An Integrated Behavioral Model of Land Use and Transport System: A Hyper-network Equilibrium Approach

The interaction between the land use and transport in the urban context is a relevant issue in policy making. The connection between both systems arises since the former is causal of urban development while the latter is a consequence of it and significant contributor at the same time. One difficulty to unmask such interactions is to understand and determine the global system equilibrium, which is the matter of this paper. The households’ decisions, from their residential location to their travel and route choices, are described as a process of interdependent discrete choices that reflect the long term equilibrium. Consumers are assumed to optimize their combined residence and transport options, which are represented as a set of paths in an extended network that includes the transport system together with fictitious additional links that represents land use and location market. At equilibrium no household is better off by choosing a different option for residential location or by choosing a different set of trips’ destinations and routes. We study several alternative models starting from a simple case with fixed real estate supply and exogenous travel demand, to more complex situations with a real estate market, trip destination choices and variable trip frequencies. The equilibrium is characterized by an equivalent optimization problem which is strictly convex coercive and unconstrained. The optimality conditions for this optimization problem reproduce the transport equilibrium conditions as much as the land use equilibrium conditions. The approach provides a comprehensive characterization of the solution regarding existence and uniqueness, together with an algorithm to obtain the solution with well-defined convergence properties. The model is applicable to real size problems, with heterogeneous population and locations, as well as multiple trip purposes.     

Resource-Oriented Multicommodity Market Algorithms

In search for market equilibrium in multicommodity markets, price-oriented schemes are normally used. That is, a set of prices (one price for each commodity) is updated until supply meets demand for each commodity. In some cases such an approach is rather inefficient, and a resource-oriented scheme can be highly competitive. In a resource-oriented scheme the allocations are updated until the market equilibrium is found. It is well known that in a two-commodity market resource-oriented schemes are possible. In this article we show that resource-oriented algorithms can be used for the general multicommodity case as well, and present and analyze an algorithm. The algorithm has been implemented and some performance properties, for a specific example, are presented.     

Interacting oligopolistic and oligopsonistic Cournot markets

This paper considers the model of several interacting Cournot markets. Some of them are final goods markets, while the others are resource markets. The markets interact by sharing the same set of economic agents (producers), so that the latter are oligopsonists on resource markets and simultaneously oligopolists on goods markets. Each producer strategically chooses its supply volumes on each goods market and its purchase volume of resources in accordance with technology and expected supply effects on prices. We prove that in the case of linear demand and supply functions the model of interacting Cournot markets is reduced to a potential game; hence, the Nash equilibrium problem is equivalent to a mathematical programming problem. We also discuss the advantages and special features of such a representation of interacting oligopolistic and oligopsonistic markets.     

Supply chain network design under oligopolistic price and service level competition with foresight

In this paper a new bi-level model for designing the network structure of a competitive supply chain (SC) is presented with anticipating variable prices and service levels competition in markets under stochastic price and service level dependent elastic demands with the presence of existing, external rivals. The network structure of the new entrant SC would be designed under the limited production capacity of its producers in a way to maximize its future capturable profit in the competitive markets. The network of the new SC is assumed to be set “once and for all” but further price and service level adjustments are possible. Outer part of this bi-level model deals with strategic decisions of SC network design. Given the SC network structure assigned by the outer model in each iteration, the inner equilibrium model determines the equilibrium retail prices and service levels. Finally, we illustrate the model through several numerical examples.     

Dynamics of Economic Cycles

Cyclic economic development is a result of existed and existing changes in the relation between demand and supply in the goods market that upset its equilibrium, but this equilibrium is restored with constant time rhythms in the course of self-regulation of the number of persons engaged in the production sphere depending on a conjuncture of consumer demand. It is shown that the observed Kondratyev (Kondratieff) waves are measured in basic prices by the real value of the capital available in the production sphere and are representable by its time graphs.     

