the objective of this work is to analyze the effects of decrease in water subsidies (increase in the price of the water) on various economic sectors in order to promote the conservation of this resource based on the actual price of water. but over the past decades, various subsidizing methods hold the cost of water down. on the other hand, the indiscriminate use of these resources led the gover...

A new definition of events of game-theoretic probability zero in continuous time is proposed and used to prove results suggesting that trading in financial markets results in the emergence of properties usually associated with randomness. This paper concentrates on “qualitative” results, stated in terms of order (or order topology) rather than in terms of the precise values taken by a price pro...

A model of the Iranian wheat market is specified and fitted to data from 1981-2008. Severaldiagnostic tests were employed in the analysis to determine the specification of the model. Despitethe simplicity of the model and data problems, an examination of the econometric model leads toseveral conclusions with possible important policy implications for the wheat economy in Iran.The general result...

Huang, Chi-fu — Information Structure and Equilibrium Asset Prices In a continuous trading economy, it is shown that if information is revealed continuously and if agents' preferences are continuous in a certain topology, then equilibrium asset price processes must have continuous sample paths. Except for uninteresting cases, the sample paths of price processes will be of unbounded variation. I...

This paper addresses the possibility of capacity withholding by energy producers, who seek to increase the market price and their own profits. The energy market is simulated as an iterative game, where each state game corresponds to an hourly energy auction with uniform pricing mechanism. The producers are modeled as agents that interact with their environment through reinforcement learning (RL...

We study the behavior of the critical price of an American put option near maturity in the jump diffusion model when the underlying stock pays dividends at a continuous rate and the limit of the critical price is smaller than the stock price. In particular, we prove that, unlike the case where the limit is equal to the strike price, jumps can influence the convergence rate.

Since Merton (1969), the description of a contingent claim as a Brownian motion is commonly accepted. Thus an option price, a future price, a share price, a bond price, interest rates etc., can be modelled with a Brownian motion. In summary, any financial series which present value depends on only a few previous values, may be modelled with a continuous–time diffusion–type process. The general ...

A theory of continuous trading with a very general commodity space is developed encompassing all the existing models as special cases. Agents are allowed to consume at lumps if they choose to. The martingale characterization of an equilibrium price system originated by Harrison and Kreps [8] is extended to our economy. The relationship between the sample paths properties of a price system and t...

abstract this study is an attempt to investigate the influence of targeting subsidies on price transmission pattern in iran's egg market. the targeting subsidies plan was imposed by 20 december 2010. using of daily price time series data, the study was conducted during december 2009 to october 2011. using ecm model, price transmission models were estimated for the two periods (e.g. before and a...

In this paper, three dynamic pricing models are developed and analyzed. We assume a limited number of a particular asset is offered for sale over a period of time. This asset is perishable and can be an inventory or a manufacturing capacity. During each period, the seller sets a price for this asset. This price is selected from a predetermined discrete set. The maximum amount which a customer i...