5,106 research outputs found
Price Competition on Network
No full textWe present a model of imperfect price competition where not all firms can sell to all consumers. A network structure models the local interaction of firms and consumers. We find that aggregate surplus is maximized with a fully connected network, which corresponds to perfect competition, and decreases monotonically as the network becomes less connected until firms become local monopolists. When we study which networks are likely to form in equilibrium, we find that stable networks are not fully connected but are connected enough to rule out local monopolists. Our results extend to oligopolistic competition when consumers can either buy from a single firm or from all firms.Network markets, price competition, oligopoly competition, Bertrand competition.
The vanishing author in computer-generated works: a critical analysis of recent Australian case law
No full textAbstract
The use of software is ubiquitous in the creation of many copyright works, yet the requirement in copyright law that every work have a human author who engages in independent intellectual effort means that its use may prevent copyright subsistence. Several recent Australian cases have refocused attention on authorship as an essential criterion of copyright subsistence, and these cases suggest that much computer-produced output may be authorless and thus lack copyright protection. This article, the first in a two-part series, analyses how each case deals with the question of authorship of computer-produced works and why the use of software diminishes copyright protection for a significant number of computer-generated works. The article critiques the application of conventional notions of human authorship developed in the pre-computer age to modern productions and suggests alternative approaches to authorship that satisfy both the major objectives of copyright policy and the need to adapt to the computer age. The article argues that, without a broader judicial approach to authorship of computer-generated works, Parliament must remedy the lacuna in protection for these ‘authorless’ works. Possible solutions for reform are suggested. In a forthcoming article, the author comprehensively examines those reform proposals
The fiscal theory of the price level puzzle: A non Ricardian view
No full textThe fiscal theory of the price level says that the price level can be made determinate if the government uses fiscal policies such that government liabilities explode unless the price in the first period is at the "right" level. The policy implications are disturbing, as they call for rather adventurous fiscal policies. We show that these disturbing policy implications are specific to the "Ricardian" models that have been used to develop the theory. By moving to "non Ricardian" models we see that price determinacy is consistent with reasonable fiscal policies.fiscal theory of the price level ; fiscal policy ; global determinacy ; monetary policy
Is the price level in Norway determined by fiscal policy?
No full textThe Norwegian public sector has net financial assets. The fiscal theory of price determination applies equally to Norway and economies with net public debt: If primary surpluses evolve independently of nominal debt (or assets), the price level has to adjust to satisfy the intertemporal budget constraint of the public sector. In this ‘non-Ricardian’ regime, monetary policy cannot provide the nominal anchor. In the alternative ‘Ricardian’ regime, surpluses respond to debt, and monetary policy is the nominal anchor. The plausibility of NR regimes is disputed. I use fiscal data and oil prices to argue that the Norwegian regime is Ricardian. The fiscal theory of pricePrice-level determinacy, fiscal policy, Richardian regime, nominal anchor
International Price Dispersion and the Direction of Trade
No full textThe importance of trade costs in segmenting product markets cannot be captured by considering aggregate prices or in the absence of information on the direction of trade. We address this problem by utilizing product-specific prices along with cross-sectional productivity measures and bilateral trade flows that allow us to identify the probable source of any one product. Our empirical approach is in line with the theoretical framework of Eaton and Kortum (2002) and the variation of this proposed in Anderson and van Wincoop (2004). The data are shown to be consistent with this framework. In particular, trade costs in the form of transportation and distribution costs are important in determining international price differences and segmenting international markets.segmented markets, trade costs, transport costs, distribution costs, market size, international price dispersion.
