17 CFR 15.02 - Reporting forms.

Code of Federal Regulations, 2010 CFR

2010-04-01

... Special Accounts 17.00 102 Identification of Special Accounts 17.01 204 Cash Positions of Grain Traders (including Oilseeds and Products) 19.00 304 Cash Positions of Cotton Traders 19.00 (Approved by the Office of Management and Budget under control numbers 3038-0007 and 3038-0009) [69 FR 76397, Dec. 21, 2004] ...

High Mobility and HIV Prevalence among Female Market Traders in East Africa in 2014

PubMed Central

CAMLIN, Carol S.; EL AYADI, Alison M.; KWENA, Zachary A.; MCFARLAND, Willi; JOHNSON, Mallory O.; NEILANDS, Torsten B.; BUKUSI, Elizabeth A.; COHEN, Craig R.

2016-01-01

Background The contribution of women’s mobility to the HIV/AIDS epidemic in Africa is poorly understood, despite women’s high mobility and evidence that it is associated with higher-risk sexual behavior. We sought to measure levels of mobility, HIV prevalence, and related risk behaviors among female traders in Kisumu, Kenya. Methods We used GPS mapping to develop a probability-based sample and recruited 305 female market traders for participation in a survey and voluntary HIV counseling and testing in 2014. We estimated HIV prevalence and fitted logistic regression models to measure associations between mobility, risk behaviors, and HIV infection. Results HIV prevalence was 25.6% (95% CI 21.0–30.8); 11.5% had migrated (changed residence, over county or national boundary) in past year and 39.3% in past five years. Over one-third (38.3%) spent nights away from main residence in past month, with 11.4% spending more than a week away. Multiple partners were reported by 13.1% of women in the last year; 16% of married women reported a concurrent partnership. Mobility was not significantly associated with HIV prevalence, although recent short-term mobility was significantly correlated with higher numbers of sexual partners in the past year. Conclusions Female market traders were highly mobile, and HIV prevalence among traders was higher than in the general population of women of reproductive age in Kisumu (15.3% in 2013), and Nyanza Province, Kenya (16.1% in 2012). High HIV prevalence and risk behavior among women in this study warrant accelerated attention to HIV prevention and care needs of mobile women, including market traders. PMID:27875361

77 FR 1125 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-09

... Proposed Rule Change To Modify Fees for the Trading and Compliance Data Package January 3, 2012. Pursuant... reports available to member firms via NasdaqTrader.com Trading and Compliance Data Package under NASDAQ... deletions are in brackets. 7021. NasdaqTrader.com Trading and Compliance Data Package Fee The charge to be...

A quantitative description for efficient financial markets

NASA Astrophysics Data System (ADS)

Immonen, Eero

2015-09-01

In this article we develop a control system model for describing efficient financial markets. We define the efficiency of a financial market in quantitative terms by robust asymptotic price-value equality in this model. By invoking the Internal Model Principle of robust output regulation theory we then show that under No Bubble Conditions, in the proposed model, the market is efficient if and only if the following conditions hold true: (1) the traders, as a group, can identify any mispricing in asset value (even if no one single trader can do it accurately), and (2) the traders, as a group, incorporate an internal model of the value process (again, even if no one single trader knows it). This main result of the article, which deliberately avoids the requirement for investor rationality, demonstrates, in quantitative terms, that the more transparent the markets are, the more efficient they are. An extensive example is provided to illustrate the theoretical development.

76 FR 49816 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-11

... Quote Traders and Remote Streaming Quote Traders Entering Certain Option Day Limit Orders August 5, 2011... allow entry of day limit orders for the proprietary accounts of Streaming Quote Traders and Remote... proprietary accounts of Streaming Quote Traders (SQTs'') and Remote Streaming Quote Traders (``RSQTs''). The...

22 CFR 41.51 - Treaty trader, treaty investor, or treaty alien in a specialty occupation.

Code of Federal Regulations, 2010 CFR

2010-04-01

... residing in the United States, who would be classifiable as treaty traders. (3) Spouse and children of treaty trader. The spouse and children of a treaty trader accompanying or following to join the principal... child of a treaty trader is not material to the classification of the spouse or child under the...

22 CFR 41.51 - Treaty trader, treaty investor, or treaty alien in a specialty occupation.

Code of Federal Regulations, 2011 CFR

2011-04-01

... residing in the United States, who would be classifiable as treaty traders. (3) Spouse and children of treaty trader. The spouse and children of a treaty trader accompanying or following to join the principal... child of a treaty trader is not material to the classification of the spouse or child under the...

Modelling financial markets with agents competing on different time scales and with different amount of information

NASA Astrophysics Data System (ADS)

Wohlmuth, Johannes; Andersen, Jørgen Vitting

2006-05-01

We use agent-based models to study the competition among investors who use trading strategies with different amount of information and with different time scales. We find that mixing agents that trade on the same time scale but with different amount of information has a stabilizing impact on the large and extreme fluctuations of the market. Traders with the most information are found to be more likely to arbitrage traders who use less information in the decision making. On the other hand, introducing investors who act on two different time scales has a destabilizing effect on the large and extreme price movements, increasing the volatility of the market. Closeness in time scale used in the decision making is found to facilitate the creation of local trends. The larger the overlap in commonly shared information the more the traders in a mixed system with different time scales are found to profit from the presence of traders acting at another time scale than themselves.

78 FR 24780 - 60-Day Notice of Proposed Information Collection: Nonimmigrant Treaty Trader/Investor Application

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-26

...: Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for public comment. SUMMARY: The... Information Collection: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: OMB-1405-0101... Number: DS-156E. Respondents: Nonimmigrant Treaty Trader/Investors. Estimated Number of Respondents: 17...

Self-consistency in Capital Markets

NASA Astrophysics Data System (ADS)

Benbrahim, Hamid

2013-03-01

Capital Markets are considered, at least in theory, information engines whereby traders contribute to price formation with their diverse perspectives. Regardless whether one believes in efficient market theory on not, actions by individual traders influence prices of securities, which in turn influence actions by other traders. This influence is exerted through a number of mechanisms including portfolio balancing, margin maintenance, trend following, and sentiment. As a result market behaviors emerge from a number of mechanisms ranging from self-consistency due to wisdom of the crowds and self-fulfilling prophecies, to more chaotic behavior resulting from dynamics similar to the three body system, namely the interplay between equities, options, and futures. This talk will address questions and findings regarding the search for self-consistency in capital markets.

