Our subject is foreign exchange auction through market makers. We consider market maker’s policy to choose bid and ask as an optimization problem. We show that if traders’ expectations are more heterogeneous, the market maker widens bid and ask spread. He can take advantage of the heterogeneous expectations. We derive an equation of expected transaction prices. This equation makes it possible t...

Photocatalytic reduction of carbon dioxide to formaldehyde was investigated on four semiconductor photocatalysts (FeS, FeS/FeS2, NiO and TiO2). The reaction was carried out in continues flow of CO2 gas bubbled into the reactor. Semiconductor photocatalysts were characterized by X-Ray diffraction (XRD) and Diffuse Reflectance Spectroscopic (DRS) methods. Sulfide ion was used as hole scavenger. T...

In a binary prediction market in which risk-neutral traders have heterogeneous prior beliefs and are allowed to invest a limited amount of money, the static rational expectations equilibrium price is demonstrated to underreact to information. This effect is consistent with a favorite-longshot bias, and is more pronounced when prior beliefs are more heterogeneous. Relaxing the assumptions of ris...

This paper utilizes data from the 2002 Chinese Household Income Project to estimate the labor market return to graduating from college relative to high school. Parameter estimates of heterogeneous treatment effects reveal that for minorities, the average treatment effect of earning a baccalaureate degree from colleges/universities ranked good and very good is high relative to the Han majority, ...

This article estimates price-cost margins for the Portuguese markets in a context of imperfect competition in the labour market. The database used includes virtually the universe of Portuguese fi rms for the period 2005-2009. The results strongly reject the hypothesis of perfect competition in both labour and product markets. Estimated price-cost margins are very heterogeneous across markets an...

Prior work suggests that heterogeneous information or weak incentives for solvency could have caused some general liability insurers to charge low ex ante prices during the early 1980s and mid-to-late 1990s, putting downward pressure on other firms’ prices and plausibly aggravating subsequent periods of rapid premium growth. We analyse whether the 1994–1999 ‘‘soft’’ market in medical malpractic...