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Du, Preez Johan. "Price formation under uncertainty." Master's thesis, University of Cape Town, 2003. http://hdl.handle.net/11427/14975.
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Bibliography: leaves 170-173.The analysis presented in this thesis is aimed at better understanding the role of expectations to the price formation process. Since general competitive analysis lacks a coherent explanation of how expectations are formulated it is difficult to promote theories that assume agents have no structural knowledge in favour of theories that assume agents have significant structural knowledge, e.g. rational expectations hypothesis versus the theory of rational beliefs. Accordingly, empirical evidence is presented to support analyses of models in which agents are not assumed to have structural knowledge. Simple general equilibrium models are used to illustrate that modelling risk requires a thorough analysis of investor expectations embedded in asset prices to better understand the information conveyed by observed risk premia. Analysis of the role of diverse expectations in competitive equilibria shows that a prerequisite for the existence of a short-run Walrasian monetary equilibrium is the existence of at least one agent whose expectations are insensitive to current prices. Ergodic theory shows that any stable dynamical system generates a stationary probability measure based on its underlying generating probability that is unrelated to the data generated by the dynamical system. This result is used to show that the conditions under which diverse beliefs arise are sufficiently general to warrant the study of the impact of diverse expectations on the price formation process. Enthusiasm for models that allow diverse beliefs is however tempered by a review of Sunspot theory that show that it is not necessary to abandon the rational expectations hypothesis in order for competitive markets to be subject to speculative fluctuations that are driven by expectations. This analysis is reinforced by a known example that shows that adaptive learning rules can lead rational agents to believe in nonstationary, indeterminate equilibria that are locally stable, such as Sunspot Equilibria. This leads to an important conclusion; diverse beliefs are not temporary phenomena since disequilibrium-learning analysis cannot be relied on to teach investors the economy's equilibrium map.
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Aulton, Anneliese Julia. "A theoretical and econometric analysis of agricultural futures markets and the implications for agricultural policy reform." Thesis, University of Nottingham, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.318297.
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Nilsson, Pia. "Price Formation in Real Estate Markets." Doctoral thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Economics, Finance and Statistics, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-20736.
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This thesis includes an introductory chapter and four individual papers. The papers are held together by concepts associated with price formation in real estate markets, differentiated goods and the local character of land and housing markets. The first two papers focus on the markets for land and agricultural property and the two succeeding studies on housing markets. The first study examines regional variations of Swedish agricultural land prices. The associated empirical model follows the form of earlier literature in testing the influence of expected returns from the current agricultural use of land and the potential for non-agricultural use on prices. The use of market transacted land and the inclusion of decoupled income support to farmers, among a set of agricultural and non-agricultural factors, distinguishes this study from earlier empirical work. The second paper relates to the first by its focus on decoupled income support, but here the analysis extends to the micro level and to the study of price formation in the market for agricultural property. The study applies a spatial multilevel model to study variations in price determinants across and within local and regional markets. The third paper is devoted to the analysis of housing prices and their relation to open landscape amenities. The spatial analysis employs two geographical databases containing single-family home sales and preserved open spaces. In order to address the local character of urban housing markets and intraurban heterogeneity in amenity valuations the study applies a geographically weighted regression approach. The last paper focuses on the market for second homes with a particular emphasis on urban-rural interrelations. The paper is motivated by a growing demand for natural amenities and by the awareness that urban areas are becoming increasingly attractive markets for second homes.
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Säfvenblad, Patrik. "Price formation in multi-asset securities markets." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 1997. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-855.
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This volume is a collection of three essays relating to the pricing of securities in financial markets, such as stock markets, where a large number of individual securities are traded. Lead-Lag Effects in a Competitive REE MarketThis essay introduces a model of cross-security information aggregation. The model is essentially an extension of Chan (Journal of Finance, 1993) to the case of simultaneous auction markets where revealed information is correlated across securities.The model provides clear predictions of lead-lag effects between securities returns. Several of the model's predictions are confirmed empirically using data from the Paris Bourse. Other models of price formation, including the basic Chan model and nonsynchronous trading, are rejected as they cannot account for observed return patterns. Learning the True Index LevelThis essay extends the model of cross-security information aggregation by deriving implications for autocorrelation in index returns. Both time series and cross-sectional predictions are confirmed by empirical evidence from the Paris Bourse. In addition, the time series predictions are consistent with earlier, partly unexplained, empirical evidence from the US market. An Empirical Study of Index Return AutocorrelationThis essay studies return autocorrelation on the Stockholm Stock Exchange focusing on the relation between index returns and indvidual stock returns. It is demonstrated that the two return types have similar time series properties, and it is concluded that the causes of autocorrelation are the same in both cases.Diss. Stockholm : Handelshögskolan, 1997
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Säfvenblad, Patrik. "Price formation in multi-asset securities markets /." Stockholm : Economic Research Institute, Stockholm School of Economics [Ekonomiska forskningsinstitutet vid Handelshögsk.] (EFI), 1997. http://www.hhs.se/efi/summary/455.htm.
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Friberg, Kent. "Essays on Wage and Price Formation in Sweden." Doctoral thesis, Stockholm : Department of Economics, Stockholm University, 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-304.
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Omar, Ayman M. A. A. "Selected aspects of price formation in commodity markets." Thesis, University of Leicester, 2016. http://hdl.handle.net/2381/37174.
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The thesis is driven by the strategic importance of crude oil, and aims to contribute to the knowledge on crude oil pricing and markets by conducting three investigative undertakings. The first examines the ability of crude petroleum to act as a safe haven asset for investors in equity markets around the start of international violent conflicts and wars. The second investigates the price differentials between US domestic benchmark crudes and the global marker Brent around the start of upstream production disruptions. The third empirical examination explores the presence of abnormal behaviour in the vicinity of the start dates of US sanctions on net exporting and importing nations, and builds on these findings to estimate gains accrued to, and losses inflicted on, the US economy. The thesis reports a number of findings. First, it shows that crude oil prices register a significant abnormal rise around the start of violent conflicts and wars. The significant portion of this abnormal increase accumulates well before the outbreak of crises. The thesis also reports a significant abnormal decline in the valuations of US and international equities around the start of these events. Secondly, the thesis builds on these findings, and demonstrates that crude oil possesses the ability to act as a safe haven from stock markets around the start of these events. Third, the thesis reports significant tightening in the price spreads around the start of unscheduled production outages. These findings are shown to be robust even after accounting for extreme weather conditions, changes in petroleum stocks, and costs of logistics. Fourth, the thesis reports significant abnormal changes in the valuations of crude oil around the start of US sanctions. The direction and magnitude of these changes depend on whether the targeted nation is a net exporter or importer. Fifth, the thesis builds on these findings, and reports gains and losses to the US economy due to the imposition of sanctions. These findings contribute to the academic literature, and highlight a number of implications for equity investors, insurance companies, oil traders, and policy makers in the US and other net importing and exporting nations. These implications concern the energy security of the US and other nations, the use of oil in hedging and diversification, the role of benchmarks in pricing, and the economic consequences of the US foreign policy.
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Watson, Iain. "Internal reference price formation in support of UK and US grocery retail price decision-making." Thesis, Heriot-Watt University, 2013. http://hdl.handle.net/10399/2630.
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UK and US grocery retailers operate with narrow profit margins; the shelf price of each product sold has a direct affect on these profits. Despite the importance of pricing, grocers adopt sub-optimal risk mitigation tactics rather than profit maximization. Part of a grocer’s perceived pricing risk is their lack of any understanding of customer product price expectation. The academic concept of Internal Reference Price (IRP) represents that price expectation but, despite a large body of research, IRP does not appear to be used in UK or US grocery pricing. This is due in part to academics’ lack of understanding of pricing practitioners’ actual needs and the context they work within, and has led to commercially inappropriate IRP model formulations. This exploratory study corrects this lack of understanding and provides both an integrated theory of pricing behaviour and its context, along with an applied IRP model that has the potential to improve UK and US grocer price decision-making. The models were developed using Classical Grounded Theory based on information from in-depth semi-structured interviews held with 20 UK and US grocery pricing practitioners. The research represents a significant contribution to both the academic and commercial body of knowledge. It does so, firstly, through the provision of an explanatory and predictive grounded theory of grocery pricing behaviour, and secondly through the development of an applied conceptual grounded model of IRP, both of which have been unseen to date.
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Bebbington, P. A. "Studies in informational price formation, prediction markets, and trading." Thesis, University College London (University of London), 2017. http://discovery.ucl.ac.uk/1563501/.