Do Emotions Expressed Online Correlate with Actual Changes in Decision-Making?: The Case of Stock Day Traders.

PubMed

Liu, Bin; Govindan, Ramesh; Uzzi, Brian

2016-01-01

Emotions are increasingly inferred linguistically from online data with a goal of predicting off-line behavior. Yet, it is unknown whether emotions inferred linguistically from online communications correlate with actual changes in off-line activity. We analyzed all 886,000 trading decisions and 1,234,822 instant messages of 30 professional day traders over a continuous 2 year period. Linguistically inferring the traders' emotional states from instant messages, we find that emotions expressed in online communications reflect the same distributions of emotions found in controlled experiments done on traders. Further, we find that expressed online emotions predict the profitability of actual trading behavior. Relative to their baselines, traders who expressed little emotion or traders that expressed high levels of emotion made relatively unprofitable trades. Conversely, traders expressing moderate levels of emotional activation made relatively profitable trades.

75 FR 25910 - 60-Day Notice of Proposed Information Collection: DS-156E, Nonimmigrant Treaty Trader/Investor...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-10

..., Nonimmigrant Treaty Trader/Investor Application, OMB Control Number 1405-0101 ACTION: Notice of request for...: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: 1405-0101. Type of Request: Extension of a...) Form Number: DS-156E. Respondents: Nonimmigrant treaty trader/investor visa applicants. Estimated...

75 FR 58012 - 30-Day Notice of Proposed Information Collection: DS-156E Nonimmigrant Treaty Trader/Investor...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-09-23

... Information Collection: DS-156E Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for... Collection: Nonimmigrant Treaty Trader/Investor Application. OMB Control Number: 1405-0101. Type of Request... State (CA/VO). Form Number: DS-156E. Respondents: Nonimmigrant treaty trader/investor visa applicants...

25 CFR 140.23 - Credit at trader's risk.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Credit at trader's risk. 140.23 Section 140.23 Indians....23 Credit at trader's risk. Credit given Indians will be at the trader's own risk, as no assistance... accept pawns or pledges of personal property by Indians to obtain credit or loans. ...

78 FR 27267 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-09

... Change To Amend Remote Streaming Quote Trader Fees and Reference a Remote Streaming Quote Trader... to Remote Streaming Quote Traders or RSQTs. The text of the proposed rule change is available on the... Remote Streaming Quote Traders Organizations (``RSQTOs'') with as many as three affiliated RSQTs.\\3...

Impact of foot-and-mouth disease on pork and chicken prices in Central Luzon, Philippines.

PubMed

Abao, Lary Nel B; Kono, Hiroichi; Gunarathne, Anoma; Promentilla, Rolando R; Gaerlan, Manolita Z

2014-03-01

Central Luzon is the number one pig-producing region in the Philippines and was affected by Foot-and-Mouth disease (FMD) in 1995. In this paper, the impact of FMD on the Central Luzon meat market from 1995 to 1999 was examined. Employing the error correction model (ECM) and historical decomposition, the impact of FMD on the Central Luzon pork and chicken meat market was quantified. The following findings were observed: (a) pig farm and pork wholesale prices dropped 11.8% and 15.7%, respectively, after the initial FMD outbreaks in January, 1995; (b) in February, 1995, chicken farm and wholesale prices declined by 21.1% and 14.2%, respectively (while chicken retail prices also went down by 10.5%); (c) the margins of pig and chicken traders were also adversely affected at some point; and (d) FMD caused changes of dynamic interdependence among prices by meat type at different levels of the meat supply chain. This study makes several contributions to the literature on the impact of FMD outbreaks. This study is the first that simultaneously investigates the impact of FMD outbreaks on meat prices, price margins along the supply chain, and price interdependence in the meat system in Central Luzon, Philippines. Also, the Philippine pork industry is dominated by backyard farmers rather than the predominantly large commercial pig farmers existing in developed countries. Secondly, it yielded the novel finding of price decline in both pig and chicken prices as a result of the FMD outbreaks. And lastly, the study showed that the profit margins of the pig traders, pork traders, chicken traders and chicken meat traders were also negatively affected by the FMD outbreaks in January 1995. However, over the long term, the price margins of pork traders were more severely affected in contrast to that of the other traders' profits. Copyright © 2013 Elsevier B.V. All rights reserved.

77 FR 4068 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-26

... Fees; (2) B. Streaming Quote Trader (``SQT'') Fees; and (3) C. Remote Streaming Quote Trader (``RSQT...\\ Streaming Quote Trader (``SQT'') Fees, Remote Streaming Quote Trader (``RSQT'') Fees, Options Trading Floor... accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the...

Effect of Trader Composition on Stock Market

NASA Astrophysics Data System (ADS)

Wang, Mo-Gei; Wang, Xing-Yuan; Liu, Zhen-Zhen

2011-05-01

In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.

Electrodynamical Model of Quasi-Efficient Financial Markets

NASA Astrophysics Data System (ADS)

Ilinski, Kirill N.; Stepanenko, Alexander S.

The modelling of financial markets presents a problem which is both theoretically challenging and practically important. The theoretical aspects concern the issue of market efficiency which may even have political implications [1], whilst the practical side of the problem has clear relevance to portfolio management [2] and derivative pricing [3]. Up till now all market models contain "smart money" traders and "noise" traders whose joint activity constitutes the market [4, 5]. On a short time scale this traditional separation does not seem to be realistic, and is hardly acceptable since all high-frequency market participants are professional traders and cannot be separated into "smart" and "noisy." In this paper we present a "microscopic" model with homogenuous quasi-rational behaviour of traders, aiming to describe short time market behaviour. To construct the model we use an analogy between "screening" in quantum electrodynamics and an equilibration process in a market with temporal mispricing [6, 7]. As a result, we obtain the time-dependent distribution function of the returns which is in quantitative agreement with real market data and obeys the anomalous scaling relations recently reported for both high-frequency exchange rates [8], S&P500 [9] and other stock market indices [10, 11].

