Imperfect competition and market liquidity with a supply informed trader

We develop a model of insider trading where agents have private information either about liquidation value or about supply and behave strategically to maximize their profits. The supply informed trader plays a dual role in market making and in information revelation. This trader not only reveals a part of the information he owns, but he also induces the other traders to reveal more of their private information. The presence of different types of information decreases market liquidity and induces non-monotonicity of the market indicators with respect to the variance of liquidation value. Replacing the noise introduced by liquidity traders with a random supply also allows us to study the effect the shocks on different components of supply have on prices and quantities.

Competition with forward contracts: a laboratory analysis motivated by electricity market design

We use experiments to study the efficiency effects for a market as a whole of adding the possibility of forward contracting to a pre-existing spot market. We deal separately with the cases where spot market competition is in quantities and where it is in supply functions. In both cases we compare the effect of adding a contract market with the introduction of an additional competitor, changing the market structure from a triopoly to a quadropoly. We find that, as theory suggests, for both types of competition the introduction of a forward market significantly lowers prices. The combination of supply function competition with a forward market leads to high efficiency levels.

Spatial competition between two candidates of different quality: the effects of candidate ideology and private information

This paper examines competition in a spatial model of two-candidate elections, where one candidate enjoys a quality advantage over the other candidate. The candidates care about winning and also have policy preferences. There is two-dimensional private information. Candidate ideal points as well as their tradeoffs between policy preferences and winning are private information. The distribution of this two-dimensional type is common knowledge. The location of the median voter's ideal point is uncertain, with a distribution that is commonly known by both candidates. Pure strategy equilibria always exist in this model. We characterize the effects of increased uncertainty about the median voter, the effect of candidate policy preferences, and the effects of changes in the distribution of private information. We prove that the distribution of candidate policies approaches the mixed equilibrium of Aragones and Palfrey (2002a), when both candidates' weights on policy preferences go to zero.

Price competition under cost uncertainty: A laboratory analysis

We study the relation between the number of firms and price-cost margins under price competition with uncertainty about competitors' costs. We present results of an experiment in which two, three and four identical firms repeatedly interact in this environment. In line with the theoretical prediction, market prices decrease with the number of firms, but on average stay above marginal costs. Pricing is less aggressive in duopolies than in triopolies and tetrapolies. However, independently from the number of firms, pricing is more aggressive than in the theoretical equilibrium. Both the absolute and the relative surpluses increase with the number of firms. Total surplus is close to the equilibrium level, since enhanced consumer surplus through lower prices is counteracted by occasional displacements of the most efficient firm in production.

Can competition in the credit market be excessive?

We study how market power affects investment and welfare when banks choose between restricting loan sizes and monitoring, in order to alleviate an underlying moral hazard problem. The impact of market power on aggregate welfare is the result of two countervailing effects. An increase in banks' market power results in: (i) higher lending rates, which worsens the borrower's incentive problem and reduces investment by unmonitored firms, (ii) higher monitoring effort, which reduces the proportion of credit-constrained firms. Whenever the second effect dominates, it is optimal to provide banks with some degree of market power.

Employment descentralisation: polycentric compaction or sprawl? The case of the Barcelona Metropolitan Region 1986-1996

The Barcelona Metropolitan Region (BMR) has been repeatedly characterised as a polycentric-type urban system. The aim of this study is to corroborate this affirmation by making use of a methodology that enables the identifying of employment subcentres and valuing of the degree of polycentrism of the BMR in 1986 and 1996. The results obtained in the two years confirm the existence and extension of the polycentrism.

Airline competition and network structure

This paper characterizes the equilibria in airline networks and their welfare implications in an unregulated environment. Competing airlines may adopt either fully-connected (FC) or hub-and-spoke (HS) network structures; and passengers exhibiting low brand loyalty to their preferred carrier choose an outside option to travel so that markets are partially served by airlines. In this context, carriers adopt hubbing strategies when costs are sufficiently low, and asymmetric equilibria where one carrier chooses a FC strategy and the other chooses a HS strategy may arise. Quite interestingly, flight frequency can become excessive under HS network configurations.

