected stock return and firm-level volatility in the post-Sina Weibo period. These findings suggest that Sina Weibo as an alternative information interaction channel has changed the information environment for individual stock, enhanced the speed of information diffusion and therefore changed the overall stock market behavior.

  6. Assessing market structures in resource markets. An empirical analysis of the market for metallurgical coal using various equilibrium models

    International Nuclear Information System (INIS)

    Lorenczik, Stefan; Panke, Timo

    2015-01-01

    The prevalent market structures found in many resource markets consist of a high concentration on the supply side and a low demand elasticity. Market results are therefore frequently assumed to be an outcome of strategic interaction between producers. Common models to investigate the market outcomes and underlying market structures are games representing competitive markets, strategic Cournot competition and Stackelberg structures taking into account a dominant player acting first followed by one or more followers. Besides analysing a previously neglected scenario of the latter kind, we add to the literature by expanding the application of mathematical models by applying an Equilibrium Problem with Equilibrium Constraints (EPEC), which is used to model multi-leader-follower games, to a spatial market. We apply our model by investigating the prevalent market setting in the international market for metallurgical coal between 2008 and 2010, whose market structure provides arguments for a wide variety of market structures. Using different statistical measures and comparing model with actual market outcomes, we find that two previously neglected settings perform best: First, a setting in which the four largest metallurgical coal exporting firms compete against each other as Stackelberg leaders, while the remainders act as Cournot followers. Second, a setting with BHPB acting as sole Stackelberg leader.

  7. Assessing market structures in resource markets. An empirical analysis of the market for metallurgical coal using various equilibrium models

    Energy Technology Data Exchange (ETDEWEB)

    Lorenczik, Stefan; Panke, Timo [Koeln Univ. (Germany). Inst. of Energy Economics

    2015-05-15

    The prevalent market structures found in many resource markets consist of a high concentration on the supply side and a low demand elasticity. Market results are therefore frequently assumed to be an outcome of strategic interaction between producers. Common models to investigate the market outcomes and underlying market structures are games representing competitive markets, strategic Cournot competition and Stackelberg structures taking into account a dominant player acting first followed by one or more followers. Besides analysing a previously neglected scenario of the latter kind, we add to the literature by expanding the application of mathematical models by applying an Equilibrium Problem with Equilibrium Constraints (EPEC), which is used to model multi-leader-follower games, to a spatial market. We apply our model by investigating the prevalent market setting in the international market for metallurgical coal between 2008 and 2010, whose market structure provides arguments for a wide variety of market structures. Using different statistical measures and comparing model with actual market outcomes, we find that two previously neglected settings perform best: First, a setting in which the four largest metallurgical coal exporting firms compete against each other as Stackelberg leaders, while the remainders act as Cournot followers. Second, a setting with BHPB acting as sole Stackelberg leader.

  8. A Time Series Analysis to Asymmetric Marketing Competition Within a Market Structure

    OpenAIRE

    Francisco F. R. Ramos

    1996-01-01

    As a complementary to the existing studies of competitive market structure analysis, the present paper proposed a time series methodology to provide a more detailed picture of marketing competition in relation to competitive market structure. Two major hypotheses were tested as part of this project. First, it was found that some significant cross- lead and lag effects of marketing variables on sales between brands existed even between differents submarkets. second, it was found that high qual...

  9. Natural gas in the Asian Pacific region: market behavior and the Japanese electricity market

    International Nuclear Information System (INIS)

    Jonsson, Bo

    2001-04-01

    This dissertation consists of four main chapters, all related to the Asian Pacific natural gas market, and the role of the Japanese electricity sector. The natural gas market in Asia Pacific is heavily dependent on the demand from Japan, which imports around 75% of the gas traded as LNG (liquefied natural gas) in the region. The demand for natural gas in Japan is, in turn, almost exclusively driven by the electricity industry that consumes around 70 % of the imported natural gas. On the supply side we find seller concentrations with only six countries exporting LNG in the region. The first main chapter analyzes the market structure of the Asian Pacific natural gas market, the next two relate to the usage of natural gas in the Japanese fossil-fueled electricity production, and the final study investigates the demand for electricity in the residential sector in Japan. The first chapter argues that the buyers in Japan, through cooperation, have the potential to exert the market power that their large market share provides them with. This could be offset by the monopoly power that the six present sellers have. In the chapter four, the solutions for the four imperfect competition cases of, monoposony, monopoly, bilateral monopoly, and the Cournot model are simulated. Neither of the model solutions comes close to both the actual market price, and the actual gas volumes. The model that best mimics the actual price is the bilateral monopoly model, while the monoposony model comes closest to the actual volumes. Giving some mixed evidence of how the Asian LNG market works. Given the indication of market power, the second study analyzes the fossil-fuel mix efficiency in the power sector in Japan. If the power sector is able to exert the alleged market power, it may be the case that they minimize costs according to shadow prices instead of actual market prices. Such behavior could cause the fossil-fuel mix used for power generation to be inefficient. The analysis is based on a

  10. Impact of Market Behavior, Fleet Composition, and Ancillary Services on Revenue Sufficiency

    Energy Technology Data Exchange (ETDEWEB)

    Frew, Bethany [National Renewable Energy Lab. (NREL), Golden, CO (United States); Gallo, Giulia [National Renewable Energy Lab. (NREL), Golden, CO (United States); Brinkman, Gregory [National Renewable Energy Lab. (NREL), Golden, CO (United States); Milligan, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Clark, Kara [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bloom, Aaron [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2016-06-01

    Revenue insufficiency, or the missing money problem, occurs when the revenues that generators earn from the market are not sufficient to cover both fixed and variable costs to remain in the market and/or justify investments in new capacity, which may be needed for reliability. The near-zero marginal cost of variable renewable generators further exacerbates these revenue challenges. Estimating the extent of the missing money problem in current electricity markets is an important, nontrivial task that requires representing both how the power system operates and how market participants behave. This paper explores the missing money problem using a production cost model that represented a simplified version of the Electric Reliability Council of Texas (ERCOT) energy-only market for the years 2012-2014. We evaluate how various market structures -- including market behavior, ancillary services, and changing fleet compositions -- affect net revenues in this ERCOT-like system. In most production cost modeling exercises, resources are assumed to offer their marginal capabilities at marginal costs. Although this assumption is reasonable for feasibility studies and long-term planning, it does not adequately consider the market behaviors that impact revenue sufficiency. In this work, we simulate a limited set of market participant strategic bidding behaviors by means of different sets of markups; these markups are applied to the true production costs of all gas generators, which are the most prominent generators in ERCOT. Results show that markups can help generators increase their net revenues overall, although net revenues may increase or decrease depending on the technology and the year under study. Results also confirm that conventional, variable-cost-based production cost simulations do not capture prices accurately, and this particular feature calls for proxies for strategic behaviors (e.g., markups) and more accurate representations of how electricity markets work. The

  11. 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.

  12. 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.

  13. Financial innovation and bank behavior : Evidence from credit markets

    NARCIS (Netherlands)

    Norden, L.; Silva Buston, C.F.; Wagner, W.B.

    This paper investigates whether, and through which channel, the active use of credit derivatives changes bank behavior in the credit market, and how this channel was affected by the crisis of 2007–2009. Our principal finding is that banks with larger gross positions in credit derivatives charge

  14. Information acquisition and behavioral change: a social marketing application.

    Science.gov (United States)

    Golden, L L; Johnson, K

    1991-01-01

    Previous literature provides insight into the importance of beliefs and other intrapersonal variables for health-related information acquisition and behavioral change. The results of an empirical investigation evidence the unique strength of the role of core health beliefs for each of the multi-level measures. Directions for the development of effective marketing strategy are discussed.

  15. Marketing Journal Coauthorships: An Empirical Analysis of Coauthor Behavior

    Science.gov (United States)

    Brown, Christopher L.; Chan, Kam C.; Lai, Pikki

    2006-01-01

    The objective of this article is to study the bargaining behavior of coauthors in multiauthored marketing papers. The literature argues that the order of author names sends a signal about their relative contribution to the article, and the signal is muted when the names are in alphabetical order. In addition, other things being the same, the…

  16. Essays on Market Microstructure, Behavioral Finance, and Asset Management

    Science.gov (United States)

    Jochec, Marek

    2009-01-01

    This is a study on various aspects of market microstructure, behavioral finance and asset management. In the first chapter we put the PIN variable (Probability of Information-based trading) to test. The PIN variable has been used extensively in the microstructure literature despite the fact that its construction is based on rather strong…

  17. Locally Grown Foods and Farmers Markets: Consumer Attitudes and Behaviors

    Directory of Open Access Journals (Sweden)

    Susan B. Smalley

    2010-03-01

    Full Text Available Farm viability poses a grave challenge to the sustainability of agriculture and food systems: the number of acres in production continues to decline as the majority of farms earn negative net income. Two related and often overlapping marketing strategies, (i locally grown foods and (ii distribution at farmers markets, can directly enhance food system sustainability by improving farm profitability and long-term viability, as well as contributing to an array of ancillary benefits. We present results of a representative Michigan telephone survey, which measured consumers’ perceptions and behaviors around local foods and farmers markets. We discuss the implications of our findings on greater farm profitability. We conclude with suggestions for future research to enhance the contributions of locally grown foods and farmers markets to overall food system sustainability.

  18. Shoppers' perceived embeddedness and its impact on purchasing behavior at an organic farmers' market.

    Science.gov (United States)

    Chen, Weiping; Scott, Steffanie

    2014-12-01

    This study explores the concept of perceived embeddedness (PE) and its impact on purchasing behavior at an organic farmers' market. Based on a review of the prior literature, the study refines the conceptualization and measurement of PE as a second-order factor construct reflected in its three dimensions: perceived social embeddedness, perceived spatial embeddedness, and perceived natural embeddedness. The study also suggests that organic farmers' market shoppers' PE is positively related to the two measures of purchasing behavior: expenditure per visit and repurchase intention. In a sample of 492 organic farmers' market shoppers in Beijing municipality, China, the study find support for the second-order factor structure of PE and the theorized relationship between the shoppers' PE and their purchasing behavior. The study also discusses theoretical and managerial implications of the findings. Copyright © 2014 Elsevier Ltd. All rights reserved.

  19. High Frequency Traders and Market Structure

    NARCIS (Netherlands)

    Menkveld, A.J.

    2014-01-01

    The arrival of high-frequency traders (HFTs) coincided with the entry of new markets and, subsequently, strong fragmentation of the order flow. These trends might be related as new markets serve HFTs who seek low fees and high speed. New markets only thrive on competitive price quotes that

  20. [Social marketing--seduction with the aim of healthy behavior?].

    Science.gov (United States)

    Loss, J; Nagel, E

    2010-01-01

    SOCIAL MARKETING - SEDUCTION WITH THE AIM OF HEALTHY BEHAVIOR? Social marketing is the use of marketing principles to design and implement programs that promote socially beneficial behaviour change. Contrary to the marketing of consumption goods, social marketing does not deal with material products, but with behaviour, e. g. not smoking. This 'product' has a basic benefit (i. e. reduction of health risks in the long run), which is, however, difficult to convey. Therefore, the intended change in behaviour has to be related to a further reward which consists of symbolic goods, e. g. social appreciation or a better body feeling. The communication policy is essential for information on and motivation for the preventive issue. Social marketing campaigns whose development and management follow the principles of classical marketing can render preventive efforts more effective. In addition, social marketing can lead to a better quality management as compared to conventional preventive activities. These advantages can be explained by a) tailoring the campaign more specifically to the target group's needs and motives, b) presenting health risks more convincingly, and c) continuously analysing and evaluating the campaign and its effects. On the other hand, the marketing of preventive aims through mass media can bear several risks, as exemplified by different national and international public health campaigns. The necessity to communicate briefly and succinctly can lead to misleading simplifications and, in case of cancer screening, to the trivialization of a behaviour's consequences and adverse effects. Also, many campaigns do not intend to educate and inform, but try to persuade target persons of a certain behaviour, using emotions such as fear. This has led to social marketing being criticized as manipulation. Sometimes, social marketing campaigns cause stigma and discrimination of certain population subgroups, e. g. obese or HIV-positive people. Health promoters who plan

  1. PATENTS, R&D, AND MARKET STRUCTURE IN THE U.S. FOOD PROCESSING INDUSTRY

    OpenAIRE

    Gopinath, Munisamy; Vasavada, Utpal

    1999-01-01

    This study investigates the effects of market structure and research and development (R&D) on the innovation activities of firms. Fixed and random effects count data models are estimated with firm-level data for the U.S. food processing industry. Results show a positive association between patents and R&D, and patents and market structure, suggesting that firms which exhibit noncompetitive behavior are likely to develop new products and processes. Significant intra-industry spillovers of know...

  2. Structural behavior of cable superconductors

    International Nuclear Information System (INIS)

    Becker, H.; Marston, P.

    1983-01-01

    The structural properties of cable superconductor coils, for particle accelerators such as the Tevatron and the CBA (Colliding Beam Accelerator), depend upon direction of loading. For compression perpendicular to the ''flat faces'' of the conductor, the coils exhibit nonlinear, inelastic and time dependent behavior. The same is true for ''inplane'' compression loading perpendicular to the conductor edges. In the lengthwise direction, the coils display tension and compression stress-strain curves typical of structural metals. The loading of primary concern is compression perpendicular to the conductor faces since deformations in that direction can have a major influence on magnetic field quality. However, the coil behavior under that condition is uncertain because of the nonlinear stress strain curve complicated by creep and relaxation at the stress levels induced by preloading and Lorentz forces. Furthermore, the stiffness of the loading fixture appears to influence the data as shown by results from tests run under different conditions at Berkeley, Brookhaven and MIT. The paper displays test data on stress-strain curves for all three loading directions. Results are presented for RT, 77 K and 4 K behavior. Data of various investigators are compared. The applicability of a relatively simple power law between stress and strain is depicted

  3. Theories of Industrial Organization as Explanations of Experimental Market Behavior

    OpenAIRE

    Plott, Charles R.

    1981-01-01

    The current professional interest in experimental economics seems to stem in part from a recently acquired ability of economists to explore subtle implications of institutional details for market performance. Advances in understanding the role of information in market models suggest the possibility that the contribution of institutions in affecting information patterns and resource allocation can be identified and assessed. Game theory has increasingly focused upon the structure of strategy s...

  4. Theoretical aspects of marketing management of consumer behavior

    Directory of Open Access Journals (Sweden)

    Danilenko Evgen

    2015-11-01

    Full Text Available The essence of consumer behavior finds expression in the actions of people under the influence of environmental factors and internal psychological or physical needs that arise in the process of life and socialization and are accompanied by information search, selection, acquisition, use of goods or services and getting rid of them. The article presents a synthesis of current theoretical terminology provisions on identification and definition of the nature of consumer behavior, allowing to improve conceptual and categorical apparatus by determining definitions of "marketing management", "consumer behavior".

  5. Restructuring in the Electricity Markets and Structural Transformation in Turkish Electricity Market

    Directory of Open Access Journals (Sweden)

    Hakan ÇETİNTAŞ

    2015-07-01

    Full Text Available Electricity markets are changed over from monopolistic to competitive structure. In many countries liberalization process in electricity markets began after 1980. In this study models for restructuring the electricity markets are explained with the natural monopoly and its regulation which is discussed in economic theory over many years. Then structural transformation in Turkish Electricity Market is explained within the legal arrangament framework and in liberalization process of electricity markets current state of Turkey is evaluated. In Turkey, the reform process in electricity market began with the liberalization of production and ıt is contiuned to change the design of the wholesale market. There has been significant progress for energy exchange by the establishment of EPİAŞ with the Electricity Market Law Numbered 6446 in 2013.

  6. Cross-border integration in the European electricity market. Evidence from the pricing behavior of Norwegian and Swiss exporters

    International Nuclear Information System (INIS)

    Balaguer, Jacint

    2011-01-01

    This paper examines the electricity market integration process in two European areas based on the pricing behavior of Norwegian and Swiss exporters. The aim is to gain evidence for the period after the adoption of the 'Second Legislative Package' (2003). The pricing behavior of Norwegian exporters indicates that the wholesale markets for Denmark and Sweden are highly integrated. Moreover, results are fully compatible with the existence of a very competitive marketplace for electricity. This clearly contrasts with the evidence provided by Swiss exporters. In this last case, analysis revealed differences in pricing-to-market behavior between Italy, France and Germany, which indicates that exporters take advantage of international market segmentation and divergences between market structures. This outcome provides a reasonable explanation as to why price differences between countries cannot be fully attributed to transmission costs, as has been claimed in previous research. We also found cross-country convergence in levels of markups and in pricing-to-market behavior of the Swiss exporters for the first part of the period that was analyzed. The evidence is fully consistent with an initial impulse toward market integration originated by reforms implemented at the beginning of the last decade. - Highlights: → We exploit a model based on pricing-to-market behavior. → Price discrimination by Swiss exporters is found. → Nordic electricity markets are found to be already highly integrated. → Market integration was recently improved in continental area. → Results are consistent with reforms under the 'Second Legislative Package'.

  7. Cross-border integration in the European electricity market. Evidence from the pricing behavior of Norwegian and Swiss exporters

    Energy Technology Data Exchange (ETDEWEB)

    Balaguer, Jacint, E-mail: jacint.balaguer@eco.uji.es [Department of Economics, Universitat Jaume I, 12071 Castellon (Spain)

    2011-09-15

    This paper examines the electricity market integration process in two European areas based on the pricing behavior of Norwegian and Swiss exporters. The aim is to gain evidence for the period after the adoption of the 'Second Legislative Package' (2003). The pricing behavior of Norwegian exporters indicates that the wholesale markets for Denmark and Sweden are highly integrated. Moreover, results are fully compatible with the existence of a very competitive marketplace for electricity. This clearly contrasts with the evidence provided by Swiss exporters. In this last case, analysis revealed differences in pricing-to-market behavior between Italy, France and Germany, which indicates that exporters take advantage of international market segmentation and divergences between market structures. This outcome provides a reasonable explanation as to why price differences between countries cannot be fully attributed to transmission costs, as has been claimed in previous research. We also found cross-country convergence in levels of markups and in pricing-to-market behavior of the Swiss exporters for the first part of the period that was analyzed. The evidence is fully consistent with an initial impulse toward market integration originated by reforms implemented at the beginning of the last decade. - Highlights: > We exploit a model based on pricing-to-market behavior. > Price discrimination by Swiss exporters is found. > Nordic electricity markets are found to be already highly integrated. > Market integration was recently improved in continental area. > Results are consistent with reforms under the 'Second Legislative Package'.

  8. Profit Tax Evasion Under Oligopoly With Endogenous Market Structure

    OpenAIRE

    Goerke, Laszlo; Runkel, Marco

    2006-01-01

    This note investigates the impact of profit tax evasion on firms' output decisions in a Cournot oligopoly setting in which the market structure is determined endogenously. It is shown that tax evasion intensifies market entry and raises aggregate output, while production of each incumbent firm decreases. Therefore, tax evasion choices affect activity decisions and an evadable profit tax distorts the market outcome.

  9. Real and financial interacting markets: A behavioral macro-model

    International Nuclear Information System (INIS)

    Naimzada, Ahmad; Pireddu, Marina

    2015-01-01

    Highlights: •We propose a model in which the real sector and the stock market interact. •In the stock market there are optimistic and pessimistic fundamentalists. •We detect the mechanisms through which instabilities get transmitted between markets. •In order to perform such analysis, we introduce the “interaction degree approach”. •We show the effects of increasing the interaction degree between the two markets. -- Abstract: In the present paper we propose a model in which the real side of the economy, described via a Keynesian good market approach, interacts with the stock market with heterogeneous speculators, i.e., optimistic and pessimistic fundamentalists, that respectively overestimate and underestimate the reference value due to a belief bias. Agents may switch between optimism and pessimism according to which behavior is more profitable. To the best of our knowledge, this is the first contribution considering both real and financial interacting markets and an evolutionary selection process for which an analytical study is performed. Indeed, employing analytical and numerical tools, we detect the mechanisms and the channels through which the stability of the isolated real and financial sectors leads to instability for the two interacting markets. In order to perform such analysis, we introduce the “interaction degree approach”, which allows us to study the complete three-dimensional system by decomposing it into two subsystems, i.e., the isolated financial and real markets, easier to analyze, that are then linked through a parameter describing the interaction degree between the two markets. We derive the stability conditions both for the isolated markets and for the whole system with interacting markets. Next, we show how to apply the interaction degree approach to our model. Among the various scenarios we are led to analyze, the most interesting one is that in which the isolated markets are stable, but their interaction is destabilizing

  10. Market performance and bidders' bidding behavior in the New York Transmission Congestion Contract market

    International Nuclear Information System (INIS)

    Zhang, Ning

    2009-01-01

    Using publicly available bidder level bids data for Transmission Congestion Contracts (TCCs) and the realized awards of TCCs in the NYISO monthly reconfiguration auctions from June 2000 to December 2004, we examine both market performance and bidders' bidding behavior in the auctions. The data show significant under-pricing in the realized awards of TCCs. Theories suggest that under-pricing may arise from risk-aversion, monopsonistic market power or winner's curse. Our empirical analysis illustrates that all of the three effects play a role in the NYISO TCCs market. Both market performance and bidders' bidding strategies can be best explained by the theoretical model with asymmetric information and risk-averse bidders. (author)

  11. Effects of Strategies Marketing of Collective Buying about Impulsive Behavior

    Directory of Open Access Journals (Sweden)

    Suzi Elen Ferreira Dias

    2014-08-01

    Full Text Available Brazil has the second largest e-commerce market in the world. One model used in this sector is "collective buying", a feature of which is impulse sales. Consumer behavior can be influenced by several factors, two of which are addressed in this article: the individual impulsivity of consumers and strategies of mix marketing. Impulsive buying is characterized by an unplanned purchase, i.e. the need to acquire the product arises just before the purchase. Consumers respond differently to mixed strategies depending on their degree of impulsivity. Thus, this article aims to analyze the efficacy of different marketing mix strategies for impulsive and non-impulsive consumer purchasing behavior. 137 participants were given a questionnaire containing the Buying Impulsiveness scale from Rook and Fisher (1995, and statements about the marketing strategies used by collective buying sites. Through a regression analysis, three strategies were found to relate more to impulsivity: search for products from well-known brands, search for deals with big discounts and confidence in receiving the product. For e-commerce and researchers, this study elucidates which strategies, from the consumer's perspective, effectively persuade purchasing behavior.

  12. Structure of the poultry meat market in Ukraine

    Directory of Open Access Journals (Sweden)

    Iryna Salkova

    2017-12-01

    Full Text Available The purpose of this paper is to carry out a marketing research of the state and structure of the poultry meat market in Ukraine; to identify the factors that hold back and stimulate the development of the poultry market and potential opportunities for growth. The competitive advantages of producers are determined and the main trends in the poultry meat market are characterized. The balance of supply and demand for meat and meat products in Ukraine has been studied. The Herfindahl-Hirschman index was used to determine the level of competition in the chicken meat market, which showed the disadvantages of competition in the market. The market is monopolistic, which poses a threat to the development of competition. The constraining factors of poultry meat market development are determined. Based on the conducted research, potential opportunities for the development of the industry and the competitiveness of the Ukrainian poultry meat producer in the external and internal market are identified.

  13. The structure and resilience of financial market networks.

    Science.gov (United States)

    Peron, Thomas Kaue Dal'Maso; Costa, Luciano da Fontoura; Rodrigues, Francisco A

    2012-03-01

    Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience.

  14. The structure and resilience of financial market networks

    Science.gov (United States)

    Kauê Dal'Maso Peron, Thomas; da Fontoura Costa, Luciano; Rodrigues, Francisco A.

    2012-03-01

    Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience.

  15. Social marketing of condoms: selling protection and changing behavior.

    Science.gov (United States)

    Townsend, S

    1991-06-01

    Social marketing of condoms in Zaire began in 1987 and sales rose to 8 million in 1990, a notable change from the previous situation where about half a million condoms were distributed by government health clinics only. Social marketing is the use of for-profit sales and marketing techniques for public health problem.s When the Zaire National AIDS Committee initiated social marketing of condoms, with the assistance of Population Services International, they had the experience of successful Asian programs of the 1970s, and the political sanction resulting from the AIDS threat to back them up. Efforts were made to find just the right product name, "Prudence," logo, package, color and slogan by consumer research. Prudence implies responsible behavior, capturing both the AIDS and STD prevention and the family planning markets. Consumers like the package and associate it with quality, since most condoms sold before in Zaire had no special packaging. Distribution outlets include 7000 retail shops, groceries, pharmacies, hotel, social clubs, 300 bars and even Congo River barges which sex workers frequent. The price was set close to that of a pack of gum for 3, or that of a bottle of beer for a dozen. Promotion is limited by a government ban of advertising in mass media, so point of purchase materials, special offers and promotional items are being used. Prudence condoms are now being marketed in Cameroon and Burundi.

  16. CONSUMER BEHAVIOR ON THE FRUITS AND VEGETABLES MARKET

    Directory of Open Access Journals (Sweden)

    Istudor Nicolae

    2011-12-01

    Full Text Available In the past years the intensification of competition has changed the way in which companies communicate with their customers. The main challenge doesn’t represent anymore to create good products but also to be able to sell them. The best marketing strategy of a company can be best developed if the needs and the behavior of the consumer are known. In this paper there are analyzed the results of a research about the behavior of consumer towards fruits and vegetables. The research was done in the period December 2010 – February 2011 on 146 respondents regarding the buying behavior of consumers at retailers. The focus in the research is put on the cognitive and emotional reactions consumers have when they make the buying decision and consisted out of an observation and a survey. In this article there are presented both aspects regarding the observed behavior towards fruits and vegetables and the motives which led to this behavior. Depending on these results, there are presented the implications of this behavior on the marketing strategy of a company.

  17. Structural model for fluctuations in financial markets

    Science.gov (United States)

    Anand, Kartik; Khedair, Jonathan; Kühn, Reimer

    2018-05-01

    In this paper we provide a comprehensive analysis of a structural model for the dynamics of prices of assets traded in a market which takes the form of an interacting generalization of the geometric Brownian motion model. It is formally equivalent to a model describing the stochastic dynamics of a system of analog neurons, which is expected to exhibit glassy properties and thus many metastable states in a large portion of its parameter space. We perform a generating functional analysis, introducing a slow driving of the dynamics to mimic the effect of slowly varying macroeconomic conditions. Distributions of asset returns over various time separations are evaluated analytically and are found to be fat-tailed in a manner broadly in line with empirical observations. Our model also allows us to identify collective, interaction-mediated properties of pricing distributions and it predicts pricing distributions which are significantly broader than their noninteracting counterparts, if interactions between prices in the model contain a ferromagnetic bias. Using simulations, we are able to substantiate one of the main hypotheses underlying the original modeling, viz., that the phenomenon of volatility clustering can be rationalized in terms of an interplay between the dynamics within metastable states and the dynamics of occasional transitions between them.

  18. Models of Customer Behavior as a Basis of Marketing Strategy

    Directory of Open Access Journals (Sweden)

    T A Ivanova

    2012-06-01

    Full Text Available The article is devoted to the analysis of six main models of customer behavior in contemporary society and the specific tasks of marketing departments of companies at today's stage of development. The given models take into consideration: motives for choosing a product, the degree of product awareness and independence of choice, the degree of customer satisfaction with the product, lines and possibilities of making an impact on customer choice through marketing and promotion stimulation. The author believes that these models may serve as a basis in the formation of effective marketing strategies, as they describe the customers in all the stages of their actions in the process of buying products, accumulating and analyzing the experience of using them.

  19. Market structure and price adjustment in the U.S. wholesale gasoline markets

    International Nuclear Information System (INIS)

    Oladunjoye, Olusegun

    2008-01-01

    The issue of sticky prices in U.S. wholesale gasoline market is re-examined allowing for the effect of market structure due to increased market concentration caused by mergers, acquisitions and joint ventures which started in the late 1990s in the U.S. oil industry. I investigate the effects of market structure on the pattern of price adjustment based on the notion that increased market concentration leads to downward price stickiness and asymmetric short run price adjustment in the transmission of crude price changes to wholesale gasoline price. I find that market concentration has an insignificant asymmetric effect on the speed of price adjustment but a significant asymmetric effect on short run price adjustments in the response of wholesale gasoline prices to crude price shocks in three U.S. wholesale markets. Furthermore, the signs on the coefficients of market concentration effects on price dynamics in the models support the assertion that increased market concentration leads to downward price stickiness in only one of the three markets examined. Overall, the results indicate that market structure does not have a strong effect on the dynamics of price adjustment. (author)

  20. Structure And Efficiency Of Timber Markets

    Science.gov (United States)

    Brian C. Murray; Jeffrey P. Prestemon

    2003-01-01

    Perfect competition has long been the standard by which economists have judged the market's ability to achieve an efficient social outcome. The competitive process, unfettered by the imperfections discussed below, forges an outcome in which goods and services are produced at their lowest possible cost, and market equilibrium is achieved at the point at which the...

  1. Determinants of Market Structure and the Airline Industry

    Science.gov (United States)

    Raduchel, W.

    1972-01-01

    The general economic determinants of market structure are outlined with special reference to the airline industry. Included are the following facets: absolute size of firms; distributions of firms by size; concentration; entry barriers; product and service differentiation; diversification; degrees of competition; vertical integration; market boundaries; and economies of scale. Also examined are the static and dynamic properties of market structure in terms of mergers, government policies, and economic growth conditions.

  2. EXPLORATORY FACTOR ANALYSIS (EFA IN CONSUMER BEHAVIOR AND MARKETING RESEARCH

    Directory of Open Access Journals (Sweden)

    Marcos Pascual Soler

    2012-06-01

    Full Text Available Exploratory Factor Analysis (EFA is one of the most widely used statistical procedures in social research. The main objective of this work is to describe the most common practices used by researchers in the consumer behavior and marketing area. Through a literature review methodology the practices of AFE in five consumer behavior and marketing journals(2000-2010 were analyzed. Then, the choices made by the researchers concerning factor model, retention criteria, rotation, factors interpretation and other relevant issues to factor analysis were analized. The results suggest that researchers routinely conduct analyses using such questionable methods. Suggestions for improving the use of factor analysis and the reporting of results are presented and a checklist (Exploratory Factor Analysis Checklist, EFAC is provided to help editors, reviewers, and authors improve reporting exploratory factor analysis.

  3. Creating New Structures for Marketing Firms: An Experimental Conjoint Study

    NARCIS (Netherlands)

    Kalogeras, N.; Lans, van der I.A.C.M.; Pennings, J.M.E.; Dijk, van G.

    2004-01-01

    ABSTRACT As market conditions change rapidly in the 21st century, questions are arising concerning the suitable organizational structures and processes to meet the challenges that these conditions pose. This paper introduces a new model to structure marketing co-operatives (MCs), which is based on

  4. Investors' performance and trading behavior on the Norwegian stock market

    OpenAIRE

    Che, Limei

    2011-01-01

    This dissertation examines investors’ performance and trading behavior on the Norwegian stock market, using a unique and extensive data set of monthly holdings of all the investors. The first paper studies how Norwegian individual investors, financial institutional investors and foreign investors affect stock return volatility and finds surprising and interesting results: domestic individual investors and financial institutional investors dampen stock return volatility, and foreign investors ...

  5. Celebrity Endorsement & Consumer Behavior : Gender Differences as a Marketing Strategy

    OpenAIRE

    Junhem, Sanna; Adolfsson, Sophie

    2017-01-01

    Background - Celebrity endorsement is not a new phenomenon and it can be seen in advertisements around the world. Since the content of an advertisement easily can be screened out, it is important to target the right consumer. There has to be a fit between the consumer, the endorser and the product. Since gender plays a crucial part when understanding consumer behavior, knowledge about gender differences needs to be taken into account when creating a marketing strategy.      Purpose - Consumer...

  6. Retail Market Structure Development in Central Europe

    Directory of Open Access Journals (Sweden)

    Martin Machek

    2012-12-01

    Full Text Available This article is analyzing the trends and development in the retailing sector in Central Europe, namely in the Czech Republic, Hungary, Poland and Slovakia. These markets serve about 63 million inhabitants. The retail industry in Central Europe has changed dramatically in the last two decades, and has become a model for successful transformation of emerging markets. The retail market is highly concentrated and dominated by Western European retail chains. International retail chains are using all formats of modern distribution. This article is focusing on the development of hypermarkets, supermarkets and discount stores. Due to the international retail chains, Central European countries benefit from a dense network of modern shopping places; the intense competition of highly productive retailers contributes to the lower level of inflation rate because of the so-called Wal-Mart Effect. The constant pressure on prices influences the marketing strategies of both retailers and suppliers.

  7. Identifying Selected Behavioral Determinants of Risk and Uncertainty on the Real Estate Market

    Directory of Open Access Journals (Sweden)

    Brzezicka Justyna

    2014-07-01

    Full Text Available Various market behaviors can be characterized as risky or uncertain, thus their observation is important to the real estate market system. The extensive use of behavioral factors facilitates their implementation and studies in relation to the real estate market system. The behavioral approach has established its own instrumentation which enables elements of risk and uncertainty to be quantified.

  8. Marketable Incentive Contracts and Capital Structure Relevance.

    OpenAIRE

    Garvey, Gerald T

    1997-01-01

    This article investigates the claim that debt finance can increase firm value by curtailing managers' access to 'free cash flow.' The author first shows that incentive contracts that tie the managers' pay to stockholder wealth are often a superior solution to the free cash flow problem. He then considers the possibility that the manager can trade on secondary capital markets. Liquid secondary markets are shown to undermine management incentive schemes and, in many cases, to restore the value ...

  9. Agricultural Market Structure, Generic Advertising, and Welfare

    OpenAIRE

    Cardon, James H.; Pope, Rulon D.

    2003-01-01

    This analysis begins with a definition and discussion of productive advertising. Then, following Dixit and Norman, persuasive advertising is used to study the welfare effects of generic advertising by marketing orders. The study first examines horizontal competition when the competing advertiser is a monopoly, and results show that the socially optimal level of advertising for a competitive marketing order is positive only if advertising raises monopoly output. Next, advertising choices of a ...

  10. Study on the Chinese Goods Market Structure and Related Integrated Marketing Strategy

    OpenAIRE

    Qishen Zhou; Mingxing Yang

    2013-01-01

    This study aims to investigate the Chinese goods market structure and related integrated marketing strategy. In recent years, it is becoming more and more popular for Chinese consumers to go on luxury consuming in a variety of large cities in China, showing the increasing demand of luxury for Chinese people possessed relatively high fortune. Further, dozens of international famous luxury brands are pouring into the Chinese market such as LVMH and Gucci, recognizing the huge consumption demand...

  11. Hierarchical structure of stock price fluctuations in financial markets

    International Nuclear Information System (INIS)

    Gao, Ya-Chun; Cai, Shi-Min; Wang, Bing-Hong

    2012-01-01

    The financial market and turbulence have been broadly compared on account of the same quantitative methods and several common stylized facts they share. In this paper, the She–Leveque (SL) hierarchy, proposed to explain the anomalous scaling exponents deviating from Kolmogorov monofractal scaling of the velocity fluctuation in fluid turbulence, is applied to study and quantify the hierarchical structure of stock price fluctuations in financial markets. We therefore observed certain interesting results: (i) the hierarchical structure related to multifractal scaling generally presents in all the stock price fluctuations we investigated. (ii) The quantitatively statistical parameters that describe SL hierarchy are different between developed financial markets and emerging ones, distinctively. (iii) For the high-frequency stock price fluctuation, the hierarchical structure varies with different time periods. All these results provide a novel analogy in turbulence and financial market dynamics and an insight to deeply understand multifractality in financial markets. (paper)

  12. Structure of an urban Christmas tree market

    Science.gov (United States)

    Thomas H. Pendleton; Lawrence D. Garrett; Lawrence D. Garrett

    1973-01-01

    The retail Christmas tree market in Winston-Salem, N.C., was studied 3 years. Types of retailers and their sales are described. Best sales were made by dealers who had lots on heavily traveled streets in business districts, had ample parking facilities, advertised, and displayed their trees well.

  13. Structural Estimation of Stock Market Participation Costs

    DEFF Research Database (Denmark)

    Khorunzhina, Natalia

    2013-01-01

    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 4–6% of labor...

  14. Finding the core : Network structure in interbank markets

    NARCIS (Netherlands)

    in 't Veld, Daan; van Lelyveld, Iman

    2014-01-01

    This paper investigates the network structure of interbank markets. Using a dataset of interbank exposures in the Netherlands, we corroborate the recent hypothesis that the core periphery model is a 'stylised fact' of interbank markets. We find a core of highly connected banks intermediating between

  15. On the Use of Structural Equation Models in Marketing Modeling

    NARCIS (Netherlands)

    Steenkamp, J.E.B.M.; Baumgartner, H.

    2000-01-01

    We reflect on the role of structural equation modeling (SEM) in marketing modeling and managerial decision making. We discuss some benefits provided by SEM and alert marketing modelers to several recent developments in SEM in three areas: measurement analysis, analysis of cross-sectional data, and

  16. Labor Market Structure and Salary Determination among Professional Basketball Players.

    Science.gov (United States)

    Wallace, Michael

    1988-01-01

    The author investigates the labor market structure and determinants of salaries for professional basketball players. An expanded version of the resource perspective is used. A three-tiered model of labor market segmentation is revealed for professional basketball players, but other variables also are important in salary determination. (Author/CH)

  17. Structure of labour market and unemployment in Sudan

    NARCIS (Netherlands)

    Nour, S.

    2014-01-01

    This paper examines the structure of the labour market and unemployment in Sudan. One advantage of our analysis is that we explain several stylized facts on the labour market using new secondary data on population, employment and unemployment based on Sudan Central Bureau of Statistics (2010) the

  18. Horticultural marketing channels in Kenya : structure and development

    NARCIS (Netherlands)

    Dijkstra, T.

    1997-01-01

    This study analyses the structure and development of horticultural marketing channels in Kenya. It is based primarily on a farm survey among some 500 farmers in Nyandarua, Kisii and Taita Taveta Districts and a trade survey of about 750 horticultural traders in 18 different market places.

  19. Market power and price structure in the electricity market; Markedsmakt og prisstruktur i kraftmarkedet

    Energy Technology Data Exchange (ETDEWEB)

    Halseth, Arve

    1998-12-01

    This report evaluates the importance of market power on price formation and price structure in the Norwegian electricity market. A simple oligopoly model is used to show how the equilibrium is affected by demand, distribution of capacity between two major suppliers, and marginal production costs, given that the suppliers do not cooperate. Two important conclusions can be drawn from the calculations: (1) a high concentration on the supply side does not necessarily lead to essential market power, and (2) market power may contribute to increased stability and predictability. The main conclusion is that market power can be positive for society and it is not uniquely associated with a high concentration on the supply side. If emphasis is placed on stability and predictability, market power should not be defined as deviation from prices under free competition but rather should be related to the requirement that the suppliers should not obtain unreasonably high profit with unreasonably little utilization of capacity. 10 refs., 11 figs.

  20. Multifractal structure in Latin-American market indices

    International Nuclear Information System (INIS)

    Zunino, Luciano; Figliola, Alejandra; Tabak, Benjamin M.; Perez, Dario G.; Garavaglia, Mario; Rosso, Osvaldo A.

    2009-01-01

    We study the multifractal nature of daily price and volatility returns of Latin-American stock markets employing the multifractal detrended fluctuation analysis. Comparing with the results obtained for a developed country (US) we conclude that the multifractality degree is higher for emerging markets. Moreover, we propose a stock market inefficiency ranking by considering the multifractality degree as a measure of inefficiency. Finally, we analyze the sources of multifractality quantifying the contributions of two factors, the long-range correlations of the time series and the broad fat-tail distributions. We find that the multifractal structure of Latin-American market indices can be mainly attributed to the latter.

  1. China’s Capital Market: its Structure and Characteristics

    Directory of Open Access Journals (Sweden)

    Ionela Bălțătescu

    2010-10-01

    Full Text Available The purpose of the present article is to briefly overview the main characteristics and structure of China’s capital market. The first part of the paper presents the main stock exchanges, futures exchanges and commodity exchanges of China, securities products available in China, China’s level of domestic market capitalization and other key financial information and statistics regarding China capital market. The second part of the paper contains a short review on the liberalization and reforms of China’s financial market, especially the programs QFII (Qualified Foreign Institutional Investor, QDII (Qualified Domestic Institutional Investor and mini-QFII.

