We investigate the possibility of completing financial markets in a model with no exogenous probability measure and market imperfections. A necessary sufficient condition is obtained for such extension to be possible.

competitiveness is considered as a key criterion for assessing the success of countries, industries and companies. world economic forum defines competitiveness as the set of institutions, policies and factors that determine the level of productivity. moreover, competitiveness can be defined as acquisition more market share, greater profitability and long-term stability and growth of these indic...

The Arrow-Debreu model of a perfectly competitive economy is based on the crucial assumption of complete markets, that is, the assumption that there exists a market (i.e. a price) for each good, for each location, for each future date and for each possible state of nature. The presence of a complete set of forward markets for future contingent delivery eliminates uncertainty since it allows com...

This paper represents a complete survey on Generation Companies’ (GenCos’) optimal bidding strategy problem in restructured power markets. In this regard after an introduction to competitive electricity markets, concept of optimal bidding strategy is presented. Considering large amount of works accomplished in this area a novel classification is implemented in order to categorize the existing d...

Nowadays, in highly competitive global markets and constant pressure to reduce total costs, enterprises consider group technology and Supply Chain Management (SCM) accordingly and usually separately as the key elements for intra and inter facilities improvement. Simultaneous consideration of the elements of these two disciplines in an integrated design can result in higher efficiency and ...

Due to uncertain nature of wind and photovoltaic power units, the participation of this units in electricity markets is subjected to significant deviation penalties. This issue leads to despondency or even admission of these units in the competitive environment. With regard to this fact that the low deviations are available when predictions are performed in a short-term horizon and also distrib...

Does the existence of secondary markets for durable goods affect price and allocation on primary markets? We study competitive equilibria for durable goods where the possibility of future trade on secondary markets does not affect consumer behaviour in the primary market, provided consumers are exponential discounters. If consumers are hyperbolic discounters, however, secondary markets are no l...

Small scale power generating technologies, such as gas turbines, small hydro turbines, photovoltaics, wind turbines and fuel cells, are gradually replacing conventional generating technologies, for various applications, in the electric power system. The industry restructuring process in the United States is exposing the power sector to market forces, which is creating competitive structures for...