Transaction costs and marketing decision: a case study of smallholder tomato farmers in Makurdi, Nigeria

Directory of Open Access Journals (Sweden)

Samuel O. Osebeyo

2014-01-01

Full Text Available This study examined the impact of transaction costs and other institutional and socio-economic factors on smallholder tomato farmers marketing decision in Makurdi Local Government Area, Benue State, Nigeria. The study used a survey data from 165 randomly selected farm households. Using a Logit model, the study found that the probability of market participation is significantly affected by transaction cost variables (namely access to market information, market distance and transport cost. Education and dependency ratio also had significant effect on decision to sell in the market. While access to market information and education significantly increase the probability of tomato farmers’ participation in the market, transport cost, market distance and dependency ratio significantly decrease the probability. The study stresses the need for government intervention by means of providing the necessary infrastructures that will help to reduce transaction costs and thus increase farmers’ participation in the market. Also policies to provide adequate and timely information about the market situations as well as polices to enhance access to education are advocated.

Unconventional uranium transactions

International Nuclear Information System (INIS)

Anderson, S.C.

1981-01-01

The purpose of this paper is to describe some representative unconventional transactions which have been observed in the uranium market; to explain the circumstances giving rise to these transactions; and to describe the benefits resulting from these transactions. Unconventional transactions are usually quite specialized, since they are tailored to meet the particular needs of specific market participants. Nevertheless, most of these transactions fall into the following basic categories: multi-party (back-to-back; bridge); swap (deconversion; nationality); barter; inventory financing (leasing with repurchase obligation; sale with repurchase option). These transactions are explained and discussed. (U.K.)

12 CFR 218.741 - Exemption for banks effecting transactions in money market funds.

Science.gov (United States)

2010-01-01

... money market funds. 218.741 Section 218.741 Banks and Banking FEDERAL RESERVE SYSTEM BOARD OF GOVERNORS... EXCHANGE ACT OF 1934 (REGULATION R) § 218.741 Exemption for banks effecting transactions in money market... issued by a money market fund, provided that: (1) The bank either (i) Provides the customer, directly or...

Transacting generation attributes across market boundaries: Compatible information systems and the treatment of imports and exports

Energy Technology Data Exchange (ETDEWEB)

Grace, Robert; Wiser, Ryan

2002-11-01

Voluntary markets for ''green'' power, and mandatory policies such as fuel source disclosure requirements and renewables portfolio standards, each rely on the ability to differentiate electricity by the ''attributes'' of the generation. Throughout North America, electricity markets are devising accounting and verification systems for generation ''attributes'': those characteristics of a power plant's production such as fuel source and emissions that differentiate it from undifferentiated (or ''commodity'') electricity. These accounting and verification systems are intended to verify compliance with market mandates, create accurate disclosure labels, substantiate green power claims, and support emissions markets. Simultaneously, interest is growing in transacting (importing or exporting) generation attributes across electricity market borders, with or without associated electricity. Cross-border renewable attribute transactions have advantages and disadvantages. Broad access to markets may encourage more renewable generation at lower cost, but this result may conflict with desires to assure that at least some renewable resources are built locally to achieve either local policy goals or purchaser objectives. This report is intended to serve as a resource document for those interested in and struggling with cross-border renewable attribute transactions. The report assesses the circumstances under which renewable generation attributes from a ''source'' region might be recognized in a ''sink'' region. The report identifies several distinct approaches that might be used to account for and verify attribute import and export transactions, and assesses the suitability of these alternative approaches. Because policymakers have often made systems ''compatibility'' between market areas a pre-requisite to allowing cross

Transaction hubs: can tame energy market communications

Energy Technology Data Exchange (ETDEWEB)

Hamilos, C.

2002-07-01

The nature and function of transaction hubs is described in view of their growing usefulness as electric industry deregulation takes hold and with it the urgent requirement for trading partners to exchange information quickly and efficiently. The paper stresses the many difficulties involved in communications between trading partners since each partner operates under a different set of business rules, with the result that there are 'language differences' to overcome, not to mention the sheer volume of data that must be handled. To make it all work, companies turn increasingly to products like communication hubs. They are able to overcome the fact that different companies have different systems, different data formats and different business rules, and are able to help companies to package, transmit, receive and process information. The principal advantage of a hub is that no one has to learn anyone else's interface. Everyone can continue to use their own data format and transaction models. The hub supplies the protocols and processing rules needed to work with any of the partners connected to the hub. In order to achieve the level of efficiency and reliability required in a hub, certain design principles must be satisfied. These are : scalability, facilities for load balancing, availability of standard routine services, ability to recognize a process as consisting of various transactions, and a transaction as belonging to a specific process, ability to allow the user to configure expiration times around the business processes according to market rules, facility to easily configure validation rules, ability to handle exceptions, ability to interoperate with many middle-ware products, and to manage work flow in a manner that is transparent to operating personnel.

New secure bilateral transaction determination and study of pattern under contingencies and UPFC in competitive hybrid electricity markets

International Nuclear Information System (INIS)

Kumar, A.; Chanana, S.

2009-01-01

In the competitive electricity environment, the flexibility of power transactions is expected to drastically increase among the trading partners and can compromise the system security and reliability. These transactions are to be evaluated ahead of their scheduling in a day-ahead and hour-ahead market to avoid congestion and ensure their feasibility with respect to the system operating conditions. The security of the transactions has become essential in the new environment for better planning and management of competitive electricity markets. This paper proposes a new method of secure bilateral transaction determination using AC distribution factors based on the full Jacobian sensitivity and considering the impact of slack bus for pool and bilateral coordinated markets. The secure bilateral transactions have also been determined considering critical line outage contingencies cases. The bilateral transaction matrix pattern has also been determined in the presence of unified power flow controller (UPFC). The optimal location of UPFC has been determined using mixed integer non-linear programming approach. The proposed technique has been applied on IEEE 24-bus reliability test system (RTS). (author)

Transaction Costs in Housing Markets

OpenAIRE

Ommeren, van, Jos

2008-01-01

According to economic theory, there are no strong reasons to tax (or to subsidise) residential moves, although low levels of taxation may be potentially justified to deal with the presence of externalities and economic stability. This is in contrast to practise in most countries where governments have created strong barriers to moving (transaction taxes, rent control) which induces substantial transaction costs. Likely, the welfare losses due to these government-induced transaction costs are ...

The impact of product market competition on transactions with related parties and company performance

Directory of Open Access Journals (Sweden)

Mojtaba Asadi

2015-03-01

Full Text Available This paper presents an empirical investigation on the effect of product market competition on transactions with related parties and company performance. The study selects a sample of 250 randomly selected firms whose common shares were traded on Tehran Stock Exchange. The study uses Herfindahl-Hirschman Index (HHI to measure the market concentration and uses historical information over the period 2008-2012 to examine the hypotheses of the survey. Using simple regression analysis, the study has detected a positive relationship between HHI and related party transactions. In addition, the study has detected a negative relationship between competition and company performance measured by return on assets.

Transaction costs in milk marketing: a comparison between Canada and Great Britain

NARCIS (Netherlands)

Royer, A.

2011-01-01

This study measures the magnitude of transaction costs incurred by milk producers in their contractual relations with dairy processors in two different coordination mechanisms: centralized contracting through a marketing board and decentralized bilateral contracting. Interviews and surveys were

Market review - Market values summary/July market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the July 1995 uranium market review. Data for current uranium market is presented, and a summary of recent transactions is also given. During this reporting period, there was one concentrate deal, two transactions in the long-term natural uranium market and conversion market, and three spot market transactions in the enrichment market. Active uranium supply fell, as did demand, and prices in all sectors were relatively stable

Neural evidence for Reference-dependence in real-market-transactions.

Science.gov (United States)

Weber, Bernd; Aholt, Andreas; Neuhaus, Carolin; Trautner, Peter; Elger, Christian E; Teichert, Thorsten

2007-03-01

Human decision making has become one of the major research-foci in economics, marketing and in neuroscience. This study integrates perspectives from these disciplines by examining neurophysiological correlates to Reference-dependence of utility evaluations in real market contexts both before and after choice. First, by comparing buying and selling decisions, we observe an activation of the amygdala only in the latter. We interpret this as loss aversion with respect to prior possessions. This finding contributes to the settling of an ongoing fundamental dispute in economic theory by indicating the absence of loss aversion for money in routine transactions. Second, ex post satisfaction statements are accompanied by an activation of the reward processing orbitofrontal cortex, if the evaluation context is framed by a high external reference price instead of a lower internal reference price. This indicates a nonrational Reference-dependence--despite the neoclassical view of a rational Homo Economicus--of satisfaction measures and challenges a central marketing variable.

Terms of transactions monitoring on the French wholesale electricity and gas markets. Public consultation. Synthesis of contributions

International Nuclear Information System (INIS)

2008-01-01

In its communication dated 16 April 2008, CRE published its practical methods used to monitor transactions concluded on the French electricity and gas markets. CRE invited any companies to comment on the practical arrangements of such monitoring activities. The monitoring system described by CRE is divided into two steps. In the first step, CRE wants to be able to request any information concerning transactions for physical delivery concluded after 1 January 2007. CRE will make an initial request that will focus on: - for electricity: transactions concluded in 2007 on yearly products for delivery in 2008 and 2009, base-load and peak-load; - for gas: transactions concluded in 2007 on seasonal and yearly products for delivery in 2008 and 2009, base-load and peak-load. The second step, based on feedback received, will see CRE liaise with market players and consider the possibility of setting up systematic procedures to gather transactions data. A final decision will be made by the end of 2008. 17 contributors responded to the public consultation. The remarks made on the practical methods used to gather data can be summarized along the following themes: Preamble: the monitoring principle; Theme 1: scope of transactions monitoring; Theme 2: content and format of requested data; Theme 3: procedures, transmission deadlines and confidentiality issues; Theme 4: stage II of systematic data gathering

75 FR 20033 - Winston-Salem Southbound Railway Company-Corporate Family Transaction Exemption-High Point...

Science.gov (United States)

2010-04-16

... DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Finance Docket No. 35338] Winston-Salem Southbound Railway Company--Corporate Family Transaction Exemption--High Point, Thomasville... under 49 CFR 1180.2(d)(3) for a transaction within a corporate family. Applicants state that HPTD will...

Market Response toward Accrual Earnings Management, Real Transactions, and Strategic Revenue Recognition - Earnings Management1

Directory of Open Access Journals (Sweden)

Windy Puspita Dewi

2015-01-01

Full Text Available This study investigates how the capital market response to a variety of earnings management tools i.e., accrual-based earnings management, real transaction activities, and strategic revenue recognition. We measure the market response to the information content of earnings by the earnings response coefficient (ERC. By using pooled-OLS regression from 748 firm-years data of public listed companies on the Indonesian Stock Exchange (IDX in 2004-2009, we find some evidence of a negative association between earnings response coefficients and information content of earnings that contained earnings management. Our study find that real transactions earnings management in operating activities has negative association with earnings response coefficient, but we do not find any evidence from the other earnings management tools. The findings of this study imply that the market participants are able to capture a certain kind of earnings management behaviour that may reduce the earnings response coefficient.

Adjustment in property space markets: taking long-term leases and transaction costs seriously

NARCIS (Netherlands)

Englund, P.; Gunnelin, Å.; Hendershott, P.H.; Söderberg, B.

2008-01-01

Markets for property space adjust only gradually because tenants and landlords are constrained by long-term leases and transaction and information costs. Not only do rents adjust slowly, but space occupancy, which depends on historical rents, often differs from demand at current rent. This creates

MARKET RISK ESTIMATION IN (T+-TRANSACTIONS

Directory of Open Access Journals (Sweden)

Radik B. Begov

2016-01-01

Full Text Available Market risk analysis and estimation are presentedin T+ transactionsas they are used within the Moscow Exchange. There is a need to do so as a result of the cut-off of a new REPO product with Central Counterpartner (CCP. Here repurchase agreement goes through the National Clearing Center (NCC, the last being a bank and a clearing structure within the Moscow Exchange group.NCC actsas an intermediary (so called “Central Counterpartner” between trading participants.REPOs with CCP raisecontractor claims and commitments to the CCP which takes the risk of default on commitments from unfair contract side. The REPO with CCP cut-off made ready a technological platform to implement T+2 trades at the Moscow Exchange. As a result of it there appeared the possibility to enter security purchase/sell contracts partially collateralized. All these transactions (the REPO with CCP, T+ made it a must determining security market risks. The paper is aimed at presenting VaR-like risk estimates. The methods used are from the computer fi nance. Unusual TS rate of return indicator is proposed and applied to find optimal portfolios under the Markowitz approach and their VaRs (losses forecasts given the real “big” share price data and various horizons. Portfolio extreme rate and loss forecasting is our goal. To this end the forecasts are computed for three horizons (2, 5 and 10 days and for three significance levels.There were developed R-, Excel- and Bloomberg-basedsoftware tools as needed. The whole range of proposed computing steps and the tables with charts may be considered as candidates to be included in the future market risk standards.Paper results permit capital market participants to choose the correct (as to the required risk level common stocks.

Transactive Control and Coordination of Distributed Assets for Ancillary Services: Controls, Markets and Simulations

Energy Technology Data Exchange (ETDEWEB)

Subbarao, Krishnappa; Fuller, Jason C.; Kalsi, Karanjit; Lian, Jianming; Mayhorn, Ebony T.

2015-02-01

The purpose of this project is to develop a plausible transactive framework for DER participation in a regulation market. This document focuses on the methodology for creating a transactive-based regulation market, using one class of end-use devices as an example. The system contains two parts, one for acquiring resources at a longer timescale and a second for controlling the devices in a distributed manner at much shorter timescales. The first is based on a formal double-auction market where every five minutes each device bids the amount of resource it is able to provide and the minimum price that it would accept to provide that resource. The bid price is determined by the current state of the device and the willingness of the consumer to participate. The market system collects and orders the bids by price, and then determines a cleared price to meet the level of regulation needed. It broadcasts the cleared price to the devices, which results in contracting the services of the least cost resources. By contract, the devices that cleared the market are now engaged for the next five-minute market period. They are part of a distributed control system that allows them to respond at four-second intervals to a broadcasted regulation signal. The approach also limits the number of times devices can cycle between states (say on to off) in a given amount of time to protect the equipment life.

Hospital and Health Insurance Markets Concentration and Inpatient Hospital Transaction Prices in the U.S. Health Care Market.

Science.gov (United States)

Dauda, Seidu

2018-04-01

To examine the effects of hospital and insurer markets concentration on transaction prices for inpatient hospital services. Measures of hospital and insurer markets concentration derived from American Hospital Association and HealthLeaders-InterStudy data are linked to 2005-2008 inpatient administrative data from Truven Health MarketScan Databases. Uses a reduced-form price equation, controlling for cost and demand shifters and accounting for possible endogeneity of market concentration using instrumental variables (IV) technique. The findings suggest that greater hospital concentration raises prices, whereas greater insurer concentration depresses prices. A hypothetical merger between two of five equally sized hospitals is estimated to increase hospital prices by about 9 percent (p costs. © Published 2017. This article is a U.S. Government work and is in the public domain in the USA.

Transaction-Based Building Controls Framework, Volume 1: Reference Guide

Energy Technology Data Exchange (ETDEWEB)

Somasundaram, Sriram [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Pratt, Robert G. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Akyol, Bora A. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Fernandez, Nicholas [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Foster, Nikolas AF [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Katipamula, Srinivas [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Mayhorn, Ebony T. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Somani, Abhishek [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Steckley, Andrew C. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Taylor, Zachary T. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2014-12-01

This document proposes a framework concept to achieve the objectives of raising buildings’ efficiency and energy savings potential benefitting building owners and operators. We call it a transaction-based framework, wherein mutually-beneficial and cost-effective market-based transactions can be enabled between multiple players across different domains. Transaction-based building controls are one part of the transactional energy framework. While these controls realize benefits by enabling automatic, market-based intra-building efficiency optimizations, the transactional energy framework provides similar benefits using the same market -based structure, yet on a larger scale and beyond just buildings, to the society at large.

Reactions to Corporate Insider’s Transactions

DEFF Research Database (Denmark)

Rose, Caspar; Søpstad, Nicolai

2015-01-01

We test the impact on security prices of top manager’s requirement’s to disclose their own share transactions in the firm. Specifically we study whether buy or sales transactions convey relevant information for market participants thereby studying the effects of legal stock market disclosure rules...

[The development of market centers for gas transactions] The center of attention

International Nuclear Information System (INIS)

Stoddard, B.

1994-01-01

When Federal Energy Regulatory Commission (FERC) Order 636 placed new competitive demands on the buyers, sellers and traders of natural gas, the industry realized it needed to find new faster ways of making transactions. It has, and they are called hubs. With Order 636 and the advent of greater open-market trading, new hubs--so-called market centers--began sprouting throughout the nation's market and end-use regions, as well as in the supply regions. Local distribution companies (LDCs) began to see a market for selling such services as wheeling and balancing--often performed as part of a pipeline's tariff in the capacity-rich producing regions--to customers in end-use areas, where capacity is at more of a premium. Developing a marketing hub could also be considered a defensive move: Despite today's competitive market, LDCs must still serve their ratepayers at a reasonable cost, and a successful market hub can help keep rates low. The paper discusses the development of hubs in various regions of the US, the types of services being offered, and the start-up problems that they are overcoming

A two-stage value chain model for vegetable marketing chain efficiency evaluation: A transaction cost approach

OpenAIRE

Lu Hualiang

2006-01-01

We applied a two-stage value chain model to investigate the effects of input application and occasional transaction costs on vegetable marketing chain efficiencies with a farm household-level data set. In the first stage, the production efficiencies with the combination of resource endowments, capital and managerial inputs, and production techniques were evaluated; then at the second stage, the marketing technical efficiencies were determined under the marketing value of the vegetables for th...

Regulatory intervention on the dynamic European gas market. Neoclassical economics or transaction cost economics?

International Nuclear Information System (INIS)

Spanjer, Aldo R.

2009-01-01

Shifts at the international gas market indicate that the transaction cost perspective provides better underpinnings for European gas regulation than the current neoclassical perspective. Three implications are that policymakers should: (1) allow alternative coordination measures to complement market exchange; (2) recognize that less than perfect competition outcomes may be optimal and (3) be more reticent in prescribing interventionist measures. Finally, the analysis provides the foundations for the empirical research required to complement this paper's theoretical approach. (author)

Financial markets regulation in the energy sector. A few financial aspects of energy transactions

International Nuclear Information System (INIS)

Simonetti, S.

2007-01-01

In addition to energy legislation, financial markets legislation and regulation (FMR) are becoming increasingly important for the energy sector. Consequently, parties on the energy market not only have to deal with the energy and competition authorities (the Dte and NMa respectively), but may also face supervision by The Netherlands Authority for the Financial Markets (AFM). Energy transactions may trigger certain prohibitions and obligations under financial and securities law, the most relevant of which are discussed in this article. Both the recent changes as a result of the Financial Markets Supervision Act ('Wet op het financieel toezicht', Wft) entering into force as per 1 January 2007 and the anticipated future amendments following the implementation of the Markets in Financial Instruments Directive (MiFID) are examined [nl

Study on Informational Transaction and Its Effect on China's Stock Index Futures Market

Directory of Open Access Journals (Sweden)

Hongli Che

2014-01-01

Full Text Available Information is one of the important factors that influence the behavior of investors and then have an effect on the price of the risky assets in the market. Firstly, the new procedure developed by Easley et al. (2011 is used to estimate the Volume-Synchronized Probability of Informed Trading (VPIN of the Chinese stock index futures market. Then VPIN for special scenarios is depicted. As a result, we find that the future contracts generally have a larger number of information transactions. We also find that, for particular scenarios, the probability of informed trading in the market has obvious exceptions. The larger proportion of informed trader is, the higher the volatility of the price is.

Market review - Market values summary/August market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the August 1995 uranium market review. During this reporting period, there were three transactions in the long-term concentrates sector, no transactions in the UF6 market, and limited activity in the spot conversion market and the enrichment services market. Active supply rose, as did active demand. Prices were stable to slightly increasing

Private benefits in corporate control transactions

DEFF Research Database (Denmark)

Poulsen, Thomas

This paper presents an analytical framework from which it can be inferred whether sellers or buyers in corporate control transactions value private benefits highest. I am thus able to suggest an answer to the question: Are blocks of shares traded because the buyer is a more efficient monitor...... with high security benefits, or because the buyer has high private benefits from the control rights that come with the shares? Using voting rights as the vehicle for private benefits, I find that the selling shareholders in block transactions attach more value to private benefits than the buyers. In tender...... offer transactions, the answer is that private benefits are insignificant to both sides of the transaction. As an alternative measure of the transaction premium, I calculate the abnormal return premium. This represents the stock market's valuation of the transaction. I find that the stock market puts...

Successfully navigating electricity transactions through jurisdictions in the northeast and midwest

Energy Technology Data Exchange (ETDEWEB)

Chappelle, H. [EES Group, Toronto, ON (Canada)

2002-07-01

This presentation described the framework of issues defining the effectiveness of inter-jurisdictional power transactions with reference to open market competition in Ontario and the current FERC initiative affecting transactions with adjacent markets in the United States. The opportunities and risks associated with inter-jurisdictional power transactions were pointed out, along with the interplay between forward and balancing markets. The future of the Regional Transmission Organizations (RTOs) and standard market design were also described. Inter-jurisdictional transactions were described as being a fundamental element of power markets in North America where consumers benefit from reliable supply and cost efficiency. Locational value of the delivered energy is reflected in transparent price which is determined by supply and demand. The efficient balancing markets promote liquid forward markets, as well as investment in power generation and transmission. Price risk is managed through market-based mechanisms by load-serving companies and capable consumers. Opportunities for Ontario buyers include increased reliability, increased competition among suppliers, and market drivers for demand response and innovation. Opportunities for suppliers include additional customers, hedge transactions across jurisdictions, and portfolio strategies. Opportunities for risk managers include broader, more liquid markets for standard products, robust markets for energy-linked commodities, and an increased need for customized, highly-structured financial products. 11 figs.

Successfully navigating electricity transactions through jurisdictions in the northeast and midwest

International Nuclear Information System (INIS)

Chappelle, H.

2002-01-01

This presentation described the framework of issues defining the effectiveness of inter-jurisdictional power transactions with reference to open market competition in Ontario and the current FERC initiative affecting transactions with adjacent markets in the United States. The opportunities and risks associated with inter-jurisdictional power transactions were pointed out, along with the interplay between forward and balancing markets. The future of the Regional Transmission Organizations (RTOs) and standard market design were also described. Inter-jurisdictional transactions were described as being a fundamental element of power markets in North America where consumers benefit from reliable supply and cost efficiency. Locational value of the delivered energy is reflected in transparent price which is determined by supply and demand. The efficient balancing markets promote liquid forward markets, as well as investment in power generation and transmission. Price risk is managed through market-based mechanisms by load-serving companies and capable consumers. Opportunities for Ontario buyers include increased reliability, increased competition among suppliers, and market drivers for demand response and innovation. Opportunities for suppliers include additional customers, hedge transactions across jurisdictions, and portfolio strategies. Opportunities for risk managers include broader, more liquid markets for standard products, robust markets for energy-linked commodities, and an increased need for customized, highly-structured financial products. 11 figs

Security of M-Commerce transactions

OpenAIRE

Ion IVAN; Daniel MILODIN; Alin ZAMFIROIU

2013-01-01

In this material electronic market are defined. How they are structured. Security in E-Commerce applications is very important both at the administrative level and from the user perspective. The new trend in the field is the M-commerce that involves making purchases through mobile devices. And for M-commerce transactions the security is a very important thing. Here’s how to analyze the security of M-commerce transactions and ways to increase security for these transactions taki...

Transactive System: Part II: Analysis of Two Pilot Transactive Systems using Foundational Theory and Metrics

Energy Technology Data Exchange (ETDEWEB)

Lian, Jianming [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Sun, Y. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Kalsi, Karanjit [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Widergren, Steven E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Wu, Di [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Ren, Huiying [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2018-01-24

This document is the second of a two-part report. Part 1 reviewed several demonstrations of transactive control and compared them in terms of their payoff functions, control decisions, information privacy, and mathematical solution concepts. It was suggested in Part 1 that these four listed components should be adopted for meaningful comparison and design of future transactive systems. Part 2 proposes qualitative and quantitative metrics that will be needed to compare alternative transactive systems. It then uses the analysis and design principles from Part 1 while conducting more in-depth analysis of two transactive demonstrations: the American Electric Power (AEP) gridSMART Demonstration, which used a double –auction market mechanism, and a consensus method like that used in the Pacific Northwest Smart Grid Demonstration. Ultimately, metrics must be devised and used to meaningfully compare alternative transactive systems. One significant contribution of this report is an observation that the decision function used for thermostat control in the AEP gridSMART Demonstration has superior performance if its decision function is recast to more accurately reflect the power that will be used under for thermostatic control under alternative market outcomes.

TRANSFER PRICES AND MARKET VALUE OF REINSURANCE TRANSACTIONS

Directory of Open Access Journals (Sweden)

Andreea - Lavinia CAZACU (NEAMȚU

2017-12-01

Full Text Available As a result of the increasingly sustainable economic and financial crisis, which is characterized by the diminishing of the sums due to the state budget, the interest of more and more countries, including Romania, for the legalization and control over the transfer prices increases. Transfer pricing is an activity involving the execution of client related actions for a specific financial product through multiple intermediaries and / or tax jurisdictions. These transfer prices are used in different industries and, in the last period, have been used, in particular, by reinsurance companies as a result of difficult economic conditions and increasing competitiveness. Under these circumstances, insurers need to be aware that they will carry out tax inspections whose role is to verify using the market value principle, the compliance of their prices with the affiliated reinsurers in order to avoid misuse of those prices, by exaggerating costs and artificially reducing potential profits. This study emphasizes that reinsurance contracts made by affiliated companies are not the issue, but the way in which transactions are carried out that do not accurately reflect the risks transferred, their costs and the respect of the market value principle. If they are not carefully controlled, these reinsurance companies have every reason to use transfer pricing to move the profit between tax jurisdictions with differentiated rates of taxation, thus minimizing total corporate tax.

Transactive Control of Commercial Buildings for Demand Response

Energy Technology Data Exchange (ETDEWEB)

Hao, He; Corbin, Charles D.; Kalsi, Karanjit; Pratt, Robert G.

2017-01-01

Transactive control is a type of distributed control strategy that uses market mechanism to engage self-interested responsive loads to achieve power balance in the electrical power grid. In this paper, we propose a transactive control approach of commercial building Heating, Ventilation, and Air- Conditioning (HVAC) systems for demand response. We first describe the system models, and identify their model parameters using data collected from Systems Engineering Building (SEB) located on our Pacific Northwest National Laboratory (PNNL) campus. We next present a transactive control market structure for commercial building HVAC system, and describe its agent bidding and market clearing strategies. Several case studies are performed in a simulation environment using Building Control Virtual Test Bed (BCVTB) and calibrated SEB EnergyPlus model. We show that the proposed transactive control approach is very effective at peak clipping, load shifting, and strategic conservation for commercial building HVAC systems.

The impact of transport- and transaction-cost reductions on food markets in developing countries: evidence for tempered expectations for Burkina Faso

NARCIS (Netherlands)

Ruijs, A.J.W.; Schweigman, C.; Lutz, C.

2004-01-01

Reductions in transport and transaction costs are expected to have a major effect on the functioning of food markets in developing countries. For Burkina Faso, this is a relevant issue as it may have important consequences for the food markets in urban and rural deficit areas. A partial equilibrium

The impact of transport- and transaction-cost reductions on food markets in developing countries : evidence for tempered expectations for Burkina Faso

NARCIS (Netherlands)

Ruijs, A.J.W.; Schweigman, C.; Lutz, C.H.M.

2004-01-01

Reductions in transport and transaction costs are expected to have a major effect on the functioning of food markets in developing countries. For Burkina Faso, this is a relevant issue as it may have important consequences for the food markets in urban and rural deficit areas. A partial equilibrium

Networks and Transaction Costs

DEFF Research Database (Denmark)

Henning, Christian; Henningsen, Geraldine; Henningsen, Arne

2011-01-01

Based on the well-known fact that social networks can provide effective mechanisms that help to increase the trust level between two trade partners, we apply a simple game-theoretical framework to derive transaction costs as a high risk of opportunistic behavior in a repeated trade relation...... determined by the density and size of trading networks. In the empirical part of the paper we apply a two stage procedure to estimate the impact of social network structures on farm’s transaction costs observed for different input and output markets. At a first stage we estimate a multiple input...... transaction cost functions for all traded farm inputs and outputs. Estimation results based on a sample of 315 Polish farms imply a significant influence of social network structures on farm’s transaction costs. Moreover, estimated transaction costs correspond to a reasonable amount of farm specific shadow...

Networks and Transaction Costs

DEFF Research Database (Denmark)

Henning, Christian; Henningsen, Geraldine; Henningsen, Arne

2011-01-01

determined by the density and size of trading networks. In the empirical part of the paper we apply a two stage procedure to estimate the impact of social network structures on farm’s transaction costs observed for different input and output markets. At a first stage we estimate a multiple input......Based on the well-known fact that social networks can provide effective mechanisms that help to increase the trust level between two trade partners, we apply a simple game-theoretical framework to derive transaction costs as a high risk of opportunistic behavior in a repeated trade relation...... transaction cost functions for all traded farm inputs and outputs. Estimation results based on a sample of 315 Polish farms imply a significant influence of social network structures on farm’s transaction costs. Moreover, estimated transaction costs correspond to a reasonable amount of farm specific shadow...

A Note on the Analysis of Time Cost by Difference of Transaction System in the Agricultural Wholesale Market of Korea

OpenAIRE

Yoon-Doo Kim; Seok Yoon

2012-01-01

Problem statement: The purpose of this study is to prove objectively that the market-wholesaler system, introduced to agricultural wholesale market in Korea for the first time, has better operational efficiency than the existing auction system. From an analytical viewpoint, we estimated the time value of two transaction systems at the agricultural wholesale market using the calculation methods of the congestion cost and the accumulation cost, and estimated the operational efficiencies divided...

Transactive-Market-Based Operation of Distributed Electrical Energy Storage with Grid Constraints

Directory of Open Access Journals (Sweden)

M. Nazif Faqiry

2017-11-01

Full Text Available In a transactive energy market, distributed energy resources (DERs such as dispatchable distributed generators (DGs, electrical energy storages (EESs, distribution-scale load aggregators (LAs, and renewable energy sources (RESs have to earn their share of supply or demand through a bidding process. In such a market, the distribution system operator (DSO may optimally schedule these resources, first in a forward market, i.e., day-ahead, and in a real-time market later on, while maintaining a reliable and economic distribution grid. In this paper, an efficient day-ahead scheduling of these resources, in the presence of interaction with wholesale market at the locational marginal price (LMP, is studied. Due to inclusion of EES units with integer constraints, a detailed mixed integer linear programming (MILP formulation that incorporates simplified DistFlow equations to account for grid constraints is proposed. Convex quadratic line and transformer apparent power flow constraints have been linearized using an outer approximation. The proposed model schedules DERs based on distribution locational marginal price (DLMP, which is obtained as the Lagrange multiplier of the real power balance constraint at each distribution bus while maintaining physical grid constraints such as line limits, transformer limits, and bus voltage magnitudes. Case studies are performed on a modified IEEE 13-bus system with high DER penetration. Simulation results show the validity and efficiency of the proposed model.

The transactional approach in company boundaries

Directory of Open Access Journals (Sweden)

Bruno Chaihuaque Dueñas

2009-12-01

Full Text Available This article shows the relationship between market and firms through the theory of transactional cost and the relationsthat determine the structure and boundaries of the firm. Using the assumptions from the transactional cost approach,this article proposes some variables that determine optimal organizational structures and their boundaries.

Management Control of Market Transactions: The Relation Between Transaction Characteristics, Incomplete Contract Design and Subsequent Performance

NARCIS (Netherlands)

Anderson, S.W.; Dekker, H.C.

2005-01-01

Using an unusually comprehensive database on 858 transactions for information technology products and accompanying services, we study how close partners who are exposed to opportunistic hazards structure and control a significant transaction. We analyze data on the terms of contracting to determine

A Novel Electricity Transaction Mode of Microgrids Based on Blockchain and Continuous Double Auction

Directory of Open Access Journals (Sweden)

Jian Wang

2017-11-01

Full Text Available The installed capacity of distributed generation (DG based on renewable energy sources has increased continuously in power systems, and its market-oriented transaction is imperative. However, traditional transaction management based on centralized organizations has many disadvantages, such as high operation cost, low transparency, and potential risk of transaction data modification. Therefore, a decentralized electricity transaction mode for microgrids is proposed in this study based on blockchain and continuous double auction (CDA mechanism. A buyer and seller initially complete the transaction matching in the CDA market. In view of the frequent price fluctuation in the CDA market, an adaptive aggressiveness strategy is used to adjust the quotation timely according to market changes. DG and consumer exchange digital certificate of power and expenditure on the blockchain system and the interests of consumers are then guaranteed by multi-signature when DG cannot generate power due to failure or other reasons. The digital certification of electricity assets is replaced by the sequence number with specific tags in the transaction script, and the size of digital certification can be adjusted according to transaction energy quantity. Finally, the feasibility of market mechanism through specific microgrid case and settlement process is also provided.

Security of M-Commerce transactions

Directory of Open Access Journals (Sweden)

Ion IVAN

2013-07-01

Full Text Available In this material electronic market are defined. How they are structured. Security in E-Commerce applications is very important both at the administrative level and from the user perspective. The new trend in the field is the M-commerce that involves making purchases through mobile devices. And for M-commerce transactions the security is a very important thing. Here's how to analyze the security of M-commerce transactions and ways to increase security for these transactions taking into account the organization of M-Commerce applications, software used, hardware used and other important issues in the development of these applications.

Calibration of optimal execution of financial transactions in the presence of transient market impact

International Nuclear Information System (INIS)

Busseti, Enzo; Lillo, Fabrizio

2012-01-01

Trading large volumes of a financial asset in order driven markets requires the use of algorithmic execution dividing the volume into many transactions in order to minimize costs due to market impact. A proper design of an optimal execution strategy strongly depends on a careful modeling of market impact, i.e. how the price reacts to trades. In this paper we consider a recently introduced market impact model (Bouchaud et al 2004 Quant. Finance, 4 176–90), which has the property of describing both the volume and the temporal dependence of price change due to trading. We show how this model can be used to describe price impact also in aggregated trade time or in real time. We then solve analytically and calibrate with real data the optimal execution problem both for risk neutral and for risk averse investors and we derive an efficient frontier of optimal execution. When we include spread costs the problem must be solved numerically and we show that the introduction of such costs regularizes the solution. (paper)

12 CFR 223.33 - What rules apply to derivative transactions?

Science.gov (United States)

2010-01-01

... Requirements Under Section 23A § 223.33 What rules apply to derivative transactions? (a) Market terms... with affiliates comply with the market terms requirement of § 223.51. (c) Credit derivatives. A credit... 12 Banks and Banking 3 2010-01-01 2010-01-01 false What rules apply to derivative transactions...

Market review: Market values summary/May market review/current market data

International Nuclear Information System (INIS)

Anon.

