This paper presents a search model of centralized and decentralized trade. In a centralized market, trades are intermediated by market makers at publicly posted bidask prices. In a decentralized market, traders search counterparties. Prices are negotiated and transactions are conducted in private meetings among traders. Traders can choose which market to enter. The determinant of bid-ask spread...

In this article the coordination of pricing and cooperative advertising decisions in one-manufacturer one-retailer decentralized supply chain with different market power for channel members is studied. The products are both perishable and substitutable. The problem is modeled as a nonlinear bi-level programming problem to consider both retailer and manufacturer decisions about prices and advert...

Electric vehicle (EV) aggregator, as an agent between the electricity market and EV owners, participates in the future and pool market to supply EVs’ requirement. Because of the uncertain nature of pool prices and EVs’ behaviour, this paper proposed a two-stage scenario-based model to obtain optimal decision making of an EV aggregator. To deal with mentioned uncertainties, the aggregator’s risk...

This paper presents a comprehensive theoretical, experimental, and economic study on the application of nanofluids as heat transfer fluid in waste heat recovery systems. The research work was conducted in a steel-making complex in which a plate heat exchanger had been used to recover heat from hot process water. The system was theoretically modelled and the effects of using nanofluids as he...

During the Summer of 2000, wholesale electricity prices in California were nearly 500% higher than they were during the same months in 1998 or 1999. This price explosion was unexpected and has called into question whether electricity restructuring will bring the benefits of competition promised to consumers. This paper examines the factors that explain this increase in wholesale electricity pri...

the successful key of trading in the forex market is the selection of correct exchange in proper time based on an exact prediction of future exchange rate. foreign exchange rates are affected by many correlated economic, political and even psychological factors. therefore, in order to achieve a profitable trade these factors should be considered. the application of intelligent techniques for fo...

Mark Garman (1976) quite aptly coined the phrase “market microstructure” as the title of an article about market making and inventory costs. The phrase became a descriptive title for the investigation of the economic forces affecting trades, quotes and prices. Our review covers not only what research has had to say about the nature of transaction prices, but also the broader literature on the i...

With the increasing use of different types of auctions in market designing, modeling of participants’ behaviors to evaluate the market structure is one of the main discussions in the studies related to the deregulated power industries. In this article, we apply an approach of the optimal bidding behavior to the Iran wholesale electricity market as a restructured electric power industry and mode...

In this paper, we investigate the effect on quality, quantity and prices of an innovative fishing gear introduced for a subsample of vessels on a single wholesale fish market in France. Estimations are conducted using transaction data over the 2009-2011 period during which the innovation was introduced. Using a difference-in-differences approach around the discontinuity, we find that for the tr...

This paper investigates a dynamic CAPM in which investors may trade in put option contracts which are zero in net supply. In each period, stock and option prices are endogenously and simultaneously determined by market clearing in the respective markets. We investigate how these endogenously formed option prices impact on prices and portfolio allocations. The introduction of a put-option market...