76 FR 65225 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-10-20

... proposes to amend the Remote Streaming Quote Trader (``RSQT'') \\3\\ Fee in Section VI of the Exchange's Fee... Options Trader (``ROT'') includes a Streaming Quote Trader (``SQT''), a Remote Streaming Quote Trader... extent that the RSQT is also approved as a Remote Specialist in the same options.\\6\\ \\4\\ A qualified RSQT...

Interoceptive Ability Predicts Survival on a London Trading Floor.

PubMed

Kandasamy, Narayanan; Garfinkel, Sarah N; Page, Lionel; Hardy, Ben; Critchley, Hugo D; Gurnell, Mark; Coates, John M

2016-09-19

Interoception is the sensing of physiological signals originating inside the body, such as hunger, pain and heart rate. People with greater sensitivity to interoceptive signals, as measured by, for example, tests of heart beat detection, perform better in laboratory studies of risky decision-making. However, there has been little field work to determine if interoceptive sensitivity contributes to success in real-world, high-stakes risk taking. Here, we report on a study in which we quantified heartbeat detection skills in a group of financial traders working on a London trading floor. We found that traders are better able to perceive their own heartbeats than matched controls from the non-trading population. Moreover, the interoceptive ability of traders predicted their relative profitability, and strikingly, how long they survived in the financial markets. Our results suggest that signals from the body - the gut feelings of financial lore - contribute to success in the markets.

Do Emotions Expressed Online Correlate with Actual Changes in Decision-Making?: The Case of Stock Day Traders

PubMed Central

Liu, Bin; Govindan, Ramesh; Uzzi, Brian

2016-01-01

Emotions are increasingly inferred linguistically from online data with a goal of predicting off-line behavior. Yet, it is unknown whether emotions inferred linguistically from online communications correlate with actual changes in off-line activity. We analyzed all 886,000 trading decisions and 1,234,822 instant messages of 30 professional day traders over a continuous 2 year period. Linguistically inferring the traders’ emotional states from instant messages, we find that emotions expressed in online communications reflect the same distributions of emotions found in controlled experiments done on traders. Further, we find that expressed online emotions predict the profitability of actual trading behavior. Relative to their baselines, traders who expressed little emotion or traders that expressed high levels of emotion made relatively unprofitable trades. Conversely, traders expressing moderate levels of emotional activation made relatively profitable trades. PMID:26765539

Second-to-fourth digit ratio predicts success among high-frequency financial traders

PubMed Central

Coates, John M.; Gurnell, Mark; Rustichini, Aldo

2009-01-01

Prenatal androgens have important organizing effects on brain development and future behavior. The second-to-fourth digit length ratio (2D:4D) has been proposed as a marker of these prenatal androgen effects, a relatively longer fourth finger indicating higher prenatal androgen exposure. 2D:4D has been shown to predict success in highly competitive sports. Yet, little is known about the effects of prenatal androgens on an economically influential class of competitive risk taking—trading in the financial world. Here, we report the findings of a study conducted in the City of London in which we sampled 2D:4D from a group of male traders engaged in what is variously called “noise” or “high-frequency” trading. We found that 2D:4D predicted the traders' long-term profitability as well as the number of years they remained in the business. 2D:4D also predicted the sensitivity of their profitability to increases both in circulating testosterone and in market volatility. Our results suggest that prenatal androgens increase risk preferences and promote more rapid visuomotor scanning and physical reflexes. The success and longevity of traders exposed to high levels of prenatal androgens further suggests that financial markets may select for biological traits rather than rational expectations. PMID:19139402

Second-to-fourth digit ratio predicts success among high-frequency financial traders.

PubMed

Coates, John M; Gurnell, Mark; Rustichini, Aldo

2009-01-13

Prenatal androgens have important organizing effects on brain development and future behavior. The second-to-fourth digit length ratio (2D:4D) has been proposed as a marker of these prenatal androgen effects, a relatively longer fourth finger indicating higher prenatal androgen exposure. 2D:4D has been shown to predict success in highly competitive sports. Yet, little is known about the effects of prenatal androgens on an economically influential class of competitive risk taking-trading in the financial world. Here, we report the findings of a study conducted in the City of London in which we sampled 2D:4D from a group of male traders engaged in what is variously called "noise" or "high-frequency" trading. We found that 2D:4D predicted the traders' long-term profitability as well as the number of years they remained in the business. 2D:4D also predicted the sensitivity of their profitability to increases both in circulating testosterone and in market volatility. Our results suggest that prenatal androgens increase risk preferences and promote more rapid visuomotor scanning and physical reflexes. The success and longevity of traders exposed to high levels of prenatal androgens further suggests that financial markets may select for biological traits rather than rational expectations.

Pig traders' networks on the Kenya-Uganda border highlight potential for mitigation of African swine fever virus transmission and improved ASF disease risk management.

PubMed

Lichoti, Jacqueline Kasiiti; Davies, Jocelyn; Maru, Yiheyis; Kitala, Philip M; Githigia, Samuel M; Okoth, Edward; Bukachi, Salome A; Okuthe, Sam; Bishop, Richard P