  2. A survey on technical efficiency, marketing and market structure of saffron crop, Iran

    Directory of Open Access Journals (Sweden)

    Mahmoud Shaban

    2014-03-01

    Full Text Available The current study attempted to determine technical efficiency as well as study the marketing and market structure of Saffarn crop in Iran. To access the research goals 140 farms, 25 retailers and 14 wholesalers randomly selected. The necessary data collected through interview and filling questionarie. Apart from this, some agricultural Expert from selected cities of Razavi province have been chosen to interview. To determine the market time-series data for the period of 1995-12 was used. To determine technical efficiency DEA method, to calculate marketing margins Digbi method and to find market structure concentration ratio and Herfindal index were used. The results indicated that, the average technical efficiency was 63.49 and minimum and maximum technical efficiency respectively 19.04 and 100, retailer margin mean of Saffron was more than wholesale margin mean and average marketing cost coefficient of Saffron was about 14.78. It means that, marketing factors share in final price is 14.78. Address to the results the Saffaran’s market structure is oligopoly.

  3. DOES MARKET TIMING DRIVE CAPITAL STRUCTURE? EMPIRICAL EVIDENCE FROM AN EMERGING MARKET

    Directory of Open Access Journals (Sweden)

    Sibel Çelik

    2013-01-01

    Full Text Available The purpose of this study is to test how equity market timing affects capital structure from the perspective of IPO (Initial Public Offering event in ISE for the period between 1999-2008. Our dataset comprises of all firms (75 firms that went public from the period of January 1999 to December 2008 in Turkey that are available in ISE database. We analyse the market timing theory by applying cross sectional regression method. For this purpose, first, we test the impact of market timing on the amount of equity issued by IPO firms. Second we examine the impact of market timing on capital structure. We conclude that market timing theory is not valid for Turkey.

  4. Ownership structure in agrifood chains: the marketing cooperative.

    NARCIS (Netherlands)

    Hendrikse, G.; Bijman, J.

    2002-01-01

    Globalization, technological developments, and consumer concerns press farmers and food producers to enhance product innovation and to seek more efficient production and distribution structures. These changes in agrifood markets shift the relative importance of the investments by different chain

  5. New structures in the European gas market

    International Nuclear Information System (INIS)

    Tangen, Kristian

    1997-01-01

    The aim of this study is to provide a background for assessing elements of change in the European gas market that in the long run may produce new framework conditions for Norwegian gas exports. It will also serve as an empirical basis for further studies. The main question is: What can the extension of the pipeline network and the growing number of actors tell us about future competition in spite of the fact that both Russia, Algeria and Norway have non-contracted capacity in the pipelines they are building. A number of uncertainties make it hard to draw any clear conclusions about a totally different competitive situation than only a few years ago. In the Netherlands groups of former distribution companies are threatening Gasunies' monopoly while Ruhrgas' attempt to expand into Austria may lead to gas to gas competition there. Signs of a similar development are seen in Italy and Spain as well. Increasing competition can be explained partly by the growing number of actors downstream in the gas market - in trade, transmission and among the large consumers, the electricity producers, the consequence of direct volumes and of shorter duration which in itself promotes competition. Several large pipeline projects have been carried through in co-operation between several actors which indicates that new types of projects are being developed in order to reduce risks for each actor. These will be easier to realise in the absence of long-term ''take-or-pay'' contracts at company level, what we may call companies rhetoric and argumentation as a result of comprehensive market positioning. Furthermore it seems likely that a kind of spot market will develop. Even if we can expect that only small volumes will be traded through this channel at first. Such a development may have considerable influence on prices in the long run. 5 tabs, 29 refs

  6. Essential Facility Financing and Market Structure

    OpenAIRE

    Caillaud, Bernard; Tirole, Jean

    2004-01-01

    The Paper analyses the funding of an infrastructure project (high speed train line, platform, tunnel, harbor, regional airport, fibre-to-the-home network, etc.) in a situation in which an incumbent operator has private information about market profitability (demand, cost) and the infrastructure owner is subject to a budget constraint, either on a per project basis or over the entire infrastructure. An open access policy raises welfare, but may make the project non-viable since funding must be...

  7. Exploratory market structure analysis. Topology-sensitive methodology.

    OpenAIRE

    Mazanec, Josef

    1999-01-01

    Given the recent abundance of brand choice data from scanner panels market researchers have neglected the measurement and analysis of perceptions. Heterogeneity of perceptions is still a largely unexplored issue in market structure and segmentation studies. Over the last decade various parametric approaches toward modelling segmented perception-preference structures such as combined MDS and Latent Class procedures have been introduced. These methods, however, are not taylored for qualitative ...

  8. Market Structure in the Context of Developing Competitive Strategy

    OpenAIRE

    Algirdas Krivka; Romualdas Ginevičius

    2011-01-01

    The abstract deals with the application of positioning strategies under the conditions of classical market structures. It is discovered that the assumptions of pure competition leave no space for M. Porter’s generic cost leadership and differentiation strategies to be applied. The enterprise’s actions, influencing five competitive forces and implementing generic strategies, are reasonable under the conditions of imperfect competition market structures. The game theory models, applied to oligo...

  9. Durability of capital goods: taxes and market structure

    Energy Technology Data Exchange (ETDEWEB)

    Raviv, A [Carnegie-Mellon Univ., Pittsburgh; Zemel, E

    1977-04-01

    This paper examines the durability of capital goods produced under different market structures when tax considerations are included. Since investment tax credit and depreciation allowances are realized by the owner of the durable good, the durability of products produced by an industry which sells its output differs from that of an industry which rents. For each of these two commercial forms, both monopolistic and competitive market structure are considered. Potential gains from different forms of regulation are discussed.

  10. An Analysis Of Manufacturing Market Structure In North Sumatra Province

    OpenAIRE

    Rasidin Karo-Karo Sitepu; Muhammad Asaad

    2011-01-01

    This study aims to analyze market structure and manufacturing industry performance on the economy of North Sumatra. The analysis uses two approaches, namely SCP analysis and econometric model. The data used is the Survey of Large Medium 2005-2009. The result shows that the structure of the industry is more dominant, including tight oligopoly, only small parts which belong to loose oligopoly and oligopoly markets. Some industries which have important roles for the economy are the palm oil indu...

  11. Financial crisis and market risk premium: Identifying multiple structural changes

    Directory of Open Access Journals (Sweden)

    Juan J. García-Machado

    2011-03-01

    Full Text Available The relationship between macroeconomic variables and stock market returns is, by now, well-documented in the literature. However, in this article we examine the long-run relationship between stock and bond markets returns over the period from 1991:11 to 2009:11, using Bai and Perron’s multiple structural change approach. Findings indicate that while the market risk premium is usually positive, periods with negative values appear only in three periods (1991:1-1993:2, 1998:3-2002:2 and from 2007:1-2009:11 leading to changes in the GDP evolution. Thereby, the study shows the presence of structural breaks in the Spanish market risk premium and its relationship with business cycle. These findings contribute to a better understanding of close linkages between the financial markets and the macroeconomic variables such as GDP. Implications of the study and suggestions for future research are provided.

  12. Stock Portfolio Structure of Individual Investors Infers Future Trading Behavior

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics. PMID:25068302

  13. Stock portfolio structure of individual investors infers future trading behavior.

    Science.gov (United States)

    Bohlin, Ludvig; Rosvall, Martin

    2014-01-01

    Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

  14. Stock portfolio structure of individual investors infers future trading behavior.

    Directory of Open Access Journals (Sweden)

    Ludvig Bohlin

    Full Text Available Although the understanding of and motivation behind individual trading behavior is an important puzzle in finance, little is known about the connection between an investor's portfolio structure and her trading behavior in practice. In this paper, we investigate the relation between what stocks investors hold, and what stocks they buy, and show that investors with similar portfolio structures to a great extent trade in a similar way. With data from the central register of shareholdings in Sweden, we model the market in a similarity network, by considering investors as nodes, connected with links representing portfolio similarity. From the network, we find investor groups that not only identify different investment strategies, but also represent individual investors trading in a similar way. These findings suggest that the stock portfolios of investors hold meaningful information, which could be used to earn a better understanding of stock market dynamics.

  15. Profile and behavior of flower consumer: subsidies for marketing actions

    Directory of Open Access Journals (Sweden)

    Adilson Anacleto

    Full Text Available ABSTRACT The growth of per capita consumption of flowers in Brazil is still low when compared with other countries. Among several factors that may be linked to this growth gap, the establishment of few or ineffective marketing strategies was cited. In this context, we present the results of the profile and behavior of flower consumer, aiming to subsidize marketing actions for the retail segment of flower supply chain. The study was conducted through interviews with 300 people of both genders at the moment they were buying flowers at 22 flower shops in the Paraná coast. This region was selected due to its potential for flower production and commercialization, which is similar to other Brazilian regions and other countries where the flower market has economic relevance. The female gender was identified as the major consumer (n = 62.7%, with tendency of increase in consumption as education level advanced (Spearman correlation coefficient, p < 0.05 = for own use r = 0.122; p = 0.039; for gift r = 0.174; p = 0.003. The acquisition average of 4.4 ± 1.9 times per year was registered, with preferential consumption of orchids (n = 36.3% for own use and roses (n = 86.7%, for gift. The flower retail trade did not meet the expectations of consumers, especially in relation to price, promotions, and production quality. The male gender and the elderly consumer class may represent important alternatives to increase the current consumption of flowers.

  16. Tax evasion under behavioral structures

    Directory of Open Access Journals (Sweden)

    Gabriela S. Pantoja

    2014-01-01

    Full Text Available We study the strategic interactions between the fiscal authority and the taxpayer regarding tax evasion and auditing. We fit this interaction into a Bayesian game and introduce the concept of behavioral consistency, which helps reducing the number of available strategies and models the stylized fact according to which the choice to evade is subject to behavioral patterns.

  17. Establishing a Relationship between Behavior Change Theory and Social Marketing: Implications for Health Education.

    Science.gov (United States)

    Thackeray, Rosemary; Neiger, Brad L.

    2000-01-01

    Describes relationships between behavior change theory and social marketing practice, noting challenges in making behavior change theory an important component of social marketing and proposing that social marketing is the framework to which theory can be applied, creating theory-driven, consumer-focused, more effective health education programs.…

  18. Competition as an Effective Tool in Developing Social Marketing Programs: Driving Behavior Change through Online Activities

    Directory of Open Access Journals (Sweden)

    Corina ŞERBAN

    2011-12-01

    Full Text Available Nowadays, social marketing practices represent an important part of people’s lives. Consumers’ understanding of the need for change has become the top priority for social organizations worldwide. As a result, the number of social marketing programs has increased, making people reflect more on their behaviors and on the need to take action. Competition in social marketing can bring many benefits. The more programs initiated, the more people will start to involve in society’s problems, hereby contributing to beneficial causes. However, social organizations are in the search for competitive advantages to differentiate them on the market. This paper aims to present the role of online communication in driving competitive advantage for social organizations. Using the structural equation model, the paper describes the relations between four characteristics of the online communication: credibility, attractiveness, persuasion and promotion and then presents the correlations between these variables and website competitiveness. The resulting model shows that owning a competitive advantage in social marketing can bring many advantages to both the non-profit organization and the consumer. Therefore, the online environment can be considered a good solution for better serving consumers’ social needs. Its contribution is significant especially in programs for children and adolescents, since teenagers spend more time on the Internet than adults and are more open to using the online channels of communication. In conclusion, this article opens new opportunities for social marketers to address society’s problems and supports the integration of the online communication tools in the competition strategy.

  19. Portfolio selection between rational and behavioral theories emergent markets case

    Directory of Open Access Journals (Sweden)

    Bouri Abdelfatteh

    2012-08-01

    Full Text Available The aim of this paper is to explore the determinants of Portfolio Choice under the investors, professionals and academics’ perception. We introduce an approach based on cognitive mapping technique with a series of semi-directive interviews. Among a sample of 30 Tunisian individuals, we propose tow different frameworks: a mean-variance framework and a behavioral framework. Each framework is oriented to capture the effect of some concepts as proposed by the mean-variance portfolio theory and the behavioral portfolio theory on the portfolio choice decision. The originality of this research paper is guaranteed since it traits the behavioral portfolio choice in emergent markets. In the best of our knowledge this is the first study in the Tunisian context that explores such area of research. Ours results show that the Tunisian investors behave as it prescribed by the behavioral portfolio theory. They use some concepts proposed by the rational mean-variance theory of portfolio choice but they are affected by their emotions and some others cognitive bias when constructing and managing they portfolio of assets.

  20. Competition and network expansion in the electricity market: an analysis of producers' strategic behavior

    International Nuclear Information System (INIS)

    Fumagalli, Elena; Garrone, Paola; Internullo, Marco

    2006-01-01

    Expansion of the transmission capacity is ODe of the most efficient means of enhancing competition in electricity markets. The issue is extremely relevant far the Italian electricity market, where competition in generation has not Jet been achieved. In order to study the effects on competition of a network expansion project, a description of the influence of transmission constraints on the strategic behavior of generators is necessary. The problem was addressed in the literature far a limited number only of simplified models. This work presents an original methodology (MIXEL), based on non-cooperative game theory, far the study of a rather broad set of electricity market models. The case study illustrated in this article, shows that the effects on competition of an expansion of the network is not always positive (or as positive) as expected, given the cases illustrated in the literature. The effects on competition vary with the market structure, the ratio between demand and supply and, above all, the size of the transmission capacity expansion. For these reasons, policy provisions mandating or encouraging expansion of the transmission system with the objective of promoting competition, should take into careful consideration the underlying market structure; in a similar way, provision encouraging divestiture of generation capacity should take into account the effects of the network [it

  1. Structural analysis of oligopoly market based on the reflective game model by the example of telecommunication market in Russia

    Directory of Open Access Journals (Sweden)

    Inna A. Biryukova

    2017-12-01

    Full Text Available Objective to analyze the possible structures of the oligopoly market distribution by the example of telecommunication industry in terms of the agentsrsquo reflexive behavior. nbsp Methods game theory economicmathematical modeling. Results the article states that one of the first objects in the game theory is an oligopoly market. Based on the analysis of game theory studies it was found that there is a need to achieve information equilibrium in reflexive games of three agents in the oligopoly market. To solve this problem we analyzed all possible representations of the agents leading to the set of games in the Russian telecommunications market for three agents OJSC ldquoMTSrdquo OJSC ldquoMegafonrdquo and OJSC ldquoVympelcomrdquo. Three reflection grades were studied 1 representations of the agent about other agents 2 representations of the agentrsquos perception of other agents about it and 3 representations of the agent about what its competitors think about the first agentrsquos opinion about the other two. As a result the general patterns were revealed of the expressions of conjectural variations in each case it was proved that further detailing of the reflection is not needed. As a result of calculations the models of informational equilibriums of the Russian telecommunication market were constructed for that the averaged values of the demand and cost functions parameters functions of cellular communication operators were taken. It was also revealed that in 2015 the actual telecommunication market in the Russian Federation qualitatively i.e. by the ratio of market shares was close to equilibrium on condition of first rank reflexive behavior for the case when the market leader OJSC ldquoMTSrdquo represents its counterparties ndash OJSC ldquoMegafonrdquo and OJSC ldquoVympelcomrdquo ndash as the driven agents. Scientific novelty the analytical expressions for the information equilibrium parameters issues and profits of the agents aggregate

  2. Identifying the structure of group correlation in the Korean financial market

    Science.gov (United States)

    Ahn, Sanghyun; Choi, Jaewon; Lim, Gyuchang; Cha, Kil Young; Kim, Sooyong; Kim, Kyungsik

    2011-06-01

    We investigate the structure of the cross-correlation in the Korean stock market. We analyze daily cross-correlations between price fluctuations of 586 different Korean stock entities for the 6-year time period from 2003 to 2008. The main purpose is to investigate the structure of group correlation and its stability by undressing the market-wide effect using the Markowitz multi-factor model and the network-based approach. We find the explicit list of significant firms in the few largest eigenvectors from the undressed correlation matrix. We also observe that each contributor is involved in the same business sectors. The structure of group correlation can not remain constant during each 1-year time period with different starting points, whereas only two largest eigenvectors are stable for 6 years 8-9 eigenvectors remain stable for half-year. The structure of group correlation in the Korean financial market is disturbed during a sufficiently short time period even though the group correlation exists as an ensemble for the 6-year time period in the evolution of the system. We verify the structure of group correlation by applying a network-based approach. In addition, we examine relations between market capitalization and businesses. The Korean stock market shows a different behavior compared to mature markets, implying that the KOSPI is a target for short-positioned investors.

  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. 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

  5. Organizational Structure and Teacher Behavior.

    Science.gov (United States)

    Miklos, Erwin

    Two major approaches to the analysis of the organizational structure of schools are described. The rational approach focuses on characteristics that are bureaucratic and relate to the hierarchical exercise of authority. The natural-system approach focuses on the social structure and attempts to identify the power structure through analyses of…

  6. How market structure drives commodity prices

    Science.gov (United States)

    Li, Bin; Wong, K. Y. Michael; Chan, Amos H. M.; So, Tsz Yan; Heimonen, Hermanni; Wei, Junyi; Saad, David

    2017-11-01

    We introduce an agent-based model, in which agents set their prices to maximize profit. At steady state the market self-organizes into three groups: excess producers, consumers and balanced agents, with prices determined by their own resource level and a couple of macroscopic parameters that emerge naturally from the analysis, akin to mean-field parameters in statistical mechanics. When resources are scarce prices rise sharply below a turning point that marks the disappearance of excess producers. To compare the model with real empirical data, we study the relationship between commodity prices and stock-to-use ratios in a range of commodities such as agricultural products and metals. By introducing an elasticity parameter to mitigate noise and long-term changes in commodities data, we confirm the trend of rising prices, provide evidence for turning points, and indicate yield points for less essential commodities.

  7. Labor market modeling recognizing latent job attributes and opportunity constraints : an empirical analysis of labor market behavior of Eritrean women

    OpenAIRE

    Arneberg, Marie W.; Dagsvik, John K.; Jia, Zhiyang

    2002-01-01

    Abstract: This paper analyzes labor market behavior of urban Eritrean women with particular reference to the impact of education, earnings and labor market opportunities. Unlike traditional models of labor supply, which assume that work can be supplied freely in the labor market, we develop a framework that explicitly takes into account the notion of job opportunities and observable sets of feasible jobs. The framework is formulated within a random utility setting in which unob...

  8. Does pop music exist? Hierarchical structure in phonographic markets

    Science.gov (United States)

    Buda, Andrzej

    2012-11-01

    I find a topological arrangement of assets traded in phonographic markets which has associated a meaningful economic taxonomy. I continue using the Minimal Spanning Tree and the correlations between assets, but now outside the stock markets. This is the first attempt to use these methods on phonographic markets where we have artists instead of stocks. The value of an artist is defined by record sales. The graph is obtained starting from the matrix of correlation coefficients computed between the world’s most popular 30 artists by considering the synchronous time evolution of the difference of the logarithm of weekly record sales. This method provides the hierarchical structure of the phonographic market and information on which music genre is meaningful according to customers. Statistical properties (including the Hurst exponent) of weekly record sales in the phonographic market are also discussed.

  9. Investigating Food and Beverage Industry Market Structure and Market Power Based on Leo and Bresnahan’s Approach

    Directory of Open Access Journals (Sweden)

    M. Nabishahikitash

    2016-03-01

    lower quantity of demand. The decrease in supply as a result of the exercise of market power creates an economic deadweight loss which is often viewed as socially undesirable. As a result, many countries have anti-trustor other legislation to limit the ability of firms to create market power. Such legislation often regulates mergers and sometimes introduces a judicial power to compel divestiture. A firm usually has market power by virtue of controlling a large portion of the market. In extreme cases—monopoly and monopsony—the firm controls the entire market. However, market size alone is not the only indicator of market power. Highly concentrated markets may be contestable if there are no barriers to entry or exit, limiting the incumbent firm's ability to raise its price above competitive levels. Market power gives firms the ability to engage in unilateral anti-competitive behavior.[1] Some of the behaviors that firms with market power are accused of engaging in include predatory pricing, product tying, and creation of overcapacity or other barriers to entry. If no individual participant in the market has significant market power, then anti-competitive behavior can take place only through collusion, or the exercise of a group of participants' collective market power. The Lerner index and Herfindahl index may be used to measure market power. Examination of market power of different industries provides possibility that policymakers design and deliver model for processing food and beverage producers to guide them to the product that has the most social benefits. Materials and Methods: The main purpose of this study is to assess and identify market structure and market power and estimate coefficient of collusion in the food and beverage industry. Estimates of market power in the food and beverage industry in Iran are few when compared with similar studies overseas. For local studies we can cite papers such as Alijani&Sabuhi (4, Sheikh zeinodin&Bakhshude (3

  10. ORGANIC PRODUCTS, CONSUMER BEHAVIOR ON MARKET AND EUROPEAN ORGANIC PRODUCT MARKET SITUATION

    Directory of Open Access Journals (Sweden)

    Marcela Chreneková

    2011-07-01

    Full Text Available Normal 0 21 false false false MicrosoftInternetExplorer4 The market of organic products around the world increased its volume in Central and Eastern Europe with organic food market has a number of shared features, which include the relatively low demand for organic food, low share of regular customers, the problems of producers marketing, the lack of enterprises which process organic products. Consumer behavior purchasing organic foods is influenced by several factors, among which is dominated consumer personality, income, finances and lifestyle, as well as psychological factors such as perception, motivation, learning, cognition and attitudes. Cultural and social factors in consumer behavior exhibit a lesser degree. Organic fruit and organic vegetables quality is generally higher for content of biologically active substances such as vitamins, polyphenols and flavonoids. The content of pesticide residues in organic food is significantly lower than conventional production. Regular monitoring of chemical and microbiological safety of organic products already in the primary production occurring in the raw state and after working in various sectors of food, an intensification of awareness raising and targeted increased support for organic agriculture. Multifunctional sector and increased support for family farms oriented for sectors with higher added value than the home sale, production processing on the farm and so on. By support of the sale of high quality domestic production by the state will be possible to persuade more people to personal health status and greater consumption of organic food  affects the health and prevent the occurrence of various diseases.doi:10.5219/96  

  11. Structural changes, market concentration and vertical integration: would they lead to more stable markets

    International Nuclear Information System (INIS)

    Tahmassebi, H.

    1991-01-01

    This communication is concerned with three major developments that are likely to have significant impact on the future structure of world oil markets: oil company mergers and acquisitions, shift of exploration and production activity from the United States to overseas, and joint venture agreements between producing countries and oil companies aimed at further downstream integration by OPEC. The last two developments are likely to contribute substantially to price and market stability in the future

  12. Structural changes, market concentration and vertical integration: would they lead to more stable markets

    Energy Technology Data Exchange (ETDEWEB)

    Tahmassebi, H.

    This communication is concerned with three major developments that are likely to have significant impact on the future structure of world oil markets: oil company mergers and acquisitions, shift of exploration and production activity from the United States to overseas, and joint venture agreements between producing countries and oil companies aimed at further downstream integration by OPEC. The last two developments are likely to contribute substantially to price and market stability in the future.

  13. Mediating and Marketing Factors Influence the Prescription Behavior of Physicians: An Empirical Investigation

    Directory of Open Access Journals (Sweden)

    Rizwan Raheem Ahmed

    2016-02-01

    Full Text Available The authors present general review of the literature and the results of an empirical research on the subject. A cross-sectional questionnaire-based survey was conducted, being answered by 350 respondents: mix of graduate and post graduate doctors of private and public hospitals of Karachi City, and pharmaceutical personnel (mix of sales and marketing of national and multinational pharmaceutical companies operating in Pakistan. To test hypothesis, structural equation modelling (SEM was employed using AMOS 7 software package. As data are normally distributed, maximum likelihood method of estimation was used. Factorial ANOVA also enables us to examine the interaction effect between the factors. The results from factorial ANOVA test all the hypotheses of model, and results were declared significant at p <0.05. Findings are interesting as they establish association between variables (scientific literatures, promotional material, regular follow up, CMEs & conferences, personalized activities and prescription behavior of doctors mediated by strong phenomenon of medical representative PR and brand image of a company/product in changing the prescription behavior of doctors. Based on the results of this study, the pharmaceutical companies can device better marketing strategies keeping in view of these mediating effects. The article presents only two mediating and five marketing factors, whereas, more marketing and mediating variables can be added and tested, so, in future this gape can be overcome by other researchers. Moreover, a larger sample size could be applied and the scope of study can be enhanced.

  14. A Good Beginning Makes a Good Market: The Effect of Different Market Opening Structures on Market Quality

    Science.gov (United States)

    Hinterleitner, Gernot; Leopold-Wildburger, Ulrike

    2015-01-01

    This paper deals with the market structure at the opening of the trading day and its influence on subsequent trading. We compare a single continuous double auction and two complement markets with different call auction designs as opening mechanisms in a unified experimental framework. The call auctions differ with respect to their levels of transparency. We find that a call auction not only improves market efficiency and liquidity at the beginning of the trading day when compared to the stand-alone continuous double auction, but also causes positive spillover effects on subsequent trading. Concerning the design of the opening call auction, we find no significant differences between the transparent and nontransparent specification with respect to opening prices and liquidity. In the course of subsequent continuous trading, however, market quality is slightly higher after a nontransparent call auction. PMID:26351653

  15. Research on market power and market structure: A direct measure of market power of internet platform enterprises

    Directory of Open Access Journals (Sweden)

    Baowen Sun

    2017-09-01

    Full Text Available Purpose – This paper aims to clear whether the monopoly structure of the internet industry has produced market power and discussed the welfare change of the internet industry monopoly. Design/methodology/approach – By using new empirical industrial organization methods and taking the e-commerce market as an example, the authors measured market power and economies of scale of the internet platform companies. Findings – Internet platform enterprises have formed scale economy, but it has not had market power, and the industry still maintains high levels of competition; also, the emergence of large enterprises may increase the welfare of consumers. Originality/value – The conclusion of this paper clarified actual competition status of internet industry and provided a new foothold for regulation and ideas for the traditional industry to crack the Marshall Conflict.

  16. The structure of a market containing boundedly rational firms

    Science.gov (United States)

    Ibrahim, Adyda; Zura, Nerda; Saaban, Azizan

    2017-11-01

    The structure of a market is determined by the number of active firms in it. Over time, this number is affected by the exit of existing firms, called incumbents, and entries of new firms, called entrant. In this paper, we considered a market governed by the Cobb-Douglas utility function such that the demand function is isoelastic. Each firm is assumed to produce a single homogenous product under a constant unit cost. Furthermore, firms are assumed to be boundedly rational in adjusting their outputs at each period. A firm is considered to exit the market if its output is negative. In this paper, the market is assumed to have zero barrier-to-entry. Therefore, the exiting firm can reenter the market if its output is positive again, and new firms can enter the market easily. Based on these assumptions and rules, a mathematical model was developed and numerical simulations were run using Matlab. By setting certain values for the parameters in the model, initial numerical simulations showed that in the long run, the number of firms that manages to survive the market varies between zero to 30. This initial result is consistent with the idea that a zero barrier-to-entry may produce a perfectly competitive market.

  17. Rekonsiliasi Perseteruan antara Efficient Market Hypothesis dan Behavioral Finance melalui Perspektif Neuroeconomics

    Directory of Open Access Journals (Sweden)

    Satia Nur Maharani

    2014-08-01

    Full Text Available Behavioral finance evaluation on Efficient Market Hypothesis causes debates among scientists supporting both theories. This article describes a comprehensive debate between rational behavior perspective on the Efficient Market Hypothesis with irrational behavior on behavioral finance, and how neuroeconomics shed some light on these two perspectives. This article gives a wider range of colors to represent investors behavior that is very complex, and encourage the growth of new generations of related theory of capital markets through interdisciplinary collaboration. Findings indicated that neuroeconomics perspective identified economic behavior through psychological functions.

  18. Market size and vertical structure in the rail way industry

    OpenAIRE

    Matsushima, Noriaki; Mizutani, Fumitoshi

    2011-01-01

    We provide a theoretical framework to discuss the relation between market size and vertical structure in the railway industry. The framework is based on a simple downstream monopoly model with two input suppliers, labor forces and the rail infrastructure firm. The operation of the downstream firm (i.e., the train operating firm) generates costs on the rail infrastructure firm. We show that the downstream firm with a larger market size is more likely to integrate with the rail infrastructure f...

  19. Measuring capital market efficiency: Global and local correlations structure

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Vošvrda, Miloslav

    2013-01-01

    Roč. 392, č. 1 (2013), s. 184-193 ISSN 0378-4371 R&D Projects: GA ČR(CZ) GBP402/12/G097 Institutional support: RVO:67985556 Keywords : Capital market efficiency * Fractal dimension * Long-range dependence * Short-range dependence Subject RIV: AH - Economics Impact factor: 1.722, year: 2013 http://library.utia.cas.cz/separaty/2012/E/kristoufek-measuring capital market efficiency global and local correlations structure.pdf

  20. THE CONCEPT AND ESSENCE, THE STRUCTURE OF REAL ESTATE MARKET

    Directory of Open Access Journals (Sweden)

    Edgar V. Hovsepyan

    2015-01-01

    Full Text Available With the help of the international research literature, and the legislative framework of the Russian Federation and the Republic of Armenia in the article reveals the basic concepts and the essence of the real estate market, as well as given the classification of real estate. Thoroughly explains the difference between the concepts of "real estate" and "real property". In the article considered the main elements which includes the structure of the real estate market.

  1. Entry Regulations, Product Differentiation and Determinants of Market Structure

    OpenAIRE

    Maican, Florin; Orth, ´Matilda

    2013-01-01

    We use a dynamic oligopoly model of entry and exit to evaluate how entry regulations affect profitability and market structure in retail. The model incorporates demand and store-level heterogeneity. Based on unique data for all retail food stores in Sweden, we find that the average entry costs for small and large stores are 10 and 18 percent lower, respectively, in markets with liberal compared with restrictive regulations. Counterfactual simulations show that lower entry costs in restrictive...

  2. 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.

  3. AN ANALYSIS OF MANUFACTURING MARKET STRUCTURE IN NORTH SUMATRA PROVINCE

    Directory of Open Access Journals (Sweden)

    Muhammad Asaad

    2013-04-01

    Full Text Available This study aims to analyze market structure and manufacturing industry performance on the economy of North Sumatra. The analysis uses two approaches, namely SCP analysis and econometric model. The data used is the Survey of Large Medium 2005-2009. The result shows that the structure of the industry is more dominant, including tight oligopoly, only small parts which belong to loose oligopoly and oligopoly markets. Some industries which have important roles for the economy are the palm oil industry, food and beverage industry, rubber industry and rubber products, and iron and steel basic industries, and basic non-ferrous metals.Keywords: market structure, industry performance, manufacturing industry, local economyJEL classification numbers: L10, L20, L60

  4. LENDING STRUCTURE AND MARKET RISK EXPOSURES: THE MALAYSIAN CASE

    Directory of Open Access Journals (Sweden)

    Aisyah Abdul Rahman

    2009-01-01

    Full Text Available This study addresses the linkages between lending structure and market risk exposure. The influence of lending structure is analysed by four measures: the real estate lending, the specialisation index, the short-term lending stability, and the medium-term lending stability. Our findings show that lending structure to some extent affects the market risk exposure to some extend. At the same time, listed bank holding companies showed higher levels of market risk during and after the 1997 Asian financial crisis. Meanwhile, the desired effect of bank mergers in terms of reducing market risk exposure did not materialise in this study. Thus, the findings of this study posits at least two implications; (1 policy makers should react accordingly in the decision-making process towards achieving the expected result of the monetary policy transmission mechanism, and (2 banks and investors should account the impact of lending structures in addition to the significance effect of loan expansion and management efficiency when determining market risk exposure of bank holding companies.

  5. Pricing behavior of USA exporter in wheat international market

    Science.gov (United States)

    Wibowo, R. P.; Sumono; Iddrisu, Y.; Darus, M.; Sihombing, L. P.; Jufri

    2018-02-01

    The number of wheat producing countries is changing over time. It is expected the change in wheat supply will lead world wheat market become more competitive and reduce market power of major exporter country. This paper tries to identify and examined the degree of market power on wheat international market for USA by using the Pricing to Market (PTM) method. USA is the biggest producer and exporter in wheat market. The PTM method found that USA impose noncompetitive strategy by applying price discrimination and apply market power to their importer country.

  6. 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.

  7. The Impact of Ethno Marketing Activities on Consumer Buying Behavior in the Balkans: The Case of Kosovo

    Directory of Open Access Journals (Sweden)

    Dr.Sc. Jusuf Zeqiri

    2016-01-01

    Full Text Available Ethno marketing defines as marketing segmentation approach that groups consumers on the basis of ethnicity. Ethno marketing starts with recognizing the elements of culture as crucial and essential for driving contemporary marketing strategies. Ethno marketing is slowly gaining traction in marketing in multicultural environments, particularly in countries or regions inhabited by consumers from different ethnic backgrounds. This study aims to find whether such marketing activities based on cultural elements practice has any effect on consumers’ buying behavior in the Balkans.  It focuses on consumers in Kosova with the understanding that this is a preliminary exploratory study whose results will form basis for a large study on the Balkan region. The study used a structured questionnaire with the Likert Scale. One hundred, forty-eight responses were received and analyzed using the SPSS statistical software. The results of the analysis show that Albanian consumers in Kosova agree that ethno marketing is important and company marketing activities such as a company’s advertisement and promotion in the language of the ethnic is considered very important during consumers purchase decisions. Furthermore, results reveal that symbols, cultural elements as well as the information dissemination inside the stores and outside seem to be very important for consumers. On the basis of this study, a larger study that covers the different countries in the Balkan region to determine how consumers in the different countries in the region relate to ethno marketing is strongly recommended.

  8. Novel indexes based on network structure to indicate financial market

    Science.gov (United States)

    Zhong, Tao; Peng, Qinke; Wang, Xiao; Zhang, Jing

    2016-02-01

    There have been various achievements to understand and to analyze the financial market by complex network model. However, current studies analyze the financial network model but seldom present quantified indexes to indicate or forecast the price action of market. In this paper, the stock market is modeled as a dynamic network, in which the vertices refer to listed companies and edges refer to their rank-based correlation based on price series. Characteristics of the network are analyzed and then novel indexes are introduced into market analysis, which are calculated from maximum and fully-connected subnets. The indexes are compared with existing ones and the results confirm that our indexes perform better to indicate the daily trend of market composite index in advance. Via investment simulation, the performance of our indexes is analyzed in detail. The results indicate that the dynamic complex network model could not only serve as a structural description of the financial market, but also work to predict the market and guide investment by indexes.

  9. ANOVA IN MARKETING RESEARCH OF CONSUMER BEHAVIOR OF DIFFERENT CATEGORIES IN GEORGIAN MARKET

    Directory of Open Access Journals (Sweden)

    NUGZAR TODUA

    2015-03-01

    Full Text Available Consumer behavior research was conducted on bank services and (non-alcohol soft drinks. Based on four different currencies and ten services there are analyses made on bank clients’ distribution by bank services and currencies, percentage distribution by bank services, percentage distribution of bank services by currencies. Similar results are also received in case of ten soft drinks with their five characteristics: consumers quantities split by types of soft drinks and attributes; Attributes percentage split by types of soft drinks; Types of soft drinks percentage split by attributes. With usage of ANOVA, based on the marketing research outcomes it is concluded that bank clients’ total quantities i.e. populations’ unknown mean scores do not differ from each other. In the soft drinks research case consumers’ total quantities i.e. populations’ unknown mean scores vary by characteristics

  10. Do structural oil-market shocks affect stock prices?

    International Nuclear Information System (INIS)

    Apergis, Nicholas; Miller, Stephen M.

    2009-01-01

    This paper investigates how explicit structural shocks that characterize the endogenous character of oil price changes affect stock-market returns in a sample of eight countries - Australia, Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. For each country, the analysis proceeds in two steps. First, modifying the procedure of Kilian [Not All Oil Price Shocks are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market. American Economic Review.], we employ a vector error-correction or vector autoregressive model to decompose oil-price changes into three components: oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks. The last component relates to specific idiosyncratic features of the oil market, such as changes in the precautionary demand concerning the uncertainty about the availability of future oil supplies. Second, recovering the oil-supply shocks, global aggregate-demand shocks, and global oil-demand shocks from the first analysis, we then employ a vector autoregressive model to determine the effects of these structural shocks on the stock market returns in our sample of eight countries. We find that international stock market returns do not respond in a large way to oil market shocks. That is, the significant effects that exist prove small in magnitude. (author)

  11. 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....

  12. How do skilled traders change the structure of the market

    Czech Academy of Sciences Publication Activity Database

    Vácha, Lukáš; Baruník, Jozef; Vošvrda, Miloslav

    2012-01-01

    Roč. 23, č. 1 (2012), s. 66-71 ISSN 1057-5219 R&D Projects: GA ČR GAP402/10/0956; GA ČR GP402/08/P207; GA ČR GA402/09/0965 Institutional research plan: CEZ:AV0Z10750506 Institutional support: RVO:67985556 Keywords : Heterogeneous agent model * Market structure * Skilled traders * Hurst exponent Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2012/E/vacha-how do skilled traders change the structure of the market.pdf

  13. Selection of power market structure using the analytic hierarchy process

    International Nuclear Information System (INIS)

    Subhes Bhattacharyya; Prasanta Kumar Dey

    2003-01-01

    Selection of a power market structure from the available alternatives is an important activity within an overall power sector reform program. The evaluation criteria for selection are both subjective as well as objective in nature and the selection of alternatives is characterised by their conflicting nature. This study demonstrates a methodology for power market structure selection using the analytic hierarchy process, a multiple attribute decision- making technique, to model the selection methodology with the active participation of relevant stakeholders in a workshop environment. The methodology is applied to a hypothetical case of a State Electricity Board reform in India. (author)

  14. Structural behavior of reinforced concrete structures at high temperatures

    International Nuclear Information System (INIS)

    Yamazaki, N.; Yamazaki, M.; Mochida, T.; Mutoh, A.; Miyashita, T.; Ueda, M.; Hasegawa, T.; Sugiyama, K.; Hirakawa, K.; Kikuchi, R.; Hiramoto, M.; Saito, K.

    1995-01-01

    To establish a method to predict the behavior of reinforced concrete structures subjected simultaneously to high temperatures and external loads, this paper presents the results obtained in several series of tests carried out recently in Japan. This paper reports on the material properties of concrete and steel bars under high temperatures. It also considers the heat transfer properties of thick concrete walls under transient high temperatures, and the structural behavior of reinforced concrete beams subjected to high temperatures. In the tests, data up to 800 C were obtained for use in developing a computational method to estimate the non-linear behavior of reinforced concrete structures exposed to high temperatures. (orig.)

  15. Behavior and handling of physically and immunologically castrated market pigs on farm and going to market.

    Science.gov (United States)

    Guay, K; Salgado, G; Thompson, G; Backus, B; Sapkota, A; Chaya, W; McGlone, J J

    2013-11-01

    Physical castration is a common management practice on commercial swine farms in the United States to reduce the incidence of boar taint and aggressive behavior. One alternative to physical castration (PC) is to immunologically castrate (IC) male pigs by blocking the gonadotropin-releasing factor (GnRF), thereby reducing levels of LH, FSH, testosterone, and androstenone. The objectives of this study were to evaluate the effects of IC on pig behavior, human-pig interactions, and handling during and after transport. Pigs were given the first immunization at wk 7 of the grower-finisher period, and second immunizations were given at wk 11, 13, or 14 of the grower-finisher period. Behaviors of PC and IC barrows were sampled at 3 time points after entering finishing at 9 wk of age: 7 wk before first injection, 16 wk (after immunization was complete) into finishing, and 1 d before marketing (16 to 19 wk into finishing). Handling during loading and unloading of trailers going to market was also quantified. Before the first injection, intact males showed increased aggression (P=0.014) and mounting (P=0.048), whereas PC barrows spent more (P=0.003) time feeding than intact males. There were treatment×time interactions for lying (P=0.018), aggression (P<0.001), and standing (P=0.009) behaviors. Few differences were observed in pig-human interactions between PC and IC barrows, with IC and PC approaching people in the same amount of time, but IC barrows were more (P<0.001) aggressive in chewing and rubbing on the test person's pant leg and boots. When handling and loading for processing in the home barn, PC barrows were more (P<0.05) vocal than IC barrows. Fewer dead and down pigs were observed among IC (0%) compared with PC barrows (1.17%). Immunological castration may result in similar or improved animal welfare compared to the stress of physical castration without pain relief.

  16. 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.

  17. Pulling the Trigger or Not: Factors Affecting Behavior of Initiating a Position in Derivatives Markets

    NARCIS (Netherlands)

    Pennings, J.M.E.

    2002-01-01

    The behavior of managers in initiating a derivatives market position brings to the surface an interesting phenomenon: sometimes managers initiate a position in derivatives markets (i.e., futures and options markets) and sometimes they do not, even though the price volatility of the underlying asset

  18. The new capitalists: a structural change from the stock market economy to the free market economy

    Science.gov (United States)

    Khoshyaran, M.

