This paper investigates market integration and asymmetric price transmission in the world rice export markets. Using monthly rice prices from Thailand, Vietnam, and United States, we employ the Johansen test and estimate the threshold vector error correction model (TVECM). Our main findings are that export prices in the three countries are cointegrated, with Thailand and the United States the p...

introduction: agriculture as one of old sectors of economy has been important role in the supply food for peoples and raw materials. globalization causes rapid growth of world trade and reduces information and communications costs. globalization and rapid growth of trade increases the potential benefits of trade for agriculture from various aspects. the potential benefits of trade for agricultu...

S models of reasoning (SLR) proved to be very successful in predicting behavior in the beauty contest game. Recently, a quantified version of the model was suggested as a more general model of thinking. In particular, it was found that the distribution of choices could be represented by a Poisson distribution. I test the model in stylized firstand second-price common-value sealed-bid auctions. ...

I extend a simple model with on-the-job-search in the labor market by monopolistic competition in the goods market. It is well known that the simple on-the-job-search model predicts a wage distribution which is convex where empirical evidence suggests that it is humpshaped. My model is able to predict a hump-shaped wage distribution. The intuition for the decline of the density function at the ...

We characterize optimal contracts for insurance coverage of a service whose price may vary across service providers. Households must engage in costly search to learn the price of a particular service firm, and the presence of insurance reduces incentive to search. There is a continuum of ex-ante identical consumers and firms. Search is simultaneous as in Burdett and Judd (1983). We construct a ...

We model a homogeneous product environment where identical e-retailers endogenously engage in both brand advertising (to create loyal customers) and price advertising (to attract “shoppers”). Our analysis allows for “cross-channel”e¤ects; indeed, we show that price advertising is a substitute for brand advertising. In contrast to models where loyalty is exogenous, these cross-channel e¤ects lea...

Diamond's 'paradox' (1971) showed that in a market where consumers search sequentially and have strictly positive search costs the unique price equilibrium is where all firms charge the monopoly price. This paper demonstrates that Diamond's result depends crucially on the assumption of single commodity search and does not persist when the model is generalised to allow multi-commodity search. A ...

In this paper we study variations of the standard Hotelling-Downs model of spatial competition, where each agent attracts the clients in a restricted neighborhood, each client randomly picks one attractive agent for service. Two utility functions for agents are considered: support utility and winner utility. We generalize the results by Feldman et al. to the case where the clients are distribut...

Contents 1. Introduction 2. The classical model 3. Existence of equilibrium 3.1 Equilibrium and quasi-equilibrium of abstract economies 3.2 Application to quasi-equilibrium existence for private ownership economies 3.3 From quasi-equilibrium to equilibrium 4. Optimality properties of equilibrium 4.1 Optimality, core and limit-core concepts 4.2 Non-emptiness results 4.3 Price-decentralization re...