Book•
Intermediate microeconomics : A modern approach
01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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TL;DR: This work proposes a tax mechanism that incentivises agents to faithfully implement the intended algorithm and introduces a new notion of asymptotic incentive compatibility to characterize a desirable property of such class of mechanisms.
Abstract: We consider large scale cost allocation problems and consensus seeking problems for multiple agents, in which agents are suggested to collaborate in a distributed algorithm to find a solution. If agents are strategic to minimize their own individual cost rather than the global social cost, they are endowed with an incentive not to follow the intended algorithm, unless the tax/subsidy mechanism is carefully designed. Inspired by the classical Vickrey-Clarke-Groves mechanism and more recent algorithmic mechanism design theory, we propose a tax mechanism that incentivises agents to faithfully implement the intended algorithm. In particular, a new notion of asymptotic incentive compatibility is introduced to characterize a desirable property of such class of mechanisms. The proposed class of tax mechanisms provides a sequence of mechanisms that gives agents a diminishing incentive to deviate from suggested algorithm.
2 citations
Cites background from "Intermediate microeconomics : A mod..."
...However, many realistic markets are oligopoly, in which there exists a stakeholder who knows that his actions have certain effects on the market [11]....
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TL;DR: In this article, an evolutionary model of consumer non-durable markets is presented, which is an extension of a previously published paper on consumer durables and suggests that the repurchase process is governed by preferential growth.
Abstract: Presented is an evolutionary model of consumer non-durable markets, which is an extension of a previously published paper on consumer durables The model suggests that the repurchase process is governed by preferential growth Applying statistical methods it can be shown that in a competitive market the mean price declines according to an exponential law towards a natural price, while the corresponding price distribution is approximately given by a Laplace distribution for independent price decisions of the manufacturers The sales of individual brands are determined by a replicator dynamics As a consequence the size distribution of business units is a lognormal distribution, while the growth rates are also given by a Laplace distribution Moreover products with a higher fitness replace those with a lower fitness according to a logistic law
Most remarkable is the prediction that the price distribution becomes unstable at market clearing, which is in striking difference to the Walrasian picture in standard microeconomics The reason for this statement is that competition between products exists only if there is an excess supply, causing a decreasing mean price When, for example by significant events, demand increases or is equal to supply, competition breaks down and the price exhibits a jump When this supply shortage is accompanied with an arbitrage for traders, it may even evolve into a speculative bubble Neglecting the impact of speculation here, the evolutionary model can be linked to a stochastic jump-diffusion model
2 citations
TL;DR: This note sketches the design of a small-scale overlay for applications such as ticketing systems, editorial coordination, and ad hoc workflows that currently rely on more general and less efficient mediums such as e-mail.
Abstract: Scalability and efficient global search in large-scale peer-to-peer overlays often come at the expense of small-scale, local interactions between peers. For many users, local operations such as browsing, messaging, and direct content exchange between nodes may be more useful than access to the network as a whole. In this note we sketch the design of a small-scale overlay for applications such as ticketing systems, editorial coordination, and ad hoc workflows that currently rely on more general and less efficient mediums such as e-mail. Peers in the overlay form local economies and attempt to maximize user-directed utility functions.
1 citations
Cites background from "Intermediate microeconomics : A mod..."
...It is obvious that both the small book store and the book review system can be viewed as economies [15]....
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DOI•
01 Oct 2016TL;DR: In this article, the authors examined the relationship between risk and the items of off-balance sheet under the hypothesis of adverse selection with the use of the Iran's nine commercial bank data.
Abstract: Balance sheet itself does not specify and show all the activities that a bank pays. Because banks can do many swap contracts and obligations, exchange, and commitments Outside of the balance sheet. To such activities and exchange that will not appear on the balance sheet, are saying off-balance sheet activities. These items are usually reported in the notes to the attached financial statements. One of the reasons for conducting the activities of off-balance sheet by the banks is the interest rate risk coverage. However, the use of these tools for risk management leads to multiple different sorts of risk and that the overall judgment about the outcome of the risk management of the off-of-balance sheet activities has met with ambiguity. The present research has examined the relationship between risk and the items of off-balance sheet under the hypothesis of Adverse selection with the use of the Iran's nine commercial bank data. The results show that this hypothesis isn’t able to respond off- balance sheet activities behaviour in Iran
1 citations
Cites background from "Intermediate microeconomics : A mod..."
...The cause of this issue is due to the Bank’s incomplete information about current clients and setting different prices [12]....
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TL;DR: In this paper, the authors investigated the impact of exchange rate movements on the export price of saffron (the most important non-oil export product after pistachio) in Iran over the period of 2001-2012.
Abstract: One of the most important effects of exchange rate movementsisitseffecton the exporting price of different products. According to the new trade theories, market structure plays an important role in relating exchange rate depreciations to price declines. In Iran, exchange rate has increased in recent years.Inspired by this assumption, this paper attempts to investigate the impact of exchange rate movements on the exportprice of saffron (which is the most important non-oil export product after pistachio)in Iran over the period of 2001-2012.As shown by the results of the present study, the country effect (λi) for each destination is significant except for United States. In addition, the exchange rate’s coefficient is significant for all countries in our sample. Accordingly, as also indicated by the related literature,the hypothesis of the existence of competitive market is rejected, and this lends support to the idea thatprice discrimination in saffron marketis regularly applied by Iranian exporters,whichsuggeststhat the government should try to support this strategic product by suitable policies.
1 citations
Cites background from "Intermediate microeconomics : A mod..."
...Finally, third-degree price discrimination occurs when the monopolist sells output to different people for different prices; nevertheless, every unit of output sold to a given person sells for the same price (Varian, 2010)....
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