    2004-12-01

    In this paper an alternative mechanism to the stock market is proposed. Two elements are taken away: (1) middlemen, and (2) shareholder lack of involvement. Structural elements are identified. Equilibrium-stability conditions are defined. A measures of effectiveness is suggested.

  19. Term Structure Examination of Indonesian Money Market: Some Efficiency Issue

    Directory of Open Access Journals (Sweden)

    Anggoro Budi Nugroho

    2012-01-01

    Full Text Available This paper examines efficiency of Indonesian term structure as imposed by the country’s central bank. The rate, widely understood as the Bank Indonesia (BI Rate varying from 30-day, 60-day, and 180-day, usually stated as the plain-vanilla cost of capital of interbank debt financing depending on their time length. In general, this rate will consequently impact various other sorts of interest rates in the country’s debt market as a whole. When dealing with market efficiency, statistical inference shows that short-term BI Rate’s is not the best predictor of its long-term one due to some uncertain asymmetric information. This finding may lead to further adjustment in risk management strategy for hedging with interest rate. Keywords: term structure, risk premia, expectation hypothesis (EH, market efficiency, cointegration, volatility spillover, expansionary monetary policy

  20. Market Structure in the Context of Developing Competitive Strategy

    Directory of Open Access Journals (Sweden)

    Algirdas Krivka

    2011-04-01

    Full Text Available The abstract deals with the application of positioning strategies under the conditions of classical market structures. It is discovered that the assumptions of pure competition leave no space for M. Porter’s generic cost leadership and differentiation strategies to be applied. The enterprise’s actions, influencing five competitive forces and implementing generic strategies, are reasonable under the conditions of imperfect competition market structures. The game theory models, applied to oligopoly, indicate the close interaction of enterprises and interdependence of their strategic decisions: cost reduction and differentiation strategies not only increase the profit of the enterprise, implementing the strategy, but by affecting market price and residual demand decrease the competitor’s profit.Article in Lithuanian

  1. 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.

  2. Influence of the Investor's Behavior on the Complexity of the Stock Market

    Science.gov (United States)

    Atman, A. P. F.; Gonçalves, Bruna Amin

    2012-04-01

    One of the pillars of the finance theory is the efficient-market hypothesis, which is used to analyze the stock market. However, in recent years, this hypothesis has been questioned by a number of studies showing evidence of unusual behaviors in the returns of financial assets ("anomalies") caused by behavioral aspects of the economic agents. Therefore, it is time to initiate a debate about the efficient-market hypothesis and the "behavioral finances." We here introduce a cellular automaton model to study the stock market complexity, considering different behaviors of the economical agents. From the analysis of the stationary standard of investment observed in the simulations and the Hurst exponents obtained for the term series of stock index, we draw conclusions concerning the complexity of the model compared to real markets. We also investigate which conditions of the investors are able to influence the efficient market hypothesis statements.

  3. Can market structure explain cross-country differences in health?

    Directory of Open Access Journals (Sweden)

    Kate Rybczynski

    2013-03-01

    Full Text Available There is a well documented health disparity between several European countries and the United States. This health gap remains even after controlling for socioeconomic status and risk factors. At the same time, we note that the U.S. market structure is characterized by significantly more large corporations and "super-sized" retail outlets than Europe. Because big business is hierarchical in nature and has been reported to engender urban sprawl, inferior work environments, and loss of social capital, all identified as correlates of poor health, we suggest that differences in market structure may help account for some of the unexplained differences in health across Europe and North America. Using national level data, this study explores the relationship between market structure and health. We investigate whether individuals who live in countries with proportionately more small business are healthier than those who do not. We use two measures of national health: life expectancy at birth, and age-standardized estimates of diabetes rates. Results from ordinary least squares regressions suggest that, there is a large and statistically significant association between market structure (the ratio of small to total businesses and health, even after controlling income, public percent of health expenditure, and obesity rates. This association is robust to additional controls such as insufficient physical activity, smoking, alcohol disease, and air pollution.

  4. Does competitive entry structurally change key marketing metrics?

    NARCIS (Netherlands)

    Kornelis, Marcel; Dekimpe, Marnik G.; Leeflang, Peter S. H.

    To what extent does competitive entry create a structural change in key marketing metrics? New players mayjust be a temporal nuisance to incumbents, but could also fundamentally change the latter's performance evolution, or induce them to permanently alter their spending levels and/or pricing

  5. EFFECTIVE AVENUE OF ONLINE AND OFFLINE MARKETING IN CUSTOMER BEHAVIOR

    OpenAIRE

    K. Umayal Parvathi; Dr. K. G. Selvan

    2018-01-01

    Over the past decade, businesses have either integrated or replaced their traditional marketing with digital marketing. For some, however, the question remains: Should offline marketing be abandoned, or does it still hold value in the age of the Internet? The divide between offline and online marketing has even led to companies hiring wholly separate teams to handle print, Web and social media projects. This leads to campaigns that are disconnected and may even directly compete with one anoth...

  6. Thermal expansion behavior in fabricated cellular structures

    International Nuclear Information System (INIS)

    Oruganti, R.K.; Ghosh, A.K.; Mazumder, J.

    2004-01-01

    Thermal expansion behavior of cellular structures is of interest in applications where undesirable deformation and failure are caused by thermal expansion mismatch. This report describes the role of processing-induced effects and metallurgical aspects of melt-processed cellular structures, such as a bi-material structure designed to contract on heating, as well as uni-material structures of regular and stochastic topology. This bi-material structure utilized the principle of internal geometric constraints to alter the expansion behavior of the internal ligaments to create overall contraction of the structure. Homogenization design method was used to design the structure, and fabrication was by direct metal deposition by laser melting of powder in another part of a joint effort. The degree of porosity and grain size in the fabricated structure are characterized and related to the laser deposition parameters. The structure was found to contract upon heating over a short range of temperature subsequent to which normal expansion ensued. Also examined in this report are uni-material cellular structures, in which internal constraints arise from residual stress variations caused by the fabrication process, and thereby alter their expansion characteristics. A simple analysis of thermal strain of this material supports the observed thermal expansion behavior

  7. Export Market Orientation Behavior of Universities: The British Scenario

    Science.gov (United States)

    Asaad, Yousra; Melewar, T. C.; Cohen, Geraldine

    2015-01-01

    This study seeks to extend our knowledge of export market orientation (EMO) in the context of British universities with regard to recruitment of international students. Export marketing remains an area of limited focus in the marketization of higher education literature. The study predominantly follows a quantitative research design using survey…

  8. An agent-based simulation of power generation company behavior in electricity markets under different market-clearing mechanisms

    International Nuclear Information System (INIS)

    Aliabadi, Danial Esmaeili; Kaya, Murat; Şahin, Güvenç

    2017-01-01

    Deregulated electricity markets are expected to provide affordable electricity for consumers through promoting competition. Yet, the results do not always fulfill the expectations. The regulator's market-clearing mechanism is a strategic choice that may affect the level of competition in the market. We conceive of the market-clearing mechanism as composed of two components: pricing rules and rationing policies. We investigate the strategic behavior of power generation companies under different market-clearing mechanisms using an agent-based simulation model which integrates a game-theoretical understanding of the auction mechanism in the electricity market and generation companies' learning mechanism. Results of our simulation experiments are presented using various case studies representing different market settings. The market in simulations is observed to converge to a Nash equilibrium of the stage game or to a similar state under most parameter combinations. Compared to pay-as-bid pricing, bid prices are closer to marginal costs on average under uniform pricing while GenCos' total profit is also higher. The random rationing policy of the ISO turns out to be more successful in achieving lower bid prices and lower GenCo profits. In minimizing GenCos' total profit, a combination of pay-as-bid pricing rule and random rationing policy is observed to be the most promising. - Highlights: • An agent-based simulation of generation company behavior in electricity markets is developed. • Learning dynamics of companies is modeled with an extended Q-learning algorithm. • Different market clearing mechanisms of the regulator are compared. • Convergence to Nash equilibria is analyzed under different cases. • The level of competition in the market is studied.

  9. The Digital Music Market: a study of Brazilian consumers’ behavior

    Directory of Open Access Journals (Sweden)

    João Paulo Capelli Martins

    2014-12-01

    Full Text Available The convergence between technology, the Internet and music brought about great challenges to the recording industry worldwide. Despite digital music’s revenue growth, the music industry has declined significantly over recent years. To attract new customers and compete with other ways of getting music on the network, record companies and on-line music providers must figure out who their potential customers are. The goal of this study was to explore and describe the characteristics and behavior of digital music users, as well as of those who are willing to pay or unwilling to use this service, in order to fully understand this market’s context. These are the study’s main findings: 1 88% of the sample of Brazilian Internet users are also digital music users; 2 their profile is significantly related to the profile of Internet usage (social networking and entertainment; 3 non-users fail to use digital music mainly due to lack of knowledge on how to do it; 4 66.4% intend to pay for digital music; 5 they share one characteristic: they frequently shop online; 6 people who are willing to pay for digital music receive the difference between legal and illegal music, and do not value the Internet much. We hope this study will promote efficient, customer-oriented marketing actions.

  10. Applying social marketing in health care: communicating evidence to change consumer behavior.

    Science.gov (United States)

    Evans, W Douglas; McCormack, Lauren

    2008-01-01

    Social marketing uses commercial marketing strategies to change individual and organizational behavior and policies. It has been effective on a population level across a wide range of public health and health care domains. There is limited evidence of the effectiveness of social marketing in changing health care consumer behavior through its impact on patient-provider interaction or provider behavior. Social marketers need to identify translatable strategies (e.g., competition analysis, branding, and tailored messages) that can be applied to health care provider and consumer behavior. Three case studies from social marketing illustrate potential strategies to change provider and consumer behavior. Countermarketing is a rapidly growing social marketing strategy that has been effective in tobacco control and may be effective in countering pharmaceutical marketing using specific message strategies. Informed decision making is a useful strategy when there is medical uncertainty, such as in prostate cancer screening and treatment. Pharmaceutical industry marketing practices offer valuable lessons for developing competing messages to reach providers and consumers. Social marketing is an effective population-based behavior change strategy that can be applied in individual clinical settings and as a complement to reinforce messages communicated on a population level. There is a need for more research on message strategies that work in health care and population-level effectiveness studies.

  11. Understanding Irrigator Bidding Behavior in Australian Water Markets in Response to Uncertainty

    Directory of Open Access Journals (Sweden)

    Alec Zuo

    2014-11-01

    Full Text Available Water markets have been used by Australian irrigators as a way to reduce risk and uncertainty in times of low water allocations and rainfall. However, little is known about how irrigators’ bidding trading behavior in water markets compares to other markets, nor is it known what role uncertainty and a lack of water in a variable and changing climate plays in influencing behavior. This paper studies irrigator behavior in Victorian water markets over a decade (a time period that included a severe drought. In particular, it studies the evidence for price clustering (when water bids/offers end mostly around particular numbers, a common phenomenon present in other established markets. We found that clustering in bid/offer prices in Victorian water allocation markets was influenced by uncertainty and strategic behavior. Water traders evaluate the costs and benefits of clustering and act according to their risk aversion levels. Water market buyer clustering behavior was mostly explained by increased market uncertainty (in particular, hotter and drier conditions, while seller-clustering behavior is mostly explained by strategic behavioral factors which evaluate the costs and benefits of clustering.

  12. Market Structure and Price Transmission of Eggs Commodity

    Directory of Open Access Journals (Sweden)

    Abdul Aziz Ahmad

    2016-10-01

    Full Text Available Purposes of this research are to determine some characteristics of distribution channel, market structure, and price maker transmission in purebred chicken egg commodity in Banyumas District, Central Java Province. Primary data applied on this research is from all channel distribution levels; from producers to final consumers. Meanwhile secondary data is collected from government official sources, such as BPS-Statistic of Banyumas Disrict, Banyumas Department of Industry, Trading and Cooperation, and previous researches which has been made by researcher team. Sample determining is directed by proportional random sampling methods. Some measurements are applied to this research, including to; Herfindahl Index (HI, Concentration Ratio (CF, and Minimum Efficiency Scale (MES to investigate market structure; and Asymmetric Price Transmission (APT to determine price transmission mechanism model. This research finds that (1 the distribution channel of egg commodity is spitted to different channel, the first channel: egg producer – retail traders – final consumers, and second channel: egg producers – whole seller – retail traders – final consumers; (2 market structure which is created to this farming specific commodity is perfect market; (3 price transmission mechanism analysis statistically shows that there is almost no existence of dominant power in price formation.

  13. Analytical study of index-coupled herd behavior in financial markets

    Science.gov (United States)

    Berman, Yonatan; Shapira, Yoash; Schwartz, Moshe

    2016-12-01

    Herd behavior in financial markets had been investigated extensively in the past few decades. Scholars have argued that the behavioral tendency of traders and investors to follow the market trend, notably reflected in indices both on short and long time scales, is substantially affecting the overall market behavior. Research has also been devoted to revealing these behaviors and characterizing the market herd behavior. In this paper we present a simple herd behavior model for the dynamics of financial variables by introducing a simple coupling mechanism of stock returns to the index return, deriving analytic expressions for statistical properties of the returns. We found that several important phenomena in the stock market, namely the correlations between stock market returns and the exponential decay of short-term autocorrelations, are derived from our model. These phenomena have been given various explanations and theories, with herd market behavior being one of the leading. We conclude that the coupling mechanism, which essentially encapsulates the herd behavior, indeed creates correlation and autocorrelation. We also show that this introduces a time scale to the system, which is the characteristic time lag between a change in the index and its effect on the return of a stock.

  14. MARKET CAPACITY AND STRUCTURE AS INDICATORS FOR CORPORATE STRATEGY

    Directory of Open Access Journals (Sweden)

    LIVIU NEAMTU

    2017-11-01

    Full Text Available In the management practice, in order to create a competitive strategic system of business, for each level of decision will be used those strategic combinations and alternatives that are consistent with the company's interests and possibilities and with current conditions each market. For it there is continuous process consisting of analysis in various aspects of the market based on its size and continuing with structure, sensitivity and its dynamics, a process that allow having enough data to determine business objectives, specify options for actions and establish implementing measures. However, in this study we aim to highlight a correlation between the various decision-making needs of the company and the various features that can be analyzed at a market.

  15. The Structure of Marine Fish marketing in Kenya: The Case of ...

    African Journals Online (AJOL)

    The Structure of Marine Fish marketing in Kenya: The Case of Malindi and Kilifi Districts. ... marketing as well as identifies constraints in the marketing system in Malindi and Kilifi districts. ... EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT

  16. Market structure and performance of value chain actors in hides and ...

    African Journals Online (AJOL)

    Market structure and performance of value chain actors in hides and skins processing and marketing in Nigeria. ... There was high performance in hides and skins processing and marketing in Nigeria. ... EMAIL FULL TEXT EMAIL FULL TEXT

  17. Interbank Market Structure and Accurate Estimation of an Aggregate Liquidity Shock

    OpenAIRE

    Isakov, A.

    2013-01-01

    It's customary among money market analysts to blame interest rate deviations from the Bank of Russia's target band on the market structure imperfections or segmentation. We isolate one form of such market imperfection and provide an illustration of its potential impact on central bank's open market operations efficiency in the current monetary policy framework. We then hypothesize that naive (market) structure-agnostic liquidity gap aggregation will lead to market demand underestimation in so...

  18. Structuring strategy and relationships in North American gas markets

    International Nuclear Information System (INIS)

    Fisher, J.

    1998-01-01

    Duke Energy's experience in strategy development and structuring relationships with other companies were described. Included was a description of their partnership with PanEnergy and Mobil and a merger between PanEnergy and Duke. In developing their growth strategy, Duke Energy was guided by the following considerations: (1) an assessment of the market, (2) the identification of opportunities, (3) a self-assessment, (4) the establishment of goals, and (5) determining strategic alternatives. The advantages and disadvantages of different structuring relationships were reviewed. Duke Energy's approach to Ontario's residential market and their agreement with Alliance Gas Management were also discussed. The goal of the Alliance Gas management agreement was to simplify Alliance's wholesale gas supply management needs and to allow Alliance access to diverse gas supplies. figs

  19. Connecting Consumer Behavior with Marketing Research through Garbology

    Science.gov (United States)

    Damron-Martinez, Datha; Jackson, Katherine L.

    2017-01-01

    Because of the ever-increasing demand by faculty for realistic, experiential-learning exercises easily incorporated into the marketing curriculum, this article offers a new exercise that is based on Parlin's early work in marketing research with Campbell's soup: garbology. Garbology is an entertaining, experiential learning activity that serves as…

  20. The Structure of Childhood Disruptive Behaviors

    Science.gov (United States)

    Martel, Michelle M.; Gremillion, Monica; Roberts, Bethan; von Eye, Alexander; Nigg, Joel T.

    2010-01-01

    Attention-deficit/hyperactivity disorder (ADHD) and oppositional defiant disorder (ODD) frequently co-occur. Comorbidity of these 2 childhood disruptive behavior domains has not been satisfactorily explained at either a structural or etiological level. The current study evaluated a bifactor model, which allows for a "g" factor in addition to…

  1. The Role of Labor Markets in Structural Change.

    OpenAIRE

    Miguel Ricaurte

    2010-01-01

    Why did services become the dominant sector in industrialized economies? While abundant literature exists on the transition from agriculture to industry (i.e., the industrial revolution), there is no consensual explanation for the second wave of structural change. I argue that sectoral differences in regulation affecting the degree of competition in labor and goods markets explain: (a) the rise in the services sector share of output and employment, (b) international differences in cross-secto...

  2. Entry regulations, welfare and determinants of market structure

    OpenAIRE

    Maican, Florin; Orth, Matilda

    2015-01-01

    We use a dynamic oligopoly model of entry and exit with store-type differentiation to evaluate how entry regulations affect profitability, market structure and welfare. Based on unique data for all retail food stores in Sweden, we estimate demand, recover variable profits, and estimate entry costs and fixed costs by store type. Counterfactual policy experiments show that welfare increases when competition is enhanced by lower entry costs. Protecting small stores by imposing licensing fees on ...

  3. The wood pellet market in Austria: A structural market model analysis

    International Nuclear Information System (INIS)

    Kristöfel, Christa; Strasser, Christoph; Schmid, Erwin; Morawetz, Ulrich B.

    2016-01-01

    EU bioenergy policies and oil price hikes have resulted in a significant increase of installed pellet boilers for residential heating. Hence, European demand for wood pellets has been growing faster and more steadily than supply leading to rising market prices in recent years. This article presents an econometric analysis of demand and supply of wood pellets in the residential heating sector in Austria, one of the most dynamic markets for residential pellets. Annual and monthly time series data between 2000 and 2014 are used in a two-stage least-squares (2SLS) regression to estimate supply and demand elasticities of wood pellets. In all model specifications, pellets demand is found to be inelastic (from −0.66 to −0.76) and pellets supply unit-elastic (from 1.03 to 1.18). Thus, consumers are highly exposed to price changes resulting from supply shocks. Policies which support investments in pellet boilers will shift the demand of wood pellets and likely leading to higher prices for consumers. - Highlights: • Characterisation of the European pellet market. • A structural market model for wood pellets in Austria. • Estimation of supply and demand price elasticities using a two-stage least-squares (2SLS) regression. • Pellets demand is found to be inelastic and pellets supply unit-elastic in the short run. • Policies stimulating demand will likely increase pellet and sawmill by-product prices.

  4. Optimizing the structure of the natural gas market using an agent-based modeling framework

    Energy Technology Data Exchange (ETDEWEB)

    Van Benthem, M.

    2010-01-14

    applications of the modeling framework. It contains a series of seven increasingly complex models, detailing the functionality of the modeling framework. Some general conclusions are drawn based on these models. In addition, the possibilities of using the framework as a tool for educational gaming are explained. In Chapter 6, two models of the Dutch natural gas market are developed, one of which corresponds to the pre-liberalization structure of the Dutch market and one to its post-liberalization structure. The performance of both models is then compared to assess the impact of liberalization on the Dutch market. In Chapter 7, the post-liberalization model of the Dutch natural gas market is used to perform a scenario study, in which three trends are extrapolated to the future and their impacts are studied. These trends are the transition to a sustainable energy system, the integration of the Dutch market within a single European market, and the behavioral changes induced by the liberalized market. Finally, Chapter 8 summarizes the previous chapters and provides some overall conclusions and recommendations regarding the design and implementation of natural gas policy. The study ends with some ideas for the further development of the modeling framework.

  5. Optimizing the structure of the natural gas market using an agent-based modeling framework

    International Nuclear Information System (INIS)

    Van Benthem, M.

    2010-01-01

    applications of the modeling framework. It contains a series of seven increasingly complex models, detailing the functionality of the modeling framework. Some general conclusions are drawn based on these models. In addition, the possibilities of using the framework as a tool for educational gaming are explained. In Chapter 6, two models of the Dutch natural gas market are developed, one of which corresponds to the pre-liberalization structure of the Dutch market and one to its post-liberalization structure. The performance of both models is then compared to assess the impact of liberalization on the Dutch market. In Chapter 7, the post-liberalization model of the Dutch natural gas market is used to perform a scenario study, in which three trends are extrapolated to the future and their impacts are studied. These trends are the transition to a sustainable energy system, the integration of the Dutch market within a single European market, and the behavioral changes induced by the liberalized market. Finally, Chapter 8 summarizes the previous chapters and provides some overall conclusions and recommendations regarding the design and implementation of natural gas policy. The study ends with some ideas for the further development of the modeling framework.

  6. Behavioral aspects of regulation: A discussion on switching and demand response in Turkish electricity market

    International Nuclear Information System (INIS)

    Sirin, Selahattin Murat; Gonul, Mustafa Sinan

    2016-01-01

    Electricity sector has been transformed from state-owned monopolistic utilities to competitive markets with an aim to promote incentives for improving efficiency, reducing costs and increasing service quality to customers. One of the cardinal assumptions of the liberalized and competitive electricity markets is the rational actor, and decision-makers are assumed to make the best decisions that maximize their utility. However, a vast literature on behavioral economics has shown the weakness of economic theory in explaining and predicting individuals’ decision-making behavior. This issue is quite important for competition in electricity markets in which consumers’ preferences have a significant role. Despite its importance, this issue has almost been neglected in Turkey, which has taken major steps in electricity sector restructuring. Therefore, this paper aims to examine switching and demand response behavior in Turkish electricity market by using multiple correspondence and panel data analysis, and findings are discussed in light of the neoclassical and behavioral economics literature. Analyses’ results show that consumers’ switching and demand response behavior is consistent with the neoclassical literature to some extent; however, behavioral factors are also affecting consumers’ decisions. Furthermore, there are systemic problems that hinder effective functioning of the electricity market and restrict competition. - Highlights: • Behavioral economics can provide insights for consumer’ decisions. • Switching and demand response behavior is examined by econometric methods. • Results is consistent with the neoclassical literature to some extent • However, behavioral factors are also affecting consumers’ decisions.

  7. Network structure detection and analysis of Shanghai stock market

    Directory of Open Access Journals (Sweden)

    Sen Wu

    2015-04-01

    Full Text Available Purpose: In order to investigate community structure of the component stocks of SSE (Shanghai Stock Exchange 180-index, a stock correlation network is built to find the intra-community and inter-community relationship. Design/methodology/approach: The stock correlation network is built taking the vertices as stocks and edges as correlation coefficients of logarithm returns of stock price. It is built as undirected weighted at first. GN algorithm is selected to detect community structure after transferring the network into un-weighted with different thresholds. Findings: The result of the network community structure analysis shows that the stock market has obvious industrial characteristics. Most of the stocks in the same industry or in the same supply chain are assigned to the same community. The correlation of the internal stock prices’ fluctuation is closer than in different communities. The result of community structure detection also reflects correlations among different industries. Originality/value: Based on the analysis of the community structure in Shanghai stock market, the result reflects some industrial characteristics, which has reference value to relationship among industries or sub-sectors of listed companies.

  8. The Influence of Marketing Communication on the Consumer’s Buyer Behavior – A Relationship Marketing Approach

    OpenAIRE

    Tichindelean Mihai

    2015-01-01

    The purpose of the paper is to identify the nature of the influence of a company’s marketing communication of the actual consumer behaviour. To achieve this purpose, the paper is structures in two parts; firstly, the recent literature regarding relationship marketing paradigm is reviewed and the value chain concept is presented. The second part contains a survey-based research which uses book-store customers as target unit. Sales promotion and advertising are used as input variables in identi...

  9. Facebook drives behavior of passive households in stock markets

    OpenAIRE

    Siikanen, Milla; Baltakys, Kęstutis; Kanniainen, Juho; Vatrapu, Ravi; Mukkamala, Raghava; Hussain, Abid

    2017-01-01

    Recent studies using data on social media and stock markets have mainly focused on predicting stock returns. Instead of predicting stock price movements, we examine the relation between Facebook data and investors' decision making in stock markets with a unique data on investors' transactions on Nokia. We find that the decisions to buy versus sell are associated with Facebook data especially for passive households and also for nonprofit organizations. At the same time, it seems that more soph...

  10. Extracting the exponential behaviors in the market data

    Science.gov (United States)

    Watanabe, Kota; Takayasu, Hideki; Takayasu, Misako

    2007-08-01

    We introduce a mathematical criterion defining the bubbles or the crashes in financial market price fluctuations by considering exponential fitting of the given data. By applying this criterion we can automatically extract the periods in which bubbles and crashes are identified. From stock market data of so-called the Internet bubbles it is found that the characteristic length of bubble period is about 100 days.

  11. Experiential marketing, customer satisfaction, behavioral intention: timezone game center surabaya

    OpenAIRE

    Rahardja, Christina; Anandya, Dudi

    2010-01-01

    Experience Economy now affects the progression of economics and customer value will increase whether companies offer memorable experiences. Experiential Marketing focuses on customer experiences from sense, feel, think, act and relate experiences, therefore called customers as affective decision makers. There is a lack of research on emotional response of service companies, and this research is directed to fill in the gap. Research aims to analyze the effect of experiential marketing on cu...

  12. Competition as an Effective Tool in Developing Social Marketing Programs: Driving Behavior Change through Online Activities

    OpenAIRE

    Corina SERBAN

    2011-01-01

    Nowadays, social marketing practices represent an important part of people’s lives. Consumers’ understanding of the need for change has become the top priority for social organizations worldwide. As a result, the number of social marketing programs has increased, making people reflect more on their behaviors and on the need to take action. Competition in social marketing can bring many benefits. The more programs initiated, the more people will start to involve in society’s problems, hereby c...

  13. Moral Behavior in Stock Markets: Islamic finance and socially responsible investment

    OpenAIRE

    Pitluck, Aaron Z.

    2008-01-01

    This paper addresses the puzzle of why the inclusion of non-financial social justice or religious criteria by professional fund managers has been so popular in Malaysia and yet has had to date relatively little influence in the United States stock market. Drawing from over 125 ethnographic interviews with financial workers in Malaysia, this paper argues that moral investment behavior in stock markets is shaped primarily by ‘market structure’ rather than by ‘mandates.’ In both countries man...

  14. THE SAVING AND INVESTING CONSUMER BEHAVIOR ANALYSES ON THE ROMANIAN FINANCIAL MARKET.

    Directory of Open Access Journals (Sweden)

    Tanase (Rosca Laura Daniela

    2011-12-01

    accumulate capital by making real investments such as those in financial assets. An important factor for the decision to invest should be a higher income and also the family structure. Study could be interesting for researchers because it offers an opportunity to view an analysis of the customer behavior on the financial market. The research instrument is complex, the mix and the large number of question should provide an accurate image of the way the Romanian consumer of financial products think and act on this market. The study also helps to understand consumers' needs for practitioners, because this field is not a largely researched one. The originality of this article is given by the manner in which the questionnaire was made. The battery of questions, including a series of likert question, it should provide an accurate mirror of the know-how the Romanian consumer of financial products actually possess, the reasons on with their behavior is based on, and what are the most important characteristics that influence the purchase behavior.

  15. Microcredit and Survival Microenterprises: The Role of Market Structure

    Directory of Open Access Journals (Sweden)

    P. V. Viswanath

    2017-12-01

    Full Text Available Poverty remains a pervasive problem all over the world, but the problem is worst in underdeveloped areas like Africa. While microfinance is supposed to address this problem through the promotion of viable businesses, it has not been very successful in helping survival microenterprises, i.e., businesses that the very poor with limited human capital have access to, in sectors with low barriers to entry and selling undifferentiated products. In this paper, I examine the role of market structure in mediating the impact of micro-lending to such survival enterprises. While there have been many evaluations of microfinance institutions (MFIs, there have been very few that look at market conditions as an input into the success of micro-lending. My theoretical analysis suggests that when introducing an extensive program of microcredit in undeveloped and relatively isolated rural areas, it is important to look at how the market structure mediates the impact of the provision of loans on the demand and supply for the end-product or service. I present some empirical evidence, which provides partial confirmation that MFIs are not currently taking these considerations into account.

  16. The Perspectives to Understand Social Marketing as an Approach in Influencing Consumer Behavior for Good

    Directory of Open Access Journals (Sweden)

    Iin Mayasari

    2012-05-01

    Full Text Available This study is a conceptual paper and highlights perspectives to understand social marketing as an approach to bring about voluntary and socially desirable consumer behavior. The perspective is considered as an alternative way to comprehend consumer behavior change for good as a multi-factor driven action. Hence, social marketing is also considered as a discipline that can be analyzed from multiple perspectives including a behavioral change perspective and a relationship perspective. Each perspective is elaborated by doing a review of existing literature and research. This study shows that social marketing is not only the application of marketing programs to shape consumer behavior, but also a process involving individual, society, and government to make a better life of society.

  17. The Success Of Stock Selection Strategies In Emerging Markets: Is It Risk Or Behavioral Bias?

    NARCIS (Netherlands)

    J. van der Hart; G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

    2005-01-01

    textabstractWe examine competing explanations, based on risk and behavioral models, for the profitability of stock selection strategies in emerging markets. We document that both emerging market risk and global risk factors cannot account for the significant excess returns of selection strategies

  18. Behavior and asset markets : Individual decisions, emotions and fundamental value trajectories

    NARCIS (Netherlands)

    Breaban, A.G.

    2014-01-01

    This thesis consists of four chapters related to individual- and market- level behavior in experimental financial markets. The first three chapters analyze asset pricing and, in particular, stylized facts such as bubbles and crashes, as well as some of the factors that influence such phenomena. In

  19. The Private School Market in Kuwait: A Field Study on Educational Investment Behavior of Kuwaiti Families

    Science.gov (United States)

    Alqahtani, Abdulmuhsen Ayedh

    2014-01-01

    The current study aims at exploring Kuwaiti families' educational investment behavior pursuant to the selection of a specific private school for their children from the private school market. Using the quantitative approach and the principles of marketing research, a survey was administered to a randomly selected sample of Kuwaiti families (n =…

  20. Test of the Behavioral Perspective Model in the Context of an E-Mail Marketing Experiment

    Science.gov (United States)

    Sigurdsson, Valdimar; Menon, R. G. Vishnu; Sigurdarson, Johannes Pall; Kristjansson, Jon Skafti; Foxall, Gordon R.

    2013-01-01

    An e-mail marketing experiment based on the behavioral perspective model was conducted to investigate consumer choice. Conversion e-mails were sent to two groups from the same marketing database of registered consumers interested in children's books. The experiment was based on A-B-A-C-A and A-C-A-B-A withdrawal designs and consisted of sending B…

  1. THE GREGARIOUS BEHAVIOR OF INVESTORS FROM BALTIC STOCK MARKETS

    Directory of Open Access Journals (Sweden)

    Pece Andreea Maria

    2015-07-01

    Full Text Available The main objective of this research is to investigate market participants’ gregarious behaviour in Baltic stock markets, namely Lithuania, Latvia and Estonia during the period January 2003-December 2013. The herding behaviour derives from the investors’ irrationality, who trade financial assets based on their positive expectations about prices future growth, generating manias among other market participants, thus ignoring the real return rates and the risk levels of their investments.The investors’ irrational behaviour is influenced by actions, feelings and impulses that are intertwined: mimicry, fear, trust, greed, optimism, pessimism, euphoria, panic. These features highlight an erroneous perception of investors in point of unsustained increase in prices, which has been generated by the stock prices deviations from their fundamental value.Under these premises, optimism, overreaction and speculative bubbles are appearing on the market and may constitute triggering factors of a financial crash.The probability of the occurrence of the speculative bubbles and financial crashes is influenced by the continuous entry on the market of new investors and less informed participants, which often act based on impulse, following a benchmark, without considering their own analysis and information that they hold. The existence of a “collective behaviour” of the investors, which is manifested by their tendency to imitate other market participants actions and to “follow the herd”, so ignoring their own beliefs, may increase market sensitivity to shocks and the probability of the occurrence of the systemic risk.In order to identify the investors’ herding behaviour, I have applied an adjusted CSSD model proposed by (Yao, Ma, Peng He, 2014, which implies the inclusion of two additional variables, the first one, to reduce the effect of multicollinearity and a second one, a lag term of the dependent variable, in order to improve the power of the

  2. China’s Flawed Banking Market Structure Must be Rectified

    Institute of Scientific and Technical Information of China (English)

    于永臻

    2007-01-01

    There is great disparity between China’s banking management efficiency and the top international standard,with relatively low efficiency in credit monetary allocation.In this paper,Yu Yongzhen sets out the hypothesis that"medium-sized banks promote competition".He believes that an important reason for the low efficiency of Chinese banking is the seriously flawed banking market structure.Namely,credit market shares are highly concentrated in the hands of the four major state-owned banks,with very few shares held by medium-sized banks or the badly undeveloped small banks.Full development of medium-sized banks plays a key role in the promotion of competition and efficiency in banking.

  3. The role of government in a competitive power market : strategic behaviors and regulation

    Energy Technology Data Exchange (ETDEWEB)

    Kim, N.Y. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-12-01

    Restructuring in the Korean power industry has fundamentally changed the role of government. The role of government in a new environment may include : (1) promoting competition (2) prohibiting collusion or unfair trade practices (3) securing uninterrupted power supply (4) providing universal services to consumers (5) implementing appropriate price regulation. Focusing on the first two issues, this report has analyzed anti-competitive strategic behaviors and an impact of market power and tried to provide regulatory guidelines. This report surveyed three types of theoretical models analyzing a bidding behavior in an electric power market. The Cournot model is applied to the Korean electricity market. The following policy implications are derived. (1) The Cournot-Nash equilibrium price can be regarded as a threshold in market surveillance. (2) Had the fossil stations been divided among six instead of five companies, then market power would have been weakened in a reasonable degree. This finding also renders some implications with respect to business permission, divestiture, and merger. Among those, it is argued that a large new entrant rather than small IPPs contributes to increasing competition and lowering market power. (3) Increase in responsiveness of final demand to wholesale price fluctuation is an important factor to lower the Cournot equilibrium price and so market power. Therefore, appropriate regulatory system should be arranged to make power demand more elastic. (4) Activating contract markets such as CfD and introducing the capacity credit market can greatly help to lower market power. (author). 36 refs., 26 figs., 4 tabs.

  4. 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

  5. Family structure and eating behavior disorders.

    Science.gov (United States)

    Mateos-Agut, Manuel; García-Alonso, Isabel; De la Gándara-Martín, Jesús J; Vegas-Miguel, María I; Sebastián-Vega, Carlota; Sanz-Cid, Beatriz; Martínez-Villares, Ana; Martín-Martínez, Esther

    2014-01-01

    The modern way of life, characterized by the cult of individualism, discredited authority, and a proliferation of points of view about reality, has modified family structure. This social structure imbues families and the way that its members become ill, in such a way that eating behavior disorders (EDs) have become a typically postmodern way of becoming ill. The aim is to understand the systemic structure and vulnerability of families by comparing 108 families with members who have ED to 108 families without pathology. A questionnaire administered by an interview with trained personnel was used. Families with ED have a different structure from the families in the control group. They have more psychiatric history and poor coping skills. The family hierarchy is not clearly defined and the leadership is diffuse, with strict and unpredictable rules, more intergenerational coalitions, and fewer alliances. The relationship between the parents is distant or confrontational, and their attitudes towards their children are complacent and selfish, with ambivalent and unaffectionate bonds. In the case of mothers, this is manifested by separation anxiety and dyadic dependence. Their expectations concerning their offspring are either very demanding and unrealistic, or indifferent, and there is less control of their behavior, in addition to poor organization of the family meals. The structural differences between the two groups of families seem to be important for the occurrence and maintenance of EDs, although they may not be the only cause. The results suggest strategies for clinical intervention in EDs.

  6. Quantifying the semantics of search behavior before stock market moves.

    Science.gov (United States)

    Curme, Chester; Preis, Tobias; Stanley, H Eugene; Moat, Helen Susannah

    2014-08-12

    Technology is becoming deeply interwoven into the fabric of society. The Internet has become a central source of information for many people when making day-to-day decisions. Here, we present a method to mine the vast data Internet users create when searching for information online, to identify topics of interest before stock market moves. In an analysis of historic data from 2004 until 2012, we draw on records from the search engine Google and online encyclopedia Wikipedia as well as judgments from the service Amazon Mechanical Turk. We find evidence of links between Internet searches relating to politics or business and subsequent stock market moves. In particular, we find that an increase in search volume for these topics tends to precede stock market falls. We suggest that extensions of these analyses could offer insight into large-scale information flow before a range of real-world events.

  7. Style investing: behavioral explanations of stock market anomalies

    OpenAIRE

    Wouters, T.

    2006-01-01

    Abstract PhD-project The aim of this thesis is to explore the mechanisms of style investing. My project consists of two parts, each with an individual goal: 1. The first objective will be to analyze the implications of the dynamics of value and growth strategies for the US stock market. 2. The second objective will be to find explanations for stock returns by introducing the effects of collective preferences of investors into the dynamics of stock markets. We introduce style popularity as an ...

  8. Facebook Drives Behavior of Passive Households in Stock Markets

    DEFF Research Database (Denmark)

    Siikanen, Milla; Baltakys, Kęstutis; Kanniainen, Juho

    2018-01-01

    on Nokia. We find that the decisions to buy versus sell are associated with Facebook data especially for passive households and for nonprofit organizations. At the same time, it seems that more sophisticated investors—financial and insurance institutions—are behaving independently from Facebook activities.......Recent studies using data on social media and stock markets have mainly focused on predicting stock returns. Instead of predicting stock price movements, we examine the relation between Facebook data and investors’ decision making in stock markets with a unique data on investors’ transactions...

  9. Theoretical Model of Pricing Behavior on the Polish Wholesale Fuel Market

    Directory of Open Access Journals (Sweden)

    Bejger Sylwester

    2016-12-01

    Full Text Available In this paper, we constructed a theoretical model of strategic pricing behavior of the players in a Polish wholesale fuel market. This model is consistent with the characteristics of the industry, the wholesale market, and the players. The model is based on the standard methodology of repeated games with a built-in adjustment to a focal price, which resembles the Import Parity Pricing (IPP mechanism. From the equilibrium of the game, we conclude that the focal price policy implies a parallel pricing strategic behavior on the market.

  10. Structural change in Europe's gas markets: three scenarios for the development of the European gas market to 2020

    International Nuclear Information System (INIS)

    Ellis, A.; Bowitz, E.; Roland, K.

    2000-01-01

    Against the background of the European Union's Gas Directive, and the emergence of new players and markets in Europe's gas sector, this paper explores how company actions could shape the future for the gas industry. Starting with an examination of company strategies this paper develops three scenarios for the future: a 'Gradual Transformation' scenario where a single European gas market develops that is essentially oligopolistic in nature; a 'Vertical Integration' scenario, where upstream and downstream gas companies merge to form a vertically integrated gas supplier; and a 'Pull the Plug' scenario, where the current market structure decomposes into a competitive market. These scenarios are examined in terms of their impact on gas prices, demand and the distribution of gas rent along the supply chain. The paper highlights the fact that the EU's gas Directive is not sufficient for the introduction of competition into Europe's gas markets, but that company actions will be the key determinant, and they may favour alternative market structures. (Author)

  11. Advertising, marketing and purchase behavior for energy-related products

    Energy Technology Data Exchange (ETDEWEB)

    Tiedemann, K.; Nelson, D.

    1998-07-01

    Energy conservation programs have relied heavily on incentives and regulatory standards to reduce residential energy consumption. However, in the changing market environment characterized by competitive pressures, alternative mechanisms such as marketing and promotions may increase substantially in importance compared to the demand-side management programs which have been the focus of most research. This paper describes the role of marketing and promotions in encouraging energy efficiency at the household level in British Columbia. The paper examines three related issues: first, the purchase process for energy-related products; second, the criteria used by customers in making purchase decisions; and third, the impact and effectiveness of alternative marketing tools. A key finding is the energy-related purchases do not fall into the impulse purchase category. There are two reasons for this: first, most of these products require installation and this requires a high level of commitment on the part of the purchaser; second, many energy-related products require a significant outlay of funds and this reduces impulse buying.

