Price differences between domestic and international air markets : an empirical application to routes from Gran Canaria

In this paper we examine whether airline prices on national routes are higher than those charged on international routes. Drawing on a database prepared specifically for this study, we estimate a pricing equation for all routes originating from Gran Canaria, Canary Islands, Spain; differentiating between national and international routes. A key difference between these two route types is that island residents benefit from discounts on domestic flights. When controlling for variables related to airline characteristics, market structure and demand, we find that national passengers who are non-residents on the islands are paying higher prices than international passengers.

Price rivalry in airline markets: A study of a successful strategy of a network carrier against a low-cost carrier

Competition in airline markets may be tough. In this context, network carriers have two alternative strategies to compete with low-cost carriers. First, they may establish a low-cost subsidiary. Second, they may try to reduce costs using the main brand. This paper examines a successful strategy of the first type implemented by Iberia in the Spanish domestic market. Our analysis of data and the estimation of a pricing equation show that Iberia has been able to charge lower prices than rivals with its low-cost subsidiary. The pricing policy of the Spanish network carrier has been particularly aggressive in less dense routes and shorter routes.

HouSI: Heuristic for delimitation of housing submarkets and price homogeneous areas

This paper seeks to address the problem of the empirical identification of housing market segmentation,once we assume that submarkets exist. The typical difficulty in identifying housing submarkets when dealing with many locations is the vast number of potential solutions and, in such cases, the use of the Chow test for hedonic functions is not a practical solution. Here, we solve this problem by undertaking an identification process with a heuristic for spatially constrained clustering, the"Housing Submarket Identifier" (HouSI). The solution is applied to the housing market in the city of Barcelona (Spain), where we estimate a hedonic model for fifty thousand dwellings aggregated into ten groups. In order to determine the utility of the procedure we seek to verify whether the final solution provided by the heuristic is comparable with the division of the city into ten administrative districts.

Lo camí de la fortuna i En Ricard Pobre : les dues versions catalanes de The Way to Wealth, de Benjamin Franklin

El propòsit d’aquest article és analitzar les dues traduccions catalanes del llibret de Benjamin Franklin The Way to Wealth (1758). Aquest text, que ha deixat una empremta important en l’imaginari de la societat nord-americana, conté més de cent aforismes que insten al treball honrat, a l’estalvi i a la frugalitat com a vies segures per accedir a la fortuna econòmica. La primera versió catalana ens arriba un segle més tard, quan Gaietà Vidal i de Valenciano en fa el 1868 un anostrament més semblant a una recreació que a una traducció. Rafael Patxot i Jubert va publicar el mateix text el 1909 a la Biblioteca de l’Avenç, amb una versió més propera a l’original.

Comovement of stock price risk in strategic alliance — Case: mobile internet

The focus of this study has been comovement of stock price risk level between two companies as they form strategic alliance. Thus the main reason has been to shed more light to possible increased risk level that the stockholder confronts when a company he owns forms a strategic alliance with another company. This study has centralized to interfirm cooperation between mobile and internet companies, which have furthered the development of mobile internet. The study has been divided into theoretical and empirical part. In theoretical part the main concepts riskiness of a stock (volatility), comovement and strategic alliance have been run through. In empirical part seven strategic alliances formed by mobile internet companies have been examined. Based on this, strategic alliance seems to increase comovement of stock price risk in some degree. This comovement seems to be stronger when core businesses or operating environments of cooperating companies differ more from each other.

La "imatge" de la caverna i la temptació constant de corregir Plató: Benjamin Jowett com a exemple

[cat] Les traduccions dels primers capítols del llibre VII de la República de Plató on apareix la famosa imatge de la caverna, εἰκών, presenten una sorprenent i intrigant varietat interpretativa: “al·legoria”, “mite”, “faula”, “paràbola”, “símil”, “comparació”... Aquest article, prenent com a exemple la notable fidelitat al text del traductor victorià de Plató, B. Jowett, i mitjançant una anàlisi rigorosa dels termes que acompanyen la imatge, manté la necessitat de no interpretar ni corregir en aquest cas el gran filòsof idealista o “ideocèntric”, assenyalant alhora, si el capteniment filològic és un altre, les contradiccions resultants i l’ús d’algun terme aliè al lèxic platònic com ara “al·legoria”.