1996-01-01

This article is the May 1996 Uranium transactions summary. Data on Uranium supply and demand is included, as is data on conversion services and separative work units supply and demand. The spot market was active during this period, with 3.6 million pounds U3O8 changing hands in nine transactions. This brought a strengthing of prices. There were also five deals in the long-term market and three deals for natural UF6

12 CFR 270.4 - Transactions in obligations.

Science.gov (United States)

2010-01-01

... OPERATIONS OF FEDERAL RESERVE BANKS Regulations Relating to Open Market Operations of Federal Reserve Banks... engage in open market operations as directed by the Committee. (b) Transactions for the System Open... open market operations and the effectuation of open market policies. [38 FR 2753, Jan. 30, 1973, as...

Are transaction taxes a cause of financial instability?

Science.gov (United States)

Fontini, Fulvio; Sartori, Elena; Tolotti, Marco

2016-05-01

We analyze a stylized market where N boundedly rational agents may decide to trade or not a share of a risky asset at subsequent trading dates. Agents' payoff depends on returns, which are endogenously determined taking into account observed and forecasted demand and an exogenous transaction tax. We study the time evolutions of demand, returns and market activity. We show that the introduction of a transaction tax generally helps in reducing variability of returns and market activity. On the other hand, there are market conditions under which a low taxation may lead the market into a very unstable phase characterized by the fluctuation of the fundamentals around two different regimes; indeed, under these circumstances, heteroscedasticity of time series is detected and statistically analyzed.

Determinants of Transactions Costs in the Brazilian Stock Market

Directory of Open Access Journals (Sweden)

Antonio Zoratto Sanvicente

2012-06-01

Full Text Available The Lesmond (2005 method for estimating transactions costs, based on a limited-dependent variable model, is used in order to test for the significance of plausible explanations for cross sectional cost differences. Variables such as liquidity, volatility, firm size, quality of corporate governance and participation in ADR programs are considered, in addition to the possible impact of the 2008 crisis. Daily data for 1999-2009 are used, covering at least 250 securities each year. The average total transaction cost declined from 2.95% in 1999 to 1.22% in 2009. Stock volatility and quality of corporate governance appear to be the most relevant factors associated with the measure of transactions cost.

International business transactions

OpenAIRE

Buczkowski, Bogdan

2016-01-01

Running a business on an international scale requires not only a substantial body of knowledge but also the ability to apply it in practice. That is why our textbook, with a vast collection of practical examples, discusses a wide variety of pertinent issues connected with business operations in international markets, from international market analysis, drafting business plans, concluding business transactions and the insurance of goods through to customs clearance procedures and professional ...

Remedial transactions curtailment via optimization

Directory of Open Access Journals (Sweden)

Maksimović Viktor

2009-01-01

Full Text Available The new method developed in this paper is aiming at transmission congestion management (CM. The new, Optimal Transactions Management method (OTM, is based on linear programming (LP, DC load flow (DCLF and linear security constraints. The OTM method is embedded in Available Transfer Capabilities (ATCs and Power Transfer Distribution Factors (PTDFs definitions' environment. Well-suited for both preventive and corrective modes of operation, the OTM method aids transmission system operator in running a congested power system network, where congestions are due to transactions. Potential congestion threat is solved by finding the 'culprit' transaction and its optimal reduction. Besides the proposed downsizing of scheduled and/or committed transactions, controls of the OTM method also include redispatching of generation and load levels. The task is to establish a system state without constraint violations. To ensure the feasible network solution, both DC and AC power flows are used. The common 5 nodes/7 lines Ward&Hale sample power system is used to clarify the OTM method. Besides, six other power system networks including the real-life power system network of Serbia, Macedonia and Montenegro (part of the South East Europe - SEE grid are used to test remedial potentials and CPU-time performances of the method. The 24-hour daily demand diagram is used with all test networks to study the effects of transactions as they are being superimposed to the regional grid. The remedial, transactions-curtailing OTM method is found well suited for market-related analyses precluding the hour-ahead, the day-ahead dispatch, as well as the real-time generation dispatch. It could also suit for the novel, Day Ahead Congestion Forecast (DACF procedure used in power markets. .

Value and Transaction Costs

DEFF Research Database (Denmark)

Foss, Kirsten; Foss, Nicolai Juul

2003-01-01

caused by transaction costs), andnew types of resources (i.e., capture and protection capabilities), clarifies the roleof contracting in the exercise of market power, and suggests that `strategizing'and `economizing' perspectives are related to a larger extent than is normallyrecognized. Refutable......AbstractWe forge linkages between the economics of property rights (Coase, Demsetz,Cheung, Barzel) and strategic management. Property rights to resources consistof the rights to consume, obtain income from, and alienate these resources.Transaction costs are the costs of exchanging, protecting...... and capturing propertyrights. We clarify the key role of transaction costs with respect to understandingvalue creation and the limitations and opportunities of strategizing relative tocompetitive forces. The economics of property rights identifies new sources ofvalue creation (i.e., reducing the dissipation...

Market Review: Market values summary; March market review; Current market data

International Nuclear Information System (INIS)

Anon.

1996-01-01

This article is the March 1996 uranium market summary. In this reporting period, there were two deals in the natural uranium spot market and four deals in the long-term market. The unrestricted value moved upward to $13.50 per pound U3O8, and the long-term price indicator was $16.50. In the UF6 market, there was but a single deal. Both the restricted and the unrestricted values moved upward, to $47.00 and $41.25 respectively. The restricted and the unrestricted transaction values moved upward, to $13.35 and $8.40 respectively. In the enrichment services market, there were no transactions. Both the restricted and the unrestricted SWU values remained constant at $97 and $90 respectively. Active uranium supply rose, while active demand decreased sharply

78 FR 4842 - Linden VFT, LLC v. Brookfield Energy Marketing, LP, Cargill Power Markets, LLC; Notice of Complaint

Science.gov (United States)

2013-01-23

... v. Brookfield Energy Marketing, LP, Cargill Power Markets, LLC; Notice of Complaint Take notice that... Brookfield Energy Marketing, LP and Cargill Power Markets, LLC (Respondents) alleging that, Respondents... subscribed docket(s). For assistance with any FERC Online service, please email [email protected

Pluralism in contemporary marketing practices

NARCIS (Netherlands)

Lindgreen, A.; Davis, R.; Brodie, R.J.; Buchanan-Oliver, M.

2000-01-01

Over the last decade, considerable emphasis has been placed on the importance of relationship marketing. The re-orientation of marketing has been at the expense of the traditional approach to marketing, that is transaction marketing (the "4Ps"). However, others conclude that transactional marketing

Transaction costs, externalities and information technology in health care.

Science.gov (United States)

Ferguson, B; Keen, J

1996-01-01

This paper discusses some of the economic issues which underpin the rationale for investment in information and communications technologies (ICTs). Information imperfections lead to significant transaction costs (search, negotiating and monitoring) which in turn confer a negative externality on parties involved in exchange. This divergence in private and social costs leads to a degree of resource misallocation (efficiency loss) which, uncorrected, results in a sub-optimal outcome. Traditional solutions to this problem are to rely upon direct government action to reduce the costs of transacting between market agents, or to employ tax/subsidy measures and other legislative action to achieve the desired market outcome. Three key policy questions are raised in the context of the NHS purchaser/provider relationship. Firstly, what is the optimum level of transaction costs; secondly, can ICTs assist in lowering the level of transaction costs to the optimum level; thirdly, who should bear the investment cost in reducing the level of transaction costs? The issue of property rights in different information systems is discussed and raises interesting policy questions about how much investment should be undertaken centrally rather than devolved to a more local level. In some ways this economic framework offers a post hoc justification of why different ICT systems have been introduced at various levels of the NHS. Essentially this reduces to the problem of externalities: providing good information confers a positive externality: not providing relevant, timely and accurate information confers a negative externality, by increasing further the level of transaction costs. The crucial role which ICT systems can play lies in attempting to reduce the level of transaction costs and driving the market towards what Dahlman has described as the transaction-cost-constrained equilibrium.

[Pay for performance explained by transaction costs theory].

Science.gov (United States)

Gorbaneff, Yuri; Cortes, Ariel; Torres, Sergio; Yepes, Francisco

2011-01-01

To evaluate the ability of transaction costs theory to explain incentives in the health care chain. We performed a case study of CPS, a health insurance company in Bogota (Colombia), which preferred not to publish its name. CPS moves in the environment of high transaction costs and uses the hybrid form of governance at the outpatient level. Incentive intensity, administrative control and the contract all agree with the theory. At the hospital level, the market is used, despite greater uncertainty. Because of the discrete form (1.0) of the incentives and the absence of administrative control, it is difficult for CPS to relate payment to hospital performance. Transaction costs theory explains the configuration of incentives. Another contribution made by this theory to the literature is the criterion to differentiate between the market and the hybrid. We propose that the market uses discrete-type (1.0) incentives, while the hybrid uses continuous, commission-like incentives. Copyright © 2011 SESPAS. Published by Elsevier Espana. All rights reserved.

Market values summary/September market review/current market data

International Nuclear Information System (INIS)

Anon.

1994-01-01

This article is the September 1994 uranium market summary. In the concentrates and conversion market, there were four deals. The unrestricted value decreased slightly to $7.00, and the restricted value decreased to $9.05. In the UF6 market, there was a single transaction. Both the restricted and the unrestricted values decreased ($29.00 and $24.25 respectively). The restricted transaction value was unchanged at $9.15, while the unrestricted value decreased to $7.10. In the enrichment services market, long-term contracting picked up and there were two deals in the spot market. Restricted values dropped to $84.00 per SWU, while the unrestricted value remained constant at $67.00 per SWU. Active uranium supply increased, while active uranium demand decreased

Impact of multilateral congestion management on the reliability of power transactions

International Nuclear Information System (INIS)

Rodrigues, A.B.; Da Silva, M.G.

2003-01-01

The restructuring of the electricity industry has caused an increase in the number of transactions in the energy market. These transactions are defined by market forces without considering operational constraints of the transmission system. Consequently, there are transactions that cause congestion in the transmission network. This paper has as objective to assess the impact of multilateral congestion management on the reliability of power transactions. This assessment is based on reliability indices such as expected power curtailments, curtailment probability, expected cost of congestion management and probability distributions of the total power curtailment. Tests results with IEEE RTS-1996 demonstrate that the multilateral management results in smaller curtailments and congestion costs than traditional bilateral management. (author)

Sampling returns for realized variance calculations: tick time or transaction time?

NARCIS (Netherlands)

Griffin, J.E.; Oomen, R.C.A.

2008-01-01

This article introduces a new model for transaction prices in the presence of market microstructure noise in order to study the properties of the price process on two different time scales, namely, transaction time where prices are sampled with every transaction and tick time where prices are

Two-Stage Optimal Scheduling of Electric Vehicle Charging based on Transactive Control

DEFF Research Database (Denmark)

Liu, Zhaoxi; Wu, Qiuwei; Ma, Kang

2018-01-01

In this paper, a two-stage optimal charging scheme based on transactive control is proposed for the aggregator to manage day-ahead electricity procurement and real-time EV charging management in order to minimize its total operating cost. The day-ahead electricity procurement considers both the day......-ahead energy cost and expected real-time operation cost. In the real-time charging management, the cost of employing the charging flexibility from the EV owners is explicitly modelled. The aggregator uses a transactive market to manage the real-time charging demand to provide the regulating power. A model...... predictive control (MPC) based method is proposed for the aggregator to clear the transactive market. The realtime charging decisions of the EVs are determined by the clearing of the proposed transactive market according to the realtime requests and preferences of the EV owners. As such, the aggregators...

Novel transmission pricing scheme based on point-to-point tariff and transaction pair matching for pool market

International Nuclear Information System (INIS)

Chen, Qixin; Xia, Qing; Kang, Chongqing

2010-01-01

Transmission pricing scheme is a key component in the infrastructure of power market, and pool is an indispensable pattern of market organization; meanwhile, pay-as-bid (PAB) serves as a main option to determine market prices in pool. In this paper, a novel transmission pricing scheme is proposed for pool power market based on PAB. The new scheme is developed by utilizing point-to-point (PTP) tariff and introducing an approach of transaction pair matching (TPM). The model and procedure of the new scheme are presented in detail. Apart from the advantages of existing transmission pricing schemes, such as ensuing open, fair and non-discriminatory access, proper recovery for investment as well as transparency, the new scheme provides economic signals to promote the maximum use of the existing transmission network, encourages appropriate bidding behaviors in pool, and helps to reduce the possibility of the enforcement of market power and the appearing of price spikes; thus improves market operation efficiency and trading effects. In order to testify the effectiveness of the proposed scheme, a case based on IEEE 30-bus system is studied. (author)

Novel transmission pricing scheme based on point-to-point tariff and transaction pair matching for pool market

Energy Technology Data Exchange (ETDEWEB)

Chen, Qixin; Xia, Qing; Kang, Chongqing [State Key Lab. of Power System, Dept. of Electrical Engineering, Tsinghua University, Beijing 100084 (China)

2010-04-15

Transmission pricing scheme is a key component in the infrastructure of power market, and pool is an indispensable pattern of market organization; meanwhile, pay-as-bid (PAB) serves as a main option to determine market prices in pool. In this paper, a novel transmission pricing scheme is proposed for pool power market based on PAB. The new scheme is developed by utilizing point-to-point (PTP) tariff and introducing an approach of transaction pair matching (TPM). The model and procedure of the new scheme are presented in detail. Apart from the advantages of existing transmission pricing schemes, such as ensuing open, fair and non-discriminatory access, proper recovery for investment as well as transparency, the new scheme provides economic signals to promote the maximum use of the existing transmission network, encourages appropriate bidding behaviors in pool, and helps to reduce the possibility of the enforcement of market power and the appearing of price spikes; thus improves market operation efficiency and trading effects. In order to testify the effectiveness of the proposed scheme, a case based on IEEE 30-bus system is studied. (author)

Governance structures for real estate transactions: Markets ...

African Journals Online (AJOL)

networks in the governance of real-estate transactions under three property rights regimes in .... empirical results of case study research exploring the relationship between .... collaboration (Entwistle, Bristow, Hines, Donaldson & Martin, 2007: 63-79). .... self-help group development (City of Windhoek, 2005). Of these,.

Barriers to Building Energy Efficiency (BEE) promotion: A transaction costs perspective

Science.gov (United States)

Qian Kun, Queena

Worldwide, buildings account for a surprisingly high 40% of global energy consumption, and the resulting carbon footprint significantly exceeds that of all forms of transportation combined. Large and attractive opportunities exist to reduce buildings' energy use at lower costs and higher returns than in other sectors. This thesis analyzes the concerns of the market stakeholders, mainly real estate developers and end-users, in terms of transaction costs as they make decisions about investing in Building Energy Efficiency (BEE). It provides a detailed analysis of the current situation and future prospects for BEE adoption by the market's stakeholders. It delineates the market and lays out the economic and institutional barriers to the large-scale deployment of energy-efficient building techniques. The aim of this research is to investigate the barriers raised by transaction costs that hinder market stakeholders from investing in BEES. It explains interactions among stakeholders in general and in the specific case of Hong Kong as they consider transaction costs. It focuses on the influence of transaction costs on the decision-making of the stakeholders during the entire process of real estate development. The objectives are: 1) To establish an analytical framework for understanding the barriers to BEE investment with consideration of transaction costs; 2) To build a theoretical game model of decision making among the BEE market stakeholders; 3) To study the empirical data from questionnaire surveys of building designers and from focused interviews with real estate developers in Hong Kong; 4) To triangulate the study's empirical findings with those of the theoretical model and analytical framework. The study shows that a coherent institutional framework needs to be established to ensure that the design and implementation of BEE policies acknowledge the concerns of market stakeholders by taking transaction costs into consideration. Regulatory and incentive options

Transactive System: Part I: Theoretical Underpinnings of Payoff Functions, Control Decisions, Information Privacy, and Solution Concepts

Energy Technology Data Exchange (ETDEWEB)

Lian, Jianming [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Zhang, Wei [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Sun, Y. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Marinovici, Laurentiu D. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Kalsi, Karanjit [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Widergren, Steven E. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2018-01-17

The increased penetration of renewable energy has significantly changed the conditions and the operational timing of the electricity grid. More flexible, faster ramping resources are needed to compensate for the uncertainty and variability introduced by renewable energy. Distributed energy resources (DERs) such as distributed generators, energy storage, and controllable loads could help manage the power grid in terms of both economic efficiency and operational reliability. In order to realize the benefits of DERs, coordination and control approaches must be designed to enable seamless integration of DERs into the power grid. Transactive coordination and control is a new approach for DER integration, where individual resources are automated and engaged through market interaction. Transactive approaches use economic signals—prices or incentives—to engage DERs. These economic signals must reflect the true value of the DER contributions, so that they seamlessly and equitably compete for the opportunities that today are only available to grid-owned assets. Value signals must be communicated to the DERs in near-real time, the assets must be imbued with new forms of distributed intelligence and control to take advantage of the opportunities presented by these signals, and they must be capable of negotiating and transacting a range of market-driven energy services. The concepts of transactive energy systems are not new, but build upon evolutionary economic changes in financial and electric power markets. These concepts also recognize the different regional structures of wholesale power markets, electricity delivery markets, retail markets, and vertically integrated service provider markets. Although transactive energy systems are not revolutionary, they will be transformational in their ability to provide flexibility and operational efficiency. A main goal of this research is to establish useful foundation for analysis of transactive energy systems and to facilitate

Market failures, consumer preferences, and transaction costs inenergy efficiency purchase decisions

Energy Technology Data Exchange (ETDEWEB)

Sathaye, Jayant; Murtishaw, Scott

2004-11-23

Several factors limit the energy savings potential and increase the costs of energy-efficient technologies to consumers. These factors may usefully be placed into two categories; one category is what economists would define as market failures and the other is related to consumer preferences. This paper provides a conceptual framework for understanding the roles of these factors, and develops a methodology to quantify their effects on costs and potentials of two energy efficient end uses - residential lighting and clothes washers. It notes the significant roles played by the high implicit cost of obtaining information about the benefits of the two technologies and the apparent inability to process and utilize information. For compact fluorescent lamps, this report finds a conservative estimate of the cost of conserved energy of 3.1 cents per kWh. For clothes washers, including water savings reduces the cost of conserved energy from 13.6 cents to 4.3 cents per equivalent kWh. Despite these benefits, market share remains low. About 18 million tons of CO2 could be saved cost effectively from 2005 sales of these two technologies alone. The paper also notes that trading of carbon emissions will incur transaction costs that will range from less than 10 cents per metric ton of CO2 for larger size projects and programs to a few dollars per metric ton of carbon for the smaller ones.

EPA Administrative Enforcement Dockets

Data.gov (United States)

U.S. Environmental Protection Agency — The EPA Administrative Enforcement Dockets database contains the electronic dockets for administrative penalty cases filed by EPA Regions and Headquarters. Visitors...

Transactional Infrastructure of the Economy: the Evolution of Concepts and Synthesis of Definitions

Directory of Open Access Journals (Sweden)

Maruschak Irina Valeryevna

2017-03-01

Full Text Available The overview of evolution of market infrastructure concepts is provided, the first concepts of institutional infrastructure are revealed in the paper. Evolutionarily developed narrowing of essence of infrastructure in connection with the priority analysis of its physical (material and technological components is proved. It ignores the fact that transactional resources, being drivers (driving forces of economic systems evolution, in turn evolve, becoming harder and harder, combining increase in efficiency of the elements and strengthening of heterogeneity and discrepancy of their structure. Transactional evolution of economy in general and evolution of separate transactional resources of production are the perspective directions of the special analysis. Transactional infrastructure is considered as the integrated complex of institutional, organizational (relational and information infrastructures. The problems of the first concepts of transactional infrastructure connected with difficulties of differentiation of its subsystems always operating jointly are revealed. Prospect of transition from the isolated analysis of separate resources of transactional type (institutes, organizations, information, social capital, trust, etc. to studying corresponding specific software infrastructures and to the system analysis of integrated transactional infrastructure of economy are argued. The transactional sector (as set of the specialized industries and the appropriate collective and individual subjects providing with resources market transaction is offered to be considered as transactional structure of economy. Transactional infrastructure is treated as critically significant factor of economic evolution which in the conditions of post-industrial type of economy gradually purchases transactional nature.

77 FR 11531 - Electric Quarterly Reports, Acacia Energy, Inc., et al.; Notice of Revocation of Market-Based...

Science.gov (United States)

2012-02-27

...-000 Nordic Marketing of Illinois, Docket No. ER03-888-000 L.L.C. Nordic Marketing of Michigan, Docket No. ER04-264-000 L.L.C. Nordic Marketing, L.L.C Docket No. ER00-774-000 Pirin Solutions, Inc Docket... (including market-based power sales, cost-based power sales, and transmission service) and providing...

The nature of the derivative market transactions traded in the Johannesburg securities exchange

Directory of Open Access Journals (Sweden)

Tankiso Moloi

2014-10-01

Full Text Available The main objective of the study was to assess and understand the nature of derivative products traded in the Johannesburg Securities Exchange (JSE by analysing daily transactions consisting of deals and contracts concluded, as well as notional values of derivatives traded in the review period. Analysed data found that the South African derivative market continues to grow and evolve with the consistent introduction of new derivative products such as the “can do” derivatives, IDX derivatives that are now being traded at the JSE. The evolvement and growth is confirmed by the fact that the total derivative deals in the JSE has also grown by 16.6% (CAGR from 2006. The study further found that the equity index remains the largest derivative for both options and futures

R&D Cooperation Between Firms---A Perceived Transaction Cost Perspective

OpenAIRE

Klaus Brockhoff

1992-01-01

Transaction cost is considered as an explanatory variable for the choice between markets and various organizational arrangements for performing some predefined tasks, such as engaging in private R&D. With respect to R&D cooperation between firms, we show that the perception of high transaction cost is related to certain characteristics of the firm and to the type of R&D task. We also show a relationship between the perception of transaction cost and the perceived success of the cooperation. T...

76 FR 3679 - Market Test of Marketing Mail Made Easy

Science.gov (United States)

2011-01-20

... POSTAL REGULATORY COMMISSION [Docket No. MT2011-3; Order No. 649] Market Test of Marketing Mail... recently-filed Postal Service proposal to conduct a 2-year market test involving the sale of Marketing Mail..., 2011. ADDRESSES: Submit comments electronically via the Commission's Filing Online system at http://www...

31 CFR 515.577 - Authorized transactions necessary and ordinarily incident to publishing.

Science.gov (United States)

2010-07-01

... ordinarily incident to publishing. 515.577 Section 515.577 Money and Finance: Treasury Regulations Relating... Authorized transactions necessary and ordinarily incident to publishing. (a) To the extent that such... engage in all transactions necessary and ordinarily incident to the publishing and marketing of...

Trust and Control Dynamics in Agrifood Supply Networks: Communication Strategies for Electronic Transaction Environments

OpenAIRE

Fritz, Melanie; Hausen, Tobias

2006-01-01

Agrifood supply networks are dynamic structures where firms regularly face the need to search for new market partners. A decision for a transaction with a new partner requires the existence of appropriate control and safeguard mechanisms as well as trust to overcome perceived risk and uncertainties. Electronic transaction environments offer new potentials for the identification of new transaction partners. However, trust and control need to be communicated appropriately in electronic transact...

77 FR 1181 - Real-Time Public Reporting of Swap Transaction Data

Science.gov (United States)

2012-01-09

... relevant to the institution's external market positioning.'' Id. at p. 13. Accordingly, the Commission is... immediately may enter into a mirror swap transaction with its affiliate on the same terms as the marketing...

Visualizing Dynamic Bitcoin Transaction Patterns.

Science.gov (United States)

McGinn, Dan; Birch, David; Akroyd, David; Molina-Solana, Miguel; Guo, Yike; Knottenbelt, William J

2016-06-01

This work presents a systemic top-down visualization of Bitcoin transaction activity to explore dynamically generated patterns of algorithmic behavior. Bitcoin dominates the cryptocurrency markets and presents researchers with a rich source of real-time transactional data. The pseudonymous yet public nature of the data presents opportunities for the discovery of human and algorithmic behavioral patterns of interest to many parties such as financial regulators, protocol designers, and security analysts. However, retaining visual fidelity to the underlying data to retain a fuller understanding of activity within the network remains challenging, particularly in real time. We expose an effective force-directed graph visualization employed in our large-scale data observation facility to accelerate this data exploration and derive useful insight among domain experts and the general public alike. The high-fidelity visualizations demonstrated in this article allowed for collaborative discovery of unexpected high frequency transaction patterns, including automated laundering operations, and the evolution of multiple distinct algorithmic denial of service attacks on the Bitcoin network.

Visualizing Dynamic Bitcoin Transaction Patterns

Science.gov (United States)

McGinn, Dan; Birch, David; Akroyd, David; Molina-Solana, Miguel; Guo, Yike; Knottenbelt, William J.

2016-01-01

Abstract This work presents a systemic top-down visualization of Bitcoin transaction activity to explore dynamically generated patterns of algorithmic behavior. Bitcoin dominates the cryptocurrency markets and presents researchers with a rich source of real-time transactional data. The pseudonymous yet public nature of the data presents opportunities for the discovery of human and algorithmic behavioral patterns of interest to many parties such as financial regulators, protocol designers, and security analysts. However, retaining visual fidelity to the underlying data to retain a fuller understanding of activity within the network remains challenging, particularly in real time. We expose an effective force-directed graph visualization employed in our large-scale data observation facility to accelerate this data exploration and derive useful insight among domain experts and the general public alike. The high-fidelity visualizations demonstrated in this article allowed for collaborative discovery of unexpected high frequency transaction patterns, including automated laundering operations, and the evolution of multiple distinct algorithmic denial of service attacks on the Bitcoin network. PMID:27441715

Social networks, market transactions, and reputation as a central resource. The Mercado del Mar, a fish market in central Mexico

Science.gov (United States)

Hernández, Juan M.

2017-01-01

Fish consumption in Mexico is considered low (around 12 kg per person per year) and non-homogeneously distributed across the country. One of the reasons for this situation is the scarcity of wholesale selling sites. In this context, the Mercado del Mar (MM), located in Guadalajara city, Jalisco, is the second biggest wholesale fish market in Mexico, with a distribution of about 500 tons per day and a variety of about 350 different species of fish. In this paper, we argue that MM has accumulated social capital, which is formed from two main resources: buyer and seller relationships, and reputation. Specifically, the MM manages a broad and intensive interaction among business actors and the already achieved reputation allows the MM to adapt to market changes. To validate our hypotheses, an empirical study was conducted in 2015 by means of interviews to fish wholesalers in the MM and a sample of their suppliers and buyers. For simplicity we have only considered fresh water fish. We have followed snow-ball sampling as the survey strategy. Results show that the MM has responded to fish market dynamics organizing a complex network of buyers and suppliers whose relationships can be explained in the form of strong and weak ties. At the same time, reputation has been the central resource to build this social capital and also gives place to market transactions. Additionally, the strategic position of Guadalajara city and the well-connected routes have facilitated fish bulking and distribution in the region. PMID:29016637

Social networks, market transactions, and reputation as a central resource. The Mercado del Mar, a fish market in central Mexico.

Science.gov (United States)

Pedroza-Gutiérrez, Carmen; Hernández, Juan M

2017-01-01

Fish consumption in Mexico is considered low (around 12 kg per person per year) and non-homogeneously distributed across the country. One of the reasons for this situation is the scarcity of wholesale selling sites. In this context, the Mercado del Mar (MM), located in Guadalajara city, Jalisco, is the second biggest wholesale fish market in Mexico, with a distribution of about 500 tons per day and a variety of about 350 different species of fish. In this paper, we argue that MM has accumulated social capital, which is formed from two main resources: buyer and seller relationships, and reputation. Specifically, the MM manages a broad and intensive interaction among business actors and the already achieved reputation allows the MM to adapt to market changes. To validate our hypotheses, an empirical study was conducted in 2015 by means of interviews to fish wholesalers in the MM and a sample of their suppliers and buyers. For simplicity we have only considered fresh water fish. We have followed snow-ball sampling as the survey strategy. Results show that the MM has responded to fish market dynamics organizing a complex network of buyers and suppliers whose relationships can be explained in the form of strong and weak ties. At the same time, reputation has been the central resource to build this social capital and also gives place to market transactions. Additionally, the strategic position of Guadalajara city and the well-connected routes have facilitated fish bulking and distribution in the region.

75 FR 19646 - Notice of Revocation of Market-Based Rate Tariff

Science.gov (United States)

2010-04-15

... Docket No. ER07-514-000. NCSU Energy, Inc Docket No. ER07-177-000. Primary Power Marketing LLC.. Docket... Order, the Commission directed G&G Energy, Inc.; NCSU Energy, Inc.; Primary Power Marketing LLC. and... time period for compliance with the March 18 Order has elapsed. The four companies identified in the...

Challenges and Opportunities for Transactive Control of Electric Vehicle Supply Equipment. A Reference Guide

Energy Technology Data Exchange (ETDEWEB)

Jin, Xin [National Renewable Energy Laboratory (NREL), Golden, CO (United States); Meintz, Andrew [National Renewable Energy Laboratory (NREL), Golden, CO (United States)

2015-07-29

This report seeks to characterize the opportunities and challenges that arise in developing a transactive control strategy for grid-EVSE integration in various use-case scenarios in a way that provides end-user, energy market, grid, and societal benefits. A detailed review provides information about EVSE integration market trends and stakeholder activities. This is followed by an exploration of value proposition for transactive control of EVSE at both the home scale and the building/campus scale. This report will serve as a reference guide for stakeholders in the grid-EVSE integration area, illustrate potential implementations, and identify a high-value research project for overcoming the barriers and unlocking the benefits of transactive controls of EVSE. While it is not intended to specify the technical details of the transactive control solution, the report contains a list of use cases describing potential applications of transactive control of EVSE, barriers to implementing these applications, and research and development (R&D) opportunities to overcome the barriers. The use cases of transactive control of EVSE are listed in Table ES1.

Strategic R&D transactions in personalized drug development.

Science.gov (United States)

Makino, Tomohiro; Lim, Yeongjoo; Kodama, Kota

2018-03-21

Although external collaboration capability influences the development of personalized medicine, key transactions in the pharmaceutical industry have not been addressed. To explore specific trends in interorganizational transactions and key players, we longitudinally surveyed strategic transactions, comparing them with other advanced medical developments, such as antibody therapy, as controls. We found that the financing deals of start-ups have surged over the past decade, accelerating intellectual property (IP) creation. Our correlation and regression analyses identified determinants of financing deals among alliance deals, acquisition deals, patents, research and development (R&D) licenses, market licenses, and scientific papers. They showed that patents positively correlated with transactions, and that the number of R&D licenses significantly predicted financing deals. This indicates, for the first time, that start-ups and investors lead progress in personalized medicine. Copyright © 2018 Elsevier Ltd. All rights reserved.

Effect of Climate Change and Transaction Costs on Performance of a Groundwater Market

Science.gov (United States)

Khan, H. F.; Brown, C.

2017-12-01

With surface water resources becoming increasingly stressed, groundwater extraction, much of it unmanaged, has increased globally. Incentive-based policies, such as the cap-and-trade system, have been shown to be useful in the context of groundwater management. Previous research has shown that optimal groundwater markets (i.e. incentives-based policy) outperforms water quotas (command and control policy) with regards to both economic and environmental outcomes. In this work, we investigate whether these advantages of a water market over water quotas hold when assumptions of perfect information are violated due to climate change and hydrogeologic heterogeneity. We also assess whether the benefits of a cap-and-trade system outweigh the costs of implementing it, and how changes in future climate affect the performance a cap-and trade system. We use a sub-basin of the Republican River Basin, overlying the Ogallala aquifer in the High Plains of the United States, as a case study. We develop a multi-agent system model where individual benefits of each self-interested agent are maximized subject to bounds on irrigation requirements and water use permits. This economic model is coupled with a calibrated physically based groundwater model for the study region. Results show that permitting farmers to trade results in increased economic benefits and reduced environmental violations. However, the benefits of trading are dependent on the total allocations and the resulting level of water demand. We quantify third party impacts and environmental externalities for different water allocations, and highlight the unequal distributional effects of uniform water allocations resulting in `winners' and `losers'. The study reveals that high transaction costs can reduce the efficiency of the cap-and-trade system even below that of water quotas. Future changes in climate are shown to significantly influence the dynamics of the water market, and emphasize the need to address climate

The Econometric Procedures of Specific Transaction Identification

Directory of Open Access Journals (Sweden)

Doszyń Mariusz

2017-06-01

Full Text Available The paper presents the econometric procedures of identifying specific transactions, in which atypical conditions or attributes may occur. These procedures are based on studentized and predictive residuals of the accordingly specified econometric models. The dependent variable is a unit transactional price, and explanatory variables are both the real properties’ attributes and accordingly defined artificial binary variables. The utility of the proposed method has been verified by means of a real market data base. The proposed procedures can be helpful during the property valuation process, making it possible to reject real properties that are specific (both from the point of view of the transaction conditions and the properties’ attributes and, consequently, to select an appropriate set of similar attributes that are essential for the valuation process.

31 CFR 560.210 - Exempt transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Exempt transactions. 560.210 Section 560.210 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF... services to market, produce or co-produce, create or assist in the creation of information and...

31 CFR 538.212 - Exempt transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Exempt transactions. 538.212 Section 538.212 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF... services to market, produce or co-produce, create or assist in the creation of information and...

Security-based rescheduling of transactions in a deregulated power system

International Nuclear Information System (INIS)

David, A.K.; Fang, R.S.

1999-01-01

The paper studies security-driven rescheduling in the context of electricity supply industry restructuring. Given that price-based operation is encouraged in an open-market system and that bilateral and pool contracts may coexist within this system, a mathematical methodology to reschedule these transactions, when required for security-related reasons, is developed. The post-contingency corrective capability of each transaction is considered and an attempt is made to achieve optimal rescheduling both for preventive and for post-contingency control. The computational results are helpful for providing an insight into the security challenges faced by an independent system operator in the emerging market structures. (author)

Social networks and factor markets

DEFF Research Database (Denmark)

Abay, Kibrom Araya; Kahsay, Goytom Abraha; Berhane, Guush

2018-01-01

We investigate the role of an indigenous social network in Ethiopia, the iddir, in facilitating factor market transactions among smallholder farmers. We use a detailed longitudinal household survey data and employ a fixed effects estimation to identify the effect of iddir membership on factor...... market transactions among farmers. We find that joining an iddir network improves households’ access to land, labour and credit transactions. Our findings also hint that iddir networks may crowd-out borrowing from local moneylenders (locally referred as ‘Arata Abedari’), a relatively expensive credit...

Market review: Market values summary July market review/current market data

International Nuclear Information System (INIS)

Anon.

