Search results for "Transaction"

A Peer-to-Peer Market Algorithm for a Blockchain Platform

2020

In an era of technological revolution in which everything becomes smarter and connected, the blockchain can introduce a new model for energy transactions able to grant more simplicity, security and transparency for end-users. The blockchain technology is characterized by a distributed architecture without a trusted and centralized authority, and, therefore, it appears as the perfect solutions for managing exchanges between peers. In this paper, a market algorithm that can be easily transferred to a smart contract for maximizing the match between produced and consumed energy in a micro-grid is presented. The algorithm supports energy transactions between peers (both producers and consumers) …

Transaktiokustannusten mittaaminen pk-yrityksessä : meta-analyysi + case-tutkimus

2002

Voluntary agreements in protecting privately owned forests in Finland — To buy or to lease?

2008

Abstract A voluntary conservation approach may reveal environmentally minded landowners who are willing to protect their lands with a compensation that is lower than the market price based compensation. Consequently, voluntary conservation programs may induce lower costs than traditional obligatory programs, such as a land taking. We compared the costs accrued from land purchasing with those from temporal land leasing. The costs included both direct costs, such as fees of land acquisition and compensation payments in land leasing, and transaction costs. We used a data set from a Finnish pilot program called Trading in Natural Values (TNV). In this new practice landowners and the authority t…

An Example: Money

1995

The institution of money, like that of language, or that of the State, has often been seen to be based on some kind of contractual agreement. Aristotle describes the nature of money as follows: Money has become by convention a sort of representative of demand; and that is why it has the name ‘money’ (nomisma) because it exists not by nature but by law (nomos) and it is in our power to change it and make it useless. (Ethica Nicomachea, V.5.II33a) The word nomos is ambiguous: in another translation of Ethica it has been translated as “custom”. This ambiguity reflects a theoretical problem in the classical social theory: money has been seen either as a result of an act of will of the legislato…

Yet Another Note on the Leland's Option Hedging Strategy with Transaction Costs

2005

In a market with transaction costs the option hedging is costly. The idea presented by Leland (1985) was to include the expected transaction costs in the cost of a replicating portfolio. The resulting Leland's pricing and hedging method is an adjusted Black-Scholes method where one uses a modified volatility in the Black-Scholes formulas for the option price and delta. The Leland's method has been criticized on different grounds. Despite the critique, the risk-return tradeoff of the Leland's strategy is often better than that of the Black-Scholes strategy even in the case when a hedger starts with the same initial value of a replicating portfolio. This implies that the Leland's modification…

Leadership in virtual teams: a comparison of transformational and transactional leaders

2009

The effects of transactional and transformational leadership on groups in which people interact in a virtual manner were analyzed and specifically the level of satisfaction and perception of the style adopted were evaluated. Results indicated that a transformational style is more satisfying than a transactional style, and that a transformational leader is judged to be better than a transactional leader.

On Some Misconceptions Concerning Digital Banking and Alternative Delivery Channels

2016

A great deal of conceptual confusion surrounds the notions of digital banking and innovative alternative delivery channels that support banking and other financial transactions globally. The authors contend that the concepts of digital banking and associated delivery channels are ambiguous and restrictive; their usability has been undermined and their purpose and objective have, to a large extent, been misunderstood. Against this backdrop, the authors offer an inclusive definition of digital banking and delivery channels and provide logical explanations of these terms that can benefit scholars, the telecommunication sector, the banking industry, policy makers, and service providers (in term…

Option Pricing and Hedging in the Presence of Transaction Costs and Nonlinear Partial Differential Equations

2008

In the presence of transaction costs the perfect option replication is impossible which invalidates the celebrated Black and Scholes (1973) model. In this chapter we consider some approaches to option pricing and hedging in the presence of transaction costs. The distinguishing feature of all these approaches is that the solution for the option price and hedging strategy is given by a nonlinear partial differential equation (PDE). We start with a review of the Leland (1985) approach which yields a nonlinear parabolic PDE for the option price, one of the first such in finance. Since the Leland's approach to option pricing has been criticized on different grounds, we present a justification of…

Collaborative Educational Leadership: The Emergence of Human Interactional Sense-Making Process as a Complex System

2014

The article aims at explicating the emergence of human interactional sense‐making process within educational leadership as a complex system. The kind of leadership is understood as a holistic entity called collaborative leadership. There, sense‐making emerges across interdependent domains, called attributes of collaborative leadership. The attributes give rise to the complex system. They are suggested to be the very agents, i.e. both the source and the outcome of the synergetic sense‐making process. Hence, the agents are not the single persons involved who, however, supply the collective attributes that are modified through human interaction in a holistic way. For studying the emergence pro…

Networks and health care systems

1996

The network concept has been successful in the economic littérature and in the health care economics littérature. However the network concept is not easy to define. In the first part, this paper suggests a framework for network conceptions analysis :first, network can be conceived as a structure of economic organisation (such as infrastructure networks), or as a coordination mode, alternative and different from market or hierarchy coordination. In the second part, this paper analyses recent mutations in the health care system (such as cooperation relationships between several hospitals and private clinics, networks between hospitals and ambulatory medical care...) from the network concept a…