  12. The emotional consequences of pro-social behavior in markets

    DEFF Research Database (Denmark)

    Fosgaard, Toke Reinholt

    that emotional responses are important explanations of this finding. It is first argued that the emotional response to a pro-social decision combined with private good purchase is different from the response to a similar decision in a non-market situation. Through evidence from a laboratory experiment...

  13. Style investing : behavioral explanations of stock market anomalies

    NARCIS (Netherlands)

    Wouters, T.

    2006-01-01

    Abstract PhD-project The aim of this thesis is to explore the mechanisms of style investing. My project consists of two parts, each with an individual goal: 1. The first objective will be to analyze the implications of the dynamics of value and growth strategies for the US stock market. 2. The

  14. Consumer search and pricing behavior in Internet markets

    NARCIS (Netherlands)

    Janssen, Maarten C W; Moraga-González, José Luis; Wildenbeest, Matthijs R.

    2007-01-01

    Throughout economic history, changes in technology have had a substantial impact on consumers' search and transportation costs and, consequently, on the size of the relevant market. One example is the progressive decline in transportation costs that historically has taken place through the use of

  15. Investigating Food and Beverage Industry Market Structure and Market Power Based on Leo and Bresnahan’s Approach

    OpenAIRE

    M. Nabishahikitash; E. Gholipoorbolasi; A. Mohammadzadeh

    2016-01-01

    Introduction: Food processing industries are one of the major industrial groups in developing countries which play an important role in the economic development of these countries. With the Developed and Developing Food Industry on the other hand, food security and providing food are very important in each country. In an overview, markets are divided into two groups: The first group is a market with perfect competition. And second group is markets with monopoly structure.One of the importa...

  16. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2016-12-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  17. An Empirical Study on Market Timing Theory of Capital Structure

    Directory of Open Access Journals (Sweden)

    Ignatius Rony Setyawan

    2011-08-01

    Full Text Available The theory of capital structure has advanced remarkably. This development began as many firms had options to consider various external factors determining the composition of debt and equity. Not only the asymmetric information or the conflict among bondholders and shareholders initiated the Pecking Order Theory and the Static Trade-off Theory respectively but also the overvalued or undervalued of stock price had to be taken as a determinant factor for identifying the ideal debt-equity mix. The author maintains these factors as they were pioneers to this theory on Market Timing Theory (MTT introduced by Baker and Wurgler (2002. The essence of this theory is described when stock prices are overvalued, firms will finance projects through debts, otherwise the firms will be undervalued and be relied on equity financing. Using the methodology introduced by Baker and Wurgler (2002, the author selected only samples of IPOs of firms during 2008-2009 to limit the scope of this study. The main objective of this study is to test the hypothèses of Market Timing Theory formulated by Dahlan (2004 and by Kusumawati and Danny (2006 which have been proven by the GLS model, and the OLS model-like as in Baker and Wurgler (2002, Susilawati (2008 and Saad (2010. This study concludes that the market-to-book ratio has a negative effect on the market leverage. The implication is that when firms achieve certain level of earnings growth, the stock price will be overvalued, so it would be the right timing for firms to proceed equity financing. Under the robustness test with GLS Random Effect, the hypothèses of MTT is supported.

  18. Information theory applied to econophysics: stock market behaviors

    Science.gov (United States)

    Vogel, Eugenio E.; Saravia, Gonzalo

    2014-08-01

    The use of data compressor techniques has allowed to recognize magnetic transitions and their associated critical temperatures [E.E. Vogel, G. Saravia, V. Cortez, Physica A 391, 1591 (2012)]. In the present paper we introduce some new concepts associated to data recognition and extend the use of these techniques to econophysics to explore the variations of stock market indicators showing that information theory can help to recognize different regimes. Modifications and further developments to previously introduced data compressor wlzip are introduced yielding two measurements. Additionally, we introduce an algorithm that allows to tune the number of significant digits over which the data compression is due to act complementing, this with an appropriate method to round off the truncation. The application is done to IPSA, the main indicator of the Chilean Stock Market during the year 2010 due to availability of quality data and also to consider a rare effect: the earthquake of the 27th of February on that year which is as of now the sixth strongest earthquake ever recorded by instruments (8.8 Richter scale) according to United States Geological Survey. Along the year 2010 different regimes are recognized. Calm days show larger compression than agitated days allowing for classification and recognition. Then the focus turns onto selected days showing that it is possible to recognize different regimes with the data of the last hour (60 entries) allowing to determine actions in a safer way. The "day of the week" effect is weakly present but "the hour of the day" effect is clearly present; its causes and implications are discussed. This effect also establishes the influence of Asian, European and American stock markets over the smaller Chilean Stock Market. Then dynamical studies are conducted intended to search a system that can help to realize in real time about sudden variations of the market; it is found that information theory can be really helpful in this respect.

  19. A financial market model with two discontinuities: Bifurcation structures in the chaotic domain

    Science.gov (United States)

    Panchuk, Anastasiia; Sushko, Iryna; Westerhoff, Frank

    2018-05-01

    We continue the investigation of a one-dimensional piecewise linear map with two discontinuity points. Such a map may arise from a simple asset-pricing model with heterogeneous speculators, which can help us to explain the intricate bull and bear behavior of financial markets. Our focus is on bifurcation structures observed in the chaotic domain of the map's parameter space, which is associated with robust multiband chaotic attractors. Such structures, related to the map with two discontinuities, have been not studied before. We show that besides the standard bandcount adding and bandcount incrementing bifurcation structures, associated with two partitions, there exist peculiar bandcount adding and bandcount incrementing structures involving all three partitions. Moreover, the map's three partitions may generate intriguing bistability phenomena.

  20. Molybdenum peroxo complex. Structure and thermal behavior

    Energy Technology Data Exchange (ETDEWEB)

    Segawa, Koichi; Ooga, Katsumi; Kurusu, Yasuhiko

    1984-10-01

    The molybdenum peroxide (Mo-y) prepared by oxidation of molybdenum metal with hydrogen peroxide has been studied to determine its structure and thermal behavior. Temperature programmed decomposition has been used to study the thermal stability of Mo-y. Two distinct peaks, I and II, of decomposition processes are discernible in Mo-y. Peak I corresponds to the elimination of water of crystallization and peak II to the decomposition of a peroxide ion of Mo-y. IR and UV examinations support the results of the thermal analysis. The IR band at 931 cm/sup -1/ and the UV band at 381 nm show the same thermal behavior. Both bands are attributable to the peroxide ion of Mo-y. Spectroscopic studies show that Mo-y has the tetrahedral coordination derived from the single molybdenum complex, which has double bond oxygens attached to Mo atom and has a symmetric type of peroxide ion with one water of crystallization.

  1. Understanding household switching behavior in the retail electricity market

    International Nuclear Information System (INIS)

    Yang, Yingkui

    2014-01-01

    Deregulation of the Danish retail electricity market nearly a decade ago has produced little consumer switching among suppliers or renegotiation of supplier service contracts. From an energy policy perspective, a certain amount of supplier switching is an important indicator of the success of market deregulation. This argues that poor relationship management and a lack of economic benefits are two critical barriers to consumer switching. Latent class analysis indicates that only 11.4% of consumers are non-switchers, whereas 41.1% can be considered potential switchers and approximately one-half (47.5%) can be considered apathetic consumers. We also discuss the managerial implications for both electricity suppliers and policy makers. - Highlights: • This paper investigates the barriers for electricity supplier switching in Denmark. • Four switching barriers were identified. • Relationship management and economic benefits are critical for consumer switching. • Three consumer segments for electricity supplier switching were identified

  2. Investor behavior heterogeneity in the French stock market

    OpenAIRE

    Rania Guirat

    2011-01-01

    We estimate in this paper a non probabilistic Markovien model of stock prices with an evolutionary selection of heterogeneous strategies. It is a model proposed by Brock and Hommes (1997, 1998) and improved later by Boswijk and al. (2007). Indeed, the latter propose one of the few estimations considering stock markets data, characterized by an evolutionary selection procedure of heterogeneous strategies. They estimate the model to annual US stock price data from 1871 to 2003. In this paper, w...

  3. Buying behavior and competition in the software market

    OpenAIRE

    Rosário, João Carlos Vinagre Ferreira do; Reis, António Palma dos

    2012-01-01

    In the actual world, the impact of the software buying decisions has a rising relevance in social and economic terms. This research tries to explain it focusing on the organizations buying decisions of Operating Systems and Office Suites for personal computers and the impact on the competition between incumbent and alternative players in the market in these software categories, although the research hypotheses and conclusions may extend to other software categories and platforms. We concluded...

  4. Analysis on the Changes in Consumer Behavior and Marketing Countermeasure

    Directory of Open Access Journals (Sweden)

    Wang Haiyu

    2015-01-01

    Full Text Available Currently, there’s a huge change in the media use habit, demand and route to get the information for the consumers, and the right of consumers to release information is mostly realized, indicating an actual return of consumer sovereignty. In such a background, it is undoubtedly the best choice for the marketing of enterprise brand to focus on the target people, manage the client relation and increase the socialized videos.

  5. Endogenous sunk costs and the geographic differences in the market structures of CPG Categories

    NARCIS (Netherlands)

    Bronnenberg, B.J.; Dhar, S.; Dube, J.P.

    2011-01-01

    We describe the industrial market structure of CPG categories. The analysis uses a unique database spanning 31 consumer package goods (CPG) categories, 39 months, and the 50 largest US metropolitan markets. We organize our description of market structure around the notion that firms can improve

  6. Transformations in gas shipping : Market structure and efficiency

    NARCIS (Netherlands)

    Engelen, Steve; Dullaert, Wout

    This article aims to improve understanding of the gas shipping markets which, contrary to the main merchant markets- namely the dry, the tanker and the container markets- have not been subject to the same scrutiny. We examine the fundamentals and segment these versatile markets in which expanding

  7. Behavioral Economics and Marketing in Aid of Decision Making Among the Poor

    OpenAIRE

    Bertrand, Marianne; Shafir, Eldar; Mullainathan, Sendhil

    2006-01-01

    This article considers several aspects of the economic decision making of the poor from the perspective of behavioral economics, and it focuses on potential contributions from marketing. Among other things, the authors consider some relevant facets of the social and institutional environments in which the poor interact, and they review some behavioral patterns that are likely to arise in these contexts. A behaviorally more informed perspective can help make sense of what might otherwise be co...

  8. The Marketing & Positive Impacts of Behavioral Control System on Societies & Countries

    OpenAIRE

    Ahmad Adel Mostafa; Ahmed Mohamed Tawfik

    2015-01-01

    Behavioral control systems are one of the most prominent tools used by managers and marketers for different internal and external purposes. One of the most important external purposes they have been used for is influencing consumer behavior. This paper explores the positive effects of implementing such systems on societies. It discusses consumer perception of the systems, their influence on their financial behavior in different contexts, how can they create order and how as well ...

  9. Structure and mechanical behavior of bird beaks

    Science.gov (United States)

    Seki, Yasuaki

    The structure and mechanical behavior of Toco toucan (Ramphastos toco) and Wreathed hornbill (Rhyticeros undulatus) beaks were examined. The structure of Toco toucan and Wreathed hornbill beak was found to be a sandwich composite with an exterior of keratin and a fibrous bony network of closed cells made of trabeculae. A distinctive feature of the hornbill beak is its casque formed from cornified keratin layers. The casque is believed to have an acoustic function due to the complex internal structure. The toucan and hornbill beaks have a hollow region that extends from proximal to mid-section. The rhamphotheca is comprised of super-posed polygonal scales (45 mum diameter and 1 mum thickness) fixed by some organic adhesive. The branched intermediate filaments embedded in keratin matrix were discovered by transmission electron microscopy (TEM). The diameter of intermediate laments was ~10 nm. The orientation of intermediate filaments was examined with TEM tomography and the branched filaments were homogeneously distributed. The closed-cell foam is comprised of the fibrous structure of bony struts with an edge connectivity of three or four and the cells are sealed off by the thin membranes. The volumetric structure of bird beak foam was reproduced by computed tomography for finite element modeling.

  10. Association between food marketing exposure and adolescents' food choices and eating behaviors.

    Science.gov (United States)

    Scully, Maree; Wakefield, Melanie; Niven, Philippa; Chapman, Kathy; Crawford, David; Pratt, Iain S; Baur, Louise A; Flood, Victoria; Morley, Belinda

    2012-02-01

    The present study examined associations between food marketing exposure and adolescents' food choices and reported consumption of energy-dense and nutrient-poor (EDNP) foods. A cross-sectional survey of 12,188 Australian secondary students aged 12-17 years was conducted, using a web-based self-report questionnaire. Measures included students' level of exposure to commercial television and non-broadcast types of food marketing, whether they had tried a new product or requested a product they had seen advertised, and their reported consumption of fast food, sugary drinks and sweet and salty snacks. Results indicated greater exposure to commercial television, print/transport/school food marketing and digital food marketing were all independently associated with students' food choices. High commercial television viewers (>2h/day) were more likely to report higher consumption of EDNP foods (ORs ranged from 1.31 for fast food to 1.91 for sweet snacks). Some associations between digital food marketing exposure and students' eating behaviors were found; however, print/transport/school food marketing was only related to sweet snack consumption. These study results suggest that cumulative exposure to television food advertising and other food marketing sources are positively linked to adolescents' food choices and eating behaviors. Policy changes to restrict food marketing to young people should include both television and non-broadcast media. Copyright © 2011 Elsevier Ltd. All rights reserved.

  11. Exploratory wine consumer behavior in a transitional market: The case of Poland

    Directory of Open Access Journals (Sweden)

    Renata Schaefer

    2018-06-01

    Full Text Available This paper investigates exploratory behavior among wine consumers in Poland where the country's wine culture is in a state of rapid change. This study investigates the extent to which demographics, values, and wine preferences relate to exploratory behavior.Data obtained from 198 Polish wine consumers was used in the analysis. Exploratory behavior was measured using the VARSEEK scale adapted to wine. Other measures included the Schwartz Value Inventory, wine knowledge and involvement, and measures relevant for wine purchasing behavior. Demographic variables were also used to profile consumers.The findings show that Polish wine consumers’ level of exploratory behavior is not related to demographics, but is influenced by personal values. The consumers who were most likely to engage in exploratory behavior valued creativity, fun, and risk taking and were less concerned about behaving properly. They also had more global outlook as they were more likely to purchase wine in other countries and desired more wines from regions outside Poland.The findings are useful for wine marketers when developing strategies for wine consumers in transitional markets based on their unique needs and expectations.This is the first known research conducted in Poland focusing on wine consumers’ exploratory behavior and subsequent wine preferences. Keywords: Polish wine market, Consumer behavior, Exploratory behavior, Consumer segmentation

  12. Money Cues Increase Agency and Decrease Prosociality Among Children: Early Signs of Market-Mode Behaviors.

    Science.gov (United States)

    Gasiorowska, Agata; Chaplin, Lan Nguyen; Zaleskiewicz, Tomasz; Wygrab, Sandra; Vohs, Kathleen D

    2016-03-01

    People can get most of their needs broadly satisfied in two ways: by close communal ties and by dealings with people in the marketplace. These modes of relating-termed communal and market-often necessitate qualitatively different motives, behaviors, and mind-sets. We reasoned that activating market mode would produce behaviors consistent with it and impair behaviors consistent with communal mode. In a series of experiments, money-the market-mode cue-was presented to Polish children ages 3 to 6. We measured communal behavior by prosocial helpfulness and generosity and measured market behavior by performance and effort. Results showed that handling money (compared with other objects) increased laborious effort and reduced helpfulness and generosity. The effects of money primes were not due to the children's mood, liking for money, or task engagement. This work is the first to demonstrate that young children tacitly understand market mode and also understand that money is a cue to shift into it. © The Author(s) 2016.

  13. Consumer Attitudes, Knowledge, and Behavior in the Russian Market for Organic Food

    Directory of Open Access Journals (Sweden)

    Oliver Meixner

    2014-08-01

    Full Text Available In the past few decades, the market for organic food has developed well in Western European countries and comparable markets like the United States or Canada. While these markets are now approaching market saturation, other markets still have huge potential for growth and are therefore of special interest to export companies. In this paper, we analyze the demands, knowledge, and expectations of the emerging market in Russia. It is well documented that the Russian market for organic food has had a much higher growth rate than Western markets in recent years. According to the USDA, the Russian market grew significantly during the last years. The increase might also be due to changes in Russian consumers’ behavior. However, some challenges must be considered when entering the Russian market with premium products: (1 a large number of low‐income consumers are not able topay for premium products, and (2 up until now, there have been no official organic labels available in Russia, and, therefore, it is likely that the Russian population lacks knowledge of what organic food is and which requirements are connected to the organic production process. Considering these restrictions, we analyzed important factors affecting Russian consumers’ food choice on the one hand and their knowledge of organic food on the other. This paper presents results for one specific product (organic potatoes, which can be considered to be a typical alternative to low‐priced, conventional products. A conjoint analysis was conducted in Saint Petersburg (n = 300 to investigate the importance of the buying attributes of organic potatoes. While the results are not representative of the whole Russian market, they show crucial differences in consumer attitudes compared to Western markets and confirm that the average consumer knowledge about this product category remains low. These findings offer valuable information to those stakeholders of the supply chain who want to enter a

  14. The Market of Eggs, Consumption, and Consumer Behavior

    OpenAIRE

    Mustafa Pllana; Iliriana Miftari; Njazi Bytyqi; Vetim Hyseni

    2015-01-01

    Eggs are a traditional food with a high consumption per head even in economically developed countries with high living standard. Due to “cholesterol phobia†efforts were made to decrease the cholesterol content in the egg, but without success. Thus began research to improve the nuntrional quality of eggs, reposition them in safety and healthy food products. Today in markets there are organic eggs, vegetarian, nutrient enhaced eggs (omega-3, vitamin enhanced), for what is in order to expect...

  15. Uncertainty about fundamentals and herding behavior in the FOREX market

    Science.gov (United States)

    Kaltwasser, Pablo Rovira

    2010-03-01

    It is traditionally assumed in finance models that the fundamental value of assets is known with certainty. Although this is an appealing simplifying assumption it is by no means based on empirical evidence. A simple heterogeneous agent model of the exchange rate is presented. In the model, traders do not observe the true underlying fundamental exchange rate and as a consequence they base their trades on beliefs about this variable. Despite the fact that only fundamentalist traders operate in the market, the model belongs to the heterogeneous agent literature, as traders have different beliefs about the fundamental rate.

  16. Finite element analysis of inelastic structural behavior

    International Nuclear Information System (INIS)

    Argyris, J.H.; Szimmat, J.; Willam, K.J.

    1977-01-01

    The paper describes recent achievements in the finite element analysis of inelastic material behavior. The main purpose is to examine the interaction of three disciplines; (i) the finite element formulation of large deformation problems in the light of a systematic linearization, (ii) the constitutive modelling of inelastic processes in the rate-dependent and rate-independent response regime and (iii) the numerical solution of nonlinear rate problems via incremental iteration techniques. In the first part, alternative finite element models are developed for the idealization of large deformation problems. A systematic approach is presented to linearize the field equations locally by an incremental procedure. The finite element formulation is then examined for the description of inelastic material processes. In the second part, nonlinear and inelastic material phenomena are classified and illustrated with representative examples of concrete and metal components. In particular, rate-dependent and rate-independent material behavior is examined and representative constitutive models are assessed for their mathematical characterization. Hypoelastic, elastoplastic and endochronic models are compared for the description rate-independent material phenomena. In the third part, the numerial solution of inelastic structural behavior is discussed. In this context, several incremental techniques are developed and compared for tracing the evolution of the inelastic process. The numerical procedures are examined with regard to stability and accuracy to assess the overall efficiency. The 'optimal' incremental technique is then contrasted with the computer storage requirements to retain the data for the 'memory-characteristics' of the constitutive model

  17. Universal and nonuniversal allometric scaling behaviors in the visibility graphs of world stock market indices

    International Nuclear Information System (INIS)

    Qian Mengcen; Jiang Zhiqiang; Zhou Weixing

    2010-01-01

    The investigations of financial markets from a complex network perspective have unveiled many phenomenological properties, in which the majority of these studies map the financial markets into one complex network. In this work, we investigate 30 world stock market indices through their visibility graphs by adopting the visibility algorithm to convert each single stock index into one visibility graph. A universal allometric scaling law is uncovered in the minimal spanning trees, whose scaling exponent is independent of the stock market and the length of the stock index. In contrast, the maximal spanning trees and the random spanning trees do not exhibit universal allometric scaling behaviors. There are marked discrepancies in the allometric scaling behaviors between the stock indices and the Brownian motions. Using surrogate time series, we find that these discrepancies are caused by the fat-tailedness of the return distribution and the nonlinear long-term correlation.

  18. Industry structures in private dental markets in Finland.

    Science.gov (United States)

    Widström, E; Mikkola, H

    2012-12-01

    To use industrial organisation and organisational ecology research methods to survey industry structures and performance in the markets for private dental services and the effect of competition. Data on practice characteristics, performance, and perceived competition were collected from full-time private dentists (n = 1,121) using a questionnaire. The response rate was 59.6%. Cluster analysis was used to identify practice type based on service differentiation and process integration variables formulated from the questionnaire. Four strategic groups were identified in the Finnish markets: Solo practices formed one distinct group and group practices were classified into three clusters Integrated practices, Small practices, and Loosely integrated practices. Statistically significant differences were found in performance and perceived competitiveness between the groups. Integrated practices with the highest level of process integration and service differentiation performed better than solo and small practices. Moreover, loosely integrated and small practices outperformed solo practises. Competitive intensity was highest among small practices which had a low level of service differentiation and was above average among solo practises. Private dental care providers that had differentiated their services from public services and that had a high number of integrated service production processes enjoyed higher performance and less competitive pressures than those who had not.

  19. The Marketing Firm: Operant Interpretation of Corporate Behavior

    Science.gov (United States)

    Vella, Kevin J.; Foxall, Gordon R.

    2013-01-01

    In this article we address the issue of applying operant psychology to derive plausible and useful interpretations of complex firm behavior in natural settings. The objective is to discuss an appropriate methodology based on case study design, developed specifically in Vella and Foxall (2011), to produce an operant interpretation of secondary…

  20. Competition, regulation, and pricing behavior in the Spanish retail gasoline market

    OpenAIRE

    Contín Pilart, Ignacio; Correljé, Aad F.; Palacios, María Blanca

    2006-01-01

    The restructuring of the Spanish oil industry produced a highly concentrated oligopoly in the retail gasoline market. In June 1990 the Spanish government introduced a system of ceiling price regulation in order to ensure that "liberalization" was accompanied by adequate consumer protection. This paper examines the pricing behavior of the retail gasoline market using multivariate error correction models over the period January 1993 (abolishment of the state monopoly)-December 2004. The results...

  1. Impacts of Integrated Marketing Communication Strategies Applied for Geographical Indications on Purchasing Behavior

    OpenAIRE

    Kırgız, Ayça

    2017-01-01

    The purpose of this study is to raise the awarenessfor products with geographical indication (GI) which directly influence thedevelopment of local and nation-wide economies, marketing of tourism activitiesand branding of destination and to investigate the integrated marketing communication(IMC) tools applied for realization of selling and the impact of such tools onshopping behavior. In this study, simple linear regression analysis have beenused. The data analysis showed that the perceived qu...

  2. Analysis of cyclical behavior in time series of stock market returns

    Science.gov (United States)

    Stratimirović, Djordje; Sarvan, Darko; Miljković, Vladimir; Blesić, Suzana

    2018-01-01

    In this paper we have analyzed scaling properties and cyclical behavior of the three types of stock market indexes (SMI) time series: data belonging to stock markets of developed economies, emerging economies, and of the underdeveloped or transitional economies. We have used two techniques of data analysis to obtain and verify our findings: the wavelet transform (WT) spectral analysis to identify cycles in the SMI returns data, and the time-dependent detrended moving average (tdDMA) analysis to investigate local behavior around market cycles and trends. We found cyclical behavior in all SMI data sets that we have analyzed. Moreover, the positions and the boundaries of cyclical intervals that we found seam to be common for all markets in our dataset. We list and illustrate the presence of nine such periods in our SMI data. We report on the possibilities to differentiate between the level of growth of the analyzed markets by way of statistical analysis of the properties of wavelet spectra that characterize particular peak behaviors. Our results show that measures like the relative WT energy content and the relative WT amplitude of the peaks in the small scales region could be used to partially differentiate between market economies. Finally, we propose a way to quantify the level of development of a stock market based on estimation of local complexity of market's SMI series. From the local scaling exponents calculated for our nine peak regions we have defined what we named the Development Index, which proved, at least in the case of our dataset, to be suitable to rank the SMI series that we have analyzed in three distinct groups.

  3. QUANTITATIVE RESEARCH ON CONSUMER BEHAVIOR BY OPTICAL RED WINE MARKETING

    Directory of Open Access Journals (Sweden)

    Roxana STOIAN

    2014-10-01

    Full Text Available Study exhaustive wine area is a frequently researched topic since the beginning of 2000 when it comes to legislative bases for wine and wine products. Among the considerations that led to its choice of study include: Romania considerable resources in terms of agricultural area, and especially the wine (mention here the existence of eight wine regions, vineyards and a hundred thirty seven support and attention given to the legislative branch of Romanian wine (by law 244/2002-Legea vineyard and wine, and the European and not least history as a wine producing country with Spain, Italy and France. The paper aims to determine whether or not a situation determinant of marketing in red wine consumption by analyzing questionnaire responses developed.

  4. How Does the Financial Crisis Affect Volatility Behavior and Transmission Among European Stock Markets?

    Directory of Open Access Journals (Sweden)

    Faten Ben Slimane

    2013-08-01

    Full Text Available The spread of the global financial crisis of 2008/2009 was rapid, and impacted the functioning and the performance of financial markets. Due to the importance of this phenomenon, this study aims to explain the impact of the crisis on stock market behavior and interdependence through the study of the intraday volatility transmission. This paper investigates the patterns of linkage dynamics among three European stock markets—France, Germany, and the UK—during the global financial crisis, by analyzing the intraday dynamics of linkages among these markets during both calm and turmoil phases. We apply a VAR-EGARCH (Vector Autoregressive Exponential General Autoregressive Conditional Heteroscedasticity framework to high frequency five-minute intraday returns on selected representative stock indices. We find evidence that interrelationship among European markets increased substantially during the period of crisis, pointing to an amplification of spillovers. In addition, during this period, French and UK markets herded around German market, possibly explained by behavior factors influencing the stock markets on or near dates of extreme events. Germany was identified as the hub of financial and economic activity in Europe during the period of study. These findings have important implications for both policymakers and investors by contributing to better understanding the transmission of financial shocks in Europe.

  5. Migration-driven aggregation behaviors in job markets with direct foreign immigration

    International Nuclear Information System (INIS)

    Sun, Ruoyan

    2014-01-01

    This Letter introduces a new set of rate equations describing migration-driven aggregation behaviors in job markets with direct foreign immigration. We divide the job market into two groups: native and immigrant. A reversible migration of jobs exists in both groups. The interaction between two groups creates a birth and death rate for the native job market. We find out that regardless of initial conditions or the rates, the total number of cities with either job markets decreases. This indicates a more concentrated job markets for both groups in the future. On the other hand, jobs available for immigrants increase over time but the ones for natives are uncertain. The native job markets can either expand or shrink or remain constant due to combined effects of birth and death rates. Finally, we test our analytical results with the population data of all counties in the US from 2000 to 2011. - Highlights: • A rate equation model describing the migration of job market is proposed. • We study the migration-driven aggregation behaviors over the longer term. • An illustrative example is given to check the effectiveness of the model

  6. Migration-driven aggregation behaviors in job markets with direct foreign immigration

    Energy Technology Data Exchange (ETDEWEB)

    Sun, Ruoyan

    2014-09-05

    This Letter introduces a new set of rate equations describing migration-driven aggregation behaviors in job markets with direct foreign immigration. We divide the job market into two groups: native and immigrant. A reversible migration of jobs exists in both groups. The interaction between two groups creates a birth and death rate for the native job market. We find out that regardless of initial conditions or the rates, the total number of cities with either job markets decreases. This indicates a more concentrated job markets for both groups in the future. On the other hand, jobs available for immigrants increase over time but the ones for natives are uncertain. The native job markets can either expand or shrink or remain constant due to combined effects of birth and death rates. Finally, we test our analytical results with the population data of all counties in the US from 2000 to 2011. - Highlights: • A rate equation model describing the migration of job market is proposed. • We study the migration-driven aggregation behaviors over the longer term. • An illustrative example is given to check the effectiveness of the model.

  7. STUDY AND ANALYSIS OF CONSUMER BUYING BEHAVIOR IN RETAIL MARKET

    OpenAIRE

    Manish Dubey; Dr. Siddharth Saini; Dr. Srishti Umekar

    2016-01-01

    The aim of this study are determining the impact of the most used tools of sales promotion in retail sector such as coupons, sample, price discount and buy one get one free on consumer buying behavior from two aspects are brand switching and customer loyalty. Consumer promotions should stimulate purchases, sustain brand-name recognition, and gain audience participation. Themes are underlying messages. Media should be selected. In this way include direct mail, newspapers, magazines, televis...

  8. La struttura dei mercati monetari. (The structure of money markets

    Directory of Open Access Journals (Sweden)

    J.S.G. WILSON

    2014-07-01

    Full Text Available The article surveys the main characteristics of money markets. It defines a money market as a center in which financial institutions congregate for the purpose of dealing in monetary assets. The author stresses the variety of organisational forms as well as the common elements of these markets.JEL: E40, E44, G10, G20

  9. Has renewable energy induced competitive behavior in the Spanish electricity market?

    International Nuclear Information System (INIS)

    Ciarreta, Aitor; Espinosa, Maria Paz; Pizarro-Irizar, Cristina

    2017-01-01

    Recent energy policy has favored a massive introduction of Renewable Energy Sources on electricity markets, which has greatly impacted their performance. First, the electricity price has decreased as a consequence of the so-called merit-order effect. Another relevant effect is associated to the intermittent nature of Renewable Energy, which has increased the cost of ancillary services. A third and important aspect, less addressed in the literature, is the induced change in the strategic behavior of the conventional electricity producers. In principle, the entry of new generators in a concentrated market would make it more competitive and change the strategic behavior of the incumbents. We test this hypothesis for the Spanish wholesale market. While we find no significant change in behavior for Nuclear, Hydropower and Coal, a change is observed in Combined Cycle bidding strategies after the entry of renewable generators. Our analysis shows that the massive entry of Renewable Energy Sources made other generators' behavior more competitive in the short run, but the effect was not persistent. - Highlights: • The indirect effects of RES affect prices in electricity markets. • RES induced little change in Nuclear, Coal and Hydropower generation. • Combined Cycle bidding strategies have evolved to adapt to the introduction of RES. • RES made Combined Cycle's behavior more competitive in the short run. • The competitive effect induced by RES is not persistent in the long run.

  10. Information transfer across intra/inter-structure of CDS and stock markets

    Science.gov (United States)

    Lim, Kyuseong; Kim, Sehyun; Kim, Soo Yong

    2017-11-01

    We investigate the information flow between industrial sectors in credit default swap and stock markets in the United States based on transfer entropy. Both markets have been studied with respect to dynamics and relations. Our approach considers the intra-structure of each financial market as well as the inter-structure between two markets through a moving window in order to scan a period from 2005 to 2012. We examine the information transfer with different k, especially k = 3, k = 5 and k = 7. Analysis indicates that the cases with k = 3 and k = 7 show the opposite trends but similar characteristics. Change in transfer entropy for intra-structure of CDS market precedes that of stock market in view of the entire time windows. Abrupt rise and fall in inter-structural information transfer between two markets are detected at the periods related to the financial crises, which can be considered as early warnings.

  11. Essays on the behavior of the oil market and OPEC

    Science.gov (United States)

    Algudhea, Salim

    This dissertation consists of three essays. The first essay is mainly concerned with investigating the risk-responsive behavior of OPEC members. Economic theory suggests that producers respond to the risk of volatile price by lowering production level. In the case of OPEC, the risk of the volatility in the price of crude oil does not seem to be a key determinant in the production decision-making process. Engineering constraints, data frequency, and political consideration may be the main causes of such a result. In the second essay, we tested the presence of the asymmetric adjustment in the cheating behavior as a result of crude oil price shocks. We utilize a set of cointegration and error correction methods that do not assume a linear adjustment to test whether cheaters within OPEC respond more to positive or negative crude oil price shocks. We conclude that cheaters respond more to negative shocks than positive shocks in oil price. The inelastic nature of demand for oil seems to play a crucial role in such asymmetric behavior. When there is a negative price shock, OPEC producers compensate for the loss in revenue by overproducing (i.e. cheat). Yet, if there is a positive shock in the price of crude oil, OPEC producers have less incentive to overproduce because of the inelastic demand for oil. The third essay is concerned with testing for the asymmetric adjustment in gasoline prices in the U.S. We consider a Momentum Threshold Autoregressive (MTAR) process to test for the asymmetric adjustment in all of the possible stages that a gallon of gasoline goes through in order to find the source of asymmetry. Then, we examine the dynamics of gasoline prices using asymmetric error correction models based on the MTAR specifications. We find the asymmetric adjustment present in all stages. The asymmetry in the retail stage seems to be the result of insufficient demand faced by retailers.

  12. Entrepreneurial Abilities: Structure of Labor Market and Income Inequality

    Directory of Open Access Journals (Sweden)

    Dmitry Aleksandrovich Pokrovsky

    2014-06-01

    Full Text Available This paper is addressed to explanation of differentiation of economics in structure of labor market and income distribution. In order to this aim the author develops a model of endogenous formation of entrepreneurship in economics with heterogeneous agents. The nature of heterogeneity is non- trivial distribution of entrepreneurial abilities across individuals. The impact of form and support of distribution of abilities as well as structure of preferences are studied. The key result is impact of an elasticity of substitution and an elasticity of distribution function on share of entrepreneurs and income inequality in opposite way. This effect must be taken into account when arbitrary economic policy is developed. Also author consider two transformation of support of distribution of entrepreneurial abilities: 1 tension and compression, 2 shift. Economies which are equivalence in sense of first type of support transformation have the same share of entrepreneurs in population and the same level of income inequality. In the second case economy with less able individuals in average has bigger share of entrepreneurs in population and it is more differentiated in income

  13. Analysis of the Effect of Olfactory, Approach Behavior, and Experiential Marketing toward Purchase Intention

    Directory of Open Access Journals (Sweden)

    Cherish Anggie

    2011-02-01

    Full Text Available The drive of retail business competition is getting tighter and causing retailers to seek to entice consumers to be regular and faithful at their stores. Retailers need to understand consumer behavior in order to obtain what is desired by consumers. Therefore, consumer behavior needs to be studied considering various factors which can influence consumer decisions to buy a product. The emergence of BreadTalk in Indonesia in the bakery industry with a different concept bakery store has caused rapid development in this industry. One strategy used by BreadTalk to encourage consumers to visit, feel the different experience, and ultimately to increase consumer purchase intention is to use dimensional olfactory as one of the elements in the store ambience. With this phenomenon, this study aims to find the significant influence of the olfactory, approach behavior, experiential marketing toward purchase intention. Collecting data in this study was done by spreading questionnaires to students of the University of Pelita Harapan, who had visited and shopped at BreadTalk Supermal Karawaci. The questionnaires were distributed to 150 respondents. The variables that exist in the study are measured using the Likert scale. The sample collection technique used was a non-probability sampling technique of sampling with a purposive sampling method. The data are then processed by using reliability analysis, validity, and methods of structural equation modelling analysis. From the results of this study the significant influence from olfactory to 3 variables mentioned above can be seen.

  14. Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

    OpenAIRE

    Richard M. Levich

    1983-01-01

    Theoretical and empirical research completed over the last decade has dramatically increased our understanding of exchange rate behavior. The major insight to come from this decade of research is that foreign exchange is a financial asset. In an asset pricing framework, current exchange rates reflect the expected values of future exogenous variables. The purpose of this paper is to survay the empirical evidence on exchange rate behavior, market efficiency and related topics. Section 2 present...

  15. Changes in consumer behavior on the market with food

    Directory of Open Access Journals (Sweden)

    Jana Turčínková

    2009-01-01

    Full Text Available Czech Republic has experienced significant changes on the market with food in last two decades. The paper presents summary of results of conducted analyses focusing on changes in levels of most important food categories, changes in consumer preferences, and suggests what trends we can expect in the near future. The analyses were based on date from Czech Statistical Office Yearbooks, EUROSTAT, INCOMA and GfK, and data from primary researches conducted on sample of total 2522 households in the Czech Republic through questionnaire researches in 2005, 2006 and 2007. The results show that in the Czech Republic, the ratio of expenditures for food out of total consumer expenditures is slowly decreasing and advances to (still lower level typical for traditional EU countries. We have experienced growth of demand for products with higher added value; customers put more emphasis on perceived quality, longer durability and special product characteristics. Czech con­su­mers increase their consumption of vegetables and fruit, bottled beverages, wine and alcoholic beverages, cheese, they decreased their consumption of meat (in total, milk and potatoes, stagnation was typical for bakery products, sugar and fats and oils. Development in all social classes was very similar. For the future, we can expect growing interest for food products in smaller packages and targeted at specific needs, growing demand for food products with higher added value, consumption of food formerly unusual for the Czech, more frequent out-of-home eating, and growing differences between individual segments of social groups, mainly due to uneven income distribution.

  16. PARTICULARITIES OF CONSUMER BEHAVIOR IN THE COSMETICS MARKET

    Directory of Open Access Journals (Sweden)

    Eugenia Harja

    2014-12-01

    Full Text Available Based on some results of a research organized in the county of Bacau on consumers of cosmetics, using the questionnaire, this article analyses a number of issues with regard to consumer behavior, namely: cosmetics brand most commonly purchased by consumers, cosmetics category to which are allocated the largest sums of money, the amounts of money that consumers are willing to spend per month to purchase these types of products, the importance of some of the main criteria considered when buying cosmetic products and differences manifested in categories of respondents by a number of variables such as age, sex, marital status, income and living environment. The research was conducted using a sample of 500 respondents non-randomly selected, so that the results presented refer only to the studied sample, being a guide to community from which it was extracted.

  17. Marketing Mix and Purchasing Behavior for Japanese Motorcycle Brand in Indonesia

    Directory of Open Access Journals (Sweden)

    Etty Susilowati

    2018-05-01

    Full Text Available The increasing population in Indonesia leads to increasing demand for motorcycles as one of transportation means. Ease of operation and affordable prices cause motorcycles as a very popular transportation means in Indonesia, especially in big cities. This is because of the traffic density and the people's desire to arrive at their destination quickly. One of the Japanese brands, Honda Beat is the highest selling motorcycle brand in Indonesia based on the data from The Indonesian Motorcycle Industry Association. In this study, we investigate the relationship of marketing mix with consumer purchasing behavior of this specific brand. A judgmental sampling was applied to 100 consumers in Greater Jakarta. Multiple linear regression was employed to analyze the data. The results indicated that promotions have the highest influence on consumer purchasing behaviors of the brand (coeff. = 0.503, then followed by products (coeff. = 0.320, and price perceptions (coeff. = 0.224. This study contributes to the marketing literature by adding a new empirical evidence on how marketing mix can generate perception and preference of brand personality, especially in motorcycle brands. The findings of this study will assist managers of motorcycle brand to maximize specific factors from marketing mix analysis to increase consumer purchasing behavior. Finally, in terms of the method employed in marketing studies, this study contributes to the literature by adding a new combination of a quantitative study of multiple linear regression and personal opinion of consumers.

  18. Effects of Story Marketing and Travel Involvement on Tourist Behavioral Intention in the Tourism Industry

    Directory of Open Access Journals (Sweden)

    Yi-Min Li

    2014-12-01

    Full Text Available Story marketing has been widely applied to modern societies. As a matter of fact, attraction is a critical part of tourism for any visitor attractions throughout the world. A visitor attraction requires sufficient attraction to appeal to customers’ interests. Story marketing is currently the most popular marketing strategy. The success of using stories in visitor attractions as a marketing tactic for tourism attraction lies in the fact that story-telling is able to best attract people. Both adults and children love listening to stories, which can lead a way to people’s hearts and stories are also the best strategy for communication with others. Aimed at visitors to the Wushe Township as the research participants, a total of 500 copies of questionnaires were distributed, and 287 valid ones retrieved, with a retrieval rate of 57%. The research results show: (1 a significantly positive effect of story marketing on travel involvement; (2 a notably positive effect of travel involvement on behavioral intention; (3 remarkably positive effect of story marketing on behavioral intention.