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This thesis is a collection of three separate studies -- but split into four chapters -- which address the underlying issues in the nature and dynamics of markets. The studies investigate price-formation in the presence of noisy asymmetric information flow to a synthetic market, the statistical behaviour of in-play predictive markets and a reformulation of the Markowitz portfolio optimisation for financial market securities into the time-domain. The first study looks to examine modern in-play gambling or predictive markets, in particular, horse racing markets. Since the advent of online sports gambling approximately 15 years ago large amounts of data have been collected for many different sporting events such as football, greyhound racing and cricket. In this study, the focus is on in-play horse racing markets where stylised statistical facts are presented and discussed. Price efficiency is analysed, and statistical arbitrage trading algorithms are developed to evaluate such efficiencies/inefficiencies. We develop a new model for testing the efficiencies of the initial implied odds quoted on the market. Exploring the efficiencies/inefficiencies found in the in-play markets we develop a martingale toy model and a statistical arbitrage trading model. In the second study, we explore price-formation and the pioneering approach to financial asset pricing known as the Brody-Hughston-Macrina framework. The Brody-Hughston-Macrina information-based asset pricing framework is investigated in two parts; the first a development of a trading model and the other a generalisation of the information process that does not assume a linear rate-of-information flow. The trading model developed is a computational agent-based model that allows different configurations of agents to trade and hence create a synthetic market. The different configurations are explored by tracking the market price and times between adjacent trades with respect to changing certain model parameters, such as spread. The generalisation of the rate-of-information does not assume a linear function, as in the original Brody-Hughston-Macrina framework, but instead one that is non-linear in time. We estimate such a function from gambling market data and find it not to be a linear function. The non-linear Brody-Hughston-Macrina framework is fitted to winning horse odds signals. The final study is motivated by recent advances in the spectral theory of auto-covariance matrices, and we are led to revisit a reformulation of Markowitz' mean-variance portfolio optimisation approach in the time domain. In its simplest incarnation, it applies to a single traded asset and allows to find an optimal trading strategy which, for a given return, is minimally exposed to market price fluctuations. The model is initially investigated for a range of synthetic price processes, taken to be either second order stationary, or to exhibit second order stationary increments. Attention is paid to consequences of estimating auto-covariance matrices from small finite samples, and auto-covariance matrix cleaning strategies to mitigate against these are investigated. Finally, we apply our framework to real world data.
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Jottreau, Benoît. "Financial models and price formation : applications to sport betting." Thesis, Paris Est, 2009. http://www.theses.fr/2009PEST1031.
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Cette thèse est composée de quatre chapitres. Le premier chapitre traite de l'évaluation de produits financiers dans un modèle comportant un saut pour l'actif risque. Ce saut représente la faillite de l'entreprise correspondante. On étudie alors l'évaluation des prix d'options par indifférence d'utilité dans un cadre d'utilité exponentielle. Par des techniques de programmation dynamique on montre que le prix d'un Bond est solution d'une équation différentielle et le prix d'options dépendantes de l'actif est solution d'une équation aux dérives partielles d'Hamilton-Jacobi-Bellman. Le saut dans la dynamique de l'actif risque induit des différences avec le modèle de Merton que nous tentons de quantifier. Le second chapitre traite d'un marché comportant des sauts : les paris sur le football. Nous rappelons les différentes familles de modèles pour un match de football et introduisons un modèle complet permettant d'évaluer les prix des différents produits apparus sur ce marché ces dix dernières années. La complexité de ce modèle nous amène à étudier un modèle simplifié dont nous étudions les implications et calculons les prix obtenus que l'on compare à la réalité. On remarque que la calibration implicite obtenue génère de très bons résultats en produisant des prix très proches de la réalité. Le troisième chapitre développe le problème de fixation des prix par un teneur de marche monopolistique dans le marché des paris binaires. Ce travail est un prolongement direct au problème introduit par Levitt [Lev04]. Nous généralisons en effet son travail aux cas des paris européens et proposons une méthode pour estimer la méthode de cotation utilisée par le book-maker. Nous montrons que deux hypothèses inextricables peuvent expliquer cette fixation des prix. D'une part, l'incertitude du public sur la vraie valeur ainsi que le caractère extrêmement risque-averse du bookmaker. Le quatrième chapitre prolonge quant à lui cette approche au cas de produits financiers non binaires. Nous examinons différents modèles d'offre et de demande et en déduisons, par des techniques de programmation dynamique, des équations aux dérivées partielles dictant la formation des prix d'achat et de vente. Nous montrons finalement que l'écart entre prix d'achat et prix de vente ne dépend pas de la position du teneur de marche dans l'actif considère. Cependant le prix moyen dépend lui fortement de la quantité détenue par le teneur de marche. Une approche simplifiée est finalement proposée dans le cas multidimensionnelThis thesis is composed of four chapters. The first one deals with the pricing of financial products in a single jump model for the risky asset. This jump represents the bankrupcy of the quoted firm. We study the pricing of derivatives in the context of indifference of utility with an exponential utility. By means of dynamic programming we show that the bond price is solution of an ordinary differential equation and that stock price dependent options are solutions of an equation with partial derivatives of Hamilton-Jacobi-Bellman type generalizing the Black-Scholes one. We then try to quantify differences in the price obtained here and the one from Merton model without jump. The second chapter deals with a specific jump market : the soccer betting market. We recall the different model families for a soccer match and introduce some full model which allows to price the products recently born in this market in last ten years. Nevertheless the model complexity leads us to study a simplified model introduced by Dixon and Robinson from which we are able to derive closed formulas and simulate prices that we compare to market prices. We remark that implicit calibration gives pretty goof fit of market data. Third chapter developps the approach of Levitt [Lev04] on price formation in binary betting market held by a monopolistic market-maker operating in a one time step trading. We generalize Levitt results with european format of betting. We show that prices are distorded on the pressure of demand and offer, that phenomena introducing a market probability that allows to price products under this new measure. We identify some best model for demand and offer and market maker strategy and show that probability change is obvious in case of imperfect information about the value of the product. Fourth chapter generalizes this approach to the case of general payoffs and continuous time. The task is more complex and we just derive partial derivative equations from dynamic programming that enable us to give the bid-ask prices of the product traded by the market-maker. One result is that, in most models, bid-ask spread does not depend on the inventory held by the dealer whereas mid-quote price strongly reflects the unbalance of the dealer
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Mendoza, Jose. "Towards the formation and measurement of ethnic price perception." Thesis, Cranfield University, 2016. http://dspace.lib.cranfield.ac.uk/handle/1826/11819.
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This research is the outcome of a preeminent interest in the topic of price perception. Pointedly, the perception of prices is part of the purchasing process, the same willingness to pay and the actual purchase behaviour, and is indubitably a perceptual construct. As such, perception is problematic to measure as it does not relate to an observable behaviour. On the other hand, pricing is regarded as an important variable in the marketing mix. This research contributes to theory by augmenting the current knowledge on the perception of prices including the methods used in the measurement of such perception. Moreover, this research addresses a gap in the understanding of how diverse ethnic groups perceive prices. The relationship set in this study between ethnicity and price perception is thought-provoking as it contributes to the current discussion around diversity in the marketplace. For example, the literature shows advances in areas such as multicultural and ethnic marketing and this research makes a significant contribution to these areas from price perception. Accordingly, this study involved a systematic review of the literature and presented a framework that suggested that the formation of price perception is affected by external factors such as culture and ethnicity. Furthermore, a qualitative study examined the formation of price perception around ethnic groups. Next, this research used a quantitative study that sought differences in price perception among ethnic groups. Thus, the quantitative study used a price perception scale (Lichtenstein et al., 1993) and a choice-based conjoint analysis. Also, the study adopted structural equation modelling (SEM) to measure differences among scales and the multinomial logit model to analyse the choice-based conjoint analysis. The findings of both the quantitative and the qualitative studies link to the systematic review and support the framework for the formation and measurement of price perception originally proposed.
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Sheehan, Laura R. "Sedimentary and petrologic analysis of the Mississippian Price Formation at Sherwood Lake, West Virginia." Morgantown, W. Va. : [West Virginia University Libraries], 2002. http://etd.wvu.edu/templates/showETD.cfm?recnum=2544.
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Thesis (M.S.)--West Virginia University, 2002.Title from document title page. Document formatted into pages; contains ix, 132 p. : ill. (some col.), maps (some col.). Includes abstract. Includes bibliographical references (p. 106-109).
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Lowe, Benjamin, and n/a. "Pricing Strategy and the Formation and Evolution of Reference Price Perceptions in New Product Categories." Griffith University. Griffith Business School, 2006. http://www4.gu.edu.au:8080/adt-root/public/adt-QGU20070221.155102.
