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Se consideran modelos de mercado en donde se incorpora un factor de liquidez asociado a la dinámica de los precios y a las estrategias de negociación de los agentes. Se estudia el caso en el cual el factor de liquidez es una función determinística del precio y otro en donde este factor es estocástico descrito por un proceso Cox-Ingersoll-Ross. Se consideran diferentes tipos de estrategias de negociación y se establecen de forma explícita las ecuaciones diferenciales estocásticas para la dinámica de los precios, así como las ecuaciones diferenciales parciales no lineales de valoración de activos contingentes correspondientes. Market models are considered in which a liquidity factor associated with price dynamics and the agents’ trading strategies is incorporated. The case is stud-ied in which the liquidity factor is a deterministic function of the price and another in which this factor is stochastic described by a Cox-Ingersoll-Ross process. Different types of trading strategies are considered and the stochastic differential equations for price dynamics as well as the corresponding non-linear partial differential equations for the valuation of contingent assets are explicitly established

This paper provides a review of the literature on key matters related to the popular cryptocurrency Bitcoin. Another key motivation of this paper is to understand the underlying principle of this digital currency from the economic and financial point of view. For the survey to be comprehensive, the paper is categorized into varied themes: price dynamics, volatility, bubble dynamics, mode of recognition in the financial market, efficiency, economics, social media and investor sentiment, and lastly regulation and legality. We argue that Bitcoin is still in an embryonic phase and needs to evolve with time especially keeping in pace with technological advancements. It should be robust to get accepted as an alternative currency and be able to prevent any fraudulent exploitation.

We carry out a (partial) replication exercise of Chang and Lee (2015) unit root and cointegration analyses of crude oil spot and futures prices. In doing so, we offer an updated and expanded analysis based on a much wider set of oil futures series than that considered by Chang and Lee, and we consider the impact of different temporal aggregation methods. Although we are not able to exactly replicate their findings, we nonetheless reach qualitatively similar findings to theirs when using their dataset in terms of the long-run properties and interactions of the spot and futures prices data. Likewise, qualitatively comparable results are obtained when using our expanded dataset. However, a number of important qualitative differences from Chang and Lee arise in terms of the analysis of causality between spot and futures contract prices. As part of our replication exercise we also investigate some aspects that were not originally considered by Chang and Lee. In doing this, we find that both the variability of futures prices as well as the speed of adjustment of futures/spot price differentials increase as the maturity of the contracts increase. © 2017 Elsevier B.V.

Since nominal interest rate and nominal exchange rate are common for the Euro-zone (EZ) members, inflation differentials initiate real interest rate and real exchange rate divergences with further spill-over effects. The aim of the research is to investigate in which extent national price level, real interest rate and real exchange rate, co-move or diverge from supranational EZ variables. The research results, based on heterogeneous dynamic macro-panel data of 12 initial EZ members in the period 1999Q1-2019Q4, confirm heterogeneous adjustment, as well as the lack of balancing towards equilibrium, as a sign of EZ vulnerability, Dado que la tasa de interés nominal y la tasa de cambio nominal son comunes para los miembros de la zona euro (EZ), los diferenciales de inflación inician divergencias en la tasa de interés real y en la tasa de cambio real con más efectos indirectos. El objetivo de la investigación es indagar en qué medida el nivel de precios nacional, la tasa de interés real y el tipo de cambio real se mueven conjuntamente o divergen de las variables EZ supranacionales. Los resultados de la investigación, basados en datos heterogéneos de macropanel dinámico de 12 miembros iniciales de la EZ en el período 1999Q1-2019Q4, confirman un ajuste heterogéneo, así como la falta de equilibrio hacia el equilibrio, como un signo de vulnerabilidad de la EZ

В статье рассмотрены факторы, влияющие на динамику цен на мировом рынке. Также проанализированы данные по уже понесенным мировой экономикой потерям вследствие применения ограничений из-за пандемии коронавируса., The article considers the factors influencing the dynamics of prices on the world market. data on losses already incurred by the global economy due to the application of restrictions due to the coronavirus pandemic are also analyzed., Экономика и управление: научно-практический журнал, Выпуск 1 (157) 2021, Pages 102-105

The increased integration of decentralized renewable energies in distribution networks has brought different challenges in the analysis and planning of electrical networks. The network manager must have appropriate tools allowing rapid decision-making and fair invoicing of consumers or remuneration of producers. In this article, we introduce a novel approach based on the famous Ising's model in order to model the variation in the price of reactive energy circulating on a electric distribution network according to local interactions between subscribers but also according to the general condition of the network. A simulation on the CIGRE Test network allowed us to quantify the benefit that a network manager would have using the proposed billing strategy.

