Money demand modelsoverpredicted M2 growth in theUnited States from 1990 to 1993. We examine this overprediction using a model ofhousehold demand for liquid wealth. The model is a dynamic generalization ofthe almost-ideal demand model ofDeaton and Muellbauer (1980). We find that the own-price elasticity ofmoney demand rose substantially after 1990. We also find important cross-price elasticitie...

A number of research and development projects in the U.S. and in Europe have shown that novel technologies can open significant perspectivesfor hospital information systems (HIS). The selection of software products for a HIS, however, is still nontrivial. Generalist vendors promise a broad scope offunctionality and integration, while specialist vendors promise elaborated and highly adaptedfunct...

We examine a stylized version of EPA auctions when agents know the list of values of sellers and buyers. Sellers and buyers behave strategically. We show that there are two types of equilibria: inefficient equilibria where no goods are traded and efficient equilibria where alI exchange occurs at a uniform price. We also provide examples of the EPA auction game under incomplete information when ...

In the premetamorphic larval green toad, B. viridis viridis, as in other anurans, the skin is made up of a fibrous dermis and an epidermis of stratified epithelium. The effects of bromocriptine, an antiprolactin drug, on the premetamorphic skin of B. viridis viridis was examined. Bromocriptine, dissolved in rearing water at four different concentrations, induced a number of changes in the skin ...

Volatility prediction—an essential concept in financial markets—has recently been addressed using sentiment analysis methods. We investigate the sentiment of annual disclosures of companies in stock markets to forecast volatility. We specifically explore the use of recent Information Retrieval (IR) term weighting models that are effectively extended by related terms using word embeddings. In pa...

This paper reports a wandering weekday effect: the pattern of day seasonality in stock market returns is not fixed, as assumed in the Monday or weekend effects, but changes over time. Analysing daily closing prices in eleven major stock markets during 1993–2007, our results show that the wandering weekday is not conditional on average returns in the previous week (the ‘‘twist” in the Monday eff...

We investigate a simple dynamic model offirm behavior in which firms compete by investing in capacity that is used to provide a good or service to their customers. There is a fixed total market ofcustomers whose demands for the good or service are random and who divide their patronage between the firms in each period. Periodically, the market shares of the two firms can change based on the real...