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This study examines how pioneer and follower pricing strategies affect the formation and evolution of reference price perceptions in new product categories. It contributes to our understanding of pricing new products by integrating two important research streams in the field of marketing - reference price theory and the theory of pioneer brand advantage. This is the first research to address reference price effects for radically new product categories. Prior research has focused solely on products in existing categories, typically in fast moving consumer goods categories. Using three experiments to causally establish the consequences of pioneer and follower pricing strategies on consumer perceptions, three critical research issues are addressed for the first time, consistent with calls for research in the literature: 1. Which reference price do consumers utilise in new product categories? 2. What is the role of consumer confidence in reference price for new product categories? 3. How do reference price perceptions form and evolve as a result of pioneer and follower pricing strategy? In the literature, a frequently cited issue is the fragmented operationalisation of reference price perceptions. With little theory to guide researchers in terms of which measures should be used, experiment 1 provides new theory, finding as hypothesised, that fair price perceptions as opposed to expected price perceptions are more likely to be evoked by consumers for new product categories. Experiment 1 also finds that using consumers' confidence in their reference price beliefs as an additional explanatory variable, does not improve over current reference price models. Overconfidence, a robust consumer behavioural phenomenon (Alba and Hutchinson 2000), might explain this result. Prior research has made several contributions to understanding reference price perceptions in established product categories. However, not much is known about how these reference price perceptions initially form and evolve. Experiments 2 and 3 address this gap by simulating an emerging market and examining the role of pioneership in shaping reference price perceptions. Experiment 2 found the pioneer, due to its perceptual prominence, is able to define the reference price and subsequently define perceptions of value. That is, the value consumers place on a product and their intentions to purchase the product are about the same whether the pioneer follows a penetration (initial low price) or skimming (initial high price) strategy. Experiment 3 extends experiment 2 by examining what happens in the emerging market when a follower brand enters. The follower enters at a large or small discount to the pioneer, and the pioneer completes its penetration or skimming strategy, converging to a 'regular' price. As predicted, the pioneer's initial price frames subsequent price and value perceptions, signifying the importance of the pioneer as a referent brand. Lower initial prices erode value perceptions, whereas higher initial prices substantiate value perceptions. The follower's pricing strategy does not have as much influence as the pioneer's pricing strategy. Other findings from experiment 3 related to reference price theory in general. Specifically, there was strong evidence of an averaging process when forming reference prices. This adds theory to the measurement debate about operationalising reference price as some past price such as last price paid or some average of past prices. Experiment 3 also provides a further measurement contribution by supporting the use of brand specific measures of reference price, rather than category based measures. More generally, because of the causal research design, this thesis provides strong evidence of the use of reference prices in consumer decision making: a key concern emphasised by one of the area's seminal articles (i.e., Kalyanaram and Winer 1995), which stresses the need to provide evidence that consumers actually use reference prices, and not just act as if they do.
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Cebryk, Nancy. "Industrial price formation and industry concentration in Canadian manufacturing industries." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 1997. http://www.collectionscanada.ca/obj/s4/f2/dsk2/ftp04/mq22067.pdf.
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McGrimmon, Tucker S. "Public information, power, and price formation a market distance approach /." Laramie, Wyo. : University of Wyoming, 2008. http://proquest.umi.com/pqdweb?did=1800001331&sid=1&Fmt=2&clientId=18949&RQT=309&VName=PQD.
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Cebryk, Nancy (Nancy Deborah) Carleton University Dissertation Economics. "Industrial price formation and industry concentration in Canadian manufacturing industries." Ottawa, 1997.
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Murphy, Sheldon J. "Influence of the West Virginia Dome on paleocurrent patterns in the Upper Devonian-Lower Mississippian Price Formation in the central Appalachians." Morgantown, W. Va. : [West Virginia University Libraries], 2001. http://etd.wvu.edu/templates/showETD.cfm?recnum=2241.
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Thesis (M.S.)--West Virginia University, 2001.Title from document title page. Document formatted into pages; contains xix, 315 p. : ill. (some col.), maps (some col.). Includes abstract. Includes bibliographical references (p. 85-92).
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Cummings, James Richard. "Three essays on price formation and liquidity in financial futures markets." University of Sydney, 2008. http://hdl.handle.net/2123/5296.
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Doctor of PhilosophyThis dissertation presents the results of three empirical studies on price formation and liquidity in financial futures markets. The research entails three related areas: the effect of taxes on the prices of Australian stock index futures; the efficiency of the information transmission mechanism between the cash and futures markets; and the price and liquidity impact of large trades in interest rate and equity index futures markets. An overview of previous research identifies some important gaps in the existing literature that this dissertation aims to resolve for the benefit of arbitrageurs, investment managers, brokers and regulators.
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Parkin, Vincent Nicholas. "Structural bottle necks, the wage price spiral and financial influences : a study of price formation and inflation in Brazil." Thesis, University of Cambridge, 1987. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.238544.
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Endress, Tobias. "Quality of stock price predictions in online communities : groups or individuals?" Thesis, University of Gloucestershire, 2017. http://eprints.glos.ac.uk/4674/.
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Group decision-making and equity predictions are topics that are interesting for academic research as well as for business purposes. Numerous studies have been conducted to assess the quality of forecasts by financial analysts, but in general these studies still show little evidence that it is possible to generate accurate predictions that in the long run create, after transaction costs, profits higher than the market average. This thesis investigates an alternative approach to traditional financial analysis. This approach is based on Internet group decision-making and follows the suggestion that a group decision is better than the decision of an individual. The research project follows a mixed-methods approach in the form of a sequential study with a field experiment. Different groups—consisting of lay people, but also financial professionals—were formed purposefully in different group designs to generate equity forecasts. The field experiment was conducted following an e- Delphi approach with online questionnaires, but also in-depth interviews with all participants. Data from financial analysts was used to compare the predictions from the groups with actual results of share prices. The data from the experiment suggests that there are different variables, in terms of the individual characteristics of the participants, which indicated significant impact on the quality of equity predictions. The predictions of some participants (e.g. “PID-S-plus” rated participants) are apparently of significantly higher accuracy. The findings from the study indicate that intuition plays a significant role in the decision-making process not only for lay people, but also for financial analysts and other financial professionals. However, there are observable differences in the intuitive decision-making of lay people and experts. While it was possible to observe that intuition is interpreted as “random guess” by poor predictors, it was found that good predictors base their intuition on several factors—even including fundamental and macroeconomic considerations. The findings of the experiments led to an explanatory model that is introduced as the ‘Deliberated Intuition’ Model. The model of deliberated intuition which is proposed here views prediction as a process of practice which will be different for each individual. The model proposes that a predictor will decide, consciously or semi-consciously, when they feel ready to rely on gut-feeling, or to undertake more analysis. Generally, it appears to contribute to a good prediction to think about the problem in different ways and with various techniques. The experiment indicated that (online-) groups are not per se better than individuals. The Deliberated Intuition Model might help to prepare better group settings and improve prediction quality. Apparently a combination of rational and intuitive techniques leads to the best prediction quality.
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Hoffmann, Wieland [Verfasser], and Klaus [Akademischer Betreuer] Adam. "Essays on House Price Formation and Household Leverage / Wieland Hoffmann. Betreuer: Klaus Adam." Mannheim : Universitätsbibliothek Mannheim, 2016. http://d-nb.info/1105374440/34.
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Meyer, Ferdinand. "Model closure and price formation under switching grain market regimes in South Africa." Thesis, Pretoria : [s.n.], 2006. http://upetd.up.ac.za/thesis/available/etd-12082006-105715.
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Thesis (D.Phil.(Agricultural Economics, Extension, and Rural Development))--University of Pretoria, 2006.Includes summary. Includes bibliographical references. Available on the Internet via the World Wide Web.
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Turner, Peter Robert. "Price formation within the UK electricity industry and the application of auction theory." Thesis, University of Sunderland, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.272584.
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MATTOS, ANA BEATRIZ VIEIRA DE. "HFT INVESTOR S IMPACT ON PRICE FORMATION IN THE BRAZILIAN FOREIGN EXCHANGE MARKE." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2014. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=24313@1.
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PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIROCONSELHO NACIONAL DE DESENVOLVIMENTO CIENTÍFICO E TECNOLÓGICO
As mudanças tecnológicas e regulatórias foram facilitadores para o surgimento dos investidores de alta frequência, HFTs, no mix de participantes do mercado financeiro. Como classe, estes investidores não constituem uma entidade coerente e seu impacto e contribuição para a formação do preço não é clara. Esse trabalho analisou 10 categorias de investidores, que se diferenciam por suas características de latência, a partir de uma base de dados composta por todas as ordens enviadas para o book de dólar futuro com vencimento em 1 de agosto de 2013, da Bolsa de Valores e Mercadorias e Futuros (BMFBovespa). Dentre toda as categorias de instidores testadas, a categoria HFT 1, a mais rápida de todas, foi a que apresentou o maior coeficiente de impacto no preço, 20 por cento, e a maior medida de contribuição relativa para a volatilidade fundamental, 10 por cento.
Technological and regulatory changes were facilitators for the emergence of high frequency traders, HFTs, in the mix of financial market participants. As a class, these investors do not constitute a coherent entity and its impact and contribution to the price formation are not clear. This study analyzed 10 categories of investors, who are distinguished by their latency characteristics from a database comprised of all orders sent to the book of future dollar maturing on August 1, 2013, in the Brazilian Stock Exchange and Commodities and Futures Exchange (BMFBovespa). Among all the categories of investors tested, the HFT 1, the fastest of all, was the one that had the highest coefficient of impact on price, 20 per cent, and a larger measure of relative contribution to fundamental volatility, 10 per cent.
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Geller, Paul Stuart. "The impact of certain variables on common stock price formation : a regression analysis." Thesis, Massachusetts Institute of Technology, 1985. http://hdl.handle.net/1721.1/15144.
