A class of heterogeneous agent models is investigated where investors switch trading position whenever their motivation to do so exceeds some critical threshold. These motivations can be psychological in nature or reflect behaviour suggested by the efficient market hypothesis (EMH). By introducing different propensities into a baseline model that displays EMH behaviour, one can attempt to isola...

In this report, we consider a simple economic market model: the Sellers Market. In this market, n sellers have various strategies which depend on any number of the (n−1) other sellers, or the current or starting market price of this market. We consider a variety of seller strategies, both deterministic and nondeterministic, defined as real-valued functions, which may or may not be bounded. We a...

In most of the developed world, skilled women marry at a lower rate than unskilled ones. We document heterogeneity across countries in how the marriage market penalty for skilled women has evolved over time. As labor market opportunities for women have improved, the penalty has been growing in some countries but shrinking in others. We propose a theoretical model in which the (negative) social ...

INTRODUCTION .......................................................................................................................................................440 CLASSIFICATION SCHEMES ................................................................................................................................440 MOLECULAR CLASS A CARBAPENEMASES ............................................

The European Economic Community (EEC) has made slow progress towards achieving a unified position on the labelling of foods with nutrition information. The Nutrition Labelling Rules Directive (90/496/EEC) was adopted in September 1990, and will take 5 years to become fully implemented. Nutrition labelling will remain voluntary unless a nutrition claim is made, when detailed declarations must be...

This paper uses a simplified version of classical information theory to improve understanding of the dynamic potential of innovation systems in developing countries with a special focus on issues of agricultural poverty. Using examples drawn from emergent knowledge markets in industrialised countries, the paper suggests that such an analytical approach focuses attention directly on the types of...

In this paper, we examine the stock market efficiency of the members of the Association of South East Asian Nations (ASEAN). We use the conventional individual variance ratio tests like the Lo and MacKinlay (1988) test, Choi (1999) test, Wright (2000) test and Chen and Deo (2006)) test to check for the efficient market hypothesis in these markets. We also perform the spectral shape test of Durl...

The wide dispersion observed in prices for health services in seemingly competitive markets is not fully explained by physician or consumer characteristics, or by variations in quality of care. For a variety of reasons, including the urgent nature of consumption and the asymmetry of information, patients in the market for health services face high search costs. They balance the prospect of find...

The electricity market in Portugal was recently opened to all consumers. However, it remains highly concentrated in terms of control of production and supply and the long-term power purchase arrangements still coexist with free market. This paper discusses the electricity market restructuring process in Portugal, presenting its main marks over the past years and the present situation. The evolu...

Mises created an artificial construct, the evenly rotating economy (ERE), from which to ascertain the source of entrepreneurial profit and loss. In particular, the ERE is characterized by two distinct elements. First is the elimination of the temporal element, second is the removal of changing market data. The second point necessarily arises from the first. Is it possible that the efficient mar...