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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Proceedings Article•
01 Jan 2007TL;DR: In this analysis, which of the DMB services will have a better market position in the future if regulatory issues are removed and what is the optimal pricing level for T -DMB service are examined.
Abstract: Cellular phone users in Korea c an watch TV using their mobile phones. The new multimedia service for the mobile users is called Digital Multimedia Broadcasting (DMB). DMB is a process of broadcasting multimedia over the Internet or satellite that can be tuned in by multimedia receivers or players. There are two competing DMB technology stand ards in South Kore a: Terrestrial DMB and Satellite DMB. These services are expected to become fierce competitors in the mobile broadcasting market. One of the major differences between the two is the service business model: while S DMB is a fee -based service, T -DMB is a fr ee service. There are two important regulatory issues imposed by the government for the purpose of fair competition: (1) S DMB is not allowed to re -transmit land -based TV programs and (2) T -DMB is not allowed to convert to a fee -based service. In this pap er, the authors make an analysis of the DMB market using a game theory approach. Three major issues are examined: (1) which of the DMB services will have a better market position in the future , (2) what is the optimal pricing level for T -DMB service if bot h regulatory issues are removed and (3) what is the amount that the regulatory body will allow T -DMB providers to bill their customers if it is needed.
TL;DR: In this paper, the CDS market, single-name CDS and CDS indices are used as a measure of credit risk, and the following sections are included:IntroductionThe CDS MarketThe single name CDS
Abstract: The following sections are included:IntroductionThe CDS MarketThe single-name CDSCDS as a measure of credit riskMarket featuresFactors determining the credit spreadBond yield and CDS spreadPricing a CDSMultiname credit derivatives: basket products and CDS indicesCollateralized Debt ObligationCase StudiesForward-looking measures of default probabilitiesExtracting joint default probabilities from CDSAppendix 8.A. Unconditional Default ProbabilityGlossaryReferences
Posted Content•
TL;DR: In this paper, an agent-based model of innovation diffusion, which links consumer opinions with reservation prices, is used to show that a relatively strong WOM effect can lead to the creation of two separated price-quantity regimes, with a nonlinear transition between them.
Abstract: Empirical studies suggest that word-of-mouth (WOM) strongly influences the innovation diffusion process and is responsible for the 'S' shape of the adoption curve. However, it is not clear how WOM affects demand curves for innovative products and strategic decisions of producers. Using an agent-based model of innovation diffusion, which links consumer opinions with reservation prices, we show that a relatively strong WOM effect can lead to the creation of two separated price-quantity regimes, with a nonlinear transition between them. A small shift of the product's market price can result in a drastic change of the demanded quantity and, hence, the revenues of a firm. Using Monte Carlo simulations and mean-field treatment we demonstrate that WOM may have ambiguous consequences and should be taken into account when designing marketing strategies.
01 Jan 1992
TL;DR: In this article, the authors present a brief historical overview of the U.S. auto industry since the 1960s and discuss the theoretical arguments behind each of the four employment influencing areas mentioned earlier.
Abstract: Section I will present a brief historical overview of the U.S. auto industry since the 1960s. Section II will discuss the theoretical arguments behind each of the four employment influencing areas mentioned earlier. The empirical model based on this theoretical discussion will be presented in Section III, with the results being given in Section IV. Finally, Section V will draw some conclusions and make some suggestions for future
01 Jan 2007
TL;DR: In this article, the authors investigated the influence of oil price changes on Swedish stock market and found that oil has a significant influence on the Swedish economy and that the influence is still as strong as it used to be.
Abstract: In late summer 2006 we experienced historically high oil prices, and due to this event we found it appropriate to investigate what influence oil price changes has on the Swedish stock market. The purpose with our research was to see the affect that oil price changes has on the Swedish economy, and if the influence of the oil price is still as strong as it used to be. To help us draw conclusions we have applied the Arbitrage Pricing Theory. With use of statistical analysis we have been able to examine the relation between oil prices and other macroeconomic variables, and how these affect the Affarsvarlden Generalindex. Our results show that oil has a significant influence, our regression analysis show that a 1 unit increase in the oil price results in a 0.08 unit decrease in Affarsvarldens Generalindex. Our study has also given us indications that the oil price effect on the Swedish economy has decreased since the mid 1980´s. We can also draw conclusions that since the 1970´s, society has moved from heavy oil dependency towards a more diversified usage of energy sources. The results for Sweden are in line with the influence of oil has on other world economies.