Market Competition and Lower Tier Incentives

The relationship between competition and performance-related pay has been analysed in single-principal-single-agent models. While this approach yields good predictions for managerial pay schemes, the predictions fail to apply for employees at lower tiers of a firm's hierarchy. In this paper, a principal-multi-agent model of incentive pay is developed which makes it possible to analyze the effect of changes in the competitiveness of markets on lower tier incentive payment schemes. The results explain why the payment schemes of agents located at low and mid tiers are less sensitive to changes in competition when aggregated firm data is used. JEL classification numbers: D82, J21, L13, L22. Keywords: Cournot competition, Contract delegation, Moral hazard, Entry, Market size, Wage cost.

Lymnaea viatrix and Lymnaea columella in the neotropical region: a distributional outline

A review of lymnaeid samples collected by the author from 106 localities in Mexico, Cuba, Jamaica, Haiti, Dominican Republic, Puerto Rico, Martinique, Saint Lucia, Guatemala, Costa Rica, Panamá, Ecuador, Peru, Bolivia, Chile, Argentina, Uruguay andBrazil showed that one of them (from Ecuador) belonged to Lymnaea cousini Jousseaume, 1887, and all the others to either L. viatrix Orbigny, 1835 or l. columella Say, 1817. The ranges of L. viatrix and L. columella overlap in Middle America, and in northern and southern South America (Venezuela-Colombia-Ecuador and northeastern Argentina-Uruguay-southernmost Brazil, respectively). L. viatrix was the only species found in Peru west of the Andes and in Chile, and is supposed to have migrated eastward to Argentina via the Negro river basin. The range of L. columella in South America is discontinuous. The species has been recorded from Venezuela, Colombia and Ecuador and, east of the Andes, from latitudes 15º S (central-west Brazil) to 35º S (La Plata, Argentina). Such a gap may be attributed to either introduction from the northern into the southern area, or migration along the unsampled region on the eastern side of the Andes, or extinction in the now vacant area. No lymnaeids have been found so far in Brazil north of latitude 15º S and in the Guianas.

Effects of competition over quality-adjusted price indexes: an application to the Spanish automobile market

Using a newly constructed data set, we calculate quality-adjusted price indexes after estimating hedonic price regressions from 1988 to 2004 in the Spanish automobile market. The increasing competition was favoured by the removal of trade restrictions and the special plans for the renewal of the Spanish automobile fleet. We find that the increasing degree of competition during those years led to an overall drop in automobile prices by 20 percent which implied considerable consumer gains thanks to higher market efficiency. Additionally, our results indicate that loyalty relevance and discrepancies in automobile reliability declined during those years. This is captured.

A survey of planorbid molluscs in the Amazonian region of Brazil

A survey of the plarnorbid fauna in the Brazilian states of the Amazonian river basin revealed the occurence of 14 species, 8 of the genus Biomphalaria, 4 of Drepanotrema, 1 of Antillorbis and 1 of Plesiophysa, besides a naturalized puopulation of Helisoma duryi at Santa Rosa, municipality of Formosa, state of Goiás. The following is the distribution of the species by genera, in decreasing order of frequency (number of localities in parenthesis): 1. Biomphalaria straminea (50): Acre, Amazonas, Distrito Federal, Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul, Pará and Roraima; 2. B. occidentalis (30): Acre, Amazonas, Mato Grosso and Mato Grosso do Sul; 3. B. schrammi (22); Distrito Federal, Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul and Pará; 4. B. amazonica (14): Acre, Amazonas and Rondônia; 5. B. glabrata (13): Distrito Federal, Goiás, Maranhão and Pará; 6. B. peregrina (4): Distrito Federal, Goiás and Mato Grosso do Sul; 7. B. tenagophila (2): Distrito Federal and Goiás; 8. B. oligoza (2): Mato Grosso do Sul; 9. Drepanotrema lucidium (72): Acre, Amapá, Amazonas, Distrito Federal, Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul, Pará, Rondônia and Roraima; 10. D. anatinum (41): Acre, Amazonas, Distrito Federal, Goiás, Maranhão, Mato Grosso do Sul, Pará, Rondônia and Roraima; 11. D. depressissimum (19): Acre, Amazonas, Distrito Federal, Goiás, Maranhão, Mato Grosso, Mato Grosso do Sul and Pará; 12. D. cimex (15): Acre, Amazonas, Distrito Federal, Goiás, Mato Grosso, Mato Grosso do Sul and Pará; 13. Antillorbis nordestensis (3): Distrito Federal, Maranhão and Pará; 14. Plesiophysa ornata (1): Goiás. B. glabrata is responsibel for transmission of schistosomiasis mansoni in northeastern Pará, northern Marnhão and central Goiás including the Distrito Fedreal. B. tenagophila, although susceptible to experimental infection with Schistosoma mansoni, has not been found naturally infected so far in the area. B. straminea has been incriminated as...

