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Israel M Kirzner - One of the best experts on this subject based on the ideXlab platform.
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entrepreneurial discovery and the Competitive Market process an austrian approach
1997Co-Authors: Israel M KirznerAbstract:Presents the entrepreneurial discovery perspective as an Austrian approach to microeconomics. Focus in this new approach is on the role of knowledge and discovery in the process of Market equilibration. The reason behind the creation of this new approach is that current neoclassical microeconomics does not offer a sufficient theoretical framework for understanding Market economies. The neoclassical theory is criticized for the manner in which individual decisions are modeled and the manner in which satisfaction of equilibrium conditions is met through real world Market outcomes. This entrepreneurial discovery perspective is based on the work of Mises and Hayek. Mises' work allowed one to see the Market as an entrepreneurially driven process while Hayek helped to appreciate the role of knowledge and its enhancement through Market interaction. The idea of the entrepreneurial discovery approach is to see "the Market process as consisting of systematic equilibrating tendencies, made up of episodes of mutual discovery and learning." Three concepts for this approach emerge: (1) the entrepreneurial role, (2) the role of discovery, and (3) rivalrous competition. The entrepreneurial discovery approach leads to very different conclusions than the neoclassical theory in several areas including antitrust policy, economic justice, welfare economics, and central planning under socialism. Those individuals who take issue with this approach predominantly fall into one of two categories: those who disagree with the asserted equilibrative character of the Market process or those who disagree with the emphasis on systematic mutual learning as critical to the Market process. (SRD)
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entrepreneurial discovery and the Competitive Market process an austrian approach
Journal of Economic Literature, 1997Co-Authors: Israel M KirznerAbstract:The aiithlor is deeply grateful to Mario Rizzo, Peter Boettke, andc1 Yat Nyarko, for exte.tsive and helpful comm7ents o an earlier draft Firther helpful coniiiiienit.s were provided by Joseph T Salernio, and by othier iaiemiibers of the Aiustriani Economizics Colloquiumi71 at New York UniverOity. Several anioniymtouis referee.s provided m1anzy additionial valiuable suggestions. The auithlor is gr-atefiul to the Sarah Scaife Foundation for researchi support. I THE AUSTRIAN TRADITION is represented in modern economics by a "very vocal, feisty and dedicated subset of the economics profession" (Karen Vaughn 1994, p. xi). Much of the work of this group of scholars is devoted to the most fundamental problems of microeconomics.1 This Austrian work, therefore, differs in character and content from a good deal of neoclassical theory which, despite widespread and growing awareness of its limitations, continues to serve as the analytical core of main
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entrepreneurial discovery and the Competitive Market process an austrian approach
Journal of Economic Literature, 1997Co-Authors: Israel M KirznerAbstract:Modern Austrian Economics, building on earlier work of Mises and Hayek, explains the determination of Market prices in terms of entrepreneurial discovery processes. Dissatisfied with mainstream equilibrium models, Austrians see Market equilibrating tendencies as series of Competitive discoveries increasing mutual awareness among Market participants. (Unlike deliberate search, discovery consists in alert entrepreneurs noticing profit opportunities, generated by earlier errors, which had been entirely unsuspected.) This approach entails unconventional implications for such issues as: antitrust policy, economic justice under capitalism, the meaning of economic welfare, and the possibility of rational planning under socialism.
Joao P S Catalao - One of the best experts on this subject based on the ideXlab platform.
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short term electricity prices forecasting in a Competitive Market by a hybrid pso anfis approach
International Journal of Electrical Power & Energy Systems, 2012Co-Authors: Joao P S Catalao, V M F Mendes, H M I PousinhoAbstract:Abstract In this paper, a novel hybrid approach is proposed for electricity prices forecasting in a Competitive Market, considering a time horizon of 1 week. The proposed approach is based on the combination of particle swarm optimization and adaptive-network based fuzzy inference system. Results from a case study based on the electricity Market of mainland Spain are presented. A thorough comparison is carried out, taking into account the results of previous publications, to demonstrate its effectiveness regarding forecasting accuracy and computation time. Finally, conclusions are duly drawn.
