The author systematically examines one of the important issues of information — establishing the market price. He introduces the concept of «search» — where a buyer wanting to get a better price, is forced to question sellers. The article deals with various aspects of finding the necessary information.

Economics of Information

/pdf/the-theory-of-industrial-organization-19bejph0ej.pdf

The Theory of Industrial Organization

With digital equipment becoming increasingly networked, either on wired or wireless networks, for personal and professional use alike, distributed software systems have become a crucial element in information and communications technologies. The study of these systems forms the core of the ARLES' work, which is specifically concerned with defining new system software architectures, based on the use of emerging networking technologies. In this context, we concentrate on the study of distributed systems which bring to life the vision of ubiquitous computing systems, also known as ambient intelligence.

반도체 공정 overview

We develop a cointegrating nonlinear autoregressive distributed lag (NARDL) model in which short- and long-run nonlinearities are introduced via positive and negative partial sum decompositions of the explanatory variables. We demonstrate that the model is estimable by OLS and that reliable long-run inference can be achieved by bounds-testing regardless of the integration orders of the variables. Furthermore, we derive asymmetric dynamic multipliers that graphically depict the traverse between the short- and the long-run. The salient features of the model are illustrated using the example of the nonlinear unemployment-output relationship in the US, Canada and Japan.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2344046_code1643826.pdf?abstractid=1807745&mirid=5

Modelling Asymmetric Cointegration and Dynamic Multipliers in a Nonlinear ARDL Framework

Capitalism and Freedom

Energy prices and aggregate economic activity: an interpretative survey

For many years, fuel switching between natural gas and residual fuel oil kept natural gas prices closely aligned with those for crude oil. More recently, however, the number of U.S. facilities able to switch between natural gas and residual fuel oil has declined, and over the past seven years, U.S. natural gas prices have been on an upward trend with crude oil prices but with considerable independent movement. Natural gas market analysts generally emphasize weather and inventories as drivers of natural gas prices. Using an error-correction model, we show that when these and other additional factors are taken into account, movements in crude oil prices have a prominent role in shaping natural gas prices. Our findings imply a continuum of prices at which natural gas and petroleum products are substitutes.

/pdf/what-drives-natural-gas-prices-2fvewzewcg.pdf

What Drives Natural Gas Prices

Rising oil prices appear to retard aggregate U.S. economic activity by more than falling oil prices stimulate it. Past research suggests adjustment costs, financial stress, and/or monetary policy may be possible explanations for the asymmetric response. This paper uses a near vector autoregressive model of the U.S. economy to examine where the asymmetry might originate. The analysis uses counterfactual experiments to determine that monetary policy alone cannot account for the asymmetry.

/pdf/oil-price-shocks-and-the-u-s-economy-where-does-the-4macso5xo1.pdf

Oil Price Shocks and the U.S. Economy: Where Does the Asymmetry Originate?

Gasoline is the petroleum product whose price is most visible and, therefore, always under public scrutiny. Many claim there is an asymmetric relationship between gasoline and oil prices - specifically, gasoline price changes follow oil price changes more quickly when oil prices are rising than when they are falling. To explore this issue, Nathan Balke, Stephen Brown and Mine Yucel use several different model specifications to analyze the relationship between oil prices and the spot, wholesale, and retail prices of gasoline. They find asymmetry is sensitive to model specification but is pervasive with the most general model.

Crude oil and gasoline prices: an asymmetric relationship?

Many consumers complain that gasoline and crude oil prices have an asymmetric relationship in which gasoline prices raise more quickly when crude oil prices are rising than they fall when crude oil prices are falling. Many also regard the asymmetry they observe as evidence of market power in the petroleum industry. Most previous research provides econometric evidence of the asymmetry, confirming at least part of what consumers suspect. In this article Stephen Brown and Mine Yucel extend the inquiry by examining the market conditions underlying the asymmetric relationship between gasoline and crude oil prices. They find the observed asymmetry is unlikely to be the result of monopoly power. The remaining explanations for the asymmetry suggest that policies to prevent an asymmetric relationship between gasoline and crude oil prices are likely to reduce economic efficiency.

/pdf/gasoline-and-crude-oil-prices-why-the-asymmetry-2mbdb5b2ly.pdf

Mine K. Yücel

Papers

Energy prices and aggregate economic activity: an interpretative survey

What Drives Natural Gas Prices

Oil Price Shocks and the U.S. Economy: Where Does the Asymmetry Originate?

Crude oil and gasoline prices: an asymmetric relationship?

Gasoline and Crude Oil Prices: Why the Asymmetry?