Asymptotic analysis of stock price densities and implied volatilities in mixed stochastic models

In this paper, we obtain sharp asymptotic formulas with error estimates for the Mellin con- volution of functions de ned on (0;1), and use these formulas to characterize the asymptotic behavior of marginal distribution densities of stock price processes in mixed stochastic models. Special examples of mixed models are jump-di usion models and stochastic volatility models with jumps. We apply our general results to the Heston model with double exponential jumps, and make a detailed analysis of the asymptotic behavior of the stock price density, the call option pricing function, and the implied volatility in this model. We also obtain similar results for the Heston model with jumps distributed according to the NIG law.

Commodity Price Driven Risk Management from Viewpoint of High Grade Steel Alloys

The study of price risk management concerning high grade steel alloys and their components was conducted. This study was focused in metal commodities, of which nickel, chrome and molybdenum were in a central role. Also possible hedging instruments and strategies for referred metals were studied. In the literature part main themes are price formation of Ni, Cr and Mo, the functioning of metal exchanges and main hedging instruments for metal commodities. This section also covers how micro and macro variables may affect metal prices from the viewpoint of short as well as longer time period. The experimental part consists of three sections. In the first part, multiple regression model with seven explanatory variables was constructed to describe price behavior of nickel. Results were compared after this with information created with comparable simple regression model. Additionally, long time mean price reversion of nickel was studied. In the second part, theoretical price of CF8M alloy was studied by using nickel, ferro-chrome and ferro-molybdenum as explanatory variables. In the last section, cross hedging possibilities for illiquid FeCr -metal was studied with five LME futures. Also this section covers new information concerning possible forthcoming molybdenum future contracts as well. The results of this study confirm, that linear regression models which are based on the assumption of market rationality, are not able to reliably describe price development of metals at issue. Models fulfilling assumptions for linear regression may though include useful information of statistical significant variables which have effect on metal prices. According to the experimental part, short futures were found to incorporate the most accurate information concerning the price movements in the future. However, not even 3M futures were able to predict turning point in the market before the faced slump. Cross hedging seemed to be very doubtful risk management strategy for illiquid metals, because correlations coefficients were found to be very sensitive for the chosen time span.

Hegel e W. Benjamin: variações em torno da crise da arte na época moderna

Este artigo analisa e compara a reflexão de Hegel e de W. Benjamin sobre a crise da arte na época moderna, a partir de semelhanças e diferenças entre a tese do fim da arte, defendida pelo primeiro, e a concepção da perda da aura na arte, afirmada pelo segundo. Ao contrário de W Benjamin, que se detém na mudança do conceito de arte promovida pelos meios técnicos, Hegel pensa a transformação da arte a partir de um ponto de vista histórico amplo, que envolve toda a história da arte, desde os tempos antigos até a época moderna.

Do conceito de Darstellung em Walter Benjamin ou verdade e beleza

Este artigo tenta explicitar o conceito de Darstellung utilizado por W. Benjamin para caracterizar a tarefa da filosofia no prefácio de Origem do Drama Barroco Alemão. Procede em três tempos: primeiro, a diferença entre verdade e conhecimento; segundo, a relação entre verdade, exposição, de si mesma e beleza; terceiro, a interpretação bastante peculiar que Benjamin dá da doutrina das Idéias e do Symposion de Platão.

Benjamin's conception of language and Adorno's aesthetic theory

According to the theory of language of the young Benjamin, the primary task of language isn't the communication of contents, but to express itself as a "spiritual essence" in which also men take part. That conception according to which language would be a medium to signification of something outside it leads to a necessary decrease of its original strength and is thus denominated by Benjamin bürgerlich. The names of human language are remainders of an archaic state, in which things weren't yet mute and had their own language. Benjamin suggests also that all the arts remind the original language of things, as they make objects "speak" in form of sounds, colors, shapes etc. That relationship between arts as reminders of the "language of things" and the possible reconciliation of mankind with itself and with nature has been developed by Theodor Adorno in several of his writings, specially in the Aesthetic Theory, where the artwork is ultimately conceived as a construct pervaded by "language" in the widest meaning - not in the "bourgeois" sense.