2017-05-01

We applied social network analysis to pig trader networks on the Kenya-Uganda border. Social network analysis is a recently developed tool, which is useful for understanding value chains and improving disease control policies. We interviewed a sample of 33 traders about their experiences with trade and African swine fever (ASF), analyzed the networks they generated in purchasing pigs and selling pork and their potential contribution to modulating dissemination of the ASF virus (ASFV). The majority of the traders were aware of clinical signs of ASF and the risk of trade transmitting ASFV. Most said they avoided buying pigs from ASF outbreak villages or sick pigs but their experiences also indicated that inadvertent purchase was relatively common. Traders had early knowledge of outbreaks since they were contacted by farmers who had heard rumours and wanted to sell their pigs to avoid the risk of them dying. Individual traders bought pigs in up to nine villages, and up to six traders operated in a village. Although each trade typically spanned less than 5km, networks of the various traders, comprising movements of pigs from source villages to slaughter slabs/sites and retail outlets, and movement of pork to villages where it was consumed, linked up indirectly across the 100km×50km study area and revealed several trade pathways across the Kenya-Uganda border. ASF could potentially spread across this area and beyond through sequential pig and pork transactions. Regulation of the pig and pork trade was minimal in practice. The risk of ASFV being spread by traders was compounded by their use of poorly constructed slaughter slabs/sites with open drainage, ineffective or non-existent meat inspection services, lack of provision for biosecurity in the value chain, and sales of pork to customers who were unaware of the risks to their own pigs from contact with ASF infected pork. More effective regulation is warranted. However, limitations on government capacity, together with the strong self-interest that established traders have in reducing the disruption and financial losses that outbreaks cause, highlight the importance of governments and traders co-developing an approach to ASF control. Formation of trader organizations or common interest groups warrants government support as an important step in engaging traders in developing and implementing effective approaches to reduce the risk of ASF outbreaks. Copyright © 2017 Elsevier B.V. All rights reserved.

Analysis of seaweed marketing in warbal village, Southeast Maluku Regency, Indonesia

NASA Astrophysics Data System (ADS)

Tumiwa, Bruri B.; Renjaan, Meiskyana R.; B. A Somnaikubun, Glen; Betauubun, Kamilius D.; Hungan, Marselus

2017-10-01

Seaweed in Warbal Village, West Kei Kecil Subdistrict, Southeast Maluku Regency has prospects and business opportunities are adequate to give hope to farmers in improving welfare. The fact that seaweed farming has not yet provided better and maximum results as desired by the farmers. This study aims to evaluation the marketing channels, marketing margins and profit share of marketing agencies. The research is located in Warbal Village, West Kei Kecil Subdistrict, Southeast Maluku Regency which is determined purposively. The number of sample is 30 farmers taken by simple random sampling, 2 wholesaler traders and 2 collector traders taken by using snowball method. The data collection methods is interview and questionnaire directly to farmers and marketing agencies, literary method or data collector from institutions related to the research’s aims. The research results show that there is two marketing channel, as follows: Channel I: farmers, wholesaler traders, collector traders, PAP; Channel II: farmers, collector traders, PAP. The magnitude of marketing margins is different between the marketing channels, and so it is with profit share of a marketing agency. On channel I, magnitude margin is IDR 3,250 and profit share is 71.11% on farmers, 17.76% on wholesaler traders and 11.09% on collector traders. On channel II, the magnitude of marketing margin is IDR 1,250 and profit share is 88.88% on farmers and 11.09% to collector traders.

Tracking Traders' Understanding of the Market Using e-Communication Data

PubMed Central

Saavedra, Serguei; Duch, Jordi; Uzzi, Brian

2011-01-01

Tracking the volume of keywords in Internet searches, message boards, or Tweets has provided an alternative for following or predicting associations between popular interest or disease incidences. Here, we extend that research by examining the role of e-communications among day traders and their collective understanding of the market. Our study introduces a general method that focuses on bundles of words that behave differently from daily communication routines, and uses original data covering the content of instant messages among all day traders at a trading firm over a 40-month period. Analyses show that two word bundles convey traders' understanding of same day market events and potential next day market events. We find that when market volatility is high, traders' communications are dominated by same day events, and when volatility is low, communications are dominated by next day events. We show that the stronger the traders' attention to either same day or next day events, the higher their collective trading performance. We conclude that e-communication among traders is a product of mass collaboration over diverse viewpoints that embodies unique information about their weak or strong understanding of the market. PMID:22046335

Tracking traders' understanding of the market using e-communication data.

PubMed

Saavedra, Serguei; Duch, Jordi; Uzzi, Brian

2011-01-01

Tracking the volume of keywords in Internet searches, message boards, or Tweets has provided an alternative for following or predicting associations between popular interest or disease incidences. Here, we extend that research by examining the role of e-communications among day traders and their collective understanding of the market. Our study introduces a general method that focuses on bundles of words that behave differently from daily communication routines, and uses original data covering the content of instant messages among all day traders at a trading firm over a 40-month period. Analyses show that two word bundles convey traders' understanding of same day market events and potential next day market events. We find that when market volatility is high, traders' communications are dominated by same day events, and when volatility is low, communications are dominated by next day events. We show that the stronger the traders' attention to either same day or next day events, the higher their collective trading performance. We conclude that e-communication among traders is a product of mass collaboration over diverse viewpoints that embodies unique information about their weak or strong understanding of the market.

Confidant par excellence, advisors and healers: women traders' intersecting identities and roles in Senegal.

PubMed

Lo, Marieme S

2013-01-01

Characteristics associated with West African women traders often hinge on their resilience, ingenuity and savvy business practices under precarious economic conditions and changing ecologies. Moreover, traders are defined, identified and classified by their trade and the commodities associated with their trading practice. However, a social analysis and ethnography of trading practices challenges this taxonomy and suggests the relational and social embeddedness of such economic transactions and the unexpected intersecting roles traders perform as confidants, advisers and healers. This paper examines the multiple roles that Senegalese traders embody and perform and the vast repertoire of knowledge and cultural registers they employ as advisers on sexuality, matrimonial affairs and conjugality. It posits to reframe trade and the marketplace, not only as a fulcrum of economic transaction, but also as locus of affective interactions, performative-counselling practices and fluid space where traders impart knowledge to their female clientele on a wide spectrum of issues such as sexuality, conjugality and the aesthetics of intimacy. Lastly, it seeks to unveil new analytics and theorising on the evolving, embodied and performative roles of women traders and market women, while proving contextual and culturally-textured insights on 'counselling' and its interpretation in Senegal.

Betting and Belief: Modeling the Impact of Prediction Markets on Public Attribution of Climate Change

NASA Astrophysics Data System (ADS)

Gilligan, J. M.; Nay, J. J.; van der Linden, M.

