Market failure, inequality and redistribution

We consider the following question: does market failure justify redistribution? We argue that the general answer to this question is no, in the sense that policies for correcting market failures do not aim at producing a "desirable" income distribution. This follows from the fact that, by construction, market failure is a deviation from "efficiency" that does not involve any notion of a desirable distribution of welfare (or income). However, there are special cases where a "corrective measure" involving redistribution can offset a market failure, so this can provide a form of efficiency- based justification for redistribution.

Precursors and prices : structuring the Quebec synthetic drug market

Information recueillie sur les marchés des drogues de synthèse est beaucoup moins avancée que les études sur d'autres marchés de drogues illicites. La classification relativement récente des drogues de synthèse comme substances illicites, couplée avec ses caractéristiques distinctes qui empêchent son observation, a entravé le développement d’évaluations complètes et fiables des caractéristiques structurelles des marchés. Le but de cet article est de fournir un aperçu fiable sur la dynamique interne du marché des drogues synthétiques, en particulier sur ses caractéristiques structurelles et organisationnelles. En utilisant l'information obtenue à partir de 365 drogues de synthèse saisies par les policiers pendant un an, cette étude sera la fusion de deux techniques, soit la composition des drogues illicites et des analyses économiques, afin de tirer des évaluations fiables des caractéristiques structurelles du marché du Québec de drogues synthétiques. Les résultats concernant l'analyse de la composition des drogues indiquent que le marché des drogues synthétiques au Québec est probablement composé d'un nombre élevé de petites structures, ce qui indique un marché compétitif. L'analyse économique a également fourni des informations complémentaires sur le marché des drogues. Selon la région géographique les couts de la production et les relations entre trafiquant et consommateur influencent le prix des drogues. Les résultats de cette recherche mettent l'accent sur la nécessité de concevoir des politiques qui tient compte des différences régionales dans la production de drogue et reflète la nature compétitive de ce marché.

Investing Online: Concerns about the Evolving Use of the Internet as an Investment Tool in the Secondary Market Context

La croissance dramatique du commerce électronique des titres cache un grand potentiel pour les investisseurs, de même que pour l’industrie des valeurs mobilières en général. Prenant en considération ses risques particuliers, les autorités réglementaires vivent un défi important face à l’Internet en tant que nouveau moyen d’investir. Néanmoins, malgré l’évolution technologique, les objectifs fondamentaux et l’approche des autorités réglementaires restent similaires à ce qui se produit présentement. Cet article analyse l’impact de l’Internet sur le commerce des valeurs mobilières en se concentrant sur les problèmes soulevés par l’utilisation de ce nouveau moyen de communication dans le contexte du marché secondaire. Par conséquent, son objectif est de dresser le portrait des plaintes typiques des investisseurs, de même que celui des activités frauduleuses en valeurs mobilières propres au cyberespace. L’auteur fait une synthèse des développements récents en analysant l’approche des autorités réglementaires, les études doctrinales, la jurisprudence et les cas administratifs. L'auteure désire remercier la professeure Raymonde Crête pour ses précieux commentaires et conseils.

Essays on numerically efficient inference in nonlinear and non-Gaussian state space models, and commodity market analysis.

The first two articles build procedures to simulate vector of univariate states and estimate parameters in nonlinear and non Gaussian state space models. We propose state space speci fications that offer more flexibility in modeling dynamic relationship with latent variables. Our procedures are extension of the HESSIAN method of McCausland[2012]. Thus, they use approximation of the posterior density of the vector of states that allow to : simulate directly from the state vector posterior distribution, to simulate the states vector in one bloc and jointly with the vector of parameters, and to not allow data augmentation. These properties allow to build posterior simulators with very high relative numerical efficiency. Generic, they open a new path in nonlinear and non Gaussian state space analysis with limited contribution of the modeler. The third article is an essay in commodity market analysis. Private firms coexist with farmers' cooperatives in commodity markets in subsaharan african countries. The private firms have the biggest market share while some theoretical models predict they disappearance once confronted to farmers cooperatives. Elsewhere, some empirical studies and observations link cooperative incidence in a region with interpersonal trust, and thus to farmers trust toward cooperatives. We propose a model that sustain these empirical facts. A model where the cooperative reputation is a leading factor determining the market equilibrium of a price competition between a cooperative and a private firm

A Characterization of Exact Non-atomic Market Games

Continuous exact non-atomic games are naturally associated to certain operators between Banach spaces. It thus makes sense to study games by means of the corresponding operators. We characterize non-atomic exact market games in terms of the properties of the associated operators. We also prove a separation theorem for weak compact sets of countably additive measures, which is of independent interest.

