this paper represents a theoretical model from which the supply function for a durable goods is derived. it turns out that consumer at the equilibrium condition equates its user cost with the marginal value of services received by using an additional unit of durable goods. the stock price is obtained from this condition. in addition, at the equilbrium condition for producer, the stock price is ...

This paper examines the stock price effect in New Zealand of announcements of increases in dividends and of share repurchases from 1993 to 2009. The results are related to the soft substitution hypothesis on Australian data. Dividend-increase announcements provoke a greater positive effect on the stock price than buyback announcements. The preference of the marginal investor is also examined wh...

An electrophoretic procedure is outlined for the determination of the number of ligands bound to technetium-99m radiopharmaceuticals. The approach involves use of ligands that will complex technetium in a similar fashion but that differ in charge. This approach was applied experimentally to dimercapto ligands in which the ligating sulfur atoms are separated by a flexible three-carbon chain (1,3...

We focus on a permutation betting market under parimutuel call auction model where traders bet on the final ranking of n candidates. We present a Proportional Betting mechanism for this market. Our mechanism allows the traders to bet on any subset of the n ‘candidate-rank’ pairs, and rewards them proportionally to the number of pairs that appear in the final outcome. We show that market organiz...

In Part II of this two-part paper, we analyze the marginal prices derived in Part I of this two-part paper within a robust optimization framework. The load and generation are priced at Locational Marginal Price (LMP) while the uncertainty and generation reserve are priced at Uncertainty Marginal Price (UMP). The Financial Transmission Right (FTR) underfunding is demonstrated when there is trans...

It is difficult to explain the price insensitive or infra-marginal behavior, an example of which is the behavior of credit markets during the recent financial crisis, by risk aversion alone. It is known that infra-marginal behavior may arise with ambiguity aversion. Furthermore, there appears to be fairly strong evidence of a close connection between ambiguity and conformity. Here we propose an...

Specific functions of interstitial cells of Cajal (ICC) have been linked to distinct classes that differ by morphology and distribution. In the small intestine, slow wave-generating ICC are located in the myenteric region (ICC-MY), whereas ICC that mediate neuromuscular neurotransmission occur either throughout the circular muscle layer (intramuscular ICC, ICC-IM) or in association with the dee...

Pär Holmberg January 28, 2006 Abstract This paper derives a Supply Function Equilibrium (SFE) of a pay-as-bid auction (discriminatory auction), such as the balancing market for electric power in Britain. It is shown that a SFE always exists if the hazard rate of the perfectly inelastic demand is monotonically decreasing and marginal costs are non-decreasing. With demand following a Pareto distr...

We propose a class of alternative stochastic volatility models for electricity prices using the quantile function modeling approach. Specifically, we fit marginal distributions of power prices to two special classes of distributions by matching the quantile of an empirical distribution to that of a theoretical distribution. The distributions from the first class have closed-form formulas for pr...