Decentralized, dispersed exchange without an auctioneer: a simulation study

Article Abstract:

A simulated economic model of decentralized exchange among geographically dispersed agents indicates substantial improvement in the allocation of resources and the average welfare of agents. The dispersed agents are faced with real costs of communication. Thus, the system's outcomes are highly sensitive to costs of information and communication. Compared with Walrasian equilibrium, agents who start with equal value endowments end up with substantially unequal wealth even with the reduction in the initial inequality of utility.

Models, Exchange, Simulation methods, Simulation, Auctions

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Determinants of management compensation with risk-averse agents and dispersed ownership of the firm

Article Abstract:

Validation of a hypothesis based on Holmstrom/Milgrom model of managerial compensation was achieved. Analysis of data gathered from German companies reveals that an increase in the variance of profits results to a reduction in the profit-relatedness of salaries. The data also illustrate that firm size is a more dominant variable than profits in the determination of managerial compensation. In terms of equity, majority of firms considered as stock companies are controlled by another firm or a family.

Management Compensation, Research, Compensation and benefits, Employee incentives, Compensation management, Executives, Executive compensation

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Market mediating behavior: an economic analysis of the security exchange specialists

Article Abstract:

An economic analysis was conducted on security exchange specialists' price adjustment rules. Emphasis was on the long-term asymptotic link between the rules and a specialist's inventories, predicted profit and stock price volatility. The analysis showed that specialists have to compromise their commitment to an ordered and fair market to behave optimally.

Securities dealers, Stock-exchange, Stock exchanges, Practice

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