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Bubbles in Hybrid Markets - How Expectations About Algorithmic Trading Affect Human Trading
Farjam, Mike - 2015
Bubbles are omnipresent in lab experiments with asset markets. Most of these experiments were conducted in environments with only human traders. Today markets are substantially determined by algorithmic traders. Here we use a laboratory experiment to measure changes of human trading behavior if...
Persistent link: https://www.econbiz.de/10013009851
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Exchange Rate Management in Emerging Markets : Intervention via an Electronic Limit Order Book
Melvin, Michael - 2013
This paper describes and analyzes the implementation of a crawling exchange rate band on an electronic trading platform. The placement of limit orders at the central bank's target rate serves as a credible policy statement that may coordinate beliefs of market participants. We find for our...
Persistent link: https://www.econbiz.de/10013095898
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Is Medicines Parallel Trade 'Regulatory Arbitrage'?
Costa-Font, Joan - 2015
medicines conflicts with traditional sources of arbitrage (e.g., price and income differences) and instead is a form of … ‘regulatory arbitrage' that does not produce equivalent welfare effects. We draw upon a unique dataset that contains records of … regulation, and not by price differences in line with the hypothesis of ‘regulatory arbitrage' …
Persistent link: https://www.econbiz.de/10013028783
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The Law of One Price - A Case Study
Haskel, Jonathan; Wolf, Holger C. - CESifo - 2001
We use retail transaction prices for a multinational retailer to examine the extent and permanence of violations of the law of one price (LOOP). For identical products, we find typical deviations of twenty to fifty percent, though there is muted evidence for convergence over time. Such...
Persistent link: https://www.econbiz.de/10005181286
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Implementation of Communication Equilibria by Correlated Cheap Talk : The Two-Player Case
Vida, Peter - 2011
We show that essentially every communication equilibrium of any finite Bayesian game with two players can be implemented as a strategic form correlated equilibrium of an extended game, in which before choosing actions as in the Bayesian game, the players engage in a possibly infinitely long (but...
Persistent link: https://www.econbiz.de/10013128960
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Ageing, Government Budgets, Retirement, and Growth
Gonzalez-Eiras, Martín - 2011
We analyze the short and long run effects of demographic ageing - increased longevity and reduced fertility - on per-capita growth. The OLG model captures direct effects, working through adjustments in the savings rate, labor supply, and capital deepening, and indirect effects, working through...
Persistent link: https://www.econbiz.de/10013129861
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Emotions in Litigation Contests
Baumann, Florian - 2011
This paper introduces the concept of emotions into the standard litigation contest. Positive (negative) emotions emerge when litigants win (lose) at trial and are dependent in particular on the level of defendant fault. Our findings establish that standard results of litigation contests change...
Persistent link: https://www.econbiz.de/10013129864
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Commodity Tax Structure Under Uncertainty in a Perfectly Competitive Market
Goerke, Laszlo - 2011
In a partial equilibrium setting without price uncertainty, the balanced-budget substitution of an ad valorem tax on output for a specific (unit) tax can enhance welfare in imperfectly competitive markets and is without impact in a competitive world. This paper demonstrates that a substitution...
Persistent link: https://www.econbiz.de/10013130099
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Strategic Nonlinear Income Tax Competition with Perfect Labor Mobility
Bierbrauer, Felix J. - 2011
Tax competition between two governments who choose nonlinear income tax schedules to maximize the average utility of its residents when skills are unobservable and labor is perfectly mobile is examined. We show that there are no Nash equilibria in which there is a skill type that pays positive...
Persistent link: https://www.econbiz.de/10013130417
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Shall We Keep the Highly Skilled at Home? The Optimal Income Tax Perspective
Simula, Laurent - 2011
We examine how allowing individuals to emigrate to pay lower taxes abroad changes the optimal non-linear income tax scheme in a Mirrleesian economy. An individual emigrates if his domestic utility is less than his utility abroad net of migration costs, utilities and costs both depending on...
Persistent link: https://www.econbiz.de/10013130418