Le phénomène de la très faible natalité au Japon : une situation aux causes socio-économiques multiples

Le Japon connaît depuis les années 1980 un certain nombre de difficultés liées au taux de natalité qui sont parmi les plus faibles dans le monde. Face à cette situation, le gouvernement japonais rejette la faute sur les femmes qui, selon le gouvernement, perdent les valeurs familiales et deviennent de plus en plus égoïstes. Ce changement, serait dû, entre autres, à un niveau plus haut niveau d’éducation et à des attentes croissantes tant au niveau personnel que professionnel. Dans ce mémoire, nous nous attacherons, à l’aide de différentes théories sur la faible natalité, à démontrer que s’il y a effectivement eu un changement au niveau des valeurs familiales, ces derniers n’expliquent pas entièrement la situation actuelle. Ainsi, nous touchons ici à la situation économique, au manque d’égalité entre les hommes et les femmes dans les différentes sphères de la vie et, enfin nous parlerons des changements au niveau des valeurs.

Fundamental Approach to Valuation of Securities -A Study with reference to Information Technology(IT) Sector Shares in Indian Stock Market

Department of Applied Economics,Cochin University of Science and Technology

Market Orientation in Indian Seafood Processing Firms

This thesis studied the impact of market orietnation on business performance, in the seafood industry, which is a unique situation wherein the firms were all 100% export oriented. The study was able to prove that in the context of the seafood indsutry, implementation of market orientation principles will lead to increase in business performance. The business performance variables were measured under two heads, namely economic performance and non-economic performance. Market orientation in Indian seafood firms was significantly and postiively related to both the performance measures. Under the non-economic performance, were the customer and employee consequences.Again market orientation was positively and significantly related to both the consequences.Thus, the implication arising from the study is this: market orientation in Indian seafood processing firms increases their business performance. The implementation of market orientation will help the seafood firms in gaining competitve advantages in exporting. This in turn will result in increased exports and the position of Indian seafood in the global market will be strengthened. It will thus become a leading player in the global fish trade. Next, the focus was on the effect of the antecedents on the market orientation of a firm. It was seen that several factors were antecedents to the adoption of market orientation principles. They include top management emphasis, conflict, centralization and reward system. It is noted that top management emphasis and support is vital to the market orientation programme. The top management needs to adopt market oriented behaviour and reinforce the need for being market oriented, for it to percolate down the line.Interdepartmental conflict is seen to affect market orientation positively. A large percent of the Indian seafood firms are traditionally family-owned companies, rather than professionally managed firms. This would result in promulgation of old ideas of management whereby, conflict was seen as a healthy exercise, which helped to build up each department's efficiency. But, this view in the long run proves to be detrimental to the firm's performance and must therefore be kept to a bare minimum, if any.Decentralisation of decision making facilitates the participation of the lower level employees and builds up their motivational levels and commitment to the firm. Thus employees are encouraged to make their own decisions, so that they can deal with customers faster and more efficiently. Reward systems help improve an employee's morale, provide encouragement and helps inculcate commitment and loyalty. It improves the employee's self worth and fulfills his need for achievement. A satisfied employee works better, produces more output and needs less supervision, and is happy, thereby reducing costs to the company for replacement and retraining, if the employee quits.Competitive intensity plays a moderating role on the market orientation business performance. Thus in times of greater competition, the relationship between market orientation and business performance grows stronger. Thus, this thesis was successful in investigating a positive relationship between business performance and market orientation.