1996-01-01

A summary of financial data for the uranium spot market is provided. Recent transactions are tabulated, including uranium sales, natural uranium loans, conversion sales, and enrichment sales. A market values summary and long-term price indicators are also provided. The July 1996 market review data includes summaries of near-term uranium sales, near-term supply/demand, NUEXCO values, USEC prices, and calculated worth of enriched uranium. Active projects in uranium, conversion, and separative work supply and demand are listed. International market values are tabulated for 22 selected currencies

Real Time Business Analytics for Buying or Selling Transaction on Commodity Warehouse Receipt System

Science.gov (United States)

Djatna, Taufik; Teniwut, Wellem A.; Hairiyah, Nina; Marimin

2017-10-01

The requirement for smooth information such as buying and selling is essential for commodity warehouse receipt system such as dried seaweed and their stakeholders to transact for an operational transaction. Transactions of buying or selling a commodity warehouse receipt system are a risky process due to the fluctuations in dynamic commodity prices. An integrated system to determine the condition of the real time was needed to make a decision-making transaction by the owner or prospective buyer. The primary motivation of this study is to propose computational methods to trace market tendency for either buying or selling processes. The empirical results reveal that feature selection gain ratio and k-NN outperforms other forecasting models, implying that the proposed approach is a promising alternative to the stock market tendency of warehouse receipt document exploration with accurate level rate is 95.03%.

31 CFR 539.204 - Exempt transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Exempt transactions. 539.204 Section 539.204 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE OF... of services to market, produce or co-produce, create, or assist in the creation of information or...

Transactions in Software Components: Container-Interposed Transactions

Czech Academy of Sciences Publication Activity Database

Procházka, M.; Plášil, František

2002-01-01

Roč. 3, č. 2 (2002), s. - ISSN 1525-9293 R&D Projects: GA ČR GA201/99/0244; GA AV ČR IAA2030902 Institutional research plan: AV0Z1030915 Keywords : transactions * component-based software architectures * transaction propagation policy * transaction attributes * container -interposed transactions Subject RIV: JC - Computer Hardware ; Software

May market review

International Nuclear Information System (INIS)

Anon.

1993-01-01

Seven uranium transactions totalling nearly three million pounds equivalent U3O8 were reported during May, but only two, totalling less than 200 thousand pounds equivalent U3O8, involved concentrates. As no discretionary buying occurred during the month, and as near-term supply and demand were in relative balance, prices were steady, while both buyers and sellers appeared to be awaiting some new market development to signal the direction of future spot-market prices. The May 31, 1993, Exchange Value and the Restricted American market Penalty (RAMP) for concentrates were both unchanged at $7.10, and $2.95 per pound U3O8, respectively. NUEXCO's judgement was that transactions for significant quantities of uranium concentrates that were both deliverable in and intended for consumption in the USA could have been concluded on May 31 at $10.05 per pound U3O8. Two near-term concentrate transactions were reported in which one US utility purchased less than 200 thousand pounds equivalent U3O8 from two separate sellers. These sales occurred at price levels at or near the May 31 Exchange Value plus RAMP. No long-term uranium transactions were reported during May. Consequently, the UF6 Value decreased $0.20 to $24.30 per kgU as UF6, reflecting some weakening of the UF6 market outside the USA

Market Values Summary/December Market Review/Current Market Data

International Nuclear Information System (INIS)

Anon.

1995-01-01

A summary of financial data for the 1994 uranium market is provided. Price ranges for the restricted and unrestricted markets, conversion, and separative work are listed. Detailed transactions are listed for enrichment services, enriched uranium product, sales and loans, uranium supply and demand, conversion supply and demand, and separative work supply and demand. Previous 6-month and yearly values are noted. A table of market values expressed in selected currencies is also provided

Market values summary/April market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the April 1995 uranium market summary. Overall market activity during this period was low, with five deals in the concentrates market, two deals in the long-term natural uranium market, and three deals in the spot enrichment market. There were no spot trades in the UF6 or conversion market. The restricted and unrestricted exchange values were $11.60 and $7.35 respectively. The restricted and unrestricted UF6 values were $36.00 and $25.50, and the restricted and unrestricted transaction values were $10.30 and $7.25. Active uranium supply rose, and active demand fell

The Value Added Tax Implications of Illegal Transactions

Directory of Open Access Journals (Sweden)

SP van Zyl

2011-01-01

Full Text Available In the case of MP Finance Group CC (In Liquidation v CSARS the High Court of Appeal ruled that income "received by" a taxpayer from illegal gains will be taxable in the hands of the taxpayer. This article explores whether or not the decision in the MP Finance-case (and preceding cases on the taxation of illegal receipts can be applied to determine if illegal transactions are subject to VAT and moreover if a trader in illegal goods and services should register as a VAT vendor. Although strictly speaking no analogy can be drawn between the charging provisions for income tax and VAT, it is clear that in the determination of the taxability of illegal income, the courts applied the principle of tax neutrality. In terms of the principle of tax neutrality, taxes are not concerned with the legality or illegality of a transaction, but rather with whether the transaction complies with the requirements for it to be taxed or not. That said, the European Court of Justice has a different approach in applying this principle. According to the European Court of Justice where the intrinsic nature of the goods excludes it from the commercial arena (like narcotic drugs it should not be subject to VAT, but where the goods compete with a legal market it must be subject to VAT. Charging VAT on illegal transactions might give the impression that government benefits from criminal activities. However, if illegal transactions are not subject to VAT the trader in illegal goods will benefit as his products will be 14% cheaper than his rival’s. Is this necessarily a moral dilemma? In conclusion three arguments can be deduced on the question if illegal transactions should be subject to VAT:1. Illegal transactions should not be taxed at all. Illegal goods or services fall outside the sphere of the application of the charging provision in section 7(1 of the VAT Act. Moreover, taxing illegal transactions lends a quasi-validity to the contract and gives the impression that

Procedure for Electronic Management of Rulemaking and Other Docketed Records in the Federal Docket Management System

Science.gov (United States)

This procedure identifies the specific requirements, processes and supporting documents EPA uses to electronically manage rulemaking and other docketed records in the Federal Docket Management System (FDMS).

Farmers' choice of cattle marketing channels under transaction cost ...

African Journals Online (AJOL)

The theoretical predictions of transaction cost economics were tested based on primary data collected from 230 cattle farm households in 13 communities of the Okhahlamba Local Municipality. The results of a multinomial logit regression revealed some unique insights. They showed that the probability of selling at auction ...

THE IMPACT OF MERGER AND ACQUISITION TRANSACTIONS AT THE COMPANY AND INDUSTRY LEVEL

Directory of Open Access Journals (Sweden)

Elif Akben Selçuk

2016-04-01

Full Text Available The objective of this study is to provide a literature review consisting of studies investigating the impact of mergers and acquisition (M&A transactions at the micro and macro levels. The review has three different parts. In the first part, the focus is on the macro effects of M&A transactions and the impact of these transactions at the industry and market levels as well as their determinants are investigated. The second part comprises studies analyzing the effects of M&A transactions on the financial performance of the acquirer and target companies. In the third and final section, the factors affecting the financial performance changes as a result of M&A transactions are discussed.

19 CFR 152.103 - Transaction value.

Science.gov (United States)

2010-04-01

... merchandise in the United States will not be added to the price actually paid or payable. The right to... value. (a) Price actually paid or payable—(1) General. In determining transaction value, the price..., such as the price in effect on the date of export in the London Commodity Market. The word “payable...

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.

Analysis of the transmission characteristics of China's carbon market transaction price volatility from the perspective of a complex network.

Science.gov (United States)

Jia, Jingjing; Li, Huajiao; Zhou, Jinsheng; Jiang, Meihui; Dong, Di

2018-03-01

Research on the price fluctuation transmission of the carbon trading pilot market is of great significance for the establishment of China's unified carbon market and its development in the future. In this paper, the carbon market transaction prices of Beijing, Shanghai, Tianjin, Shenzhen, and Guangdong were selected from December 29, 2013 to March 26, 2016, as sample data. Based on the view of the complex network theory, we construct a price fluctuation transmission network model of five pilot carbon markets in China, with the purposes of analyzing the topological features of this network, including point intensity, weighted clustering coefficient, betweenness centrality, and community structure, and elucidating the characteristics and transmission mechanism of price fluctuation in China's five pilot cities. The results of point intensity and weighted clustering coefficient show that the carbon prices in the five markets remained unchanged and transmitted smoothly in general, and price fragmentation is serious; however, at some point, the price fluctuates with mass phenomena. The result of betweenness centrality reflects that a small number of price fluctuations can control the whole market carbon price transmission and price fluctuation evolves in an alternate manner. The study provides direction for the scientific management of the carbon price. Policy makers should take a positive role in promoting market activity, preventing the risks that may arise from mass trade and scientifically forecasting the volatility of trading prices, which will provide experience for the establishment of a unified carbon market in China.

Analysis of transaction costs for the supply and demand for wood fuels

International Nuclear Information System (INIS)

Roos, A.; Bohlin, F.; Hektor, B.; Hillring, B.; Parikka, M.

2001-12-01

The objective of the project was to analyse the importance of transaction costs for the supply and demand for woodfuels in Sweden. The project covered the period of great expansion of woodfuel use in the district heating sector, from 1980 until present. It uses literature studies, case studies and surveys. New institutional theory and transaction cost theory was applied. Several transaction costs have influenced both supply from the forest owners and demand from the main users, the district heating plants. Many of these transaction costs have been reduced by the market players, through learning, technical improvements and institutional innovations. Actions to reduce transaction costs have accompanied technical improvements of handling and transport. Strategies for woodfuel procurement have also been analysed. Important conclusions of the project for a change in the energy system are presented

Safety in Markets: An Impossibility Theorem for Dutch Books

OpenAIRE

Leeat Yariv; David Laibson

2004-01-01

This paper explores the extent to which markets constrain intertemporal preferences. First, we show that without transaction costs, agents are immune to exploitation in competitive markets. In particular, a sequence of trades leaving any market participant strictly worse off (termed a money losing Dutch book) is generically impossible. When transaction costs exist in the market, Dutch books are plausible only when agents have inaccurate beliefs about their own future behavior. Thus, markets a...

18 CFR 250.16 - Format of compliance plan for transportation services and affiliate transactions.

Science.gov (United States)

2010-04-01

... affiliate's role in the transportation transaction (i.e., shipper, marketer, supplier, seller); the duration... distribution company, an interstate pipeline, an intrastate pipeline, an end-user, a producer, a marketer, or a...

7 CFR 1781.17 - Docket preparation and processing.

Science.gov (United States)

2010-01-01

... preparation, with a list of documents to be included in the docket. (3) Objectives of the docket. The docket.... (b) Loan processing by State Office—(1) Review of the docket. The processing office will check the... for authorized purposes. (v) Actions are in compliance with requirements of applicable Federal and...

Do Transaction Costs and Risk Preferences Influence Marketing Arrangements in the Illinois Hog Industry?

NARCIS (Netherlands)

Franken, J.R.V.; Pennings, J.M.E.; Garcia, P.

2008-01-01

Studies of hog industry structure often invoke risk reduction and transaction costs explanations for empirical observations but fail to directly examine the core concepts of risk behavior and transaction costs theories. Using a more unified conceptual framework and unique survey and accounting data,

22 CFR 102.27 - Docket.

Science.gov (United States)

2010-04-01

... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Docket. 102.27 Section 102.27 Foreign Relations... other than the Director of the Office of Aviation and summaries of oral communications prepared in...) All comments submitted under this subpart and placed in the docket, are available for public...

Relationship Service Marketing and Investment in Financial Market of Iran

OpenAIRE

Mehrdad Alipour; Reza Ahmadi; Hamed Abasi Nami

2012-01-01

In competitive world, having expertise, knowledge and marketing experience for financial market activities, especially brokerage firms has proven inevitable. This should be accompanied by performing marketing operations along with intermediary roles and carrying on the daily transactions of shares in the Tehran stock exchange market. The current study aims investigating the level of marketing knowledge used in stock exchange market, identifying the reasons behind deficient use of the marketin...

A Network-Based Dynamic Analysis in an Equity Stock Market

Directory of Open Access Journals (Sweden)

Juan Eberhard

2017-01-01

Full Text Available We study how changes in the structure of a brokers’ transaction network affect the probability with which the returns and volume of the traded financial assets change significantly. We analyze how the dynamics of the brokers’ transaction network are associated with the returns and volume observed in the Chilean stock market. To do this, we construct and validate an index that synthesizes the daily changes of the brokers’ transaction network structure of equity market transactions. We find that the changes of this structure are significantly correlated with variables that describe the local and international economic-financial environments. In addition, changes in the brokers’ transaction network structure are associated with a greater probability of positive shocks of more than two standard deviations in the stock exchange index return and total traded stock volume. These results suggest that the structure of the brokers’ trading relations plays a role in determining the returns and volume of transactions in the Chilean stock market.

Finite difference schemes for a nonlinear black-scholes model with transaction cost and volatility risk

DEFF Research Database (Denmark)

Mashayekhi, Sima; Hugger, Jens

2015-01-01

Several nonlinear Black-Scholes models have been proposed to take transaction cost, large investor performance and illiquid markets into account. One of the most comprehensive models introduced by Barles and Soner in [4] considers transaction cost in the hedging strategy and risk from an illiquid...

12 CFR 225.63 - Appraisals required; transactions requiring a State certified or licensed appraiser.

Science.gov (United States)

2010-01-01

...-related financial transactions except those in which: (1) The transaction value is $250,000 or less; (2) A... extension of credit at the lending institution, provided that: (i) There has been no obvious and material change in market conditions or physical aspects of the property that threatens the adequacy of the...

75 FR 5314 - Suncor Energy Marketing Inc.; Notice of Filing

Science.gov (United States)

2010-02-02

... Marketing Inc.; Notice of Filing January 26, 2010. Take notice that on January 13, 2010, Suncor Energy Marketing Inc. (Petitioner) filed a petition for declaratory order pursuant to Rule 207(a)(2) of the... document is added to a subscribed docket(s). For assistance with any FERC Online service, please e-mail...

The Impact of Trust on the Mode of Transaction Governance between Manufacturer and Distributor: Evidence from Georgia

Directory of Open Access Journals (Sweden)

George BERULAVA

2008-11-01

Full Text Available The goal of the paper is to explore main determinants of the mode of transaction governance between manufacturers and distributors. We examine a number of types of transaction governance, viz., markets, relational transacting, and hierarchies. The model proposed in the paper integrates the concept of trust with key dimensions of transaction cost economics, being estimated with data from a sample of Georgian manufacturing industries. The main finding of the study is that trust along with traditional dimensions of transaction cost economics has a significant impact on the choice of exchange governance mode

Not an 'iron pipeline', but many capillaries: regulating passive transactions in Los Angeles' secondary, illegal gun market.

Science.gov (United States)

Chesnut, Kelsie Y; Barragan, Melissa; Gravel, Jason; Pifer, Natalie A; Reiter, Keramet; Sherman, Nicole; Tita, George E

2017-08-01

California has strict firearm-related laws and is exceptional in its regulation of firearms retailers. Though evidence suggests that these laws can reduce illegal access to guns, high levels of gun violence persist in Los Angeles (LA), California. This research seeks to describe the sources of guns accessed by active offenders in LA, California and reports offenders' motivations for obtaining guns. Los Angeles County Jail (LACJ) system (four facilities). Random sampling from a screened pool of eligible participants was used to conduct qualitative semistructured interviews with 140 incarcerated gun offenders in one of four (LACJ) facilities. Researchers collected data on firearm acquisition, experiences related to gun violence, and other topics, using a validated survey instrument. Grounded theory guided the collection and analysis of data. Respondents reported possession of 77 specific guns (79.2% handguns) collectively. Social networks facilitate access to illegal guns; the majority of interviewees acquired their illegal guns through a social connection (85.7%) versus an outside broker/unregulated retailer (8.5%). Most guns were obtained through illegal purchase (n=51) or gift (n=15). A quarter of gun purchasers report engaging in a passive transaction, or one initiated by another party. Passive gun buyers were motivated by concerns for personal safety and/or economic opportunity. In LA's illegal gun market, where existing social relationships facilitate access to guns across a diffuse network, individuals, influenced by both fear and economic opportunity, have frequent opportunities to illegally possess firearms through passive transactions. Gun policies should better target and minimise these transactions. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

Bilateral transaction bargaining between independent utilities under incomplete information

International Nuclear Information System (INIS)

David, A. K.; Wen, F. S.

2001-01-01

A new approach to designing bilateral power transaction bargaining models between two independent utilities in a deregulated electricity market is proposed. In the paper it is assumed that each utility (a seller or a buyer) knows its own operating costs but does not know those of its opponent. The bilateral power transaction problem is then considered as non-cooperative bargaining under incomplete information. Each participant develops its own bargaining strategy based on estimates of the opponent's operating costs and bargaining strategy. Two bargaining models are developed and examples are employed for demonstration. (Author)

75 FR 17174 - Market Test

Science.gov (United States)

2010-04-05

... POSTAL REGULATORY COMMISSION [Docket No. MT2010-1; Order No. 434] Market Test AGENCY: Postal... notice announcing its intent to initiate a market test. This notice addresses procedural steps associated... intent to initiate a market test beginning on or about May 1, 2010, of an experimental competitive...

The Impact of Trust on the Mode of Transaction Governance between Manufacturer and Distributor: Evidence from Georgia

OpenAIRE

George BERULAVA; David LEZHAVA

2008-01-01

The goal of the paper is to explore main determinants of the mode of transaction governance between manufacturers and distributors. We examine a number of types of transaction governance, viz., markets, relational transacting, and hierarchies. The model proposed in the paper integrates the concept of trust with key dimensions of transaction cost economics, being estimated with data from a sample of Georgian manufacturing industries. The main finding of the study is that trust along with tra...

Relationship marketing in the b2b market

Directory of Open Access Journals (Sweden)

Gligorijević Mirjana

2009-01-01

Full Text Available As markets turned more and more competitive, companies had to change their marketing approach. From transactional marketing they are shifting to relationship marketing, trying to increase market share by focusing on their most important customers, implementing the concept of key account management. In this paper we tend to introduce the concept of key account management. In final section of this paper we will analyze effects of implementation of key account management, in terms of potential benefits and cautions. .

Power Reactor Docket Information

International Nuclear Information System (INIS)

1976-08-01

A listing of citations and subject indexing for documentation associated with the regulation of commercial nuclear facilities is presented. This documentation for the most part is that submitted to the U.S. Nuclear Regulatory Commission in accordance with regulatory processes in support of applications for construction permits and operating licenses. The citations are listed in Docket Number order. The citations are preceded by two tables of contents that allow the correlation of Docket Numbers and Facility Names. An alphabetic subject index follows the citations

Research on application model of blockchain technology in distributed electricity market

Science.gov (United States)

Cheng, S.; Zeng, B.; Huang, Y. Z.

2017-11-01

In the context of current energy Internet, the emergence of a large number of energy productive consumers will create a new business model. In the decentralized electricity market, the cost of traditional centralized solution construction, management and maintenance is too high, and it is difficult to support the collection, transmission, reception, storage and analysis of massive data. To provide a solution to this phenomenon, we apply the blockchain technology to this distributed electricity market to achieve peer to peer transactions in the power systems. The blockchain technology which is very popular nowadays will be used in power system to establish a credible direct transaction between devices. At first, this article analyzes the future direction of the development of power systems, studies the characteristics of decentralized power systems and summarizes the main issues in the development process. Then, we analyze the basic characteristics of blockchain and put forward a new transaction framework in consideration of problems existing in current energy market. The transaction framework is based on the blockchain technology in the distributed electricity market and includes the pricing method, the power transaction system architecture, various modules of the trading system and the details of the whole transaction system runtime. This framework provides a viable solution for increasingly complex energy transactions.

Market values summary/June market review/current market data

International Nuclear Information System (INIS)

Anon.

1996-01-01

This article is the June 1996 uranium market review. It contains data on recent uranium concentrates transactions, including natural uranium loans, conversion sales, and enrichment services sales. Data on the supply and demand of concentrates, conversion services, and enrichment services is also provided

Distribution factors for reactive power in the presence of bilateral transactions

International Nuclear Information System (INIS)

De Tuglie, E.; Torelli, F.

2004-01-01

The twin factors of limited investment in electric transmission systems and the overexploitation of electrical resources results in an increase in the need for reactive power to support system voltage profile and to supply loads. It is reasonable to expect that generators and compensators, heavily involved in reactive support on a voluntary basis, will be remunerated for their service by market transactions. This remuneration will depend on the network topology, i.e. of buyers, sellers and reactive injection locations, on the active power exchanged and the reactive power required by loads. All these aspects are taken into account in developing a methodology based on circuit considerations. Using this approach, at a given system operating point characterised by a predefined set of transactions, reactive responsibilities can be formulated as the sum of two terms: one strictly related to transactions and the other dependent on electric network parameters. Test results demonstrate the efficacy of the proposed methodology in sharing reactive power responsibilities in a fair way among market participants. (author)

75 FR 80496 - Registration Review; Pesticide Dockets Opened for Review and Comment and Other Docket Actions

Science.gov (United States)

2010-12-22

... in hard copy form. Publicly available docket materials are available either in the electronic docket at http://www.regulations.gov , or, if only available in hard copy, at the OPP Regulatory Public... 155, subpart C. Section 3(g) of FIFRA provides, among other things, that the registrations of...

76 FR 38166 - Registration Review; Pesticide Dockets Opened for Review and Comment and Other Docket Actions

Science.gov (United States)

2011-06-29

... in hard copy form. Publicly available docket materials are available either in the electronic docket at http://www.regulations.gov , or, if only available in hard copy, at the OPP Regulatory Public.... Section 3(g) of FIFRA provides, among other things, that the registrations of pesticides are to be...

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

OpenAIRE

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

2008-01-01

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

Optimal Investment Under Transaction Costs: A Threshold Rebalanced Portfolio Approach

Science.gov (United States)

Tunc, Sait; Donmez, Mehmet Ali; Kozat, Suleyman Serdar

2013-06-01

We study optimal investment in a financial market having a finite number of assets from a signal processing perspective. We investigate how an investor should distribute capital over these assets and when he should reallocate the distribution of the funds over these assets to maximize the cumulative wealth over any investment period. In particular, we introduce a portfolio selection algorithm that maximizes the expected cumulative wealth in i.i.d. two-asset discrete-time markets where the market levies proportional transaction costs in buying and selling stocks. We achieve this using "threshold rebalanced portfolios", where trading occurs only if the portfolio breaches certain thresholds. Under the assumption that the relative price sequences have log-normal distribution from the Black-Scholes model, we evaluate the expected wealth under proportional transaction costs and find the threshold rebalanced portfolio that achieves the maximal expected cumulative wealth over any investment period. Our derivations can be readily extended to markets having more than two stocks, where these extensions are pointed out in the paper. As predicted from our derivations, we significantly improve the achieved wealth over portfolio selection algorithms from the literature on historical data sets.

Market Making in the Residential Real Estate Market

National Research Council Canada - National Science Library

Tenney, Curtis

2001-01-01

.... The benefits of having market makers range from shortening trading time and reducing transaction costs to transmitting information quicker and cheaper and reducing total selling costs and equilibrium prices...

77 FR 18810 - Registration Review; Pesticide Dockets Opened for Review and Comment and Other Docket Act

Science.gov (United States)

2012-03-28

... and will be publicly available only in hard copy form. Publicly available docket materials are available either in the electronic docket at http://www.regulations.gov , or, if only available in hard copy.... Section 3(g) of FIFRA provides, among other things, that the registrations of pesticides are to be...

The influence of relationship marketing drivers on marketing and business performance

OpenAIRE

Cristian DUTU

2012-01-01

In the last few decades, both marketing theory and practice have gone through a transformation process, from the approach based on the marketing mix concept (the traditional/transactional approach in marketing) to a relationship-based approach. As a strategic orientation, relationship marketing requires a focus on maintaining and developing profitable long-term relationships with customers. As a as a result of the organization's focus on relationship marketing customer satisfaction has receiv...

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

DEFF Research Database (Denmark)

Cirera, Xavier; Arndt, Channing

2008-01-01

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

The impact of a financial transaction tax on stylized facts of price returns—Evidence from the lab

Science.gov (United States)

Huber, Jürgen; Kleinlercher, Daniel; Kirchler, Michael

2012-01-01

As the introduction of financial transaction taxes is increasingly discussed by political leaders we explore possible consequences such taxes could have on markets. Here we examine how “stylized facts”, namely fat tails and volatility clustering, are affected by different tax regimes in laboratory experiments. We find that leptokurtosis of price returns is highest and clustered volatility is weakest in unilaterally taxed markets (where tax havens exist). Instead, tails are slimmest and volatility clustering is strongest in tax havens. When an encompassing financial transaction tax is levied, stylized facts hardly change compared to a scenario with no tax on all markets. PMID:23565012

The impact of a financial transaction tax on stylized facts of price returns-Evidence from the lab.

Science.gov (United States)

Huber, Jürgen; Kleinlercher, Daniel; Kirchler, Michael

2012-08-01

As the introduction of financial transaction taxes is increasingly discussed by political leaders we explore possible consequences such taxes could have on markets. Here we examine how "stylized facts", namely fat tails and volatility clustering, are affected by different tax regimes in laboratory experiments. We find that leptokurtosis of price returns is highest and clustered volatility is weakest in unilaterally taxed markets (where tax havens exist). Instead, tails are slimmest and volatility clustering is strongest in tax havens. When an encompassing financial transaction tax is levied, stylized facts hardly change compared to a scenario with no tax on all markets.

"Should I Buy or Should I Grow?" How drug policy institutions and drug market transaction costs shape the decision to self-supply with cannabis in the Netherlands and the Czech Republic.

Science.gov (United States)

Belackova, Vendula; Maalsté, Nicole; Zabransky, Tomas; Grund, Jean Paul

2015-03-01

This paper uses the framework of institutional economics to assess the impact of formal and informal institutions that influence the transaction costs on the cannabis market, and users' decisions to self-supply in the Czech Republic and the Netherlands, two countries with seemingly identical policies towards cannabis cultivation. A comparative analysis was conducted using secondary qualitative and quantitative data in four areas that were identified as relevant to the decision to cultivate cannabis: (i) the rules of the game - cannabis cultivation policy; (ii) "playing the game" - implementation of cannabis cultivation policy, (iii) informal institutions - cannabis cultivation culture, and (iv) the transaction costs of the cannabis market - availability, quality, and relative cannabis prices adjusted by purchasing power parity. Although the two policies are similar, their implementation differs substantially. In the Czech Republic, law enforcement has focused almost exclusively on large-scale cultivation. This has resulted in a competitive small-scale cultivation market, built upon a history of cannabis self-supply, which is pushing cannabis prices down. In the Netherlands, the costs of establishing one's own self-supply have historically outweighed the costs associated with buying in coffee shops. Additionally, law enforcement has recently pushed small-scale growers away from the market, and a large-scale cannabis supply, partly controlled by organised criminal groups, has been established that is driving prices up. The Czech cannabis prices have become relatively lower than the Dutch prices only recently, and the decision to buy on the market or to self-supply will be further shaped by the transactions costs on both markets, by policy implementation and by the local culture. The ability to learn from the impacts of cannabis cultivation policies conducted within the framework of UN drug treaties is particularly important at a time when increasing numbers of

76 FR 60822 - Registration Review; Pesticide Dockets Opened for Review and Comment and Other Docket Actions

Science.gov (United States)

2011-09-30

... placed on the Internet and will be publicly available only in hard copy form. Publicly available docket... available in hard copy, at the OPP Regulatory Public Docket in Rm. S-4400, One Potomac Yard (South Bldg... 155, subpart C. Section 3(g) of FIFRA provides, among other things, that the registrations of...

Non-Linear Transaction Costs Inclusion in Mean-Variance Optimization

Directory of Open Access Journals (Sweden)

Christian Johannes Zimmer

2005-12-01

Full Text Available In this article we propose a new way to include transaction costs into a mean-variance portfolio optimization. We consider brokerage fees, bid/ask spread and the market impact of the trade. A pragmatic algorithm is proposed, which approximates the optimal portfolio, and we can show that is converges in the absence of restrictions. Using Brazilian financial market data we compare our approximation algorithm with the results of a non-linear optimizer.

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

OpenAIRE

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

2009-01-01

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

Using the market at a cost: How the introduction of green certificates in Sweden lead to market inefficiencies

International Nuclear Information System (INIS)

Sundqvist, Thomas; Nilsson, Mats

2005-01-01

The paper examines the transactions costs in the Swedish electricity retail market arising as a result of the implementation of a green certificate system. Since transaction costs cannot be measured directly, we analyze the margin between what the retailers pay for the certificates and what they charge the end-users for the certificate service. Our results show the necessity to put either market or regulatory pressure on the retailers. There are strong indications that the retailers have used the green certificate market to extract oligopoly rents. We propose that the competitive pressure on the retailers should be strengthened by, for example, shifting the quota obligation to the retailers and/or by including the pricing of the certificate-service in the end-user price of electricity. Furthermore, we restate the obvious fact that the number of policy instruments implemented in a particular market matters insofar that each and every policy will create transaction costs. (Author)

How the physical electricity markets will work in Ontario

International Nuclear Information System (INIS)

Murphy, P.

1998-01-01

The issue of how the physical electricity markets in Ontario will operate was the focus of this presentation. Principal topics addressed included a definition of the physical market, (a mechanism through which the terms and conditions, including price, for the physical exchange of a commodity are established, and delivery is realized); a discussion on the role of the Independent Market Operator; wholesale and retail electricity markets; retail market proposals; the staging of congestion pricing; and the life cycle of physical transactions and payments. Market price components were summarized, and a typical transaction from bids and offers to billing and fund transfer was illustrated

The French wholesale electricity and natural gas markets. 2009-2010 Report

International Nuclear Information System (INIS)

2010-10-01

This report on the operation of French wholesale electricity and natural gas markets deals with CRE wholesale market surveillance activities. It capitalizes on the experience gained in this area since the Law of the 7 December 2006 gave the CRE market surveillance powers. It is also based on feedback from discussions and interaction with the different stakeholders through public consultations. Market surveillance applies to: - electricity and gas, - bilateral transactions, trading on exchanges and cross-border transactions, - all maturities, from short-term markets to long-term contracts, - all French wholesale market counter-parties, whatever nationality they may have, - contracts for physical delivery, as well as to financial products. The Law also allows extensive surveillance of market participants' behaviour, in that the CRE can oversee not only transactions between operators but also their bids and the correspondence between the prices charged and the position of each operator. In order to address these different subjects, the electricity and gas sections of this report are divided into four main chapters dealing with the development of trading, wholesale market price trends, the fundamentals (generation, infrastructures) and, finally, the analysis of electricity transactions and the supply of alternative gas operators. Contents: A - Introduction, Summary of the report; B - Section 1 - The wholesale electricity markets: The development of the main segments of the wholesale market, Electricity prices, Analysis of generation and its transparency, Analysis of transactions; C - Section 2 - The wholesale gas markets: The development of gas trading, Gas prices, The gas infrastructures, The supply of players/new entrants; D - Section 3 - Appendices: Glossary, Index to graphs, Index to tables, Index to boxes

Optimization-based sale transactions and hydrothermal scheduling

International Nuclear Information System (INIS)

Prasannan, B.; Luh, P.B.; Zhang, L.

1996-01-01

Selling and purchasing power are important activities for utilities because of potential savings. When a selling utility presents an offer including prices, power levels and durations, a purchasing utility selects power levels and durations within the offered range subject to relevant constraints. The decisionmaking process is complicated because transactions are coupled with system demand and reserve, therefore decisions have to be made in conjunction with the commitment and dispatching of units. Furthermore, transaction decisions have to be made in almost real time in view of the competitiveness of the power market caused by deregulation. In this paper, transactions are analyzed from a selling utility's viewpoint for a system consisting of thermal, hydro and pumped-storage units. To effectively solve the problem, linear sale revenues are approximated by nonlinear functions, and non-profitable options are identified and eliminated from consideration. The multipliers are then updated at the high level by using a modified subgradient method to obtain near optimal solutions quickly. Testing results show that the algorithm produces good sale offers efficiently

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, ...

Swap transactions as a financial tool, their recognition as international accounting standard 39 and display in financial statements

Directory of Open Access Journals (Sweden)

Ali Kablan

2013-04-01

Full Text Available Developments in international financial markets concern both developed countries and developing countries closely. The transactions of institutions arising from of commercial activities display a more complex and more risky state in line with international economic developments. The globalization trend in the world economy, the extreme fluctuations in currencies, interests and product prices have rendered closely following up the developments in financial tools mandatory. Taking advantage of derivative financial tools which increase the revenue of assets by taking future risks into consideration, impact a decrease in debt costs and has the purpose of transferring risks are of vital importance with respect to the successful management of companies. At the present time in which international commerce, free market economy and globalization has gained in importance, one of the derivative products used in risk management and have a wide implementation area is swap transactions. Swap transactions can be expressed as a financial transaction including the exchange of interest, foreign currency or both between two or more parties. Swap transactions in particular are used for purposes such as protection against risks due to interest rates and exchange rates, ensuring low cost financing, changing the debt structure and entering different markets. In this study, the generally defined characteristics of swap transactions, which have an important standing within financial risk management and have been rapidly developing in the world in recent years and their recognition according to the International Accounting Standard 39 concerning the recognition of swap transactions, which has in particular termed the study have been focused on. In the framework of the standard, interest swap and foreign currency swap implementation study were included with respect to the matter.

Evolution of gas markets and energy security

Energy Technology Data Exchange (ETDEWEB)

Mitrova, Tatiana

2007-07-01

Questions of energy security and international gas trade became indissolubly connected during the last years. Paradoxically during the evolution of natural gas markets concerns about security issues in gas trade are only growing at the same time as transaction costs. Market participants have developed several mechanisms of adaptation (vertical integration, mutual penetration of capital and long-term contracts) which should be regarded not as a market failure but as an essential part of energy security guarantees at the moment. Further gas market evolution will demand more unified institutional framework to decrease threats to energy security and transaction costs. But this framework should be a result of mutual compromise of all market participants. (auth)

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

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

Predicting Market Impact Costs Using Nonparametric Machine Learning Models.

Science.gov (United States)

Park, Saerom; Lee, Jaewook; Son, Youngdoo

2016-01-01

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

Market values summary/February market review/current market data

International Nuclear Information System (INIS)

Anon.

1995-01-01

This article is the February 1995 uranium market summary. In the natural uranium and concentrates market, there were 10 deals, and the restricted value moved upward to $10.40. The unrestricted value remained fixed at $7.25. In the UF6 market, there were two deals in the restricted market, and the restricted value rose to $32.75 per kgU as UF6. The unrestricted value remained at $25.00. The restricted transaction value rose to $9.75, and the unrestricted value rose to $7.15. In the enrichment services market, there were three deals. The restricted SWU value rose to $90 per SWU, and the unrestricted value rose to $75 per SWU. Active uranium supply and active uranium demand dropped this reporting period

Transactional Memory

CERN Document Server

Harris, Tim; Rajwar, Ravi

2010-01-01

The advent of multicore processors has renewed interest in the idea of incorporating transactions into the programming model used to write parallel programs.This approach, known as transactional memory, offers an alternative, and hopefully better, way to coordinate concurrent threads. The ACI(atomicity, consistency, isolation) properties of transactions provide a foundation to ensure that concurrent reads and writes of shared data do not produce inconsistent or incorrect results. At a higher level, a computation wrapped in a transaction executes atomically - either it completes successfullyand

THE BORROWER CHARACTERISTICS IN HOT EQUITY MARKETS

Directory of Open Access Journals (Sweden)

HALIL DINCER KAYA

2017-06-01

Full Text Available In this study, I examine the characteristics of U.S. corporate borrowers (public debt, private placement, and syndicated loan firms in HOT versus COLD equity markets. My main objective is to see the characteristics of firms that choose debt financing even when the equity market is HOT. HOT equity markets are defined as the top twenty percent of the months in terms of the de-trended number of equity offerings. I find that the HOT equity market borrowers generally have higher market-to-book ratios compared to the COLD market borrowers. Also, in HOT equity markets, the public debt firms (i.e. the corporate bond issuers tend to have fewer tangible assets, the private placement firms tend to be smaller and highly levered, and the syndicated loan firms tend to be smaller, more profitable, and less levered compared to the COLD market firms. When I look at the number of transactions in each market, I find that when the equity market is active (i.e. HOT, the syndicated loan market is even more active. During these periods, the public debt market is also active (although not as much as the equity or the syndicated loan markets. When I look at the sizes of the transactions in each market, I find that the private placements tend to be significantly larger in HOT markets compared to COLD markets. I conclude that while the equity, the public debt, and the syndicated loan markets move together in terms of market activity, the equity market and the private placement markets move together in terms of the size of the transaction.