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Thesis (M.S.)--Massachusetts Institute of Technology, Sloan School of Management, 1985.MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY.
Bibliography: leaves 82-90.
by Paul Stuart Geller.
M.S.
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Cata, Olwethu. "Trading statement releases and the subsequent price formation process : evidence from the JSE." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/15475.
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The relationship between unexpected earnings and security returns subsequent to earnings announcements is widely documented in international studies (e.g., Ball and Brown, 1968; Beaver, 1968; Beaver, 1974; Foster, Olsen and Shevlin, 1984). However, much of this research has been conducted in developed stock markets, with only a handful of studies focused on the JSE (e.g., Knight, 1983; Kornik, 2005; Murie, 2014). By drawing lessons from prior international and local evidence, and for the first time on the JSE, an investigation is conducted focusing on the entire price formation process from trading statements releases to the announcements of actual earnings. Adopting the returns based unexpected earnings measures of Foster, Olsen and Shevlin (1984) and van Rensburg's (2002) two factor APT specification to account for systemic risk, this study finds trading statements to contain new and significant information as evidenced by the presence of significant abnormal returns on their publication date. In addition, and consistent with semi-strong form market efficiency, no relationship is found between the sign and magnitude of unexpected earnings and the cumulative abnormal returns in the period subsequent to trading statement releases and preceding earnings announcement. Examining returns in the post-trading statement release period, the study found no evidence of statistically significant abnormal returns drift for good and bad news portfolios classified according to the (-1, 0), (-1, 1) and (0, 1) unexpected earnings models and that classified according to the trading statement sign. Consistent with prior South African studies, the publication of earnings is found to be a noteworthy market event to which investors react. In addition, the sign and magnitude of the initial response to unexpected earnings was found to exhibit a significantly positive relationship with cumulative abnormal returns over the (2, 60) day period subsequent to earnings announcements, representing a stark violation of semi-strong form market efficiency. Furthermore, the negative relationship between CARs in the (-1, 1) day period surrounding earnings and the post-trading statement drift postulated by Das, Kim and Patro (2007) does not appear to apply on the JSE. Examining returns in the (2, 60) day post earnings announcement period, the study found evidence of predictable returns drift but that the magnitudes of the CARs were not statistically significant over this period.
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Olsson, Olle. "European bioenergy markets : integration and price convergence /." Uppsala : Dept. of Energy and Technology, Swedish University of Agricultural Sciences, 2009. http://epsilon.slu.se/11701267.pdf.
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Swahn, William. "Price formation on the Tesla stock market : A study on market impact and trader types." Thesis, Umeå universitet, Nationalekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-184874.
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To the question of whether the price of a financial asset is set based on rational responses to information or not, financial literature may never find consensus. However, both rational and irrational agents seem to roam financial markets. To add insight that might contribute to answering this question, while addressing peculiar occurrences specific to the Tesla stock price, I set out to test the aggregated price impact, to the Tesla stock price, caused by different investor types. The dataset analyzed includes transaction information on all trades of the Tesla stock, that were executed on the Nasdaq stock market, during market open between February 1st and April 30th, 2021. Microstructure literature and classical price theory were used for modeling. Each agent’s trader type was determined by turnover proxy. With some limitations to the accuracy of the estimates, I provide empirical results consistent with behavioral finance literature, and inconsistent with the efficient market hypothesis, that short-term effects, on the formation of the Tesla stock price, are primarily a consequence of uninformed trader behavior. Also, my results provide some indication of that rational behavior may have a lagged negative effect on irrational behavior.
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Ijambo, Bertha Deshimona. "An econometric analysis of spatial market integration and price formation in the Namibian sheep industry." Diss., University of Pretoria, 2017. http://hdl.handle.net/2263/65897.
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The Namibian government introduced the Small Stock Marketing Scheme (SSMS) for the sheep market in 2004. The SSMS is a quantitative export restriction. Quantitative export restriction policies decrease the tradable quantity of a commodity, and increases domestic supply of a commodity, causing a lack of equilibrium in spatial markets. This, therefore, has the capacity to hinder market integration. Moreover, a quantitative export restriction disrupts the domestic supply and demand, and ultimately the equilibrium prices. A policy such as the quantitative export restriction therefore determines the domestic price levels. The effect of the SSMS on spatial market integration and price formation remains unclear. A lack of empirical evidence on spatial sheep market integration and domestic price levels can create challenges for policy makers. This is because a lack of evidence could prevent policy makers from implementing evidence-based policies, which might buffer poor consumers and producers from adverse price shocks, and lead to improved resource allocation. This study hypothesises that the SSMS policy negatively affected the long-run equilibrium relationship and short-run dynamics between the Namibian and South African markets. The study further hypothesises that the policy negatively influenced the level of equilibrium prices. As a result, this study hence observes spatial price integration in the presence of the SSMS, by defining the long-run equilibrium and short-run dynamics. The spatial price integration analysis is evaluated by subdividing price series data into pre-SSMS (1999M01-2003M12) and post-SSMS (2004M01-2015M12). The long-run equilibrium relationship is conducted with the Engle and Granger (1987) method and the Johansen (1988) cointegration approach. Short-run dynamics are, in turn, determined with an error correction model (ECM) and vector error correction model (VECM). The study also examined the impact of the SSMS on domestic price levels. This was done by recognising the reaction of the domestic supply, demand, and price functions to the SSMS. The analysis is conducted within the partial equilibrium framework (PEF). Additionally, the synthesis generated a simulation with the PEF to determine the impact on price changes were the SSMS to be removed. The analyses acknowledged a long-run equilibrium relationship between the spatial markets. As predicted, the long-run equilibrium relationship is not the same, pre- and post-SSMS. The price transmission elasticity (0.94) post-SSMS is marginally higher than pre-SSMS (0.88) is, which contradicts a priori expectation that quantitative export restrictions weaken price transmission. The pre-SSMS evaluation indicated a presence of short-run dynamics. Post-SSMS, the VECM revealed no bidirectional effect. The VECM also specified that the Namibian prices are effecting the adjustments in the short run to return to the long-run equilibrium position. This implies that if there is a shock that disturbs the equilibrium between the two spatial prices, Namibian prices would move to restore equilibrium. Likewise, the study appraised the response of the supply and demand functions to the policy in the PEF, incorporating the SSMS as an export ratio variable. The PEF results displayed that the SSMS influenced the supply function negatively, because of the negative elasticity of 0.013. This denotes that in the presences of the SSMS a 10 per cent increase in the quantitative export ratio decreases supply by 0.13 per cent, in which the response is slow. A negative effect is bound to decrease supply, and increase domestic price levels. Furthermore, the SSMS had a positive influence on the demand function, with an elasticity of 0.03 for the export abattoir demand, and 0.93 for the non-export abattoir demand. A positive impact on demand means a decrease in the producer price increases demanded for live sheep. The price equation outcome revealed that the SSMS had an insignificant effect of -0.0044 on the domestic producer prices. The price equation result is attributed to the low elasticity of the SSMS in the domestic supply and demand equation; the continued increase in producer prices post-SSMS due to the drought; and finally, because the SSMS is allowed to vary. Based on the simulation results, the removal of the SSMS policy would increase domestic producer prices by 4 per cent and 6 per cent, in 2017 and 2018, respectively. The percentage increase is considered low, as a result, this suggests that other dynamic factors, such as drought and market structure, affecting prices. This study therefore rejects the hypothesis stating that the long-run equilibrium relationship and short-run dynamic forces had reduced post-SSMS price transmission. The price transmission and speed of adjustment improved, post-SSMS. The study concludes that the SSMS policy did not have a detrimental effect, which was contrary to what was anticipated. The synthesis further fails to reject the hypothesis stating that the SSMS influenced domestic price levels, but the influence was very minimal and negligible. Both the spatial price integration and price formation analyses conclude that the SSMS had no detrimental effect on the sheep market. As a result, the study indicates that a quantitative export restriction policy, which varies, is better than an export control policy that does not allow any variation.Dissertation (MSc (Agric))--University of Pretoria, 2017.
Agricultural Economics, Extension and Rural Development
MSc (Agric)
Unrestricted
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Panke, Timo [Verfasser], Felix [Gutachter] Höffler, and Christian [Gutachter] Growitsch. "Empirical essays on the price formation in resource markets / Timo Panke. Gutachter: Felix Höffler ; Christian Growitsch." Köln : Universitäts- und Stadtbibliothek Köln, 2016. http://d-nb.info/1106380924/34.
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Staikouras, Panagiotis. "Ensuring the integrity of the price-formation mechanism : securities regulation and the challenges of market abuse." Thesis, London School of Economics and Political Science (University of London), 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.406945.
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Pietschmann, Jan-Frederik. "On some partial differential equation models in socio-economic contexts : analysis and numerical simulations." Thesis, University of Cambridge, 2012. https://www.repository.cam.ac.uk/handle/1810/241495.
