Author: Walter Hugo PrahlPublisher:
ISBN:
Category :
Languages : en
Pages : 316
Book Description
Market Maker Price Discrimination
Author: Walter Hugo PrahlDiscriminatory Pricing of Over-the-Counter Derivatives
Author: Hau HaraldPublisher: International Monetary Fund
ISBN: 1498303773
Category : Business & Economics
Languages : en
Pages : 45
Book Description
New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.
The Microstructure of Financial Markets
Author: Frank de JongPublisher: Cambridge University Press
ISBN: 1139478443
Category : Business & Economics
Languages : en
Pages : 209
Book Description
The analysis of the microstructure of financial markets has been one of the most important areas of research in finance and has allowed scholars and practitioners alike to have a much more sophisticated understanding of the dynamics of price formation in financial markets. Frank de Jong and Barbara Rindi provide an integrated graduate level textbook treatment of the theory and empirics of the subject, starting with a detailed description of the trading systems on stock exchanges and other markets and then turning to economic theory and asset pricing models. Special attention is paid to models explaining transaction costs, with a treatment of the measurement of these costs and the implications for the return on investment. The final chapters review recent developments in the academic literature. End-of-chapter exercises and downloadable data from the book's companion website provide opportunities to revise and apply models developed in the text.
The Market Makers
Author: Peter ScottPublisher: Oxford University Press
ISBN: 0191086355
Category : History
Languages : en
Pages : 385
Book Description
During the twentieth century 'affluence' (both at the level of the individual household and that of society as a whole) became intimately linked with access to a range of prestige consumer durables. The Market Makers charts the inter-war origins of a process that would eventually transform these features of modern life from being 'luxuries' to 'necessities' for most British families. Peter Scott examines how producers and retailers succeeded in creating 'mass' (though not universal) market for new suites of furniture, radios, modern housing, and some electrical and gas appliances, while also exploring why some other goods, such as refrigerators, telephones, and automobiles, failed to reach the mass market in Britain before the 1950s. Creating mass markets presented a formidable challenge for manufacturers and retailers. Consumer durables required large markets. Most involved significant research and development costs. Some, such as the telephone, radio, and car, were dependent on complementary investments in infrastructure. All required intensive marketing - usually including expensive advertising in national newspapers and magazines, while some also needed mass production methods (and output volumes) to make them affordable to a mass market. This study charts the pioneering efforts of entrepreneurs (many of whom, though once household names, are now largely forgotten) to provide consumer durables at a price affordable to a mass market and to persuade a sometimes reluctant public to embrace the new products and the consumer credit that their purchase required. In doing so, Scott shows that, contrary to much received wisdom, there was a 'consumer durables revolution' in inter-war Britain - at least for certain highly prioritised goods.
Market Microstructure Theory
Author: Maureen O'HaraPublisher: John Wiley & Sons
ISBN: 0631207619
Category : Business & Economics
Languages : en
Pages : 310
Book Description
Written by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.
Price Discrimination in a Competitive Market with Informed Traders
Author: Ian Lindsay GaleThe Market Makers
Author: Gary G. HamiltonPublisher: Oxford University Press
ISBN: 0191629413
Category : Business & Economics
Languages : en
Pages :
Book Description
The huge expansion of new marketplaces and new retailers over the last fifty years has created a retail revolution. These large and globally sophisticated retailers have harnessed the new technologies in communications and logistics to build consumer markets around the world and to create suppliers, new types of manufacturers, that provide consumers with whatever goods they want to buy. These global retailers are at the hub of the new global economy. They are the new Market Makers, and they have changed the way the global economy works. Despite the fact that this retail revolution unfolded right before our eyes, this book is the first to describe the market-making capabilities of these retailers. In eleven chapters by leading scholars, The Market Makers provides a detailed and highly readable analysis of how retailers have become the leading drivers of the new global economy.
Information and Learning in Markets
Author: Xavier VivesPublisher: Princeton University Press
ISBN: 140082950X
Category : Business & Economics
Languages : en
Pages : 422
Book Description
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts
Price Discrimination
Author: Fouad SabryPublisher: One Billion Knowledgeable
ISBN:
Category : Business & Economics
Languages : en
Pages : 374
Book Description
What is Price Discrimination Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are sold at different prices by the same provider in different market segments. Price discrimination is distinguished from product differentiation by the more substantial difference in production cost for the differently priced products involved in the latter strategy. Price differentiation essentially relies on the variation in the customers' willingness to pay and in the elasticity of their demand. For price discrimination to succeed, a firm must have market power, such as a dominant market share, product uniqueness, sole pricing power, etc. All prices under price discrimination are higher than the equilibrium price in a perfectly competitive market. However, some prices under price discrimination may be lower than the price charged by a single-price monopolist. Price discrimination is utilized by the monopolist to recapture some deadweight loss. This Pricing strategy enables firms to capture additional consumer surplus and maximize their profits while benefiting some consumers at lower prices. Price discrimination can take many forms and is prevalent in many industries, from education and telecommunications to healthcare. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Price discrimination Chapter 2: Monopoly Chapter 3: Monopolistic competition Chapter 4: Oligopoly Chapter 5: Perfect competition Chapter 6: Imperfect competition Chapter 7: Deadweight loss Chapter 8: Two-part tariff Chapter 9: Pricing Chapter 10: Barriers to entry Chapter 11: Yield management Chapter 12: Market power Chapter 13: Non-price competition Chapter 14: Market structure Chapter 15: Pricing strategies Chapter 16: Dynamic pricing Chapter 17: Revenue management Chapter 18: Value-based pricing Chapter 19: Rental value Chapter 20: Profit (economics) Chapter 21: Monopoly price (II) Answering the public top questions about price discrimination. (III) Real world examples for the usage of price discrimination in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Price Discrimination.
Price Discrimination and the Basing-point System, Hearings Before a Subcommittee of ... , 82-1 on ... , July 13, 16, 17, 18, 19, 23, 24, 25, 26, and 27, 1951
Author: United States. Congress. Senate. Select Committee on Small BusinessPublisher:
ISBN:
Category :
Languages : en
Pages : 364
Book Description