Predicting Fluctuations in Cryptocurrency Transactions Based on User Comments and Replies.

Science.gov (United States)

Kim, Young Bin; Kim, Jun Gi; Kim, Wook; Im, Jae Ho; Kim, Tae Hyeong; Kang, Shin Jin; Kim, Chang Hun

2016-01-01

This paper proposes a method to predict fluctuations in the prices of cryptocurrencies, which are increasingly used for online transactions worldwide. Little research has been conducted on predicting fluctuations in the price and number of transactions of a variety of cryptocurrencies. Moreover, the few methods proposed to predict fluctuation in currency prices are inefficient because they fail to take into account the differences in attributes between real currencies and cryptocurrencies. This paper analyzes user comments in online cryptocurrency communities to predict fluctuations in the prices of cryptocurrencies and the number of transactions. By focusing on three cryptocurrencies, each with a large market size and user base, this paper attempts to predict such fluctuations by using a simple and efficient method.

Winner’s Curse: An Analysis of Transactions Happening in Soccer Clubs

Directory of Open Access Journals (Sweden)

Josimar Pires da Silva

2017-04-01

Full Text Available The literature states the term winner’s curse as the fact that auction winners pay higher prices a good, above its actual value. The purpose of this article is to verify whether soccer clubs around the world conducting their main business transactions (buying and selling players incur so-called the “Curse of the Winner”. A descriptive research was conducted through the Transfermarkt database analyzes involving renowned clubs and soccer players transactions in recent years. The results point out that the biggest and more relevant soccer clubs in the market present the winner’s curse, i.e., they acquired players who do not deliver good results in performance and economy, paying a million dollar for them. Nevertheless, the analysis was limited for probabilistic expectations of the occurrence of the curse of the winner, as well as contingency factors such as: human behavior, injuries, etc. In addition, this article contributes to the literature about the winner’s curse, especially in relation to the uncertainties of the soccer market. Likewise, the very measurement and accounting recognition of such transactions are fragile in estimating the true economic resource arising from training or hiring a soccer player.

Relationship between Marketing Strategies and Governance Mechanisms: A Study in Exploration Chain Beef Cattle

Directory of Open Access Journals (Sweden)

Filipe Quevedo-Silva

2015-09-01

Full Text Available The relationship between actors has been unspoilt by marketing through the bias of Transaction Costs Economics. Some authors suggest that a marketing strategy can directly impact the transactional characteristics and hence the governance mechanisms chosen to coordinate transactions. Studies suggest that future work in the field of marketing include, among other factors, aspects related to the relationship between the actors. In this context, this article aims to analyze how marketing strategies can affect the choice of governance mechanisms. The study object is the chain of beef, view their representation to the national economy. To this end, we conducted a qualitative study using semi-structured interviews with various actors in the chain. It was possible to verify the existence of the relationship between marketing strategy and governance structure. In one of the cases, product differentiation, translated into more specific assets, led the producer to perform a relational contract with the fridge and to distribute your product, make an integration with retailers, through the opening of a boutique of meat. Factor that was not observed in transactions involving producers on products without distinction, for which the transactions via spot market are prevalent.  

The French wholesale electricity and natural gas markets. 2008 report

International Nuclear Information System (INIS)

2009-12-01

This second report on the operation of French wholesale electricity and natural gas markets deals with CRE wholesale market surveillance activities. It follows on from the different work undertaken or announced in the first surveillance report and in the proceedings of the CRE deliberation held on the 8 January 2009. It capitalizes on the experience gained in this area since the Law of the 7 December 2006 gave the CRE market surveillance powers. It is also based on feedback from discussions and interaction with the different stakeholders, through the public consultations held by CRE in 2008 and 2009. market surveillance applies to: - electricity and gas, - bilateral transactions, trading on exchanges and cross-border transactions, - all maturities, from short-term markets to long-term contracts, - all French wholesale market counter-parties, whatever nationality they may have, - contracts for physical delivery, as well as to financial products. The Law also allows extensive surveillance of market participants' behaviour, in that the CRE can oversee not only transactions between operators but also their bids and the correspondence between the prices charged and the position of each operator. In order to address these different subjects, the electricity and gas sections of this report are divided into four main chapters dealing with the development of trading, wholesale market price trends, the fundamentals (generation, infrastructures) and, finally, the analysis of electricity transactions and the supply of alternative gas operators. Contents: A - Methodology notice, Introduction, Summary of the report; B - Section 1 - Wholesale electricity markets: The development of the main wholesale market segments, Monitoring of price formation in France in terms of fundamentals and in comparison with the main interconnected European markets, Analysis and transparency of generation, The analysis of transactions; C - Section 2 - Wholesale natural gas markets: The

Predicting Market Impact Costs Using Nonparametric Machine Learning Models.

Directory of Open Access Journals (Sweden)

Saerom Park

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

Public-to-Private Transactions : LBOs, MBOs, MBIs and IBOs

NARCIS (Netherlands)

Renneboog, L.D.R.; Simons, T.

2005-01-01

This paper shows that a vibrant and economically important public-to-private market has reemerged in the US, UK and Continental Europe, since the second half of the 1990s.The paper shows recent trends and investigates the motives for public-to-private and LBO transactions.The reasons for the

Reciprocity in Online Markets: Empirical Studies of Auction and Barter Markets

Science.gov (United States)

Ye, Shun

2013-01-01

My dissertation seeks to understand how reciprocity affects transaction outcomes and mechanism design in online markets. The first essay examines negative reciprocity illustrated as feedback-revoking behavior in the eBay auction market, focusing on its impact and implications for reputation system design. I utilize the biggest policy change of…

78 FR 6386 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-01-30

... routing orders to away markets plus the away market's transaction fee. With respect to the fixed costs... clearing and transaction charges incurred by the Exchange as well as certain other costs incurred by the... is reasonable to recoup these costs borne by the Exchange on each transaction. \\15\\ CBOE recently...

Market values summary/December market review/current market data

International Nuclear Information System (INIS)

Anon.

1994-01-01

This article is the December 1993 uranium market summary. During this period, there were six deals in the restricted concentrates market and none in the unrestricted market. The restricted value dropped slightly to $9.85 per pound U3O8, while the unrestricted market rose slightly to $7.00. The UF6 market was also slow, with a slight decrease in the restricted UF6 value to $31.00 and no change in the unrestricted value ($24.00). The unrestricted transaction value was $7.15 per pound U3O8, and the restricted value was $10.25. In the enrichment services market, the unrestricted SWU value remained fixed at $68.00 per SWU, while the unrestricted value increased by a dollar to $84.00 per SWU. Active uranium supply decreased, while active demand increased

Transaction Costs in Global Supply Chains of Manufacturing Companies

Directory of Open Access Journals (Sweden)

Philipp Bremen

2010-02-01

Full Text Available Outsourcing has advanced to an important measure that is applied broadly in operations management. Nowadays, suppliers of manufacturing companies do not only provide direct material like raw material and operational supplements but offer components and advanced modules incurring many value-adding stages. Whereas in the past companies built up local supplier networks, they recently tend to search for global sources. However, not all companies reach their expectations towards the success of global sourcing projects. Important reasons for relocating manufacturing capacities back to local suppliers or in- house manufacturing are costs for unexpected coordination activities, limited flexibility and declined or fluctuating quality. The theory of Transaction Cost Economics postulates that transaction costs of the types information, communication and coordination determine the governance structure of a supply chain, i.e. market, hybrid or firm. The objective of this paper is to analyze the cause-and-effect chain of inter-firm transaction costs concerning global sourcing. The resulting qualitative model is based on explorative multiple-case study.

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

Science.gov (United States)

Barry Goodwin; Matthew Holt; Jeffrey P. Prestemon

2011-01-01

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

Market values summary/January market review/current market data

International Nuclear Information System (INIS)

Anon.

1994-01-01

This article is the January 1994 uranium market summary. In the natural uranium and concentrates market, there were only three deals reported. The restricted value dropped to $9.50, while the unrestricted value remained steady at $7.00. There was only one UF6 trade reported, and both the restricted and unrestricted values decreased (to $30.15 and $24.50 respectively). The restricted transaction value remained at $7.15, and the unrestricted value declined to $10.00. In the enrichment services market, only one deal was concluded. In this market, the restricted value increased to $85.00 per SWU, and the unrestricted value remained unchanged at $68.00 per SWU. Both active uranium supply and active uranium demand decreased slightly during this period

Transaction costs of unilateral CDM projects in India-results from an empirical survey

International Nuclear Information System (INIS)

Krey, Matthias

2005-01-01

Recently, transaction costs in the context of the Clean Development Mechanism (CDM) gained considerable attention as they were generally perceived to be significantly higher than for the other Kyoto Mechanisms. However, empirical evidence on the amount of transaction costs of CDM projects is very scarce. This paper presents the results from an empirical survey designed to quantify transaction costs of potential non-sink CDM projects in India. The definition of transaction costs of CDM projects was derived from recent literature and observations made in the current market for Certified Emission Reductions (CERs). During the survey, parts of transaction costs of 15 projects were quantified. An assessment of the results showed that specific transaction costs depend, to a large extent, on economies of scale in terms of total amount of CERs generated over the crediting period. Total transaction costs were quantified for seven projects. The costs range from 0.07 to 0.47 dollar/t CO 2 . As the projects have an emission reduction between 0.24 Mt CO 2 and 5.00 Mt CO 2 over the crediting period, the results support the assumption of Michaelowa et al. (Climate Policy 3 (2003) 273) that projects with emission reductions smaller than 0.20 Mt CO 2 are not economically viable at current CER prices

77 FR 71585 - Brookfield Energy Marketing LP v. ISO New England Inc.; Notice of Complaint

Science.gov (United States)

2012-12-03

... Energy Marketing LP v. ISO New England Inc.; Notice of Complaint Take notice that on November 21, 2012...), Brookfield Energy Marketing LP (Complainant) filed a formal complaint against ISO New England Inc... notification when a document is added to a subscribed docket(s). For assistance with any FERC Online service...

Transactive Control of Commercial Building HVAC Systems

Energy Technology Data Exchange (ETDEWEB)

Corbin, Charles D. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Makhmalbaf, Atefe [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Huang, Sen [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Mendon, Vrushali V. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Zhao, Mingjie [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Somasundaram, Sriram [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Liu, Guopeng [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Ngo, Hung [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Katipamula, Srinivas [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2016-12-30

This document details the development and testing of market-based transactive controls for building heating, ventilating and air conditioning (HVAC) systems. These controls are intended to serve the purposes of reducing electricity use through conservation, reducing peak building electric demand, and providing demand flexibility to assist with power system operations. This report is the summary of the first year of work conducted under Phase 1 of the Clean Energy and Transactive Campus Project. The methods and techniques described here were first investigated in simulation, and then subsequently deployed to a physical testbed on the Pacific Northwest National Laboratory (PNNL) campus for validation. In this report, we describe the models and control algorithms we have developed, testing of the control algorithms in simulation, and deployment to a physical testbed. Results from physical experiments support previous simulation findings, and provide insights for further improvement.

Markets and morals: an experimental survey study.

Directory of Open Access Journals (Sweden)

Julio J Elias

Full Text Available Most societies prohibit some market transactions based on moral concerns, even when the exchanges would benefit the parties involved and would not create negative externalities. A prominent example is given by payments for human organs for transplantation, banned virtually everywhere despite long waiting lists and many deaths of patients who cannot find a donor. Recent research, however, has shown that individuals significantly increase their stated support for a regulated market for human organs when provided with information about the organ shortage and the potential beneficial effects a price mechanism. In this study we focused on payments for human organs and on another "repugnant" transaction, indoor prostitution, to address two questions: (A Does providing general information on the welfare properties of prices and markets modify attitudes toward repugnant trades? (B Does additional knowledge on the benefits of a price mechanism in a specific context affect attitudes toward price-based transactions in another context? By answering these questions, we can assess whether eliciting a market-oriented approach may lead to a relaxation of moral opposition to markets, and whether there is a cross-effect of information, in particular for morally controversial activities that, although different, share a reference to the "commercialization" of the human body. Relying on an online survey experiment with 5,324 U.S. residents, we found no effect of general information about market efficiency, consistent with morally controversial markets being accepted only when they are seen as a solution to a specific problem. We also found some cross-effects of information about a transaction on the acceptance of the other; however, the responses were mediated by the gender and (to a lesser extent religiosity of the respondent--in particular, women exposed to information about legalizing prostitution reduced their stated support for regulated organ payments. We

Markets and morals: an experimental survey study.

Science.gov (United States)

Elias, Julio J; Lacetera, Nicola; Macis, Mario

2015-01-01

Most societies prohibit some market transactions based on moral concerns, even when the exchanges would benefit the parties involved and would not create negative externalities. A prominent example is given by payments for human organs for transplantation, banned virtually everywhere despite long waiting lists and many deaths of patients who cannot find a donor. Recent research, however, has shown that individuals significantly increase their stated support for a regulated market for human organs when provided with information about the organ shortage and the potential beneficial effects a price mechanism. In this study we focused on payments for human organs and on another "repugnant" transaction, indoor prostitution, to address two questions: (A) Does providing general information on the welfare properties of prices and markets modify attitudes toward repugnant trades? (B) Does additional knowledge on the benefits of a price mechanism in a specific context affect attitudes toward price-based transactions in another context? By answering these questions, we can assess whether eliciting a market-oriented approach may lead to a relaxation of moral opposition to markets, and whether there is a cross-effect of information, in particular for morally controversial activities that, although different, share a reference to the "commercialization" of the human body. Relying on an online survey experiment with 5,324 U.S. residents, we found no effect of general information about market efficiency, consistent with morally controversial markets being accepted only when they are seen as a solution to a specific problem. We also found some cross-effects of information about a transaction on the acceptance of the other; however, the responses were mediated by the gender and (to a lesser extent) religiosity of the respondent--in particular, women exposed to information about legalizing prostitution reduced their stated support for regulated organ payments. We relate these

41 CFR 102-75.305 - What type of appraisal value must be obtained for real property disposal transactions?

Science.gov (United States)

2010-07-01

... either the fair market value or the fair annual rental value of the property available for disposal. ... value must be obtained for real property disposal transactions? 102-75.305 Section 102-75.305 Public...-75.305 What type of appraisal value must be obtained for real property disposal transactions? For all...

76 FR 74078 - Standard Mail Market Test

Science.gov (United States)

2011-11-30

... POSTAL REGULATORY COMMISSION [Docket No. MT2011-3; Order No. 998] Standard Mail Market Test AGENCY... Service application for an exemption from the annual revenue limitation that applies to market tests of... limitation in any year during the test of an experimental market dominant product.\\1\\ Pursuant to 39 U.S.C...

76 FR 45246 - Tesoro Refining and Marketing Company v. SFPP, L.P.; Notice of Complaint

Science.gov (United States)

2011-07-28

... and Marketing Company v. SFPP, L.P.; Notice of Complaint Take notice that on July 20, 2011, pursuant...), Tesoro Refining and Marketing Company (Tesoro) filed a formal complaint against SFPP, L.P. (SFPP). Tesoro... notification when a document is added to a subscribed docket(s). For assistance with any FERC Online service...

Managerial accounting for transaction costs

OpenAIRE

Лабынцев, Николай Тихонович

2015-01-01

Essence and significance of transaction accounting and its basic concepts – transaction and transaction costs – have been determined. Main types of transaction costs and elements of transaction accounting for expenses have been considered. Source documents forms for the purpose of accounting for transaction costs have been worked out.

The Dutch Grey Market

NARCIS (Netherlands)

Renneboog, L.D.R.; Spaenjers, C.

2008-01-01

When-issued trading concerns transactions in securities that have not yet been issued. This type of trade often takes place in a so-called 'grey market', in which all contracts are conditional on the issuance of the security. In this paper, we investigate the Dutch grey market for when-issued shares

TRANSACTION COSTS WITHIN THE INDIVIDUAL AND COOPERATIVE APPLE PRODUCERS IN PRESPA REGION, THE REPUBLIC OF MACEDONIA

Directory of Open Access Journals (Sweden)

Aleksandra ANGELOSKA

2018-02-01

Full Text Available Apple production in the Republic of Macedonia is an important sector that highly contributes to theeconomy in terms of employment and income, especially for the small farmers in Prespa Region. Despitecooperatives’ efforts and governmental support to attract members through the provision of inputs,technical advices and other incentives to farmers, membership adherence is low and slow. The TransactionCost Economics Theory (TCE provided the basis for this study where the choice is conditioned by relativecomparative advantage in terms of lower transaction costs. Based on the research, following conclusions are underlined: a. from the perspective of farmers andthe cooperatives there are factors that positively influence the choice of cooperative membership; b. fromthe cooperative’s side, some of the positive influences are its regular flow of price information, constanttechnical advices and secured market; c for farmers who aim at increasing production and improving theirincomes, membership to cooperative signifies security of accessing cheaper inputs especially chemicalfertiliser, security of market for the produced apples and higher frequency of transaction cost. Farmers’choices are not exclusive to one type of structure or the other. Farmers can transact with the cooperative andtrader at the same time, influenced by the differences in the price among the “Idared” and “varieties”. Bothof them, members and non-members are limited connected to the “middlemen” in choice of transactions.

N-REL: A comprehensive framework of social media marketing strategic actions for marketing organizations

OpenAIRE

Ananda, Artha Sejati; Hernández-García, Ángel; Lamberti, Lucio

2016-01-01

Despite the increasing and ubiquitous use of social media for business activities, scholar research on social media marketing strategy is scant and companies deploy their social media marketing strategies guided by intuition or trial and error. This study proposes a comprehensive framework that identifies and classifies social media marketing strategic actions. The conceptual framework covers actions that support both transactional and relationship marketing. The study also positions social m...

Efficiency Tests in Foreign Exchange Market

Directory of Open Access Journals (Sweden)

Yi Hsien Lee

2012-01-01

Full Text Available The main purpose of the paper is applying filter rules to examine the efficiency of foreign exchange. This paper uses three strategies of filter rules (buy long, sell short, buy long and sell short strategies to test the performance of the transaction for EUR, JPY, GBP. The findings show that people will obtain more return by taking buy long/ sell short strategies of filter rules without considering transaction cost. However, the transaction of these three foreign exchange rate (EUR, JPY, GBP will be more efficient by considering transaction cost. The results imply the foreign exchange market is efficient for the EUR, JPY and GBP.

Using forward markets to improve electricity market design

International Nuclear Information System (INIS)

Ausubel, Lawrence M.; Cramton, Peter

2010-01-01

Forward markets, both medium term and long term, complement the spot market for wholesale electricity. The forward markets reduce risk, mitigate market power, and coordinate new investment. In the medium term, a forward energy market lets suppliers and demanders lock in energy prices and quantities for one to three years. In the long term, a forward reliability market assures adequate resources are available when they are needed most. The forward markets reduce risk for both sides of the market, since they reduce the quantity of energy that trades at the more volatile spot price. Spot market power is mitigated by putting suppliers and demanders in a more balanced position at the time of the spot market. The markets also reduce transaction costs and improve liquidity and transparency. Recent innovations to the Colombia market illustrate the basic elements of the forward markets and their beneficial role. (author)

Using forward markets to improve electricity market design

Energy Technology Data Exchange (ETDEWEB)

Ausubel, Lawrence M.; Cramton, Peter [University of Maryland, College Park, MD 20742 (United States)

2010-12-15

Forward markets, both medium term and long term, complement the spot market for wholesale electricity. The forward markets reduce risk, mitigate market power, and coordinate new investment. In the medium term, a forward energy market lets suppliers and demanders lock in energy prices and quantities for one to three years. In the long term, a forward reliability market assures adequate resources are available when they are needed most. The forward markets reduce risk for both sides of the market, since they reduce the quantity of energy that trades at the more volatile spot price. Spot market power is mitigated by putting suppliers and demanders in a more balanced position at the time of the spot market. The markets also reduce transaction costs and improve liquidity and transparency. Recent innovations to the Colombia market illustrate the basic elements of the forward markets and their beneficial role. (author)

Cyclical Patterns in Risk Indicators Based on Financial Market Infrastructure Transaction Data

NARCIS (Netherlands)

M. Timmermans (Monique); R. Heijmans (Ronald); H.A.M. Daniels (Hennie)

2017-01-01

textabstractThis paper studies cyclical patterns in risk indicators based on TARGET2 transaction data. These indicators provide information on network properties, operational aspects and links to ancillary systems. We compare the performance of two different ARIMA dummy models to the TBATS state

Secondary SWU market - the changing circumstance

International Nuclear Information System (INIS)

Wolf, W.H.

1982-01-01

The author gives historical background on the uranium enrichment services (SWU) market before evaluating where the market currently stands and where it may be going, particularly in light of the new DOE Facility Requirement (FR) contract. The SWU market came into being as the most economic alternative available to a holder of excess SWU commitments. The FR contract will probably lead to three levels of marketplace activity: material for use within FR contracts from existing DOE inventories; shuffle transactions involving DOE source SWUs to be placed into remaining adjustable, fixed-commitment contracts; and non-DOE origin SWU and worldwide inventory and excess commitments. He concludes that the amount of transactions involving DOE SWU commitments will continue to dwindle, particularly as DOE becomes more and more of a marginal supplier in the overseas market. An appendix summarizes DOE fixed-commitment contract assignments

Why are social network transactions important? Evidence based on the concentration of key suppliers and customers in China

Directory of Open Access Journals (Sweden)

Xiang Kong

2011-09-01

Full Text Available Based on a new institutional economy framework, this study examines the formation and economic consequences of social networks (guanxi from the perspective of key suppliers and customers in China. Results show that commercial activities which depend on networks are determined by the institutional environment. For example, companies that have lower accumulated social capital (less trust among people and are subject to more government invention depend more on social network transactions than on the market. In addition, this study shows that network transactions can provide benefits to firms, especially in weak institutional environments. Networks can reduce transaction costs by reducing information asymmetry, i.e., increased network dependence is associated with lower credit costs and lower advertising and sales costs. Networks can also reduce the effect of industry shocks, especially negative shocks, by creating a bonding mechanism. This study contributes to our understanding of social networks in emerging markets by providing evidence on network transactions with key suppliers and customers and their influence on firms’ accounting behavior.

Alberta's electricity forwards market

International Nuclear Information System (INIS)

Andrews, D.

2002-01-01

This paper outlined how the province of Alberta is starting over with a wholesale electricity market. Wholesalers have retreated back to the real-time market. The Watt-Ex standard market design position paper, issued in October 2002, examines wholesale market issues. The author notes that the biggest constraint to competitive electricity market is the reliance on real-time markets to price a good portion of transactions. Doing so, creates extreme price volatility and ineffective price signals because demand and supply have only a limited ability to respond to prices

76 FR 63918 - Tesoro Refining and Marketing Company v. SFPP, L.P.; Notice of Complaint

Science.gov (United States)

2011-10-14

... and Marketing Company v. SFPP, L.P.; Notice of Complaint Take notice that on October 5, 2011, pursuant... section 1(13) of the Interstate Commerce Act (ICA), 49 U.S.C. App. 13(1), Tesoro Refining and Marketing... document is added to a subscribed docket(s). For assistance with any FERC Online service, please e-mail...

PARTICULARITIES OF THE MARKETING ACTIVITY IN THE INSURANCE INDUSTRY

Directory of Open Access Journals (Sweden)

Pop Nicolae Al.

2009-05-01

Full Text Available In the insurance industry there is a new way of thinking which determined the passage from transactional marketing to a holistic marketing concept. In this paper five key elements of holistic marketing are presented: relationship marketing, integrated mar

Determinants of Choice of Institutional Marketing Arrangements by ...

African Journals Online (AJOL)

Determinants of Choice of Institutional Marketing Arrangements by Small Poultry Businesses in Tanzania: Application of Transaction Cost Theory. ... It indicates in addition that, probability of PFBs to enter into contractual businesses falls with increase in Transaction Costs (TCs). Linear regression analysis shows, in addition ...

Study on the new financial products traded on the Forex Market

Directory of Open Access Journals (Sweden)

Laurenţiu Paul BARANGA

2016-07-01

Full Text Available This paper puts forward an analysis of the new trends in terms of foreign currency transactions and, implicitly, the new financial products traded on the Forex market with a view to identify the category they belong to, namely foreign currency transactions or foreign exchange derivative transactions. Also, the implications of including the new products traded on the Forex market into one of the two categories have been taken into account, both in terms of market microstructure and in terms of investor-wise implications. Thus, the analysis showed that, by changing the destination of the amounts deposited by clients into the settlement account of the Forex services provider, i.e. from amounts deposited in order to cover the equivalent of purchased foreign currencies into amounts deposited in order to cover any price difference, financial products such as currency pairs and rolling spot Forex acquire features similar to those of derivatives (such as Contracts For Difference - CFDs. Further, acknowledging these financial products of the Forex market (currency pairs and rolling spot Forex as derivatives would determine a series of transformations of the microstructure of the market they are traded on, changes that would contribute to a better protection of investors and to improved monitoring and prevention by the supervisory authorities of the potential risks induced by such transactions on the financial market.

Il B2B e il paradigma dei costi di transazione (B2B and the Transaction Costs Paradigm

Directory of Open Access Journals (Sweden)

Pierluigi Sabbatini

2012-04-01

Full Text Available Business to Business (B2B Internet commerce causes a significant contraction of transaction costs. According to the Coase paradigm, we would thus expect a deverticalization of the industry and broader scope for anonymous market mechanisms. In reality, such expectations are not fully borne out by the facts. When the industrial structure is concentrated the B2Bgenerally loses its independence, and is owned by the firms which most contribute to its development, e.g. the ones able to bring the liquidity to it. The B2B governance mechanism established by these firms gives hierarchical mechanisms a role which they do not usually play in extensive, anonymous markets.         JEL Codes: D23, L86Keywords: Cost, Transaction Costs, Transactions

Cyclical patterns in risk indicators based on financial market infrastructure transaction data

NARCIS (Netherlands)

Timmermans, M.; Heijmans, R.; Daniels, Hennie

2017-01-01

This paper studies cyclical patterns in risk indicators based on TARGET2 transaction data. These indicators provide information on network properties, operational aspects and links to ancillary systems. We compare the performance of two different ARIMA dummy models to the TBATS state space model.

Institutions in European and Asian energy markets: A methodological overview

International Nuclear Information System (INIS)

Aalto, Pami

2014-01-01

This article introduces a methodological framework to study institutions in European and Asian energy markets with a comparative case study on the EU and east Asia. A distinction is made between informal and three types of formal institutions; and their transaction cost reducing, order creating and ecological/climatic functions. The operation of energy markets is explained through the structure of institutions, their types and functions. It is found that order-creating institutions guarantee enough stability, (mutual) trust and solidarity among EU Member States to support the competitive markets institution and supranational formal institutions as the underpinnings of trade in the internal energy market, which nevertheless retains some corporatist features. In the east Asian markets the nature of order-creating institutions sovereignty, energy diplomacy and great power management prevents the emergence of supranational formal institutions and a shared idea of trade. The prevailing structure has a large number of sub-regional organisations with overlapping tasks and few powers. In both markets the functions of institutions signify more than their number; transaction cost reducing institutions are dependent on order-creating institutions, while both of these functions are better realised on the regional level than ecological/climatic functions; ultimately informal institutions are most influential. - Highlights: • Institutions include informal types and three formal types. • The functions of institutions relate to transaction costs, order and ecology. • Transaction cost reduction depends on order creating institutions. • Ecological functions are the most difficult to realise regionally. • Informal institutions are most influential in the EU and east Asian markets

Arbitrage Activities between Offshore and Domestic Yen Money Markets since the End of the Quantitative Easing Policy

OpenAIRE

Teppei Nagano; Eiko Ooka; Naohiko Baba

2007-01-01

Transactions in the yen money markets have become active since the end of the quantitative easing policy (QEP) in March 2006. In particular, transactions by foreign financial institutions have been increasing in the offshore markets including the FX swap and euroyen deposit markets, as well as the domestic money markets. This Review surveys the spreads and hence the arbitrage relationship between those offshore markets and the domestic money markets. In the short-term money markets, the sprea...

Creating marketing strategies for higher education institutions

OpenAIRE

Lidia Białoń

2015-01-01

The article presents a thesis that the primary premise of creating marketing strategies for higher education institution is a three-dimensional notion of marketing. The first dimension lies in the theoretical notions of the essence of marketing, including the transactional marketing (1.0), relationship marketing (2.0) and spiritual marketing (3.0). The second dimension is formed by methods of marketing research and accurate notions of marketing, while the third are channels of marketing infor...

Global power: Markets and strategies

International Nuclear Information System (INIS)

Poirer, J.L.

1998-01-01

The author will first present an updated view of the global power market activity, including opportunities in power generation, transmission and distribution. This will include a review of the trends in closings and transaction flowed by type of activity and geographic area. Estimates will be based on Hagler Bailly's comprehensive database on global power transactions and project announcements. The firm has also worked with dozens of global power companies since 1990. Second, the author will review trends in terms of regulatory changes, project cost trends, developers' project experiences, and financing issues. This systematic review will be the foundation for projection of future market activity (e.g., number of closing by type of project through 2000). A forecast of future greenfield and privatization activity will be provided and the key markets will be highlighted. Third, the author will present an updated view of the competition in the global power market (including the various types of competitors and changes in their respective market posture). Finally, the author will discuss the various types of strategies and business models that are followed by key global power players

78 FR 51678 - Market Tests of Experimental Postal Products

Science.gov (United States)

2013-08-21

... Gift Cards market test on April 28, 2011.\\11\\ The market test enabled customers to purchase a gift card... United States Postal Service for Temporary Extension of Gift Cards Market Test, June 18, 2013; Docket No... authorized the market test to proceed subject to the condition that the sale of gift cards be limited to...

76 FR 25381 - Postal Service Market Test

Science.gov (United States)

2011-05-04

... POSTAL REGULATORY COMMISSION [Docket No. MT2009-4; Order No. 720] Postal Service Market Test... test, pending Commission action on anticipated request for permanent status. This document grants a one... temporarily extend its Collaborative Logistics market test under 39 U.S.C. 3641(d).\\1\\ The Commission...

Benchmarking a Transition Economy Capital Market

Directory of Open Access Journals (Sweden)

A. Keller

2007-09-01

Full Text Available As the centrally planned communist nations of Central Europe lacked liquid and efficient capital markets,financial systems architecture became instrumental to their transition into market economies. Now, afteralmost 17 years of operations, it is time to take a snapshot of one of these economies and compare it to a welldeveloped capital market. This study is the first to provide a quantifiable comparison of the quality of thecapital markets of a fully developed and a transition economy; namely Euronext France [Euronext] and theWarsaw Stock Exchange [WSE]. Using intraday data for the Euronext market and the WSE it is shown thatwhile overall liquidity is certainly much greater in Euronext, range based intra-day volatility is significantlylower in the WSE. For stocks with the highest market capitalisation the WSE has lower transaction costs inthe first [largest] decile than Euronext. These results indicate that while the established market is significantlymore liquid in terms of average trade size and trade numbers it does not always offer lower transaction costsor volatility. This is a new result as most contributions to the literature argue that an emerging market within atransition economy will suffer from excess volatility.

Empirical studies of market microstructure

NARCIS (Netherlands)

Spierdijk, L.

2003-01-01

In efficient markets, security prices move in response to the release of new information. Since transactions contain information, trading itself causes traders and market makers to update their beliefs and prices to be revised. The main part of this thesis (Chapters 2, 3, and 4) is devoted to the

Using the market at a cost: How the introduction of green certificates in Sweden led to market inefficiencies

International Nuclear Information System (INIS)

Nilsson, Mats; Sundqvist, Thomas

2007-01-01

The paper examines the transactions costs in the Swedish electricity retail market arising as a result of the implementation of a green certificate system. Since transaction costs cannot be measured directly, we analyze the margin between what the retailers pay for the certificates and what they charge the end-users for the certificate service. Our results highlight some costs of implementing new policy and the necessity of a careful regulatory design. We propose that the price transparency should be strengthened by, for example, shifting the quota obligation to the retailers and/or by including the pricing of the certificate-service in the end-user price of electricity. Furthermore, we restate the obvious fact that the number of policy instruments implemented in a particular market matters insofar that each and every policy will create transaction costs. (author)

Analysis of Effectiveness of Modern Information and Communication Technologies on Maize Marketing Efficiency in Selected Markets of Malawi

OpenAIRE

Tione, S. E.; Katengeza, Samson P.; Mangisoni, Julius H.

2013-01-01

Developing countries have been promoting initiatives that aim at reducing information asymmetry among market players especially smallholder farmers. Using co-integration error correction models, the study assessed effectiveness of modern Information and Communication Technologies (ICT) based market interventions in improving maize market efficiency in Malawi. Considering that efficient markets are integrated markets when price difference is only a factor of transaction costs, Threshold Autore...

Contemporary marketing practice : theoretical propositions and practical implications

NARCIS (Netherlands)

Lindgreen, A.; Palmer, R.; Vanhamme, J.

2004-01-01

Marketing has changed significantly since it first emerged as a distinct business and management phenomenon. We identify some of the major factors causing the observed change in marketing practice. We then describe a classification scheme that is based on transaction marketing and relationship

17 CFR 229.1014 - (Item 1014) Fairness of the going-private transaction.

Science.gov (United States)

2010-04-01

... market prices; (iii) Net book value; (iv) Going concern value; (v) Liquidation value; (vi) Purchase..., going concern value and future prospects of the issuer” will not be considered sufficient disclosure in... going-private transaction. 229.1014 Section 229.1014 Commodity and Securities Exchanges SECURITIES AND...

31 CFR 560.538 - Authorized transactions necessary and ordinarily incident to publishing.

Science.gov (United States)

2010-07-01

... ordinarily incident to publishing. 560.538 Section 560.538 Money and Finance: Treasury Regulations Relating... transactions necessary and ordinarily incident to publishing. (a) To the extent that such activities are not... the publishing and marketing of manuscripts, books, journals, and newspapers in paper or electronic...

31 CFR 538.529 - Authorized transactions necessary and ordinarily incident to publishing.

Science.gov (United States)

2010-07-01

... ordinarily incident to publishing. 538.529 Section 538.529 Money and Finance: Treasury Regulations Relating... Authorized transactions necessary and ordinarily incident to publishing. (a) To the extent that such... ordinarily incident to the publishing and marketing of manuscripts, books, journals, and newspapers in paper...