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This thesis deals with the analysis and numerical simulation of different partial differential equation models arising in socioeconomic sciences. It is divided into two parts: The first part deals with a mean-field price formation model introduced by Lasry andLions in 2007. This model describes the dynamic behaviour of the price of a good being traded between a group of buyers and a group of vendors. Existence (locally in time) of smooth solutions is established, and obstructions to proving a global existence result are examined. Also, properties of a regularised version of the model are explored and numerical examples are shown. Furthermore, the possibility of reconstructing the initial datum given a number of observations, regarding the price and the transaction rate, is considered. Using a variational approach, the problem can be expressed as a non-linear constrained minimization problem. We show that the initial datum is uniquely determined by the price (identifiability). Furthermore, a numerical scheme is implemented and a variety of examples are presented. The second part of this thesis treats two different models describing the motion of (large) human crowds. For the first model, introduced by R.L. Hughes in 2002, several regularised versions are considered. Existence and uniqueness of entropy solutions are proven using the technique of vanishing viscosity. In one space dimension, the dynamic behaviour of solutions of the original model is explored for some special cases. These results are compared to numerical simulations. Moreover, we consider a discrete cellular automaton model introduced by A. Kirchner and A. Schadschneider in 2002.By (formally) passing to the continuum limit, we obtain a system of partial differential equations. Some analytical properties, such as linear stability of stationary states, areexamined and extensive numerical simulations show capabilities and limitations of the model in both the discrete and continuous setting.
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Nieto, Parra Sebastián. "The structure of the primary bond market in emerging countries : price formation, issuance costs and market information." Paris, Institut d'études politiques, 2010. http://www.theses.fr/2010IEPP0002.
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Le but de cette thèse est d’étudier la dette souveraine en analysant sources d’information souvent négligées dans la littérature: la micro-structure du marché primaire souverain. En particulier, cette thèse analyse la formation des prix, les coûts d’émission et les problèmes d’information, en adaptant une large et utile littérature utilisée pour comprendre le fonctionnement du marché de dette privée des pays développés. Cette thèse comporte trois chapitres bien distincts. Tous les chapitres étudient des aspects jusqu'à aujourd’hui non explorés dans la littérature du marché de la dette souveraine. Le premier chapitre étudie les crises de la dette souveraine à travers le prisme du marché primaire des obligations souveraines et décrit le comportement et les interactions entre les principaux acteurs sur le marché obligataire souverain avant et suite à une crise de la dette souveraine. Ce chapitre constate que les banques d'investissement valorisent le risque de défaut souverain bien avant que des crises ne surviennent et avant que les investisseurs ne détectent le risque de défaut. Le deuxième chapitre étudie les déterminants de deux éléments clés dans l'émission d'obligations sur le marché émergent de la dette souveraine: les commissions de placement et les écarts de rendement sur les obligations de marché. Le troisième chapitre étudie les recommandations en matière d’emprunts souverains des pays émergents établies par les banques d’investissement et le possible conflit intérêt de ces banques. Les résultats économétriques montrent que l’association marché primaire – recommandation des banques, se voit surtout dans les commissions de placement payées aux banquesThis dissertation focuses on the sovereign debt market by drawing on sources of information often overlooked in the research literature: the micro-structure of the primary emerging bond market. In particular, I analyse the price formation, issuance costs and information problems, by adapting a large and useful literature used in the corporate market in developed countries. This thesis is a collection of three essays, all dealing with unexplored aspects of the sovereign debt market. The first paper studies the behaviour and interactions among the principal actors in the sovereign bond market prior to and following a sovereign debt crisis. This essay shows that investment banks price sovereign default risk well before crises occur and before investors detect default risk. The second essay deals with the costs in the issuance of debt on the emerging sovereign bond market. I find bond spreads are influenced by a combination of both issuers and issue characteristics, and by external factors. Underwriting fees, on the other hand, are mainly driven by issue characteristics. Finally, the third essay examines whether banks’ recommendations to investors in emerging sovereign bonds are truly independent of these same banks’ underwriting activity in Latin American countries. The main result is that after controlling for macroeconomic and financial variables, I find a positive relationship between favourable recommendations and fees paid by issuers to underwriters
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Johnson, S. Reed. "Surface and subsurface fault and fracture systems with associated natural gas production in the Lower Mississippian and Upper Devonian, Price Formation, southern West Virginia." Morgantown, W. Va. : [West Virginia University Libraries], 2007. https://eidr.wvu.edu/etd/documentdata.eTD?documentid=4974.
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Thesis (M.S.)--West Virginia University, 2007.Title from document title page. Document formatted into pages; contains vii, 102 p. : ill. (some col.), maps (some col.). Includes abstract. Includes bibliographical references (p. 91-94).
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Cardona, Cervantes Gabriel. "Formation of House Prices in Sweden." Thesis, Jönköping University, JIBS, Economics, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-11313.
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In this research, Sweden’s municipalities are categorized into five economic regions which put emphasis on location. Furthermore, since house prices reflect and are reflected by the existing cycles in the economy, four time periods are considered. By using extensive data collected by Sweden Statistics (SCB), this study tests eight variables factors to be used in a cross-section analysis which will help researchers understand which factors are consistent in explaining the formation of house prices in terms of location and time. The conclusion that can be drawn is that no factor can fully explain house prices at a national level and that the Population variable was consistent in regional changes and Employment was consistent in time changes. This has lead to a greater understanding of the field of regional house prices in order for it to contribute to real estate investments or purchases.
Master thesis in Economics
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Stephans, Mandla-Kayise. "The effects of the unexpected cautionary and annual earnings announcements on the Price Formation Process: evidence from the JSE." Master's thesis, Faculty of Commerce, 2021. http://hdl.handle.net/11427/33948.
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Certainly, a decision to (dis) invest (buy/sell) in securities is largely influenced by future expectations to which in turn is informed by the fundamental analysis of historical prices. The investor supposedly extrapolated on the historical prices if below the mean you buy and vice versa. The average security prices must be the product of the passing of time but most importantly the direction must be susceptible to a particular point in time. Investor decision-making involves a selection of a combination of the individual security characteristic with the market sentiment (bearish or bullish). The market sentiments are measured on time passed, i.e., market prices are either higher or lower relative to historical prices and the investor holding period wish. Valuation is nothing but a timing exercise to which the future perspective is forged on the future outlook of both micro and macro-economic factors. The valuation is relative to a true return generating process for a ‘true' single security market portfolio, i.e., expected future earnings. The occurrence of ‘unexpected earnings' creates an expectation of above ‘true' market portfolio returns, i.e., abnormal returns (ARs). This study is premised on the appreciation and understanding of the manifestation of a ‘true' single stock market portfolio. The study presents the analysis of the contemporaneous association of unexpected earnings also referred to as cautionary earning or ‘earnings surprise' published in the Trading Statement releases (hereinafter referred to as ‘releases') and security price movement. This research study is the second to investigate, at least to the researcher's knowledge after Cata (2015), the entire price formation process on the effects of unexpected cautionary and annual earnings announcements on security market prices of the JSE listed. Firstly, the expectations are that security prices adjust immediately to earnings and /or price-sensitive market information when made public. Secondly, since earnings information is fully impounded onto security prices a not statistically significant ARs are earned on and around the disclosures. Lastly, no statistically significant cumulative abnormal returns (ie CARs) post-earnings releases and announcements (I.e., PEADs) and any non-random security return drift indicate a level of inefficiency. The study adopted a return based unexpected earnings measures or model of Foster, Olsen and Shevlin (1984), and Van Rensburg's (2002) two-factor Arbitrage Pricing Theory (APT) to be a factor analytic procedure for assessment of a true return generating process for a ‘true' single stock market portfolio. The empirical evidence suggests investors revise the security valuations to an extent of 85 to 90 (Ball and Brown, 1968) and 85 to 98 (Kornik, 2005) percentage before an unexpected earnings announcement. This observation strengthens the argument that other timelier sources of information are already factored into share price prior to unexpected earnings releases. An alternative argument on legitimate information dissemination and other timelier sources of information provides a compelling argument for an all-encompassing multi factor-model in the context of JSE. According to Dr. Holman (20181 ) a measured or weighed multi factor-model consisting of a metal index, interest rate (i.e., 5 or 10 years repo rate), inflation rate, currency, beta, economy (i.e., GDP growth), stock size (small vs large capitalisation), leverage, unemployment rate, values such as price to book value or price-earnings (P/E) ratios, momentum (market biases – a big thing). Perhaps this to provide an explanatory power or rationale of the full market reaction when all price-sensitive factors are considered at once and rated accordingly is to explain the extent of the usefulness of the market information from a piece of specific unexpected event news. In so doing provide for an opportunity to