  19. Factor Structure of Child Behavior Scale Scores in Peruvian Preschoolers

    Science.gov (United States)

    Meyer, Erin L.; Schaefer, Barbara A.; Soto, Cesar Merino; Simmons, Crystal S.; Anguiano, Rebecca; Brett, Jeremy; Holman, Alea; Martin, Justin F.; Hata, Heidi K.; Roberts, Kimberly J.; Mello, Zena R.; Worrell, Frank C.

    2011-01-01

    Behavior rating scales aid in the identification of problem behaviors, as well as the development of interventions to reduce such behavior. Although scores on many behavior rating scales have been validated in the United States, there have been few such studies in other cultural contexts. In this study, the structural validity of scores on a…

  20. Islamic and conventional bank market value: Manager behavior and investor sentiment

    Directory of Open Access Journals (Sweden)

    Mouna Abdelhedi-Zouch

    2016-12-01

    Full Text Available This paper studies the effect of bank manager behavior and investor behavior on market value of Islamic and conventional banks in the Middle East and North Africa region. Firstly, our analysis denoted the positive effect of discretionary behavior of manager on both types of banks on share prices since discretionary behavior transmits to investor a positive signal of future earnings’ prospects. Also, we find that the conventional bank stock prices response is very high to negative signal compared with positive signal. This result is explained by prospect theory and loss aversion bias which specified that individuals are more sensitive to losses than gains of same magnitude. In particular, we discover that the negative effect of non-discretionary behavior is much lower on Islamic bank value since investors give more confidence to Islamic bank because they are motivated by the idea that Islamic banks are safer than conventional banks. Secondly, the results show that investor sentiment affects significantly both bank market prices. Thus, both Islamic and conventional banks’ market value depends similarly on manager and investor behavior. The implication of this paper is that Islamic bank concentrations reveal a positive effect on their price values because of the recently increased investments in Islamic banks.

  1. A Comparative Study on the Bidding Behavior of Pay as Bid and Uniform Price Electricity Market Players

    DEFF Research Database (Denmark)

    Haji Bashi, Mazaher; Khazraj, Hesam; Bak, Claus Leth

    2018-01-01

    High prices are expected for high demand times in the electricity markets and vice versa. The System Capacity Margin (SCM) demonstrates the abundance of electricity in the market. Naturally, higher SCM causes to lower price but, the players' behavior distortions have been frequently addressed...... in the literature. The overall producers’ bidding behaviors participating in Iran Electricity Market (IEM) as the low wind penetrated case and the Danish Electricity Market (DEM) as a high wind penetrated case are studied in this paper. An index is introduced to describe the overall market players’ behaviors....... Considering the players' behavior and using adaptive Neuro-fuzzy inference system, a model is derived. Although the total trend of prices is descending while the SCM increases, the results show some unexpected behaviors in IEM. Finally, players' biding behavior are compared in DEM and IEM. Markov transition...

  2. An Analysis of Colombian Power Market Price Behavior from an Industrial Organization Perspective

    Directory of Open Access Journals (Sweden)

    Ona Duarte Venslauskas

    2015-12-01

    Full Text Available We analyze the behavior of spot prices in the Colombian wholesale power market, using a series of models derived from industrial organization theory.  We first create a Cournot-based model that simulates the strategic behavior of the market-leader power generators, which we use to estimate two industrial organization variables, the Index of Residual Demand and the Herfindahl-Hirschman Index (HHI.  We use these variables to create VAR models that estimate spot prices and power market impulse-response relationships.  The results from these models show that hydroelectric generators can use their water storage capability strategically to affect off-peak prices primarily, while the thermal generators can manage their capacity strategically to affect on-peak prices.  In addition, shocks to the Index of Residual Capacity and to the HHI cause spot price fluctuations, which can be interpreted as the generators´ strategic response to these shocks.

  3. Management of the structure of marketing - practical necessity not solved in theory

    OpenAIRE

    Rutkauskas, Aleksandras Vytautas; Stasytytė, Viktorija; Staskevičiūtė, Giedrė

    2007-01-01

    Marketing is constantly concerned with the following problems - what amount of funds reaches maximum marginal effect and what the optimal structure of expenditures on separate marketing means should be. Moreover, nowadays it is increasingly important to reach business sustainability. The paper proposes means of solving the problem integrating these questions - how to achieve the maximum marginal marketing funds efficiency with optimal funds distribution among separate marketing means. Employi...

  4. Reducing domestic heating demand: Managing the impact of behavior-changing feedback devices via marketing.

    Science.gov (United States)

    Jensen, Thorben; Chappin, Émile J L

    2017-07-15

    Feedback devices can be used to inform households about their energy-consumption behavior. This may persuade them to practice energy conservation. The use of feedback devices can also-via word of mouth-spread among households and thereby support the spread of the incentivized behavior, e.g. energy-efficient heating behavior. This study investigates how to manage the impact of these environmental innovations via marketing. Marketing activities can support the diffusion of devices. This study aims to identify the most effective strategies of marketing feedback devices. We did this by adapting an agent-based model to simulate the roll-out of a novel feedback technology and heating behavior within households in a virtual city. The most promising marketing strategies were simulated and their impacts were analyzed. We found it particularly effective to lend out feedback devices to consumers, followed by leveraging the social influence of well-connected individuals, and giving away the first few feedback devices for free. Making households aware of the possibility of purchasing feedback devices was found to be least effective. However, making households aware proved to be most cost-efficient. This study shows that actively managing the roll-out of feedback devices can increase their impacts on energy-conservation both effectively and cost-efficiently. Copyright © 2017 Elsevier Ltd. All rights reserved.

  5. 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…

  6. The Effect of Internal Marketing on Organizational Citizenship Behavior of Academic Staff in Higher Educational Institutions

    Science.gov (United States)

    Yildiz, Suleyman M.

    2016-01-01

    Due to their important roles in organizational performance, internal marketing and organizational citizenship behavior have become more interesting subjects among researchers and practitioners. However, empirical research is limited in the literature, and the relationship between these two variables in higher educational institutions is not clear.…

  7. Enhancing the Capacity to Create Behavior Change: Extension Key Leaders' Opinions about Social Marketing and Evaluation

    Science.gov (United States)

    Warner, Laura A.

    2014-01-01

    Extension educators endeavor to create and measure outcomes beyond knowledge gain. The purpose of this qualitative study was to explore the role of social marketing as a method for creating behavior change within the University of Florida Extension system through key leader opinions. Additionally, the study sought to identify perceptions about…

  8. Attracting Women to Psychology: Effects of University Behavior and the Labor Market.

    Science.gov (United States)

    Solmon, Lewis C.

    1978-01-01

    This article reviews certain behaviors of graduate departments in regard to possible sex discrimination. It also evaluates job market conditions for men and women with data from a national sample of doctorate holders and from a recent survey of mobile or nontraditionally employed PhD's in psychology. (Author)

  9. 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

  10. Structure of the US gas market, regulation and pricing of the third party access to the network

    International Nuclear Information System (INIS)

    David, L.; Mirabel, F.

    2000-06-01

    The opening of the US natural gas market to competition is followed by deep changes in the implemented regulations for an efficient organization and operation of the gas industry. The transformations of the industrial structures and the strategic behavior of the actors characterize the mutations of the gas markets in the USA. The aim of this paper is to transcribe in a synthetic form the characteristics of the gas market in North America and to model the structure of the industry in this sector opened to competition in its back-end. Two main questions are analyzed: the role and position of the former monopoly (utility) in this back-end market (should the local distribution companies continue to sell gas to end users?), and what kind of regulation should be implemented by the authorities in order to avoid the former monopoly to use its market power and make excessive profits. The analysis is made in two steps: the first part explains the hypotheses of the analysis using the characteristics of the North American market. It presents the general framework of the model and explains the two 'regulatory scenarios' retained in the study. The main steps of the resolution of the model are detailed in the second part. (J.S.)

  11. The Influence of Marketing Communication on the Consumer’s Buyer Behavior – A Relationship Marketing Approach

    Directory of Open Access Journals (Sweden)

    Tichindelean Mihai

    2015-04-01

    Full Text Available The purpose of the paper is to identify the nature of the influence of a company’s marketing communication of the actual consumer behaviour. To achieve this purpose, the paper is structures in two parts; firstly, the recent literature regarding relationship marketing paradigm is reviewed and the value chain concept is presented. The second part contains a survey-based research which uses book-store customers as target unit. Sales promotion and advertising are used as input variables in identifying the variation in the client’s buying behaviour. Client behaviour was measured through three variables: monetary value spent by the clients within their last purchasing experience, buying frequency of the clients, and their buying intention.

  12. Assessment of the sweetpotato market structure in Nasarawa state ...

    African Journals Online (AJOL)

    Product differentiation existed and there were little or no barriers to entry into the sweetpotato market. The Gini Coefficient values of 0.5457 (wholesalers) and 0.6001 (retailers) were recorded, indicating an existence of some degree of sellers' concentration. This implies that sweetpotato market is an imperfect competitive ...

  13. Iron nanoparticle assemblies: structures and magnetic behavior

    International Nuclear Information System (INIS)

    Farrell, D; Cheng, Y; Kan, S; Sachan, M; Ding, Y; Majetich, S A; Yang, L

    2005-01-01

    Self-assembly of spherical, surfactant-coated nanoparticles is discussed, an examples are presented to demonstrate the variety of structures that can be formed, and the conditions that lead to them. The effect of the concentration on the magnetic properties is then examined for 8.5 nm Fe nanoparticles. Dilute dispersions, arrays formed by evaporation of the dispersions, and nanoparticle crystals grown by slow diffusion of a poorly coordinating solvent were characterized by zero field-cooled magnetization, remanent hysteresis loop, and magnetic relaxation measurements. The average spacing between the particles was determined from a combination of transmission electron microscopy and small angle x-ray scattering. In the arrays the spacing was 2.5 nm between the edges of the particle cores, while in the nanoparticle crystals the particles were more tightly packed, with a separation of 1.1 nm. The reduced separation increased the magnetostatic interaction strength in the nanoparticle crystals, which showed distinctly different behavior in the rate of approach to saturation in the remanent hysteresis loops, and in the faster rate of time-dependent magnetic relaxation

  14. MARKETING PLANNING AS KEY FACTOR OF ENTERPRISE STRUCTURE COMPETITIVENESS

    Directory of Open Access Journals (Sweden)

    E. V. Omelchenko

    2012-01-01

    Full Text Available Market planning in businesses dealing both with goods and services plays an important coordinating role, since it helps an enterprise to attain its inner consent, to determine development directions, to stimulate inner cooperation, to coordinate distribution of its resources and to formulate ways to solve tasks on the basis of which the company intends to reach its marketing aims. Specified in the article are market planning stages to be followed by a company engaged in the sphere of design services, compliance with the stages making it easier to develop the final marketing plan, to create new advantages both to stand competition at the chosen market and even to take leading positions there.

  15. Online Copyright Enforcement, Consumer Behavior and Market Structure

    DEFF Research Database (Denmark)

    Aguiar, Luis; Claussen, Jörg; Peukert, Christian

    Taking down copyright-infringing websites is a way to reduce consumption of pirated media content and increase licensed consumption. We analyze the consequences of the shutdown of the most popular German video streaming website - kino.to - in June 2011. Using individual-level clickstream data, we...

  16. Online Copyright Enforcement, Consumer Behavior, and Market Structure

    DEFF Research Database (Denmark)

    Aguiar, Luis; Claussen, Jörg; Peukert, Christian

    Taking down copyright-infringing websites is a way to reduce consumption of pirated media content and increase licensed consumption. We analyze the consequences of the shutdown of the most popular German video streaming website - kino.to - in June 2011. Using individual-level clickstream data, we...

  17. Organizational structures within the scope of strategic marketing planning: a discursive study

    Directory of Open Access Journals (Sweden)

    Luciano Augusto Toledo

    2009-08-01

    Full Text Available The present article proposes to analyze marketing planning within the context of innovative organizational structures. The work has been structured as an essay, and is comprised of a review of the theoretical reference, set against a conceptual critical analysis of a few aspects pertinent to the theme. Issues around the difference among the several strategic levels, such as the formulation of corporate strategies, competitive and structural. Additionally, marketing planning activities were situated in companies’ structural hierarchizing. Lastly, a reflection is conducted, raising issues adjacent to marketing planning, strategies, and innovative organizational structures.

  18. Fundamental Electronic Structure Characteristics and Mechanical Behavior of Aerospace Materials

    National Research Council Canada - National Science Library

    Freeman, Arthur J; Kontsevoi, Oleg Y; Gornostyrev, Yuri N; Medvedeva, Nadezhda I

    2008-01-01

    To fulfill the great potential of intermetallic alloys for high temperature structural applications, it is essential to understand the mechanisms controlling their mechanical behavior on the microscopic level...

  19. 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).

  20. MODEL ОF CONSUMER BEHAVIOR TRANSFORMATION AS A BASIS FOR MARKETING STRATEGY

    Directory of Open Access Journals (Sweden)

    V.Savelyev

    2014-09-01

    Full Text Available The article concerns with the basic consumer segments. The consumer needs are analyzed in the article and the model of change in consumer behavior is created. The article proposes the recommendations on effective strategic actions in order to competitive capacity increase. It is determined that in low purchasing power conditions, focus on meeting the needs of loyal customer segments will allow companies to increase the competitiveness of the market supply. Adaptation of marketing strategy in low purchasing power conditions is a creative process in which success is based on the orientation of the changed consumption motives.

  1. Liquidity Shocks, Market Maker Turnover, and Bidding Behavior in Treasury Auctions

    DEFF Research Database (Denmark)

    Gonzalez-Eiras, Martin; Rudiger, Jesper

    2017-01-01

    aggressively. They also bid more aggressively for existing securities that are reissued when the regulation tightens the requirements for secondary market participation. Consistent with regulations which imply that auctioned securities are not a prime source of liquidity, we find that banks which face...... liquidity needs bid less aggressively for them. A novel implication of our results is that in institutional settings that feature turnover of market makers, bidding behavior should be modeled in a dynamic setting. We introduce a dynamic model and show that static estimates over-predict true valuations when...

  2. The term structure of interest rates and macroeconomic factors: Evidence from Indian financial market

    Directory of Open Access Journals (Sweden)

    K. Hassan Shareef

    2017-12-01

    Full Text Available The term structure of interest rate per-se is not impeccable for explaining the behavior of the future economic conditions and hence incorporating macro factors in the term structure model is more tractable. The study uses monthly data of macro factors for a period of eighteen years from April 1998 to May 2016. Using structural vector auto regression estimates, Granger causality/block exogeneity wald test along with impulse response functions and forecast error variance decomposition analysis the study tests the proportion of term structure attributable to macro-economic shocks. The findings of the study show that short term rates are mainly influenced by the fiscal deficit present in emerging economies while long term rates get affected when market participants revise their expectation on yields. In addition, the output growth of the country is mainly depended on long and short rates and exchange rate fluctuations have a significant role in the fiscal deficit of the country. Keywords: Term structure of interest rates, Inflation, Output growth, NEER, Monetary policy rate, JEL Classification: E43, E31, E2

  3. Structure, control and regulation of the formal market for medicinal plants' products in Nigeria.

    Science.gov (United States)

    Oguntade, Adegboyega E; Oluwalana, Isaac B

    2011-01-01

    There are informal and formal markets for medicinal plants' products in Nigeria. The formal market is subject to the national regulatory framework for Food and Drug Administration and Control. It is relatively new and underdeveloped. This study was designed to appraise this market with special emphasis on the market participants, market structure, marketing functions performed, conduct of sellers in the market and; standards and regulations to which the market is subject. Information used for this study was collected through personal interviews and interactions with key participants in the market; especially the officials of regulatory agency. The market structure was analysed in terms of the share of market controlled by participants and product types. Concentration Ratios (CR2 and CR4) were used to assess the market share. Marketing functions being performed were described in terms of the exchange, physical and facilitating functions while the conduct was described in terms of pricing and promotional strategies. The regulatory framework under which the market operates was appraised. The market was highly concentrated with a CR2 and CR4 of 58.5% and 80.8 %; respectively. Imported products accounted for only 12.3% of the market. The predominant modes of presentation of the product were capsule (41.6%) and liquid (36.2%). About 20.77% of the products were classified as multivitamins, 13.85% were antibiotics while 10.77% addressed sexual dysfunctional problems. These products were regulated under the Food and Drug Administration and Control (NAFDAC) decrees, 1993-1999. Only 2.3% of the products have received full registration status while the others were only listed.

  4. Generators' bidding behavior in the NYISO day-ahead wholesale electricity market

    International Nuclear Information System (INIS)

    Zhang, Ning

    2009-01-01

    This paper proposes a statistical and econometric model to analyze the generators' bidding behavior in the NYISO day-ahead wholesale electricity market. The generator level bidding data show very strong persistence in generators' grouping choices over time. Using dynamic random effect ordered probit model, we find that persistence is characterized by positive state dependence and unobserved heterogeneity and state dependence is more important than unobserved heterogeneity. The finding of true state dependence suggests a scope for economic policy intervention. If NYISO can implement an effective policy to switch generators from higher price groups to lower price groups, the effect is likely to be lasting. As a result, the market price can be lowered in the long-run. Generators' offered capacity is estimated by a two-stage sample selection model. The estimated results show that generators in higher-priced groups tend to withhold their capacity strategically to push up market prices. It further confirms the importance of an effective policy to turn generators into lower price groups in order to mitigate unexpected price spikes. The simulated market prices based on our estimated aggregate supply curve can replicate most volatility of actual DA market prices. Applying our models to different demand assumptions, we find that demand conditions can affect market prices significantly. It validates the importance of introducing demand side management during the restructure of electricity industry. (author)

  5. Resource externalities and the persistence of heterogeneous pricing behavior in an energy commodity market

    International Nuclear Information System (INIS)

    Bunn, Derek; Koc, Veli; Sapio, Alessandro

    2015-01-01

    In competitive product markets, repeated interaction among producers with similar economic characteristics would be expected to result in convergence of their behaviors. If convergence does not occur, it raises fundamental questions related to the sustainability of heterogeneous competitive strategies. This paper examines the prices submitted to the British wholesale electricity market by four coal-fired plants, separately owned, approximately of the same age, size and efficiency, and located in the same transmission network zone. Due to the repetitive nature of the spot market, one would expect convergence in strategies. Yet, we find evidence of persistent price dispersion and heterogeneous strategies. We consider several propositions for these effects including market power, company size, forward commitments, vertical integration and the management of interrelated assets. - Highlights: • Time series models of offer prices from 4 companies, UK electricity spot market • Focus on coal-fired plants of similar size, efficiency, age, same network zone • Low, less volatile offers by small, not vertically integrated, only-coal company • Operational risks of nuclear plants in a portfolio imply finer tracking of PX prices • Market leadership from private information on the Anglo-French interconnector flows

  6. Market structure and the stability and volatility of electricity prices

    International Nuclear Information System (INIS)

    Bask, Mikael; Widerberg, Anna

    2009-01-01

    By using a novel approach in this paper, (λ,σ 2 )-analysis, we have found that electricity prices most of the time have increased in stability and decreased in volatility when the Nordic power market has expanded and the degree of competition has increased. That electricity prices at Nord Pool have been generated by a stochastic dynamic system that most often has become more stable during the step-wise integration of the Nordic power market means that this market is less sensitive to shocks after the integration process than it was before this process. This is good news

  7. African electricity market liberalization, competition and structuring: Should double bid markets be set up?

    International Nuclear Information System (INIS)

    Founanou, M.

    2011-01-01

    In this paper, we analyse the possibility of using double auction mechanisms in the organization of the electricity markets in African countries. Today's electricity markets around the world are de-regulated and going through a restructuring process. In a context marked by the opening up to competition, a double auction for electricity supply is henceforth used to set prices in wholesale and retail electricity markets. Game theory analysis useful for studying the double auction prices proprieties. The double auction is a non-cooperative game, which is strategically equivalent to the auctions theory. The price formed, depending on the buyers and sellers' strategies, is a competitive price, which tends to the ideal price when competition operates intensely on both sides of market. For Africa, the presence of congestion costs and a chronic lack of capacity require the search for other solutions. We investigate optimal strategic behaviour when buyers and sellers are separated by a possibly constrained transmission line and show that bidders' strategies converge to truth-telling behaviour as the number of market participants increases. In the congestion case, this fails to occur. We also investigate how participants in wholesale electricity markets modify their bidding strategies as a function of the influence and behaviour of a transmission line owner. (author)

  8. Structure, control and regulation of the formal market for medicinal ...

    African Journals Online (AJOL)

    There are informal and formal markets for medicinal plants' products in Nigeria. ... It is relatively new and underdeveloped. ... physical and facilitating functions while the conduct was described in terms of pricing and promotional strategies.

  9. Research on the fractal structure in the Chinese stock market

    Science.gov (United States)

    Zhuang, Xin-tian; Huang, Xiao-yuan; Sha, Yan-li

    2004-02-01

    Applying fractal theory, this paper probes and discusses self-similarity and scale invariance of the Chinese stock market. It analyses three kinds of scale indexes, i.e., autocorrelation index, Hurst index and the scale index on the basis of detrended fluctuation analysis (DFA) algorithm and promotes DFA into a recursive algorithm. Using the three kinds of scale indexes, we conduct empirical research on the Chinese Shanghai and Shenzhen stock markets. The results indicate that the rate of returns of the two stock markets does not obey the normal distribution. A correlation exists between the stock price indexes over time scales. The stock price indexes exhibit fractal time series. It indicates that the policy guide hidden at the back influences the characteristic of the Chinese stock market.

  10. Structure and operation of the natural gas market in France

    International Nuclear Information System (INIS)

    2007-01-01

    The French natural gas market is organized around six main activities: production, transport, methane terminals, storage, distribution and commercialization. This paper describes the facilities related to each activity: gas fields, pipelines network and distribution systems, terminals capacity and underground storage facilities. The selling activity is opened to competition but the French gas market follows a progressive and controlled opening which will be complete in July 2007. (J.S.)

  11. A STRUCTURAL MODEL DESCRIBE CHINESE TRADESMEN ATTITUDES TOWARDS GREEK STUDENTS CONSUMPTION BEHAVIOR

    Directory of Open Access Journals (Sweden)

    Sofia D. ANASTASIADOU

    2012-12-01

    Full Text Available This study tests evaluates 43 Chinese tradesmen opinios describe the main factors that influnce Greek consumers’ behavior. A structural model was constructed to represent the relationship between consumer components. The model was tested for its Convergent and Discriminant Validity. Moreover it was tested for its reliability and construct reliability. The findings from this study may be used by Chinese tradesmen to develop their marketing campains and customers.

  12. Time-clustering behavior of sharp fluctuation sequences in Chinese stock markets

    International Nuclear Information System (INIS)

    Yuan Ying; Zhuang Xintian; Liu Zhiying; Huang Weiqiang

    2012-01-01

    Sharp fluctuations (in particular, extreme fluctuations) of asset prices have a great impact on financial markets and risk management. Therefore, investigating the time dynamics of sharp fluctuation is a challenge in the financial fields. Using two different representations of the sharp fluctuations (inter-event times and series of counts), the time clustering behavior in the sharp fluctuation sequences of stock markets in China is studied with several statistical tools, including coefficient of variation, Allan Factor, Fano Factor as well as R/S (rescaled range) analysis. All of the empirical results indicate that the time dynamics of the sharp fluctuation sequences can be considered as a fractal process with a high degree of time-clusterization of the events. It can help us to get a better understanding of the nature and dynamics of sharp fluctuation of stock price in stock markets.

  13. Trading Behavior of Foreign Vis a Vis Local Investors in The Indonesian Stock Market

    Directory of Open Access Journals (Sweden)

    Soemarso Slamet Rahardjo

    2015-04-01

    Full Text Available This paper studies the behavior of foreign, local investors and total market in a stock trading. The analysis is focused on their implementation of positive feedback strategy, the existence of mean reverting process and their sensitivity toward expected capital gain and losses. The result reveals that both of these two investors apply the positive feedback strategy, at a different degree. The investment horizon of the foreign investors is shorter than the local investors. There is a mean reverting pattern in the price volatilities. The convergence period for local investor is 2.4. The market needs 1.8 month. No convergence period for foreign investors. The local investors and total market are neutral toward expected gain and losses. The foreign investors are more sensitive to capital loss. Previous price and volume changes have a leverage effect to the current demand of foreign investors. The local investors are affected by changes in price only.

  14. The Dow is Killing Me: Risky Health Behaviors and the Stock Market.

    Science.gov (United States)

    Cotti, Chad; Dunn, Richard A; Tefft, Nathan

    2015-07-01

    We investigate how risky health behaviors and self-reported health vary with the Dow Jones Industrial Average (DJIA) and during stock market crashes. Because stock market indices are leading indicators of economic performance, this research contributes to our understanding of the macroeconomic determinants of health. Existing studies typically rely on the unemployment rate to proxy for economic performance, but this measure captures only one of many channels through which the economic environment may influence individual health decisions. We find that large, negative monthly DJIA returns, decreases in the level of the DJIA, and stock market crashes are widely associated with worsening self-reported mental health and more cigarette smoking, binge drinking, and fatal car accidents involving alcohol. These results are consistent with predictions from rational addiction models and have implications for research on the association between consumption and stock prices. Copyright © 2014 John Wiley & Sons, Ltd.

  15. Model of Customer Buying Behavior in the CZ Mobile Telecommunication Market

    Directory of Open Access Journals (Sweden)

    Ondrej Grünwald

    2012-01-01

    Full Text Available The Czech mobile telecommunication market constitutes an oligopoly of three operators, who have built a privileged position and effectively crush any competition. The entry of a new operator has been considered by the government since the end of 2009. The new mobile operator should push down the prices of services, which are the highest in Europe and also affect the development of new mobile services. This paper analyzes consumer behavior in the mobile telecommunication market. It reveals how different elements are considered by customers and what is important when choosing a mobile tariff. With use conjoint analysis, we obtained empirical arguments about the preferences of customersin the Czech Republic. The analysis shows that the relatively high price of services greatly reduces the unsaturated demand in the mobile telecommunication market, and proves that the price is crucial in customer decision-making.

  16. Factor Structure and Market Integration under Two-Factor Monopolistic Competition Model

    Directory of Open Access Journals (Sweden)

    Evgeny Vladimirovich Zhelobodko

    2013-09-01

    Full Text Available The authors study the impact of trade liberalization on the market of a differentiated good and consumers’ welfare. The economy involves two factors of production: labor and capital. The researchers find that consumers always gain from trade liberalization. The article also establishes that the behavior of equilibrium price is independent of factor endowments’ structure in the countries involved into trade. The equilibrium price decreases (increases, remains unchanged under trade liberalization if and only if the inverse demand elasticity is increasing (decreasing, constant with respect to the individual consumption level. Furthermore, firms’ size which are measured as output increases (decreases when autarky changes to free trade if and only if the country is relatively richer (poorer in capital than its trading partner, regardless of the demand-side properties of the economy. Finally, the behavior of capital price (which equals firms’ profits in equilibrium is more complicated in the general case, but can be fully characterized for two limiting cases: (i when the structure of factor endowments in both countries is the same, and (ii when the Foreign country is a periphery country, i.e. it has zero endowment of capital

  17. Community Structural Instability, Anomie, Imitation and Adolescent Suicidal Behavior

    Science.gov (United States)

    Thorlindsson, Thorolfur; Bernburg, Jon Gunnar

    2009-01-01

    The current study examines the contextual effects of community structural characteristics, as well as the mediating role of key social mechanisms, on youth suicidal behavior in Iceland. We argue that the contextual influence of community structural instability on youth suicidal behavior should be mediated by weak attachment to social norms and…

  18. Modified DFA and DCCA approach for quantifying the multiscale correlation structure of financial markets

    Science.gov (United States)

    Yin, Yi; Shang, Pengjian

    2013-12-01

    We use multiscale detrended fluctuation analysis (MSDFA) and multiscale detrended cross-correlation analysis (MSDCCA) to investigate auto-correlation (AC) and cross-correlation (CC) in the US and Chinese stock markets during 1997-2012. The results show that US and Chinese stock indices differ in terms of their multiscale AC structures. Stock indices in the same region also differ with regard to their multiscale AC structures. We analyze AC and CC behaviors among indices for the same region to determine similarity among six stock indices and divide them into four groups accordingly. We choose S&P500, NQCI, HSI, and the Shanghai Composite Index as representative samples for simplicity. MSDFA and MSDCCA results and average MSDFA spectra for local scaling exponents (LSEs) for individual series are presented. We find that the MSDCCA spectrum for LSE CC between two time series generally tends to be greater than the average MSDFA LSE spectrum for individual series. We obtain detailed multiscale structures and relations for CC between the four representatives. MSDFA and MSDCCA with secant rolling windows of different sizes are then applied to reanalyze the AC and CC. Vertical and horizontal comparisons of different window sizes are made. The MSDFA and MSDCCA results for the original window size are confirmed and some new interesting characteristics and conclusions regarding multiscale correlation structures are obtained.

  19. How Marketing Instruments Affect Consumer Behavior in Times of Economic Turbulence

    Directory of Open Access Journals (Sweden)

    Naďa Birčiaková

    2014-01-01

    Full Text Available This article analyzes the behavioural changes in groups of consumers and households on the market with individual commodities, based on the classification of individual reasonable consumption. Consumers expressed the degree of influence in their decision-making on satisfying their needs through selected key marketing factors such as price, brand, quality, habits and experience, advertising, recommendation from friends and relatives, packaging, discounts, new items, and so on. The analysis sought to determine whether the changes in the economic situation in the Czech Republic have an impact on the degree of marketing instrument influence on consumer behavior and decision-making. To express the degree of influence 10 point opinion scale is used. Thanks to the investigation taking place in 2007 with 609 respondents and in 2013 with 516 respondents, it was possible, it was possible to deal with the search for evidence of differences in the importance of individual factors using the Wilcoxon test. In 2013, attention was also paid to the degree of influence of some marketing tools such as price, quality and discount events on consumer behavior and decision-making in selected groups of households created by different income levels and different level of education achieved by the head of the household. The influence is expressed by radial graphs.

  20. Investor Behavior and Flow-through Capability in the US Stock Market.

    Science.gov (United States)

    Cano, Carlos; Jareño, Francisco; Tolentino, Marta

    2016-01-01

    This paper analyzes investor behavior depending on the flow-through capability (FTC) in the US stock market, because investors seek protection from inflation rate changes, and the FTC (a firm's ability to transmit inflation shocks to the prices of its products and services) is a key factor in investment decisions. Our estimates of the FTC of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level) and FTC. These results would be relevant because they have important implications on investor behavior.

  1. Using Labeled Choice Experiments to Analyze Demand Structure and Market Position among Seafood Products

    DEFF Research Database (Denmark)

    Nguyen, Thong Tien; Solgaard, Hans Stubbe; Haider, Wolfgang

    2018-01-01

    Understanding market competition and consumer preferences are important first steps in developing a business. In a competitive market, effectiveness of the various elements of a firm’s marketing mix depends not only on the absolute value of each element but also on the relative values......-employed consumers are the most sensitive to price. Four segments are identified and described in terms of both consumer characteristics and preferences. Our results are meaningful for producers and retailers to develop marketing strategies and production plan....... of the elements with respect to the firm’s position in the market. In this paper we analyze the demand structure and market positions for a variety of seafood products in the French retail market. We use a labeled choice experiment (LCE) to analyze twelve seafood species. The choice options are labeled...

  2. SOCIAL MARKETING IN PROMOTING HEALTH BEHAVIOR: A ROLE OF PSYCHOLOGICAL SET

    Directory of Open Access Journals (Sweden)

    Conny Tjandra R

    2014-07-01

    Full Text Available AbstractIncreasingly incidences of nutrition related diseases such as cardiovascular diseases, obesity and cancers are becoming significant health burdens not only in western countries but it is also newly coming health problem in Asia, including Indonesia. To encounter this development in the future it is important to continually promote the diseases prevention actions through appropriate social marketing programs. For that purpose, understanding psychological set such as knowledge, belief, attitude and motivation to perform diseases prevention actions and their causal relationship is becoming more and more important. The most challenging issue is to perform social marketing programs that can successfully influence people future health behavior. Our study has aim to understand the relationship of some psychological factors in influencing behavior. The result of this study showed that in spite of controversial issues published in current studies, we found that inherent knowledge level influences motivation through a modulation of attitude variable.Keywords: eating behavior, knowledge, attitude, motivation, behavioral action, prevention, healthy eating habit.AbstrakMeningkatnya jumlah penyakit kronik yang berhubungan dengan gizi pangan seperti penyakit jantung koroner, kegemukan dan kanker merupakan masalah kesehatan yang utama bukan hanya di Negara barat saja melainkan juga terjadi di negara berkembang seperti Asia. Untuk mengatasi masalah ini, perlu dikembangkan sistem pencegahan yang dapat dilakukan oleh setiap individu didalam masyarakat. Pendidikan dan penyuluhan kepada masyarakat terhadap pentingnya tindakan preventif seperti melalui “social marketing programs” yang digalakkan baik oleh pemerintah atau institusi kesehatan lainnya, sangatlah penting. Didalam social marketing, promosi tentang pencegahan semestinya dilakukan dengan terlebih dahulu mengetahui dan mengenal segala macam bentuk kebutuhan dasar, pengetahuan, sikap, kepercayaan

  3. Trust – the Intangible Asset of Policyholder Behavior on Insurance Market

    Directory of Open Access Journals (Sweden)

    Mureşan Gabriela-Mihaela

    2016-12-01

    Full Text Available Our analysis aims to identify the typology of consumers’ behavior on insurance market. The initial sample consisted of 1579 individuals who were randomly selected by Metro Media Transilvania (MMT with the Computer-Assisted Telephonic Interview (CATI method. Using the Multiple Correspondence Analysis (MCA and logistic regression, we are showing that higher levels of trust, pleasant experiences, income and education have a positive impact on insurance development.

  4. Tail Behavior of the Central European Stock Markets during the Financial Crisis

    Czech Academy of Sciences Publication Activity Database

    Baruník, Jozef; Vácha, Lukáš; Vošvrda, Miloslav

    2010-01-01

    Roč. 2010, č. 4 (2010), s. 1-17 R&D Projects: GA ČR GP402/08/P207; GA ČR GD402/09/H045; GA ČR GA402/09/0965 Institutional research plan: CEZ:AV0Z10750506 Keywords : financial crisis * tail behavior * stock markets * stable probability distribution Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2010/E/barunik-0341829.pdf

  5. Group-Wise Herding Behavior in Financial Markets: An Agent-Based Modeling Approach

    Science.gov (United States)

    Kim, Minsung; Kim, Minki

    2014-01-01

    In this paper, we shed light on the dynamic characteristics of rational group behaviors and the relationship between monetary policy and economic units in the financial market by using an agent-based model (ABM), the Hurst exponent, and the Shannon entropy. First, an agent-based model is used to analyze the characteristics of the group behaviors at different levels of irrationality. Second, the Hurst exponent is applied to analyze the characteristics of the trend-following irrationality group. Third, the Shannon entropy is used to analyze the randomness and unpredictability of group behavior. We show that in a system that focuses on macro-monetary policy, steep fluctuations occur, meaning that the medium-level irrationality group has the highest Hurst exponent and Shannon entropy among all of the groups. However, in a system that focuses on micro-monetary policy, all group behaviors follow a stable trend, and the medium irrationality group thus remains stable, too. Likewise, in a system that focuses on both micro- and macro-monetary policies, all groups tend to be stable. Consequently, we find that group behavior varies across economic units at each irrationality level for micro- and macro-monetary policy in the financial market. Together, these findings offer key insights into monetary policy. PMID:24714635

  6. Market Structure and Distribution of Benefits from Agricultural Exports: the Case of the Philippine Mango Industry

    OpenAIRE

    Briones, Roehlano M.

    2013-01-01

    To illuminate the role of agro-export industry in inclusive growth, this case study on Philippine mango focuses on the role of market structure in the distribution of export benefits. It is based on review of industry trends and related studies, open-ended interviews of key informants, and structured interviews of respondents situated along the value chain. The distribution of trade benefits is hypothesized to depend on both vertical and horizontal market structure. The former implies that a ...

  7. Using Market Research to Characterize College Students and Identify Potential Targets for Influencing Health Behaviors

    Science.gov (United States)

    Berg, Carla J.; Ling, Pamela M.; Guo, Hongfei; Windle, Michael; Thomas, Janet L.; Ahluwalia, Jasjit S.; An, Lawrence C.

    2013-01-01

    Marketing campaigns, such as those developed by the tobacco industry, are based on market research, which defines segments of a population by assessing psychographic characteristics (i.e., attitudes, interests). This study uses a similar approach to define market segments of college smokers, to examine differences in their health behaviors (smoking, drinking, binge drinking, exercise, diet), and to determine the validity of these segments. A total of 2,265 undergraduate students aged 18–25 years completed a 108-item online survey in fall 2008 assessing demographic, psychographic (i.e., attitudes, interests), and health-related variables. Among the 753 students reporting past 30-day smoking, cluster analysis was conducted using 21 psychographic questions and identified three market segments – Stoic Individualists, Responsible Traditionalists, and Thrill-Seeking Socializers. We found that segment membership was related to frequency of alcohol use, binge drinking, and limiting dietary fat. We then developed three messages targeting each segment and conducted message testing to validate the segments on a subset of 73 smokers representing each segment in spring 2009. As hypothesized, each segment indicated greater relevance and salience for their respective message. These findings indicate that identifying qualitatively different subgroups of young adults through market research may inform the development of engaging interventions and health campaigns targeting college students. PMID:25264429

  8. Influence of Market Competition on Tetracycline Pricing and Impact of Price Increases on Clinician Prescribing Behavior.

    Science.gov (United States)

    Barbieri, John S; Margolis, David J; Brod, Bruce A

    2017-12-01

    Oral tetracyclines are commonly used for acne and other conditions. Recent generic price increases threaten access to these medications. Using the OptumInsight Clinformatics DataMart, we retrospectively evaluated the underlying factors behind these price increases for oral tetracylines using the framework of a competitive market and evaluated the impact of these price increases on prescribing practices. Between 2011 and 2013, the mean cost of doxycycline hyclate prescriptions increased from $7.16 to $139.89 and the mean out-of-pocket cost increased by $9.69. A comparable cost increase was not observed for doxycycline monohydrate or minocycline. There was no significant association between the cost of doxycycline hyclate and market concentration as assessed by the Herfindahl-Hirschman index (β = 0.030, 95% confidence interval -0.019 to 0.079, P = 0.213) and the market was highly concentrated throughout the study period. The percentage of prescriptions for doxycycline hyclate decreased by 1.9% from 2011 to 2013. This dramatic increase in the cost of doxycycline hyclate is not easily explained using the framework of a competitive market, suggesting that noncompetitive market forces may be responsible. In addition, clinicians have not altered their prescribing behavior in response to this price increase, suggesting that clinician or pharmacy level interventions could potentially increase the use of less costly substitutes. Copyright © 2017 The Authors. Published by Elsevier Inc. All rights reserved.

  9. Research of opportunistic behavior in the market of non-standard products

    Directory of Open Access Journals (Sweden)

    Natalya Sergeyevna Grigoryeva

    2015-03-01

    Full Text Available Objective to study the characteristic features of opportunistic behavior in the markets of complex products not subject to standardization by the example of rendering services during constructionandassembling operations. Methods analysis synthesis collection and description of empirical data. Results a significant amount of theoretical material has been analyzed budgets of constructionandassembling operations have been analyzed normative documents have been studied. A poll of quantity surveyors supervisors of constructionandassembling operations consumers of services and works have been carried out. The differences were revealed in the kinds of opportunistic behavior in the nonstandard products markets compared to the standard products markets the results of those surveys were presented in the earlier works by the author. Scientific novelty it has been shown that in case of individual elaboration of each project due to the uniqueness of the result of economic activity as a single complex the opportunistic behavior has such prerequisites as high costs for measurements and control of the quantity and quality of the rendered services and used materials lack of professional competencies of the consumers in the sphere of activity of the producer. Practical value the key provisions and conclusions of the article can be used in the scientific and educational activity when viewing the issues of opportunistic revelations between economic subjects. nbsp

  10. “Rational” or “Intuitive”: Are Behavioral Biases Correlated Across Stock Market Investors?

    Directory of Open Access Journals (Sweden)

    Andrey Kudryavtsev

    2013-06-01

    Full Text Available Human judgments are systematically affected by various biases and distortions. The main goal of our study is to analyze the effects of five well-documented behavioral biases—namely, the disposition effect, herd behavior, availability heuristic, gambler’s fallacy and hot hand fallacy—on the mechanisms of stock market decision making and, in particular, the correlations between the magnitudes of the biases in the cross-section of market investors. Employing an extensive online survey, we demonstrate that, on average, active capital market investors exhibit moderate degrees of behavioral biases. We then calculate the cross-sectional correlation coefficients between the biases and find that all of them are positive and highly significant for both professional and non-professional investors and for all categories of investors, as classified by their experience levels, genders, and ages. This finding suggests that an investor who is more inclined to employ a certain intuitive decision-making technique will most likely accept other techniques as well. Furthermore, we determine that the correlation coefficients between the biases are higher for more experienced investors and male investors, indicating that these categories of investors are likely to behave more consistently, or, in other words, are more likely to decide for themselves whether to rely on simplifying decision-making techniques in general or to reject all of them. Alternatively, this finding may suggest that these investors develop more sophisticated “adaptive toolboxes”, or collections of heuristics, and apply them more systematically.