Web-based services for real estate: model and implementation

E-commerce's impact on real estate is just as significant and multifaceted as in other areas. Its momentum springs from two factors: an increasing population of online customers and increased involvement and investment from the real estate industry. The online real estate business' growing demand for application development has created a new market for application service providers (ASPs) who developed standardized Internet application systems and information services supporting a specific set of business processes. E-commerce success stories have taught companies that every successful e-business must have a feasible business plan that complies with a model. CommRex (Commercial Real Estate Exchange, http://www.commrex.com), a Web-based real estate information system, offers a case study in one such service. CommRex's performance in terms of four characteristics - scalability, portability, operation ability, and availability - is satisfactory, owing to its multiorganization data allocation scheme. During this evolutionary process, the multilevel service model and multiorganization data management structure have been proven an effective choice for such an evolutionary process.     

Modelling conditional correlations in the volatility of Asian rubber spot and futures returns

Asia is presently the most important market for the production and consumption of natural rubber. World prices of rubber are subject to not only to changes in demand, but also speculation regarding future markets. Japan and Singapore are the major future markets for rubber, while Thailand is one of the world's largest producers of rubber. As rubber prices are influenced by external markets, it is important to analyse the relationship between the relevant markets in Thailand, Japan and Singapore. The analysis is conducted using several alternative multivariate GARCH models. The empirical results indicate that the constant conditional correlations arising from the CCC model lie in the low to medium range. The results from the VARMA-GARCH model and the VARMA-AGARCH model suggest the presence of volatility spillovers and asymmetric effects of positive and negative return shocks on conditional volatility. Finally, the DCC model suggests that the conditional correlations can vary dramatically over time. In general, the dynamic conditional correlations in rubber spot and futures returns shocks can be independent or interdependent.     

Equilibrium allocation and pricing of variable resources among user-suppliers

We propose a novel model of resource sharing schemes that provide each user with a fixed minimum and a random extra amount of bandwidth and buffer. Allocations and prices are adjusted to adapt to resource availability and user demands. At equilibrium, if it exists, all users optimize their utility and resource demand equals supply, i.e., the marginal increase in user utility due to higher return on variable resources is balanced by the marginal decrease in utility due to their variability. We show how an equilibrium might be approached using a simple price adjustment rule that does not require any knowledge on the part of the network about user utilities. We further show that at equilibrium every user holds strictly positive amounts of variable bandwidth and variable buffer, and in the same ratio. We characterize the equilibrium prices to lie in a hyperplane that can be computed by the network without having to know user utilities. We illustrate with an example how this characterization might significantly speed up convergence towards an equilibrium.     

Look-ahead heuristics for the dynamic traveling purchaser problem

Given a set of products each with positive discrete demand, and a set of markets selling products at given prices, the traveling purchaser problem (TPP) looks for a tour visiting a subset of markets such that products demand is satisfied at minimum purchasing and traveling costs. In this paper we analyze a dynamic variant of the problem, where quantities may decrease as time goes on. Complete information is assumed on current state of the world, i.e. decision maker knows quantities available for each product in each market at present time and is informed about any consumption event when it occurs. Nevertheless, planner does not have any information on future events. Two groups of heuristics are described and compared. The first group consists of simplified approaches deciding which market to visit next on the basis of some greedy criteria considering only one of the two objective costs. The second one includes heuristics based on a look-ahead approach taking into account both traveling and purchasing costs and inserting some future prediction. Heuristics behavior has been tested on a large set of randomly generated instances under different levels of dynamism.     

Competitive Delivered Spatial Pricing

This paper contributes to the literature by studying price and production competition between spatially distributed profit maximizing firms. Firms compete by setting delivered prices, planning production, and sending output to each market. Both elastic demand and non-linear production costs are assumed. A non-cooperative game is defined, and its properties are characterized. We find spatial pricing patterns similar to those found by Hoover (1936). Existence and general properties of the Nash price and production equilibrium are shown and sufficient conditions that guarantee the existence of an unique price-production-transportation equilibrium are presented. A convergent algorithm is shown to find the equilibrium and is demonstrated with an example.     