Power Reactor Docket Information. Annual cumulation (citations)

International Nuclear Information System (INIS)

1977-12-01

An annual cumulation of the citations to the documentation associated with civilian nuclear power plants is presented. This material is that which is submitted to the U.S. Nuclear Regulatory Commission in support of applications for construction and operating licenses. Citations are listed by Docket number in accession number sequence. The Table of Contents is arranged both by Docket number and by nuclear power plant name

Buying first or selling first in housing markets

NARCIS (Netherlands)

Moen, E.R.; Nenov, P.T.; Sniekers, F.

2015-01-01

Housing transactions by owner‐occupiers take two steps, purchase of a new property and sale of the old housing unit. This paper shows how the transaction sequence decision of owner‐occupiers depends on, and in turn, affects housing market conditions in an equilibrium search‐and‐matching model of the

THE REAL ESTATE MARKET IN ROMANIA IN THE MARKET APPROACH

Directory of Open Access Journals (Sweden)

Cristina Mihaela Onica

2015-05-01

Full Text Available A real estate market is a group of companies or people that are in contact, aimed at conducting real estate transactions. The market participants may be represented by buyers, sellers, tenants, owners, debtors and creditors, entrepreneurs, managers, investors and intermediaries. The concepts of anticipation and change, with the principles of supply and demand, substitution, balance and external conditions are extremely important in the market approach. An appraiser takes into account all these principles and simulateneously tries to consider all relevant conditions for the problem appraisal, so that they could reflect reality and the local market conditions.

Valuing Residential Energy Efficiency in Two Alaska Real Estate Markets: A Hedonic Approach

Science.gov (United States)

Pride, Dominique J.

Alaska households have high home energy consumption and expenditures. Improving the energy efficiency of the housing stock can reduce home energy consumption, thereby reducing home energy expenditures and CO2 emissions. Improving the energy efficiency of a home may also increase its transaction price if the energy efficiency improvements are capitalized into the value of the home. The relationship between energy efficiency and transaction prices in the Fairbanks and Anchorage, Alaska residential real estate markets is examined. Using a hedonic pricing framework and difference-in-differences analysis, the impact of the Alaska Home Energy Rebate program on the transaction prices of single-family homes in the Fairbanks and Anchorage housing markets from 2008 through 2015 is examined. The results indicate that compared to homes that did not complete the program, homes that completed the program sell for a statistically significant price premium between 15.1% and 15.5% in the Fairbanks market and between 5% and 11% in the Anchorage market. A hedonic pricing framework is used to relate energy efficiency ratings and transaction prices of homes in the Fairbanks and Anchorage residential real estate markets from 2008 through 2015. The results indicate that homes with above-average energy efficiency ratings sell for a statistically significant price premium between 6.9% and 17.5% in the Fairbanks market and between 1.8% and 6.0% in the Anchorage market.

E-markets

DEFF Research Database (Denmark)

Ivang, Reimar; Hinson, Robert; Somasundadram, Ramanathan

2006-01-01

We in this paper via a detailed literature review and by relying on our experiences attempt to conceptualize a reference model for e-markets. Our model has five dimensions which are i) transaction focus ii) market orientation iii) revenue sources iv) ownership bias and v) relationship orientation...... serves two purposes. First, it helps in synthesizing our knowledge about e-market. Second, researchers can use the model for defining research possibilities and while positioning their work. We are of the opinion that knowledge can be accumulatively furthered when the proposed model or a revised version...... of it is used for referencing. Practitioners can also use our model for evaluating an e-market....

Markets and Morals: An Experimental Survey Study

Science.gov (United States)

Elias, Julio J.; Lacetera, Nicola; Macis, Mario

2015-01-01

Most societies prohibit some market transactions based on moral concerns, even when the exchanges would benefit the parties involved and would not create negative externalities. A prominent example is given by payments for human organs for transplantation, banned virtually everywhere despite long waiting lists and many deaths of patients who cannot find a donor. Recent research, however, has shown that individuals significantly increase their stated support for a regulated market for human organs when provided with information about the organ shortage and the potential beneficial effects a price mechanism. In this study we focused on payments for human organs and on another “repugnant” transaction, indoor prostitution, to address two questions: (A) Does providing general information on the welfare properties of prices and markets modify attitudes toward repugnant trades? (B) Does additional knowledge on the benefits of a price mechanism in a specific context affect attitudes toward price-based transactions in another context? By answering these questions, we can assess whether eliciting a market-oriented approach may lead to a relaxation of moral opposition to markets, and whether there is a cross-effect of information, in particular for morally controversial activities that, although different, share a reference to the “commercialization” of the human body. Relying on an online survey experiment with 5,324 U.S. residents, we found no effect of general information about market efficiency, consistent with morally controversial markets being accepted only when they are seen as a solution to a specific problem. We also found some cross-effects of information about a transaction on the acceptance of the other; however, the responses were mediated by the gender and (to a lesser extent) religiosity of the respondent—in particular, women exposed to information about legalizing prostitution reduced their stated support for regulated organ payments. We relate

76 FR 36910 - Astoria Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas...

Science.gov (United States)

2011-06-23

... Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas Turbine Power LLC... Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas Turbine Power [[Page... subscribed docket(s). For assistance with any FERC Online service, please e-mail [email protected

76 FR 36914 - Astoria Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas...

Science.gov (United States)

2011-06-23

... Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas Turbine Power LLC... Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas Turbine Power LLC, Dunkirk Power LLC, Huntley... when a document is added to a subscribed docket(s). For assistance with any FERC Online service, please...

Transaction component of exogenous factors of influence upon employment under conditions of globalisation of economy

Directory of Open Access Journals (Sweden)

Glushach Anna V.

2013-03-01

Full Text Available The goal of the article lies in identification of influence of globalisation upon efficiency of financial and loan instruments that ensure regulation and stimulation of employment and the role of transaction costs in these processes. To achieve the goal, the article shows how globalisation processes, which take place in the sphere of the financial sector, influence the real economy and employment of the population, identifies positive and negative sides of this influence. The article conducts analysis of causes and effects of the financial and economic crisis from the point of view of the theory of transaction costs, in the process of which the role of specific types of these costs in the processes that took place was ascertained. In the course of the study the article reveals negative influence of the growing disproportion between the public and private transaction costs of the risks of financial and economic instability, especially in the countries with the transformation economy, and justifies the necessity of stabilising mechanisms of the international financial market with the aim of elimination of the marked transaction disproportions such as introduction of a special tax on financial transactions or establishment of the double currency course: less flexible – for servicing trading operations, and more flexible – for regulation of financial flows. Studies of negative effects of integration processes allowed formation of directions of the state policy, which would prevent dangerous consequences of interference of the foreign capital with the financial sector and would protect the Ukrainian labour market from influence of negative effects of integration processes.

Derivatives in emerging markets

OpenAIRE

Dubravko Mihaljek; Frank Packer

2010-01-01

Turnover of derivatives has grown more rapidly in emerging markets than in developed countries. Foreign exchange derivatives are the most commonly traded of all risk categories, with increasingly frequent turnover in emerging market currencies and a growing share of cross-border transactions. As the global reach of the financial centres in emerging Asia has expanded, the offshore trading of many emerging market currency derivatives has risen as well. Growth in derivatives turnover is positive...

Stylized facts in internal rates of return on stock index and its derivative transactions

Science.gov (United States)

Pichl, Lukáš; Kaizoji, Taisei; Yamano, Takuya

2007-08-01

Universal features in stock markets and their derivative markets are studied by means of probability distributions in internal rates of return on buy and sell transaction pairs. Unlike the stylized facts in normalized log returns, the probability distributions for such single asset encounters incorporate the time factor by means of the internal rate of return, defined as the continuous compound interest. Resulting stylized facts are shown in the probability distributions derived from the daily series of TOPIX, S & P 500 and FTSE 100 index close values. The application of the above analysis to minute-tick data of NIKKEI 225 and its futures market, respectively, reveals an interesting difference in the behavior of the two probability distributions, in case a threshold on the minimal duration of the long position is imposed. It is therefore suggested that the probability distributions of the internal rates of return could be used for causality mining between the underlying and derivative stock markets. The highly specific discrete spectrum, which results from noise trader strategies as opposed to the smooth distributions observed for fundamentalist strategies in single encounter transactions may be useful in deducing the type of investment strategy from trading revenues of small portfolio investors.

31 CFR 537.526 - Authorized transactions necessary and ordinarily incident to publishing.

Science.gov (United States)

2010-07-01

... ordinarily incident to publishing. 537.526 Section 537.526 Money and Finance: Treasury Regulations Relating... transactions necessary and ordinarily incident to publishing. (a) To the extent that such activities are not... § 537.202 that are necessary and ordinarily incident to the publishing and marketing of manuscripts...

76 FR 34692 - Astoria Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas...

Science.gov (United States)

2011-06-14

... Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas Turbine Power LLC... Generating Company, L.P., NRG Power Marketing LLC, Arthur Kill Power LLC, Astoria Gas Turbine Power LLC... notification when a document is added to a subscribed docket(s). For assistance with any FERC Online service...

Papers of the 3. annual Canadian Institute conference on interjurisdictional power transactions

International Nuclear Information System (INIS)

2003-01-01

Leaders from the electric power industry in both Canada and the United States presented their views on a wide range of topics dealing with interjurisdictional power transactions. Participants presented ideas on how to prepare for the Federal Energy Regulatory Commission's (FERC) proposed new Standard Market Design. They also addressed the issue of how to overcome congestion for seamless power transactions between Canada and the Northeast. The way in which some companies and regions are preparing themselves for locational marginal pricing were also presented. Other topics included the state of the market power mitigation in Ontario, and increased trade potential within Ontario, Quebec and Atlantic Canada. Updates on the Lake Erie Link project were included along with a discussion on the expected impact it may have on trade capacity between Canada and the United States. The conference featured 18 presentations, of which 7 have been indexed separately for inclusion in this database. refs., tabs., figs

State regulation of the coming competitive market

International Nuclear Information System (INIS)

Lively, M.B.

1997-01-01

Utilities and state commissions can have retail competition without a federal presence by integrating economics and reliability through a concept called Wide Open Load Following, or WOLF. Under WOLF, the transaction between the utility and the consumer would continue to be a sale that is subject to regulation by the state commission. As a retail sale, the transaction requires no FERC involvement. This article shows how WOLF combines economics and physics for pricing retail electric sales in a competitive market so that the sales remain under the jurisdiction of a state authority, even while third parties participate in the market

FORWARD, FUTURE AND OPTIONS ON STOCK EXCHANGE MARKET

Directory of Open Access Journals (Sweden)

Ljiljana Stošić Mihajlović

2016-07-01

Full Text Available The main motive of the formation and use of forward contracts and futures, and options, was certainly profit. Making financial markets more efficient, in terms of expanding the range of available financial instruments and reduction in transaction costs, these financial innovations are beneficial for both investors and managers company. Primary purpose of derivatives such as forwards, futures and options is to enable control risks by investitures and primarily from inadequate price trends for all types of assets that could be subject to transactions in financial markets.

CARDS MARKET – A RESISTANT MARKET TO CRISIS

Directory of Open Access Journals (Sweden)

Tudose Geanina - Gabriela

2012-07-01

Full Text Available At the same time with the development of market and consumer behavior of Romanians, the growth rate of cards market accelerated. Of course, infrastructure and acceptance network were very important, they are the factors that allowed the widespread use of cards. Currently, any natural person or legal entity is engaged in commercial relationships involving financial transactions, the electronic payments having an important role, representing virtually future transactions, both nationally and across borders. The financial institutions have made a more rapid segmentation of the portfolio of cards and began to focus increasingly on services and benefits situated behind the payment instruments. Meanwhile, cardholders were becoming more educated and sophisticated, knowing what to ask of cards. More, many financial institutions have adapted so that network to accept chip cards. On the Romanian market, the chip cards will increase which are much more effective in terms of security transactions, as well as for co-branded cards, that offers the possibility of the loyalty of the customers. They will try to get as many benefits from different types of cards, but at the same time, they will focus on niche products, business cards, cards for shopping or for payment of public services. The scientific paper aims to capture aspects that emphasize the fact that the permanent market monitoring and the continuous adaptation of it will become necessary for the next period. The current client is more demanding, more educated and less tolerant in the relation to the suppliers of any kind and especially with those of financial services. The tendency to use co-branded cards for everyday payments will increase as merchants and issuing banks will attach more and more benefits on these cards, which will ultimately increase trading volumes on the card to merchants. The bank clients benefited of the cutting - edge technologies, of dual cards functionality - debit and credit.

Global Derivatives Market

Directory of Open Access Journals (Sweden)

Stankovska Aleksandra

2017-06-01

Full Text Available Globalization of financial markets led to the enormous growth of volume and diversification of financial transactions. Financial derivatives were the basic elements of this growth. Derivatives play a useful and important role in hedging and risk management, but they also pose several dangers to the stability of financial markets and thereby the overall economy. Derivatives are used to hedge and speculate the risk associated with commerce and finance.

Transaction cost analysis in redeveloping indigenous lands in Malaysia

Directory of Open Access Journals (Sweden)

I. OMAR

2009-06-01

Full Text Available Land supply constraints restrict the flow of land supply onto the land market for development purposes. It disturbs the effectiveness of the land market. As a result, the underutilized area may become derelict and needs regeneration as part of urban renewal programs. The study begins with discussion on transaction costs within institutional economics analysis. In particular, the review on literature concentrates on the elements of land supply constraints with the purpose to feed the empirical analysis in the case study areas. Empirically, the study investigates sources of land supply constraints in the case study area of MAS Kampong Baru, Kuala Lumpur. Data were gathered using interviews with landowners of undeveloped and developed sites to examine why they had taken effort to develop or simply abandoned their lands undeveloped. Analysis had been undertaken using qualitative techniques on respondents using coding, either direct or indirect quotations. Landowner respondents were taken randomly to represent predetermined zones within the case study areas. Data analysed were presented in the forms of charts, histograms, diagrams and illustrations to ease discussion. One of the main findings is that landowners were unwilling to undertake redevelopment due to land supply constraints as revealed by transaction cost embedded within their status of landownership, attitudes, physical, planning and valuation or market constraints. In the end, the findings enable various interested parties to realize their roles and responsibilities in their future directions to redevelop Kampong Baru in Kuala Lumpur.

Integrative smart market concept for system integration of decentralized generators and as a trading platform for grid operators; Integratives Smart Market Konzept zur Systemintegration dezentraler Erzeuger und als Handelsplattform fuer Netzbetreiber

Energy Technology Data Exchange (ETDEWEB)

Schmedes, Tanja [EWE AG, Oldenburg (Germany); Stadler, Michael [BTC AG, Oldenburg (Germany); Klose, Thomas [energy and meteo systems GmbH, Oldenburg (Germany); Hollinger, Raphael [Fraunhofer ISE, Freiburg im Breisgau (Germany); Ruettinger, Hannes [Fraunhofer AST, Ilmenau (Germany); Koch, Matthias [Oeko-Institut e.V., Freiburg im Breisgau (Germany); Rosinger, Christine [OFFIS - Institut fuer Informatik, Oldenburg (Germany)

2012-07-01

The E-Energy-Project eTelligence built and evaluated an energy market with low admission barriers. This market allowed different actors from the smart grid domain to trade electricity products. During a one year field trial the market was operated with real financial transactions between market participants taking place. To this end, it was necessary to completely integrate the market into energy trading processes currently in place. In addition to the field trial, simulations were carried out in order to demonstrate participation of a distribution system operator and to evaluate intraday-transactions with a high number of simulated market participants. This paper describes the market and gives information about the results attained during its operation. (orig.)

Cryptocurrency market making in the Ripple network

OpenAIRE

Brezigar, Jakob

2016-01-01

Market maker provides counterparty for buyers and sellers of financial instruments in transaction settlement. Market makers quote the bid price and the ask price at the same time. This price setting process is called market making. This thesis covers theoretical and practical basis for implementation of autonomous market making algorithm for a promising cryptocurrency market called Ripple. We summarize market making theory, how Ripple cryptocurrency protocol works and how price formation proc...

March market review

International Nuclear Information System (INIS)

Anon.

1993-01-01

The spot market price for uranium in unrestricted markets weakened further during March, and at month end, the NUEXCO Exchange Value had fallen $0.15, to $7.45 per pound U3O8. The Restricted American Market Penalty (RAMP) for concentrates increased $0.15, to $2.55 per pound U3O8. Ample UF6 supplies and limited demand led to a $0.50 decrease in the UF6 Value, to $25.00 per kgU as UF6, while the RAMP for UF6 increased $0.75, to $5.25 per kgU. Nine near-term uranium transactions were reported, totalling almost 3.3 million pounds equivalent U3O8. This is the largest monthly spot market volume since October 1992, and is double the volume reported in January and February. The March 31 Conversion Value was $4.25 per kgU as UF6. Beginning with the March 31 Value, NUEXCO now reports its Conversion Value in US dollars per kilogram of uranium (US$/kgU), reflecting current industry practice. The March loan market was inactive with no transactions reported. The Loan Rate remained unchanged at 3.0 percent per annum. Low demand and increased competition among sellers led to a one-dollar decrease in the SWU Value, to $65 per SWU, and the RAMP for SWU declined one dollar, to $9 per SWU

Consumer Cost Differences for Traditional and Internet Markets.

Science.gov (United States)

Shaw, Michael J.; Strader, Troy J.

1999-01-01

Addresses research issues related to the economics of electronic, Internet-based markets. Discusses consumer cost-based differences for traditional and electronic markets; revenue implications for sellers and transaction intermediaries; and results of an empirical, survey-based study of an electronic market in the sports trading-card industry.…

Smart Markets for Water Resources

Science.gov (United States)

Raffensperger, John

2017-04-01

Commercial water users often want to trade water, but their trades can hurt other users and the environment. So government has to check every transaction. This checking process is slow and expensive. That's why "free market" water trading doesn't work, especially with trading between a single buyer and a single seller. This talk will describe a water trading mechanism designed to solve these problems. The trading mechanism is called a "smart market". A smart market allows simultaneous many-to-many trades. It can reduce the transaction costs of water trading, while improving environmental outcomes. The smart market depends on a combination of recent technologies: hydrology simulation, computer power, and the Internet. Our smart market design uses standard hydrological models, user bids from a web page, and computer optimization to maximize the economic value of water while meeting all environmental constraints. Before the smart market can be implemented, however, users and the water agency must meet six critical prerequisites. These prerequisites may be viewed as simply good water management that should be done anyway. I will describe these prerequisites, and I will briefly discuss common arguments against water markets. This talk will be an abstract of a forthcoming book, "Smart Markets for Water Resources: A Manual for Implementation," by John F. Raffensperger and Mark W. Milke, from Springer Publishing.

Comparison of Sellers's Awareness to Environmental Hygiene of Market Bulak, Market Klender and Market Rawamangun, East Jakarta

Science.gov (United States)

Maulidya, Hasana P.

2018-02-01

This research is motivated by the difference of market hygiene condition, where the market hygiene level is influenced by the environment around the market. In general, markets located near densely populated housing tend to be overlooked, while markets near elite housing tend to be clean. This condition is also influenced by marketers' awareness of market hygiene. If the market is near the elite neighbourhood, the level of awareness of sellers on cleanliness will be high. If the market is located in a densely populated area, sellers generally do not pay attention to cleanliness. The purpose of this research is to know the sellers's awareness of environmental cleanliness of Market Bulak, Klender Market and Rawamangun Market. Respondents in this study are sellers and buyers who make transactions in these 3 markets. This type of research is descriptive analysis with the method of observation and interview to 10 sellers in each market. Seller hygiene awareness are poor.

International market selection and subsidiary performance : A neural network approach

NARCIS (Netherlands)

Brouthers, L.E.; Wilkinson, T.; Mukhopadhyay, S.; Brouthers, K.D.

2009-01-01

How should multinational enterprises (MNEs) select international markets? We develop a model of international market selection that adds firm-specific advantages and transaction cost considerations to previously explored target market factors based on Dunning's Eclectic Framework. Results obtained

Realized Variance and Market Microstructure Noise

DEFF Research Database (Denmark)

Hansen, Peter R.; Lunde, Asger

2006-01-01

We study market microstructure noise in high-frequency data and analyze its implications for the realized variance (RV) under a general specification for the noise. We show that kernel-based estimators can unearth important characteristics of market microstructure noise and that a simple kernel......-based estimator dominates the RV for the estimation of integrated variance (IV). An empirical analysis of the Dow Jones Industrial Average stocks reveals that market microstructure noise its time-dependent and correlated with increments in the efficient price. This has important implications for volatility...... estimation based on high-frequency data. Finally, we apply cointegration techniques to decompose transaction prices and bid-ask quotes into an estimate of the efficient price and noise. This framework enables us to study the dynamic effects on transaction prices and quotes caused by changes in the efficient...

17 CFR 37.8 - Information relating to transactions on derivatives transaction execution facilities.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Information relating to transactions on derivatives transaction execution facilities. 37.8 Section 37.8 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DERIVATIVES TRANSACTION EXECUTION FACILITIES § 37.8...

A COMPARISON OF BASIC AND EXTENDED MARKOWITZ MODEL ON CROATIAN CAPITAL MARKET

Directory of Open Access Journals (Sweden)

Bruna Škarica

2012-12-01

Full Text Available Markowitz' mean - variance model for portfolio selection, first introduced in H.M. Markowitz' 1952 article, is one of the best known models in finance. However, the Markowitz model is based on many assumptions about financial markets and investors, which do not coincide with the real world. One of these assumptions is that there are no taxes or transaction costs, when in reality all financial products are subject to both taxes and transaction costs – such as brokerage fees. In this paper, we consider an extension of the standard portfolio problem which includes transaction costs that arise when constructing an investment portfolio. Finally, we compare both the extension of the Markowitz' model, including transaction costs, and the basic model on the example of the Croatian capital market.

Trends of shipping markets development

Directory of Open Access Journals (Sweden)

Tomasz Nowosielski

2012-06-01

Full Text Available Shipping markets are dependent on international trade transactions that generate transport needs. These needs can dynamically change depending on global natural resources and commodity markets situation. The changes affecting shipping markets can also be caused by changes to the existing cargo flows and by establishing new ones in different geographies. It is anticipated that in the future shipping markets will change, visible by a decline in shipping in North America and Europe and an increase in Asia.

Managing transaction risks in interdependent supply chains: an extended transaction cost economics perspective

NARCIS (Netherlands)

Wever, M.; Wognum, P.M.; Trienekens, J.H.; Omta, S.W.F.

2012-01-01

The present study examines the management of transaction risks in supply chains. Risk management studies often ignore the wider supply chain context in which individual transactions take place. However, risk management strategies which are suitable to use when only a single transaction is considered

Improving System Security and User Privacy in Secure Electronic Transaction (SET) with X.509 v3 Certificate

OpenAIRE

Saidu Muhammad

2015-01-01

With the advancement of internets, user’s transaction is at ease, timely manner and effective wise through online payment method, so also cybercriminals become increasingly more prompt in areas like e-commerce sites, financial institutions, payment processes and other online transactions. Therefore the need for the system security and privacy became the central issues for the acceptance of online payment methods in particular and growth of the Internet market in general. Using SET...

Optimal investment strategies and hedging of derivatives in the presence of transaction costs (Invited Paper)

Science.gov (United States)

Muratore-Ginanneschi, Paolo

2005-05-01

Investment strategies in multiplicative Markovian market models with transaction costs are defined using growth optimal criteria. The optimal strategy is shown to consist in holding the amount of capital invested in stocks within an interval around an ideal optimal investment. The size of the holding interval is determined by the intensity of the transaction costs and the time horizon. The inclusion of financial derivatives in the models is also considered. All the results presented in this contributions were previously derived in collaboration with E. Aurell.

Principles of Transactional Memory The Theory

CERN Document Server

Guerraoui, Rachid

2010-01-01

Transactional memory (TM) is an appealing paradigm for concurrent programming on shared memory architectures. With a TM, threads of an application communicate, and synchronize their actions, via in-memory transactions. Each transaction can perform any number of operations on shared data, and then either commit or abort. When the transaction commits, the effects of all its operations become immediately visible to other transactions; when it aborts, however, those effects are entirely discarded. Transactions are atomic: programmers get the illusion that every transaction executes all its operati

The Transaction Footprints of Scottish Food And Drink SMEs

Directory of Open Access Journals (Sweden)

Copus Andrew

2016-09-01

Full Text Available This paper presents a survey approach to measuring the “transaction footprints” of rural small and medium sized enterprises (SMEs. Combined with a graphical presentation of results, this contributes to the evidence base on the roles of local and global linkages. Findings suggest that the food and drink industry of Scotland is relatively localised in its input and sales interaction pattern, although substantial variations, associated with product specialisms, remoteness/accessibility, input purchasing and marketing strategies, exist. Localised SMEs have weathered the recession slightly better, but more outward-looking in firms tend to have greater optimism about the future. Transaction footprint analysis should be viewed as component of an ongoing process of re-mapping the network infrastructure of the rural economy, alongside analysis of untraded interdependencies, and institutional networks in the realm of governance.

76 FR 44288 - Establishment of Class E Airspace; New Market, VA

Science.gov (United States)

2011-07-25

...-380; Airspace Docket No. 11-AEA-12] Establishment of Class E Airspace; New Market, VA AGENCY: Federal... proposes to establish Class E Airspace at New Market, VA, to accommodate the additional airspace needed for the Standard Instrument Approach Procedures developed for New Market Airport. This action would...

Analysis of transaction costs for the supply and demand for wood fuels; Transaktionskostnadsanalys av utbud och efterfraagan paa traedbraenslen. Slutrapport

Energy Technology Data Exchange (ETDEWEB)

Roos, A.; Bohlin, F.; Hektor, B.; Hillring, B.; Parikka, M. [Swedish Univ. of Agricultural Sciences, Uppsala (Sweden). Dept. of Forest Management and Products

2001-12-01

The objective of the project was to analyse the importance of transaction costs for the supply and demand for woodfuels in Sweden. The project covered the period of great expansion of woodfuel use in the district heating sector, from 1980 until present. It uses literature studies, case studies and surveys. New institutional theory and transaction cost theory was applied. Several transaction costs have influenced both supply from the forest owners and demand from the main users, the district heating plants. Many of these transaction costs have been reduced by the market players, through learning, technical improvements and institutional innovations. Actions to reduce transaction costs have accompanied technical improvements of handling and transport. Strategies for woodfuel procurement have also been analysed. Important conclusions of the project for a change in the energy system are presented.

Security cost analysis in electricity markets based on voltage security criteria and Web-based implementation

International Nuclear Information System (INIS)

Chen, H.

2003-01-01

This paper presents an efficient and transparent method for electricity market operators to analyze transaction security costs and to quantify the correlation between market operation and power system operation. Rescheduling and take-risk strategies were proposed and discussed with reference to transaction impact computations, thermal and voltage limits and voltage stability criteria. The rescheduling method is associated with an iterative generation dispatch or load curtailment approach to minimize the amount of rescheduling. The take-risk method considered operating risks to facilitate transactions. The SATC concept was also proposed to accurately evaluate transmission congestion. The impact of transaction was calculated using a new sensitivity formula to find the most effective rescheduling direction and the most effective cost distribution. A new pricing method called Nodal Congestion Price was also proposed to determine proper price signals. The paper also presents an Artificial Neural Network (ANN) based short term load forecasting method that considers the effect of price on the load. A web-based prototype was implemented to allow all market participants access to the proposed analysis and pricing techniques. Several case studies have validated the effectiveness of the proposed method which would help independent system operators in determining congestion prices, coordinate transactions and make profitable market decisions

THE SPECIFICITY OF INTRACOMMUNITY TRANSACTIONS

Directory of Open Access Journals (Sweden)

PALIU-POPA LUCIA

2011-09-01

Full Text Available Considered from the perspective of Romania's accession to the European Union, we can say that starting with 1 January 2007, foreign trade transactions were delimited in relation to the customs borders in intra-Community transactions and international transactions. In this context, the way of conducting these operations is influenced by both the economic and financial features specific to both categories of transactions, that relate to the economic character of the activity, the diversity and specificity of the foreign trade activity, transport of goods, the complexity and regulation of intra-Community and international commercial transactions, and by the specific features of each category of transaction. Starting from the consideration that the economic and financial characteristics of foreign trade activity, specific to intra-Community commercial transactions, have a significant influence in the organization and management of accounting of the entities involved in such transactions, determining in a greater or lesser extent, the way of capitalization of the financial and accounting information in the processes of analysis, decision and control, in this paper we proposed to address the features of intra-Community trade.

78 FR 39020 - Market Test on Gift Cards

Science.gov (United States)

2013-06-28

... POSTAL REGULATORY COMMISSION [Docket No. MT2011-2; Order No. 1755] Market Test on Gift Cards... Service filing requesting a temporary extension of a market test on gift cards. This notice informs the... INFORMATION: On June 18, 2013, the United States Postal Service moved to temporarily extend its Gift Card...

Valuation of Transactive Systems

Energy Technology Data Exchange (ETDEWEB)

Hammerstrom, Donald J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Corbin, Charles D. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Fernandez, Nicholas [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Homer, Juliet S. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Makhmalbaf, Atefe [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Pratt, Robert G. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Somani, Abhishek [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Gilbert, Erik I. [Navigant Consulting, Boulder, CO (United States); Chandler, Shawn [Navigant Consulting, Portland, OR (United States); Shandross, Richard [Navigant Consulting, Burlington, MA (United States)

2016-05-12

This is a final report from a project funded by the U.S. Department of Energy to formulate and test a methodology for valuation of systems where transaction-based mechanisms coordinate the exchange of value between the system’s actors. Today, the principal commodity being exchanged is electrical energy, and such mechanisms are called transactive energy systems. The authors strove to lay a foundation for meaningful valuations of transactive systems in general, and transactive energy systems as a special case. The word valuation is used in many different ways. This report proposes a valuation methodology that is inclusive of many types of valuations. Many will be familiar with cost-benefit valuations, in which both costs and benefits are assessed to determine whether the assets are worth their cost. Another set of valuation methods attempt to optimize an outcome using available resources, as is the case with integrated resource planning. In the end, this report’s methodology was most influenced by and most resembles the integrated-resource-planning approach. Regardless, we wish to enforce the premise that all valuations are comparative and should clearly specify a baseline scenario. A long, annotated list of prior valuation studies and valuation methodologies that influenced this report has been appended to this report. Much research is being conducted today concerning transactive systems, but only a handful of transactive system mechanisms have been formulated and field tested. They are found to be quite diverse, and the documentation of the various mechanisms is uneven in breadth and quality. It is therefore not adequate to simply assert that a valuation scenario includes a transactive system; certain characteristics and qualities of the chosen transactive system mechanism must be defined and stated. The report lists and discusses most of the known transactive system mechanisms. It offers a set of questions that may be used to help specify important

Market overview: Volume and prices remain low

International Nuclear Information System (INIS)

Anon.

1997-01-01

A summary of financial data for the uranium spot market in February 1997 is provided. Price ranges for the restricted and unrestricted markets, conversion, and separative work are listed, and total market volume and new contracts are noted. Transactions made are briefly described. Deals made and pending in the spot concentrates, medium and long-term, conversion, and markets are listed for U.S. and non-U.S. buyers

Corporate Governance of Sugar Mills in East Java: A Transaction Cost Economics Perspective

Directory of Open Access Journals (Sweden)

Ahmad Erani Yustika

2007-01-01

Full Text Available Despite Indonesia’s overall achievements during the past two decades%2C the economy is encountering a series of problems. One of the biggest challenges is the unsatisfactory performance of the state-owned enterprises (SOEs. Subsidisies and uncovered loans to the SOEs have drained the government’s fiscal resources%2C and the signing off of employees creates many social problems. Compared with the SOEs in other sectors%2C state-owned sugar mills face more serious crises which not only jeopardise the social fabric%2C but also endanger the production. Research results strengthen the statement that the basic problem in sugar mills is management inefficiency resulting in high transaction costs. This research compares the transaction costs between state-owned (Ngadiredjo and privately-owned (Kebon Agung sugar mills. The study shows that in Kebon Agung Sugar Mill transaction costs are higher than production costs%2C while in Ngadiredjo Sugar Mill the reverse is true. However%2C the high transaction costs in Kebon Agung Sugar Mill cannot be attributed directly to inefficient institutions%2C because Ngadiredjo Sugar Mill incurred high costs for plants%2C land preparation%2C and fertilizer%2C which decreased the proportion of transaction costs. If analyzed in detail%2C the following facts are revealed: (i market transaction costs in Kebon Agung Sugar Mill are higher than in Ngadiredjo Sugar Mill. This is because Kebon Agung Sugar Mill has established cooperation with sugarcane farmers in the form of extensions and transport subsidies; and (ii the political transaction costs proportion in Ngadiredjo Sugar Mill is higher than in Kebon Agung Sugar Mill because of the imposition of many ‘illegal’ fees. Abstract in Bahasa Indonesia : transaction cost economics%2C corporate governance%2C sugar mill%2C East Java.

76 FR 3180 - Market Test of Gift Cards

Science.gov (United States)

2011-01-19

... are very similar to money orders. Id. at 7. The Postal Service asserts that gift cards purchased from... POSTAL REGULATORY COMMISSION [Docket No. MT2011-2; Order No. 647] Market Test of Gift Cards AGENCY... Service proposal to conduct a 2-year market test involving the sale of gift cards. This document describes...

Impact of market restructuring on power systems operation

International Nuclear Information System (INIS)

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

1995-01-01

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

Multi-Level Marketing - a Tool of Relationship Marketing

Directory of Open Access Journals (Sweden)

Constantin C.

2009-12-01

Full Text Available This paper aims to analyse the opportunity of using multi-level marketing (MLM as a tool of relationship marketing. The research is firstly based on an analysis regarding the issues about the legality of MLM techniques in the context of EU and US regulation systems. The outcomes of this research stress the main characteristics of legal network marketing and how a person which wants to become independent distributor could avoid the cooperation with an illegal pyramid scheme. The second research is based on a case study at the level of an insurance broker, which emphasizes the benefits that all parties involved in a transaction (broker, distributor and customer could obtain by using an MLM scheme.

The Veggie Project: a case study of a multi-component farmers' market intervention.

Science.gov (United States)

Freedman, Darcy A; Bell, Bethany A; Collins, Leslie V

2011-08-01

This case study provides an in-depth examination of process and feasibility factors associated with the development of a multi-component environmental intervention designed to increase access to fresh fruits and vegetables in four low-income, minority, urban communities with few healthy food retail outlets. The intervention, the Veggie Project, included three components: (a) onsite farmers' markets, (b) a Super Shopper voucher program, and (c) a Youth Leader Board. We analyzed receipts from sales transactions at the farmers' markets, close-ended surveys with participants, in-depth interviews with project stakeholders, and journal entries completed by youth participants. Thirty-four farmers' markets occurred, resulting in 1,101 sales transactions. Financial vouchers were used to purchased 63% of the produce. All of the youth Super Shoppers came to the market at least once and made significantly more purchase transactions than adults. The farmers' markets were never accessed by 38% of the adult Super Shoppers. The Veggie Project increased access to healthy foods, particularly among youth. More research is warranted to examine the relationship between market use and dietary behaviors as well as other factors (i.e., besides physical and economic) influencing food access among adults.