  11. Research of the structure and trends in the development of the logistics market in Ukraine

    Directory of Open Access Journals (Sweden)

    Olena Karpenko

    2017-12-01

    Full Text Available The purpose of the article is to study the structure and capacity of the Ukrainian logistics market. Based on the use of statistical methods, mathematical modeling, forecasting, the main development trends of the market of logistics services in Ukraine are determined. The research results can be used both in scientific sphere and for making investment decisions in the practice of players of the Ukrainian market.

  12. The theoretical basis of influence and the structure of marketing environment

    Directory of Open Access Journals (Sweden)

    Stefanova Olena

    2015-11-01

    Full Text Available The article is devoted to the justification of the nature and structure of the external environment of marketing. The study proves that the data analysis of the environment - is just one of many elements in the process of marketing strategy. The main task of monitoring – is to define the environment trends, issues, events or signals aimed to encourage the company management to revise the strategy and tactics of marketing.

  13. Market structure, financial intermediation and riskiness of banks:Evidence from Asia Pacific

    OpenAIRE

    Soedarmono , Wahyoe; Tarazi , Amine

    2014-01-01

    From a sample of commercial banks in Asia Pacific over the 1994-2009 period, this study highlights that banks in less competitive markets exhibit lower loan growth and higher instability. Such instability is further followed by a decline in deposit growth, suggesting that Asian banks are also subject to indirect market discipline mechanisms through bank market structure. This study therefore sheds light on the importance of enhancing bank competition to overcome bank risk and strengthen finan...

  14. Study of relationship between the organizational structure and market orientation from the viewpoint of nurse managers.

    Science.gov (United States)

    Bahadori, Mohammadkarim; Yaghoubi, Maryam; Javadi, Marzieh; Rahimi, Zahreh Agha

    2015-01-01

    Considering globalization of health care and quality improvement trend to respond to competition and customer orientation, attention to organizational structure and its relationship with market orientation is essential. Therefore, this study reviews the relationship between organizational structure and market orientation in selected hospitals of Isfahan (Iran). This study was a descriptive survey. The study population comprised nurse managers from selected hospitals (n = 80). Data collection tools were two questionnaires (market orientation questionnaire and organizational structure) that the validity and reliability were confirmed (r = 0.83 for market orientation questionnaire and r = 0.87 for organizational structure). SPSS (Ver. 16) software was used for the analyses. The mean score of organizational structure was 65.4 (11.2) and total mean of market orientation was 51.14 (17.6). All aspects of the organizational structure (Organization Centralization, Formalization in Organization, and Organization Complication) and market orientation (responding to competition, accountability, customer satisfaction, intelligent organization)-except by responding to clients with Formalization in Organization-as well as all aspects of the Systemic attitude (the system of internal coordination and communication systems_ and market orientation (responding to competition, accountability, customer satisfaction, intelligent organization), there was a meaningful relationship (P organizational structure and can lead managers' view to the analysis and recognizing elements of success and achievement to goals. With increasing competition in markets, globalization of health services, and presence in international markets and more attention to patients' satisfaction, hospitals need to understand and use of market orientation in order to promote quality and services in the health care system.

  15. Labour Market Structure in Malaysia: Pre- and Post-Market Gender Comparison

    OpenAIRE

    Chung-Khain Wye; Rahmah Ismail

    2012-01-01

    Gender inequality in Malaysian labour market can be observed through labour force participation, unemployment, occupational distribution, top management employment involving decision making, and average monthly salary. Such an inequality generally works to the disadvantage of females, notwithstanding their outperformance of educational attainment over their males’ counterparts. Case study in the ICT services subsector points to the importance of imparting employability skills among females to...

  16. Optimal network structure in an open market environment

    International Nuclear Information System (INIS)

    2002-01-01

    The focus of this report is on network planning in the new environment of a liberalized electricity market. The development of the network is viewed from different stakeholders objectives. The stakeholders in the transmission network are groups or individuals who have a stake in, or an expectation of the development and performance of the network. An open network exists when all market players meet equal admission rights and obligations. This required that the grid be administered through a transparent set of rules such as a grid code. (author)

  17. How does labour market structure affect the response of economies to shocks?

    OpenAIRE

    Aurelijus Dabusinskas; István Kónya; Stephen Millard

    2015-01-01

    The recent crisis in the Eurozone has led to much discussion about the structure of labour markets in different Eurozone economies. In particular, there has been much talk of the need for structural labour market reform in the Eurozone periphery. But, there are many aspects of labour market structure – eg, wage flexibility, flexibility in hiring and firing, benefits, etc – and it is not clear a priori which aspects really matter. In this paper, we analyse how cross-country differences in labo...

  18. Structural Reforms and Growth : Product and Labor Market Deregulations

    NARCIS (Netherlands)

    Eijffinger, S.C.W.; Rossi, A.

    2006-01-01

    The paper focuses on labor and product market deregulations, as fundamental elements in the passage from an investment to an innovation-based economy.The approach undertaken is prominently empirical.After a very brief description of the regulatory levels on the two sides of the Atlantic, we take two

  19. The Effects of Market Structure on Television News Pricing.

    Science.gov (United States)

    Wirth, Michael O.; Wollert, James A.

    Multiple regression techniques were used to examine the business side of local television news operations for November 1978. Research questions examined the effect of several variables on local television news prices (advertising rates), including type of ownership, network affiliation/signal type, market size, cable network penetration, market…

  20. Market Structure and Hospital-Insurer Bargaining in the Netherlands

    NARCIS (Netherlands)

    Halbersma, R.S.; Mikkers, M.C.; Motchenkova, E.; Seinen, I.

    2007-01-01

    In 2005, competition was introduced in part of the hospital market in the Netherlands. Using a unique dataset of transaction and list prices between hospitals and insurers in the years 2005 and 2006, we estimate the influence of buyer and seller concentration on the negotiated prices in the first

  1. The Minimum Wage, Restaurant Prices, and Labor Market Structure

    Science.gov (United States)

    Aaronson, Daniel; French, Eric; MacDonald, James

    2008-01-01

    Using store-level and aggregated Consumer Price Index data, we show that restaurant prices rise in response to minimum wage increases under several sources of identifying variation. We introduce a general model of employment determination that implies minimum wage hikes cause prices to rise in competitive labor markets but potentially fall in…

  2. Taxi drivers' views on risky driving behavior in Tehran: a qualitative study using a social marketing approach.

    Science.gov (United States)

    Shams, Mohsen; Shojaeizadeh, Davoud; Majdzadeh, Reza; Rashidian, Arash; Montazeri, Ali

    2011-05-01

    The use of the social marketing approach for public health issues is increasing. This approach uses marketing concepts borrowed from the principles of commercial marketing to promote beneficial health behaviors. In this qualitative study, four focus groups involving 42 participants were used in consumer research to explore taxi drivers' views on the driving situation and the determinants of risky driving behaviors in Tehran, as well as to gather their ideas for developing a social marketing program to reduce risky driving behaviors among taxi drivers in Tehran, Iran. Participants were asked to respond to questions that would guide the development of a marketing mix, or four Ps (product, price, place and promotion). The discussions determined that the program product should involve avoiding risky driving behaviors through increased attention to driving. They pointed out that developing and communicating with a well-designed persuasive message meant to draw their attention to driving could affect their driving behaviors. In addition, participants identified price, place and promotion strategies. They offered suggestions for marketing nonrisky driving to the target audience. The focus group discussions generated important insights into the values and the motivations that affect consumers' decisions to adopt the product. The focus group guided the development of a social marketing program to reduce risky driving behaviors in taxi drivers in Tehran, Iran. Copyright © 2010 Elsevier Ltd. All rights reserved.

  3. A theory of price-fixing/market-sharing rings as applied to OPEC behavior since march 1982

    International Nuclear Information System (INIS)

    Kazushi Uemura

    1992-01-01

    In the past, OPEC has been analyzed as a cartel, but usually without a formal theoretical framework. Don Patinkin's cartel model was occasionally used, but was turned down for being 'too strict' to explain OPEC behavior. One of the most serious short-comings of Patinkin's model is its prediction that high-cost producers would first shut down for the survival of a cartel. In OPEC agreements, it has been seen many times that Saudi Arabia (a low-cost producer) reduced its production for the survival of the cartel. A new and promising cartel theory, A theory of price-fixing/market-sharing rings, has been introduced ('CMT model'). In this paper, it is going to use CMT model's structure and model OPEC's major price-fixing/market-sharing agreements and a period without such an agreement since March, 1982 when OPEC, for the first time in its history, reached a price-fixing/market-sharing agreement. 3 refs., 2 figs., 2 tabs

  4. Intensity of Competition and Market Structure in the Italian Banking Industry

    NARCIS (Netherlands)

    Giannetti, C.

    2008-01-01

    This work tests the predictions of Sutton’s model of independent submarkets for the Italian retail banking industry. In the first part of this paper, I develop a model of endogenous mergers to evidence the relationship between firms’ conduct, market entry and market structure. In the second part, I

  5. The Marketing & Positive Impacts of Behavioral Control System on Societies & Countries

    Directory of Open Access Journals (Sweden)

    Ahmad Adel Mostafa

    2015-03-01

    Full Text Available Behavioral control systems are one of the most prominent tools used by managers and marketers for different internal and external purposes. One of the most important external purposes they have been used for is influencing consumer behavior. This paper explores the positive effects of implementing such systems on societies. It discusses consumer perception of the systems, their influence on their financial behavior in different contexts, how can they create order and how as well as to what extent should it be implemented and finally how can minimize negative consumer behavior. A judgment based sample of typical consumers was surveyed using questionnaires for collecting primary data on these aspects. Secondary data from Egypt, Singapore and Malaysia was also used as an example of using behavioral control systems. Results show that consumers in general have a positive attitude towards imposing such systems. However, there were worries about misuse, abuse and overuse of theses systems’ policies. Consequently, data shows that behavioral control systems can positively enhance and influence consumer behavior as long as it is used to balance both consumer and retailer interests in a moderate, risk free manner.

  6. An Analysis of Current Labor Market Developments and Structures in European Union – in Correlation with Labor Market Flexicurity Requirements

    Directory of Open Access Journals (Sweden)

    Alina Ştefania CHENIC (CREŢU

    2012-03-01

    Full Text Available Althougt at first sight the crisis appears as a disturbance of the regular course of economic, social and organizational, this is a necessary step that turns old structures and relations to some superior functional. Under these conditions, hawever, it is absolutely necessary that the situation be properly evaluated by an analysis of developments and labour market structures and be taken right decision for the purposes of proper management of existing and potential recovery so far underused resources: people, values and strategies. The impact of the economic crisis on labour markets displays significant variation from one country to another. Employment rates and unemployment rates will be compared between European countries and for different groups of workers. Some countries have succeeded in keeping employment levels up and unemployment levels down through recourse to employmentpreservation and employment-creation measures combined with an expansion of active labour market policies. Moreover, certain labour market groups or categories have been particularly hard hit by the crisis. These include men, temporary workers, youth and migrant workers. In the EU Member States, crossing the crisis period was marked by changes in the sense orientation flexibleworking time and conservation work, a strategy that ensures rapid and reversible adaptation to the needs ofproduction entities present.

  7. Performance evaluation of behavioral finance mutual funds : a comparison between behavioral finance mutual funds and conventional funds in the Norwegian fund market.

    OpenAIRE

    Sjøberg, Christian

    2011-01-01

    Masteroppgave i økonomi og administrasjon - Universitetet i Agder 2011 Behavioral finance has been gathering more and more attention in the last decade, and both academia and practitioners have slowly starting to accept that psychology influence financial markets. Even though markets are irrational, old theories like CAPM, fundamental analysis and modern portfolio theory is still widely used. Given the amount of research regarding behavioral finance, is it impossible to give a ...

  8. Market integration and market structure in the European soft drinks industry: always Coca-Cola?

    OpenAIRE

    Matraves, Catherine

    1999-01-01

    This paper focuses on the question of European integration, considering whether the geographic level at which competition takes place differs across the two major segments of the soft drinks industry: carbonated soft drinks and mineral water. Our evidence shows firms are competing at the European level in both segments. Interestingly, the European market is being integrated through corporate strategy, defined as increased multinationality, rather than increased trade flows. To interpret these...

  9. Structural Dynamic Behavior of Wind Turbines

    Science.gov (United States)

    Thresher, Robert W.; Mirandy, Louis P.; Carne, Thomas G.; Lobitz, Donald W.; James, George H. III

    2009-01-01

    The structural dynamicist s areas of responsibility require interaction with most other members of the wind turbine project team. These responsibilities are to predict structural loads and deflections that will occur over the lifetime of the machine, ensure favorable dynamic responses through appropriate design and operational procedures, evaluate potential design improvements for their impact on dynamic loads and stability, and correlate load and control test data with design predictions. Load prediction has been a major concern in wind turbine designs to date, and it is perhaps the single most important task faced by the structural dynamics engineer. However, even if we were able to predict all loads perfectly, this in itself would not lead to an economic system. Reduction of dynamic loads, not merely a "design to loads" policy, is required to achieve a cost-effective design. The two processes of load prediction and structural design are highly interactive: loads and deflections must be known before designers and stress analysts can perform structural sizing, which in turn influences the loads through changes in stiffness and mass. Structural design identifies "hot spots" (local areas of high stress) that would benefit most from dynamic load alleviation. Convergence of this cycle leads to a turbine structure that is neither under-designed (which may result in structural failure), nor over-designed (which will lead to excessive weight and cost).

  10. Youth labour market integration across Europe: The impact of cyclical, structural, and institutional characteristics

    NARCIS (Netherlands)

    Lange, M. de; Gesthuizen, M.J.W.; Wolbers, M.H.J.

    2014-01-01

    Young people in Europe face great difficulties nowadays when entering the labour market. Unemployment and temporary employment are high among youth, although considerable differences exist between European countries. In this article, we study to what extent cyclical, structural, and institutional

  11. Managing the endogeneity problem of the market structure: a study on banking competition

    Directory of Open Access Journals (Sweden)

    Tri Mulyaningsih

    2015-10-01

    Full Text Available Recent literature suggests that the market structure is an endogenous variable that is determined by a firm’s behaviour and the competitive environment of the industry. This study examines the relation between the market structure and the banks’ behaviour in Indonesian banking by considering the endogeneity problem of them as variables. The estimations using the Vector-Error-Correction approach suggest that the structural approach provides a valid prediction of the relationship between market structure and bank behaviour by recognizing the endogeneity issue between those two variables. The banking industry would be more competitive if the market was less concentrated.

  12. Structural Changes in the Korean Housing Market before and after Macroeconomic Fluctuations

    Directory of Open Access Journals (Sweden)

    Sanghyun Kim

    2016-04-01

    Full Text Available The purpose of this paper is to identify structural changes in the Korean housing market for evaluating the sustainability of the Korean housing market and to derive important implications to seek housing business strategies and public policies. Two time periods were analyzed: April 2001–December 2007 and January 2008–December 2014 to identify the impact after the global financial crisis of 2008. The market was divided into transaction, chonsei, and monthly rent. The correlations were analyzed using a vector error correction model (VECM. A key result was that during the economic depression, demand for chonsei did not flow to the transaction market; this phenomenon affected the overall recovery of the housing market. The supply of chonsei today is rapidly decreasing with the depression in the transaction. Increases in chonsei prices are expected to continue along with the possibility that demand for chonsei will flow into the transaction or monthly rent market. Based on recent trends, the chonsei market, once main stream, will gradually weaken, and the Korean housing market will reorganize into transactions and monthly rent. This structural change may turn the Korean housing market into a target for long-term investments.

  13. Energy prices, multiple structural breaks, and efficient market hypothesis

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Chien-Chiang; Lee, Jun-De [Department of Applied Economics, National Chung Hsing University, Taichung (China)

    2009-04-15

    This paper investigates the efficient market hypothesis using total energy price and four kinds of various disaggregated energy prices - coal, oil, gas, and electricity - for OECD countries over the period 1978-2006. We employ a highly flexible panel data stationarity test of Carrion-i-Silvestre et al. [Carrion-i-Silvestre JL, Del Barrio-Castro T, Lopez-Bazo E. Breaking the panels: an application to GDP per capita. J Econometrics 2005;8:159-75], which incorporates multiple shifts in level and slope, thereby controlling for cross-sectional dependence through bootstrap methods. Overwhelming evidence in favor of the broken stationarity hypothesis is found, implying that energy prices are not characterized by an efficient market. Thus, it shows the presence of profitable arbitrage opportunities among energy prices. The estimated breaks are meaningful and coincide with the most critical events which affected the energy prices. (author)

  14. Energy prices, multiple structural breaks, and efficient market hypothesis

    International Nuclear Information System (INIS)

    Lee, Chien-Chiang; Lee, Jun-De

    2009-01-01

    This paper investigates the efficient market hypothesis using total energy price and four kinds of various disaggregated energy prices - coal, oil, gas, and electricity - for OECD countries over the period 1978-2006. We employ a highly flexible panel data stationarity test of Carrion-i-Silvestre et al. [Carrion-i-Silvestre JL, Del Barrio-Castro T, Lopez-Bazo E. Breaking the panels: an application to GDP per capita. J Econometrics 2005;8:159-75], which incorporates multiple shifts in level and slope, thereby controlling for cross-sectional dependence through bootstrap methods. Overwhelming evidence in favor of the broken stationarity hypothesis is found, implying that energy prices are not characterized by an efficient market. Thus, it shows the presence of profitable arbitrage opportunities among energy prices. The estimated breaks are meaningful and coincide with the most critical events which affected the energy prices. (author)

  15. Analysis on Structure of Flower Market in Beijing

    OpenAIRE

    SUN, Xi; ZHANG, Yingying

    2015-01-01

    With the socio-economic development and people’s living condition improvement, the requirement for environment is higher and higher and the mental demand is also more and more. For this, Beijing Municipal Bureau of Landscape and Forestry listed survey programs of consumption demands of flower market in Beijing in 2014, and provided several recommendations in line with current situations, problems and environment of the flower industry, for future reference of flower decision making of Beiji...

  16. Complexity and multifractal behaviors of multiscale-continuum percolation financial system for Chinese stock markets

    Science.gov (United States)

    Zeng, Yayun; Wang, Jun; Xu, Kaixuan

    2017-04-01

    A new financial agent-based time series model is developed and investigated by multiscale-continuum percolation system, which can be viewed as an extended version of continuum percolation system. In this financial model, for different parameters of proportion and density, two Poisson point processes (where the radii of points represent the ability of receiving or transmitting information among investors) are applied to model a random stock price process, in an attempt to investigate the fluctuation dynamics of the financial market. To validate its effectiveness and rationality, we compare the statistical behaviors and the multifractal behaviors of the simulated data derived from the proposed model with those of the real stock markets. Further, the multiscale sample entropy analysis is employed to study the complexity of the returns, and the cross-sample entropy analysis is applied to measure the degree of asynchrony of return autocorrelation time series. The empirical results indicate that the proposed financial model can simulate and reproduce some significant characteristics of the real stock markets to a certain extent.

  17. Carbon taxation and market structure: A CGE analysis for Russia

    International Nuclear Information System (INIS)

    Orlov, Anton; Grethe, Harald

    2012-01-01

    Russia is one of the world's major sources of carbon based energy as well as one its most intensive users. Introducing carbon taxes can lead to a reduction in emissions and encourage investment in energy efficiency. We investigate the economic effects of carbon taxes on the Russian economy under perfect competition and a Cournot oligopoly in output markets. The main findings are: (i) substituting carbon taxes for labour taxes can yield a strong double dividend in Russia; however, welfare gains strongly depend on the labour supply elasticity and elasticities of substitution between capital, labour, and energy. (ii) Under the assumption of a Cournot oligopoly with homogenous products and symmetric firms in the markets for natural gas, petroleum and chemical products, metals, and minerals, welfare costs of the environmental tax reform can be higher than under perfect competition. This is because introducing carbon taxes leads to a reduction in already sub-optimal output, thereby exacerbating pre-existing distortions arising from imperfect competition. (iii) Furthermore, increases in energy costs can result in higher mark-ups in some markets because of less competition resulting from firms' exit. - Highlights: ► Substituting carbon taxes for labour taxes in Russia can yield a double dividend. ► The labour supply elasticity and substitution possibilities between factors are crucial. ► Introducing carbon taxes can exacerbate distortions from imperfect competition. ► Increases in energy costs result in higher mark-ups because of less competition.

  18. CONSUMER BEHAVIOR AND MARKET SEGMENTATION FOR WORKPLACE SAFETY CONSULTANTS OF SMALL BUSINESS

    Directory of Open Access Journals (Sweden)

    Tonny Kerley de Alencar Rodrigues

    2015-03-01

    Full Text Available The research aims to use marketing principles to address the proper techniques that can be usefully applied by security consultant’s work for small businesses. In turn, this research can be classified as qualitative, descriptive where were analyzed information’s contained the Work Accident Statistical Year book also can be characterized how descriptive, since it describes  the marketing activities to be used with small businesses, and is a cross-sectional study involving several cases in which data were collected in a single chronological step. The literature was developed using marketing authors and Work safety. The data were analyzed using the factors that influence consumer behavior Chisnall (1995, the model of the buying decision process described by Kotler (1967, stages of growth proposed by Churchill and Lewis (1983 business, strategic and specific definitions for small businesses described by Rodrigues (2012. It was identified that small businesses have characteristics that are centered around the owner. As a marketing strategy, personal selling can be effective.

  19. STRUCTURE OF THE MARKET OF INNOVATIVE PRODUCTS: APPROACH TO ASSESSING THE IMPACT ON EFFICIENCY

    Directory of Open Access Journals (Sweden)

    Anna Elagina

    2015-06-01

    Full Text Available The formation of innovation policy innovative economy is impossible without an understanding of the conceptual basis of the efficiency of production of innovative products. In particular, determination of the influence of market structure on the possibility of expanded reproduction of innovative products. The article is devoted to consideration of existing in this field of research and definition of the limits of quantitative assessment of the influence of defects of market structures on efficiency.

  20. An Analysis of Malaysia’s Regulatory Framework and Challenges in the Structured Product Market

    OpenAIRE

    Ling, Eu Meng

    2008-01-01

    Structured products are becoming increasingly popular and important to the development of Malaysia’s capital market and had experience impressive growth over the last few years after it was first introduced to the Malaysian market in 2004. Like any industry in its early stage, issues and challenges are expected but for structured products, such challenges require more attention due to the complexity inherent in these instruments. This study uses a qualitative research approach in an attempt t...

  1. Market structure and the role of consumer information in the physician services industry: an empirical test.

    Science.gov (United States)

    Wong, H S

    1996-04-01

    This paper applies Panzar and Rosse's (1987) econometric test of market structure to examine two long-debated issues: What is the market structure for physician services? Do more physicians in a market area raise the search cost of obtaining consumer information and increase prices (Satterthwaite, 1979, 1985)? For primary care and general and family practice physicians, the monopolistically competitive model prevailed over the competing hypotheses--monopoly, perfect competition, and monopolistic competition characterized by consumer informational confusion. Although less conclisive, there is some evidence to support the monopolistically competitive model for surgeons and the consumer informational confusion model for internal medicine physicians.

  2. Customer Purchasing Behavior Analysis as Alternatives for Supporting In-Store Green Marketing Decision-Making

    Directory of Open Access Journals (Sweden)

    M. Alex Syaekhoni

    2017-11-01

    Full Text Available Due to increasing concerns about environmental protection, the environmental sustainability of businesses has been widely considered in the manufacturing and supply chain context. Further, its adoption has been implemented in the retail industry for marketing field, including green product promotion. This study aimed to propose a customer purchasing behavior analysis as an alternative for supporting decision-making in order to promote green products in retail stores. Hence, right-on-target marketing strategies can be implemented appropriately. The study was carried out using shopping path data collected by radio frequency identification (RFID from a large retail store in Seoul, South Korea. In addition, the store layout and its traffic were also analyzed. This method is expected to help experts providing appropriate decision alternatives. In addition, it can help retailers in order to increase product sales and achieve high levels of customer satisfaction.

  3. Do Family Structure and Poverty Affect Sexual Risk Behaviors of ...

    African Journals Online (AJOL)

    AJRH Managing Editor

    Family Structure, Poverty and Sexual Risk Behaviors ... Johannesburg, South Africa; 2Demography and Social Statistics Department, .... to high rate of adolescent sexual promiscuity as a ..... birth control and consequences of premarital sex.

  4. Structured dyadic behavior therapy processes for ADHD intervention.

    Science.gov (United States)

    Curtis, David F

    2014-03-01

    Children with Attention-Deficit/Hyperactivity Disorder (ADHD) present significant problems with behavioral disinhibition that often negatively affect their peer relationships. Although behavior therapies for ADHD have traditionally aimed to help parents and teachers better manage children's ADHD-related behaviors, therapy processes seldom use peer relationships to implement evidence-based behavioral principles. This article introduces Structured Dyadic Behavior Therapy as a milieu for introducing effective behavioral techniques within a socially meaningful context. Establishing collaborative behavioral goals, benchmarking, and redirection strategies are discussed to highlight how in-session dyadic processes can be used to promote more meaningful reinforcement and change for children with ADHD. Implications for improving patient care, access to care, and therapist training are also discussed.

  5. Topology of foreign exchange markets using hierarchical structure methods

    Science.gov (United States)

    Naylor, Michael J.; Rose, Lawrence C.; Moyle, Brendan J.

    2007-08-01

    This paper uses two physics derived hierarchical techniques, a minimal spanning tree and an ultrametric hierarchical tree, to extract a topological influence map for major currencies from the ultrametric distance matrix for 1995-2001. We find that these two techniques generate a defined and robust scale free network with meaningful taxonomy. The topology is shown to be robust with respect to method, to time horizon and is stable during market crises. This topology, appropriately used, gives a useful guide to determining the underlying economic or regional causal relationships for individual currencies and to understanding the dynamics of exchange rate price determination as part of a complex network.

  6. Structural behavior of supercritical fluids under confinement

    Science.gov (United States)

    Ghosh, Kanka; Krishnamurthy, C. V.

    2018-01-01

    The existence of the Frenkel line in the supercritical regime of a Lennard-Jones (LJ) fluid shown through molecular dynamics (MD) simulations initially and later corroborated by experiments on argon opens up possibilities of understanding the structure and dynamics of supercritical fluids in general and of the Frenkel line in particular. The location of the Frenkel line, which demarcates two distinct physical states, liquidlike and gaslike within the supercritical regime, has been established through MD simulations of the velocity autocorrelation (VACF) and radial distribution function (RDF). We, in this article, explore the changes in the structural features of supercritical LJ fluid under partial confinement using atomistic walls. The study is carried out across the Frenkel line through a series of MD simulations considering a set of thermodynamics states in the supercritical regime (P =5000 bar, 240 K ≤T ≤1500 K ) of argon well above the critical point. Confinement is partial, with atomistic walls located normal to z and extending to "infinity" along the x and y directions. In the "liquidlike" regime of the supercritical phase, particles are found to be distributed in distinct layers along the z axis with layer spacing less than one atomic diameter and the lateral RDF showing amorphous-like structure for specific spacings (packing frustration) and non-amorphous-like structure for other spacings. Increasing the rigidity of the atomistic walls is found to lead to stronger layering and increased structural order. For confinement with reflective walls, layers are found to form with one atomic diameter spacing and the lateral RDF showing close-packed structure for the smaller confinements. Translational order parameter and excess entropy assessment confirms the ordering taking place for atomistic wall and reflective wall confinements. In the "gaslike" regime of the supercritical phase, particle distribution along the spacing and the lateral RDF exhibit features

  7. Quantitative marketing research on behavior of the small and medium companies on financial advisory services

    Directory of Open Access Journals (Sweden)

    Duguleana, L.

    2013-12-01

    Full Text Available This paper presents the results of quantitative marketing research conducted among small and medium enterprises in Braşov County. The research identified organizational elements of the consumer behavior in the use of the financial advisory services. The objective is to determine whether there is association between firm size and the number of financial advice services outsourced. Results of the study will be based construction of the price policy for financial advisory firms, tailored to the financial constraints faced by small and medium enterprises in Romania.

  8. Tail Behavior of the Central European Stock Markets during the Financial Crisis

    Czech Academy of Sciences Publication Activity Database

    Baruník, Jozef; Vácha, Lukáš; Vošvrda, Miloslav

    2010-01-01

    Roč. 4, č. 3 (2010), s. 282-294 ISSN 1802-4696 R&D Projects: GA ČR GA402/09/0965; GA ČR GD402/09/H045; GA ČR GP402/08/P207 Grant - others:GA MŠk(CZ) 0021620840 Institutional research plan: CEZ:AV0Z10750506 Keywords : Financial crisis * tail behavior * stock markets * stable probability distribution Subject RIV: AH - Economics http://library.utia.cas.cz/separaty/2010/E/barunik-0349713.pdf

  9. Understanding political market orientation

    DEFF Research Database (Denmark)

    Ormrod, Robert P.; Henneberg, Stephan C.

    influences of such behavior. The study includes structural equation modeling to investigate several propositions. While the results show that political parties need to focus on several different aspects of market-oriented behavior, especially using an internal and external orientation as cultural antecedents......This article develops a conceptual framework and measurement model of political market orientation that consists of attitudinal and behavioural constructs. The article reports on perceived relationships among different behavioral aspects of political market orientation and the attitudinal......, a more surprising result is the inconclusive effect of a voter orientation on market-oriented behaviours. The article discusses the findings in the context of the existing literature in political marketing and commercial market orientation....

  10. Audit market structure, fees and choice in a period of structural change: evidence from the UK – 1998–2003

    OpenAIRE

    Abidin, S.; Beattie, V.; Goodacre, A.

    2010-01-01

    This paper presents evidence on audit market concentration and auditor fee levels in the UK market in the crucial period of structural change following the PricewaterhouseCoopers’ (PwC) merger and encompassing Andersen’s demise (1998–2003). Given the current interest in auditor choice, analysis is also undertaken at the individual audit firm level and by industry sector. There is evidence of significant upward pressure on audit fees since 2001 but only for smaller auditees. Audit fee income f...

  11. Menu labeling perception and health behaviors among immigrant and US born minority populations: assessment in two Los Angeles public markets.

    Science.gov (United States)

    Vargas-Bustamante, Arturo

    2013-01-01

    To analyze menu labeling perception and food choices/health behaviors in two Los Angeles public markets. Labels with food caloric content were displayed in the food court of one of these markets. Bivarate means analyses compared the surveyed population by market and by nativity status. The main predictors of menu-labeling influence were identified in the sample from the market that displayed labels. A separate analysis investigated food choices/health behaviors among immigrant cohorts by time of US residence. Reading labels when shopping was one of the main predictors associated with menu labeling influence. Longer-stayed immigrants were more likely to afford "balanced meals", but they were also more likely to eat in fast food restaurants and less likely to engage into moderate/intense physical activity. While nativity was not a significant predictor of menu labeling influence on food choices, our findings suggest food choices/behaviors convergence among immigrant and US-born populations.

  12. Investor Behavior and Flow-Through Capability in the US Stock Market

    Directory of Open Access Journals (Sweden)

    Carlos eCano

    2016-05-01

    Full Text Available This paper analyzes investor behavior depending on the flow-through capability in the US stock market, because investors seek protection from inflation rate changes, and the flow-through capability (a firm’s ability to transmit inflation shocks to the prices of its products and services is a key factor in investment decisions. Our estimates of the flow-through capability of firms listed on the US stock exchange at the sector level are significantly different among industries, and we demonstrate a direct relationship between changes in stock prices (at the sector level and flow-through capability. These results would be relevant because they have important implications on investor behavior.

  13. The Demand Side in Economic Models of Energy Markets: The Challenge of Representing Consumer Behavior

    International Nuclear Information System (INIS)

    Krysiak, Frank C.; Weigt, Hannes

    2015-01-01

    Energy models play an increasing role in the ongoing energy transition processes either as tools for forecasting potential developments or for assessments of policy and market design options. In recent years, these models have increased in scope and scale and provide a reasonable representation of the energy supply side, technological aspects and general macroeconomic interactions. However, the representation of the demand side and consumer behavior has remained rather simplistic. The objective of this paper is twofold. First, we review existing large-scale energy model approaches, namely bottom-up and top-down models, with respect to their demand-side representation. Second, we identify gaps in existing approaches and draft potential pathways to account for a more detailed demand-side and behavior representation in energy modeling.

  14. The Demand Side in Economic Models of Energy Markets: The Challenge of Representing Consumer Behavior

    Energy Technology Data Exchange (ETDEWEB)

    Krysiak, Frank C., E-mail: frank.krysiak@unibas.ch; Weigt, Hannes [Department of Business and Economics, University of Basel, Basel (Switzerland)

    2015-05-19

    Energy models play an increasing role in the ongoing energy transition processes either as tools for forecasting potential developments or for assessments of policy and market design options. In recent years, these models have increased in scope and scale and provide a reasonable representation of the energy supply side, technological aspects and general macroeconomic interactions. However, the representation of the demand side and consumer behavior has remained rather simplistic. The objective of this paper is twofold. First, we review existing large-scale energy model approaches, namely bottom-up and top-down models, with respect to their demand-side representation. Second, we identify gaps in existing approaches and draft potential pathways to account for a more detailed demand-side and behavior representation in energy modeling.

  15. The Demand Side in Economic Models of Energy Markets: The Challenge of Representing Consumer Behavior

    Directory of Open Access Journals (Sweden)

    Frank eKrysiak

    2015-05-01

    Full Text Available Energy models play an increasing role in the ongoing energy transition processes either as tools for forecasting potential developments or for assessments of policy and market design options. In recent years these models have increased in scope and scale and provide a reasonable representation of the energy supply side, technological aspects and general macroeconomic interactions. However, the representation of the demand side and consumer behavior has remained rather simplistic. The objective of this paper is twofold. First, we review existing large scale energy model approaches, namely bottom-up and top-down models, with respect to their demand side representation. Second, we identify gaps in existing approaches and draft potential pathways to account for a more detailed demand side and behavior representation in energy modeling.

  16. Structural analysis of behavioral networks from the Internet

    International Nuclear Information System (INIS)

    Meiss, M R; Menczer, F; Vespignani, A

    2008-01-01

    In spite of the Internet's phenomenal growth and social impact, many aspects of the collective communication behavior of its users are largely unknown. Understanding the structure and dynamics of the behavioral networks that connect users with each other and with services across the Internet is key to modeling the network and designing future applications. We present a characterization of the properties of the behavioral networks generated by several million users of the Abilene (Internet2) network. Structural features of these networks offer new insights into scaling properties of network activity and ways of distinguishing particular patterns of traffic. For example, we find that the structure of the behavioral network associated with Web activity is characterized by such extreme heterogeneity as to challenge any simple attempt to model Web server traffic

  17. Structural analysis of behavioral networks from the Internet

    Energy Technology Data Exchange (ETDEWEB)

    Meiss, M R; Menczer, F [Department of Computer Science, Indiana University, Bloomington, IN 47405 (United States); Vespignani, A [Department of Informatics, Indiana University, Bloomington, IN 47408 (United States)], E-mail: mmeiss@indiana.edu

    2008-06-06

    In spite of the Internet's phenomenal growth and social impact, many aspects of the collective communication behavior of its users are largely unknown. Understanding the structure and dynamics of the behavioral networks that connect users with each other and with services across the Internet is key to modeling the network and designing future applications. We present a characterization of the properties of the behavioral networks generated by several million users of the Abilene (Internet2) network. Structural features of these networks offer new insights into scaling properties of network activity and ways of distinguishing particular patterns of traffic. For example, we find that the structure of the behavioral network associated with Web activity is characterized by such extreme heterogeneity as to challenge any simple attempt to model Web server traffic.

  18. A Structural Model of the Retail Market for Illicit Drugs.

    Science.gov (United States)

    Galenianos, Manolis; Gavazza, Alessandro

    2017-03-01

    We estimate a model of illicit drugs markets using data on purchases of crack cocaine. Buyers are searching for high-quality drugs, but they determine drugs' quality (i.e., their purity) only after consuming them. Hence, sellers can rip off first-time buyers or can offer higher-quality drugs to induce buyers to purchase from them again. In equilibrium, a distribution of qualities persists. The estimated model implies that if drugs were legalized, in which case purity could be regulated and hence observable, the average purity of drugs would increase by approximately 20 percent and the dispersion would decrease by approximately 80 percent. Moreover, increasing penalties may raise the purity and affordability of the drugs traded by increasing sellers’ relative profitability of targeting loyal buyers versus first-time buyers.

  19. Structural Break, Stock Prices of Clean Energy Firms and Carbon Market

    Science.gov (United States)

    Wang, Yubao; Cai, Junyu

    2018-03-01

    This paper uses EU ETS carbon future price and Germany/UK clean energy firms stock indices to study the relationship between carbon market and clean energy market. By structural break test, it is found that the ‘non-stationary’ variables judged by classical unit root test do own unit roots and need taking first difference. After analysis of VAR and Granger causality test, no causal relationships are found between the two markets. However, when Hsiao’s version of causality test is employed, carbon market is found to have power in explaining the movement of stock prices of clean energy firms, and stock prices of clean energy firms also affect the carbon market.

  20. Development of Capital Markets in Turkey and Analysis of Financial Structure of the Intermediary Institutions

    Directory of Open Access Journals (Sweden)

    Fikret Kartal

    2013-08-01

    Full Text Available Capital markets, where demand and supply for medium to long term finance meet, are more active and efficient in higher income countries. Capital markets are insufficiently developed in emerging countries such as Turkey that have the structural and institutional obstacles and lack of capital. The first market with securities was established in 19th century in the Ottoman Empire; the Turkish capital markets have gone through the reform programmes as a part of liberalization started in 1980; but the banking sector constitutes the biggest part of the financial sector. The paper presents the development of capital markets in Turkey and analyzes the intermediary institutions by using the financial statements and ratios for the period December 2007-December 2011.

  1. Interplay between past market correlation structure changes and future volatility outbursts

    Science.gov (United States)

    Musmeci, Nicoló; Aste, Tomaso; Di Matteo, T.

    2016-11-01

    We report significant relations between past changes in the market correlation structure and future changes in the market volatility. This relation is made evident by using a measure of “correlation structure persistence” on correlation-based information filtering networks that quantifies the rate of change of the market dependence structure. We also measured changes in the correlation structure by means of a “metacorrelation” that measures a lagged correlation between correlation matrices computed over different time windows. Both methods show a deep interplay between past changes in correlation structure and future changes in volatility and we demonstrate they can anticipate market risk variations and this can be used to better forecast portfolio risk. Notably, these methods overcome the curse of dimensionality that limits the applicability of traditional econometric tools to portfolios made of a large number of assets. We report on forecasting performances and statistical significance of both methods for two different equity datasets. We also identify an optimal region of parameters in terms of True Positive and False Positive trade-off, through a ROC curve analysis. We find that this forecasting method is robust and it outperforms logistic regression predictors based on past volatility only. Moreover the temporal analysis indicates that methods based on correlation structural persistence are able to adapt to abrupt changes in the market, such as financial crises, more rapidly than methods based on past volatility.

  2. The influence of culture as a marketing factor on costumer's behavior

    Directory of Open Access Journals (Sweden)

    Đelošević Ivana

    2014-01-01

    Full Text Available The social factor that has the widest impact on customer's behavior is culture. The aim of this work is that through the elements and dimensions of culture explains habits, customs and tendencies of people in consumption .According to the broad and pervasive nature of culture, its study requires a thorough examination of the character of the entire society, including elements such as language, laws, customs, religion, art, technology, business partners, products and other elements that give the society a distinctive taste. Understanding the similarities and differences among costumers is very important for multinational tenderer. If there is a greater similarity between the costumers they will use similar strategies but if the beliefs and customs are different, then each country uses individual marketing strategy. In international marketing error may occur if the promotional message of a company presents in a language that is not understandable to customers in a given country and which means something completely different and unacceptable by customers. Differences in cultural values can be described in various dimensions - individualism, masculinity, power distance, avoidance of uncertainty and long-term orientation. Market segments in developing countries offer great opportunities but the creation of values in those segments means that the nuances of the culture must be understood.

  3. Economics of Metal Markets

    OpenAIRE

    Tilton, J.E.

