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.

BACKGROUND During a golf swing, analysis of the movement in upper torso and pelvis is a key step to determine a motion control strategy for accurate and consistent shots. However, a majority of previous studies that have evaluated this movement limited their analysis only to the rotational movement of segments, and translational motions were not examined. Therefore, in this study, correlations ...

Workers who experience involuntary job loss suffer from deep and persistent negative consequences. In this paper, we first summarise the evidence on effects of displaced workers’ wellbeing. We conclude that displacement harms mental health economic security in short term negatively affects their earnings mortality risk long term. then extrapolate estimates Hyslop Townsend (2017) to estimate eco...

BACKGROUND When the human body is introduced to a new motion or movement, it learns the placement of different body parts, sequential muscle control, and coordination between muscles to achieve necessary positions, and it hones this new skill over time and repetition. Previous studies have demonstrated definite differences in the smoothness of body movements with different levels of training, i...

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...