加入WTO对我国房地产业的影响

加入WTO给我国房地产业发展带来机遇和挑战。通过加入WTO对我国房地产市场供给与需求、房地产价格、房地产劳务服务、房地产企业发展等方面的影响分析 ,提出我国房地产业发展应对WTO的对策     

不完全信息下开发商Markov博弈均衡的最优策略

房地产开发商对于资源的争夺存在零和博弈的特点,在信息不对称条件下对开发商经济博弈模型的研究具有重要价值。该研究考虑到市场上存在开发商Cartel联盟的情形,以Markov博弈模型为核心,针对不完全信息下的Cartel联盟与竞争者的Markov博弈均衡进行研究,得到了博弈双方的最优策略及演算方法。最后,利用实例对该模型的有效性和可行性进行了说明。     

Price competition in duopoly supply chains with stochastic demand

In the literature, substantial researches have been carried out on supply chain coordination. The majority of these studies suggest a mechanism that enforces the supply chain members to follow the strategies that produce the equilibrium of an integrated supply chain. Moreover, most of researches do not consider the competition among supply chains.In this study, we consider an industry consisting of two distinct supply chains which compete with each other over price. Three algorithms are presented to calculate the equilibrium of three possible industry structures. It is assumed that demand is stochastic with additive form whose random component has a uniform distribution. Furthermore, the effect of competition and demand uncertainty intensity on the Nash equilibrium of the structures and supply chains’ profits are discussed in a numerical example.     

A newsvendor pricing game

This paper considers a horizontal market of multiple firms that face stochastic price-dependent demand. The firms make joint pricing/inventory decisions and use price to compete for market demand. With fairly general demand models that are price-dependent, stochastic, and substitutable among firms, we prove the existence and uniqueness of the pure-strategy Nash equilibrium. The market at the equilibrium exhibits a bias toward under-pricing caused by competition; specifically, raising prices at any equilibrium of the game increases the total system profit, and at any joint-optimal set of pricing levels each self-interested firm has an incentive to lower its price. This result closely parallels that obtained in the inventory competition games in which prices are fixed and the bias is toward overstocking.     

Online auctions enabling the secondary computer market

The Internet is enabling new forms of commerce and novel markets. One example is the secondary computer market, facilitating exchange between quality sensitive sellers, oftentimes businesses, and price sensitive buyers. As this market does not have a viable physical counterpart with reference prices, it is developing via online auctions. One question of interest in the evolution of this market is the determinants of prices. Using a dataset of 2,000 laptop auctions in a seven-month period, this research provides support for accepted auction theory while raising questions that deserve further explanation. The negative relationship between supply and auction price supports standard supply and demand theory, while higher prices for better features is consistent with vertical differentiation. Even within accepted theory this research broadens the understanding of auction behavior. There is clear support for the “price decline anomaly” where prices in sequential auctions decline, violating the “law of one price.” One result that deserves further attention is that midweek auctions realize higher prices. A second is that price changes over time are not monotonic. Future research should replicate and explain these results, as well as extend them to other auction settings. As the secondary computer market evolves it will impact the primary computer market.     

Service cooperation and marketing strategies of infomediary and online retailer with eWOM effect

In contemporary electronic commerce, an infomediary displays electronic word-of-mouth (eWOM) information of customers and links shoppers to retail websites, thus acting as an intermediary between buyers and sellers. This paper studies an online supply chain system in which the infomediary presents demand-referral services to online retailers based on eWOM of customer information. It is assumed that online demand is affected by retailer price, referral service effort, and eWOM. The demand function is extended and developed based on Bass’s model. A Stackelberg game model of service cooperation is presented, and then the optimal decisions on retailers’ prices and infomediary service efforts in the decentralized supply chain are analyzed. Moreover, the profits and cumulative sales in supply chain equilibrium are analyzed under several parameters. A computational experiment is implemented to verify the validity and effectiveness of the model. The results show that price sensitivity has a significant negative effect on cumulative retailer sales and the profits of retailers and infomediary, but the effect of service sensitivity and sales periods on profits is absolutely positive. Specifically, eWOM has two different impacts on the profit of the retailer and infomediary respectively. Finally, conclusions and management implications for supply chain parties are presented, along with some possible directions for further research.     

