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Journal articles

Academic literature on the topic 'Equilibrium prices'

Author: Grafiati

Published: 4 June 2021

Last updated: 13 February 2022

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Journal articles on the topic "Equilibrium prices"

1

Kwak, Minsuk, Traian A. Pirvu, and Huayue Zhang. "A Multiperiod Equilibrium Pricing Model." Journal of Applied Mathematics 2014 (2014): 1–14. http://dx.doi.org/10.1155/2014/408685.

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We propose an equilibrium pricing model in a dynamic multiperiod stochastic framework with uncertain income. There are one tradable risky asset (stock/commodity), one nontradable underlying (temperature), and also a contingent claim (weather derivative) written on the tradable risky asset and the nontradable underlying in the market. The price of the contingent claim is priced in equilibrium by optimal strategies of representative agent and market clearing condition. The risk preferences are of exponential type with a stochastic coefficient of risk aversion. Both subgame perfect strategy and naive strategy are considered and the corresponding equilibrium prices are derived. From the numerical result we examine how the equilibrium prices vary in response to changes in model parameters and highlight the importance of our equilibrium pricing principle.

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2

Gorbenko, Alexander S., and Andrey Malenko. "Competition among Sellers in Securities Auctions." American Economic Review 101, no. 5 (2011): 1806–41. http://dx.doi.org/10.1257/aer.101.5.1806.

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We study simultaneous security-bid second-price auctions with competition among sellers for potential bidders. The sellers compete by designing ordered sets of securities that the bidders can offer as payment for the assets. Upon observing auction designs, potential bidders decide which auctions to enter. We characterize all symmetric equilibria and show that there always exist equilibria in which auctions are in standard securities or their combinations. In large markets the unique equilibrium is auctions in pure cash. We extend the model for competition in reserve prices and show that binding reserve prices never constitute equilibrium as long as equilibrium security designs are not call options. (JEL D44, D82, G10)

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3

Krylatov, Alexander Y., Yulia E. Lonyagina, and Ruslan I. Golubev. "Spatial market equilibrium in the case of linear transportation costs." Vestnik of Saint Petersburg University. Applied Mathematics. Computer Science. Control Processes 16, no. 4 (2020): 447–54. http://dx.doi.org/10.21638/11701/spbu10.2020.409.

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In this article, we study the spatial market equilibrium in the case of fixed demands and supply values, the requirement of equality in regard to overall supply and overall demand, and linear transportation costs. The problem is formulated as a nonlinear optimization program with dual variables reflecting supply and demand prices. It is shown that the unique equilibrium commodity assignment pattern is obtained explicitly via equilibrium prices. Moreover, it is proved that in order to obtain absolute values of equilibrium prices, it is necessary to establish a certain base market price. Therefore, once the base market price is given, then other prices are adjusted according to spatial market equilibrium.

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4

Girma, Paul Berhanu. "Do Heating Oil Prices Adjust Asymmetrically To Changes In Crude Oil Prices." Journal of Business & Economics Research (JBER) 9, no. 7 (2011): 1. http://dx.doi.org/10.19030/jber.v9i7.4676.

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This study investigated if there is an asymmetric relationships between heating oil and crude oil futures price changes for maturities of one to four months. The study finds that heating oil and crude oil futures price series of one-month to four month maturities are threshold cointegrated. The study also shows that heating oil and crude oil futures prices adjust "Asymmetrically" for deviation from equilibrium. At shorter maturities (one and two month contracts) heating oil and crude oil prices adjust faster for positive deviation from threshold equilibrium. In contrast, for longer maturities (three and four month contracts) heating oil and crude oil prices adjust faster for negative deviation from equilibrium. Finally, this study finds that only heating oil prices adjust to clear deviations from long-run equilibrium relationship.

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5

Dana, Rose-Anne, Monique Florenzano, Cuong Le Van, and Dominique Levy. "Production prices and general equilibrium prices." Journal of Mathematical Economics 18, no. 3 (1989): 263–80. http://dx.doi.org/10.1016/0304-4068(89)90024-4.

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6

D’Haultfœuille, Xavier, Isis Durrmeyer, and Philippe Février. "Automobile Prices in Market Equilibrium with Unobserved Price Discrimination." Review of Economic Studies 86, no. 5 (2018): 1973–98. http://dx.doi.org/10.1093/restud/rdy064.

