The Economics of Market Institution versus ‘the Faucet-Knocked-to-the-Wall’ Economics

2020 ◽  
Vol 14 (2) ◽  
pp. 1-27
Author(s):  
Sung Sup Rhee ◽  
Keyword(s):  
Market Institution

scholarly journals Do traders learn to select efficient market institutions?

2021 ◽  
Author(s):  
Carlos Alós-Ferrer ◽  
Johannes Buckenmaier ◽  
Georg Kirchsteiger
Keyword(s):  
Returns To Scale ◽  
Production Costs ◽  
Switching Behavior ◽  
Double Auction ◽  
Trading Behavior ◽  
Market Institutions ◽  
Market Institution ◽  
Simple Rules ◽  
Rules Of Thumb ◽  
Constant Returns To Scale

AbstractWhen alternative market institutions are available, traders have to decide both where and how much to trade. We conducted an experiment where traders decided first whether to trade in an (efficient) double-auction institution or in a posted-offers one (favoring sellers), and second how much to trade. When sellers face decreasing returns to scale (increasing production costs), fast coordination on the double-auction occurs, with the posted-offers institution becoming inactive. In contrast, under constant returns to scale, both institutions remain active and coordination is slower. The reason is that sellers trade off higher efficiency in a market with dwindling profits for biased-up profits in a market with vanishing customers. Hence, efficiency alone might not be sufficient to guarantee coordination on a single market institution if the surplus distribution is asymmetric. Trading behavior approaches equilibrium predictions (market clearing) within each institution, but switching behavior across institutions is explained by simple rules of thumb, with buyers chasing low prices and sellers considering both prices and trader ratios.

Spatial mismatch and youth unemployment in US cities: public transportation as a labor market institution

2017 ◽  
Vol 17 (2) ◽  
pp. 357-379 ◽  
Author(s):  
Christof Brandtner ◽  
Anna Lunn ◽  
Cristobal Young
Keyword(s):  
Labor Market ◽  
Public Transportation ◽  
Path Dependence ◽  
Public Transit ◽  
Youth Unemployment ◽  
Transportation Systems ◽  
Spatial Mismatch ◽  
Market Institution ◽  
Labor Market Institution ◽  
Us Cities

Abstract Spatial mismatch between homes and jobs within a city can create unemployment despite the presence of unfilled jobs. This is especially problematic among young people who have limited transportation options and high rates of joblessness. Car ownership is a possible solution to spatial mismatch, but private vehicles are expensive and involve negative externalities. Public transportation provides an alternative infrastructure that reduces structural unemployment by matching supply and demand. Using longitudinal models of public transportation in the 95 largest US cities between 2000 and 2010, we test whether better public transit services reduce youth unemployment. Public transportation systems can serve as a labor market institution, but there are two worlds of public transportation in American cities. Improvements in public transit are mostly beneficial in cities that are already less dependent on private automobiles. Path dependence in transportation design means that some cities see little benefits to incremental investments in public transit.

The Institutions of Liberal and Conservative Values

2021 ◽  
Vol 144 ◽  
pp. 104-109
Author(s):  
Karina M. Gasratyan ◽  
Keyword(s):  
Individual Behavior ◽  
Actual Problem ◽  
Market Institution ◽  
Conservative Values ◽  
Economy Policy

The article is dedicated to the liberal and conservative values: to the actual problem of comparable analyze of the liberal and conservative sights on individual behavior on its influence on their judgments on economy policy. There is the small sketch about liberal movement in last and its interaction with religious reformation. The author does conclude about nearsightedness of the neoliberal and neoconservative judgments on individual behavior and economy policy that have the important mean for development of market institution.

Insurance as a market institution

2021 ◽  
pp. 6-35
Author(s):  
Łukasz Jasiński
Keyword(s):  
Market Institution

Experimental Stock Markets with Controlled Risk Preferences

1992 ◽  
Vol 7 (2) ◽  
pp. 117-134 ◽  
Author(s):  
John R. O'Brien
Keyword(s):  
Risk Sharing ◽  
Competitive Equilibrium ◽  
Risk Preferences ◽  
World Market ◽  
Equilibrium Price ◽  
Double Auction ◽  
Pareto Optimal ◽  
Market Institution ◽  
Certainty Equivalents ◽  
Optimal Risk Sharing

In this paper the empirical validity of the binary lottery preference inducing technique is tested in a real world market institution. In each market the potential gains to exchange arise from induced risk preferences, and the predicted competitive equilibrium is equivalent to the Pareto optimal risk sharing allocation. Price convergence to (and near) the competitive equilibrium price was rapid in each market, and most trades were individually rational with respect to induced certainty equivalents. This evidence implies that preferences can be induced in an oral double auction institution, using this technique.

scholarly journals Stock Picker using Machine Learning

2020 ◽  
Vol 8 (6) ◽  
pp. 3912-3914
Keyword(s):  
Machine Learning ◽  
Random Forest ◽  
Stock Market ◽  
Stock Price ◽  
Historical Data ◽  
Great Accuracy ◽  
Current Data ◽  
Random Forest Classifier ◽  
Market Prices ◽  
Market Institution

The main objective of this paper is to build a model to predict the value of stock market prices from the previous year's data. This project starts with collecting the stock price data and pre-processing the data. 12 years dataset is used to train the model by the Random Forest classifier algorithm. Backtesting is the most important part of the quantitative strategy by which the accuracy of the model is obtained. Then the current data is collected from yahoo finance and the data is fed to the model. Then the model will predict the stock that is going to perform well based on its learning from the historical data. This model predicted the stocks with great accuracy and it can be used in the stock market institution for finding the good stock in that index.

scholarly journals Efektivitas Pasar Lelang Bahan Olah Karet dalam Koperasi Unit Desa

2021 ◽  
Vol 9 (2) ◽  
pp. 166-176
Author(s):  
Ulta Marta Seli ◽  
Lukman Mohammad Baga ◽  
Bayu Krisnamurthi
Keyword(s):  
Data Collection ◽  
Secondary Data ◽  
International Market ◽  
Crumb Rubber ◽  
Primary Data ◽  
Business Unit ◽  
Auction Market ◽  
Market Institution ◽  
Market Output ◽  
High Level

The auction market for crumb rubber is a business unit owned by KUD Berkat. The auction market was formed to obtain the highest price at the farmer level for the sale of crumb rubber. Therefore in this study, it is necessary to evaluate the effectiveness of the auction market for crumb rubber seen from the price, quality, volume, and the number of auction market players and to analyze farmers' perceptions of the effectiveness of the auction market from the auction market output, auction market flexibility, and whether there is tension between institutions in auction market with proportion test. Data collection uses secondary data and primary data obtained by interviewing respondents from weighting a Likert scale, and secondary data obtained from related institutions. The results showed that evaluation of effectiveness the auction market for crumb rubber seen from the price in line with the international market, the quality according to SNI standards and 98% of farmers had fulfilled the 60% KKK, the average of quantity (volume) of crumb rubber every farmer was in a low category, the number of farmers who participated auctions in the five years ago still increased. Farmers' perceptions of the auction market institution for crumb rubber based on the proportion test of more than 50% mean the auction market in KUD has a high level of effectiveness and is feasible to run.

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