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short term electricity prices forecasting in a Competitive Market by a hybrid intelligent approach
Energy Conversion and Management, 2011Co-Authors: Joao P S Catalao, H M I Pousinho, V M F MendesAbstract:In this paper, a hybrid intelligent approach is proposed for short-term electricity prices forecasting in a Competitive Market. The proposed approach is based on the wavelet transform and a hybrid of neural networks and fuzzy logic. Results from a case study based on the electricity Market of mainland Spain are presented. A thorough comparison is carried out, taking into account the results of previous publications. Conclusions are duly drawn.
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short term electricity prices forecasting in a Competitive Market a neural network approach
Electric Power Systems Research, 2007Co-Authors: Joao P S Catalao, S J P S Mariano, V M F Mendes, L A F M FerreiraAbstract:This paper proposes a neural network approach for forecasting short-term electricity prices. Almost until the end of last century, electricity supply was considered a public service and any price forecasting which was undertaken tended to be over the longer term, concerning future fuel prices and technical improvements. Nowadays, short-term forecasts have become increasingly important since the rise of the Competitive electricity Markets. In this new Competitive framework, short-term price forecasting is required by producers and consumers to derive their bidding strategies to the electricity Market. Accurate forecasting tools are essential for producers to maximize their profits, avowing profit losses over the misjudgement of future price movements, and for consumers to maximize their utilities. A three-layered feedforward neural network, trained by the Levenberg-Marquardt algorithm, is used for forecasting next-week electricity prices. We evaluate the accuracy of the price forecasting attained with the proposed neural network approach, reporting the results from the electricity Markets of mainland Spain and California.
Steven Mann - One of the best experts on this subject based on the ideXlab platform.
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life in the pits Competitive Market making and inventory control
Social Science Research Network, 1998Co-Authors: Steven Manaster, Steven MannAbstract:We use futures transaction data to investigate cross- sectional relationships between Market maker inventory positions and trade activity. The investigation documents strongly that traders control inventory throughout the trading day. Despite this evidence of inventory management, typical inventory control models are contradicted by our data. These inventory models predict that Market maker reservation prices are negatively influenced by inventory. Surprisingly our evidence shows, as a strong and consistent empirical regularity, that correlations between inventory and reservation prices are positive. We interpret the evidence as consistent with active position taking by futures Market floor traders
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life in the pits Competitive Market making and inventory control
Review of Financial Studies, 1996Co-Authors: Steven Manaster, Steven MannAbstract:We use futures transaction data to investigate cross-sectional relationships between Market-maker inventory positions and trade activity. The investigation documents strongly that traders control inventory throughout the trading day. Despite this evidence of inventory management, typical inventory control models are contradicted by our data. These inventory models predict that Market-maker reservation prices are negatively influenced by inventory. Surprisingly, our evidence shows, as a strong and consistent empirical regularity, that correlations between inventory and reservation prices are positive. We interpret the evidence as consistent with active position taking by futures Market floor traders. Article published by Oxford University Press on behalf of the Society for Financial Studies in its journal, The Review of Financial Studies.
Walid Saad - One of the best experts on this subject based on the ideXlab platform.
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joint access and backhaul resource management in satellite drone networks a Competitive Market approach
IEEE Transactions on Wireless Communications, 2020Co-Authors: Mingzhe Che, Walid SaadAbstract:In this paper, the problem of user association and resource allocation is studied for an integrated satellite-drone network (ISDN). In the considered model, drone base stations (DBSs) provide downlink connectivity to ground users whose demand cannot be satisfied by terrestrial small cell base stations (SBSs). Meanwhile, a satellite system and a set of terrestrial macrocell base stations (MBSs) are used to provide resources for backhaul connectivity for both DBSs and SBSs. For this scenario, one must jointly consider resource management over satellite-DBS/SBS backhaul links, MBS-DBS/SBS terrestrial backhaul links, and DBS/SBS-user radio access links as well as user association with DBSs and SBSs. This joint user association and resource allocation problem is modeled using a Competitive Market setting in which the transmission data is considered as a good that is being exchanged between users, DBSs, and SBSs that act as “buyers”, and DBSs, SBSs, MBSs, and the satellite that act as “sellers”. In this Market, the quality-of-service (QoS) is used to capture the quality of the data transmission (defined as good), while the energy consumption the buyers use for data transmission is the cost of exchanging a good. According to the quality of goods, sellers in the Market propose quotations to the buyers to sell their goods, while the buyers purchase the goods based on the quotation. The buyers profit from the difference between the earned QoS and the charged price, while the sellers profit from the difference between earned price and the energy spent for data transmission. The buyers and sellers in the Market seek to reach a Walrasian equilibrium, at which all the goods are sold, and each of the devices’ profit is maximized. A heavy ball based iterative algorithm is proposed to compute the Walrasian equilibrium of the formulated Market. Analytical results show that, with well-defined update step sizes, the proposed algorithm is guaranteed to reach one Walrasian equilibrium. Simulation results show that, at the achieved Walrasian equilibrium solution, the proposed algorithm can yield a two-fold gain in terms of the number of radio access links with a data rate of over 40 Mbps, and a three-fold gain in terms of the number of backhaul links with a data rate greater than 1.6 Gbps.
