A Model of the World Wine Market Glyn Wittwer, Nick Berger and Kym Anderson This paper describes the theoretical and empirical structure of the World Multisectoral Wine Model. Although the model is primarily concerned with one sector of the global economy, it uses some of the features of general equilibrium models on the demand side, notably a linear expenditure system and consumption function....

It is commonly argued that China’s financial markets are effectively insulated from the rest of the world. To see if this is true and to better understand China’s financial development, we analyze China’s integration with major financial markets. Using conditional copulas, we show that China has experienced an increasing level of integration with several major financial markets during the last ...

Cerivastatin was recently withdrawn from the market because of 52 deaths attributed to drug-related rhabdomyolysis that lead to kidney failure. The risk was found to be higher among patients who received the full dose (0.8 mg/day) and those who received gemfibrozil concomitantly. Rhabdomyolysis was 10 times more common with cerivastatin than the other five approved statins. We address three imp...

Economic growth has not led to a decline in religion despite past predictions that it would. Using a formal model of religious competition, I show how economic growth produces counteracting effects on religious activity in an open religious market, and that it has little effect in a religious market that is already secularized due to regulations that prohibit religious competition or in a highl...

Market Design is an emerging field that seeks to provide a practical solution for various resource allocation problems. The current article discusses several issues arising in real-world market design, innovative ideas proposed to overcome those issues, and their applications in areas such as spectrum licenses allocation, Internet sponsored-search advertising, housing allocation, public school ...

This paper uses the development of multi-agent market models to present a unified approach to the joint questions of how financial market movements may be simulated, predicted, and hedged against. We first present the results of agent-based market simulations in which traders equipped with simple buy/sell strategies and limited information compete in speculatory trading. We examine the effect o...

Objective Art business takes place in an institutional context and is highly reliant on the cultural, political, and social content of a society. Because of a variety of reasons such as the profitability of art industry in foreign market, low academic marketing knowledge, the opposing ideas to art economy according to its players, the high rate of graduate students in art disciplines and the n...

In the age of globalization, it is natural that the stock market of each country is not independent form the other markets. In this case, collective behavior could be emerged form their dependency together. This article studies the collective behavior of a set of forty influential markets in the world economy with the aim of exploring a global financial structure that could be called world-stoc...