Search results for "Commodity"
showing 10 items of 52 documents
From endogenous growth to stationary state: The world economy in the mathematical formulation of the Ricardian system
2016
AbstractWe analyse international trade in a Pasinetti–Ricardo growth model in the world economy scenario in which several small trading countries coexist and international commodity prices are determined by the interplay of supply and demand amongst them. We demonstrate that all the trading countries eventually reach the stationary state, though this process is not monotonic and the dynamics of capital and population may actually push some countries towards the stationary state and others away from it. We also use our model to assess an argument which Malthus employed in the second edition of An Essay on the Principle of Population (1803) to support a policy of agricultural protectionism.
A Two-Phase Model of Resource Allocation in Visual Working Memory
2017
Two broad theories of visual working memory (VWM) storage have emerged from current research, a discrete slot-based theory and a continuous resource theory. However, neither the discrete slot-based theory or continuous resource theory clearly stipulates how the mental commodity for VWM (discrete slot or continuous resource) is allocated. Allocation may be based on the number of items via stimulus-driven factors, or it may be based on task demands via voluntary control. Previous studies have obtained conflicting results regarding the automaticity versus controllability of such allocation. In the current study, we propose a two-phase allocation model, in which the mental commodity could be al…
When buyers also sell: The implications of pricing policies for customer satisfaction
2002
In certain purchase situations, such as when a new car is purchased and an old vehicle is traded in, individuals simultaneously play the role of buyers and sellers. It is interesting to observe that, when evaluating the purchase and selling prices of the new and old products respectively, such consumers often fail to behave rationally. For example, a discount on the price of the new commodity and an equivalent markup on the old product will be weighted differently. This empirical phenomenon can be analyzed with the aid of the prospect theory - an approach based on the descriptive decision theory. This theory facilitates the elaboration of decision-making rules for determining the optimum pu…
CO2: from waste to resource for methanol-based processes
2009
This paper reports on research aiming at developing sustainable processes for the production of methanol (CH3OH) and dimethyl carbonate (DMC, (CH3)2CO3) using carbon dioxide (CO2) as a raw material. Using carbon dioxide as a raw material has several advantages; it is non-toxic, in abundant supply, and promises innovative routes to the production of commodity chemicals. Methanol and dimethyl carbonate are important products and feedstocks of the chemical industry. Methanol is produced commercially from synthesis gas, but it is also possible to use carbon dioxide as a feedstock. Conventional production of dimethyl carbonate involves the use of toxic phosgene or carbon monoxide, while the met…
Finding all optimal solutions to the network flow problem
1986
The problem examined in this paper is as follows: Given a feasible optimum basic solution (f.o.b.s) of the minimum cost network flow problem, find all the f.o.b.s of this problem. The existence of alternative f.o.b.s is characterized by means of elementary circuits of zero cost and length greater than two in the incremental graph associated to the given f.o.b.s. It is shown that any alternative f.o.b.s. can be obtained from the original one by circulating flow through elementary circuits belonging to a succession of incremental graphs. This result leads to the construction of an efficient algorithm to obtain all f.o.b.s. of the network flow problem.
Journalistic Passion as Commodity: A Managerial Perspective
2021
This article focuses on the role of passion in news journalism from a managerial perspective. The analysis is based on a data set of 40,621 web-based job advertisements obtained from Journalismjobs.com, from the year 2002 to 2017. The quantitative analysis shows that passion has been on the rise as only 4% of the job advertisements in 2002 asked for “passionate” journalists, increasing to almost 16% in 2013. The authors also performed a qualitative analysis of job advertisements mentioning the word “passion” for the periods 2002–2003 and 2017. These advertisements express a shift from a normative role of journalists to journalism as an activity: when mentioned …
Does complexity explain the structure of trade?
2013
This paper analyzes whether complexity, measured by the number of skilled tasks that are performed in production, explains countries commodity trade structure. We modify the Romalis ( ) model to incorporate advantage differences in complexity across commodities together with differences in the number of mistakes made by workers in the production process in developed and developing countries as a source of comparative advantage. Our model predicts that the share of developed countries in world trade increases with products complexity. Empirical tests confirm this prediction. Moreover, we find that complexity complements the explanation provided by skillintensity on countries commodity trade …
Prices and Pareto optima
2006
We provide necessary conditions for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accommodated. Public goods and material balances are accounted for as special instances of linear restrictions.
Exploring the Hedging Effectiveness of European Wheat Futures Markets during the 2007-2012 Period
2014
Abstract The hypothesis that speculative behaviour was the cause of the instability of commodity prices has brought renewed interest in futures markets. In this paper, the hedging effectiveness of European and US wheat futures markets were studied to test whether they were affected by the price instability observed after 2007. Indirectly, this could also be thought as a test of whether the increasing presence of speculators in futures markets have made them divorced from physical markets. A multivariate GARCH model was applied to compute optimal hedging ratios. No important evidence was found of a change in the hedging effectiveness after 2007.
How do normalization schemes affect net spillovers? A replication of the Diebold and Yilmaz (2012) study
2019
Abstract This paper replicates the Diebold and Yilmaz (2012) study on the connectedness of the commodity market and three other financial markets: the stock market, the bond market, and the FX market, based on the Generalized Forecast Error Variance Decomposition, GEFVD. We show that the net spillover indices (of directional connectedness), used to assess the net contribution of one market to overall risk in the system, are sensitive to the normalization scheme applied to the GEFVD. We show that, considering data generating processes characterized by different degrees of persistence and covariance, a scalar-based normalization of the Generalized Forecast Error Variance Decomposition is pref…