    1984-01-01

    Simple economic principles can provide useful insights into the behavior of metal markets. In applying these principles, however, the analyst must take into account technology, market structure, government policies, and other institutional factors influencing the nature of metal supply and demand. Knowledge of both economics and the metal markets is essential. One without the other is likely to lead to sterile or even misleading results. In support of the above conclusion, this study exa...

  4. Analysis of Saudi Arabia's behavior within OPEC and the world oil market

    International Nuclear Information System (INIS)

    Alkhathlan, Khalid; Gately, Dermot; Javid, Muhammad

    2014-01-01

    We analyze oil export behavior by Saudi Arabia and the Rest of OPEC since 1973. In the literature there has been a wide range of estimates of their correlation: from positive, to zero, to negative. We find that the correlation has varied over time, from moderately high (0.7) in normal periods, to negative during each of five interruptions; the average correlation has been 0.19. Saudi Arabia's oil market behavior depends upon circumstances, but its primary goal is the stability of OPEC and the world oil market. It will coordinate export reductions with the Rest of OPEC when faced with declining demand, but it will increase exports when faced with interruptions elsewhere in OPEC. Allowing for such differences provides evidence of intelligent, context-dependent consistency. But ignoring context – by wrongly assuming the same Saudi response in Normal periods and Interruptions – can lead to a conclusion of Saudi “inconsistency” because the difference in the responses has been obscured

  5. Data Service:Characteristics,Market Structure,and the Role of Operator

    Institute of Scientific and Technical Information of China (English)

    LI Ruo-peng; LU Ting-jie

    2005-01-01

    To study characteristics and market structure of data service and the role of operator,this paper makes a commercial model by applying the theory of intermediaries and neoclassic economics.Data service has different economic characteristics from voice service.Firstly,production mode of data service is roundabout production,secondly,driving power of data service is economies of specialization,and finally,management method of data service is impersonal management.In data service market,information asymmetry and barrier to entry determine transaction efficiency and the specialization level of service providers indirectly.Therefore,operator should intervene in the market by offering trade service in order to promote development of service providers.Because of different quality of service providers,market structure of data service must be the state that trade platform built by operator and intermediary platform built by operator coexists.

  6. Model of the electric energy market in Poland. Assumptions, structure and operation principles

    International Nuclear Information System (INIS)

    Kulagowski, W.

    1994-01-01

    Present state of works on model of electric energy market in Poland with special consideration of bulk energy market is presented. The designed model based on progressive, evolutionary changes is so elastic, that when keeping general structure and fundamentals the particular solutions can be verified or corrected. The changes in the electric energy market are considered as an integral part of existing restructuring process of Polish electric energy sector. The rate of those changes and the mode of their introduction influence on introduction speed of the new solutions. (author). 14 refs, 4 figs

  7. 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.

  8. A structural model for the housing and credit markets in Italy

    OpenAIRE

    Andrea Nobili; Francesco Zollino

    2012-01-01

    We estimate a fully-fledged structural system for the housing market in Italy, taking into account the multi-fold link with bank lending to both households and construction firms. The model allows the house supply to vary in the short run and the banking sector to affect the equilibrium in the housing market, through its effect on housing supply and demand. We show that house prices react mostly to standard drivers such as disposable income, expected inflation and demographic pressures. Lendi...

  9. Endogenous Market Structures and Contract Theory. Delegation, principal-agent contracts, screening, franchising and tying

    OpenAIRE

    Etro Federico

    2010-01-01

    I study the role of unilateral strategic contracts for firms active in markets with price competition and endogenous entry. Traditional results change substantially when the market structure is endogenous rather than exogenous. They concern 1) contracts of managerial delegation to non-profit maximizers, 2) incentive principal-agent contracts in the presence of moral hazard on cost reducing activities, 3) screening contracts in case of asymmetric information on the productivity of the managers...

  10. Market structure and the incentives to innovate in the Norwegian music industry

    OpenAIRE

    Engstrand, Andreas Prestegaard

    2013-01-01

    In this thesis, I study market structure and incentives to innovate in the Norwegian music industry. The industry has gone through significant changes since the year 2000. Every part of the value chain has been disrupted by technology, and the barriers to entry have decreased. However, major labels seem to have kept their market share. I define product and process innovation as respectively the release of a new artist and the release of a subsequent album. A product innovation ...

  11. Atmospherics, the marketing concept, and a marketing tool for hospitals.

    Science.gov (United States)

    Fugate, D L

    1991-01-01

    Researchers have demonstrated that the conscious use of atmospheric structuring can induce marketer-desired behaviors in service consumers. This may be particularly relevant to marketers of hospital care since consumer judgments often depend upon peripheral rather than core evidences of quality and satisfaction. Under these circumstances, health care marketers have an obligation to explore the phenomenon of atmospherics and its practical implications in the health care marketing mix.

  12. Does competitive entry structurally change key marketing metrics?

    NARCIS (Netherlands)

    Kornelis, M.; Dekimpe, de M.G.; Leeflang, P.S.H.

    2008-01-01

    To what extent does competitive entry create a structural change in keymarketingmetrics? New players may just be a temporal nuisance to incumbents, but could also fundamentally change the latter's performance evolution, or induce them to permanently alter their spending levels and/or pricing

  13. Are South East Asia Countries Capital Markets Characterized by Nonlinear Structures? An Investigation from Indonesia, Philippine and Singapore Capital Market Indices

    OpenAIRE

    Minarnita Yanti Verawati Bakara; Bambang Hermanto

    2014-01-01

    This research paper tries to detect the nonlinear structure in the South East Asia Countries Capital Markets. The capital markets of three South East Asia Countries are chosen: Indonesia, Philippine, and Singapore. Daily return data of Capital Markets composite indices are observed: Straits Times Index (STI) of Singapore Exchange from January 04, 1985 to December 31, 2007, Pilipino Stock Exchange Index (PSEi) of Philippines Stock Exchange from March 1, 1990 to December 31, 2007 and Jakarta Co...

  14. COMPETITIVE FEATURES IN THE MARKET STRUCTURE OF HOUSING PROPERTY WITH REGARD TO REGIONAL DEFINITIONS

    Directory of Open Access Journals (Sweden)

    Kostyantyn Pavlov

    2017-09-01

    Full Text Available The subject of research. Given the steady demand for residential real estate, the low solvency of the population, and unbalanced development of individual segments of the regional housing market, competition issues and the mechanism of its operation, today is very relevant. Real estate is one of the components of the national economy because it carries more than half of total world wealth and its stable functioning is one of the most complex processes of market transformations occurring in the country. Active functioning property markets are a prerequisite for the sustainable development of cities and regions of the country. This development is the basis for the effective management of regional and implemented in the system of national governance and local governance. In modern terms, Ukraine is at the stage of the market system, one of which is real estate market. From the way, the subject of study is a competitive relationship, and especially their formation in the regional real estate market. Methodology. In order to carry out a thorough study, there was elaborated numerous scientific literature authored by leading scientists of Ukraine, Europe, and the former Soviet Union camp to define the concepts of “competition”, “regional market”, “real estate”, “residential property”. According to the research of current problems and competitive features in the structure of the real estate market on the basis of regional specificity, a logical systematization of these concepts is made. Results of the research allowed us to “carry” a clear parallel between the correlation of factors and competitive impact on the regional real estate market of the potential buyers, the developer and manufacturer of products directly to real estate as an object relationship. Practical implications. The article is to study the specific competitive position in the regional real estate market in Ukraine and also features of exposure to it by consumers

  15. Evaluation of structural behavior, geological and hydrogeological characteristics

    International Nuclear Information System (INIS)

    Kim, Jhin Wung; Kim, Sun Hoon; Kim, Dae Hong; Choi, Kyu Sup

    1992-02-01

    In order to understand the behavior of an underground structure properly, this report includes the study on the structural behavior of rock masses surrounding underground openings considering the effect of excavation. Before analyzing the underground structure, the followings are studied: initial stress distribution before excavation, stress release and redistribution due to the sequential excavation, comparison of analysis methods, discussions on numerical simulation techniques for the sequential excavation and an numerical analysis modeling. The underground structure in then analyzed using the finite element and distinct element methods of analysis considering the effect of sequential excavation, Based on the results of the analysis, the followings are discussed: shape of the opening, distance between openings, method and sequence of excavation, and structural reinforcement. (Author)

  16. Analysing the impact of buyers' personality constructs on the market structure of brands

    DEFF Research Database (Denmark)

    Chrysochou, Polymeros; Krystallis, Athanasios; Rungie, Cam

    2008-01-01

    In order to operationalize brand loyalty, various models have been applied that estimate brand measures and further describe patterns and the structure of the markets. A well known model in this area is the Dirichlet-NBD model. Despite major advancements to those models, how buyers' characteristics...... and psychographics influence actual brand measures and the overall market structure in repeat purchase occasions is still under-researched. Moreover, measuring the type and magnitude of buyer-related effects on brand loyalty could provide additional valuable information to brand managers. Aim of this paper...... is to provide an approach of estimating the effect that various personality constructs have on brand measures and overall market structure through revealed preference data....

  17. Work hardening behavior study of structural alloys for cryogenic applications

    International Nuclear Information System (INIS)

    Chu, D.; Morris, J.W. Jr.

    1992-01-01

    Previous investigation on aluminum-lithium alloys have indicated different dependencies of the work hardening behavior on temperature. This variation in temperature dependence is attributed to differences in microstructure rather than composition. An understanding of the microstructural effect on the observed thermal dependency is important as it may allow the tailoring of deformation properties through mechanical processing. Work hardening analyses on other aluminum alloys and a number of structural steels have been performed to better elucidate the role played by microstructure in determining the work hardening behavior. In the paper correlations between the differences in mechanical behavior and the various microstructures observed are presented

  18. Restructured electric power systems analysis of electricity markets with equilibrium models

    CERN Document Server

    2010-01-01

    Electricity market deregulation is driving the power energy production from a monopolistic structure into a competitive market environment. The development of electricity markets has necessitated the need to analyze market behavior and power. Restructured Electric Power Systems reviews the latest developments in electricity market equilibrium models and discusses the application of such models in the practical analysis and assessment of electricity markets.

  19. Application of stochastic differential geometry to the term structure of interst rates in developed markets

    Energy Technology Data Exchange (ETDEWEB)

    Taranenko, Y.; Barnes, C.

    1996-12-31

    This paper deals with further developments of the new theory that applies stochastic differential geometry (SDG) to dynamics of interest rates. We examine mathematical constraints on the evolution of interest rate volatilities that arise from stochastic differential calculus under assumptions of an arbitrage free evolution of zero coupon bonds and developed markets (i.e., none of the party/factor can drive the whole market). The resulting new theory incorporates the Heath-Jarrow-Morton (HJM) model of interest rates and provides new equations for volatilities which makes the system of equations for interest rates and volatilities complete and self consistent. It results in much smaller amount of volatility data that should be guessed for the SDG model as compared to the HJM model. Limited analysis of the market volatility data suggests that the assumption of the developed market is violated around maturity of two years. Such maturities where the assumptions of the SDG model are violated are suggested to serve as boundaries at which volatilities should be specified independently from the model. Our numerical example with two boundaries (two years and five years) qualitatively resembles the market behavior. Under some conditions solutions of the SDG model become singular that may indicate market crashes. More detail comparison with the data is needed before the theory can be established or refuted.

  20. Modeling high temperature materials behavior for structural analysis

    CERN Document Server

    Naumenko, Konstantin

    2016-01-01

    This monograph presents approaches to characterize inelastic behavior of materials and structures at high temperature. Starting from experimental observations, it discusses basic features of inelastic phenomena including creep, plasticity, relaxation, low cycle and thermal fatigue. The authors formulate constitutive equations to describe the inelastic response for the given states of stress and microstructure. They introduce evolution equations to capture hardening, recovery, softening, ageing and damage processes. Principles of continuum mechanics and thermodynamics are presented to provide a framework for the modeling materials behavior with the aim of structural analysis of high-temperature engineering components.

  1. An empirical study of various factors, influencing the behavior of consumers towards fast food joints in Indian Market

    OpenAIRE

    Agarwal, Sugandha; Guirat, Rafika Ben

    2017-01-01

    The global markets have witnessed major shifts in the consumers’ behavior that have been much influenced by the change of technology, innovation, research and development. The consumer’s needs thus dynamically change in order to respond to the change in the social and business environment. The corporate and business strategies of companies thus being developed in the light of capitalizing the potential from the markets but however, how the customers would react to the products and services of...

  2. What Drives Local Wine Expenditure in Kentucky, Ohio, Tennessee and Pennsylvania? A Consumer Behavior and Wine Market Segmentation Analysis

    OpenAIRE

    Deng, Xueting; Woods, Timothy

    2014-01-01

    This study explores wine expenditure driven factors for consumers in the United States by employing a four-state consumer behaviors study. A market segmentation method is applied to investigate spending patterns of wine consumers in Pennsylvania, Ohio, Kentucky, and Tennessee. Determinants including market segmentation measurements, lifestyle factors and demographic variables are investigated and compared for their significance in driving local wine expenditure, local wine purchase probabilit...

  3. Towards a single European electricity market. A structured approach to regulatory mode decision-making

    International Nuclear Information System (INIS)

    De Jong, H.M.

    2009-01-01

    This study focuses on the processes through which the rules and regulations that govern European electricity markets - and inherently, their integration process - are established. So far, European policy makers have largely followed a 'trial-and-error' approach to finding an appropriate regulatory mode (process) for dealing effectively with market integration issues. This unstructured approach to regulatory mode selection leads to several problems: - Today's trial-and-error strategy of shifting from one regulatory mode to another is time-consuming. - In the regulatory mode selection process, certain key principles of good governance are insufficiently considered. - European regulatory processes are experienced as vague, intransparent, and illegitimate by 'outside' stakeholders. This study develops a 'structured approach to regulatory mode decision-making' (STARMODE) based on the theory of decision modelling in policy management and a case study exploring three key market integration issues in the field of electricity markets: interconnector investment, congestion management and market transparency. The main objective is to present a systematic and comprehensive framework for analysing and improving regulatory mode decision-making in the context of the European Union, focusing on electricity market integration. The STARMODE approach is generally applicable to (and relevant for) European market integration issues in industries characterized by a natural monopoly and/or an essential service. The approach may also contribute to national regulatory mode decision-making and multi-state decision-making in other continents.

  4. USING THE DELPHI TECHNIQUE TO DEVELOP EFFECTIVENESS INDICATORS FOR SOCIAL MARKETING COMMUNICATION TO REDUCE HEALTH-RISK BEHAVIORS AMONG YOUTH.

    Science.gov (United States)

    Vantamay, Nottakrit

    2015-09-01

    This study aimed to develop effectiveness indicators for social marketing communication to reduce health-risk behaviors among Thai youth by using the Delphi technique. The Delphi technique is a research approach used to gain consensus through a series of two or more rounds of questionnaire surveys where information and results are fed back to panel members between each round and it has been extensively used to generate many indicators relevant to health behaviors. The Delphi technique was conducted in 3 rounds by consulting a panel of 15 experts in the field of social marketing communication for public health campaigns in Thailand. We found forty-nine effectiveness indicators in eight core components reached consensus. These components were: 1) attitude about health-risk behavior reduction, 2) subjective norms, 3) perceived behavioral control, 4) intention to reduce health-risk behaviors, 5) practices for reducing health-risk behaviors, 6) knowledge about the dangers and impact of health-risk behaviors, 7) campaign brand equity, and 8) communication networks. These effectiveness indicators could be applied by health promotion organizations for evaluating the effectiveness of social marketing communication to effectively reduce health-risk behaviors among youth.

  5. Humps in the volatility structure of the crude oil futures market: New evidence

    International Nuclear Information System (INIS)

    Chiarella, Carl; Kang, Boda; Nikitopoulos, Christina Sklibosios; Tô, Thuy-Duong

    2013-01-01

    This paper analyses the volatility structure of commodity derivatives markets. The model encompasses hump-shaped, unspanned stochastic volatility, which entails a finite-dimensional affine model for the commodity futures curve and quasi-analytical prices for options on commodity futures. Using an extensive database of crude oil futures and futures options spanning 21 years, we find the presence of hump-shaped, partially spanned stochastic volatility in the crude oil market. The hump shaped feature is more pronounced when the market is more volatile, and delivers better pricing as well as hedging performance under various dynamic factor hedging schemes. - Highlights: • This paper analyses the volatility structure of commodity derivatives markets. • 21-years of data on crude oil futures and futures options is used. • The crude oil futures market has hump-shaped, unspanned stochastic volatility. • The hump shaped feature is more pronounced when the market is more volatile. • Hump shape delivers better pricing and hedging compared to exponential decay

  6. The FM Market in the Nordic Countries – Volume, Structure and Trends

    DEFF Research Database (Denmark)

    Jensen, Per Anker

    2012-01-01

    The main purpose of this research is to give an overview of the FM market in Denmark, Norway, Sweden and Finland. A detailed study of the Danish FM market was done in 2008-9. This was followed up by a series of workshops facilitated by the author with groups of specialists in each of the countries...... in 2010 and 2011 to collect up-to-date information about all the 4 countries in relation to market volume, degree of outsourcing, structure and trends. The method for data collection was inspired by Delphi method. During the workshop the participants filled in a questionnaire with individual answers after...... about FM Market Data in Europe. In connection with the mentioned workshops another set of workshops were organized – except for Finland on the same day and with the same group of specialist – as part of a research project on FM Futures. The main purpose of this research is to provide input to a common...

  7. Improved structural pricing model for the fair market price of Sukuk Ijarah in Indonesia

    Science.gov (United States)

    Rosadi, D.; Muslim

    2017-12-01

    Shariah financial products are currently developing in Indonesia financial market. One of the most important products is called as Sukuk which is commonly referred to as "sharia compliant" bonds. The type of Sukuk that have been widely traded in Indonesia until now are Sukuk Ijarah and Sukuk Mudharabah. In [1], we discuss various models for the price of the fixed-non-callable Sukuk Ijarah and provide the empirical studies using data from Indonesia Bonds market. We found that the structural model considered in [1] cannot model the market price empirically well. In this paper, we consider the improved model and show that it performs well for modelling the fair market price of Sukuk Ijarah.

  8. The value of a new idea: knowledge transmission, workers' mobility and market structure

    International Nuclear Information System (INIS)

    Marini, Marco A.

    2006-01-01

    We model the process of knowledge transmission among firms via workers' mobility as a multi-stage game. In our setup an idea to be realized needs that the agent informed about the idea recruits another agent from a pool of uninformed people. This constraint generates a recursive effect of knowledge transmission via players' mobility across firms which affects simultaneously the players' payoffs and the number of active players engaged in market competition. We provide sufficient conditions for the game to possess a unique symmetric subgame perfect equilibrium in which all incumbent players deter the exit of their collaborators. The equilibrium outcome is shown to depend upon the success of the idea over time, expressed by the behaviour of the market demand and on players' time preferences. A few other intuitions are provided on the interplay between technology, market structure and the market value of an innovative idea

  9. Modeling dependence structure between stock market volatility and sukuk yields: A nonlinear study in the case of Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Nader Naifar

    2016-09-01

    Full Text Available The aim of this paper is to investigate the dependence structure between sukuk (Islamic bonds yields and stock market (returns and volatility in the case of Saudi Arabia. We consider three Archimedean copula models with different tail dependence structures namely Gumbel, Clayton, and Frank. This study shows that the sukuk yields exhibit significant dependence only with stock market volatility. In addition, the dependence structure between sukuk yields and stock market volatility are symmetric and linked with the same intensity.

  10. Opportunities and barriers for smaller portions in food service: lessons from marketing and behavioral economics.

    Science.gov (United States)

    Riis, J

    2014-07-01

    This paper uses the frameworks and evidence from marketing and behavioral economics to highlight the opportunities and barriers for portion control in food service environments. Applying Kahneman's 'thinking fast and slow' concepts, it describes 10 strategies that can be effective in 'tricking' the consumer's fast cognitive system to make better decisions and in triggering the slow cognitive system to help prevent the fast system from making bad decisions. These strategies include shrinking defaults, elongating packages, increasing the visibility of small portions, offering more mixed virtue options, adding more small sizes, offering 'right-sized' standard portions, using meaningful size labels, adopting linear pricing, using temporal landmarks to push smaller portions and facilitating pre-commitment. For each of these strategies, I discuss the specific cost and revenue barriers that a food service operator would face if the strategy were adopted.

  11. Opportunities and barriers for smaller portions in food service: lessons from marketing and behavioral economics

    Science.gov (United States)

    Riis, J

    2014-01-01

    This paper uses the frameworks and evidence from marketing and behavioral economics to highlight the opportunities and barriers for portion control in food service environments. Applying Kahneman's ‘thinking fast and slow' concepts, it describes 10 strategies that can be effective in ‘tricking' the consumer's fast cognitive system to make better decisions and in triggering the slow cognitive system to help prevent the fast system from making bad decisions. These strategies include shrinking defaults, elongating packages, increasing the visibility of small portions, offering more mixed virtue options, adding more small sizes, offering ‘right-sized' standard portions, using meaningful size labels, adopting linear pricing, using temporal landmarks to push smaller portions and facilitating pre-commitment. For each of these strategies, I discuss the specific cost and revenue barriers that a food service operator would face if the strategy were adopted. PMID:25033960

  12. Traders’ Networks of Interactions and Structural Properties of Financial Markets: An Agent-Based Approach

    Directory of Open Access Journals (Sweden)

    Linda Ponta

    2018-01-01

    Full Text Available An information-based multiasset artificial stock market characterized by different types of stocks and populated by heterogeneous agents is presented and studied so as to determine the influences of agents’ networks on the market’s structure. Agents are organized in networks that are responsible for the formation of the sentiments of the agents. In the market, agents trade risky assets in exchange for cash and share their sentiments by means of interactions that are determined by sparsely connected graphs. A central market maker (clearing house mechanism determines the price process for each stock at the intersection of the demand and the supply curves. A set of market’s structure indicators based on the main single-assets and multiassets stylized facts have been defined, in order to study the effects of the agents’ networks. Results point out an intrinsic structural resilience of the stock market. In fact, the network is necessary in order to archive the ability to reproduce the main stylized facts, but also the market has some characteristics that are independent from the network and depend on the finiteness of traders’ wealth.

  13. Crisis-like behavior in China's stock market and its interpretation.

    Science.gov (United States)

    Fan, Fangli; Gao, Jianbo; Liang, Shuhong

    2015-01-01

    In order for China to play a bigger, more positive role in the world, it is important for China to have a healthy capital market. This perception motivates us to examine the health of China's capital market, especially the severity of the overall loss of the listed companies in China and the effects of accounting irregularities on the losses. We show the overall loss of the listed companies was very severe, in particular, crisis-like behavior emerged in the fourth quarter of 2002, 2004, 2005, and 2008. We further observe that loss in the fourth quarter was much greater than the average loss of the first three quarters in the same year. The most straightforward interpretation of this loss pattern is that companies underreported losses in the first three quarters, to boost their stock values in most time of the year. However, in the fourth quarter, accounting balance of the whole year dictated that the reported loss in the fourth quarter had to be much greater than the actual loss. Fortunately, such irregularity has been greatly reduced, thanks to the accounting reforms in China in 2007.

  14. Corrosion Behavior of Brazed Zinc-Coated Structured Sheet Metal

    Directory of Open Access Journals (Sweden)

    A. Nikitin

    2017-01-01

    Full Text Available Arc brazing has, in comparison to arc welding, the advantage of less heat input while joining galvanized sheet metals. The evaporation of zinc is reduced in the areas adjacent to the joint and improved corrosion protection is achieved. In the automotive industry, lightweight design is a key technology against the background of the weight and environment protection. Structured sheet metals have higher stiffness compared to typical automobile sheet metals and therefore they can play an important role in lightweight structures. In the present paper, three arc brazing variants of galvanized structured sheet metals were validated in terms of the corrosion behavior. The standard gas metal arc brazing, the pulsed arc brazing, and the cold metal transfer (CMT® in combination with a pulsed cycle were investigated. In experimental climate change tests, the influence of the brazing processes on the corrosion behavior of galvanized structured sheet metals was investigated. After that, the corrosion behavior of brazed structured and flat sheet metals was compared. Because of the selected lap joint, the valuation of damage between sheet metals was conducted. The pulsed CMT brazing has been derived from the results as the best brazing method for the joining process of galvanized structured sheet metals.

  15. Market structure in the US electricity industry: a long-term perspective

    International Nuclear Information System (INIS)

    Kamerschen, D.R.

    2005-01-01

    We estimate changes in market structure in the US electric power industry during the last three decades using two independent approaches. First, we estimate an industry-wide conjectural-variations parameter. We find that industry concentration was generally rising during the 1970s but has been gradually and consistently falling since the early 1980s. To check the robustness of these results, we then use a translog production function to estimate the Lerner Index. The results confirm that the industry was becoming less concentrated during the 1980s, though the Lerner Index tended to fluctuate during the late 1980s and early 1990s. Our results suggest that the current state of the electricity industry may have more to do with long-term changes in market structure than recent attempts to establish competitive wholesale electricity markets. (author)

  16. Classroom Activity Structures and the Generalizability of Teacher Behavior.

    Science.gov (United States)

    Anderson, Lorin W.; Mandeville, Garrett K.

    The purpose of this study was to examine the influence of several instructional formats (e.g., lecture, discourse, seatwork) on the generalizability of teacher behaviors. Two structured observation instruments were used to observe two samples of teachers: 42 fifth grade science teachers on eight occasions, and 87 fifth grade mathematics teachers…

  17. Behavioral Logistics - Analysis of behavioral routines and governance structures in the interorganizational maritime transport chain

    Directory of Open Access Journals (Sweden)

    2010-09-01

    Full Text Available The strong improvements in information and communication systems as well as better transshipment technologies provide the platform for more efficient transport within interorganizational transport chains. Nevertheless these technologies do not automatically optimize systems based on routines and behavioral patterns, established over the last decades. Logisticians - in theory and practice - have to consider the field of behavioral science to describe and analyse transport problems regarding to involved actors' strategic behavior and social embeddedness, too. The objective of this paper is to illustrate behavioral aspects of supposed technical problems in interorganizational transport chains. Therefore, this paper analyses behavioral routines and governance structures in the interorganizational maritime transport chain using a case study, dealing with the generation and circulation of transport information at the earliest point available, so called "estimated time of arrival" (ETA.

  18. Influence of factors of consumer behavior on process of making decision on purchase in the market of pharmaceutical cosmetics

    Directory of Open Access Journals (Sweden)

    E. A. Kachagin

    2016-01-01

    Full Text Available The research of consumer behavior for the purpose of its formation and effective impact on it becoming a key element of the marketing activities of modern enterprises, working on a wide variety of goods and services markets. Currently, there is a tendency of convergence of cosmetics to pharmaceuticals and a new product appears which combines the quality of cosmetics and pharmaceuticals, and called "cosmeceuticals" or pharmaceutical cosmetics. When providing services in the market of pharmaceutical cosmetics the knowledge of regularities and factors of consumer behavior, and ability to adapt to its changes is of great importance. Now in the conditions of dynamically developing market environment, the system research of factors of consumer behavior in the market of pharmaceutical cosmetics is necessary, including the problem resolution of its identification, forecasting of their dynamics and the impact directed to them is required. At the same time, there are no reliable theoretical and methodical bases for such decisions. The insufficient readiness of methodical tools for identification and assessment of factors of consumer behavior interferes with improvement of quality of the rendered services in the sphere of medical services in case of sale of pharmaceutical cosmetics. Besides, one of important components of modern system of complex service marketing is automation of means of its implementation that assumes the maximum automation of process of conducting personal selling by means of which influence of a human factor is minimized and working hours are significantly saved. However, its successful implementation requires expansion of methodical approaches to system of an efficiency evaluation in the sphere of medical services in relation to the market of retail trade by pharmaceutical cosmetics.

  19. The Impact of Ownership Structure on Firm Performance : Evidence From a Large Emerging Market

    NARCIS (Netherlands)

    Douma, S.W.; George, R.; Kabir, M.R.

    2002-01-01

    We examine how ownership structure affects the performance of firms using firm level data from a large emerging market, India.We specifically focus on a previously unexplored phenomenon, namely the differential role played by foreign institutional and foreign corporate shareholders.An examination of

  20. Structural imbalances as a key factor of unemployment in the Russian labor market

    Directory of Open Access Journals (Sweden)

    I V Trotsuk

    2015-12-01

    Full Text Available In recent years, the problems of the Russian labor market, especially the scale and characteristics of youth unemployment, get very emotional and negative coverage in the scientific and journalistic discourses. The authors seek to show without any emotional evaluations what are the objective macroeconomic causes of the current situation with unemployment, especially youth unemployment. First, the authors identify the main challenges the labor market faces today in terms of the interaction of its key actors (workers, owners of the means of production, educational institutions and various intermediaries, including the state regulating the features of labor recruitment. Second, the article shows the main trends of the last decade that change the structure of employment of the economically active population. Third, the authors name the basic structural imbalances in the Russian labor market, primarily structural and professional imbalance between the demand for labor, the demand for vocational training and offer of educational services, which is quite evident, albeit in different ways, in all spheres of the economy. Fourth, the article describes the specific features of the youth labor market as both affected and contributing to the structural imbalances. Finally, the authors propose a methodology of macroeconomic forecasting that may reduce the problems the Russian society faces in the field of employment.

  1. The telecommunications industry and economic growth: how the market structure matters

    Czech Academy of Sciences Publication Activity Database

    Jerbashian, Vahagn

    2011-01-01

    Roč. 3, č. 42 (2011), s. 1-68 ISSN N R&D Projects: GA MŠk LC542 Grant - others:UK(CZ) GAUK 79310 Institutional research plan: CEZ:MSM0021620846 Keywords : telecommunication industry * market structure * economic growth Subject RIV: AH - Economic s

  2. The telecommunications industry and economic growth: how the market structure matters

    Czech Academy of Sciences Publication Activity Database

    Jerbashian, Vahagn

    2015-01-01

    Roč. 51, December (2015), s. 515-523 ISSN 0264-9993 Grant - others:UK(CZ) GAUK 79310 Institutional support: PRVOUK-P23 Keywords : telecommunications industry * market structure * economic growth Subject RIV: AH - Economic s Impact factor: 0.997, year: 2015

  3. A resource-based theory of market structure and organizational form

    NARCIS (Netherlands)

    van Witteloostuijn, A.; Boone, C.A.J.J.

    We argue that combining the insights from both the industrial organization and organizational ecology perspectives is likely to produce value added. We develop a resource-based theory of market structure, where resources pertain to the environmental assets (together forming the resource space)

  4. Research on energy stock market associated network structure based on financial indicators

    Science.gov (United States)

    Xi, Xian; An, Haizhong

    2018-01-01

    A financial market is a complex system consisting of many interacting units. In general, due to the various types of information exchange within the industry, there is a relationship between the stocks that can reveal their clear structural characteristics. Complex network methods are powerful tools for studying the internal structure and function of the stock market, which allows us to better understand the stock market. Applying complex network methodology, a stock associated network model based on financial indicators is created. Accordingly, we set threshold value and use modularity to detect the community network, and we analyze the network structure and community cluster characteristics of different threshold situations. The study finds that the threshold value of 0.7 is the abrupt change point of the network. At the same time, as the threshold value increases, the independence of the community strengthens. This study provides a method of researching stock market based on the financial indicators, exploring the structural similarity of financial indicators of stocks. Also, it provides guidance for investment and corporate financial management.

  5. PRINCIPLES OF MARKET ECONOMY AND STRUCTURAL CHANGES IN THE RUSSIAN INSTRUMENT

    Directory of Open Access Journals (Sweden)

    V. N. Voronina

    2012-01-01

    Full Text Available This paper deals with result analysis of incoming of native instrument making into market economy. Reasons of dramatically worsening of many of enterprises condition and factors that are putting obstacles to its improvement are shown. Also variants of competiveness increasing ofRussian instruments are considered taking in account possible structure changes in its sphere.

  6. Dual market structures and the likelihood of repeated ties - evidence from pharmaceutical biotechnology

    NARCIS (Netherlands)

    Roijakkers, A.H.W.M.; Hagedoorn, J.; Kranenburg, van H.

    2005-01-01

    This paper analyses the role of repeated ties in the high-tech pharmaceutical biotechnology industry, a sector that is characterized by a strong dual market structure. Our most important finding is that previous ties in pairs of large pharmaceutical companies and small biotechnology firms have a

  7. Analysis of market competitive structure: The new methodological approach based in the using

    International Nuclear Information System (INIS)

    Romero de la Fuente, J.; Yague Guillen, M. J.

    2007-01-01

    This paper proposes a new methodological approach to identify market competitive structure, applying usage situation concept in positioning analysis. Dimensions used by consumer to classify products are identified using Correspondence Analysis and competitive groups are formed. Results are validated with Discriminant Analysis. (Author) 23 refs

  8. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies

    Science.gov (United States)

    Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

    2016-01-01

    In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995–2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies. PMID:27490847

  9. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

    Science.gov (United States)

    Khan, Habib Hussain; Ahmad, Rubi Binit; Gee, Chan Sok

    2016-01-01

    In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership), and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

  10. Market Structure, Financial Dependence and Industrial Growth: Evidence from the Banking Industry in Emerging Asian Economies.

    Directory of Open Access Journals (Sweden)

    Habib Hussain Khan

    Full Text Available In this study, we examine the role of market structure for growth in financially dependent industries from 10 emerging Asian economies over the period of 1995-2011. Our approach departs from existing studies in that we apply four alternative measures of market structure based on structural and non-structural approaches and compare their outcomes. Results indicate that higher bank concentration may slow down the growth of financially dependent industries. Bank competition on the other hand, allows financially dependent industries to grow faster. These findings are consistent across a number of sensitivity checks such as alternative measures of financial dependence, institutional factors (including property rights, quality of accounting standards and bank ownership, and endogeneity consideration. In sum, our study suggests that financially dependent industries grow more in more competitive/less concentrated banking systems. Therefore, regulatory authorities need to be careful while pursuing a consolidation policy for banking sector in emerging Asian economies.

  11. Behavioral economics perspective on foreign direct investment in emerging markets: The case on Bosnia and Herzegovina

    Directory of Open Access Journals (Sweden)

    Amra Halaba

    2016-08-01

    Full Text Available The growing field of behavioral economics (BE has revolutionized the way we look at economic behavior at micro and macro levels. Importance of foreign direct investment (FDI appeals for analysis of decisions made regarding it to be assessed from expanding view of BE. This research provides overview of previous studies and focuses on the case of Bosnia and Herzegovina (B&H as representative of emerging markets to investigate motivations for investing into this country by temporarily present foreign companies. Empirical analysis was based on the questionnaire that was disseminated among foreign investors to B&H. Questionnaire contained motivations for investing in B&H, where examined motivation factors were divided in two groups; namely irrational and rational ones. Choice of methodology was narrowed due to moderate sample size, but consisting of quality the sample members. In order to analyze data, descriptive statistics, correlation analysis and regression analysis were used. By regressing two groups of predictors on annual amount of foreign investments to B&H, it was shown that the highest motivation for investing was business instinct.

  12. New insight in magnetic saturation behavior of nickel hierarchical structures

    Science.gov (United States)

    Ma, Ji; Zhang, Jianxing; Liu, Chunting; Chen, Kezheng

    2017-09-01

    It is unanimously accepted that non-ferromagnetic inclusions in a ferromagnetic system will lower down total saturation magnetization in unit of emu/g. In this study, ;lattice strain; was found to be another key factor to have critical impact on magnetic saturation behavior of the system. The lattice strain determined assembling patterns of primary nanoparticles in hierarchical structures and was intimately related with the formation process of these architectures. Therefore, flower-necklace-like and cauliflower-like nickel hierarchical structures were used as prototype systems to evidence the relationship between assembling patterns of primary nanoparticles and magnetic saturation behaviors of these architectures. It was found that the influence of lattice strain on saturation magnetization outperformed that of non-ferromagnetic inclusions in these hierarchical structures. This will enable new insights into fundamental understanding of related magnetic effects.

  13. Family Structure Changes and Children's Health, Behavior, and Educational Outcomes

    DEFF Research Database (Denmark)

    Rasmussen, Astrid Würtz

    More and more children do not grow up in traditional nuclear families. Instead, they grow up in single-parent households or in families with a step-parent. Hence, it is important to improve our understanding of the impact of "shocks" in family structure due to parental relationship dissolution...... on children. In this study I empirically test whether children are traumatized both in the short and the long run by shocks in the family structure during childhood. I focus on educational, behavioral, and health outcomes. A population sample of Danish children born in January to May 1985 is used...... for the analysis. The empirical cross-sectional analysis indicates a negative relation between the number of family structure changes and children.s health, behavior, and educational outcomes. These results are con.rmed by a differences-in-differences analysis of health outcomes. This suggests...

  14. Oil market structures-strategies and performances of the actors of the international petroleum system

    International Nuclear Information System (INIS)

    Djermaine, Rebai

    1999-01-01

    The rises of petroleum prices as revealed by the oil crises of the 1970's are the consequences of a beside market perverse game between artificial factors. The public management and the intervention of public authorities have contributed to the unbalancing of oil markets and to the confusion of the actor's strategies in the international petroleum system. The chronical decay of the petroleum prices indicate the slow and silent come back of the economical forces (laws). The management of an exhaustible asset like petroleum, raises lot of intriguing problems. This work aims at exploring the problems linked with this type of management where the decisions of the profession, of private and public companies and of the governments are closely interfering. The study is largely inspired of the meso-economical approach which consists in examining the markets structure and their determining factors, and the strategies and results of the actors of the world petroleum system. The examination of the structures/strategies/results sequence does not neglect the relations and feedbacks between each of these elements. The economical theory of oligopoly and cartel markets is also used to examine the way how prices are determined in petroleum markets. A critical presentation of the energy models allows to show how it is possible to understand, foresee and control the evolution of these prices and the possible supply/demand equilibrium. The study takes also into consideration the debates and controversies about the 'green tax' and its impact of petroleum supply and demand. (J.S.)

  15. Dependence structure of the commodity and stock markets, and relevant multi-spread strategy

    Science.gov (United States)

    Kim, Min Jae; Kim, Sehyun; Jo, Yong Hwan; Kim, Soo Yong

    2011-10-01

    Understanding the dependence structure between the commodity and stock markets is a crucial issue in constructing a portfolio. It can also help us to discover new opportunities to implement spread trading using multiple assets classified in the two different markets. This study analyzed the dependence structure of the commodity and stock markets using the random matrix theory technique and network analysis. Our results show that the stock and commodity markets must be handled as completely separated asset classes except for the oil and gold markets, so the performance enhancement of the mean-variance portfolio is significant as expected. In light of the fact that WTI 1 month futures and four oil-related stocks are strongly correlated, they were selected as basic ingredients to complement the multi-spread convergence trading strategy using a machine learning technique called the AdaBoost algorithm. The performance of this strategy for non-myopic investors, who can endure short-term loss, can be enhanced significantly on a risk measurement basis.

  16. Why credit risk markets are predestined for exhibiting log-periodic power law structures

    Science.gov (United States)

    Wosnitza, Jan Henrik; Leker, Jens

    2014-01-01

    Recent research has established the existence of log-periodic power law (LPPL) patterns in financial institutions’ credit default swap (CDS) spreads. The main purpose of this paper is to clarify why credit risk markets are predestined for exhibiting LPPL structures. To this end, the credit risk prediction of two variants of logistic regression, i.e. polynomial logistic regression (PLR) and kernel logistic regression (KLR), are firstly compared to the standard logistic regression (SLR). In doing so, the question whether the performances of rating systems based on balance sheet ratios can be improved by nonlinear transformations of the explanatory variables is resolved. Building on the result that nonlinear balance sheet ratio transformations hardly improve the SLR’s predictive power in our case, we secondly compare the classification performance of a multivariate SLR to the discriminative powers of probabilities of default derived from three different capital market data, namely bonds, CDSs, and stocks. Benefiting from the prompt inclusion of relevant information, the capital market data in general and CDSs in particular increasingly outperform the SLR while approaching the time of the credit event. Due to the higher classification performances, it seems plausible for creditors to align their investment decisions with capital market-based default indicators, i.e., to imitate the aggregate opinion of the market participants. Since imitation is considered to be the source of LPPL structures in financial time series, it is highly plausible to scan CDS spread developments for LPPL patterns. By establishing LPPL patterns in governmental CDS spread trajectories of some European crisis countries, the LPPL’s application to credit risk markets is extended. This novel piece of evidence further strengthens the claim that credit risk markets are adequate breeding grounds for LPPL patterns.

  17. Transaction Pattern Based on Secondary Clientelism, Business Ideology and Market Development: The case of lime market in Hui Town

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    Secondary clientelism is a special exchange relationship derived from primary clientelism. The market with transactions dependent on the secondary clientelism would be”because of”erembeddedness”. Using the lime market in Hui Town as a case, this paper tries to explore why this kind of markets could achieve market order from the perspective of the interconnection of market structure and market culture. Analysis demonstrates that, the coupling induction of structural embeddedness and cultural embeddedness is the deeper mechanism for the market development. Although the new business ideology and transactional dependence on networks originate from market structural transitions, active construction and choice behaviors of the manufacturers still manifest great importance.

