We show that a profit maximizing monopolistic intermediary may behave approximately like a Walrasian auctioneer by setting bid and ask prices nearly equal to Walrasian equilibrium prices. In our model agents choose to trade ...
We study two-person extensive form games, or "matches," in which the only possible outcomes (if the game terminates) are that one player or the other is declared the winner. The winner of the match is determined by the ...
We provide explanations for the results of the Levy, Levy and Solomon model, a recent simulation model of financial markets. These explanations are based upon mathematical analysis of a dynamic model of a market with an ...
In an age of tighter government regulation, many individuals and businesses are distorting our notion of the size of the Australian economy by actively participating in the underground economy. The consequences are clear: ...
Financial markets are typically characterized by high (low) price level and low (high) volatility during boom (bust) periods, suggesting that price and volatility tend to move together with different market conditions/states. ...
Examines problems associated with the estimation of the normal linear regression model of finite but unknown sequence of nested alternatives. Estimation criteria for the model selection; Derivation of the numerical bounds ...
The paper analyzes the intensity of choice in an agent based financial optimization problem. Mean-variance optimizing agents choose among mutual funds of similar styles but varying performance. We specify a model for the ...
This paper seeks to explore the grand narratives that have been produced in the post 9/11 era in Europe by looking at the March 11, 2004 attacks in Madrid, and the July 7, 2005 attacks in London. The paper will posit that ...
This paper presents a generalisation of McKean's free boundary value problem for American options by considering an American strangle position, where exercising one side of the payoff early knocks-out the remaining side. ...
An economic environment is a feedback system, where the dynamics of aggregate variables depend on individual expectations and vice versa. The type of feedback mechanism is crucial for the aggregate outcome. Experiments ...
In recent "learning to forecast" experiments (Hommes et al. 2005), three different patterns in aggregate price behavior have been observed: slow monotonic convergence, permanent oscillations, and dampened fluctuations. We ...
Background: Ankle fractures are common. Management of ankle fractures generally involves a period of immobilisation followed by rehabilitation to reduce pain, stiffness, weakness and swelling. The effects of a rehabilitation ...
The article presents information on exact maximum likelihood estimation of regression models with finite order moving average errors. A number of procedures for the estimation of models with moving average error specifications ...
Hutcheson, TJ(Economic Society of Australia, 2003-01)
Theoretically, the value of a currency is determined by the economic fundamentals of its country, such as interest rates, inflation rates and national income. These fundamentals have an effect on trade and capital flows ...
Chiarella, C; Szidarovsky, F(Mathematical Institute of the Hungarian Academy of Sciences, 2009-01)
In this paper we examine single product Cournot oligopolies, with- out product differentiation, under the assumption that the cost of each firm depends on its own output and also on the output of the rest of the industry. ...
Ellis, RP; Fiebig, DG; Johar, M; Jones, G; Savage, E(2013-09)
Explaining individual, regional, and provider variation in health care spending is of enormous value to policymakers but is often hampered by the lack of individual level detail in universal public health systems because ...