Trade disclosure and price dispersion

This paper determines the effects of post-trade opaqueness on market performance. We find that the degree of market transparency has important effects on market equilibria. In particular, we show that dealers operating in a transparent structure set regret-free prices at each period making zero expected profits in each of the two trading rounds, whereas in the opaque market dealers invest in acquiring information at the beginning of the trading day. Moreover, we obtain that if there is no trading activity in the first period, then market makers only change their quotes in the opaque market. Additionally, we show that trade disclosure increases the informational efficiency of transaction prices and reduces volatility. Finally, concerning welfare of market participants, we obtain ambiguous results. Keywords: Market microstructure, Post-trade transparency, Price experimentation, Price dispersion.

Disseny i aplicació del protocol d'instal·lació d'energia fotovoltaica en edificis aïllats de la xarxa elèctrica al PNAP

En el perímetre del parc es troben gran nombre d’edificacions amb mancances de subministrament elèctric per la gran dispersió de la població de la comarca. L’objectiu d’aquest estudi és desenvolupar un protocol per determinar la viabilitat de l’energia fotovoltaica en edificis aïllats i aplicar-la de forma pilot a dos edificis gestionats pels responsables del Parc Natural de l’Alt Pirineu: el Centre de Logística i Manteniment (CLM) i el Refugi del Fornet. Aquests han estat escollits per la seva representativitat com a edificis aïllats de la xarxa elèctrica convencional. S’ha elaborat una metodologia pròpia, el Protocol d’instal·lació d’energia fotovoltaica en edificis aïllats de la xarxa elèctrica. S’ha realitzat una anàlisi de sensibilitats del dimensionat fotovoltaic davant la modificació de diversos paràmetres rellevants. Això ha permès determinar les característiques òptimes de viabilitat per als dos edificis en estudi i el cost de la instal·lació fotovoltaica (17.183€ el CLM i 164.815 € el Refugi del Fornet). Els resultats obtinguts en els dos edificis pilot han mostrat el gran cost relatiu entre l’energia fotovoltaica i l’energia elèctrica produïda a partir de combustibles fòssils.

Public policy for entrepreneurship and innovation: impact in managed and entrepreneurial economies

Many of the most advanced economies of the world have undergone significant transformation in the last few decades. Globalization and technological changes, especially developments in information technologies, have helped to stimulate this transformation. These have contributed to changing institutional frameworks in many respects within the economies including adjustments to economic policies. The results of these transformations take many different forms and are manifested in different areas of an economy. At the heart of these changes however, has been the increasingly important role of entrepreneurship in the economy. The transformed ("new") economy stimulates and supports activities in innovation and entrepreneurship and is labelled the entrepreneurial economy. The "old" economy on the other hand restricts such activities and is referred to as the managed economy (Audretsch & Thurik, 2001).

Information Dispersion and Equilibrium Multiplicity

This paper studies the implications of correlation of private signals about the liquidation value of a risky asset in a variation of a standard noisy rational expectations model in which traders receive endowment shocks which are private information and have a common component. We …nd that a necessary condition to generate multiple linear partially revealing rational expectations equilibria is the existence of several sources of information dispersion. In this context equilibrium multiplicity tends to occur when information is more dispersed. A necessary condition to have strategic complementarity in information acquisition is to have mul- tiple equilibria. When the equilibrium is unique there is strategic substi- tutability in information acquisition, corroborating the result obtained in Grossman and Stiglitz (1980). JEL Classi…cation: D82, D83, G14 Keywords: Multiplicity of equilibria, strategic complementarity, asym- metric information.

Price policies and Price dispersion in the private healthcare insurance industry: The Catalan case

We present an overlapping generations model that explains price dispersion among Catalonian healthcare insurance firms. The model shows that firms with different premium policies can coexist. Furthermore, if interest rates are low, firms that apply equal premium to all insureds can charge higher average prices than insurers that set premiums according to the risk of insured. Economic theory, health insurance, health economics.

Anisotropic dispersion, space competition, and the slowdown of the Neolithic transition

The front speed of the Neolithic (farmer) spread in Europe decreased as it reached Northern latitudes, where the Mesolithic (huntergatherer) population density was higher. Here, we describe a reaction diffusion model with (i) an anisotropic dispersion kernel depending on the Mesolithicpopulation density gradient and (ii) a modified population growth equation. Both effects are related to the space available for the Neolithic population. The model is able to explain the slowdown of the Neolithic front as observed from archaeological data

Multi-period vendor managed inventory systems

In this paper we develop two models for an inventory system in which the distributormanages the inventory at the retailers location. These type of systems correspondto the Vendor Managed Inventory (VMI) systems described ib the literature. Thesesystems are very common in many different types of industries, such as retailingand manufacturing, although assuming different characteristics.The objective of our model is to minimize total inventory cost for the distributorin a multi-period multi-retailer setting. The inventory system includes holdingand stock-out costs and we study the case whre an additional fixed setup cost ischarged per delivery.We construct a numerical experiment to analyze the model bahavior and observe theimpact of the characteristics of the model on the solutions.

Bulk-plasmon dispersion relations in metals

Using an extended-random-phase-approximation sum-rule technique, we have investigated the bulk-plasmon dispersion relation, incorporating in a simple way exchange and correlation effects within the jellium model. The results obtained are compared with recent experimental findings. The key role played by exchange and correlation effects in improving the agreement between theory and experiment is stressed. The static polarizability has also been calculated as a function of q. The formulas can be easily modified to incorporate band-structure effects (through an intraband electron effective mass) and core-polarization effects (through a static dielectric constant).

Gravitational wave pulse and soliton wave collision

We study the collision of a gravitational wave pulse and a soliton wave on a spatially homogeneous background. This collision is described by an exact solution of Einsteins equations in a vacuum which is generated from a nondiagonal seed by means of a soliton transformation. The effect produced by the soliton on the amplitude and polarization of the wave is considered.

Particle dispersion in synthetic turbulent flows

We study particle dispersion advected by a synthetic turbulent flow from a Lagrangian perspective and focus on the two-particle and cluster dispersion by the flow. It has been recently reported that Richardson¿s law for the two-particle dispersion can stem from different dispersion mechanisms, and can be dominated by either diffusive or ballistic events. The nature of the Richardson dispersion depends on the parameters of our flow and is discussed in terms of the values of a persistence parameter expressing the relative importance of the two above-mentioned mechanisms. We support this analysis by studying the distribution of interparticle distances, the relative velocity correlation functions, as well as the relative trajectories.

Gravitational wave pulse and soliton wave collision

We study the collision of a gravitational wave pulse and a soliton wave on a spatially homogeneous background. This collision is described by an exact solution of Einsteins equations in a vacuum which is generated from a nondiagonal seed by means of a soliton transformation. The effect produced by the soliton on the amplitude and polarization of the wave is considered.

Soliton solutions and cosmological gravitational waves

We examine plane-symmetric cosmological solutions to Einstein's equations which can be generated by the "soliton" technique, using the homogeneous Bianchi solutions as seeds and arbitrary numbers of real or complex poles. In some circumstances, these solutions can be interpreted as "incipient" gravitational waves on the Bianchi background. At early times they look like nonlinear inhomogeneities propagating at nearly the speed of light ("gravisolitons"), while at late times they look like cosmological gravitational waves.