We investigate the possibility of completing financial markets in a model with no exogenous probability measure and market imperfections. A necessary sufficient condition is obtained for such extension to be possible.

The previous chapter has presented a brief picture of world agriculture from an international perspective. Decisions on policy are taken generally at a national level, but nations are cennected internationally by trade. This both constrains and enlarges the scope for national action. In this chapter we begin to develop an analytical framework for looking at intercountry interdependence. The foc...

Japan's manufacturing sector has lost its former prosperity and now faces a crisis, prompting heated debate over the path that electronics makers and other manufacturers should take in the future. In the past, Japanese companies focused their business activities in markets of the developed world, relying on the twin weapons of advanced technology and high quality, and reaping considerable rewar...

The troubled introduction of an American air computerized reservation system at French Railways reflects the difficulty of transforming European public rail transport into a market-oriented industry. Computerized reservation systems played an important role in supporting increased competition, providing a global strategic advantage and modifying market structures in the US air industry. However...

Persistent high food prices have drawn renewed attention to the role of China in world food markets. There is concern that China will be unable to keep expanding its food supply to meet growing demand for meat, becoming more dependent on world food markets and driving prices even higher. This article reviews achievements made by China’s agriculture and highlights key challenges faced by that co...

oil-exporting economies largely dependent on oil revenues and oil income fluctuation are one of the most important factors that influence sectors of the economy specially the stock market. this paper investigate the relationship between oil markets and stock return volatility and transmission in a selection of opec countries, using a multivariate garch models (full-vech) over the period may 201...

In this study, we re-examine the failure of formation of electronic markets for the air cargo industry. Using an economic theory called Core Theory, we provide an alternate explanation. Core theory explains why: a) such a failure might have been anticipated and b) the failure to form an electronic market may in fact be beneficial for the industry as a whole.