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Joint Access and Backhaul Resource Management in Satellite-Drone Networks: A Competitive Market Approach.
arXiv: Information Theory, 2019Co-Authors: Ye Hu, Mingzhe Chen, Walid SaadAbstract:In this paper, the problem of user association and resource allocation is studied for an integrated satellite-drone network (ISDN). In the considered model, drone base stations (DBSs) provide downlink connectivity, supplementally, to ground users whose demand cannot be satisfied by terrestrial small cell base stations (SBSs). Meanwhile, a satellite system and a set of terrestrial macrocell base stations (MBSs) are used to provide resources for backhaul connectivity for both DBSs and SBSs. For this scenario, one must jointly consider resource management over satellite-DBS/SBS backhaul links, MBS-DBS/SBS terrestrial backhaul links, and DBS/SBS-user radio access links as well as user association with DBSs and SBSs. This joint user association and resource allocation problem is modeled using a Competitive Market setting in which the transmission data is considered as a good that is being exchanged between users, DBSs, and SBSs that act as "buyers", and DBSs, SBSs, MBSs, and the satellite that act as "sellers". In this Market, the quality-of-service (QoS) is used to capture the quality of the data transmission (defined as good), while the energy consumption the buyers use for data transmission is the cost of exchanging a good. According to the quality of goods, sellers in the Market propose quotations to the buyers to sell their goods, while the buyers purchase the goods based on the quotation. The buyers profit from the difference between the earned QoS and the charged price, while the sellers profit from the difference between earned price and the energy spent for data transmission. The buyers and sellers in the Market seek to reach a Walrasian equilibrium, at which all the goods are sold, and each of the devices' profit is maximized. A heavy ball based iterative algorithm is proposed to compute the Walrasian equilibrium of the formulated Market.
John A. List - One of the best experts on this subject based on the ideXlab platform.
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testing neoclassical Competitive Market theory in the field
Proceedings of the National Academy of Sciences of the United States of America, 2002Co-Authors: John A. ListAbstract:This study presents results from a pilot field experiment that tests predictions of Competitive Market theory. A major advantage of this particular field experimental design is that my laboratory is the Marketplace: subjects are engaged in buying, selling, and trading activities whether I run an exchange experiment or am a passive observer. In this sense, I am gathering data in a natural environment while still maintaining the necessary control to execute a clean comparison between treatments. The main results of the study fall into two categories. First, the Competitive model predicts reasonably well in some Market treatments: the expected price and quantity levels are approximated in many Market rounds. Second, the data suggest that Market composition is important: buyer and seller experience levels impact not only the distribution of rents but also the overall level of rents captured. An unexpected result in this regard is that average Market efficiency is lowest in Markets that match experienced buyers and experienced sellers and highest when experienced buyers engage in bargaining with inexperienced sellers. Together, these results suggest that both Market experience and Market composition play an important role in the equilibrium discovery process.
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testing neoclassical Competitive Market theory in the field
Research Papers in Economics, 2002Co-Authors: John A. ListAbstract:Walrasian tatonnement has been a fundamental assumption in economics ever since Walras' general equilibrium theory was introduced in 1874. Nearly a century after its introduction, Vernon Smith relaxed the Walrasian tatonnement assumption by showing that neoclassical Competitive Market theory explains the equilibrating forces in ""double- auction"" Markets. I make a next step in this evolution by exploring the predictive power of neoclassical theory in decentralized naturally occurring Markets. Using data gathered from two distinct Markets--the sports card and collector pin Markets--I find a tendency for exchange prices to approach the neoclassical Competitive model prediction after a few Market periods.
