Home About us Contact
|
Home About us Contact | ||
|
|
||
Price Distribution (price + distribution)
Selected AbstractsAsymmetric Futures Price Distribution and Bid-Ask Quotes,ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 6 2009Lars Nordén Abstract This study presents a model for estimating the asymmetry of the futures price with respect to the futures bid-ask spread. Analysis of Data from the Swedish OMXS 30 index futures market shows clear evidence of futures price asymmetry, where the futures price in general tends to be closer to the bid than to the ask quote. Moreover, in a futures market environment with a relatively low liquidity, the futures price tends to be closer to the bid quote, whereas the futures price is virtually symmetrically located within the futures spread when liquidity is relatively high. [source] The effects of informative and non-informative price patterns on consumer price judgmentsPSYCHOLOGY & MARKETING, Issue 6 2006Shai Danziger Converging evidence from laboratory experiments and empirical models of scanner data suggests that product price evaluations are often based on a comparison to an internal reference price. Research indicates that the reference price may reflect various characteristics of previously encountered prices including the mean, the range, and the last price encountered. In this research, the authors test whether, for prices purportedly sampled over time, the reference price reflects temporal patterns of the price sequence (ascending and descending prices). In four studies, participants viewed prices purportedly sampled at one time point or at multiple time points and then evaluated a target price. Price distributions differed only in their temporal pattern, whereas the mean, the range, and in some conditions, the last price, were held constant. The results reveal that the price pattern does not affect price judgments when prices are purportedly sampled at one time point. However, for ascending and descending price sequences purportedly sampled over time, the price pattern affects price judgments. Based on these findings the authors propose that consumers flexibly select the internal reference price used for price evaluations. © 2006 Wiley Periodicals, Inc. [source] Long-term changes in the trophic level of the Celtic Sea fish community and fish market price distributionJOURNAL OF APPLIED ECOLOGY, Issue 3 2002J. K. Pinnegar Summary 1The intensive exploitation of fish communities often leads to substantial reductions in the abundance of target species, with ramifications for the structure and stability of the ecosystem as a whole. 2We explored changes in the mean trophic level of the Celtic Sea (ICES divisions VII f,j) fish community using commercial landings, survey data and estimates of trophic level derived from the analysis of nitrogen stable isotopes. 3Our analyses showed that there has been a significant decline in the mean trophic level of survey catches from 1982 to 2000 and a decline in the trophic level of landings from 1946 to 1998. 4The decline in mean trophic level through time resulted from a reduction in the abundance of large piscivorous fishes and an increase in smaller pelagic species which feed at a lower trophic level. 5Similar patterns of decline in the trophic level of both catches and landings imply that there have been substantial changes in the underlying structure of the Celtic Sea fish community and not simply a change in fishery preferences. 6We suggest that the reported changes in trophic structure result from reductions in the spawning stock biomass of traditional target species associated with intensive fishing, together with long-term climate variability. 7The relative distribution of fish market prices has changed significantly over the past 22 years, with high trophic level species experiencing greater price rises than lower trophic level species. 8Although decreased abundance of high trophic level species will ultimately have negative economic consequences, the reduction in mean trophic level of the fish community as a whole may allow the system to sustain higher fishery yields. 9Management objectives in this fishery will depend on the relative values that society attaches to economic profit and protein production. [source] FX Trading and Exchange Rate DynamicsTHE JOURNAL OF FINANCE, Issue 6 2002Martin D. D. Evans I examine the sources of exchange rate dynamics by focusing on the information structure of FX trading. This structure permits the existence of an equilibrium distribution of transaction prices at a point in time. I develop and estimate a model of the price distribution using data from the Deutsche mark/dollar market that prroduces two striking results:(1) Much of the short-term volatility in exchange rates comes from sampling the heterogeneous trading decisions of dealers in a distribution that, under normal market conditions, changes comparatively slowly; (2) public news is rarely the predominant source of exchange rate movements over anyhorizon. [source] Measuring producer welfare under output price uncertainty and risk non-neutralityAUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 1 2005David S. Bullock Procedures to measure the producer welfare effects of changes in an output price distribution under uncertainty are reviewed. Theory and numerical integration methods are combined to show how for any form of Marshallian risk-responsive supply, compensating variation of a change in higher moments of an output price distribution can be derived numerically. The numerical procedure enables measurement of producer welfare effects in the many circumstances in which risk and uncertainty are important elements. The practical ease and potential usefulness of the procedure is illustrated by measuring the producer welfare effects of USA rice policy. [source] Do counter-cyclical payments in the 2002 US Farm Act create incentives to produce?,AGRICULTURAL ECONOMICS, Issue 2-3 2004Jesús Antón Abstract Analytical results in the literature suggest that counter-cyclical payments create risk-related incentives to produce even if they are ,decoupled' under certainty [Hennessy, D. A., 1998. The production effects of agricultural income support polices under uncertainty. Am. J. Agric. Econ. 80, 46,57]. This paper develops a framework to assess the risk-related incentives to produce created by commodity programmes like the loan deficiency payments (LDPs) and the counter-cyclical payments (CCPs) in the 2002 US Farm Act. Because CCPs are paid based on fixed production quantities they have a weaker risk-reducing impact than LDPs. The latter have a direct impact through the variance of the producer price distributions, while the impact of CCPs is due only to the covariance between the CCP and the producer price distributions. The methodology developed by [Chavas, J.-P., Holt, M. T., 1990. Acreage decisions under risk: the case of corn and soybeans. Am. J. Agric. Econ. 72 (3), 529,538] is applied to calculate the appropriate variance-covariance matrix of the truncated producer price distributions under the 2002 Farm Act. Risk premia are computed showing that the risk-related incentives created by CCPs are significant and do not disappear for levels of production above the base production on which CCPs are paid. [source] Climate change impacts on investment in crop sowing machinery,AUSTRALIAN JOURNAL OF AGRICULTURAL & RESOURCE ECONOMICS, Issue 2 2009Ross Kingwell A model of investment in crop sowing machinery is applied to wheat production under current and projected climatic conditions at several locations in south-western Australia. The model includes yield responses to time of sowing at each location given current and projected climatic conditions. These yield relationships are based on wheat growth simulation modelling that in turn draws on data from a down-scaled global circulation model. Wheat price distributions and cost of production data at each location, in combination with the time of sowing yield relationships are used to determine a farmer's optimal investment in crop sowing work rate under each climate regime. The key finding is that the impacts of climate change on profit distributions are often marked, yet mostly modest changes in investment in work rate form part of the profit-maximising response to climate change. The investment response at high versus low rainfall locations mostly involves increases and decreases in work rates, respectively. However, changes to investment in work rate within a broadly similar rainfall region are not always uniform. The impacts of climate change on investments in work rate at a particular location are shown to require knowledge of several factors, especially how climate change alters the pattern of yield response to the time of sowing at that location. [source] | ||||||||||||||||||||||