improve on the true return generating process for a ‘true' single stock market portfolio from Van Rensburg's (2002) two-factor Arbitrage Pricing Theory (APT). The study's results come from an observation of five unexpected earnings models or measures and the trading statement news sign and size to ascertain the size of the security price movement and return drift. The evidence gathered is conclusive concerning the association of the information content generated through unexpected earnings disclosures and the average CARs and their t-statistic test found to be significantly different from the theoretical or expected zero return. However, the outcome of t-statistic tests is not statistically significant at a 5% significance level of significance over the observation period, therefore, they cast doubt on the use of the initial response to consistently earn earnings above average normal returns. The study observed a security price movement in line with ‘good' and ‘bad' news portfolios on [-3; -1] and [-1; -1] releases and [-2; -1] announcements in support of Kornik's (2005) observation of a significant portion of the market reaction occurring in the two days prior to the announcement date. Kornik (2005) suggests that either a substantial information leakage or simply legitimate information dissemination and /or anticipation (ie from other timelier sources of information) allows for investors to correctly adjust their earnings prediction through 1 From the lecture notes company analysis and /or interviews with management prior to unexpected earnings announcements. This study conclusion is that there is evidence of significant association to suggests an investor reassessment of their beliefs/expectations on the occurrence and the size of ‘earnings surprise' and unexpected annual earnings. The finding violates the Efficient Markets Hypothesis (EMH) which assumes that security prices are instantly and fully reflective of all available information and that investors cannot use public information to consistently gain above-normal returns (Cata, 2014). It important to highlight that, contrary to Murie's (2014) and Cata's (2015), the study found no suggestion that investors wait to determine the uncertainty regarding the specific reason for the change in earnings on the releases date to be alleviated via the announcement or publication of actual earnings to conclude on inconsistencies observed with semi-strong form market efficiency. First and foremost a conclusion must be reached based on significant abnormal returns earned on the market news in periods surrounding earnings releases and announcements strengthened by the outcome of the unexpected earnings measures or models. Secondly, Murie (2014) correctly pointed out that unexpected earnings models or measures are not an information source to the market, unlike trading statement releases or earnings announcements. Thirdly, Murie (2014) did not investigate the entire price formation process and his [+3;+60] post-release would have included the effects of earnings announcements considering that on average it trails by approximately 9 trading days from the releases. What is known based on this study observation and Kornik's (2005) assertion is that new information should be impounded into the security price within a week (i.e., 5 days on average) of the announcement. The significant price movements appear to be taking place on intraday releases, previous studies show that the focus was only on closing and opening security prices. The observed price movement prior to, on the event date and after the release date supports the findings of Ball and Brown (1968) that the market uses other timelier sources of information available in the market to revise share valuations (Murie, 2014). However, the unexpected earnings are partly timely to the extent of approximately 15 to 10 (Ball and Brown, 1968) and /or 15 to 2 percent (Kornik, 2005) resulting from investors' revision of the security valuations to between 85 to 90 percent (Ball and Brown, 1968) and 85 to 98 (Kornik, 2005) percent before an unexpected earnings announcement. The researcher's view is that, since the expectations, in most cases, are influenced by the analysis of previous earnings announcements, the actual results and analysts' estimation, therefore, to a certain extent the price movement reflects the evolution of the investor/market sentiment and overtime change in earnings is judged in this context (i.e., reaction). At this point, it is advisable that future research looks into or considers subdividing the releases into voluntary (i.e., management forecast) and compulsory release (i.e regulatory requirement since 2010) as the latter appears to influence the extent of investors' response.
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Mérini, Corinne. "De la formation en partenariat à la formation au partenariat." Paris 8, 1994. http://www.theses.fr/1994PA080904.
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Le partenariat apparait comme un nouveau (?) type d'intervention sur les probemes qui se posent a des acteurs, appartena nt a des organisations differentes et n'ayant pas vocation a produire d'effts communs. Notre travail s'inscrit dans le c hamp de l'education et plus particulierement celui de la formation d'enseignants du 1er degre. Nous nous appuyons sur la sociologie des organisations et l'analyse strategique, pour construire une modelisation de l'action qui entre dans le chanp des systemes complexes. C'est de sociologie comprehensive dont il est question. Notre demarche praxeologique est fondee sur le reperage et l'analyse des representations que les acteurs ont de l'action partenariale en formation. Notre these s'organise autour de trois axes majeurs : 1) nous montrons comment la notion de reseau permet de territorial iser l'action de formation et lui apporte la temporalite necessaire a la construction de l'identite professionnelle 2) l'analyse du processus nous a permis d'identifier le contrat de collaboration et la maniere dont s'organisent les ser ies de negociations dans une dynamique interculturelle - 3) la modelisation d'un systeme complexe et ses modes d'evaluat ion comme moyen de former au partenariatPartnership looks like a new type of intervention on situations which presents problems, for actors of differents organizations who have not vocation to produce commun effects. Our study come within the scope of education and we quest ion the notion of partnership especialy in the school teachers' training. We utilize the sociology of organizations and the analysis of actor's strategies to conceptualize the action. We are in a comprehensive sociology founded on the m odelization of complex system. Our thesis is organized around three majors axis : 1) we show how the notion of network is enable to territoriate the training action and to give it the necessary temporality to built a professional identity 2) through the analysis of the process, we identify collaboration contract, the way by which the negociations get organi zed in a inter-cultural dynamic, and the effects produced on the professional norms and values, which are in cause 3) at last we describe how the system's modelization can be seen as a partnership's training
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Kariuki, Isaac Maina [Verfasser]. "Price Formation in the Presence of International Private Food Quality Standard: The case of Kenyan French beans / Isaac Maina Kariuki." Kiel : Universitätsbibliothek Kiel, 2012. http://d-nb.info/1024277828/34.
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Cadaret, Erik M. "Vegetation Canopy Cover Effects on Sediment and Salinity Loading in the Upper Colorado River Basin Mancos Shale Formation, Price, Utah." Thesis, University of Nevada, Reno, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10001481.
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With future climate change and increased water demand and scarcity in the Colorado River Basin, the Bureau of Reclamation estimates that the costs of salinity damage will increase for Colorado River users and will exacerbate the current salinity challenges. This study focuses on saline and sodic soils associated with the Mancos Shale formation in order to investigate the mechanisms driving sediment and salinity loads in the Price-San Rafael River Basin of the upper Colorado River. A Walnut Gulch rainfall simulator was operated with a variety of slope angles and rainfall intensities at two field sites (Price, Dry-X) near Price, Utah in order to evaluate how the amount and spatial distribution of vegetation affects salinity in runoff. For each simulated rainfall event, the time-varying concentrations of major cations, anions, and sediment in runoff were measured. Principal component analysis revealed that the two field sites are generally different in runoff water chemistry and soil chemistry, likely due to the difference in parent material and soil indicative of their location on different geologic members. The Dry-X site also has substantially greater total dissolved solids (TDS) and sediment in runoff, soil sodium absorption ratio (SAR), and soil cation exchange capacity (CEC) than the Price site. Despite these differences, a consistent positive linear relationship between the plot-averaged sediment and TDS concentration was found across both sites. The Rangeland Hydrology Erosion Model (RHEM) was calibrated to provide unbiased estimates of sediment in runoff from 23 runs of the rainfall simulator. RHEM simulated the plot-plot variability best at Dry-X compared to Price. Sensitivity analysis of the RHEM input parameters showed that the splash and sheet erodibility coefficient (Kss) and the effective saturated conductivity coefficient (Ke) had the largest influence on the model’s sediment and discharge outputs, respectively. The regression that predicted TDS concentration from sediment was applied to RHEM outputs to show that the model could be used to provide salinity estimates for different storm intensities on this part of the Mancos Shale. The potential influence of vegetation canopy cover on sediment production from these two sites was inferred by running RHEM with canopy cover values ranging from 0% to 100%. This changed sediment output by 111% to -91% relative to the present vegetation cover. Measures of the geometry of soil and vegetation patches at Dry-X, such as fractal dimension index and proximity index, showed a relationship to error residuals from RHEM. As the vegetation becomes less isolated, more uniform, and the tortuosity of the bare soil area increases, observed sediment decreases relative to RHEM predictions. The results of this study will help land management agencies assess the feasibility of mitigation strategies for reducing sediment and salinity loads from the saline and sodic soils of the Mancos Shale formation and indicate a possible benefit to incorporating the parameters that describe the spatial pattern of vegetation in RHEM.
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Kramer, Lilian [Verfasser], and Willi [Akademischer Betreuer] Jäger. "Modeling Price Formation in a Multi-Commodity Market - A Graph-Theoretical Decomposition Approach to Complexity Reduction / Lilian Kramer ; Betreuer: Willi Jäger." Heidelberg : Universitätsbibliothek Heidelberg, 2013. http://d-nb.info/1177810565/34.
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Faingold, Nadine. "Décentration et prise de conscience : étude de dispositifs d'analyse des situations pédagogiques dans la formation des instituteurs." Paris 10, 1993. http://www.theses.fr/1993PA100119.
