For portfolio choice problems with proportional transaction costs, we discuss whether or not there exists a shadow price, i.e., a least favorable frictionless market extension leading to the same optimal strategy and utility. By means of an explicit counter-example, we show that shadow prices may fail to exist even in seemingly perfectly benign situations, i.e., for a log-investor trading in an...

We consider market rules for the transfer of IP addresses, numeric identifiers required by all computers connected to the Internet. Excessive fragmentation of IP address blocks causes growth in the Internet’s routing table, which is socially costly, so an IP address market should discourage subdividing IP address blocks more than necessary. Yet IP address transfer rules also need to facilitate ...

This paper studies a two-stage dual-channel supply chain composed of one manufacturer and one traditional retailer. The manufacturer has its own online channel when he sells its product to the offline retailer. There exists a Stackelberg game between the manufacturer and the traditional retailer, in which the manufacturer is the leader and the traditional retailer is the follower. The manufactu...

Within the context of Finite-Time Thermodynamics (FTT) a simplified thermal power plant model (the so-called Novikov engine) is analyzed under economical criteria by means of the concepts of profit function and the costs involved in the performance of the power plant. In this study, two different heat transfer laws are used, the so called Newton’s law of cooling and the Dulong-Petit’s law of co...

In an economy with incomplete financial markets as described by Cass (1989), there is typically a continuum of equilibria driven by sunspots. In some cases, there is no Pareto ranking among the different sunspot equilibria. However, this paper shows that a sunspot equilibrium with lower price-volatility is superior in economic welfare to one with higher price-volatility based on a compensation ...

Numerous (high-tax) countries presume that multinational firms use their transferpricing policies to shift profits into countries with lower tax rates. To avoid the corresponding loss in tax revenues, tax authorities develop constantly tightening rules to curb transfer-price distortions. Affected firms include the decision of compliance to these rules into their strategic considerations. In a s...

In this work, we build an ensemble of machine learning models to predict the price of a product given its image, and visualize the features that result in higher or lower price predictions. We collect two novel datasets of product images and their MSRP prices for this purpose: a bicycle dataset and a car dataset. We set baselines for price regression using linear regression on histogram of orie...

a r t i c l e i n f o Keywords: Material transfer agreements Payment for ecosystem services Non-monetary payment Moral satisfaction Probit with endogenous regressors This paper uses econometric analysis for understanding the determinants that affect the payment mechanism in material transfer agreements (MTAs). These contracts regulate the exchange of peculiar ecosystem services (genetic and bio...

The Biomedical Technology Wing of Sree Chitra Tirunal Institute for Medical Sciences and Technology (SCTIMST) was set up to develop appropriate technologies to meet the health care needs of India with a variety of facilities for research and development in biomaterials and medical devices. The institute has developed and transferred 12 technologies for commercial production and six others are i...