In this article, we combine machine learning techniques with statistical moments of the gasoline price distribution. By doing so, we aim to detect and predict cartels in the Brazilian retail market. In addition to the traditional variance screen, we evaluate how the standard deviation, coefficient of variation, skewness, and kurtosis can be useful features in identifying anti-competitive market behavior. We complement our discussion with the so-called confusion matrix and discuss the trade-offs related to false-positive and false-negative predictions. Our results show that in some cases, false-negative outcomes critically increase when the main objective is to minimize false-positive predictions. We offer a discussion regarding the pros and cons of our approach for antitrust authorities aiming at detecting and avoiding gasoline cartels.

This paper investigates how COVID-19 is impacting different accommodation types, and whether travellers' choices regarding accommodation type are affected by the need for physical distance. Study 1 shows that travellers are very reluctant to book shared flats on Airbnb during the pandemic. However, full flats – controlling for price levels - are preferred to hotel rooms. Study 2 clarifies the process behind the increased choice for full flats, i.e., the need for physical distance. In Study 3, we actively manipulate physical distance and show that assuring physical distance will reduce the concerns towards hotel and shared flat options. Apart from enlightening the psychological process behind accommodation choice, the study offers operators actionable suggestions on how to maximise bookings despite the pandemic.

We develop a continuous-time Lagos-Wright model to study private and decentralised money production with a time-consuming mining technology and with a diffusion process for this technology. There exists a unique equilibrium where the value of money reaches a monetary steady state and a continuum of perfect-foresight equilibria indexed by the starting value of the currency where the price of money vanishes gradually even without appreciation periods. In opposition to previous results in the literature, private money is used for transactions along the equilibrium path. These results still hold when agents choose a portfolio with a competing government fiat money. We additionally demonstrate that the monetary policy can prevent mining activity. Finally we entangle transactions and their validation and create a continuum of boom and bust equilibria via inflationary taxation on mined money holders. Nós desenvolvemos um modelo a la Lagos-Wright em tempo contínuo para estudar a produção privada e decentralizada de dinheiro por meio de uma tecnologia de mineração consumidora de tempo. Incluímos ainda um processo de difusão para essa tecnologia. Existe um único equilíbrio com perfect-foresight em que a economia atinge um estado estacionário monetário e existe um contínuo de equilíbrios com perfect-foresight indexados pelo valor inicial do dinheiro e em que o dinheiro desvaloriza gradualmente mesmo sem ter períodos de apreciação. Em oposição a resultados anteriores na literatura, o dinheiro privado é utilizado para transações ao longo do caminho de equilíbrio. Estes resultados ainda se mantêm quando os agentes escolhem um portfolio com um fiat money competidor ofertado pelo governo. Adicionalmente, demonstramos que a política monetária pode tornar desinteressante a atividade mineradora. Por fim, no atrelamos transações com uma estrutura de validação e criamos um contínuo de equilíbrios com boom and bust por meio de um imposto inflacionário no portador de dinheiro.

The article analyzes the global sugar market, determines key influencing factors, identifies trends and estimates sugar production in season 2019/20 in the main producing countries it also analyses the market prospects.

This study examines livestock market integration and price dynamics in the United States using weekly price series of five major livestock market from October 2005 to March 2015. Engle-Granger and Gregory-Hansen bivariate co-integration tests and Johansen multivariate co-integration test were employed to measure integration among spatially separated markets. Price dynamics among livestock markets were investigated by the Vector Error Correction model. The result indicates that all markets are co-integrated with sharing a common stochastic trend suggesting the ‘Law of One Price’. The long-run and short-run dynamics of price suggest that the transmission of price changes from one market to another market during the same week is very fast. Livestock markets in the United States are well integrated reflecting satisfactory level of price discovery and market efficiency.