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La compétence a prélever des informations sur la classe afin de trouver des réponses adaptées a des contextes toujours singuliers peut se travailler dans le cadre de situations de formation visant à apprendre aux enseignants stagiaires à concevoir, mettre en œuvre, observer, analyser et faire varier des situations pédagogiques. Concrétisant un modèle expérientiel de formation par l'action et par la réflexion sur l'action, des dispositifs d'analyse des pratiques ont ainsi été expérimentés dans les écoles normales françaises de 1979 à 1991 : d'une part les "laboratoires d'essais pédagogiques" (Mottet, 1986), structures de vidéo formation faisant alterner essais et analyses ; d'autre part des entretiens de formation intégrant la technique de "l'entretien d'explicitation" (Vermeersch, 1990). La mise en place de dispositifs de réflexivité utilisant des outils d'investigation comme la vidéo et l'explicitation, rend possible un mouvement de décentration et des processus de prise de conscience qui permettent, par la médiation de l'analyse, de modifier en retour l'action pédagogique. La réflexion s'extériorise dans des dispositifs de formation avant de s'intégrer progressivement à l'actionIt is possible to develop among student teachers a particular skill in finding adequate responses to specific cases, by training them in advance to conceive of different classroom type of situations, act them out, observe and analyze the results, and possibly change parameters of the inital sequence. A model based upon training-in-action and analysis of action taken was developed by the french "ecoles normales" from 1979 to 1991. There were two kinds of structures: on the one hand, video-training workshops alternating practice and analysis, the "laboratoires d'essais pedagogiques", (Mottet, 1986) ; on the other hand, coaching sessions using the technique of "entretien d'explicitation" developed by Vermersch (1990). Organizing feedback structures using video and explicitation as tools for investigation makes possible creating ways to analyze and modify teaching practices. The process of reflection is made clear in the training structures before being progressively integrated into action
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Guilloux, Patrick. "Formation professionnelle continue et négociation collective." Rennes 1, 1993. http://www.theses.fr/1993REN11004.
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Les travaux presentes en soutenance au titre du doctorat d'etat se composent de trois etudes inedites, de cinq articles et d'un rapport de recherche etabli a la demande de la delegation regionale a la formation professionnelle d'ile de france. Ils abordent la negociation sur la formation continue sous de multiples facettes et aux differents niveaux ou elle s'est developpee : l'interprofession, la branche, l'entreprise. Ils offrent une vue d'ensemble de ses apports, de ses fonctions, de ses composantes, des evolutions qui l'ont affectee ainsi que des rapports complexes qu'ont entretenus les acteurs de la negociation et les pouvoirs publics. Ils concluent a l'importance de la contribution de la negociation collective a la structuration et au fonctionnement du systeme de formation continueThe research work presented to defend the doctorateis composed of three as yet unpublished studies, five articles and a research report written at the request of regional branch of vocational training of 'ile de france'. The subject tackled is negociation on vocational training, its various aspects and different levels of its development : the professional world, the sector, the firm. The thesis provides a global view of the contributions, the functions, the various components of negociation on vocational training ; it also deals with the changes that have affected it, along with the complex relationships between the actors of the negociation and public authorities. The conclusion aims at showing that collective negociation has largely contributed to the structuring and operation of the system of vocational training
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Butrs, Mikaela, and Moa Fasih. "Prisutvecklingen för bostadsrättslägenheter i Haninge kommun och prispåverkande faktorer." Thesis, KTH, Fastigheter och byggande, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-231804.
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Under de senaste åren har Haninge kommun i Stockholms län valt att utveckla sitt bostadsbestånd genom att dels bygga i så kallade miljonprogramsområden och i nya delar av kommunen. Detta kandidatexamensarbete undersöker prisskillnaden mellan bostadsrättslägenheter på successionsmarknaden respektive nyproduktionsmarknaden. Studien har avgränsats till två- och trerumslägenheter i Haninge kommun och inkluderar områdena Handen, Brandbergen, Vega, Vendelsö, Jordbro, Västerhaninge och Tungelsta. Dessa områden valdes ut eftersom att de består av en stor andel bostadsrätter. Analysen har visat att försäljningspriserna på nyproduktionsmarknaden alltid varit högre än försäljningspriserna på successionsmarknaden under tidsintervallet 2011-2018. Ett intressant resultat var att prisskillnaden mellan de två marknaderna minskat under den senaste tiden. För att förklara orsaken bakom priserna undersöktes olika faktorers inverkan på försäljningspriset med hjälp av en förenklad multipel regressionsanalys. Totalt gjordes 3505 observationer med fokus på faktorerna månadsavgift, boytan samt läge. Resultatet indikerar på att Vendelsö är det dyraste området att bo på jämfört med andra områden i Haninge kommun och att närmare avstånd till Haninges centrum inte alltid innebär ett högre transaktionspris.Over the past few years a lot of new construction has taken place in Haninge Municipality in Stockholm County, partly in areas with housing from the so called million programme but also in new places. This bachelor thesis examines the price difference between tenant owned apartments on the succession market and on the new production market. The study has been delimited to apartments containing only two or three rooms in the Haninge Municipality and includes the areas Handen, Brandbergen, Vega, Vendelsö, Jordbro, Västerhaninge and Tungelsta. These areas were selected due to their large proportion of tenant owned apartments. The analysis showed that the price of a newly produced apartment are always higher than an apartment on the succession market for the time period of 2011-2018. An interesting result was that the price difference between the two markets has declined lately. To further explain the reason behind the pricing, different factors that has an impact on the selling price has been examined by utilising a simplified multiple regression analysis. A total of 3505 observations were made with a focus on the factors monthly fee, living space and location. The result indicated that Vendelsö is the most expensive area to live in compared to other areas in Haninge and that a shorter distance to the center of the Municipality does not always implicate a higher transaction price.
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Dzivakwi, Robert. "Determinants of output prices formation in local sheep markets - the case of Amathole and Joe Xabi (Ukhahlamba), Eastern Cape." Thesis, University of the Western Cape, 2010. http://hdl.handle.net/11394/2544.
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Magister Economicae - MEconThis study identifies the determinants of sheep prices for small-scale sheep farming households in two districts of the Eastern Cape, namely Amathole and Ukhahlamba (Joe Xabe). Output prices that small farm households receive for their sheep affect their incomes from agriculture (knowing that revenue is a product of quantity and price), which, in turn, influence their living standards. The study isolates three sets of determinants of price formation in local agricultural markets - structural drivers, institutional factors and livelihood shocks - to account for the variations in prices that smallholder farmers receive. Data were collected from 134 households that were selected using purpose sampling and preceded by key informant and focus groups interviews with actors along the sheep value chain. A questionnaire consisting of both open-ended and quantitative questions was used. The relationship between output price formation and clusters of determinants is a typical hedonic pricing framework, which is fitted using a backward stepwise econometric technique that is a widely used experimental tool to identify significant determinants.
South Africa
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Rovinski, Jean. "La violence dans la formation du contrat." Aix-Marseille 3, 1987. http://www.theses.fr/1987AIX32004.
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La violence dans notre societe est partout presente mais les echanges economiques realises au moyen du contrat s'averent concernes en tout premier lieu dans la mesure ou ils font intervenir des agents en position de dominance. La realite economique et sociale d'aujourd'hui nous a incite a approfondir notre reflexion sur la definition juridique et le role de la notion de violence dans le droit des contrats. Le contrat consacre en effet un rapport de conflits, nait au sein d'un ensemble de tensions economiques. Que doit etre aujourd'hui la notion de violence contractuelle alors que certains parlent deja d'abus de pouvoir contractuel, d'abus de puissance economique, d'exploitation de la faiblesse du contractant? apres avoir analyse de maniere systematique l'ensemble de la jurisprudence relative au vice de violence afin d'en preciser les criteres et conditions d'application, etudiant successivement les auteurs et victimes privilegies de violence puis les situations contractuelles privilegiees de violence, nous avons ensuite tente de mieux cerner la notion nouvelle de violence contractuelle en l'etudiant dans ses relations avec l'ensemble des notions juridiques tant subjectives qu'objectives qui lui sont concurrentes, ainsi qu'en evaluant l'incidence sur elle des reformes legislatives recentes intervenues dans la matiere du contrat. Nous avons essaye ainsi de definir la place du vice de violence renove dans le cadre du droit moderne des contrats. Le vice contractuel de violence, tel qu'il est applique par les tribunaux, nous est apparu comme l'expression d'une exploitation abusive par un contractant dominant d'un etat de superiorite contractuelle lors de la negociation, caracterise par des pressions materielles ou psychologiques atteignant le consentement du contraint dans son element de liberte d'une maniere suffisamment forte pour justifier l'annulation du contrat desequilibre qui en est resulte, generateur d'avantages injustes en faveur du contractant dominant. Ainsi "objectivise" et mieux defini dans sa double nature de delit civil et de vice du consentement, le vice de violence pourra selon nous s'affirmer comme un outil efficace de protection a posteriori du faible dans le contratViolence in our society is all-pervading, but economic exchanges carried out by means of a contract are shown to be implicated most of all in the sense that they call into use agents having a dominant position. Today's economic and social realities provoked us into deepening our thoughts on the legal definition and the role of violence in the contract laws. The contract, in fact, sanctions conflictual relationships, which stem from the heart of a number of other economic pressures. When some already speak of the abuse of contractual power, the abuse of economic power, the exploitation of the contractuants weaknesses, what should the notion of contractual violence be today? after having systematically analysed the whole of the case laws concerning the violence flaw, so as to isolate the criteria and conditions of enforcement, having successively studied the perpetrators and victims of violence then the contractual situations which favour violence, we then attempted to get a better grasp of the new notions of contractual violence by studying it in its relationship with the totality of judicial notions both subjective and objective which oppose it, and also by judging the effect of legislative reforms which have recently come into use in the matter of contracts. We therefore have tried to define the place of renowed violence flaws within the framework of modern contract laws. The contractual flaws of violence, such as they are defined by the law courts, appears to us to be the abusive use by a dominant contractuant of his state of contractual superiority during the period of negociation, caracterised by material or psychological pressure which affects the freedom of the agreement of the contract in a way which is strong enough to later justify the cancellation of the unbalanced contract, which in so doing creates unfair advantages in favour of the dominant contractuant. Thus "objectivised' and better defined in its double form of civil contravention
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Utami, Anisa Dwi [Verfasser], Bernhard [Akademischer Betreuer] [Gutachter] Brümmer, and Stephan von [Gutachter] Cramon-Taubadel. "Price Formation in the Indonesian Beef Industry: The Role of Policy Intervention / Anisa Dwi Utami ; Gutachter: Bernhard Brümmer, Stephan von Cramon-Taubadel ; Betreuer: Bernhard Brümmer." Göttingen : Niedersächsische Staats- und Universitätsbibliothek Göttingen, 2017. http://d-nb.info/1128400669/34.