Credit market dynamics: a cobweb model

Starting from a recent model developed by Dieci and Westerhoff (Appl Math Comput 215:2011–2023, 2009; J Econ Behav Organ 75(3):461–481, 2010) enriching the classic cobweb framework based on the findings of Brock and Hommes (Econometrica 65:1059–1095, 1997; J Econ Dynam Control 22:1235–1274, 1998), an original model is set up to analyse the interactions among two types of credit markets considered from the aggregate demand side view point. The proposed model is an aggregate model for unobserved Financial Institutions which are assumed to supply credit on competitive markets and competition is due to the interest rates (i.e. prices) with respect to the corresponding contracts’ demand. Moreover these Financial Institutions can put contracts on the credit market switching over time on different types of contracts depending on expected profit differentials. Among the main characteristics of this model, the number of clients involved in the two credit markets changes over time. At any time, the density of contracts is assumed to maximize the entropy of the economic system under some constraints concerning aggregate profits where the contract profitability is defined as a function of the spread between the average price of the contracts and a measure of production costs. With reference to some model calibrations, the dynamic behaviours and the reactions of the model are investigated through the study of three shock scenarios. The promising obtained results will address further investigations to apply the proposed model to a real data base of information on Financial Institutions in Italy since 1997 to catch the dynamics of fixed and adjustable interest rate mortgages markets.     

基于Ethereum的房地产供应链系统设计与实现

以太坊区块链技术是当今互联网时代的一项具有创新性、革命性的综合型分布式数据库账本技术,具有去中介化、自治性、数据不可篡改、可追溯、可编程等特点。分析了传统房地产供应链存在的不足,运用新兴的区块链技术,设计了基于以太坊智能合约的房地产供应链系统。给出了该系统的系统模型,包括系统流程和系统架构两部分。具体说明了系统所涉及到的四个功能模块。展示了系统的工作流程,并讨论了区块链+房地产供应链存在的问题。对区块链应用于房地产供应链领域进行总结,旨在为未来更好地将区块链应用于房地产供应链提供参考。     

Sustainable market valuation of buildings by the single-valued neutrosophic MAMVA method

Traditionally, the real estate asset assessment is performed by experienced valuators, who take into account its economic, social, physical and locational aspects. Nowadays, the construction industry is becoming more and more influenced by the sustainability requirements. Therefore, the inclusion of the sustainability evaluation into real estate asset valuation is of utmost importance. The Neutrosophic Multi-Attribute Market Value Assessment (MAMVA) method developed by the authors of this article handles market value calculations by solving multiple criteria assessment problems, and the initial information vagueness is modelled explicitly. The supplementary novelty of the present paper is the inclusion of the sustainability aspects into the real estate market valuation. The sustainable market valuation of Croydon University Hospital (Emergency Department) is performed as the case study to present numerical capabilities of the proposed approach. Our research findings suggest that neutrosophic MAMVA is a rational approach for calculations of property market valuation and might be suitable for application worldwide.     

Pricing strategies for tied digital contents and devices

Media companies are increasingly offering digital content to consumers. Many of these companies are tying digital content with their proprietary digital devices. In this study, we develop a consumer demand model for digital device and digital content based on a constant elasticity demand function. In modeling consumer valuation of the digital device, we take consumer surplus on digital content into account. We further derive equilibrium prices for digital devices based on an oligopoly competition model with horizontal product differentiation. We analyze the equilibrium prices and how prices affect firm profits. We find product differentiation and the level of product substitutability affect prices. We also find that content price plays a significant role in affecting the price of the digital device. Content price can either increase or decrease the tied digital device price depending on the profit margin and demand elasticity of the digital content. We further analyze how content and device prices affect their respective profits and the overall profit of the firm. We extend our model to vertical product differentiation and find vertical product differentiation and the level of product quality affect prices.