Food price inflation has increased persistently in recent years in Turkey with a widening divergence from international food price inflation. The study analyzes the main inefficiencies in the Turkish agricultural sector through the lens of food price formation and discusses the policy actions needed to strengthen the sector’s competitiveness. The results of the analysis show that inefficiencies in agricultural markets, augmented by macroeconomic factors, have put food prices on an upward trajectory. The report findings underscore the need to move away from short-term policy responses to a broader policy strategy aimed at stabilizing prices through increased productivity and improved market linkages. Section one presents an overview of food price dynamics across different agricultural commodities and regions. Section two analyzes various factors that drive food price inflation in Turkey at the national level, grounded in econometric analyses and a literature review. Section three includes an in-depth analysis of regional price formation and transmission for tomatoes, green peppers, and dry onions. Section four presents policy recommendations aimed at tackling the existing inefficiencies in Turkey’s agricultural sector that are contributing to rising food prices.

The paper presents the vegetable market in the period 2015-2019 in Romania, highlighting aspects such as: cultivated area of vegetables, vegetable production, price dynamics, average annual consumption, domestic and foreign trade. The fruit and vegetable market is one of the most important sectors of the world economy, so in this paper I proposed a five-year analysis to see the evolution of this sector in Romania. The research method used in the study is statistical processing and economic analysis of existing data for the period 2015-2019 on specialized sites such as the National Institute of Statistics (NIS), Eurostat, FAO, Ministry of Agriculture and Rural Development (MADR) but and other specialty materials.

В работе представлены особенности современного состояния рынка общественного питания Центрально-Черноземного экономического района России, лидирующие предприятия в индустрии питания основных областей ЦЧР. Проанализированы структура предприятий общественного питания по типам кухни и ценовая политика услуг предприятий питания региона путём сегментирования по размеру среднего чека предприятий различных типов. Исследованы зоны высокой и низкой конкуренции, исходя из концепций предприятий индустрии питания. Оценена перспектива проектов, которые будут представлять интересные концепции для удовлетворения спроса современного потребителя., The paper presents the features of the current state of the catering market of the Central Black Earth Economic Region of Russia, the leading enterprises in the food industry of the main areas of the Central Black Earth Economic Region. The structure of public catering enterprises by type of cuisine and the pricing policy of services of regional catering enterprises by segmenting the size of the average bill of various types of enterprises are analyzed. Areas of high and low competition are investigated, based on the concepts of food industry enterprises. The prospect of projects that will present interesting concepts to meet the demand of modern consumers is estimated., Экономика и предпринимательство, Выпуск 5 (118) 2020

В России производство говядины в живом весе за 2011-2018 гг. снизилось на 113,4 тыс. т (3,8 %) до 2834,6 тыс. т (доля в мясном производстве до 19 %). Трансформация мясного производства вызвана бурным развитием свиноводства и птицеводства. Серьезные изменения отмечены в Кемеровском области, где в 2018 г. было произведено (в живом весе) 20,8 тыс. т мяса КРС, что на 6,2 тыс. т (23 %) меньше, чем в 2011 г., при этом его доля в общем мясном производстве за тот же период уменьшилась с 22,0 % до 16,6 %. Поголовье КРС за последние 8 лет снизилось на 60,4 тыс. голов (28,9 %), коров на 33 тыс. голов (32,9 %). Производство говядины убыточно практически во всех сельскохозяйственных предприятиях Кемеровской области. Особенно высокими темпами поголовье уменьшается в личных подсобных хозяйствах населения. Для изменения ситуации в лучшую сторону необходимо совершенствование механизма государственной поддержки. Для Кемеровской области нужна специальная долгосрочная программа, направленная на развитие животноводства региона уделяющая особое внимание скотоводству. Она должна учитывать, что производство говядины тесно связано с молочным скотоводством и оценка его эффективности должна осуществляться в комплексе, а не как самостоятельной отрасли. В результате выделяемые бюджетные средства должны оказывать большее влияние на решения бизнеса по изменению объемов производства. На реализацию такой программы потребуются значительные средства, которые, скорее всего, не смогут принести государству значительную отдачу, поскольку в сложившихся обстоятельствах рентабельность производство говядины не будет высокой.

