Optimal Front Page Advertising

We consider a model of an on-line software market, where an intermediary distributes products from sellers to buyers. When products of sellers are vertically differentiated, an intermediary, earning a proportion of sales, has an incentive to hide the worse product on the second page, and only keep the better product on the front page: that weakens the competition, allowing the seller with the better product to charge a higher price. With heterogeneous visiting costs to the second page, the platform's revenue might improve, but the outcome will become socially suboptimal.

Advertising Colonial Romance and Imperial Masculinity: The Promotion of Philip Meadows Taylor's Novels in Britain

The comments of Charles Kegan Paul, the Victorian publisher who was involved in publishing the novels of the nineteenth-century British-Indian author Philip Meadows Taylor as single volume reprints in the 1880s, are illuminating. They are indicative of the publisher's position with regard to publishing - that there was often no correlation between commercial success and the artistic merit of a work. According to Kegan Paul, a substandard or mediocre text would be commercially successful as long it met a perceived want on the part of the public. In effect, the ruminations of the publisher suggests that a firm desirous of acquiring commercial success for a work should be an astute judge of the pre-existing wants of consumers within the market. Yet Theodor Adorno, writing in the mid-twentieth century, offers an entirely distinctive perspective to Kegan Paul's observations, arguing that there is nothing foreordained about consumer demand for certain cultural tropes or productions. They in fact are driven by an industry that preempts and conditions the possible reactions of the consumer. Both Kegan Paul's and Adorno's insights are illuminating when it comes to addressing the key issues explored in this essay. Kegan Paul's comments allude to the ways in which the publisher's promotion of Philip Meadows Taylor's fictional depictions of India and its peoples were to a large extent driven in the mid- to late-nineteenth century by their expectations of what metropolitan readers desired at any given time, whereas Adorno's insights reveal the ways in which British-Indian narratives and the public identity of their authors were not assured in advance, but were, to a large extent, engineered by the publishing industry and the literary marketplace.

‘Reason’ and ‘tickle’ as pragmatic constructs in the discourse of advertising

This paper explores certain pragmatic features of advertising discourse. It focuses on and expands upon a binary distinction between types of advertising discourse which was proposed initially by Bernstein (1974) and which has been touched upon more recently by other commentators such as Cook (1992). This is the distinction between reason advertisements (those which suggest a motive or reason for purchase) and tickle advertisements (those which appeal to humour, emotion and mood). It will be argued that Bernstein's distinction can be accommodated relatively systematically within contemporary frameworks of language and discourse. Drawing on a range of work in pragmatics and in systemic-functional linguistics, this paper takes some tentative steps towards the development of a theoretical model with accounts for this particular communicative-cognitive dimension of advertising discourse.

Much Ado About Nothing: The Limitation of Liability and the Market for 19th century Irish Bank Stock

Abstract Limited liability is widely believed to be a prerequisite for the emergence of an active and liquid securities market because the transactions costs associated with trading ownership of unlimited liability firms are viewed as prohibitive. In this article, we examine the trading of shares in an Irish bank, which limited its liability in 1883. Using this bank’s archives, we assemble a time series of trading data, which we test for structural breaks. Our results suggest that the move to limited liability had a negligible impact upon the trading of this bank’s shares.

Technology and the architecture of markets: re-configuring the Canadian equity market

This paper examines the relation between technical possibilities, liberal logics, and the concrete reconfiguration of markets. It focuses on the enrolling of innovations in communication and information technologies into the markets traditionally dominated by stock exchanges. With the development of capacities to trade on-screen, the power of incumbent market makers has been challenged as a less stable array of competing quasi-public and private marketplaces emerges. Developing a case study of the Toronto Stock Exchange, I argue that narrative emphasis on the performative power of sociotechnical innovations, the deterritorialisation of financial relations, and the erosion of state capacities needs qualification. A case is made for the importance of developing an understanding of: the spaces of encounter between emerging social technologies and property rights, rules of exchange, and structures of governance; and the interplay of orderings of different institutional composition and spatial reach in the reconfiguration of market architectures. Only then can a better grasp be gained of the evolving dynamics between making markets, the regulatory powers of the state, and their delimitations.

Less of a Puzzle: a new look at the forward forex market

The two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The 'puzzles' in the forward market are re-examined. The model is able to account for: (a) the low volatility of the forward discount; (b) the higher volatility of expected forward speculative profit; (c) the even higher volatility of the spot return; (d) the persistence in the forward discount; (e) the martingale behavior of spot exchange rates; and (f) the negative covariance between the expected spot return and expected forward speculative profit. It is unable to account for the forward market bias because the volatility of the expected spot return is too large relative to the volatility of the expected forward speculative profit.