Bolivian phlebotomines. II Psychodopygus Yucumensis n.sp., a new man-biting phlebotomine sandfly from subandean region (Diptera, Psychodidae)

Psychodopygus yucumensis n.sp., a new species of Phlebotomine sandfly belonging in genus Psychodopygus mang., is described from specimens collected from human bait, in Beni dept., Bolivia. The male is characteristic of the series panamensis, but the female, closely related to P. carrerai carrerai, can be confused with this species ("cryptic species"). Isozyme characterization can determine any specimen of either species, while morphometric analysis shows statistical differences between the two species. P. yucumensis is strongly anthropophilic. A Leishmania braziliensis braziliensis stock was isolated from this new species, indicating that it is one of the vectors of mucocutaneous Leishmaniasis in the lowland subandean area.

Leishmaniasis in Bolivia: II. The involvement of Psychodopygus yucumensis and Psychodopygus llanosmartinsi in the selvatic transmission cycle of Leishmania braziliensis braziliensis in a lowland subandean region

An epidemiological survey of the vectors of cutaneous leishmaniasis ("espúndia" type) was caried out in the Alto Beni region of Bolivia, an area of Andean foothills at the Eastern limit of the Amazonian lowlands. The climate is typical wet tropical (15ºS latitude). Anthropophilic phlebotomine sandfly species were sampled at 20 sites, all forested. The importance of species from the Psychodopygus group, already suspected as a vector in the transmission of Leishmania from the braziliensis complex, was confirmed by: 1) the aggressiveness and diversity of the species encountered (83% of catches, nine species), 2) the discovery of a new anthropophilic species, P. yucumensis and 3) the isolation of a strain of Leishmania braziliensis braziliensis indistinguishable from human strains from the same area, from two species, P. llanosmartinsi and P. yucumensis.

Consensus of Official Position of IOF/ISCD FRAX Initiatives in Asia-Pacific Region.

The fracture risk assessment tool (FRAX(®)) has been developed for the identification of individuals with high risk of fracture in whom treatment to prevent fractures would be appropriate. FRAX models are not yet available for all countries or ethnicities, but surrogate models can be used within regions with similar fracture risk. The International Society for Clinical Densitometry (ISCD) and International Osteoporosis Foundation (IOF) are nonprofit multidisciplinary international professional organizations. Their visions are to advance the awareness, education, prevention, and treatment of osteoporosis. In November 2010, the IOF/ISCD FRAX initiative was held in Bucharest, bringing together international experts to review and create evidence-based official positions guiding clinicians for the practical use of FRAX. A consensus meeting of the Asia-Pacific (AP) Panel of the ISCD recently reviewed the most current Official Positions of the Joint Official Positions of ISCD and IOF on FRAX in view of the different population characteristics and health standards in the AP regions. The reviewed position statements included not only the key spectrum of positions but also unique concerns in AP regions.