Numerous research have been discovered to developed internationalization process model (investment to other country market). Like Johanson and Vahlne, they are among the first to discuss the internationalization process model. There are four key items underlying Johanson and Vahlne’s model, those are market knowledge, market commitment, commitment decision, and current activities. However, many...

Real market institutions, stock and commodity exchanges for example, do not occur in isolation. The same stocks and commodities may be listed on multiple exchanges, and traders who want to deal in those goods have a choice of markets in which to trade. While there has been extensive research into agentbased trading in individual markets, there is little work on this kind of multiple market scen...

Designing electronic markets is a difficult task. Due to the complexities inherent to the design, the approach of market engineering provides a structured engineering process that divides the design process into phases and recommends methods to solve the tasks within the single design phases. This paper introduces the tool workbench CAME for designing electronic markets. The workbench supports ...

The efficient market hypothesis suggests that stock markets are “informationally efficient”. That is, any new information relevant to the market is spontaneously reflected in the stock prices. A consequence of this hypothesis is that past prices cannot have any predictive power for future prices once the current prices have been used as an explanatory variable. In other words the change in futu...

Executive Summary This brief paper discusses the strengths of the patent system and its weaknesses in terms of creating incentives for innovation. It considers how Advanced Market Commitments (AMCs) may supplement the patent system, and introduces a Comprehensive Advance Market Commitment (CAMC) proposal. It shows how both AMCs and a CAMC could increase incentives for R&D into diseases of the p...

It is widely believed that the resilience of the stock market and its ability to accurately set prices are affected by credit conditions in the economy. A scarcity of deployable capital may cause market-makers to become financially constrained, leading to a breakdown in intermediation. This paper describes another channel by which the supply of available capital affects secondary market liquidi...

We show that the proportional response algorithm for computing an economic equilibrium in a Fisher market model can be interpreted as iteratively approximating the economy by one with Cobb-Douglas utilities, for which a closed-form equilibrium can be obtained. We also extend the method to allow elasticities of substitution at most one.

Empirical analysis [see, e.g., McDonald (1985)] suggests that partial vertical integration is a widespread phenomenon. However, there are hardly any theoretical explanations for this composition of industries. Both Arrow (1975) and Green (1986) explicitly allow for partial integration to occur. The former author takes the need for information to be the driving force behind vertical integration,...

Does recent growth of darknet markets signify a slow reorganisation of the illicit drug trade? Where are darknet markets situated in the global drug supply chain? In principle, these platforms allow producers to sell directly to end users, bypassing traditional trafficking routes. And yet, there is evidence that many offerings originate from a small number of highly active consumer countries, r...

This paper uses a simplified version of classical information theory to improve understanding of the dynamic potential of innovation systems in developing countries with a special focus on issues of agricultural poverty. Using examples drawn from emergent knowledge markets in industrialised countries, the paper suggests that such an analytical approach focuses attention directly on the types of...