2016-12-01

Despite overwhelming scientific evidence and an almost complete consensus among scientists, a large fraction of the American public is not convinced that global warming is anthropogenic. This doubt correlates strongly with political, ideological, and cultural orientation. [1] It has been proposed that people who do not trust climate scientists tend to trust markets, so prediction markets might be able to influence their beliefs about the causes of climate change. [2] We present results from an agent-based simulation of a prediction market in which traders invest based on their beliefs about what drives global temperature change (here, either CO2 concentration or total solar irradiance (TSI), which is a popular hypothesis among many who doubt the dominant role of CO2). At each time step, traders use historical and observed temperatures and projected future forcings (CO2 or TSI) to update Bayesian posterior probability distributions for future temperatures, conditional on their belief about what drives climate change. Traders then bet on future temperatures by trading in climate futures. Trading proceeds by a continuous double auction. Traders are randomly assigned initial beliefs about climate change, and they have some probability of changing their beliefs to match those of the most successful traders in their social network. We simulate two alternate realities in which the global temperature is controlled either by CO2 or by TSI, with stochastic noise. In both cases traders' beliefs converge, with a large majority reaching agreement on the actual cause of climate change. This convergence is robust, but the speed with which consensus emerges depends on characteristics of the traders' psychology and the structure of the market. Our model can serve as a test-bed for studying how beliefs might evolve under different market structures and different modes of decision-making and belief-change. We will report progress on studying alternate models of belief-change. This work was partially supported by National Science Foundation grants EAR-1416964, EAR-1204685, and IIS-1526860. The model code is available at https://github.com/JohnNay/predMarket [1] A Leiserowitz, E Maibach, & C Roser-Renouf, Global Warming's Six Americas (Yale U., 2009). [2] MP Vandenbergh, KT Raimi, & JM Gilligan. UCLA Law Rev. 61, 1962 (2014).

Economic Culture and Trading Behaviors in Information Markets

ERIC Educational Resources Information Center

Alhayyan, Khalid N.

2012-01-01

There are four main components for influencing traders' behaviors in an information market context: trader characteristics, organizational characteristics, market design, and external information. This dissertation focuses on investigating the impact of individual trader characteristics on trading behaviors. Two newly-developed constructs,…

Prediction Markets and Beliefs about Climate: Results from Agent-Based Simulations

NASA Astrophysics Data System (ADS)

Gilligan, J. M.; John, N. J.; van der Linden, M.

2015-12-01

Climate scientists have long been frustrated by persistent doubts a large portion of the public expresses toward the scientific consensus about anthropogenic global warming. The political and ideological polarization of this doubt led Vandenbergh, Raimi, and Gilligan [1] to propose that prediction markets for climate change might influence the opinions of those who mistrust the scientific community but do trust the power of markets.We have developed an agent-based simulation of a climate prediction market in which traders buy and sell future contracts that will pay off at some future year with a value that depends on the global average temperature at that time. The traders form a heterogeneous population with different ideological positions, different beliefs about anthropogenic global warming, and different degrees of risk aversion. We also vary characteristics of the market, including the topology of social networks among the traders, the number of traders, and the completeness of the market. Traders adjust their beliefs about climate according to the gains and losses they and other traders in their social network experience. This model predicts that if global temperature is predominantly driven by greenhouse gas concentrations, prediction markets will cause traders' beliefs to converge toward correctly accepting anthropogenic warming as real. This convergence is largely independent of the structure of the market and the characteristics of the population of traders. However, it may take considerable time for beliefs to converge. Conversely, if temperature does not depend on greenhouse gases, the model predicts that traders' beliefs will not converge. We will discuss the policy-relevance of these results and more generally, the use of agent-based market simulations for policy analysis regarding climate change, seasonal agricultural weather forecasts, and other applications.[1] MP Vandenbergh, KT Raimi, & JM Gilligan. UCLA Law Rev. 61, 1962 (2014).

Constraints and efficiency of cattle marketing in semiarid pastoral system in Kenya.

PubMed

Onono, Joshua Orungo; Amimo, Joshua Oluoch; Rushton, Jonathan

2015-04-01

Livestock keeping is regarded as a store of wealth for pastoralists in Kenya, besides their social and cultural functions. The objective of this study was to prioritize constraints to cattle marketing in a semiarid pastoral area of Narok in Kenya and to analyze efficiency of cattle marketing in transit markets located in Garissa, Kajiado and Narok counties. Primary data collection from traders was done through participatory interviews and market surveys, while time series market price data were obtained from secondary sources. Five focus group interviews were organized with a total of 61 traders in markets from Narok County, while a total of 187 traders who purchased cattle from transit markets provided data on a number of cattle purchased, purpose of purchase, buying prices and mode of transport. Market performance was analyzed through trader's market share, gross margins, Gini coefficient and coefficient of correlation between time series price data. The marketing constraints which were ranked high included lack of market for meat, trekking of cattle to markets, lack of price information and occurrence of diseases. About 10 % of traders purchased over 50 % of cattle which were supplied in markets, revealing a high concentration index. Further, a gross marketing margin per cattle purchased was positive in all markets revealing profitability. Moderate correlation coefficients existed between time series market price data for cattle purchased from Ewaso Ngiro and Mulot markets (r = 0.5; p < 0.05), while those between Dagoretti and Garissa markets were weak (r = 0.2; p > 0.05). The integration of markets, occurrence of diseases and trekking of cattle to markets are factors which may increase a risk of infectious disease spread. These results call for support of disease surveillance activities within markets in pastoral areas so that farms and systems which are connected are protected from threats of infectious diseases.

Some new results on the Levy, Levy and Solomon microscopic stock market model

NASA Astrophysics Data System (ADS)

Zschischang, Elmar; Lux, Thomas

2001-03-01

We report some findings from our simulations of the Levy, Levy and Solomon microscopic stock market model. Our results cast doubts on some of the results published in the original papers (i.e., chaotic stock price movements). We also point out the possibility of sensitive dependence on initial conditions of the emerging wealth distribution among agents. Extensions of the model set-up show that with varying degrees of risk aversion, the less risk averse traders will tend to dominate the market. Similarly, when introducing a new trader group (or even a single trader) with a constant share of stocks in their portfolio, the latter will eventually take over and marginalize the other groups. The better performance of the more sober investors is in accordance with traditional perceptions in financial economics. Hence, the survival of ‘noise traders’ looking at short-term trends and patterns remains as much of a puzzle in this framework as in the traditional Efficient Market Theory.