Observation of psi(3686) -> e(+)e(-)chi(cJ) and chi(cJ) -> e(+)e(-)J/psi
No full textKolcu, Onur Buğra (Arel Author)Using 4.479 x 10(8) psi(3686) events collected with the BESIII detector, we search for the decays psi(3686) -> e(+)e(-)chi(cJ) and chi(cJ) -> e(+)e(-)J/psi, where J = 0, 1, 2. The decays psi(3686) -> e(+)e(-)chi(cJ) and chi(cJ) -> e(+)e(-)J/psi are observed for the first time. The measured branching fractions are B(psi(3686) -> e(+)e(-)chi(cJ)) = (11.7 +/- 2.5 +/- 1.0) x 10(-4), (8.6 +/- 0.3 +/- 0.6) x 10(-4), (6.9 +/- 0.5 +/- 0.6) x 10(-4) for J = 0, 1, 2, and B(chi(cJ) -> e(+)e(-)J/psi) = (1.51 +/- 0.30 +/- 0.13)x10(-4), (3.73 +/- 0.09 +/- 0.25)x10(-3), (2.48 +/- 0.08 +/- 0.16)x10(-3) for J = 0, 1, 2, respectively. The ratios of the branching fractions B(psi(3686) -> e(+)e(-)chi(cJ))/B(psi(3686) -> gamma chi(cJ)) and B(chi(cJ) -> e(+)e(-)J/psi)/B(chi(cJ) -> gamma J/psi) are also reported. Also, the alpha values of helicity angular distributions of the e(+)e(-) pair are determined for psi(3686) -> e(+)e(-)chi(c1,2) and chi(c1,2) -> e(+)e(-)J/psi
Downstream labeling and upstream price competition
No full textThe paper analyses the economic consequences of labeling in a setting with two vertically related markets. Labeling on the downstream market affects upstream price competition through two effects : a differentiation effect and a ranking effect. The magnitude of these two effects determines who in the supply chain will receive the benefits and who will bear the burden of labeling. For instance, whenever the ranking effect dominates the differentiation effect, the low quality upstream firm loses from labeling while all downstream actors are individually better off. By decreasing the low quality input price, the label acts then as a subsidy which assures an increase of the downstream market welfare. This analysis furthers our understanding of the economic consequences of the public labeling in cases like restaurants or GMOs.LABEL;IMPERFECT CONSUMER INFORMATION;VERTICAL PRODUCT DIFFERENTIATION;VERTICAL RELATIONS;REGULATION
ENHANCING VOLATILITY MODELING WITH LOG-LINEAR REALIZED GARCH-CJ: EVIDENCE FROM THE TOKYO STOCK PRICE INDEX
No full textThis study compares the Log-linear Realized GARCH (LRG) and its extension with Continuous and Jump components (LRG-CJ) in modeling the volatility of financial assets, using daily data from the Tokyo Stock Price Index (TOPIX) over 2004–2011. The urgency arises from the need for more accurate volatility models during turbulent periods such as the 2008 Global Financial Crisis and the 2011 Great East Japan Earthquake, where markets exhibit both smooth fluctuations and abrupt jumps. Methodologically, the LRG-CJ framework introduces a novel integration of continuous and jump decomposition into the LRG structure, offering an applied innovation to high-frequency volatility modeling. Realized Volatility (RV) was calculated from 1-, 5-, and 10-minute intraday data and decomposed into continuous and jump components. Parameter estimation employed the Adaptive Random Walk Metropolis (ARWM) within a Markov Chain Monte Carlo algorithm, while model performance was assessed using multiple information criteria and out-of-sample forecast evaluations. The empirical results reveal that incorporating continuous and jump components improves volatility modeling accuracy, forecasting, and Value-at-Risk estimation. However, these benefits are frequency-dependent: the LRG-CJ model shows superior in-sample fit for 1-minute RV but provides the strongest out-of-sample forecasting and risk prediction at lower frequencies (5- and 10-minute intervals). This highlights that while jumps are best identified at ultra-high frequencies, their predictive value is most effectively captured in slightly aggregated data. The originality of this study lies in being the first empirical application of LRG-CJ, demonstrating how continuous–jump decomposition interacts with the dual-equation structure of LRG, which has not been examined in TGARCH or APARCH contexts. Limitations include sensitivity to microstructure noise in very high-frequency data and computational challenges in parameter convergence. Overall, the findings underscore the novelty and practical importance of the LRG-CJ framework for risk management, offering actionable guidance for aligning volatility models with data frequenc
Asymptotic Stability of a Plane CJ Detonation Wave
No full text. We study the asymptotic stability of a plane CJ detonation wave under the assumption of small resolved heat release (SRHR). We prove that the solution exists globally and that the solution converges uniformly to a shifted CJ detonation wave as t!+ 1 for initial data which are small perturbations of the CJ detonation wave. The weighted energy method is used to overcome the difficulty arising from the sonic property at the end of the reaction. The SRHR model allows us to treat the non-monotone spike in the profile of the CJ detonation wave by the characteristic energy estimate. Key words. CJ detonation, shock wave, traveling wave, sonic point, asymptotic behavior, weighted energy estimate, characteristic energy estimate. AMS(MOS) subject classifications. 35L65, 35B40, 35B50, 76L05, 76J10. Acknowledgments. The author is grateful to Prof. T.-P. Liu for pointing out the reference of Matsumura and Nishihara to her. This work was partially supported by ONR N00014-92-J-1890. 1 Introduc..
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