Micro-transactions for concurrent data structures

DEFF Research Database (Denmark)

Meawad, Fadi; Iyer, Karthik; Schoeberl, Martin

2013-01-01

implementation of transactional memory that we call micro-transactions. In particular, we argue that hardware support for micro-transactions allows us to efficiently implement certain data structures. Those data structures are difficult to realize with the atomic operations provided by stock hardware and provide......, atomic instructions, and micro-transactions. Our results suggest that transactional memory is an interesting alternative to traditional concurrency control mechanisms....

The Value of Learning about Natural History in Biodiversity Markets.

Science.gov (United States)

Bruggeman, Douglas J

2015-01-01

Markets for biodiversity have generated much controversy because of the often unstated and untested assumptions included in transactions rules. Simple trading rules are favored to reduce transaction costs, but others have argued that this leads to markets that favor development and erode biodiversity. Here, I describe how embracing complexity and uncertainty within a tradable credit system for the Red-cockaded Woodpecker (Picoides borealis) creates opportunities to achieve financial and conservation goals simultaneously. Reversing the effects of habitat fragmentation is one of the main reasons for developing markets. I include uncertainty in habitat fragmentation effects by evaluating market transactions using five alternative dispersal models that were able to approximate observed patterns of occupancy and movement. Further, because dispersal habitat is often not included in market transactions, I contrast how changes in breeding versus dispersal habitat affect credit values. I use an individually-based, spatially-explicit population model for the Red-cockaded Woodpecker (Picoides borealis) to predict spatial- and temporal- influences of landscape change on species occurrence and genetic diversity. Results indicated that the probability of no net loss of abundance and genetic diversity responded differently to the transient dynamics in breeding and dispersal habitat. Trades that do not violate the abundance cap may simultaneously violate the cap for the erosion of genetic diversity. To highlight how economic incentives may help reduce uncertainty, I demonstrate tradeoffs between the value of tradable credits and the value of information needed to predict the influence of habitat trades on population viability. For the trade with the greatest uncertainty regarding the change in habitat fragmentation, I estimate that the value of using 13-years of data to reduce uncertainty in dispersal behaviors is $6.2 million. Future guidance for biodiversity markets should at

The Value of Learning about Natural History in Biodiversity Markets

Science.gov (United States)

Bruggeman, Douglas J.

2015-01-01

Markets for biodiversity have generated much controversy because of the often unstated and untested assumptions included in transactions rules. Simple trading rules are favored to reduce transaction costs, but others have argued that this leads to markets that favor development and erode biodiversity. Here, I describe how embracing complexity and uncertainty within a tradable credit system for the Red-cockaded Woodpecker (Picoides borealis) creates opportunities to achieve financial and conservation goals simultaneously. Reversing the effects of habitat fragmentation is one of the main reasons for developing markets. I include uncertainty in habitat fragmentation effects by evaluating market transactions using five alternative dispersal models that were able to approximate observed patterns of occupancy and movement. Further, because dispersal habitat is often not included in market transactions, I contrast how changes in breeding versus dispersal habitat affect credit values. I use an individually-based, spatially-explicit population model for the Red-cockaded Woodpecker (Picoides borealis) to predict spatial- and temporal- influences of landscape change on species occurrence and genetic diversity. Results indicated that the probability of no net loss of abundance and genetic diversity responded differently to the transient dynamics in breeding and dispersal habitat. Trades that do not violate the abundance cap may simultaneously violate the cap for the erosion of genetic diversity. To highlight how economic incentives may help reduce uncertainty, I demonstrate tradeoffs between the value of tradable credits and the value of information needed to predict the influence of habitat trades on population viability. For the trade with the greatest uncertainty regarding the change in habitat fragmentation, I estimate that the value of using 13-years of data to reduce uncertainty in dispersal behaviors is $6.2 million. Future guidance for biodiversity markets should at

CURRENT ASSET TUNNELING AND FIRM PERFORMANCE IN AN EMERGING MARKET

Directory of Open Access Journals (Sweden)

Ratna Candra Sari

2014-12-01

Full Text Available This study examines the effect of current asset tunneling on firm performance from the emerging market perspective. Although tunneling activities is a common practices by businesses especially in Indonesia, there exist obstacles in the measurement of tunneling activity because it is difficult to proof the existence of such practices. In this study, we measure tunneling by using accounts receivables and develop tunneling detection criteria. In addition, this study examines the effect of tunneling on firm performance and market reaction during the announcement of the related party transaction. The study finds that from the perspective of the being-tunneled companies, receivables to related parties negatively affect the company’s profit margin. Companies which announce related party transaction indicating tunneling obtain negative abnormal return during the announcement of the related party transaction.

Analysis of Effectiveness of Modern Information and Communication Technologies on Maize Marketing Efficiency in Lilongwe and Dedza Districts and Selected Markets of Malawi

OpenAIRE

Tione, Sarah Ephridah

2011-01-01

Government of Malawi has been promoting initiatives like Malawi Agriculture Commodity Exchange (MACE) that aim at reducing information asymmetry among market players especially smallholder farmers. Using co-integration error correction models, the study assessed effectiveness of modern ICT based market interventions on improving maize marketing efficiency in Malawi. Considering that efficient markets are integrated markets when price difference is only a factor of transaction costs, TAR model...

75 FR 4100 - Affirmative Fair Housing, Marketing (AFHM) Plan-Multifamily Housing, Affirmative Fair Housing...

Science.gov (United States)

2010-01-26

... DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR-5376-N-01] Affirmative Fair Housing, Marketing (AFHM) Plan-Multifamily Housing, Affirmative Fair Housing Marketing (AFHM) Plan-Single Family Housing and Affirmative Fair Housing Marketing (AFHM) Plan- Cooperatives/Condominiums AGENCY: Office of...

An Analysis of Manipulation Strategies in Stock Markets

OpenAIRE

Rasim Ozcan

2012-01-01

Manipulative transactions, which affect both the supply and demand side of the markets, have been studied by academic circles and it was concluded that manipulation exerts negative impact on markets. A market with manipulation is considered as less trustworthy and credible compared to a market without manipulation, which in turn, affects demand. Manipulations affecting both the supply and demand should be closely monitored by stock market investors as well as legislative, executive, and regul...

Proportional Transaction Costs in the Robust Control Approach to Option Pricing: The Uniqueness Theorem

Energy Technology Data Exchange (ETDEWEB)

El Farouq, Naïma, E-mail: naima.elfarouq@univ-bpclermont.fr [Université Blaise Pascal (Clermont-Ferrand II) (France); Bernhard, Pierre, E-mail: pierre.bernhard@inria.fr [INRIA Sophia Antipolis-Méditerranée (France)

2015-10-15

We prove the missing uniqueness theorem for the viscosity solution of a quasi-variational inequality related to a minimax impulse control problem modeling the option pricing with proportional transactions costs. This result makes our robust control approach of option pricing in the interval market model essentially complete.

Proportional Transaction Costs in the Robust Control Approach to Option Pricing: The Uniqueness Theorem

International Nuclear Information System (INIS)

El Farouq, Naïma; Bernhard, Pierre

2015-01-01

We prove the missing uniqueness theorem for the viscosity solution of a quasi-variational inequality related to a minimax impulse control problem modeling the option pricing with proportional transactions costs. This result makes our robust control approach of option pricing in the interval market model essentially complete

76 FR 56968 - [Docket No. FAA-2011-0490; Airspace Docket No. 11-AWP-5

Science.gov (United States)

2011-09-15

... DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 71 [Docket No. FAA-2011... Administration (FAA), DOT. ACTION: Final rule. SUMMARY: This action modifies Class E airspace at Tonopah, NV, to... reference action under 1 CFR Part 51, subject to the annual revision of FAA Order 7400.9 and publication of...

Transactional Network Platform: Applications

Energy Technology Data Exchange (ETDEWEB)

Katipamula, Srinivas; Lutes, Robert G.; Ngo, Hung; Underhill, Ronald M.

2013-10-31

In FY13, Pacific Northwest National Laboratory (PNNL) with funding from the Department of Energy’s (DOE’s) Building Technologies Office (BTO) designed, prototyped and tested a transactional network platform to support energy, operational and financial transactions between any networked entities (equipment, organizations, buildings, grid, etc.). Initially, in FY13, the concept demonstrated transactions between packaged rooftop air conditioners and heat pump units (RTUs) and the electric grid using applications or "agents" that reside on the platform, on the equipment, on a local building controller or in the Cloud. The transactional network project is a multi-lab effort with Oakridge National Laboratory (ORNL) and Lawrence Berkeley National Laboratory (LBNL) also contributing to the effort. PNNL coordinated the project and also was responsible for the development of the transactional network (TN) platform and three different applications associated with RTUs. This document describes two applications or "agents" in details, and also summarizes the platform. The TN platform details are described in another companion document.

Social networks and factor markets

DEFF Research Database (Denmark)

Abay, Kibrom Araya; Kahsay, Goytom Abraha; Berhane, Guush

In the absence of well-established factor markets, the role of indigenous institutions and social networks can be substantial for mobilizing factors for agricultural production. We investigate the role of an indigenous social network in Ethiopia, the iddir, in facilitating factor market...... transactions among smallholder farmers. Using detailed longitudinal household survey data and employing a difference-in-differences approach, we find that iddir membership improves households’ access to factor markets. Specifically, we find that joining an iddir network improves households’ access to land...

Hereditary Portfolio Optimization with Taxes and Fixed Plus Proportional Transaction Costs—Part II

Directory of Open Access Journals (Sweden)

Mou-Hsiung Chang

2007-01-01

Full Text Available This paper is the continuation of the paper entitled “Hereditary portfolio optimization with taxes and fixed plus proportional transaction costs I” that treats an infinite-time horizon hereditary portfolio optimization problem in a market that consists of one savings account and one stock account. Within the solvency region, the investor is allowed to consume from the savings account and can make transactions between the two assets subject to paying capital-gain taxes as well as a fixed plus proportional transaction cost. The investor is to seek an optimal consumption-trading strategy in order to maximize the expected utility from the total discounted consumption. The portfolio optimization problem is formulated as an infinite dimensional stochastic classical impulse control problem due to the hereditary nature of the stock price dynamics and inventories. This paper contains the verification theorem for the optimal strategy. It also proves that the value function is a viscosity solution of the QVHJBI.

Of markets and middlemen

OpenAIRE

Gabre-Madhin, Eleni Z.

1999-01-01

Using survey data on traders and brokers in the Ethiopian foodgrain market, this paper reveals that the brokerage institution is critical to market performance in that it enables traders to circumvent the commitment problem of long-distance trade with unknown partners. In the absence of grain standardization, public information, and legal contract enforcement, brokers act as inspectors and guarantors of each transaction. The paper analyzes the sources of commitment failure, the role and funct...

Transactions in domain-specific information systems

Science.gov (United States)

Zacek, Jaroslav

2017-07-01

Substantial number of the current information system (IS) implementations is based on transaction approach. In addition, most of the implementations are domain-specific (e.g. accounting IS, resource planning IS). Therefore, we have to have a generic transaction model to build and verify domain-specific IS. The paper proposes a new transaction model for domain-specific ontologies. This model is based on value oriented business process modelling technique. The transaction model is formalized by the Petri Net theory. First part of the paper presents common business processes and analyses related to business process modeling. Second part defines the transactional model delimited by REA enterprise ontology paradigm and introduces states of the generic transaction model. The generic model proposal is defined and visualized by the Petri Net modelling tool. Third part shows application of the generic transaction model. Last part of the paper concludes results and discusses a practical usability of the generic transaction model.

Markets for Technology and the Importance of Firm-Specific Search for Innovation Performance

DEFF Research Database (Denmark)

Sofka, Wolfgang; Grimpe, Christoph

Firms rely increasingly on external knowledge, e.g. from universities, to improve their innovation performance. Existing research models the acquisition of knowledge either as a firm-specific search or a purchase on markets for technology. The former implies that a firm chooses and develops...... relationships with knowledge sources while the latter suggests a transaction governed by markets. We argue that both mechanisms increase a firm’s innovation performance but that they are interrelated. While on the firm level firm-specific search and acquisitions on markets for technology complement each other......, the costs of firm-specific search are only justified in underdeveloped markets. Otherwise, market transactions provide higher efficiency and flexibility. This negative cross-level interaction effect is stronger the more knowledge in an industry is covered by markets for technology. We test and support...

Relationship Marketing and Customer Satisfaction: A Conceptual Perspective

OpenAIRE

Deborah O. Aka; Oladele J. Kehinde; Olaleke O. Ogunnaike

2016-01-01

This article examined the existing body of literature on transaction and relationship marketing. The specific objectives were to develop a conceptual framework to establish the relationship between relationship marketing and customer satisfaction and to examine the components of relationship marketing on the present ever dynamic world of business. The study identified relationship marketing variables and their impact on customer satisfaction. The framework aimed to provide insights into the s...

Transacted Memory for Smart Cards

NARCIS (Netherlands)

Hartel, Pieter H.; Butler, Michael J.; de Jong, Eduard; Longley, Mark; Olivieira, J.N.; Zave, P.

A transacted memory that is implemented using EEPROM technology offers persistence, undoability and auditing. The transacted memory system is formally specified in Z, and refined in two steps to a prototype C implementation / SPIN model. Conclusions are offered both on the transacted memory system

M&A flows and the foreign exchange markets:practical experiences

Directory of Open Access Journals (Sweden)

Martijn A. Schrijvers

2002-03-01

Full Text Available The large cross-border Merger and Acquisition flows of the last three years were seen by financial markets as one of the factors behind movements in exchange rates. However, the extent to which an M&A-transaction actually leads to a foreignexchange transaction is dependent on the financing and transaction techniques used and is difficult to measure. In this article, we analyse which considerations underlie the decisions of corporate Treasurers regarding the financing of take-overs and the techniques to be used by forex transactions. We investigate the effect Treasurers believe M&A transactions have on exchange rates and examine whether different techniques make for different effects. The information was obtained through interviews with Treasurers of multinationals conducting large-scale M&A activities.

Predicting multi-class customer profiles based on transactions : a case study in food sales

NARCIS (Netherlands)

Apeh, E.; Zliobaite, I.; Pechenizkiy, M.; Gabrys, B.; Bramer, M.; Petridis, M.

2012-01-01

Predicting the class of customer profiles is a key task in marketing, which enables businesses to approach the customers in a right way to satisfy the customer’s evolving needs. However, due to costs, privacy and/or data protection, only the business’ owned transactional data is typically available

78 FR 75657 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-12-12

... and transaction charges incurred by the Exchange as well as certain other costs incurred by the... to recoup these costs borne by the Exchange on each transaction. The $0.20 per contract Customer... costs, in addition to the transaction fee assessed by the away market. \\10\\ See note 8 [sic]. In...

Price formation and market mechanisms in world nuclear fuel markets

International Nuclear Information System (INIS)

Neff, T.L.

1991-01-01

The structure of world markets for uranium, UF6 and enriched uranium product (EUP) have changed greatly since the 1970s. In the old model, firms specializing in mining, conversion, enrichment and fabrication played independent and sequential steps in the making of nuclear fuel. The great majority of users dealt directly with primary suppliers. Competition took place among suppliers at each stage of the fuel cycle and price formation occurred independently for each stage. Long-term contracts directly between primary supplier and end user dominated, whether for U3O8, conversion, enrichment or fabrication. The old model is effectively gone. uranium producers compete with traders, some of whom can offer a much larger menu of products and terms than primary suppliers. Where once there was a straight engineering-like sequence of processing from uranium to EUP for end use, today things are often reversed and far more complicated, with de-enrichment, de-conversion, loans, swaps, and other transactions. Those able to bring financial and entrepreneurial skills to bear on this complexity have an advantage. Long-term contracts between primary producers and end users no longer dominate new transactions, especially in the critical role of price formation - the process of determining or discovery of the market price. These changes have raised the question of whether participants in the nuclear fuel market need, or could benefit from, new institutional mechanisms, specifically some sort of formal exchange or commodity market

A Global Survey and Review of the Determinants of Transaction Costs of Forestry Carbon Projects

NARCIS (Netherlands)

Phan, D.T.H.; Brouwer, Roy; Davidson, M.D.

2017-01-01

Reducing carbon emissions in the forestry sector by means of market-based schemes is considered a cost-effective measure for tackling climate change impacts. However, the transaction costs (TCs) involved are typically unknown or unquantified and therefore often neglected. In this study three types

A Global Survey and Review of the Determinants of Transaction Costs of Forestry Carbon Projects

NARCIS (Netherlands)

Phan, T.-H.D.; Brouwer, R.; Davidson, M.D.

Reducing carbon emissions in the forestry sector by means of market-based schemes is considered a cost-effective measure for tackling climate change impacts. However, the transaction costs (TCs) involved are typically unknown or unquantified and therefore often neglected. In this study three types

Papers of the 2. annual Canadian Institute conference on interjurisdictional power transactions

International Nuclear Information System (INIS)

2002-01-01

Leaders in the electric power industry from Canada and the United States attended this conference which focused on ways that Ontario's new competitive energy market can maximize its profits through interjurisdictional power transactions with the US northeast and midwest. Topics of discussion included how to target power sales to hotspots in the United States, how to avoid seams issues when wheeling power through jurisdictions, and how to monitor intertie capacity. Other issues were also addressed, including how to manage profits from the financial transmission rights structure, and tracking the latest developments in RTO creation in the United States and its potential impact on interjurisdictional power transactions. A total of 12 papers were presented, of which 4 were indexed separately for inclusion in the database. tabs., figs

The Speculative Nature of Stock Market

Directory of Open Access Journals (Sweden)

Bogdan-Gabriel FILIPESCU

2011-12-01

Full Text Available This paper focuses on the speculative nature of the stock market in Romania, emphasizing the basic rules and risks associated with stock transactions. On the one hand, the speculative nature may be considered as a mandatory feature of the stock market, for the purposes of supporting a fair and efficient functioning stock system. On the other hand, the term "speculative" can be also interpreted in a negative direction, i.e. in combination with market manipulation or market abuse. Related to this latter interpretation, the study refers to European legislation on market abuse, accepted market practices and those that constitute market manipulation.

Spot market activity remains weak as prices continue to fall

International Nuclear Information System (INIS)

Anon.

1996-01-01

A summary of financial data for the uranium spot market in November 1996 is provided. Price ranges for the restricted and unrestricted markets, conversion, and separative work are listed, and total market volume and new contracts are noted. Transactions made are briefly described. Deals made and pending in the spot concentrates, medium and long-term, conversion, and markets are listed for U.S. and non-U.S. buyers. Spot market activity increased in November with just over 1.0 million lbs of U3O8 equivalent being transacted compared to October's total of 530,000 lbs of U3O8 equivalent. The restricted uranium spot market price range slipped from $15.50-$15.70/lb U3O8 last month to $14.85/lb - $15.25/lb U3O8 this month. The unrestricted uranium spot market price range also slipped to $14.85/lb - $15.00/lb this month from $15.00/lb - $15.45/lb in October. Spot prices for conversion and separative work units remained at their October levels

Price Setting Transactions and the Role of Denominating Currency in FX Markets

OpenAIRE

Friberg, Richard; Wilander, Fredrik

2007-01-01

This report, commissioned by Sveriges Riksbank, examines the role of currency denomination in international trade transactions. It is divided in two parts. The first part consists of a survey of the price setting and payment practices of a large sample of Swedish exporting firms. The second part analyzes payments data from the Swedish settlement reports from 1999-2002. We examine whether invoicing patterns of Swedish and European companies changed following the creation of the EMU and how the...

Detecting wash trade in the financial market

OpenAIRE

Cao, Yi; Li, Yuhua; Coleman, Sonya; Belatreche, Ammar; McGinnity, T. M.

2014-01-01

Wash trade refers to the activities of traders who utilise deliberately designed collusive transactions to increase the trading volumes for creating active market impression. Wash trade can be damaging to the proper functioning and integrity of capital markets. Existing work focuses on collusive clique detections based on certain assumptions of trading behaviours. Effective approaches for analysing and detecting wash trade in a real-life market have yet to be developed. T...

Markets for financial transmission rights

International Nuclear Information System (INIS)

Kristiansen, T.

2004-01-01

Results of a survey of markets for financial transmission rights that facilitate competitive, open and non-discriminatory electricity market design are discussed. Specifically, the survey covered Pennsylvania, New Jersey, Maryland (PJM), New York, California, New England, Texas and New Zealand. The main emphasis was on the PJM and the New York markets, since they are the most mature. Interwowen with the results is a thorough discussion of the properties, features and the design of financial transaction rights in the various jurisdictions, the advantages, disadvantages and market performance of financial transmission rights, market performance criteria, and the mechanism for acquiring financial transmission rights. 49 refs., 14 tabs., 6 figs

N-REL: A comprehensive framework of social media marketing strategic actions for marketing organizations

Directory of Open Access Journals (Sweden)

Artha Sejati Ananda

2016-09-01

Full Text Available Despite the increasing and ubiquitous use of social media for business activities, scholar research on social media marketing strategy is scant and companies deploy their social media marketing strategies guided by intuition or trial and error. This study proposes a comprehensive framework that identifies and classifies social media marketing strategic actions. The conceptual framework covers actions that support both transactional and relationship marketing. This research also positions social media marketing strategy and strategic actions in the context of the marketing organization theory, and discusses the impact of the incorporation of social media on the concept of marketing organization. The study offers valuable theoretical insight on social media marketing actions and the deployment of social media marketing strategies in companies. The investigation also provides hints about how to maximize the benefits from social media marketing for customer-oriented, market-driven organizations.

A STUDY ON FINANCIAL DERIVATIVE WORLDWIDE TRANSACTIONS – FUTURES CONTRACTS

Directory of Open Access Journals (Sweden)

SECHEL Ioana-Cristina

2012-07-01

Full Text Available Financial products and financial derivatives transactions are on front page in the profile publications, because they have generated huge gains for a small part of market participants, and losses as well, sometimes followed by collapse even on the international financial institutions. Very common we can find in specialized media the hypothesis that the global instability was caused by derivative contracts and by the magnitude of these transactions, from the years preceding the crisis. Since they appeared in order to protect investors against various risks, we believe that the approach must have via derivative products is the ethical one. It is true that derivatives trades have grown very rapidly and have expanded from the commercial field (commodity derivatives to the capital market, but this was because the demand for such products was very high. Basically, the demand for financial derivatives products has validated their existence in the market. Derivative financial products are used by traders of financial intermediation companies, dealers, brokers, individual investors and corporations or governments. Precisely because of this large spectrum of users of financial derivatives, we can ask whether they should be used only by specialists in derivatives trading. Taken literally, the term derivative refers to a new product resulting from the modification of an existing product, but has different properties from the original product and from which it was derived (Business Dictionary 2012. But financially speaking, a derivative is a financial contract between two or more parts that comes from the future value of n reference asset (Reuters 2001, 17. Of course, in literature there are many definitions of the concept of financial derivative. If we were to build our own simple definition, we define financial derivatives as financial contracts based on an underlying asset whose price on the spot market determines its price. This is a very simple

Quantitative models in marketing research

NARCIS (Netherlands)

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

2001-01-01

textabstractRecent advances in data collection and data storage techniques enable marketing researchers to study the individual characteristics of a large range of transactions and purchases, in particular the effects of household-specific characteristics. This book presents the most important and

Natural gas marketing and transportation

International Nuclear Information System (INIS)

Anon.

1991-01-01

This book covers: Overview of the natural gas industry; Federal regulation of marketing and transportation; State regulation of transportation; Fundamentals of gas marketing contracts; Gas marketing options and strategies; End user agreements; Transportation on interstate pipelines; Administration of natural gas contracts; Structuring transactions with the nonconventional source fuels credit; Take-or-pay wars- a cautionary analysis for the future; Antitrust pitfalls in the natural gas industry; Producer imbalances; Natural gas futures for the complete novice; State non-utility regulation of production, transportation and marketing; Natural gas processing agreements and Disproportionate sales, gas balancing, and accounting to royalty owners

77 FR 76013 - Sempra LNG Marketing, LLC; Application for Blanket Authorization To Export Previously Imported...

Science.gov (United States)

2012-12-26

... marketing supplies of LNG. Sempra is a customer of the Cameron Terminal. On June 22, 2012, FE issued DOE/FE... DEPARTMENT OF ENERGY [FE Docket No. 12-155-LNG] Sempra LNG Marketing, LLC; Application for Blanket..., by Sempra LNG Marketing, LLC (Sempra LNG Marketing), requesting blanket authorization to export...

18 CFR 260.401 - FERC Form No. 552, Annual Report of Natural Gas Transactions.

Science.gov (United States)

2010-04-01

... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false FERC Form No. 552, Annual Report of Natural Gas Transactions. 260.401 Section 260.401 Conservation of Power and Water...) Prescription. The annual report for natural gas market participants, designated as FERC Form No. 552, is...

Transaction Costs For Innovations Diffusion

Directory of Open Access Journals (Sweden)

Ilya A. Romanov

2012-10-01

Full Text Available The article deals with the analysis of transaction costs of the innovations distribution. The factors, affecting the innovations diffusion in accordance with the clusters, relations, dynamics of the distribution are disclosed. Transaction costs as a result of bounded rationality of economic entities are detected. The inevitability of transaction costs as an objective phenomenon is shown. Their dependence on the quality of economic information and information uncertainty is indicated. Correlative approach for the analysis of these costs is applied. The article justifies that the reduction of transaction costs increases the efficiency of innovations.

基于网络商盟的信任交易管理机制研究%Research of Trust Transaction Management Mechanism Based on Online Marketing Coalition

Institute of Scientific and Technical Information of China (English)

胡润波; 杨德礼; 刁新军

2009-01-01

How to build an effective trust transaction mechanism is one of the most important problems in online trading management. Based on analyzing limitations of the existing online trust transaction mechanism, and according to characteristics of online transaction trust problem and business coalition in traditional commerce field, the article proposes a new trust transaction management mechanism on the basis of online marketing coalition. The mechanism makes the online transaction safe by way of prevention beforehand, coordination during the process and punishment afterwards. Three problems can be solved effectively; 1) putting an end to the phenomenon that no one wants to transact with newly registered users; 2) preventing members from changing identity to cheat; 3) reducing the workload of online business platform arbitration. By the behavior analysis between buyers and sellers with the above mechanism, we prove that the strategy of honest trade is the Sub-game Perfect Nash E-quilibrium in repeated game.%如何建立有效的信任交易管理机制是网络交易信任管理中的一个重要问题.在分析现有网络信任交易机制局限性的基础上,根据网络交易信任问题的特点和现实社会中商业联盟的特性,提出一种基于网络商盟的信任交易管理机制,建立事前防范,事中协调,事后惩罚三位一体的欺诈约束机制,保障网络交易的安全性.本研究有效解决三方面问题:1)解决新注册用户难以开展业务的问题;2)有效防止会员通过变换身份进行欺诈;3)降低网络交易平台仲裁的工作量.采用博弈理论分析该机制下的交易方行为,可以证明诚信交易是长期博弈的子博弈完美纳什均衡策略.

Smart transactive energy framework in grid-connected multiple home microgrids under independent and coalition operations

DEFF Research Database (Denmark)

Marzband, Mousa; Azarinejadian, Fatemeh; Savaghebi, Mehdi

2018-01-01

This paper presents a smart Transactive energy (TE) framework in which home microgrids (H-MGs) can collaborate with each other in a multiple H-MG system by forming coalitions for gaining competitiveness in the market. Profit allocation due to coalition between H-MGs is an important issue...

76 FR 6453 - Raynor Marketing, Ltd., Provisional Acceptance of a Settlement Agreement and Order

Science.gov (United States)

2011-02-04

... CONSUMER PRODUCT SAFETY COMMISSION [CPSC Docket No. 11-C0003] Raynor Marketing, Ltd., Provisional..., Raynor Marketing, Ltd. and the staff (``Staff'') of the United States Consumer Product Safety Commission... Street, Suite 205, McLean, VA 22101. Counsel for Raynor Marketing, Ltd. U.S. Consumer Product Safety...

Transactions Concurrency Control in Web Service Environment

DEFF Research Database (Denmark)

Alrifai, Mohammad; Dolog, Peter; Nejdl, Wolfgang

2006-01-01

an engineering point of view as it does not change the way consumers or clients of web services have to be programmed. Furthermore, it avoids direct communication between transaction coordinators which preserves security by keeping the information about business transactions restricted to the coordinators which......Business transactions in web service environments run with relaxed isolation and atomicity property. In such environments, transactions can commit and roll back independently on each other. Transaction management has to reflect this issue and address the problems which result for example from...... concurrent access to web service resources and data. In this paper we propose an extension to the WS-Transaction Protocol which ensures the consistency of the data when independent business transactions access the data concurrently under the relaxed transaction properties. Our extension is based...

Markets, Bureaucracies, and Clans.

Science.gov (United States)

Ouchi, William G.

1980-01-01

The transactions cost approach provides a framework for evaluating organizations on the basis of efficiency because it allows the identification of the conditions that give rise to the costs of mediating exchanges between individuals. The three basic mechanisms of mediation or control are markets, bureaucracies, and clans. (Author/IRT)

Identifying Bitcoin users by transaction behavior

Science.gov (United States)

Monaco, John V.

2015-05-01

Digital currencies, such as Bitcoin, offer convenience and security to criminals operating in the black marketplace. Some Bitcoin marketplaces, such as Silk Road, even claim anonymity. This claim contradicts the findings in this work, where long term transactional behavior is used to identify and verify account holders. Transaction timestamps and network properties observed over time contribute to this finding. The timestamp of each transaction is the result of many factors: the desire purchase an item, daily schedule and activities, as well as hardware and network latency. Dynamic network properties of the transaction, such as coin flow and the number of edge outputs and inputs, contribute further to reveal account identity. In this paper, we propose a novel methodology for identifying and verifying Bitcoin users based on the observation of Bitcoin transactions over time. The behavior we attempt to quantify roughly occurs in the social band of Newell's time scale. A subset of the Blockchain 230686 is taken, selecting users that initiated between 100 and 1000 unique transactions per month for at least 6 different months. This dataset shows evidence of being nonrandom and nonlinear, thus a dynamical systems approach is taken. Classification and authentication accuracies are obtained under various representations of the monthly Bitcoin samples: outgoing transactions, as well as both outgoing and incoming transactions are considered, along with the timing and dynamic network properties of transaction sequences. The most appropriate representations of monthly Bitcoin samples are proposed. Results show an inherent lack of anonymity by exploiting patterns in long-term transactional behavior.

Extending Software Transactional Memory in Clojure with Side-Effects and Transaction Control

DEFF Research Database (Denmark)

Jensen, Søren Kejser; Thomsen, Lone Leth

2016-01-01

In conjunction with the increase of multi-core processors the use of functional programming languages has increased in recent years. The functional language Clojure has concurrency as a core feature, and provides Software Transactional Memory (STM) as a substitute for locks. Transactions in Cloju...

An exploratory case study analysis of contemporary marketing practices

OpenAIRE

Palmer, Roger; Wilson, Hugh

2009-01-01

The Contemporary Marketing Practice (CMP) research tradition has formulated and investigated a set of different marketing practices or archetypes ranging from transactional to relationship and network approaches. We identify gaps in previous research, and report on a case study in the house-building industry, which begins to fill these gaps. Specifically, we propose some amendments to the definition and detail of the marketing practices, arguing for example that e- marketing...

How much market do market-based instruments create? An analysis for the case of 'white' certificates

International Nuclear Information System (INIS)

Langniss, Ole; Praetorius, Barbara

2006-01-01

Among the diverse economic instruments to foster energy efficiency (EE) and climate protection, tradable certificates have been investigated for renewable energy, and the EU directive on an emissions-trading scheme for CO 2 certificates has been approved in 2003. In contrast, tradable energy efficiency-or 'white'-certificates have only lately been considered as a market-based tool to foster EE as compared with standards and labelling, for example. Theoretically, there is little doubt about the advantages. In practice, however, some fundamental problems arise. Critical issues are the design of an efficient artificial market for white certificates, its compatibility with the European emissions-trading system, the identification of a suitable target group for an EE obligation and the measurement of energy savings as compared with a reference use of energy. We use the theoretical framework of transaction cost economics to elaborate these issues. We conclude that transaction costs and investment specificity will restrict markets for white certificates in practice. Long-term contracts rather than spot trade will be the prevailing form of governance for EE investments. (author)

Decision, Transaction, Law and Contract

DEFF Research Database (Denmark)

Koch, Carsten Allan

Copy from ”Preface to Post Doctoral Dissertation” ”Decision, transaction, law and contract” The period since 1970 has witnessed an explosion in contributions to what is now often referred to as the new institutional economics. One of the most influential (but also most atypical) of these approaches...... and Hierarchies” from 1975. Since then Williamson has, almost singlehandedly, erected an impressive research program which aims at explaining the institutional structures at the micro-level under which economic transactions take place. A number of different phenomena that were very hard to rationalize given...... further. Compared to earlier contributions, the mode of analysis employed differs in at least three ways. Firstly, the analysis is made in terms of the decision premises for entering a transactional relationship. This is in opposition to traditional transaction cost economics, where the transaction...

Nonblocking Scheduling for Web Service Transactions

DEFF Research Database (Denmark)

Alrifai, Mohammad; Balke, Wolf-Tilo; Dolog, Peter

2007-01-01

. In this paper, we propose a novel nonblocking scheduling mechanism that is used prior to the actual service invocations. Its aim is to reach an agreement between the client and all participating providers on what transaction processing times have to be expected, accepted, and guaranteed. This enables service......For improved flexibility and concurrent usage existing transaction management models for Web services relax the isolation property of Web service-based transactions. Correctness of the concurrent execution then has to be ensured by commit order-preserving transaction schedulers. However, local...... schedulers of service providers typically do take into account neither time constraints for committing the whole transaction, nor the individual services' constraints when scheduling decisions are made. This often leads to an unnecessary blocking of transactions by (possibly long-running) others...

Managing the market risk in pipeline capacity positions

International Nuclear Information System (INIS)

Simard, T.S.

1998-01-01

Managing the risk involved in adding new pipeline capacity was explored in this presentation. Topics discussed included: (1) pipeline capacity positions as basis swaps, (2) physical capacity versus basis transactions, (3) managing the market price risk in a capacity position, and (4) sharing of pipeline market risk. Pipeline owners were advised to recognize that pipeline capacity carries significant market price risk, that basis markets can sometimes be more volatile than outright markets, and to treat physical capacity market risk the same way as one would treat a financial basis position. 2 figs

78 FR 4400 - Eni USA Gas Marketing LLC; Application for Blanket Authorization To Export Previously Imported...

Science.gov (United States)

2013-01-22

... in the business of purchasing and marketing supplies of LNG, and is a customer of the Cameron... DEPARTMENT OF ENERGY [FE Docket No. 12-161-LNG] Eni USA Gas Marketing LLC; Application for Blanket..., by Eni USA Gas Marketing LLC (Eni USA Gas Marketing), requesting blanket authorization to export...

Biometric identification systems: the science of transaction facilitation

Science.gov (United States)

Rogers, Robert R.