Derivation of the Boltzmann Equation for Financial Brownian Motion: Direct Observation of the Collective Motion of High-Frequency Traders.

PubMed

Kanazawa, Kiyoshi; Sueshige, Takumi; Takayasu, Hideki; Takayasu, Misako

2018-03-30

A microscopic model is established for financial Brownian motion from the direct observation of the dynamics of high-frequency traders (HFTs) in a foreign exchange market. Furthermore, a theoretical framework parallel to molecular kinetic theory is developed for the systematic description of the financial market from microscopic dynamics of HFTs. We report first on a microscopic empirical law of traders' trend-following behavior by tracking the trajectories of all individuals, which quantifies the collective motion of HFTs but has not been captured in conventional order-book models. We next introduce the corresponding microscopic model of HFTs and present its theoretical solution paralleling molecular kinetic theory: Boltzmann-like and Langevin-like equations are derived from the microscopic dynamics via the Bogoliubov-Born-Green-Kirkwood-Yvon hierarchy. Our model is the first microscopic model that has been directly validated through data analysis of the microscopic dynamics, exhibiting quantitative agreements with mesoscopic and macroscopic empirical results.

Derivation of the Boltzmann Equation for Financial Brownian Motion: Direct Observation of the Collective Motion of High-Frequency Traders

NASA Astrophysics Data System (ADS)

Kanazawa, Kiyoshi; Sueshige, Takumi; Takayasu, Hideki; Takayasu, Misako

2018-03-01

A microscopic model is established for financial Brownian motion from the direct observation of the dynamics of high-frequency traders (HFTs) in a foreign exchange market. Furthermore, a theoretical framework parallel to molecular kinetic theory is developed for the systematic description of the financial market from microscopic dynamics of HFTs. We report first on a microscopic empirical law of traders' trend-following behavior by tracking the trajectories of all individuals, which quantifies the collective motion of HFTs but has not been captured in conventional order-book models. We next introduce the corresponding microscopic model of HFTs and present its theoretical solution paralleling molecular kinetic theory: Boltzmann-like and Langevin-like equations are derived from the microscopic dynamics via the Bogoliubov-Born-Green-Kirkwood-Yvon hierarchy. Our model is the first microscopic model that has been directly validated through data analysis of the microscopic dynamics, exhibiting quantitative agreements with mesoscopic and macroscopic empirical results.

Detecting anomalous traders using multi-slice network analysis

NASA Astrophysics Data System (ADS)

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

2017-05-01

Manipulation is an important issue for both developed and emerging stock markets. Many efforts have been made to detect manipulation in stock market. However, it is still an open problem to identify the fraudulent traders, especially when they collude with each other. In this paper, we focus on the problem of identifying anomalous traders using the transaction data of 8 manipulated stocks and 42 non-manipulated stocks during a one-year period. For each stock, we construct a multi-slice trading network to characterize the daily trading behavior and the cross-day participation of each trader. Comparing the multi-slice trading network of manipulated stocks and non-manipulated stocks with their randomized version, we find that manipulated stocks exhibit high number of trader pairs that trade with each other in multiple days and high deviation from randomized network at correlation between trading frequency and trading activity. These findings are effective at distinguishing manipulated stocks from non-manipulated ones and at identifying anomalous traders.

A combination of dopamine genes predicts success by professional Wall Street traders.

PubMed

Sapra, Steve; Beavin, Laura E; Zak, Paul J

2012-01-01

What determines success on Wall Street? This study examined if genes affecting dopamine levels of professional traders were associated with their career tenure. Sixty professional Wall Street traders were genotyped and compared to a control group who did not trade stocks. We found that distinct alleles of the dopamine receptor 4 promoter (DRD4P) and catecholamine-O-methyltransferase (COMT) that affect synaptic dopamine were predominant in traders. These alleles are associated with moderate, rather than very high or very low, levels of synaptic dopamine. The activity of these alleles correlated positively with years spent trading stocks on Wall Street. Differences in personality and trading behavior were also correlated with allelic variants. This evidence suggests there may be a genetic basis for the traits that make one a successful trader.

76 FR 46959 - Large Trader Reporting

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-03

...://advancedtrading.com/algorithms/showArticle.jhtml?articleID=218401501 (high frequency trading accounts for 73% of U... decisions independently of each other would cloud the Commission's view when investigating for certain...

17 CFR 18.00 - Information to be furnished by traders.

Code of Federal Regulations, 2010 CFR

2010-04-01

...) Purchases and sales of futures for commodities or for derivatives positions; and (e) Options exercised... controls, or has held, owned or controlled, a reportable futures or options position in a commodity shall... reports to the Commission concerning transactions and positions in such futures or options. Reports shall...

25 CFR 140.22 - Inspection of traders' prices.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Inspection of traders' prices. 140.22 Section 140.22... § 140.22 Inspection of traders' prices. It is the duty of the superintendent to see that the prices... statement of transportation charges, retail price of articles sold by them, the amount of Indian accounts...

Good Thinking or Gut Feeling? Cognitive Reflection and Intuition in Traders, Bankers and Financial Non-Experts

PubMed Central

Thoma, Volker; White, Elliott; Panigrahi, Asha; Strowger, Vanessa; Anderson, Irina

2015-01-01

The current study investigated differences in decision-making style and risk-taking between financial traders, non-trading bank employees, and people not working in finance. Traders scored significantly higher than participants in the other two groups on the cognitive reflection test (CRT) which measures the tendency to inhibit automatic but frequently false responses in reasoning tasks. Scores for traders compared to people outside the banking sector were also higher on a self-rated scale for reflective thinking in decision-making, but there were no differences in self-rated intuitive thinking between groups. Financial risk-taking correlated with cognitive reflection scores and was significantly lower in the non-expert group compared to the other groups working in financial services. Traders in the current study showed no elevated preference to use ‘intuition’ in their decision-making compared to other groups. Overall, these results indicate that compared to non-expert participants financial traders have a higher self-rated tendency for reflective thinking and a greater propensity to inhibit the use of mental shortcuts (heuristics) in decision-making. PMID:25875674

A Combination of Dopamine Genes Predicts Success by Professional Wall Street Traders

PubMed Central

Sapra, Steve; Beavin, Laura E.; Zak, Paul J.