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Biabiany, Christian. "Qualité et enseignements professionnels en Guadeloupe : entre prise de conscience et perpétuations historiques." Rouen, 2016. http://www.theses.fr/2016ROUEL016.
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Dans le contexte de l’Académie de la Guadeloupe, cette recherche rend compte d’éléments propres à la qualité de la formation professionnelle initiale, elle initie une réflexion sur les voies et moyens qui en permettent l’amélioration. Les performances professionnelles des élèves diplômés lors de leur insertion en entreprise seraient en deçà des attendus pour la certification. La qualité de leur formation est interpellée, elle est analysée comme résultant d’une convergence d’effets : élève, établissement, des pratiques d’enseignement et territoire (ajout propre à l’analyse). L’étude vise une compréhension des comportements actuels. Deux hypothèses sont avancées : les comportements des acteurs renvoient à un niveau de professionnalité dans ses dimensions pédagogique, didactique, managériale et organisationnelle, et à des perpétuations historiques liées au passé servile du territoire. Leur approche est conduite dans un cadre conceptuel renouvelé où aucun comportement n’est irrationnel, mais est à décoder à l’aide de certains concepts tels la réduction des dissonances, les niveaux de conscience, la prise de conscience. Dans des implicites ainsi revisités, le récit historique fait depuis les débuts de la colonisation laisse émerger une compréhension des registres comportementaux relevés. Des expérimentations sont conduites, questionnent les hypothèses et posent des jalons d’optimisation. En filigrane, le concept d’énaction conforte un socle pour l’analyse, affirme la connaissance comme consubstantielle de la circularité action/perception. L’approche se veut compréhensive, comme première étape de tout changementThis research was conducted at the Academy of Guadeloupe, to account for elements related to the quality of initial vocational training and to reflect on the ways and means enabling improvement. The professional performance of graduates at the moment of their insertion in industry would fall short of the expected certification. The quality of their training is challenged, it is analyzed as a result of a convergence of effects : student, institution, teaching practices, territory (new effect added in the study). The study aims to gain an understanding of current behavior. Two hypothesis are made; the behaviors identified in practice question a level of professionalism in all its pedagogical, didactic, management and organization dimensions, and to historical perpetuities linked to the servile past of the territory. The approach is proposed in a renewed framework where no behaviors are irrational, but are decoded according to principles such as reducing dissonance, levels of consciousness and awareness. By revisiting implicit assumptions in the historical narrative created since the beginning of the colonization gives rise to an understanding of real behavioral categories. Experimentations conducted question the assumptions and pose optimization milestones. Implicitly applied to part of the initial training, the concept of enaction sets a base for the analysis that states knowledge as consubstantial to circularity action/perception. This approach is comprehensive, as is the first step of any change
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Mosavel, Haajierah. "Hydrocarbon potential of the Prince Albert Formation, Ecca Group in the main Karoo Basin, South Africa." University of the Western Cape, 2020. http://hdl.handle.net/11394/8342.
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Philosophiae Doctor - PhDThis thesis focusses on the hydrocarbon potential of the Prince Albert Formation in terms of its shale gas potential. Unconventional gas production from hydrocarbon-rich shale formations, known as “shale gas”, is one of the most rapidly expanding trends in onshore oil and gas exploration and exploitation today. In South Africa, the southern portion of the main Karoo Basin is potentially favourable for shale gas accumulation and may become a game changer in the energy production regime of the country. The Prince Albert Formation was selected for research, since previous studies in South Africa have focused on shale from the Whitehill Formation, which together with the underlying Prince Albert Formation, occur within the lower Ecca Group in the main Karoo Basin.
2023-08-16
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Stanciu-Viziteu, Lucian Daniel. "L'influence des processus cognitif, d'apprentissage et d'interaction sociaux des investisseurs sur le processus de formation des prix : une analyse grâce à la conception d'un simulateur de marché financier." Phd thesis, Université de Grenoble, 2013. http://tel.archives-ouvertes.fr/tel-00996394.
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Nous construisons un simulateur de marche financier multi-agent. Dans cette marche l'échange des actions n'est pas fait en continu. Le prix de marché est formé à l'aide d'un carnet d'ordres. Les investisseurs que l'on modélise reçoivent de l'information biaisée et ils essayent de maximiser leur richesse. Les différents types d'investisseurs, comme les bruiteurs, chartistes ou informées, coexistent dans notre marche. On montre comment les faites stylises peuvent être causée par la présence des investisseurs chartistes ou par des simple délais dans l'information. Nous montrons comment les bulles de prix sont possibles dans un marché avec des investisseurs bien informés. On découvre que c'est profitable, pour un investisseur informé, d'adopter dans certaines moments des stratégies techniques. A partir de nos résultats nous proposons une nouvelle théorie sur la dynamique des marchés financiers, appelé " marches parfois efficientes ".
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Drissi, Mohammed. "Propositions pour un nouveau dispositif pédagogique de formation des techniciens agricoles marocains : la prise en compte des conceptions préalables des élèves." Toulouse 2, 1994. http://www.theses.fr/1994TOU20088.
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Dans cette these nous nous sommes interesses a la formation des techniciens agricoles marocains et nous avons suppose que l'ecole n'est plus la seule source de transmission et d'appropriation des connaissances en agriculture. Les eleves ayant opte pour cette formation sont loin d'etre ignorants avant toute action d'apprentissage. Ils ont des "conceptions prealables" (sortes d'informations plus ou moins organisees) eu egard a tout apport disciplinaire. Ces "representations" en d'autre terme (et la terminologie est vaste selon la litterature) jouent un role fondamental dans le processus de construction des savoirs. Elles s'affirment nettement t nous les avons bien rencontrees dans cette recherche a travers un theme "exemple" : la germination. Appuis ou obstacles? "deja-la" inhibiteurs ou facilitateurs de l'action de formation? notre souci n'etait pas la. Nous avons voulu donner surtout un eclairage sur les possibilites, les conditions et l'interet d'un eventuel recours a leur usage par les formateurs. En somme, une problematique qui s'inscrit dans les efforts d'amelioration des didactiques des disciplines en vigueur. Mais aussi, une problematique qui s'affronte a une difficulte serieuse : l'ignorance quasi-totale de ces concepts en question par des formateurs ne possedant pas une formation pedagogique de base. Ce qui nous a pousse a operer un transfert et a conduire notre investigation avec suffisamment de precautions et de rigueur. Certes, nous etions confrontes a de nombreuses interrogations d'ordre theorique et pratique quant a l'epistemologie. Le recueil et l'exploitation de ces concepts a des fins de la formationIn this thesis we were concerned with the training of the moroccan technicians in agriculture assuming that the school is no longer the only source of transmission and appropriation of knowledge in agriculture. The students who opted for this training are far from being ignorant before any learning action. They have "pre-conceived ideas" (sorts of information more or less organized) with regard to any disciplinary contribution. These "representations" (the terminology is vast in the literature regarding this subject) play a fundamental role in the knowledge-building processes. They appear obviously and we have encountered theme in a reserach through an example-theme : "germination". Supports or obstacles? "already-there" inhibitors or facilitors of learning process? through this study, our objective was to investigate the possibilites, the conditions and the interest for an eventual recourse to their usage by the trainors. In short, a problematic concerned with the efforts of improving didacties in current disciplines. But also, a problematic that is facing serious difficulties the ignorance of these concepts by teachers who are not tacking a basi c training in pedagogy. This has led us to operate a transfer and undertake this investigation with sufficient precautions. Certainly, we were confronted with numerous interrogations of theoritical and practical order with regard to the epistemology, the collecting and exploitation of these concepts for educational purposes