1994-10-01

The future ofthe "secure transaction" and the success ofall undertakings that depend on absolute certainty that the individuals involved really are who and what they represent themselves to be is dependent upon the successful development of absolutely accurate, low-cost and easy-to-operate Biometric Identification Systems. Whether these transactions are political, military, financial or administrative (e.g. health cards, drivers licenses, welfare entitlement, national identification cards, credit card transactions, etc.), the need for such secure and positive identification has never been greater -and yet we are only at the beginning ofan era in which we will see the emergence and proliferation of Biometric Identification Systems in nearly every field ofhuman endeavor. Proper application ofthese systems will change the way the world operates, and that is precisely the goal ofComparator Systems Corporation. Just as with the photo-copier 40 years ago and the personal computer 20 years ago, the potential applications for positive personal identification are going to make the Biometric Identification System a commonplace component in the standard practice ofbusiness, and in interhuman relationships ofall kinds. The development of new and specific application hardware, as well as the necessary algorithms and related software required for integration into existing operating procedures and newly developed systems alike, has been a more-than-a-decade-long process at Comparator -and we are now on the verge of delivering these systems to the world markets so urgently in need of them. An individual could feel extremely confident and satisfied ifhe could present his credit, debit, or ATM card at any point of sale and, after inserting his card, could simply place his finger on a glass panel and in less than a second be positively accepted as being the person that the card purported him to be; not to mention the security and satisfaction of the vendor involved in knowing that

Rethinking Ethiopian Secured Transactions Law through ...

African Journals Online (AJOL)

Various countries have reformed their secured transaction laws recognizing the significance of modern secured transactions law in enhancing access to credit and economic development. Ethiopia has not undertaken comprehensive secured transactions law reform, despite the demonstrable mismatch between the legal ...

Introducing nonpoint source transferable quotas in nitrogen trading: The effects of transaction costs and uncertainty.

Science.gov (United States)

Zhou, Xiuru; Ye, Weili; Zhang, Bing

2016-03-01

Transaction costs and uncertainty are considered to be significant obstacles in the emissions trading market, especially for including nonpoint source in water quality trading. This study develops a nonlinear programming model to simulate how uncertainty and transaction costs affect the performance of point/nonpoint source (PS/NPS) water quality trading in the Lake Tai watershed, China. The results demonstrate that PS/NPS water quality trading is a highly cost-effective instrument for emissions abatement in the Lake Tai watershed, which can save 89.33% on pollution abatement costs compared to trading only between nonpoint sources. However, uncertainty can significantly reduce the cost-effectiveness by reducing trading volume. In addition, transaction costs from bargaining and decision making raise total pollution abatement costs directly and cause the offset system to deviate from the optimal state. While proper investment in monitoring and measuring of nonpoint emissions can decrease uncertainty and save on the total abatement costs. Finally, we show that the dispersed ownership of China's farmland will bring high uncertainty and transaction costs into the PS/NPS offset system, even if the pollution abatement cost is lower than for point sources. Copyright © 2015 Elsevier Ltd. All rights reserved.

Analysis of the production and transaction costs of forest carbon offset projects in the USA.

Science.gov (United States)

Galik, Christopher S; Cooley, David M; Baker, Justin S

2012-12-15

Forest carbon offset project implementation costs, comprised of both production and transaction costs, could present an important barrier to private landowner participation in carbon offset markets. These costs likewise represent a largely undocumented component of forest carbon offset potential. Using a custom spreadsheet model and accounting tool, this study examines the implementation costs of different forest offset project types operating in different forest types under different accounting and sampling methodologies. Sensitivity results are summarized concisely through response surface regression analysis to illustrate the relative effect of project-specific variables on total implementation costs. Results suggest that transaction costs may represent a relatively small percentage of total project implementation costs - generally less than 25% of the total. Results also show that carbon accounting methods, specifically the method used to establish project baseline, may be among the most important factors in driving implementation costs on a per-ton-of-carbon-sequestered basis, dramatically increasing variability in both transaction and production costs. This suggests that accounting could be a large driver in the financial viability of forest offset projects, with transaction costs likely being of largest concern to those projects at the margin. Copyright © 2012 Elsevier Ltd. All rights reserved.

Modeling the green building (GB) investment decisions of developers and end-users with transaction costs (TCs) considerations

NARCIS (Netherlands)

Qian, Q.K.; Chan, E.H.W.; Visscher, H.J.; Lehmann, S.

2015-01-01

The paper, through a “regenerative” lens, has focused upon a new conceptual game system involving transaction costs (TCs) for creating a more accessible green buildings (GB) market. Individual stakeholders steadfastly guard their own interests in any investment decision, which seldom considers any

Resources and Transaction Costs

DEFF Research Database (Denmark)

Foss, Kirsten; Foss, Nicolai Juul

2004-01-01

resources depends on the propertyrights that she holds to those resources and on the transaction costs of exchanging,defining and protecting the relevant property rights. While transaction costs aremajor sources of value dissipation, value may be created by reducing suchdissipation. Implications for the RBV...

The Dutch Grey Market

NARCIS (Netherlands)

Renneboog, L.D.R.; Spaenjers, C.

2008-01-01

When-issued trading concerns transactions in securities that have not yet been issued. This type of trade often takes place in a so-called ‘grey market’, in which all contracts are conditional on the issuance of the security. In this paper, we investigate the Dutch grey market for when-issued shares

Universality of measurements on quantum markets

Science.gov (United States)

Pakuła, Ireneusz; Piotrowski, Edward W.; Sładkowski, Jan

2007-11-01

Two of the authors have recently discussed financial markets operated by quantum computers-quantum market games. These “new markets” cannot by themselves create opportunity of making extraordinary profits or multiplying goods, but they may cause the dynamism of transaction which would result in more effective markets and capital flow into hands of the most efficient traders. Here we focus upon the problem of universality of measurement in quantum market games offering a possible method of implementation if the necessary technologies would be available. It can be also used to analyse material commitments that elude description in orthodox game-theoretic terms.

Transaction cost of micro and small enterprises financing

Directory of Open Access Journals (Sweden)

Ghana Atma Sulistya

2016-10-01

Full Text Available High transaction costs become one of the obstacles for the micro and small enterprises (MSEs to access financial loans to the bank. In order to minimize the transaction costs, group lending scheme become  alternative, so that both sides are pay lower transaction costs, and MSEs are able to improve their welfare. This study aims to analyze the credit process and transaction costs incurred on the model of individuals and groups lending and to compare the magnitude of transaction costs on both models. Mixed Method Analysis is used to analyze the component of transaction costs and the magnitude of the transaction cost on both models.These results indicate there are differences in transaction costs incurred on both schemes. In the amount of the transaction costs, the overall group scheme still allows for greater compared to individual schemes and dominated by the cost of the disbursement. Even so, the transaction cost per member group is much smaller than the individual schemes.

Transactive Energy Trajectories of the European and Croatian Energy Policy

International Nuclear Information System (INIS)

Toljan, I.

2014-01-01

The concept of transactive energy requires harmonized operation of all entities involved in the electrical power system on market-oriented bases. Each country creates independently its direction of the development (trajectory) of its power sector, but within the framework of basic trajectories laid down by the acquits communautaire, some of which are mandatory and some of which are only recommended. Transactive energy uses economic signals or incentives for using all available new technologies in the energy sector, from production to consumption, in a way that is definitely more efficient than the previous one. The trajectories are determined by the implementation policy whose principal characteristic is non-acceptance of delay in making decisions. The benchmarking system has been introduced. After setting the goals for 2020, the acquits communautaire additionally set very ambitious goals for 2030, which will also be reflected on the costs of energy generation, and consequently on the input costs of the European economy. The intention is to reduce CO2 emission from the energy sector by 80 percent until 2050. The development of exploitation of gas deposits and the introduction of new technologies places the USA on the global level in a completely different position than before. Coal is being gradually substituted by gas, which has so far been the dominating energy source for generation of electrical energy. The results of analyses indicate that gas supply in the USA will be three times cheaper than in Europe in the next 100 years. Taking into consideration the intended application of the current drilling technology also in Europe, it is to be expected that a significant change in the European energy policy will occur. There are also forecasts in the Republic of Croatia that might significantly change the picture of the Croatian energy industry. It should be kept in mind that finding new energy sources does not imply abandoning the concept of liberalized market

Solvable stochastic dealer models for financial markets

Science.gov (United States)

Yamada, Kenta; Takayasu, Hideki; Ito, Takatoshi; Takayasu, Misako

2009-05-01

We introduce solvable stochastic dealer models, which can reproduce basic empirical laws of financial markets such as the power law of price change. Starting from the simplest model that is almost equivalent to a Poisson random noise generator, the model becomes fairly realistic by adding only two effects: the self-modulation of transaction intervals and a forecasting tendency, which uses a moving average of the latest market price changes. Based on the present microscopic model of markets, we find a quantitative relation with market potential forces, which have recently been discovered in the study of market price modeling based on random walks.

The market platforms and the operating of exchange systems of CO2 quotas

International Nuclear Information System (INIS)

Fremont, R.

2005-06-01

In the framework of the climatic change, the first carbon transactions appeared in 1999. Still 2005 they operated without an organized market system. The european market changed the situation: the market grow. This document details the six projects of market platform existing in 2005 and wonders on their success conditions. (A.L.B.)

Resources and transaction costs

DEFF Research Database (Denmark)

Foss, Kirsten; Foss, Nicolai Juul

2005-01-01

from resources depends on the property rights that he or she holds and on the transaction costs of exchanging, defining, and protecting them. While transaction costs are a major source of value dissipation, reducing such dissipation may create value. Implications for the RBV analysis of sustained...

Combining Tasking and Transactions

OpenAIRE

Kienzle, Jörg

1999-01-01

This position paper discusses the issues in design and development of a transaction support for Ada 95. Transactions and other fault tolerance mechanisms are reviewed, and their applicability in a concurrent programming language is analyzed. Possible ways of integration are presented and implementation problems are discussed.

Review of Real-time Electricity Markets for Integrating Distributed Energy Resources and Demand Response

DEFF Research Database (Denmark)

Wang, Qi; Zhang, Chunyu; Ding, Yi

2015-01-01

The high penetration of both Distributed Energy Resources (DER) and Demand Response (DR) in modern power systems requires a sequence of advanced strategies and technologies for maintaining system reliability and flexibility. Real-time electricity markets (RTM) are the nondiscriminatory transaction...... platforms for providing necessary balancing services, where the market clearing (nodal or zonal prices depending on markets) is very close to real time operations of power systems. One of the primary functions of RTMs in modern power systems is establishing an efficient and effective mechanism for small DER...... and DR to participate in balancing market transactions, while handling their meteorological or intermittent characteristics, facilitating asset utilization, and stimulating their active responses. Consequently, RTMs are dedicated to maintaining the flexibility and reliability of power systems. This paper...

31 CFR 541.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 541.406 Section 541.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... § 541.406 Offshore transactions. The prohibitions in § 541.201 on transactions involving blocked...

31 CFR 537.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 537.406 Section 537.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... § 537.406 Offshore transactions. The prohibitions in § 537.201 on transactions involving blocked...

31 CFR 542.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 542.406 Section 542.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... § 542.406 Offshore transactions. The prohibitions in § 542.201 on transactions involving blocked...

Midstream purchases and other transaction structures

International Nuclear Information System (INIS)

Woodward, S.M.

1999-01-01

The value of midstream companies in the Western Canadian Sedimentary Basin was discussed. Midstream business in Canada was created about a decade ago with the deregulation of the natural gas industry. Some of the unique values that a midstream company offers, besides a financing arrangement, are described. A midstream company allows producers to do what they do best, explore and develop the natural resources through drilling of wells, while a midstream company provides the full marketing services for the natural gas including transportation and distribution. Some midstream transaction structure options such as direct cash sale, cash sale with incentive, facility/capacity lease, operating cost guarantee, 'earn in' arrangement are described, with brief summaries of the pros and cons to both producer and midstreamer company

Pemanfaatan Aplikasi E-Marketing Pada PT Jeah Untuk Memenangkan Persaingan Usaha

Directory of Open Access Journals (Sweden)

Harijanto Pangestu

2010-12-01

Full Text Available The purpose of this research is to design a system that could give information to customers about the provided product and also as the order media. The research method used is based on the principle of The Seven Stages of Internet Marketing to create e-marketing application, also library research, field research, analysis and designing methodology by doing survey to PT JEAH and analyzing the result. So far, the transaction process of PT JEAH is done through manual that is customer came to the store to do purchase transaction. After the e-marketing application is done, it is hoped that could give better service to customers. E-marketing concept in this system will increase efficiency and affectivity especially into order process and product information to community. Based on the research, it is concluded that with this e-marketing application as the center information and purchase media, it is hoped that the company could get loyalty from the customers and gather new market in online users. 

17 CFR 160.14 - Exceptions to notice and opt out requirements for processing and servicing transactions.

Science.gov (United States)

2010-04-01

....13 in connection with service providers and joint marketing, do not apply if you disclose nonpublic... or authorizes, or in connection with: (1) Processing or servicing a financial product or service that... persons engaged in carrying out the financial transaction or providing the product or service; or (2...

Financial Super-Markets: Size Matters for Asset Trade.

OpenAIRE

Philippe Martin and Hélène Rey.

2000-01-01

This paper presents a new theoretical framework to analyze financial markets in an international context. We build a two-country macroeconomic model in which agents are risk averse, assets are imperfect substitutes, the number of financial assets is endogenous, and cross-border asset trade entails transaction costs. We show that demand effects have important implications for the link between market size, asset prices and financial market development. These effects are consistent with the exis...

31 CFR 543.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 543.406 Section 543.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... Interpretations § 543.406 Offshore transactions. The prohibitions in § 543.201 on transactions or dealings...

31 CFR 547.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 547.406 Section 547.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... REGULATIONS Interpretations § 547.406 Offshore transactions. The prohibitions in § 547.201 on transactions or...

31 CFR 548.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 548.406 Section 548.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... § 548.406 Offshore transactions. The prohibitions in § 548.201 on transactions or dealings involving...

31 CFR 546.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 546.406 Section 546.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... § 546.406 Offshore transactions. The prohibitions in § 546.201 on transactions or dealings involving...

31 CFR 588.406 - Offshore transactions.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 3 2010-07-01 2010-07-01 false Offshore transactions. 588.406 Section 588.406 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) OFFICE... Interpretations § 588.406 Offshore transactions. The prohibitions in § 588.201 on transactions involving blocked...

Ring Confidential Transactions

Directory of Open Access Journals (Sweden)

Shen Noether

2016-12-01

Full Text Available This article introduces a method of hiding transaction amounts in the strongly decentralized anonymous cryptocurrency Monero. Similar to Bitcoin, Monero is a cryptocurrency which is distributed through a proof-of-work “mining” process having no central party or trusted setup. The original Monero protocol was based on CryptoNote, which uses ring signatures and one-time keys to hide the destination and origin of transactions. Recently the technique of using a commitment scheme to hide the amount of a transaction has been discussed and implemented by Bitcoin Core developer Gregory Maxwell. In this article, a new type of ring signature, A Multilayered Linkable Spontaneous Anonymous Group signature is described which allows one to include a Pedersen Commitment in a ring signature. This construction results in a digital currency with hidden amounts, origins and destinations of transactions with reasonable efficiency and verifiable, trustless coin generation. The author would like to note that early drafts of this were publicized in the Monero Community and on the #bitcoin-wizards IRC channel. Blockchain hashed drafts are available showing that this work was started in Summer 2015, and completed in early October 2015. An eprint is also available at http://eprint.iacr.org/2015/1098.

To make or buy patient safety solutions: a resource dependence and transaction cost economics perspective.

Science.gov (United States)

Fareed, Naleef; Mick, Stephen S

2011-01-01

For almost a decade, public and private organizations have pressured hospitals to improve their patient safety records. Since 2008, the Centers for Medicare & Medicaid Services has no longer been reimbursing hospitals for secondary diagnoses not reported during the point of admission. This ruling has motivated some hospitals to engage in safety-oriented programs to decrease adverse events. This study examined which hospitals may engage in patient safety solutions and whether they create these patient safety solutions within their structures or use suppliers in the market. We used a theoretical model that incorporates the key constructs of resource dependence theory and transaction cost economics theory to predict a hospital's reaction to Centers for Medicare & Medicaid Services "never event" regulations. We present propositions that speculate on how forces conceptualized from the resource dependence theory may affect adoption of patient safety innovations and, when they do, whether the adopting hospitals will do so internally or externally according to the transaction cost economics theory. On the basis of forces identified by the resource dependence theory, we predict that larger, teaching, safety net, horizontally integrated, highly interdependent, and public hospitals in concentrated, high public payer presence, competitive, and resource-rich environments will be more likely to engage in patient safety innovations. Following the logic of the transaction cost economics theory, we predict that of the hospitals that react positively to the never event regulation, most will internalize their innovations in patient safety solutions rather than approach the market, a choice that helps hospitals economize on transaction costs. This study helps hospital managers in their strategic thinking and planning in relation to current and future regulations related to patient safety. For researchers and policy analysts, our propositions provide the basis for empirical testing.

Efficiency in the United States electric industry: Transaction costs, deregulation, and governance structures

Science.gov (United States)

Peterson, Carl

Transaction costs economics (TCE) posits that firms have an incentive to bypass the market mechanisms in situations where the cost of using the market is prohibitive. Vertical integration, among other governance mechanisms, can be used to minimize the transactions costs associated with the market mechanism. The study analyses different governance mechanisms, which range from complete vertical integration to the use of market mechanisms, for firms in the US electric sector. This sector has undergone tremendous change in the past decade including the introduction of retail competition in some jurisdictions. As a result of the push toward deregulation of the industry, vertically integration, while still significant in the sector, has steadily been replaced by alternative governance structures. Using a sample of 136 investor-owned electric utilities that reported data the US Federal Energy Regulatory Commission between 1996 and 2002, this study estimates firm level efficiency using Data Envelopment Analysis (DEA) and relates these estimates to governance structure and public policies. The analysis finds that vertical integration is positively related to firm efficiency, although in a non-linear fashion suggesting that hybrid governance structures tend to be associated with lower efficiency scores. In addition, while some evidence is found for negative short-term effects on firm efficiency from the choice to deregulate, this result is sensitive to DEA model choice. Further, competition in retail markets is found to be positively related to firm level efficiency, but the retreat from deregulation, which occurred after 2000, is negatively associated with firm-level efficiency. These results are important in the ongoing academic and public policy debates concerning deregulation of the electric section and indicate that vertical economies remain in the industry, but that competition has provided incentives for improving firm level efficiency.

Factors Influencing Consumer-Perceived Risk in E-Commerce Transactions in China

OpenAIRE

Zheng, Anqi

2012-01-01

Over the last decade, electronic commerce has become one of the fastest growing markets in China and it is still growing at a dramatic speed. E-commerce introduces a convenient way for consumers to do shopping. During the online transaction processes, different types of risks are perceived by consumers due to the uncontrollable aspects of the Internet. The facets of perceived risk include social risk, financial risk, performance risk, psychological risk, privacy risk and time risk. This resea...

Transactional Infrastructure of the Economy: the Evolution of Concepts and Synthesis of Definitions

OpenAIRE

Maruschak Irina Valeryevna

2017-01-01

The overview of evolution of market infrastructure concepts is provided, the first concepts of institutional infrastructure are revealed in the paper. Evolutionarily developed narrowing of essence of infrastructure in connection with the priority analysis of its physical (material and technological) components is proved. It ignores the fact that transactional resources, being drivers (driving forces) of economic systems evolution, in turn evolve, becoming harder and harder, combining increase...

Disintermediation of Inter-Blockchain Transactions

OpenAIRE

English, S. Matthew; Orlandi, Fabrizio; Auer, Soeren

2016-01-01

Different versions of peer-to-peer electronic cash exist as data represented by separate blockchains. Payments between such systems cannot be sent directly from one party to another without going through a financial institution. Bitcoin provided part of the solution but its utility is limited to intra-blockchain transactions. The benefits are lost if a trusted third party is required to execute inter-blockchain transactions. We propose a solution to the inter-blockchain transaction problem us...

Internal market – situation and forecasting for Croatian groups of companies

Directory of Open Access Journals (Sweden)

Zoran Krupka

2006-12-01

Full Text Available Purpose: The purpose of this paper is to analyze and compare the attitude of managers to the market position of independent companies in comparison to the companies that are members of groups of companies in Croatia. In addition, research included an analysis of their attitudes toward current and future internal market trends with respect to the number and the value of transactions conducted within Croatian groups of companies. Methodology: Relevant secondary and primary dana was used in the research. In secondary research, relevant scientific and professional literature was analyzed. Primary research was done by using a questionnaire on an intentional sample of experts, including 127 managers working for groups of companies in Croatia. Findings: Two main hypotheses were tested: H1 – The internal market of Croatian groups of companies, measured by the number of transactions, will grow in the future; H2 – The internal market of Croatian groups of companies, measured by transaction value, will grow in the future. Both hypotheses were accepted. Implications: Research results imply a further strengthening of the financial and economic importance of groups of companies in Croatia, and a weakening of the companies that are not members of such groups. This implies a tendency toward certain monopoly development in some economic sectors. The development and continuous growth of the internal market compels countries to implement control and regulatory practices with regard to the use of transfer pricing, a path Croatia will have to follow.

An Environment for Flexible Advanced Compensations of Web Service Transactions

DEFF Research Database (Denmark)

Schaefer, Michael; Dolog, Peter; Nejdl, Wolfgang

2008-01-01

Business to business integration has recently been performed by employing Web service environments. Moreover, such environments are being provided by major players on the technology markets. Those environments are based on open specifications for transaction coordination. When a failure...... in such an environment occurs, a compensation can be initiated to recover from the failure. However, current environments have only limited capabilities for compensations, and are usually based on backward recovery. In this article, we introduce an environment to deal with advanced compensations based on forward...

How to measure the unsecured money market? The Eurosystem's implementation and validation using TARGET2 data

OpenAIRE

Luca Arciero; Ronald Heijmans; Richard Heuver; Marco Massarenti; Cristina Picillo; Francesco Vacirca

2013-01-01

This paper develops a methodology, based on Furfine (1999), to identify unsecured interbank money market loans from transaction data of the most important euro processing payment system, TARGET2, for maturity ranging from one day (overnight) up to three months. The implementation has been verified with (i) interbank money market transactions executed on the Italian trading platform e-MID and (ii) aggregated reporting by the EONIA panel banks. The Type 2 (false negative) error for the best per...

Wholesale energy market in a smart grid. Dynamic modeling, stability, and robustness

Energy Technology Data Exchange (ETDEWEB)

Kiani Bejestani, Arman

2013-01-24

the market equilibrium are analyzed using perturbation analysis. Then, the notion of a disequilibrium process is provided as an indispensable market mechanism to attain market equilibrium in the presence of perturbations due to renewables and Demand Response. Associated with this notion is the design of dynamic mechanisms whose roles become more crucial as one moves from a day-ahead to a real time market and the underlying forecast models of renewables become more accurate. Introduction of dynamics and feedback brings in questions of stability. A systematic stability framework is studied, which analyzes the interplay between pricing strategies, adjustable demand, and generation while guaranteeing a stable price profile. Furthermore, an analytical modeling of a Transactive control architecture is provided, which incorporates the interaction between market transactions, real-time pricing, physical constraints, and DR in the presence of uncertainty of RER. Transactive control consists of three hierarchical levels: (i) primary control, where power is regulated at a unit level, (ii) secondary control, where frequency is regulated at an area-level, and (iii) tertiary control, which includes market transactions between the generating and consumer companies in order to dispatch the resources economically. With a goal of ensuring frequency regulation using optimal allocation of resources in the presence of uncertainties in renewables and load, an analytical framework of Transactive control is presented. Global asymptotic stability of the overall system is established in the presence of uncertainties at all three time-scales, and this overall hierarchical Transactive controller is then shown to be effective through numerical simulations in the presence of generation and load uncertainties.

77 FR 48148 - Energy Alternatives Wholesale, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2012-08-13

... Energy Alternatives Wholesale, LLC's application for market-based rate authority, with an accompanying... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-2413-000] Energy Alternatives Wholesale, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for...

76 FR 6128 - Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2011-02-03

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2730-000] Energy Exchange International, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... proceeding Energy Exchange International, LLC's application for market-based rate authority, with an...

77 FR 52016 - Brookfield Smoky Mountain Hydropower LLC; Supplemental Notice That Initial Market-Based Rate...

Science.gov (United States)

2012-08-28

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-2447-001] Brookfield Smoky Mountain Hydropower LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes... proceeding, of Brookfield Smoky Mountain Hydropower LLC's application for market- based rate authority, with...

Solving portfolio selection problems with minimum transaction lots based on conditional-value-at-risk

Science.gov (United States)

Setiawan, E. P.; Rosadi, D.

2017-01-01

Portfolio selection problems conventionally means ‘minimizing the risk, given the certain level of returns’ from some financial assets. This problem is frequently solved with quadratic or linear programming methods, depending on the risk measure that used in the objective function. However, the solutions obtained by these method are in real numbers, which may give some problem in real application because each asset usually has its minimum transaction lots. In the classical approach considering minimum transaction lots were developed based on linear Mean Absolute Deviation (MAD), variance (like Markowitz’s model), and semi-variance as risk measure. In this paper we investigated the portfolio selection methods with minimum transaction lots with conditional value at risk (CVaR) as risk measure. The mean-CVaR methodology only involves the part of the tail of the distribution that contributed to high losses. This approach looks better when we work with non-symmetric return probability distribution. Solution of this method can be found with Genetic Algorithm (GA) methods. We provide real examples using stocks from Indonesia stocks market.

Customer relations data aids marketing efforts.

Science.gov (United States)

Werronen, H J

1988-08-01

A customer relations information system can help improve a hospital's marketing performance. With such a system, the author writes, a medical center can easily redirect its information systems away from the traditional transaction-oriented approach toward the building of long-lasting relationship with customers.

Anonymous Transactions in Computer Networks

Science.gov (United States)

Dolev, Shlomi; Kopeetsky, Marina

We present schemes for providing anonymous transactions while privacy and anonymity are preserved, providing user anonymous authentication in distributed networks such as the Internet. We first present a practical scheme for anonymous transactions while the transaction resolution is assisted by a Trusted Authority. This practical scheme is extended to a theoretical scheme where a Trusted Authority is not involved in the transaction resolution. Given an authority that generates for each player hard to produce evidence EVID (e. g., problem instance with or without a solution) to each player, the identity of a user U is defined by the ability to prove possession of said evidence. We use Zero-Knowledge proof techniques to repeatedly identify U by providing a proof that U has evidence EVID, without revealing EVID, therefore avoiding identity theft.

Socio-Economic Factors Affecting the Marketing of Garri in Port ...

African Journals Online (AJOL)

Socio-Economic Factors Affecting the Marketing of Garri in Port Harcourt City of ... recommended ways of improving the marketing system of garri in the study area. ... socio economic characteristic of the traders, purchases and sales transaction, ... 78% had basic education which help them in keeping proper record and in ...

Financial Super-Markets: Size Matters for Asset Trade

OpenAIRE

Philippe Martin; Helene Rey

2001-01-01

This paper presents a new theoretical framework to analyze=20 financial markets in an international context. We build a two-country=20 macroeconomic model in which agents are risk averse, assets are imperfect=20 substitutes, the number of financial assets is endogenous, and cross-border= =20 asset trade entails transaction costs. We show that demand effects have=20 important implications for the link between market size, asset prices and=20 financial market development. These effects are cons...

75 FR 45111 - Electric Quarterly Reports; Strategic Energy Management Corp.; Solaro Energy Marketing...

Science.gov (United States)

2010-08-02

.... ER00-167-000; Docket No. ER03- 752-000] Electric Quarterly Reports; Strategic Energy Management Corp.; Solaro Energy Marketing Corporation; Notice of Revocation of Market- Based Rate Tariff July 23, 2010. On... FERC ] 61,334 (2003). In the June 25 Order, the Commission directed Strategic Energy Management Corp...

Coordination and decision making of regulation, operation, and market activities in power systems

Science.gov (United States)

Nakashima, Tomoaki

Electric power has been traditionally supplied to customers at regulated rates by vertically integrated utilities (VIUs), which own generation, transmission, and distribution systems. However, the regulatory authorities of VIUs are promoting competition in their businesses to lower the price of electric energy. Consequently, in new deregulated circumstances, many suppliers and marketers compete in the generation market, and conflict of interest may often occur over transmission. Therefore, a neutral entity, called an independent system operator (ISO), which operates the power system independently, has been established to give market participants nondiscriminatory access to transmission sectors with a natural monopoly, and to facilitate competition in generation sectors. Several types of ISOs are established at present, with their respective regions and authorities. The ISO receives many requests from market participants to transfer power, and must evaluate the feasibility of their requests under the system's condition. In the near future, regulatory authorities may impose various objectives on the ISOs. Then, based on the regulators' policies, the ISO must determine the optimal schedules from feasible solutions, or change the market participants' requests. In a newly developed power market, market participants will conduct their transactions in order to maximize their profit. The most crucial information in conducting power transactions is price and demand. A direct transaction between suppliers and consumers may become attractive because of its stability of price, while in a power exchange market, gaming and speculation of participants may push up electricity prices considerably. To assist the consumers in making effective decisions, suitable methods for forecasting volatile market price are necessary. This research has been approached from three viewpoints: Firstly, from the system operator's point of view, desirable system operation and power market structure

Marketing Of Local Spices In Owerri Municipal Of Imo State, Nigeria ...

African Journals Online (AJOL)

The type of data collected included socio-economic characteristic of the spices traders, purchase and sales transactions, marketing cost and marketing margins, regression analysis was used to analyze the influence of socio-economic variable on the traders income descriptive statistics such as means, percentages and ...

75 FR 38516 - Order on Intent To Revoke Market-Based Rate Authority

Science.gov (United States)

2010-07-02

..., Electric Quarterly Reports, Strategic Energy Management Corp., Solaro Energy Marketing Corporation. 1... (including market-based power sales, cost-based power sales, and transmission service) and providing transaction information (including rates) for short-term and long-term power sales during the most recent...

Diagramming Transactive Building Business Cases: Using Principles of e3 Value to Document Valuation Studies

Energy Technology Data Exchange (ETDEWEB)

Hammerstrom, Donald J. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Makhmalbaf, Atefe [Pacific Northwest National Lab. (PNNL), Richland, WA (United States); Marinovici, Maria C. [Pacific Northwest National Lab. (PNNL), Richland, WA (United States)

2016-12-30

Energy management in buildings is becoming more transactive. Pacific Northwest National Laboratory and the U.S. Department of Energy Building Technologies Office recently defined innovative use cases wherein market-like mechanisms are used to manage energy within buildings, between buildings, and between buildings and third-party entities, such as power utilities. A next step toward defining a set of transactive use cases in the buildings domain is to carefully diagram the corresponding business cases to capture details of transactions among all stakeholders and their economic value propositions. The principles of e3-value diagramming are applied in this report toward creating business value diagrams. These principles are extended to be consistent with Universal Modeling Language use-case diagrams. Example diagrams are presented for a subset of buildings-domain use cases that were introduced in an earlier Pacific Northwest National Laboratory report. The diagrams are intended to clearly represent an understanding of the transactions through which individual entities accumulate value in their respective use cases, and the diagrams should therefore support economic valuation studies. The report reviews some of the foundational principles of e3 value and includes authors’ insights concerning the formulation of these diagrams using Universal Modeling Language as a more systematic modeling approach.

The market microstructure of the European Climate Exchange

OpenAIRE

Mizrach, Bruce; Otsubo, Yoichi

2011-01-01

This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. 2009 Trading volumes total ?22 billion and are growing, with EUA transactions doubling, and CER volume up 61%. Spreads range from ?0:02 to ?0:06 for EUA and from ?0:07 to ?0:18 for CER. Market impact estimates imply that an average trade will move the EUA market by 1.08 euro centimes and the CER mark...

78 FR 28214 - Gainesville Renewable Energy Center, LLC; Supplemental Notice That Initial Market-Based Rate...

Science.gov (United States)

2013-05-14

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1348-000] Gainesville Renewable Energy Center, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Gainesville Renewable Energy Center, LLC's application for market- based rate authority, with an accompanying...

78 FR 40473 - Plainfield Renewable Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2013-07-05

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1734-000] Plainfield Renewable Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Plainfield Renewable Energy, LLC's application for market-based rate authority, with an accompanying rate...

77 FR 64980 - Chesapeake Renewable Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2012-10-24

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-28-000] Chesapeake Renewable Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding of Chesapeake Renewable Energy LLC's application for market-based rate authority, with an...

77 FR 9226 - Physical Systems Integration, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2012-02-16

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-1013-000] Physical Systems Integration, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Physical Systems Integration, LLC's application for market-based rate authority, with an accompanying rate...

75 FR 41855 - Stream Energy Pennsylvania, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-07-19

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-1750-000] Stream Energy Pennsylvania, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... of Stream Energy Pennsylvania, LLC's application for market-based rate authority, with an...

75 FR 61747 - Union Leader Corporation; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-10-06

... of Union Leader Corporation's application for market-based rate authority, with an accompanying rate... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-2780-000] Union Leader Corporation; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket Section...

77 FR 42722 - Berry Petroleum Company; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2012-07-20

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-2233-000] Berry Petroleum Company; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... Petroleum Company's application for market-based rate authority, with an accompanying rate schedule, noting...

New approaches to market information to enhancing agricultural ...

African Journals Online (AJOL)

Mo

information causes lower income for farmers, higher costs to consumers, greater risk for traders, high transaction costs ... the new liberalised environment and as they become less .... new model for the provision of market information to local.

75 FR 60713 - Farmers' Market Promotion Program: Notice of Request for Extension and Revision of a Currently...

Science.gov (United States)

2010-10-01

... (FMPP) was created through an amendment of the Farmer-to-Consumer Direct Marketing Act of 1976 (7 U.S.C...-consumer marketing opportunities. Approximately $1 million each year was allocated for Fiscal Years (FY... DEPARTMENT OF AGRICULTURE Agricultural Marketing Service [Docket No. AMS-TM-10-0082; TM-10-02...

Optimal algorithmic trading and market microstructure

OpenAIRE

Labadie , Mauricio; Lehalle , Charles-Albert

2010-01-01

The efficient frontier is a core concept in Modern Portfolio Theory. Based on this idea, we will construct optimal trading curves for different types of portfolios. These curves correspond to the algorithmic trading strategies that minimize the expected transaction costs, i.e. the joint effect of market impact and market risk. We will study five portfolio trading strategies. For the first three (single-asset, general multi-asseet and balanced portfolios) we will assume that the underlyings fo...

78 FR 26771 - Mesa Wind Power Corporation; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2013-05-08

... Wind Power Corporation's application for market-based rate authority, with an accompanying rate... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1346-000] Mesa Wind Power Corporation; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for...

Producer Organisations and Market Chains: Facilitating Trajectories of Change in Developing Countries

NARCIS (Netherlands)

Ton, G.; Bijman, J.; Oorthuizen, J.

2007-01-01

The role of producer organizations in market chains has received increasing attention in recent years, both from governments and donors. In order to lower transaction costs, markets demand that smallholder farmers operate in an organized manner. However, though the policy openings for support seem

78 FR 16824 - Tobacco Product Manufacturing Practice; Establishment of a Public Docket

Science.gov (United States)

2013-03-19

... manufacturing operations. DATES: Submit electronic or written comments on the tobacco companies' recommendations... DEPARTMENT OF HEALTH AND HUMAN SERVICES Food and Drug Administration 21 CFR Chapter I [Docket No. FDA-2013-N-0227] Tobacco Product Manufacturing Practice; Establishment of a Public Docket AGENCY: Food...