2012-01-01

What determines success on Wall Street? This study examined if genes affecting dopamine levels of professional traders were associated with their career tenure. Sixty professional Wall Street traders were genotyped and compared to a control group who did not trade stocks. We found that distinct alleles of the dopamine receptor 4 promoter (DRD4P) and catecholamine-O-methyltransferase (COMT) that affect synaptic dopamine were predominant in traders. These alleles are associated with moderate, rather than very high or very low, levels of synaptic dopamine. The activity of these alleles correlated positively with years spent trading stocks on Wall Street. Differences in personality and trading behavior were also correlated with allelic variants. This evidence suggests there may be a genetic basis for the traits that make one a successful trader. PMID:22292056

17 CFR 18.04 - Statement of reporting trader.

Code of Federal Regulations, 2010 CFR

2010-04-01

... time in a physical marketing channel, and the transactions or positions are economically appropriate to... at a later time in a physical marketing channel and the transactions or positions are economically...

76 FR 43851 - Large Trader Reporting for Physical Commodity Swaps

Federal Register 2010, 2011, 2012, 2013, 2014

2011-07-22

... position, or gross long and gross short futures equivalent positions on a non-delta-adjusted basis if the... from clearing organizations, clearing members and swap dealers and apply non-routine reporting... implementing and conducting effective surveillance of economically equivalent physical commodity futures...

77 FR 70745 - Proposed Change to Data Protection

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-27

... DEPARTMENT OF ENERGY U.S. Energy Information Administration Proposed Change to Data Protection... Coal Production and Preparation Report--Coal Mines and Preparation Plants; and EIA-8A, the Coal Stocks Report--Traders and Brokers. DOE's proposed changes will release or publish data received from mandatory...

Unveiling correlations between financial variables and topological metrics of trading networks: Evidence from a stock and its warrant

NASA Astrophysics Data System (ADS)

Li, Ming-Xia; Jiang, Zhi-Qiang; Xie, Wen-Jie; Xiong, Xiong; Zhang, Wei; Zhou, Wei-Xing

2015-02-01

Traders develop and adopt different trading strategies attempting to maximize their profits in financial markets. These trading strategies not only result in specific topological structures in trading networks, which connect the traders with the pairwise buy-sell relationships, but also have potential impacts on market dynamics. Here, we present a detailed analysis on how the market behaviors are correlated with the structures of traders in trading networks based on audit trail data for the Baosteel stock and its warrant at the transaction level from 22 August 2005 to 23 August 2006. In our investigation, we divide each trade day into 48 rolling time windows with a length of 5 min, construct a trading network within each window, and obtain a time series of over 11,600 trading networks. We find that there are strongly simultaneous correlations between the topological metrics (including network centralization, assortative index, and average path length) of trading networks that characterize the patterns of order execution and the financial variables (including return, volatility, intertrade duration, and trading volume) for the stock and its warrant. Our analysis may shed new lights on how the microscopic interactions between elements within complex system affect the system's performance.

78 FR 27370 - Proposed Change to Data Protection

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-10

... DEPARTMENT OF ENERGY U.S. Energy Information Administration Proposed Change to Data Protection... Production and Preparation Report--Coal Mines and Preparation Plants; and EIA-8A, the Coal Stocks Report-Traders and Brokers. EIA proposes to change and strengthen the data protection provisions on Forms EIA-3...

Urban Livestock Keeping in the City of Nairobi: Diversity of Production Systems, Supply Chains, and Their Disease Management and Risks.

PubMed

Alarcon, Pablo; Fèvre, Eric M; Muinde, Patrick; Murungi, Maurice K; Kiambi, Stella; Akoko, James; Rushton, Jonathan

2017-01-01

Urban livestock keeping in developing cities have an important role in food security and livelihoods but can also pose a significant threat to the environment and health of urban dwellers. The aim of this study was to identify the different livestock systems in Nairobi, their supply chains, and their management and food safety risks. Seven focus group discussions with livestock production officers in charge of each major Nairobi sub-county were conducted. Data were collected on the type of systems existing for each livestock species and their supply chains, disease management, food safety risks, and general husbandry and gender factors. Supply chain flow diagrams and thematic analysis of the data was done. Results of the study show a large variability of livestock keeping in Nairobi. The majority were small scale with: <5 dairy cows, 1-6 dairy goats, <10 small ruminants, <20 pigs, 200-500 broilers, 300-500 layers, <10 indigenous chickens, or <20 rabbits. Beef keeping was mainly described as a "by the way" system or done by traders to fatten animals for 3 month. Supply chain analysis indicated that most dairy farmers sold milk directly to consumers due to "lack of trust" of these in traders. Broiler and pig farmers sold mainly to traders but are dependent on few large dominating companies for their replacement or distribution of products. Selling directly to retailers or consumers (including own consumption), with backyard slaughtering, were important chains for small-scale pig, sheep and goat, and indigenous chicken keepers. Important disease risk practices identified were associated with consumption of dead and sick animals, with underground network of brokers operating for ruminant products. Qualified trained health managers were used mainly by dairy farmers, and large commercial poultry and pig farmers, while use of unqualified health managers or no treatment were common in small-scale farming. Control of urban livestock keepers was reported difficult due to their "feeling of being outlaws," "lack of trust" in government, "inaccessibility" in informal settlements, "lack of government funding," or "understaffing." Findings are useful for designing policies to help to control urban livestock production and minimize its associated health and environment risks.

Heterogeneous belief and asset returns

NASA Astrophysics Data System (ADS)

Lei-Sun, Wen-Zou, Hui

2014-10-01

Based on DSSW model, this paper introduces the noise traders with heterogeneous belief. With an equilibrium analysis, this paper examines the return of risky asset. The results show that the belief biases, the probability of economy state, the degree of the heterogeneous noise trader's aversion risk, the coefficient between heterogeneous noise traders are all the factors that have effects on the risky asset pricing and the return of risky asset.