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Abstract In markets where sellers are able to price discriminate, individuals pay different prices that may be unobserved by the econometrician. This article considers the structural estimation of a demand and supply model of differentiated products with such price discrimination and limited information on prices taking the form of, e.g., observing list prices from catalogues or average prices. Within this framework, identification is achieved not only with usual moment conditions on the demand side, but also through supply-side restrictions. The model can be estimated by GMM using a nested fixed point algorithm that extends the usual contraction mapping algorithm to our setting. We apply our methodology to estimate the demand and supply in the French new automobile market. Our results suggest that discounting arising from price discrimination is important. The average discount is estimated to be 9.6%, with large variation depending on buyers’ characteristics and cars’ specifications. Our results are consistent with other evidence on transaction prices in France.

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7

Hitzemann, Steffen, and Marliese Uhrig-Homburg. "Equilibrium Price Dynamics of Emission Permits." Journal of Financial and Quantitative Analysis 53, no. 4 (2018): 1653–78. http://dx.doi.org/10.1017/s0022109018000297.

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This article presents a stochastic equilibrium model for environmental markets that allows us to study the characteristic properties of emission permit prices induced by the design of today’s cap-and-trade systems. We characterize emission permits as highly nonlinear contingent claims on economy-wide emissions and reveal their hybrid nature between investment and consumption assets. Our model makes predictions about the dynamics and volatility structure of emission permit prices, the forward price curve, and the implications for option pricing in this market. Empirical evidence from existing emissions markets shows that the model explains the stylized facts of emission permit prices and related derivatives.

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8

Prager, Elena. "Healthcare Demand under Simple Prices: Evidence from Tiered Hospital Networks." American Economic Journal: Applied Economics 12, no. 4 (2020): 196–223. http://dx.doi.org/10.1257/app.20180422.

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This paper shows that consumers respond to prices for complex healthcare when they can easily assess out-of-pocket prices. Healthcare cost containment efforts increasingly incentivize price shopping despite a dearth of evidence that this steers consumers toward lower-priced care for major medical services. I show that consumers shift toward lower-priced hospitals in the highly simplified price information environment of insurance plans with tiered hospital networks. Consumers observe a single predictable, well-defined price that applies to a broad range of services within each of at most three hospital tiers. Within three years, expected partial-equilibrium savings reach 8–17 percent of baseline spending. (JEL G22, H75, I11, I13)

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9

Brown, Zach Y. "Equilibrium Effects of Health Care Price Information." Review of Economics and Statistics 101, no. 4 (2019): 699–712. http://dx.doi.org/10.1162/rest_a_00765.

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Do information frictions in health care markets lead to higher prices and price dispersion? Focusing on medical imaging procedures, this paper examines the equilibrium effect of a unique statewide price transparency website. Price information leads to a shift to lower-cost providers, especially for patients subject to a deductible. Furthermore, supply-side effects play a significant role in the long run, benefiting all insured individuals. Supply-side effects reduce price dispersion and are especially relevant in concentrated markets. These effects are important given that high prices are thought to be a primary cause of high private health care spending.

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10

Anokye, Martin, Henry Amankwah, Emmanuel Kwame Essel, and Irene Kafui Amponsah. "Dynamics of Equilibrium Prices With Differential and Delay Differential Equations Using Characteristic Equation Techniques." Journal of Mathematics Research 11, no. 4 (2019): 1. http://dx.doi.org/10.5539/jmr.v11n4p1.

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This study compares differential model to delay differential model in terms of their qualitative behaviour with respect to equilibrium price changes using roots of characteristic equation techniques. The equilibrium states of both price adjustment models were simulated using inputs from same source. The study found that irrespective of initial prices set for the system, the current price of the differential model would always move monotonically towards the equilibrium price defined for the system. However, the current price of the delay- differential model will fluctuate and move away from the initial prices due to the delay parameter associated with the supply, then gradually decrease and turn towards the defined system equilibrium price.  Results from the study also showed that current prices in the delay-differential model are not predictable at the initial stage due to the time delay parameter in the supply function of price. On the other hand, current prices in their counterpart models without delay are predictable, as they always converge to the equilibrium price points defined in the system. Since most economic and physical systems are time delay inherent, it is recommended that such systems are modeled using delay-differential equations to reflect realities of the phenomena.

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