  18. Study of market model describing the contrary behaviors of informed and uninformed agents: Being minority and being majority

    Science.gov (United States)

    Zhang, Yu-Xia; Liao, Hao; Medo, Matus; Shang, Ming-Sheng; Yeung, Chi Ho

    2016-05-01

    In this paper we analyze the contrary behaviors of the informed investors and uniformed investors, and then construct a competition model with two groups of agents, namely agents who intend to stay in minority and those who intend to stay in majority. We find two kinds of competitions, inter- and intra-groups. The model shows periodic fluctuation feature. The average distribution of strategies illustrates a prominent central peak which is relevant to the peak-fat-tail character of price change distribution in stock markets. Furthermore, in the modified model the tolerance time parameter makes the agents diversified. Finally, we compare the strategies distribution with the price change distribution in real stock market, and we conclude that contrary behavior rules and tolerance time parameter are indeed valid in the description of market model.

  19. Bidding behavior when one bidder and the auctioneer are vertically integrated: implications for the partial deregulation of EU electricity markets

    Czech Academy of Sciences Publication Activity Database

    van Koten, Silvester

    -, č. 313 (2006), s. 1-35 ISSN 1211-3298 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : asymmetric auctions * bidding behavior * electricity markets Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp313.pdf

  20. Spatial-behavior, perception and choice of the shopping location: attributes of the shopping location or traditional psychology of marketing?

    NARCIS (Netherlands)

    Moiseeva, A.; Timmermans, H.J.P.

    2010-01-01

    Modeling consumer decision-making in marketing has strong cognitive and attitudinal roots in the Fishbein tradition. It includes topics such as understanding consumer (1) beliefs, (2) feelings and (3) behavioral intentions toward some object (a product, a brand). Regardless of where the store is

  1. Competition of two supply chains with different risk structures: applying market research option

    Directory of Open Access Journals (Sweden)

    A. Hafezolkotob

    2012-01-01

    Full Text Available Demand uncertainty obliges all participants through a supply chain to make decisions under uncertainty. These decisions extend across price, investment, production, and inventory quantities. We take account of competition between two supply chains under demand uncertainty. These chains internally are involved in vertical pricing competition; however, they externally participate in horizontal pricing and service level competitions by offering a single-type product to the market. Since firms may have various attitudes against demand uncertainty and its related risks, different risk structures for competitive supply chains are considered. We assume that risk-averse firms are able to decrease demand uncertainty by information gathered from market research. For risk-averse participants in a chain, market research investment is an appropriate ground for vertical coordination, which diminishes risk through a supply chain. Optimal strategies based on game theory are obtained for different risk structures; furthermore, for each structure the effects of risk sensitivity as well as market research efficiency on these optimal strategies are investigated. Finally, we propose two scenarios for information sharing between risk-averse participants.

  2. Jumpin’ Jacks: Social Marketing Campaign Aimed to Increase Awareness of Healthful Behavior in South Dakota Fourth Grade Students

    Directory of Open Access Journals (Sweden)

    Megan N. Olesen

    2016-06-01

    Full Text Available This study investigated the influence of utilizing a collegiate mascot as a marketing tool for the promotion of fruit and vegetable intake and physical activity among 4th grade students. The program utilized service learning and formative research for the development of a social marketing campaign comprised of nutrition education and brand marketing. A pre-test/post-test design was used to measure fruit and vegetable intake and physical activity in participants in intervention and control schools. Awareness and understanding of the campaign was assessed post-intervention. There were no changes in fruit and vegetable intake or physical activity. However, 91% of the intervention students were able to correctly report understanding of the campaign messages, and approximately one-third of the participants were able to recall the campaign without any prompts. Results demonstrated how a social marketing campaign can utilize branding techniques to bring about awareness, which is an essential step in initiating behavior change.

  3. Health education and marketing processes: 2 related methods for achieving health behavior change.

    Science.gov (United States)

    Stellefson, Michael; Eddy, James M

    2008-01-01

    To make salient the striking similarities between the program planning processes used in both health education and contemporary marketing. Through a discussion of the analogous nature of both processes and a review of the literature, the authors (1) illustrate why marketing principles should be embraced and (2) suggest how marketing strategies can be integrated into health education needs assessments. Core health-marketing concepts are proposed along with 4 recommendations for future marketing activities in health education. To facilitate an advance in health education process and practice, scholars and practitioners should adopt a more consumer-centered, marketing mind-set.

  4. Analyses of the structure of group correlations in Korean financial markets

    Science.gov (United States)

    Ko, Jeung Su; Lim, Gyuchang; Kim, Kyungsik

    2012-12-01

    In this paper, we construct and analyze the structure of cross-correlations in two Korean stock markets, the Korea Composite Stock Price Index (KOSPI) and the Korea Securities Dealers Automated Quotation (KOSDAQ). We investigate a remarkable agreement between the theoretical prediction and the empirical data concerning the density of eigenvalues in the KOSPI and the KOSDAQ. We estimate daily cross-correlations with respect to price fluctuations of 629 KOSPI and 650 KOSDAQ stock entities for the period from 2006 to 2010. The research for the structure of group correlations undress the market-wide effect by using the Markowitz multi-factor model and network-based approach. We find stock entities that involve the same business sectors and verify the structure of group correlations by applying a network-based approach. In particular, the KOSPI has a dense correlation besides overall group correlations for stock entities, whereas both correlations are less for the KOSDAQ than for the KOSPI.

  5. Structure of Cost of Equity as the Dependence on the Corporate- and Market Life Cycle

    Directory of Open Access Journals (Sweden)

    Zdeněk Konečný

    2013-10-01

    Full Text Available Purpose of the article: Companies, like all living creatures, goes through their life cycle, which includes some partial phases. Each of these phases is specific. Depending up the corporate life cycle, there are changed managerial decisions, that have an considerable influence, among others, on financial indicators like liquidity (current ratio, quick ratio, cash ratio, return (on investment, assets, equity, sales, economic value added, or cost of capital. The purpose of this article is to show relations between corporate life cycle and the structure of cost of equity. Furthermore, there will be, besides the corporate life cycle, considered also the market life cycle and market positions, that can companies hold on the market, on which they are acting. Methodology/methods: There is used a method, based on the analysis of secondary data, gotten from financial statements of selected companies and from statistical and analytical documents, published by Czech Ministry of Industry and Trade. There are selected 39 companies, acting on the czech market with motor vehicles production. The data are gathered for periods from 2002 up to 2010. There is used a model by Reiners (2004 to identify phases of corporate- and market life cycle and market positions. For finding out the structure of cost of equity there is used the constructional model by Czech Ministry of Industry and Trade. Scientific aim: The selected companies are divided into groups with considering different phases of their life cycle and with considering their different market positions. There are for each period found out numbers of companies from these groups, that reached the minimal value, the value within the interval and maximal value of all risk rewards, that are, besides the riskless rate, components of cost of equity. Findings: The greatest part of cost of equity, reached on the market, is the riskless rate. Other components (and their shares on the cost of equity

  6. Regulatory design for RES-E support mechanisms: Learning curves, market structure, and burden-sharing

    International Nuclear Information System (INIS)

    Batlle, C.; Pérez-Arriaga, I.J.; Zambrano-Barragán, P.

    2012-01-01

    Drawing from relevant experiences in power systems around the world, this paper offers a review of existing policy support mechanisms for RES-E, with a detailed analysis of their regulatory implications. While recent studies provide an account of current RES-E support systems, in this paper we focus on some of the impacts these mechanisms have on the overall energy market structure and its performance. Given the rising importance of RES-E in systems everywhere, these impacts should no longer be overlooked. - Highlights: ► This paper offers a critical review of RES-E support mechanisms and their regulatory implications. ► The discussion focuses on how the different schemes impact the performance of the energy markets. ► We propose to redesign of current RES-E mechanisms to optimize incentives and market performance. ► Our recommendation is also to gradually move from price-based mechanisms to auctions.

  7. Political Market Orientation: A Framework for Understanding Relationship Structures in Political Parties

    DEFF Research Database (Denmark)

    Ormrod, Robert P.; Savigny, Heather

    2012-01-01

    This article is motivated by the growing need to integrate the current political science and marketing literature in order to provide a deeper understanding of the behaviour of political actors and their relationships with relevant stakeholder groups. In our article, we demonstrate how Ormrod...... strive for contextual sensitivity. By adopting this approach it is hoped that the fears noted by political scientists that political marketing is solely concerned with applying standard management models to political parties with the resulting emphasis on communication tactics at election time, together......’s conceptual model of political market orientation complements political science models of party organization by drawing attention to the competing interests of stakeholders in shaping party strategy and organizational structure. We treat parties as a multitude of actors rather than as monolithic entities...

  8. Intermediaries in agro-food networks in Turkey: How middlemen respond to transforming food market structures

    Directory of Open Access Journals (Sweden)

    Appel, Alexandra

    2014-09-01

    Full Text Available Traditional wholesale intermediaries in the fresh fruit and vegetable segment tend to get expendable in markets with an increasing demand for traceability and for the fulfilment of quality and hygiene standards. The demand for these specifications is usually induced by transnational retail corporations that enter new market environments. This is also the case for Turkey, where since 2010 trade with fresh fruit and vegetable products can be conducted outside wholesale markets. Dualistic structures in accordance with socio-economic realities have emerged and the reactions of intermediaries towards these transformations vary between strategies of resilience and reworking. Therefore completely new purchasing channels emerge, whereby at the same time long-established trading patterns remain important to supply all groups of the society. This article is based on interviews conducted in Turkey.

  9. Family Structure Changes and Children's Health, Behavior, and Educational Outcomes

    DEFF Research Database (Denmark)

    Rasmussen, Astrid Würtz

    More and more children do not grow up in traditional nuclear families. Instead they grow up in single parent households or in families with a step-parent. Hence it is important to improve our understanding of the impact of "shocks" in family structure due to parental relationship dissolution...... on children. In this study I empirically test whether children are traumatized both in the short and the long run by shocks in the family structure during childhood. I focus on educational, behavioral, and health outcomes. A population sample of Danish children born in January to May 1983, 1984, and 1985...... is used for the analysis. The empirical cross-sectional analysis indicates a negative relation between the number of family structure changes and children.s educational outcomes. Children experiencing many family structure changes also seem to have worse health outcomes....

  10. Family Structure Changes and Children's Health, Behavior, and Educational Outcomes

    DEFF Research Database (Denmark)

    Rasmussen, Astrid Würtz

    More and more children do not grow up in traditional nuclear families. Instead they grow up in single parent households or in families with a step-parent. Hence it is important to improve our understanding of the impact of 'shocks' in family structure due to parental relationship dissolution...... on children. In this study I empirically test whether children are traumatized by shocks in the family structure during childhood. I focus on both educational, behavioral, and health outcomes. A population sample of Danish children born in January to May 1983, 1984, and 1985 is used for the analysis...

  11. Effects of Story Marketing and Travel Involvement on Tourist Behavioral Intention in the Tourism Industry

    OpenAIRE

    Li, Yi-Min

    2014-01-01

    Story marketing has been widely applied to modern societies. As a matter of fact, attraction is a critical part of tourism for any visitor attractions throughout the world. A visitor attraction requires sufficient attraction to appeal to customers’ interests. Story marketing is currently the most popular marketing strategy. The success of using stories in visitor attractions as a marketing tactic for tourism attraction lies in the fact that story-telling is able to best attract people. Both a...

  12. On the Mechanical Behavior of Advanced Composite Material Structures

    Science.gov (United States)

    Vinson, Jack

    During the period between 1993 and 2004, the author, as well as some colleagues and graduate students, had the honor to be supported by the Office of Naval Research to conduct research in several aspects of the behavior of structures composed of composite materials. The topics involved in this research program were numerous, but all contributed to increasing the understanding of how various structures that are useful for marine applications behaved. More specifically, the research topics focused on the reaction of structures that were made of fiber reinforced polymer matrix composites when subjected to various loads and environmental conditions. This included the behavior of beam, plate/panel and shell structures. It involved studies that are applicable to fiberglass, graphite/carbon and Kevlar fibers imbedded in epoxy, polyester and other polymeric matrices. Unidirectional, cross-ply, angle ply, and woven composites were involved, both in laminated, monocoque as well as in sandwich constructions. Mid-plane symmetric as well as asymmetric laminates were studied, the latter involving bending-stretching coupling and other couplings that only can be achieved with advanced composite materials. The composite structures studied involved static loads, dynamic loading, shock loading as well as thermal and hygrothermal environments. One major consideration was determining the mechanical properties of composite materials subjected to high strain rates because the mechanical properties vary so significantly as the strain rate increases. A considerable number of references are cited for further reading and study for those interested.

  13. Thermal behavior of spatial structures under solar irradiation

    International Nuclear Information System (INIS)

    Liu, Hongbo; Liao, Xiangwei; Chen, Zhihua; Zhang, Qian

    2015-01-01

    The temperature, particularly the non-uniform temperature under solar irradiation, is the main load for large-span steel structures. Due the shortage of in-site temperature test in previous studies, an in-site test was conducted on the large-span steel structures under solar irradiation, which was covered by glass roof and light roof, to gain insight into the temperature distribution of steel members under glass roof or light roof. A numerical method also was presented and verified to forecast the temperature of steel member under glass roof or light roof. Based on the on-site measurement and numerical analyses conducted, the following conclusions were obtained: 1) a remarkable temperature difference exists between the steel member under glass roof and that under light roof, 2) solar irradiation has a significant effect on the temperature distribution and thermal behavior of large-span spatial structures, 3) negative thermal load is the controlling factor for member stress, and the positive thermal load is the controlling factor for nodal displacement. - Highlights: • Temperature was measured for a steel structures under glass roof and light roof. • Temperature simulation method was presented and verified. • The thermal behavior of steel structures under glass or light roof was presented

  14. The auxetic behavior of an expanded periodic cellular structure

    Science.gov (United States)

    Ciolan, Mihaela A.; Lache, Simona; Velea, Marian N.

    2018-02-01

    Within nowadays research, when it comes to lightweight sandwich panels, periodic cellular structures are considered real trendsetters. One of the most used type of core in producing sandwich panels is the honeycomb. However, due to its relatively high manufacturing cost, this structure has limited applications; therefore, research has been carried out in order to develop alternative solutions. An example in this sense is the ExpaAsym cellular structure, developed at the Transilvania University of Braşov; it represents a periodic cellular structure manufactured through a mechanically expansion process of a previously cut and perforated sheet material. The relative density of the structure was proven to be significantly lower than the one of the honeycomb. This gives a great advantage to the structure, due to the fact that when the internal angle A of the unit cell is 60°, after the mechanical expansion it results a hexagonal structure. The main objective of this paper is to estimate the in-plane Poisson ratios of the structure, in terms of its geometrical parameters. It is therefore analytically shown that for certain values of the geometric parameters, the in-plane Poisson ratios have negative values when the internal angle exceeds 90°, which determines its auxetic behavior.

  15. Ductile fracture behavior of cast structure containing voids

    International Nuclear Information System (INIS)

    Gilles, Ph.; Migne, C.; Chapuliot, S.

    2001-01-01

    In pressurized water reactors, the primary loop contains cast-piping components made of duplex stainless steel. Due to the presence of ferrite, such steels are susceptible to thermal aging embrittlement, which decrease their fracture resistance. The cast process induces shrinkage cavities, therefore all these components are submitted to liquid penetrant examination and all surface defects are repaired. EDF, CEA and Framatome have conducted experimental and analytical analysis of fatigue and fracture behavior of aged cast stainless steel structures containing shrinkage cavities. The present study considers only ductile tearing and is based on specimen test results and a fracture mechanics model of the interaction between shrinkage cavities. The experimental results presented here show that large groups of shrinkage cavities have almost no influence on the global behavior of the structure. Only for the specimen with the largest reduction of area, a significant reduction of strength has been registered. Using elementary fracture mechanics models, it has been evidenced that failure mechanism of structures containing shrinkage cavities consists in 3 phases: local initiation, macro-crack formation by coalescence and failure by crack instability or collapse depending if J resistance is low or not. No significant changes in global behavior appear in the first phase. (A.C.)

  16. Ductile fracture behavior of cast structure containing voids

    Energy Technology Data Exchange (ETDEWEB)

    Gilles, Ph.; Migne, C. [FRAMATOME ANP, 92 - Paris-La-Defence (France); Chapuliot, S. [CEA Saclay, 91 - Gif-sur-Yvette (France). Dept. de Mecanique et de Technologie

    2001-07-01

    In pressurized water reactors, the primary loop contains cast-piping components made of duplex stainless steel. Due to the presence of ferrite, such steels are susceptible to thermal aging embrittlement, which decrease their fracture resistance. The cast process induces shrinkage cavities, therefore all these components are submitted to liquid penetrant examination and all surface defects are repaired. EDF, CEA and Framatome have conducted experimental and analytical analysis of fatigue and fracture behavior of aged cast stainless steel structures containing shrinkage cavities. The present study considers only ductile tearing and is based on specimen test results and a fracture mechanics model of the interaction between shrinkage cavities. The experimental results presented here show that large groups of shrinkage cavities have almost no influence on the global behavior of the structure. Only for the specimen with the largest reduction of area, a significant reduction of strength has been registered. Using elementary fracture mechanics models, it has been evidenced that failure mechanism of structures containing shrinkage cavities consists in 3 phases: local initiation, macro-crack formation by coalescence and failure by crack instability or collapse depending if J resistance is low or not. No significant changes in global behavior appear in the first phase. (A.C.)

  17. The gains and losses of collusion: An empirical research on the market behaviors of China’s power enterprises

    Directory of Open Access Journals (Sweden)

    Ruize Gao

    2015-05-01

    Full Text Available Purpose: Collusion is a common behavior of oligarch enterprises aiming to get an advantage in market competition. The purpose of the thesis is to use the empirical research methods to explore positive or negative effects that the electricity generation manufacturers’ collusion has caused at the macro level of Market Economy and the micro level of enterprises’ behaviors. Design/methodology/approach: The designed research model in the thesis is an extension of Porter’s model (Porter, 1984. It applies a more advanced measurement method, FIML. In the example of price bidding project that started by electricity generation enterprises of China’s power industry, the thesis analyzes the relevant price data of subordinate power plants of China’s five power generation groups in pilots of price bidding Policy. Findings: It is found in the thesis that power generation enterprises are facing collusion issues in the market. To be exact, it is such a situation in which non-cooperative competition and collusion alternate. Under the competition, market is relatively steady, thus forming a lower network price. It is helpful to the development of the whole industry. However, once Cartel is formed, the price will rise and clash with power enterprises and transmission-distribution companies concerning the interests conflicts. At the same time, a higher power price will form in the market, making consumers suffer losses. All of these are bad for industry development. Not only the collusion of power enterprises affects power price but also the market power that caused by long-time Cartel will reduce the market entrant in electricity generation. Market resources are centralized in the hands of Cartel, causing a low effective competition in the market, which has passive effects on users. Implications: The empirical research also indicates that collusion undoubtedly benefits the power enterprises that involved. As a cooperation pattern, collusion can lead to

  18. Marketing is Dead! Long Live Marketing!

    OpenAIRE

    Marjanova Jovanov, Tamara

    2016-01-01

    The contents of the lectures included: Why marketing? Citizen, Consumer, Customer (Behavior) Who is the Father of Marketing? Some Antecedents of Marketing When Did Marketing Start? The Contributors of Marketing Where Did Marketing Start? Job Positions in Today’s Marketing Organization The Role of the Chief Marketing Officer Four Different CEO Views of Marketing Reality – Truth – Challenge (Why Can’t We Make It?) The Strong and Steady Progress of Marketi...

  19. Structural stability of the market model after the Three Mile Island accident

    International Nuclear Information System (INIS)

    Chen, C.R.

    1984-01-01

    This article examines the stability of alpha and beta in the market model resulting from the Three Mile Island accident. The data consist of weekly returns on 70 utility stocks. Both a dummy variable test and the Fisher F statistics are utilized to test for stability. In addition to the individual stocks, the 70 utilities are partioned into two portfolios for the test: nuclear and non-nuclear. The main conclusions are: for the non-nuclear portfolio, no change is observed; for the nuclear portfolio, alpha fell and beta rose (the impact, however, is transitory and insignificant); and the behavior of the residuals suggests that the result is consistent with an efficient market. 17 references, 3 tables

  20. If you drink, don't smoke: Joint associations between risky health behaviors and labor market outcomes.

    Science.gov (United States)

    Böckerman, Petri; Hyytinen, Ari; Kaprio, Jaakko; Maczulskij, Terhi

    2018-06-01

    This paper examines the links between risky health behaviors and labor market success. We provide new evidence on the joint relationships between the most prominent forms of risky health behavior - alcohol consumption, smoking and physical inactivity - and long-term labor market outcomes. We use twin data for Finnish men and women linked to register-based individual information on earnings and labor market attachment. The twin data allow us to account for shared family and environmental factors and to measure risky health behaviors in 1975 and 1981. The long-term labor market outcomes were measured in adulthood as an average over the period 1990-2009. The sample sizes are 2156 and 2498 twins, for men and women, respectively. We find that being both a smoker and a heavy drinker in early adulthood is negatively related to long-term earnings and employment later in life, especially for men. We conclude that how and why risky health behaviors cluster and how that affects individual level outcomes call for more attention. Copyright © 2018 Elsevier Ltd. All rights reserved.

  1. Attitudes vs. Purchase Behaviors as Experienced Dissonance: The Roles of Knowledge and Consumer Orientations in Organic Market.

    Science.gov (United States)

    Hidalgo-Baz, María; Martos-Partal, Mercedes; González-Benito, Óscar

    2017-01-01

    This research focuses on the incongruity between positive attitudinal responses but a lack of purchase behavior in organic markets. According to cognitive dissonance theory, consumer orientations toward the benefits attributed to organic products (environmental protection, health, hedonic) relieve the dissonance that results from this attitude-behavior incongruity. Knowledge also functions as a transmitter, from positive attitudes to purchase behaviors, thereby reducing the incongruity. Using quota sampling in a survey study, this paper tests the hypotheses from linear regression models. The results show that orientations and knowledge improve the congruity between attitudes and purchase behaviors toward organic products. Moreover, interaction effects arise between the environmental protection orientation and knowledge and between the hedonic orientation and knowledge. Increasing knowledge mitigates the difference between attitudes and purchase behaviors, especially for consumers with environmental protection or hedonic orientations. These findings have several important implications for research and practice.

  2. Attitudes vs. Purchase Behaviors as Experienced Dissonance: The Roles of Knowledge and Consumer Orientations in Organic Market

    Science.gov (United States)

    Hidalgo-Baz, María; Martos-Partal, Mercedes; González-Benito, Óscar

    2017-01-01

    This research focuses on the incongruity between positive attitudinal responses but a lack of purchase behavior in organic markets. According to cognitive dissonance theory, consumer orientations toward the benefits attributed to organic products (environmental protection, health, hedonic) relieve the dissonance that results from this attitude–behavior incongruity. Knowledge also functions as a transmitter, from positive attitudes to purchase behaviors, thereby reducing the incongruity. Using quota sampling in a survey study, this paper tests the hypotheses from linear regression models. The results show that orientations and knowledge improve the congruity between attitudes and purchase behaviors toward organic products. Moreover, interaction effects arise between the environmental protection orientation and knowledge and between the hedonic orientation and knowledge. Increasing knowledge mitigates the difference between attitudes and purchase behaviors, especially for consumers with environmental protection or hedonic orientations. These findings have several important implications for research and practice. PMID:28286489

  3. Peel testing behavior of mushroom-top terminated structured adhesives

    Science.gov (United States)

    Hossfeld, Craig Kenneth

    Synthetic structured surfaces have been created based on the extraordinary adhesive ability exhibited by insects, spiders, and geckos. The adhesion of synthetic and natural structured adhesives is attributed to the cumulative addition of van der Waals forces acting on the structures of the surface. It has been shown that for synthetic surfaces a "mushroom top" or "flanged" terminating structure exhibits the highest adhesion. Unfortunately, due to the variety of testing and fabrication techniques and the small scale of previous studies, the detachment behavior of these structures is not well understood. This research systematically investigated the effect of peel angle, pillar diameter, flange diameter, and pillar aspect ratio on the force required for peeling. Explicit emphasis was placed on relatively large pillar structures to allow for in situ optical visualization in order to gain insights into fundamental mechanisms which dictate peeling. Traditional molding techniques were used to fabricate optical-scale mushroom terminated structures with pillar diameters of 1mm and 400microm and aspect ratios of 1, 3, and 5. Results were quantitatively compared to peel testing theory for conventional adhesives. It was convincingly demonstrated that the adhesive energy of a patterned surface changes as function of angle, and cannot be treated as a constant. The variability in the energy was linked to mechanistic differences in detachment through in situ observations and finite element analysis. Experimental results show that smaller pillars do not necessarily lead to higher adhesion during peeling, aspect ratio plays little role in peeling adhesive behavior, and pillar flange size is critical to adhesion. The conclusions from this study outline design parameters for mushroom topped dry adhesives in peeling applications.

  4. Spanish generation market: structure, design and results; El Mercado de Generacion Electrica en Espana: Estructura, Funcionamiento y Resultados

    Energy Technology Data Exchange (ETDEWEB)

    Agosti, L.; Padilla, A. J.; Requejo, A.

    2007-07-01

    This paper provides an overview of the structure, design and outcome of the Spanish generation market from 1998, when the market was liberalised, to date. More precisely, this paper reviews the history of the liberalisation process; describes the structure of the generation market and its evolution over time; analyses the existence of market power; and evaluates the outcome of the liberalisation process from the viewpoint of its impact on al locative efficiency, productive efficiency and dynamic efficiency. The paper concludes with a brief summary of recent regulatory reforms. (Author)

  5. On static triplet structures in fluids with quantum behavior

    Science.gov (United States)

    Sesé, Luis M.

    2018-03-01

    The problem of the equilibrium triplet structures in fluids with quantum behavior is discussed. Theoretical questions of interest to the real space structures are addressed by studying the three types of structures that can be determined via path integrals (instantaneous, centroid, and total thermalized-continuous linear response). The cases of liquid para-H2 and liquid neon on their crystallization lines are examined with path-integral Monte Carlo simulations, the focus being on the instantaneous and the centroid triplet functions (equilateral and isosceles configurations). To analyze the results further, two standard closures, Kirkwood superposition and Jackson-Feenberg convolution, are utilized. In addition, some pilot calculations with path integrals and closures of the instantaneous triplet structure factor of liquid para-H2 are also carried out for the equilateral components. Triplet structural regularities connected to the pair radial structures are identified, a remarkable usefulness of the closures employed is observed (e.g., triplet spatial functions for medium-long distances, triplet structure factors for medium k wave numbers), and physical insight into the role of pair correlations near quantum crystallization is gained.

  6. Simulation and modeling of the crushing behavior of structural members

    International Nuclear Information System (INIS)

    Toi, Yutaka

    1986-01-01

    The analysis of the crushing behavior (the behavior of compressive breakdown accompanied by super large deformation) of structural members is an important subject which becomes the base of the ultimate strength design of the structures which may cause collision accident such as automobiles, ships and aircrafts, and of those which are feared to be collided such as offshore structures, bridge piers and nuclear power plants. However, since it is a phenomenon of very strong nonlinearity, its analysis is accompanied by large difficulty. In this report, three kinds of the approach for this problem, that is, rigid-plastic theoretical analysis, the simulation using a rigid body and spring model and nonlinear finite element analysis, are explained, referring to the example of calculation by the authors on the non-axisymmetric crushing problem of cylindrical shells. In crushing problem, the matters of concern are the amount of collision energy which can be absorbed by the plastic deformation of structures and the amount of deformation. It can be said that the increase of calculation cost brings about the heightening of calculation accuracy. The nonlinear finite element analysis is promising because its calculation cost is expected to lower in future. (Kako, I.)

  7. Organizational form, local market structure and corporate social performance in retail

    OpenAIRE

    Utgård, Jakob

    2015-01-01

    I study how organizational form and local market structure influence retail firms' corporate social performance (CSP). The theoretical model is based on agency theory, which in its origin focuses on the dyad between the principal and the agent. I extend this perspective and examine how characteristics of the environment outside the dyad influence the outcomes. Retail stores vary in their organizational form and thereby in their incentives to maximize profits. I hypothesize that the different ...

  8. Incentive structures in institutional asset management and their implications for financial markets

    OpenAIRE

    Bank for International Settlements

    2003-01-01

    Executive summary The institutional asset management industry has become an important feature of modern financial markets, with the scale of this business's importance readily apparent from the size of assets under management by different types of institutional asset managers. With asset management involving a delegation process, shaping appropriate incentive structures is essential for aligning the incentives of owners of funds with those of the institutional managers of these funds. Further...

  9. Modeling bistable behaviors in morphing structures through finite element simulations.

    Science.gov (United States)

    Guo, Qiaohang; Zheng, Huang; Chen, Wenzhe; Chen, Zi

    2014-01-01

    Bistable structures, exemplified by the Venus flytrap and slap bracelets, can transit between different configurations upon certain external stimulation. Here we study, through three-dimensional finite element simulations, the bistable behaviors in elastic plates in the absence of terminate loads, but with pre-strains in one (or both) of the two composite layers. Both the scenarios with and without a given geometric mis-orientation angle are investigated, the results of which are consistent with recent theoretical and experimental studies. This work can open ample venues for programmable designs of plant/shell structures with large deformations, with applications in designing bio-inspired robotics for biomedical research and morphing/deployable structures in aerospace engineering.

  10. Probabilistic analysis of structures involving random stress-strain behavior

    Science.gov (United States)

    Millwater, H. R.; Thacker, B. H.; Harren, S. V.

    1991-01-01

    The present methodology for analysis of structures with random stress strain behavior characterizes the uniaxial stress-strain curve in terms of (1) elastic modulus, (2) engineering stress at initial yield, (3) initial plastic-hardening slope, (4) engineering stress at point of ultimate load, and (5) engineering strain at point of ultimate load. The methodology is incorporated into the Numerical Evaluation of Stochastic Structures Under Stress code for probabilistic structural analysis. The illustrative problem of a thick cylinder under internal pressure, where both the internal pressure and the stress-strain curve are random, is addressed by means of the code. The response value is the cumulative distribution function of the equivalent plastic strain at the inner radius.

  11. Structural Behaviors of Reinforced Concrete Piers Rehabilitated with FRP Wraps

    Directory of Open Access Journals (Sweden)

    Junsuk Kang

    2017-01-01

    Full Text Available The use of fiber-reinforced polymer (FRP wraps to retrofit and strengthen existing structures such as reinforced concrete piers is becoming popular due to the higher tensile strength, durability, and flexibility gained and the method’s ease of handling and low installation and maintenance costs. As yet, however, few guidelines have been developed for determining the optimum thicknesses of the FRP wraps applied to external surfaces of concrete or masonry structures. In this study, nonlinear pushover finite element analyses were utilized to analyze the complex structural behaviors of FRP-wrapped reinforced rectangular piers. Design parameters such as pier section sizes, pier heights, pier cap lengths, compressive strengths of concrete, and the thicknesses of the FRP wraps used were thoroughly tested under incremental lateral and vertical loads. The results provide useful guidelines for analyzing and designing appropriate FRP wraps for existing concrete piers.

  12. Determining the Interruptible Load with Strategic Behavior in a Competitive Electricity Market

    Directory of Open Access Journals (Sweden)

    Tae Hyun Yoo

    2014-12-01

    Full Text Available In a deregulated market, independent system operators meet power balance based on supply and demand bids to maximize social welfare. Since electricity markets are typically oligopolies, players with market power may withhold capacity to maximize profit. Such exercise of market power can lead to various problems, including increased electricity prices, and hence lower social welfare. Here we propose an approach to maximize social welfare and prevent the exercising of market power by means of interruptible loads in a competitive market environment. Our approach enables management of the market power by analyzing the benefit to the companies of capacity withdrawal and scheduling resources with interruptible loads. Our formulation shows that we can prevent power companies and demand-resource owners from exercising market powers. The oligopolistic conditions are described using the Cournot model to reflect the capacity withdrawal in electricity markets. The numerical results confirm the effectiveness of proposed method, via a comparison of perfect competition and oligopoly scenarios. Our approach provides reductions in market-clearing prices, increases in social welfare, and more equal distribution of surpluses between players.

  13. Dynamical behavior of price forecasting in structures of group correlations

    Science.gov (United States)

    Lim, Kyuseong; Kim, Soo Yong; Kim, Kyungsik

    2015-07-01

    We investigate the prediction of the future prices from the structures and the networks of the companies in special financial groups. After the financial group network has been constructed from the value of the high cross-correlation, each company in a group is simulated and analyzed how it buys or sells stock is anaylzed and how it makes rational investments is forecasted. In the shortmemory behavior rather than the long-memory behavior, each company among a group can make a rational investment decision by using a stochastic evolution rule in the financial network. In particular, we simulate and analyze the investment situation in connection with the empirical data and the simulated result.

  14. The structure of the soft drinks supply at the market of Yekaterinburg

    Directory of Open Access Journals (Sweden)

    M. P. Solov'eva

    2017-01-01

    Full Text Available Nowadays research of the regional markets and consumers’ preferences in the soft drinks segment are actual. This is associated with the saturation of the market and increasing competition within the segment. The research of the market is the base for the assessments of the prospects for the certain enterprise and for the sector development. Analysis of the assortment of the made and sold at the Yekaterin-burg soft drinks was realized. The article shows the position of the good relative to the all-marketing positions in the region. It has been established that assortment of the soft drinks is characterized by the diversity of the types and drinks on the basis of the aromatic staff prevail (41,6%, juice and juice-contained beverages (28,2%, mineral and drinkable bottled water (21,4% with different trademarks prevail. Leaders of the market are two big foreign companies. “Coca-Cola Company” with trademarks “Coca-cola”, “Fanta”, “Sprite”, “Nestea”, “Dobriy”, “Bon Aqua” and the company “Pepsi Co Russia” representing trademarks “Pepsi” “Mirinda”, “7up”, “Tonus”, “Russkiy Dar”. According to strength saturation with carbon dioxide medium carbonated drinks (40,4% and strong carbonated drinks (39,1% prevail. The light carbonated drinks are much smaller and account 13,5%, and non-carbonated drinks are the smallest part of the market (6,96%. The reason of that structure that the carbon dioxide is actively used by the soft drinks producers as a preservative, regulator of the acidity and antioxidant. The research of the package show that the producers use polymeric materials, metal, glass and combined pack. The main trends of the market are increasing consumer requirements to the quality and information about the proposed drinks, the growth of the number of consumers that attend to the ingredients and the impact of “the healthy food choice” on the market.

  15. Dynamics of market structure driven by the degree of consumer’s rationality

    Science.gov (United States)

    Yanagita, Tatsuo; Onozaki, Tamotsu

    2010-03-01

    We study a simple model of market share dynamics with boundedly rational consumers and firms interacting with each other. As the number of consumers is large, we employ a statistical description to represent firms’ distribution of consumer share, which is characterized by a single parameter representing how rationally the mass of consumers pursue higher utility. As the boundedly rational firm does not know the shape of demand function it faces, it revises production and price so as to raise its profit with the aid of a simple reinforcement learning rule. Simulation results show that (1) three phases of market structure, i.e. the uniform share phase, the oligopolistic phase, and the monopolistic phase, appear depending upon how rational consumers are, and (2) in an oligopolistic phase, the market share distribution of firms follows Zipf’s law and the growth-rate distribution of firms follows Gibrat’s law, and (3) an oligopolistic phase is the best state of market in terms of consumers’ utility but brings the minimum profit to the firms because of severe competition based on the moderate rationality of consumers.

  16. Does the market maker stabilize the market?

    NARCIS (Netherlands)

    Zhu, M.; Chiarella, C.; He, X.Z.; Wang, D.

    2009-01-01

    The market maker plays an important role in price formation, but his/her behavior and stabilizing impact on the market are relatively unclear, in particular in speculative markets. This paper develops a financial market model that examines the impact on market stability of the market maker, who acts

  17. Structure, electronic properties, and aggregation behavior of hydroxylated carbon nanotubes

    Energy Technology Data Exchange (ETDEWEB)

    López-Oyama, A. B.; Silva-Molina, R. A.; Ruíz-García, J.; Guirado-López, R. A., E-mail: guirado@ifisica.uaslp.mx [Instituto de Física “Manuel Sandoval Vallarta,” Universidad Autónoma de San Luis Potosí, Álvaro Obregón 64, 78000 San Luis Potosí, San Luis Potosí (Mexico); Gámez-Corrales, R. [Departamento de Física, Universidad de Sonora, Apartado Postal 5-088, 83190, Hermosillo, Sonora (Mexico)

    2014-11-07

    We present a combined experimental and theoretical study to analyze the structure, electronic properties, and aggregation behavior of hydroxylated multiwalled carbon nanotubes (OH–MWCNT). Our MWCNTs have average diameters of ∼2 nm, lengths of approximately 100–300 nm, and a hydroxyl surface coverage θ∼0.1. When deposited on the air/water interface the OH–MWCNTs are partially soluble and the floating units interact and link with each other forming extended foam-like carbon networks. Surface pressure-area isotherms of the nanotube films are performed using the Langmuir balance method at different equilibration times. The films are transferred into a mica substrate and atomic force microscopy images show that the foam like structure is preserved and reveals fine details of their microstructure. Density functional theory calculations performed on model hydroxylated carbon nanotubes show that low energy atomic configurations are found when the OH groups form molecular islands on the nanotube's surface. This patchy behavior for the OH species is expected to produce nanotubes having reduced wettabilities, in line with experimental observations. OH doping yields nanotubes having small HOMO–LUMO energy gaps and generates a nanotube → OH direction for the charge transfer leading to the existence of more hole carriers in the structures. Our synthesized OH–MWCNTs might have promising applications.

  18. Cross-cultural Exploration of Consumers’ Beliefs and Behavioral Intentions towards QR Codes in Marketing: An Experimental Study in India and USA

    Directory of Open Access Journals (Sweden)

    Hemant Bamoriya

    2014-08-01

    Full Text Available Current study focuses on examining consumers‟ beliefs and behavioral intentions towards QR Codes in marketing across different cultures such as India & USA. Study also examines select variables that moderate the relationship between beliefs and behavioral intentions. For this a scenario based experimental design was used. Findings suggest positive relationship between beliefs & behavioral intention and between culture & beliefs. Based on the empirical findings, study make important implications for the marketers so as to bring effectiveness in QR Code based marketing campaigns. Use of QR Codes in marketing is prevailing rapidly, however its effective integration in marketing mix remains mysterious as very little is known about consumers‟ beliefs and behavioral intentions towards it. Reason is that such academic research is practically non-existent, thus current study is of particular value.

  19. Marketing marketing

    NARCIS (Netherlands)

    dr. Karel Jan van Alsem

    2013-01-01

    In deze installatierede betoogt Karel Jan Alsem dat marketing een grotere strategische rol in organisaties zou moeten krijgen. Want marketing is bij uitstek de verbinding tussen klantwensen en het DNA van een organisatie. Doordat merken gemiddeld voor mensen niet heel belangrijk zijn, is goede

  20. An empirical study of various factors, influencing the behavior of consumers towards fast food joints in Indian Market

    Directory of Open Access Journals (Sweden)

    Sugandha Agarwal

    2017-12-01

    Full Text Available The global markets have witnessed major shifts in the consumers’ behavior that have been much influenced by the change of technology, innovation, research and development. The consumer’s needs thus dynamically change in order to respond to the change in the social and business environment. The corporate and business strategies of companies thus being developed in the light of capitalizing the potential from the markets but however, how the customers would react to the products and services of companies in new and existing markets remain the major question. Customers belonging to different age groups flock towards these outlets to satisfy their taste buds and hedonistic needs. Out of all the age groups, the youngsters are considered to be the primary target by the fast food service industry. Hence, these fast food services try to lure its customers through sensory appeals. It is well known that organized fast food services have already made their presence felt in a big way in almost all the major cities of India. The fast food outlets attract customers with their blend of tasty food, Quality of food served, efficient service, the appearance of staff, décor, general excitement a place generates and other aesthetic appeals. Organized as well as unorganized fast food service is a very fast growing industry in India especially in urban areas.  The aim of this study is to investigate the factors that are influencing consumer behavior towards fast food joints present in unorganised form in India. It further aims to examine major growth drivers of fast food services in the market and the demographic profile of consumers of fast food services. This study aims to analyze that amount spent per visit to a fast food joint relates to the occupations and the income of customers. And the frequency of visiting fast food joints and preparation served at fast food joints are whether influenced by the dietary preference of customers. Organizations must