EVALUATION OF FEDERAL JOINT COMMITTEE DECISIONS ON EARLY BENEFIT ASSESSMENTS ACCORDING TO THE GERMAN LAW FOR REFORMING THE MARKET OF PHARMACEUTICALS Schwander B1, Banz K2, Kaier K3, Walzer S4 1AHEAD GmbH – Agency for Health Economic Assessment and Dissemination, Loerrach, Germany; 2Outcomes International Ltd, Basel, Switzerland; 3University of Freiburg, Institute of Medical Biometry and Medical...

This study is devoted to analyzing the development of the GKO market in Russia. The period of time considered is September 1996-September 1997. Interaction of two segments of the market is analyzed: futures market and secondary market. It is proved that there exists a risk premium on the futures market that leads to underpricing on the futures market. That is the futures price is no longer an u...

This paper describes why and how an ontology facilitates the sharing and trading of knowledge. It intoduces the underlying concept of a knowledge market place and how an ontology provides for the understanding of, and confidence and trust into knowledge products. Three case studies show real life examples of the approach. Additionally, the Information Ontology itself and the issues related to i...

Motivated by recent electronic marketplaces, we consider a single-product make-to-stock manufacturing system that uses two alternative selling channels: long-term contracts and a spot market of electronic orders. At time 0, the risk-averse manufacturer selects the long-term contract price, at which point buyers choose one of the two channels. The resulting long-term contract demand is a determi...

The market clearing prices in deregulated electricity markets are volatile. Good market clearing price forecasting will help producers and consumers to prepare their corresponding bidding strategies so as to maximize their profits. Market clearing price prediction is a difficult task since bidding strategies used by market participants are complicated and various uncertainties interact in an in...

This paper examines some standard open-economy New Keynesian models to address the question of how globalisation affects the inflation process. Specifically, it investigates how the Phillips curve for consumer price inflation in a country is affected by openness, and how the optimal choice of monetary policy is influenced by openness. The paper compares models that assume producer currency pric...

Market engineering is making markets work. Markets are information processing and information producing information systems which mediate allocation of resources within or between organizations. Setting up and operating a market in a way that it works effectively and efficiently is an art and a science. This paper outlines challenges in this interdisciplinary field of research and presents fram...

Using a new hand-collected data set, this study examines the stock price manipulation in the Taiwan Stock Exchange (TSE). We examine the characteristics of the manipulated stocks, and their impacts on market quality. The results show that manipulated stocks tend to be small. The stock prices rise throughout the manipulation period, followed by a price reversal. The average cumulative abnormal r...