75 FR 74711 - Planet Energy (Pennsylvania) Corp.; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-12-01

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2167-000] Planet Energy (Pennsylvania) Corp.; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding, of Planet Energy (Pennsylvania) Corp.'s application for market-based rate authority, with an...

75 FR 74712 - Planet Energy (Maryland) Corp.; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-12-01

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2168-000] Planet Energy (Maryland) Corp.; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding, of Planet Energy (Maryland) Corp.'s application for market-based rate authority, with an...

Market Design and Strategy Making for Proactive Distribution Grid with DERs

DEFF Research Database (Denmark)

Zhang, Chunyu

has to make decisions on procuring DERs' portfolios in distribution-level market, and strategically submits oers/bids to the transmission-level markets, simultaneously. Crossing the day-ahead and real-time markets, the transactions between PDISCO and markets are characterized in a bidirectional...... Reforming Energy Vision (NY REV) has addressed the regulatory changes to liberate a distribution-level market for cost-eective use of DERs. To this end, the DISCO gets an opportunity to strategically engage in the transmission-level markets by rationally purchasing electricity from the distribution...

Spanish Power Exchange Market Concepts and Operating Experience

International Nuclear Information System (INIS)

Gonzalez, J. J.; Gamito, C.

2000-01-01

On January, 1st, 1998, the Spanish Electricity Market started operations. All generators, distributors, commercialization companies, and final consumers negotiate al power exchanges either through the spot market or using bilateral contracts. The Spanish Power Exchange Market Operator (Compania Operadora del Mercado Espanol de electricidad, OMEL) is responsible for the management of the market and for the economic settlement and billing of a transactions on the Power Exchange market, and the technical operational process handled by the System Operator. This paper describes in detail the Spanish market principles and the experience gathered through the design, installation and first two years of market operation. The paper presents also the Spanish market results from January 1998 up to December 1999 indicating each specific market results and aggregate statistics. (Author)

Multi-period fuzzy mean-semi variance portfolio selection problem with transaction cost and minimum transaction lots using genetic algorithm

Directory of Open Access Journals (Sweden)

Mohammad Ali Barati

2016-04-01

Full Text Available Multi-period models of portfolio selection have been developed in the literature with respect to certain assumptions. In this study, for the first time, the portfolio selection problem has been modeled based on mean-semi variance with transaction cost and minimum transaction lots considering functional constraints and fuzzy parameters. Functional constraints such as transaction cost and minimum transaction lots were included. In addition, the returns on assets parameters were considered as trapezoidal fuzzy numbers. An efficient genetic algorithm (GA was designed, results were analyzed using numerical instances and sensitivity analysis were executed. In the numerical study, the problem was solved based on the presence or absence of each mode of constraints including transaction costs and minimum transaction lots. In addition, with the use of sensitivity analysis, the results of the model were presented with the variations of minimum expected rate of programming periods.

75 FR 7537 - Elkhart & Western Railroad Co.-Lease and Operation Exemption-Norfolk Southern Railway Company

Science.gov (United States)

2010-02-19

... Michigan Southern Railroad Company--Corporate Family Transaction Exemption, STB Finance Docket No. 33941... DEPARTMENT OF TRANSPORTATION Surface Transportation Board [STB Finance Docket No. 35347] Elkhart... becomes effective). An original and 10 copies of all pleadings, referring to STB Finance Docket No. 35347...

77 FR 62510 - Niagara Wind Power, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2012-10-15

... Wind Power, LLC's application for market-based rate authority, with an accompanying rate schedule... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-17-000] Niagara Wind Power, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket...

75 FR 42745 - Hardscrabble Wind Power LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-07-22

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-1725-000] Hardscrabble Wind Power LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... of Hardscrabble Wind Power LLC's application for market-based rate authority, with an accompanying...

78 FR 62615 - Healthy Planet Partners Energy Company, LLC; Supplemental Notice that Initial Market-Based Rate...

Science.gov (United States)

2013-10-22

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER14-96-000] Healthy Planet Partners Energy Company, LLC; Supplemental Notice that Initial Market-Based Rate Filing Includes Request... of Healthy Planet Partners Energy Company, LLC's application for market- based rate authority, with...

76 FR 77815 - Ethical Electric Benefit Co.; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2011-12-14

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-543-000] Ethical Electric Benefit Co.; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Ethical Electric Benefit Co.'s application for market-based rate authority, with an accompanying rate...

78 FR 34371 - Centinela Solar Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2013-06-07

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1561-000] Centinela Solar Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Centinela Solar Energy, LLC's application for market-based rate authority, with an accompanying rate...

75 FR 80486 - Sustainable Star, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request...

Science.gov (United States)

2010-12-22

... proceeding of Sustainable Star, LLC's application for market-based rate authority, with an accompanying rate... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2354-000] Sustainable Star, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket...

77 FR 57082 - Prairie Rose Wind, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2012-09-17

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-2542-000] Prairie Rose Wind, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket... Rose Wind, LLC's application for market-based rate authority, with an accompanying rate schedule...

77 FR 64980 - Collegiate Clean Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2012-10-24

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-33-000] Collegiate Clean Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Collegiate Clean Energy, LLC's application for market-based rate authority, with an accompanying rate tariff...

75 FR 16453 - Nasdaq OMX Commodities Clearing-Finance, LLC; Supplemental Notice That Initial Market-Based Rate...

Science.gov (United States)

2010-04-01

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-914-000] Nasdaq OMX Commodities Clearing--Finance, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request...-referenced proceeding of Nasdaq OMX Commodities Clearing--Finance, LLC's application for market- based rate...

75 FR 71426 - North Community Turbines, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-11-23

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2107-000] North Community Turbines, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... proceeding, of North Community Turbines, LLC's application for market-based rate authority, with an...

77 FR 47625 - Beebe Renewable Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2012-08-09

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-2311-000] Beebe Renewable Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Beebe Renewable Energy, LLC's application for market-based rate authority, with an accompanying rate...

78 FR 50410 - Black Bear Development Holdings, LLC; Supplemental Notice that Initial Market-Based Rate Filing...

Science.gov (United States)

2013-08-19

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-2143-000] Black Bear Development Holdings, LLC; Supplemental Notice that Initial Market-Based Rate Filing Includes Request for... Black Bear Development Holdings, LLC's application for market-based rate authority, with an accompanying...

77 FR 55817 - Panther Creek Power Operating, LLC; Supplemental Notice that Initial Market-Based Rate Filing...

Science.gov (United States)

2012-09-11

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-2570-000] Panther Creek Power Operating, LLC; Supplemental Notice that Initial Market-Based Rate Filing Includes Request for... Panther Creek Power Operating, LLC's application for market-based rate authority, with an accompanying...

75 FR 57016 - Maple Analytics, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request...

Science.gov (United States)

2010-09-17

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-2541-000] Maple Analytics, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket... proceeding of Maple Analytics, LLC's application for market-based rate authority, with an accompanying rate...

75 FR 61746 - New England Wire Technologies Corp; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-10-06

...-referenced proceeding of New England Wire Technologies Corp's application for market-based rate authority... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-2754-000] New England Wire Technologies Corp; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for...

76 FR 25328 - New Mexico Green Initiatives, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2011-05-04

... Mexico Green Initiatives, LLC's application for market-based rate authority, with an accompanying rate... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-3431-000] New Mexico Green Initiatives, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for...

78 FR 28835 - Salton Sea Power Generation Company; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2013-05-16

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1271-000] Salton Sea Power Generation Company; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Salton Sea Power Generation Company's application for market-based rate authority, with an accompanying...

Creating marketing strategies for higher education institutions

Directory of Open Access Journals (Sweden)

Lidia Białoń

2015-12-01

Full Text Available The article presents a thesis that the primary premise of creating marketing strategies for higher education institution is a three-dimensional notion of marketing. The first dimension lies in the theoretical notions of the essence of marketing, including the transactional marketing (1.0, relationship marketing (2.0 and spiritual marketing (3.0. The second dimension is formed by methods of marketing research and accurate notions of marketing, while the third are channels of marketing information. Harmonizing these three dimensions is a precondition for effective marketing. Among other conditions for effective strategies there are: aligning goals of the chosen strategy with the mission of higher education institution, correct choice of targeted segments of the market and of marketing tools. The article also gives a sample classification of marketing strategies based on these criteria, with emphasis on the fact, that every higher education institution employs its own strategy.

Pollution Under Environmental Regulation in Energy Markets

CERN Document Server

Gullì, Francesco

2013-01-01

Pollution Under Environmental Regulation in Energy Markets provides a study of environmental regulation when energy markets are imperfectly competitive. This theoretical treatment focuses on three relevant cases of energy markets. First, the residential space heating sector where hybrid regulation such as taxation and emissions trading together are possible. Second, the electricity market where transactions are organized in the form of multi-period auctions. Third, namely natural gas (input) and electricity (output) markets where there is combined imperfect competition in vertical related energy markets.   The development of free or low carbon technologies supported by energy policies, aiming at increasing security of supply, is also explored whilst considering competition policies that reduce market power in energy markets thus improving market efficiency. Pollution Under Environmental Regulation in Energy Markets discusses the key issues of whether imperfect competition can lessen the ability of environmen...

1997 begins quietly in the spot market as prices continue to drop

International Nuclear Information System (INIS)

Anon.

1997-01-01

A summary of financial data for the uranium spot market in January 1997 is provided. Price ranges for the restricted and unrestricted markets, conversion, and separative work are listed, and total market volume and new contracts are noted. Transactions made are briefly described. Deals made and pending in the spot concentrates, medium and long-term, conversion, and markets are listed for U.S. and non-U.S. buyers

75 FR 38521 - Registration Review; Biopesticide Dockets Opened for Review and Comment

Science.gov (United States)

2010-07-02

... in hard copy form. Publicly available docket materials are available either in the electronic docket at http://www.regulations.gov , or, if only available in hard copy, at the OPP Regulatory Public.... Section 3(g) of FIFRA provides, among other things, that the registrations of pesticides are to be...

The development by the German Transactional Analysis Association of a scientifically-based online evaluation system of transactional analysis training

Directory of Open Access Journals (Sweden)

Norbert Nagel

2017-07-01

Full Text Available The authors present the development and statistical analysis, conducted under the auspices of the German Transactional Analysis Association (DGTA, of an online evaluation system of transactional analysis training.  The understanding of evaluation research is clarified, and the data-entry form and its grounding in the theory of transactional analysis are presented. Emphasis is placed on the development of the competence concept, the definition of competence categories, and the representation of the foundations of a transactional-analytic educational theory.  The scientific examination of the validity and reliability of the scales, the research process with pre-test and re-test, and the evaluation of the data in the system of online evaluation are extensively documented.  In conclusion, it is claimed that this online-based DGTA evaluation is one of the few result-oriented teaching evaluation instruments in the German-speaking countries which meets scientific control criteria and is published. Citation - APA format: Nagel, N., König, J., Ottmann, S., & Hahnle, A. (2017. The development by the German Transactional Analysis Association of a scientifically-based online evaluation system of transactional analysis training. International Journal of Transactional Analysis Research & Practice, 8(2, 3-23.

Time-zero efficiency of European power derivatives markets

International Nuclear Information System (INIS)

Peña, Juan Ignacio; Rodriguez, Rosa

2016-01-01

We study time-zero efficiency of electricity derivatives markets. By time-zero efficiency is meant a sequence of prices of derivatives contracts having the same underlying asset but different times to maturity which implies that prices comply with a set of efficiency conditions that prevent profitable time-zero arbitrage opportunities. We investigate whether statistical tests, based on the law of one price, and trading rules, based on price differentials and no-arbitrage violations, are useful for assessing time-zero efficiency. We apply tests and trading rules to daily data of three European power markets: Germany, France and Spain. In the case of the German market, after considering liquidity availability and transaction costs, results are not inconsistent with time-zero efficiency. However, in the case of the French and Spanish markets, limitations in liquidity and representativeness are challenges that prevent definite conclusions. Liquidity in French and Spanish markets should improve by using pricing and marketing incentives. These incentives should attract more participants into the electricity derivatives exchanges and should encourage them to settle OTC trades in clearinghouses. Publication of statistics on prices, volumes and open interest per type of participant should be promoted. - Highlights: •We test time-zero efficiency of derivatives power markets in Germany, France and Spain. •Prices in Germany, considering liquidity and transaction costs, are time-zero efficient. •In France and Spain, limitations in liquidity and representativeness prevent conclusions. •Liquidity in France and Spain should improve by using pricing and marketing incentives. •Incentives attract participants to exchanges and encourage them to settle OTC trades in clearinghouses.

Transnational Markets for Sustainable Development Governance

DEFF Research Database (Denmark)

Gallemore, Caleb; Jespersen, Kristjan

2016-01-01

, which results in selection of projects based on the presence of transnational brokers or familiar partners or as part of a strategy of spatial specialization. Conceptualizing the choices made in this matching market as an affiliation network connecting donors to sponsored projects, we utilize......Transnational sustainable development—that is, sustainable development policy initiatives involving actors in multiple countries—often involves donor sponsorship of sustainable development projects, similar to matching markets like venture capital, employment searches, or college admissions....... These transaction systems, also known as matching markets, can be seen in a variety of phenomena in transnational development governance, including private aid, public–private sustainable development projects, and transnational polycentric governance initiatives. In this paper, we utilize the matching market...

Political Capital in a Market Economy

Science.gov (United States)

Nee, Victor; Opper, Sonja

2010-01-01

This research applies a transaction-focused institutional analysis to compare the value of political capital in different institutional domains of China's market economy. Our results show that the value of political capital is associated with institutional domains of the economy in which agents can use political connections to secure advantages.…

Optimizing Concurrent M3-Transactions: A Fuzzy Constraint Satisfaction Approach

Directory of Open Access Journals (Sweden)

Peng LI

2004-10-01

Full Text Available Due to the high connectivity and great convenience, many E-commerce application systems have a high transaction volume. Consequently, the system state changes rapidly and it is likely that customers issue transactions based on out-of-date state information. Thus, the potential of transaction abortion increases greatly. To address this problem, we proposed an M3-transaction model. An M3-transaction is a generalized transaction where users can issue their preferences in a request by specifying multiple criteria and optional data resources simultaneously within one transaction. In this paper, we introduce the transaction grouping and group evaluation techniques. We consider evaluating a group of M3-transactions arrived to the system within a short duration together. The system makes optimal decisions in allocating data to transactions to achieve better customer satisfaction and lower transaction failure rate. We apply the fuzzy constraint satisfaction approach for decision-making. We also conduct experimental studies to evaluate the performance of our approach. The results show that the M3-transaction with group evaluation is more resilient to failure and yields much better performance than the traditional transaction model.

75 FR 60117 - Registration Review; Biopesticides Dockets Opened for Review and Comment

Science.gov (United States)

2010-09-29

... publicly available only in hard copy form. Publicly available docket materials are available either in the electronic docket at http://www.regulations.gov , or, if only available in hard copy, at the OPP Regulatory.... Section 3(g) of FIFRA provides, among other things, that the registrations of pesticides are to be...

An options model for electric power markets

International Nuclear Information System (INIS)

Ghosh, Kanchan; Ramesh, V.C.

1997-01-01

The international electric utility industry is undergoing a radical transformation from an essentially regulated and monopolistic industry to an industry made uncertain with impending deregulation and the advent of competitive forces. This paper investigates the development of an options market for bulk power trading in a market setup while considering power system planning and operational constraints and/or requirements. In so doing it considers the different market based financial derivative instruments while can be used to trade electrical power in bulk and examines how established tools such as Optimal Power Flow (OPF) may be applied in helping to develop a price for bulk power transactions under a market based setup. (Author)

Market orientation at industry and value chain levels

DEFF Research Database (Denmark)

Grunert, Klaus G.; Jeppesen, Lisbeth Fruensgaard; Jespersen, Kristina Risom

2002-01-01

The term market orientation, defined as sets of activities dealing with the generation and dissemination of, and response to, market intelligence , is extended from the organisational level to the industry and value chain levels. By drawing on theories from industrial economics, neo......-institutional theory, transaction cost economics, network theory and the political-economic approach to the analysis of marketing channels, we try to find potential determinants of market orientation at the industry and value chain levels. We summarise these determinants and their possible interaction in two...... conceptual models, which may serve as guiding principles for empirical research....

75 FR 74711 - Planet Energy (USA) Corp.; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-12-01

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2166-000] Planet Energy (USA) Corp.; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding, of Planet Energy (USA) Corp.'s application for market-based rate authority, with an accompanying...

75 FR 76004 - Planet Energy (New York) Corp.; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-12-07

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2179-000] Planet Energy (New York) Corp.; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... proceeding, of Planet Energy (New York) Corp.'s application for market-based rate authority, with an...

75 FR 18201 - Juniper Canyon Wind Power, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-04-09

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-975-000] Juniper Canyon Wind Power, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... of Juniper Canyon Wind Power, LLC's application for market-based rate authority, with an accompanying...

75 FR 10244 - TC Energy Trading, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-03-05

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-792-000] TC Energy Trading, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket... proceeding of TC Energy Trading, LLC's application for market-based rate authority, with an accompanying rate...

76 FR 2368 - Balance Power Systems, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2011-01-13

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2331-000] Balance Power Systems, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding of Balance Power Systems, LLC's application for market-based rate authority, with an accompanying...

75 FR 71425 - Border Energy Electric Services, Inc.; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-11-23

... proceeding, of Border Energy Electric Services, Inc.'s application for market-based rate authority, with an... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2088-000] Border Energy Electric Services, Inc.; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for...

78 FR 62300 - Prairie Breeze Wind Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2013-10-15

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER14-25-000] Prairie Breeze Wind Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... Breeze Wind Energy LLC's application for market-based rate authority, with an accompanying rate schedule...

77 FR 106 - California Ridge Wind Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2012-01-03

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-645-000] California Ridge Wind Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... California Ridge Wind Energy LLC's application for market-based rate authority, with an accompanying rate...

77 FR 41400 - Mehoopany Wind Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2012-07-13

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-2200-000] Mehoopany Wind Energy LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... Wind Energy LLC's application for market-based rate authority, with an accompanying rate tariff, noting...

77 FR 2718 - CPV Cimarron Renewable Energy Company, LLC; Supplemental Notice That Initial Market-Based Rate...

Science.gov (United States)

2012-01-19

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-775-000] CPV Cimarron Renewable Energy Company, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request... of CPV Cimarron Renewable Energy Company, LLC's application for market- based rate authority, with an...

75 FR 37430 - Plymouth Rock Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-06-29

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-1470-000] Plymouth Rock Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... of Plymouth Rock Energy, LLC.'s application for market-based rate authority, with an accompanying...

75 FR 70742 - AES Laurel Mountain, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-11-18

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2036-000] AES Laurel Mountain, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding of AES Laurel Mountain, LLC's application for market-based rate authority, with an accompanying...

75 FR 61747 - Discount Energy Group, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-10-06

... proceeding of Discount Energy Group, LLC's application for market-based rate authority, with an accompanying... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-2803-000] Discount Energy Group, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket...

75 FR 82381 - Oracle Energy Services, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-12-30

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2436-000] Oracle Energy Services, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... proceeding of Oracle Energy Services, LLC's application for market-based rate authority, with an accompanying...

75 FR 71425 - North Wind Turbines, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-11-23

... proceeding, of North Wind Turbines, LLC's application for market-based rate authority, with an accompanying... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2108-000] North Wind Turbines, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket...

75 FR 74039 - FPL Energy Montezuma Wind, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2010-11-30

... proceeding, of FPL Energy Montezuma Wind, LLC's application for market-based rate authority, with an... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2160-000] FPL Energy Montezuma Wind, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket...

75 FR 52528 - FC Landfill Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-08-26

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-2268-000] FC Landfill Energy, LLC; Supplemental Notice That Initial Market- Based Rate Filing Includes Request for Blanket... proceeding, of FC Landfill Energy, LLC's application for market-based rate authority, with an accompanying...

75 FR 18202 - Vantage Wind Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-04-09

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER10-956-000] Vantage Wind Energy, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket... of Vantage Wind Energy, LLC's application for market-based rate authority, with an accompanying rate...

American Consumer’s Attitudes towards Different Airline Companies Channels: A Comparison of transaction Methods

Directory of Open Access Journals (Sweden)

Talha Harcar

2012-03-01

Full Text Available Consumers are increasingly challenging better performance from companies, and these demands are being met through improvements in technology and flexibility of services. As a result of recent progresses and developments in electronic marketing, the physical locations of brick and mortar businesses have become less significant since transactions can now be accomplished in cyberspace. In this paper, consumer attitudes towards online transactions for the airline industry are examined. Despite the growing acceptance of alternative delivery channels, the travel agencies remain an essential part of the customer-airline company. It can be argued that the travel agencies not only represent an opportunity for implementing costumer relationship, but they also remain an important point of contact for sales, service, and consultative interactions. Data has been analyzed using factor analysis technique. The study presents a broad picture of the level of preference of airline customers among the available distribution channels and sheds light on how airline companies should allocate resources among the different channels. The empirical study findings indicate that online transactions for the airline industry will gain in importance and its use will accelerate at a faster rate in the coming years.

CLUSTER ANALYSIS OF LIQUIDITY MEASURES IN A STOCK MARKET USING HIGH FREQUENCY DATA

OpenAIRE

Salighehdar, Amin; Liu, Yang; Bozdog, Dragos; Florescu, Ionut

2017-01-01

Liquidity is one of the crucial factors in economy which reflects smooth operation of the markets. In a liquid market, traders are able to transact large quantities of security quickly with minimal trading cost and price impact. Many researchers have investigated the relationship between market liquidity and trading activity of a financial market. According to the existing literature, liquidity can measure different market characteristics such as trading time, tightness, depth, and resiliency...

Manipulation of the Commodity Futures Market Delivery Process.

OpenAIRE

Pirrong, Stephen Craig

1993-01-01

An analysis of the futures market delivery 'end game' specifies necessary and sufficient conditions for long and short traders to manipulate futures prices at contract expiration. The empirical and welfare implications of manipulation are derived as well. Manipulation is most likely to occur in markets where economic frictions (such as transportation and transactions costs) make it inefficient to return excessive deliveries to their original owners. These consumption distortions induce price ...

Oil futures and spot markets

International Nuclear Information System (INIS)

Samii, M.V.

1992-01-01

In the last decade, the oil futures market has risen to prominence and has become a major factor in influencing oil market psychology and the crude oil market. On a normal day, over 92 thousand contracts, the equivalent of 92 million barrels per day, change hands on the New York Mercantile Exchange, NYMEX. This market has provided a vehicle for hedging against risk. At the same time, it has also created opportunities for speculation. Those who previously were unable to participate in oil market transactions can now become involved through the futures market. The large number of participants in the future market and the availability of information has made this market more efficient and transparent, relative to the crude oil market. While there has been considerable in-depth analysis of other future markets, relatively little theoretical attention has focused on that of oil. This paper looks at the following issues. First, what is the relationship between futures and spot oil prices? And secondly, are futures prices a good predictor of spot crude prices in the future? (author)

Design and Promotion Strategy of Marketing Platform of Aquatic Auction based on Internet

Science.gov (United States)

Peng, Jianliang

For the online trade and promotion of aquatic products and related materials through the network between supply and demand, the design content and effective promotional strategies of aquatic auctions online marketing platform is proposed in this paper. Design elements involve the location of customer service, the basic function of the platform including the purchase of general orders, online auctions, information dissemination, and recommendation of fine products, human services, and payment preferences. Based on network and mobile e-commerce transaction support, the auction platform makes the transaction of aquatic products well in advance. The results are important practical value for the design and application of online marketing platform of aquatic auction.

Distributed Management of Concurrent Web Service Transactions

DEFF Research Database (Denmark)

Alrifai, Mohammad; Dolog, Peter; Balke, Wolf-Tilo

2009-01-01

Business processes involve dynamic compositions of interleaved tasks. Therefore, ensuring reliable transactional processing of Web services is crucial for the success of Web service-based B2B and B2C applications. But the inherent autonomy and heterogeneity of Web services render the applicability...... of conventional ACID transaction models for Web services far from being straightforward. Current Web service transaction models relax the isolation property and rely on compensation mechanisms to ensure atomicity of business transactions in the presence of service failures. However, ensuring consistency...... in the open and dynamic environment of Web services, where interleaving business transactions enter and exit the system independently, remains an open issue. In this paper, we address this problem and propose an architecture that supports concurrency control on the Web services level. An extension...

Transactional price of an expected child and its application in birth control.

Science.gov (United States)

Li, X

1993-01-01

The theoretical presentation of the impact of the transactional price of an expected child (TPEC) on birth control led to the conclusion that successful birth control was a combination of birth utility theory and TPEC theory. In a hypothetical market, the assumption can be made that an expected price can be attached to a desired child or a transactional price can be attached for giving up the reproductive right to have an excess child. A consumer equilibrium model can characterize the changes in financial resources necessary in deciding on an appropriate number of children. In a general equilibrium model, couples would have to be compensated a certain amount as an inducement to forgo the right to have a second child. Prices of children can be determined by a distributional curve of this transactional price of expected excess children and the estimated marginal price for couples with two children. Under circumstances of limited resources, it would be cheaper to buy some couple's rights to forgo a child, and this price would vary with parity. The exact transactional price of each child by parity by each couple could be theoretically determined, if all couples told the truth about desired number of children. However, the complication is that this condition may not be possible, and couples may charge more for forgoing the right to a subsequent child that what they would actually accept. Also, the seller could ask one price and then charge more. A compromise would be to set prices only for lower parities and to set prices subject to the total funds available to the buyer. Very low prices would also decrease the effectiveness of birth control. The government could be a buyer or seller. Taxing couples for additional children would make the government a seller. When the government is the buyer, couples would be compensated for not having an additional child. Another possibility is a reward for having only a certain number of children and a tax for excess children, which

78 FR 27466 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Science.gov (United States)

2013-05-10

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of a..., 2013, The NASDAQ Stock Market LLC (``NASDAQ'' or ``Exchange'') filed with the Securities and Exchange... for which the Exchange is the listing market, the System shall determine whether a transaction in a...

Statistical identification with hidden Markov models of large order splitting strategies in an equity market

Science.gov (United States)

Vaglica, Gabriella; Lillo, Fabrizio; Mantegna, Rosario N.

2010-07-01

Large trades in a financial market are usually split into smaller parts and traded incrementally over extended periods of time. We address these large trades as hidden orders. In order to identify and characterize hidden orders, we fit hidden Markov models to the time series of the sign of the tick-by-tick inventory variation of market members of the Spanish Stock Exchange. Our methodology probabilistically detects trading sequences, which are characterized by a significant majority of buy or sell transactions. We interpret these patches of sequential buying or selling transactions as proxies of the traded hidden orders. We find that the time, volume and number of transaction size distributions of these patches are fat tailed. Long patches are characterized by a large fraction of market orders and a low participation rate, while short patches have a large fraction of limit orders and a high participation rate. We observe the existence of a buy-sell asymmetry in the number, average length, average fraction of market orders and average participation rate of the detected patches. The detected asymmetry is clearly dependent on the local market trend. We also compare the hidden Markov model patches with those obtained with the segmentation method used in Vaglica et al (2008 Phys. Rev. E 77 036110), and we conclude that the former ones can be interpreted as a partition of the latter ones.

The Abstract Machine Model for Transaction-based System Control

Energy Technology Data Exchange (ETDEWEB)

Chassin, David P.

2003-01-31

Recent work applying statistical mechanics to economic modeling has demonstrated the effectiveness of using thermodynamic theory to address the complexities of large scale economic systems. Transaction-based control systems depend on the conjecture that when control of thermodynamic systems is based on price-mediated strategies (e.g., auctions, markets), the optimal allocation of resources in a market-based control system results in an emergent optimal control of the thermodynamic system. This paper proposes an abstract machine model as the necessary precursor for demonstrating this conjecture and establishes the dynamic laws as the basis for a special theory of emergence applied to the global behavior and control of complex adaptive systems. The abstract machine in a large system amounts to the analog of a particle in thermodynamic theory. The permit the establishment of a theory dynamic control of complex system behavior based on statistical mechanics. Thus we may be better able to engineer a few simple control laws for a very small number of devices types, which when deployed in very large numbers and operated as a system of many interacting markets yields the stable and optimal control of the thermodynamic system.

Market orientation at the value chain level: Concept and determinants

DEFF Research Database (Denmark)

Grunert, Klaus G.; Hansen, Kåre; Jeppesen, Lisbeth Fruensgaard

-institutional theory, transaction cost economics, network theory and the political-economic approach to the analysis of marketing channels, potential determinants of market orientation at value chain levels are identified. These determinants and their possible interaction may serve as guiding principles for empirical......The term market orientation, defined as sets of activities dealing with the generation and dissemination of market intelligence as well as with responding to it, is extended from the organisation level to the value chain level. By drawing on theories from industrial economics, neo...

Market orientation at the value chain level: Concept and determinants

DEFF Research Database (Denmark)

Grunert, Klaus G.; Hansen, Kåre; Jeppesen, Lisbeth Fruensgaard

The term market orientation, defined as sets of activities dealing with the generation and dissemination of market intelligence as well as with responding to it, is extended from the organisation level to the value chain level. By drawing on theories from industrial economics, neo......-institutional theory, transaction cost economics, network theory and the political-economic approach to the analysis of marketing channels, potential determinants of market orientation at value chain levels are identified. These determinants and their possible interaction may serve as guiding principles for empirical...

29 CFR 501.38 - Notice of docketing.

Science.gov (United States)

2010-07-01

... 29 Labor 3 2010-07-01 2010-07-01 false Notice of docketing. 501.38 Section 501.38 Labor Regulations Relating to Labor (Continued) WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR REGULATIONS ENFORCEMENT OF CONTRACTUAL OBLIGATIONS FOR TEMPORARY ALIEN AGRICULTURAL WORKERS ADMITTED UNDER SECTION 218 OF THE...

29 CFR 502.38 - Notice of docketing.

Science.gov (United States)

2010-07-01

... 29 Labor 3 2010-07-01 2010-07-01 false Notice of docketing. 502.38 Section 502.38 Labor Regulations Relating to Labor (Continued) WAGE AND HOUR DIVISION, DEPARTMENT OF LABOR REGULATIONS ENFORCEMENT OF CONTRACTUAL OBLIGATIONS FOR TEMPORARY ALIEN AGRICULTURAL WORKERS ADMITTED UNDER SECTION 218 OF THE...

A measure of marketing price transmission in the rice market of Taiwan

Directory of Open Access Journals (Sweden)

Yuan-Ming Lee

2009-12-01

Full Text Available The goal of this paper is to test whether changes in the marketing margin betweenthe farm and the retail prices can result in an asymmetric relationship between the farm and the retail prices in the rice market of Taiwan. By separating the transaction cost variation into two regimes, this paper utilizes a two-regime TVECM with the error correction term serving as the threshold variable to create a non-linear threshold model. The empirical results show that when the marketing margin is lower than the threshold value, the market system operates freely and there is feedback between the farm and retail prices. However, when the marketing margin is higher than the threshold value, the government intervenes in the market and the causality between the farm and retail prices no longer exists. The conclusions are as follows. Changes in the marketing margin can cause the asymmetric price transmission between the farm and retail prices in Taiwan’s rice markets; therefore, ignoring the effect of the marketing margin could lead to errors in the models. When the marketing margin is higher than the threshold value, the government intervenes in the market and the causality between the two prices is broken.

75 FR 27330 - Credit Reforms in Organized Wholesale Electric Markets; Notice of Agenda for Technical Conference

Science.gov (United States)

2010-05-14

... Credit Reforms in Organized Wholesale Electric Markets Notice of Proposed Rulemaking\\1\\ regarding whether... Credit Reforms in Organized Electric Markets May 11, 2010 Commission Meeting Room Agenda 9-9:05 a.m... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. RM10-13-000] Credit Reforms...

2008 Annual Report of SGCC on Electricity Market Transactions

Institute of Scientific and Technical Information of China (English)

Released by Electricity Transaction Center,State Grid Corporation of China; Zhang Sufang

2009-01-01

@@ Demand of electricity market Electricity market environment Domestic economy has maintained considerable rapid growth,but the growth rate slowed down continuously.In 2008,the global financial crisis increasingly affected the economy entities and the growth rate of domestic economy started to wane quarter by quarter.In the first quarter,the year-on-year growth of GDP was 10.6%,while in the first half of the year,it was 10.4%,and it was lessened to 9.9% if the first three quarters are taken into account.The economic growth throughout the whole year was 9.0%,dipping below double digits for the very first time in the past six years and dropped by 2.9% on year-on-year bases.

Comparing export marketing channels : developed versus developing countries

NARCIS (Netherlands)

Tesfom, G.; Lutz, C.H.M.; Ghauri, P.N.

2004-01-01

The article presents a qualitative model, derived from the transaction cost and resource dependence theory, to compare the business relationships in the marketing channels between footwear buyers in The Netherlands and Uganda, and their suppliers. The observed business relationships are used to

Retail experience in the de-regulated market

International Nuclear Information System (INIS)

Cummings, R.

2003-01-01

This paper describes the experience gained to date in the de-regulated electricity market through an examination of the commercial market. In 2001, chaos provided opportunity, while in 2002 the emphasis was on operations. In 2003, the landscape reflected hyper-competition, selling second services, and a changing landscape. A discussion followed on the residential market with a look at market structure, economics, and uncertainty concerning the future. The following components were identified as working well: wholesale market, commercial market, market model/data, and innovation in offerings and green supply. Areas requiring further improvement were also identified. It was suggested that the residential de-regulated roadmap should be clarified and retail friendly transactions should be imposed. Other improvements involve education and operations/system capabilities. The author concluded that the deregulated electricity market is still an immature market, where progress is being made in the commercial market. The residential market is in a critical period, with a market model still evolving. figs

75 FR 76727 - Evergreen Wind Power III, LLC; Supplemental Notice that Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2010-12-09

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-2201-000] Evergreen Wind Power III, LLC; Supplemental Notice that Initial Market-Based Rate Filing Includes Request for... proceeding of Evergreen Wind Power III, LLC's application for market-based rate authority, with an...

77 FR 68768 - Electricity Market Transparency Provisions of Section 220 of the Federal Power Act; Notice of...

Science.gov (United States)

2012-11-16

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. RM10-12-000] Electricity Market Transparency Provisions of Section 220 of the Federal Power Act; Notice of Technical Conference...., Washington, DC 20426. \\1\\ Electricity Market Transparency Provisions of Section 220 of the Federal Power Act...

78 FR 36768 - Battery Utility of Ohio, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

Science.gov (United States)

2013-06-19

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1667-000] Battery Utility of Ohio, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Battery Utility of Ohio, LLC's application for market-based rate authority, with an accompanying rate...

76 FR 32188 - Hatch Solar Energy Center 1, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2011-06-03

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER11-3635-000] Hatch Solar Energy Center 1, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for... Hatch Solar Energy Center 1, LLC's application for market-based rate authority, with an accompanying...

78 FR 28836 - Arlington Valley Solar Energy II, LLC; Supplemental Notice That Initial Market-Based Rate Filing...

Science.gov (United States)

2013-05-16

... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER13-1430-000] Arlington Valley Solar Energy II, LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request..., of Arlington Valley Solar Energy II, LLC's application for market-based rate authority, with an...