International experience proves that electricity prices have undergone major changes in volatility since the entry of green technologies. The intermittency of renewable sources is one of the reasons for these changes, as it leads to higher volatility in periods of higher participation by renewables. We argue that the development of the regulatory system promoting renewable electricity also plays a crucial role. We raise a question that deserves attention: could an incentive scheme induce higher share of renewables and lower volatility simultaneously? In this paper, we conduct an empirical analysis with Spanish data. We analyze possible ensuing structural changes in Spanish electricity spot price volatility from January 2002 to December 2017. We identify two structural breaks linked to important measures related to renewable electricity: (i) the abolishment of the feed-in tariff scheme; and (ii) the establishment of a more market-oriented regulation based on investment and operating costs. We conclude that stable regulatory policies reduce volatility even though the presence of renewable sources is greater. Furthermore, market-based policy measures achieve lower volatility, encouraging good integration of intermittent renewable electricity. © 2020 Elsevier B.V. Financial support from Ministerio de Economa y Competitividad and Fondo Europeo de Desarrollo Regional under research grant ECO2015-64467-R (MINECO/FEDER) and from Dpto. de Educación, Universidades e Investigación del Gobierno Vasco under research grant IT1336-19 is acknowledged. Cristina Pizarro-Irizar also acknowledges financial support from Ministerio de Economa y Competitividad under research grant ECO2015-68023 , Ministerio de Ciencia, Innovación y Universidades under research grant RTI2018-093352-B-I00 , Gobierno Vasco through the BERC 2018-2021 program and by Ministerio de Economa y Competitividad MINECO through BC3 Maria de Maeztu excellence accreditation MDM-2017-0714 . All the authors are grateful for the valuable comments made by participants in the 41st International Conference of the International Association for Energy Economics and the 14th Conference of the Spanish Association for Energy Economics.

В статье рассматривается роль портовой инфраструктуры Мурманской области для обеспечения развития и функционирования арктических территорий Российской Федерации. Оценивается масштаб и потенциал местной промышленности и транспортного комплекса. На основе о данных деятельности компаний на рынке грузовых морских перевозок осуществляется анализ характера рынка и с помощью метода индикаторов оценивается риск его монополизации и олигополизации. Исследование динамики цен позволят сделать вывод о наличии конкурентной борьбы между крупнейшими представителями и оцениваются перспективы появления олигопольного сговора., The article considers the role of the port infrastructure of the Murmansk region for the development and functioning of the Arctic territories of the Russian Federation. The scale and potential of the local industry and transport complex is assessed. Based on the data on companies ' activities in the sea freight market, the market character is analyzed and the risk of its monopolization and oligopolization is assessed using the indicator method. The study of price dynamics will allow us to conclude that there is a competitive struggle between the largest representatives and assess the prospects for the emergence of oligopoly collusion., Экономический вестник ИПУ РАН, Выпуск 2 (2) 2020, Pages 46-54

This article discusses an option of the mathematical model of economic situations with public goods consumed by several market participants simultaneously. Computer analysis of this model was performed by using the MATHCAD package which allows toillustrate some techniques of determining of market balance. It was assumed that the participants, considering the choice of the other is equal to their previous decision, comes to the agreed result in finish.

Non-life insurance prices may fluctuate due to economic and/or institutional factors; occasionally, the changes are cyclical. While the majority of previous studies relating to insurance price dynamics adopt data from developed economies, this paper uses data from China to provide new evidence. This study tests the long-term and short-term effects of real gross domestic product (GDP), interest rate and rate of stock market return on the prices of different lines of non-life insurance, i.e., property-liability insurance and personal accident insurance. The results indicate that the price dynamics of property-liability insurance are generally similar to those of developed countries, except for the effect of GDP, while price determination of personal accident insurance seems to be affected by a wider range of economic and institutional variables and has its own features. The price dynamics of non-life insurance in China have been identified as being connected to the country-specific economic and institutional environments.