The market for security software has witnessed an unprecedented growth in recent years. A closer examination of this market reveals certain idiosyncrasies that are not observed in a traditional software market. For example, it is a highly competitive market involving several major vendors, often with a very aggressive pricing strategy adopted by new entrants. Yet, the market coverage seems to b...

We consider a multi-period rational expectations model in which risk-averse investors differ in their information on past transaction prices (the ticker). Some investors (insiders) observe prices in real-time whereas other investors (outsiders) observe prices with a delay. As prices are informative about the asset payoff, insiders get a strictly larger expected utility than outsiders. Yet, info...

Credit constraints that link a private agent’s debt to market-determined prices embody a credit externality that drives a wedge between competitive and constrained socially optimal equilibria, inducing private agents to “overborrow.” The externality arises because agents fail to internalize the price effects of additional borrowing when the credit constraint binds. We quantify the effects of th...

With the development of restructured power systems and increase of prices in some hours of day and increase fuel price, demand response programs were noticed more by customers. demand response consists of a series of activities that governments or utilities design to change the amount or time of electric energy consumption, to achieve better social welfare or some times for maximizing the benef...

a r t i c l e i n f o Do congestion externalities offer a reason to depart from complete price stability as the only goal of monetary policy in a New Keynesian model featuring search frictions, and under what conditions is the welfare cost of labor-market distortions sizable? This paper tries to answer these questions by deriving a linear quadratic framework for optimal monetary policy analysis...

Taiwan has implemented a floating oil-price mechanism since 2007, which is aimed at connecting the domestic oil price with the international oil price. Given that the consumers’ behavior may change once the price truly responds to its cost and the air quality may consequently be improved, this study investigates the effect of oil price on the concentration of 7 air pollutants, taking the adopti...

This paper presents a novel implementation of Translog-II. Translog-II is a Windows-oriented program to record and study reading and writing processes on a computer. In our research, it is an instrument to acquire objective, digital data of human translation processes. As their predecessors, Translog 2000, Translog 2006, also Translog-II consists of two main components: Translog-II Supervisor a...

We consider a Mirrleesian model of optimal income taxation with endogenous product prices. Given endogenous prices, any redistribution of income in the economy affects social welfare not only directly, but also through its influence on the level of product prices. To correct for this price externality, the optimal income tax schedule includes a new Pigouvian term. For competitive markets with i...

Fertilizer has brought great pressure to sustainable ecological environment. Research on the effect of price fertilizer use as well substitution relationship and other input factors agricultural production is importance for green, efficient, intensive in world. This study first constructs translog cost functions models elasticity, then uses factor data from 2004 2016 measure elasticity demand, ...