The financial industry is in midst of a fundamental transformation. Changes in customer behavior and the impact of information technology are believed to change the financial industry from hierarchical to market-based structures. Although electronic markets in the financial services industry are well known in B2B processes such as e.g. stock exchanges, only little research has been undertaken T...

Price dispersion, the variance in price for identical products across retailers, is a persistent feature of Internetbased markets, even those mediated by shopping agents (shopbots). In this paper, we propose a model for explaining this price dispersion based on limited consumer awareness of competing retailers and brand sensitivity, the willingness to pay a premium to buy from a leading retaile...

This paper focuses on the prominent issue of automating bargaining agents within electronic markets. Models of bargaining in literature deal with settings wherein there are only two agents and no model satisfactorily captures settings in which there is competition among buyers, being they more than one, and analogously among sellers. In this paper, we extend the principal bargaining protocol, i...

We study optimal proportional reinsurance and investment strategies for an insurance company which experiences both ordinary catastrophic claims wishes to maximize the expected exponential utility of its terminal wealth. propose a modeling setting where framework is affected by environmental factors, aggregate stock prices are subject common shocks, i.e. drastic events such as earthquakes, extr...

Wetlands provide ?$47.4 trillion/year worth of ecosystem services globally and support immense biodiversity, yet face widespread drainage pollution, large-scale wetlands restoration is urgently needed. Payment for service (PES) schemes a viable avenue funding wetland restoration. However, around the globe differ substantially in their goals, structure, challenges, effectiveness supporting Here,...

Where do new markets come from? I construct a network model in which national markets are nodes and flows of recorded music between them are links and conduct a longitudinal analysis of the global pattern of trade in the period 1976 to 2010. I hypothesize that new export markets are developed through a process of transitive closure in the network of international trade. When two countries’ mark...

This paper tests for market integration in 55 wholesale rice markets in India using monthly data over the period January 1970 – December 1999. The technique of Gonzalez-Rivera and Helfand (2001) is used to identify common factors across various markets. It is discovered that market integration is far from complete in India and a major reason for this is the excessive interference in rice market...

Trading between dealers who act as market makers is a common feature of most major financial markets. With the exception of equity markets that deal with relatively small order sizes, in most financial markets the customer order is filled by one dealer who then retrades with other dealers. Inter-dealer trading is an integral part of market design, particularly for institutional markets that dea...

Extended Abstract Electronic exchanges have enhanced the viability of secondary markets including markets for used books. Online used book markets offer a wider selection, lower search costs, and significantly lower prices than do physical used bookstores. The increased viability of online used book markets has caused concern among groups such as the Book Publishers Association and Author's Gui...