40 CFR 262.87 - Reporting and recordkeeping.

Code of Federal Regulations, 2012 CFR

2012-07-01

... movements subject to this subpart, persons (e.g., exporters, recognized traders) who meet the definition of...(s) and applicable waste code(s) from the appropriate OECD waste list incorporated by reference in... imprisonment. (b) Exception reports. Any person who meets the definition of primary exporter in § 262.51 or who...

40 CFR 262.87 - Reporting and recordkeeping.

Code of Federal Regulations, 2011 CFR

2011-07-01

... movements subject to this subpart, persons (e.g., exporters, recognized traders) who meet the definition of...(s) and applicable waste code(s) from the appropriate OECD waste list incorporated by reference in... imprisonment. (b) Exception reports. Any person who meets the definition of primary exporter in § 262.51 or who...

40 CFR 262.87 - Reporting and recordkeeping.

Code of Federal Regulations, 2013 CFR

2013-07-01

... movements subject to this subpart, persons (e.g., exporters, recognized traders) who meet the definition of...(s) and applicable waste code(s) from the appropriate OECD waste list incorporated by reference in... imprisonment. (b) Exception reports. Any person who meets the definition of primary exporter in § 262.51 or who...

40 CFR 262.87 - Reporting and recordkeeping.

Code of Federal Regulations, 2014 CFR

2014-07-01

... movements subject to this subpart, persons (e.g., exporters, recognized traders) who meet the definition of...(s) and applicable waste code(s) from the appropriate OECD waste list incorporated by reference in... imprisonment. (b) Exception reports. Any person who meets the definition of primary exporter in § 262.51 or who...

17 CFR 45.4 - Swap data reporting: continuation data.

Code of Federal Regulations, 2014 CFR

2014-04-01

... swap data repository as set forth in this section. This obligation commences on the applicable... swap data set forth in part 43 of this chapter; and, where applicable, swap dealers, major swap... traders set forth in parts 17 and 18 of this chapter. (a) Continuation data reporting method. For each...

17 CFR 45.4 - Swap data reporting: continuation data.

Code of Federal Regulations, 2013 CFR

2013-04-01

... swap data repository as set forth in this section. This obligation commences on the applicable... swap data set forth in part 43 of this chapter; and, where applicable, swap dealers, major swap... traders set forth in parts 17 and 18 of this chapter. (a) Continuation data reporting method. For each...

17 CFR 45.4 - Swap data reporting: continuation data.

Code of Federal Regulations, 2012 CFR

2012-04-01

... swap data repository as set forth in this section. This obligation commences on the applicable... swap data set forth in part 43 of this chapter; and, where applicable, swap dealers, major swap... traders set forth in parts 17 and 18 of this chapter. (a) Continuation data reporting method. For each...

Degree-strength correlation reveals anomalous trading behavior.

PubMed

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Wang, Zhao-Yang

2012-01-01

Manipulation is an important issue for both developed and emerging stock markets. Many efforts have been made to detect manipulation in stock markets. However, it is still an open problem to identify the fraudulent traders, especially when they collude with each other. In this paper, we focus on the problem of identifying the anomalous traders using the transaction data of eight manipulated stocks and forty-four non-manipulated stocks during a one-year period. By analyzing the trading networks of stocks, we find that the trading networks of manipulated stocks exhibit significantly higher degree-strength correlation than the trading networks of non-manipulated stocks and the randomized trading networks. We further propose a method to detect anomalous traders of manipulated stocks based on statistical significance analysis of degree-strength correlation. Experimental results demonstrate that our method is effective at distinguishing the manipulated stocks from non-manipulated ones. Our method outperforms the traditional weight-threshold method at identifying the anomalous traders in manipulated stocks. More importantly, our method is difficult to be fooled by colluded traders.

Reducing financial avalanches by random investments

NASA Astrophysics Data System (ADS)

Biondo, Alessio Emanuele; Pluchino, Alessandro; Rapisarda, Andrea; Helbing, Dirk

2013-12-01

Building on similarities between earthquakes and extreme financial events, we use a self-organized criticality-generating model to study herding and avalanche dynamics in financial markets. We consider a community of interacting investors, distributed in a small-world network, who bet on the bullish (increasing) or bearish (decreasing) behavior of the market which has been specified according to the S&P 500 historical time series. Remarkably, we find that the size of herding-related avalanches in the community can be strongly reduced by the presence of a relatively small percentage of traders, randomly distributed inside the network, who adopt a random investment strategy. Our findings suggest a promising strategy to limit the size of financial bubbles and crashes. We also obtain that the resulting wealth distribution of all traders corresponds to the well-known Pareto power law, while that of random traders is exponential. In other words, for technical traders, the risk of losses is much greater than the probability of gains compared to those of random traders.

The role of local governments in traditional market revitalization

NASA Astrophysics Data System (ADS)

Prastyawan, A.; Isbandono, P.

2018-01-01

This paper presents the discussion the role of local government in traditional market revitalization. It is obvious that traditional market contributes economically into a certain region. However, the existence of the traditional market is decreasing since there are modern markets that are fully facilitated by the government. In order to increase the economic standard of the traders, the government and the legislative revitalized the improper traditional market, without the participation of the society and the stakeholders. Government’s intention to revitalize the market is to increase local revenue. While the Legislative Council considered politically motivated by profit, rent-seeking. Restrictions on the aspirations of the traders in the revitalization cause resistance to the government. The traders wished to be recognized as part of the stakeholder. In the future, the market revitalization activities should involve the traders as the main actors who have received services from the government. Government as policy makers should consider as it partners in developing business traders and increase local revenues.

Reducing financial avalanches by random investments.

PubMed

Biondo, Alessio Emanuele; Pluchino, Alessandro; Rapisarda, Andrea; Helbing, Dirk

2013-12-01

Building on similarities between earthquakes and extreme financial events, we use a self-organized criticality-generating model to study herding and avalanche dynamics in financial markets. We consider a community of interacting investors, distributed in a small-world network, who bet on the bullish (increasing) or bearish (decreasing) behavior of the market which has been specified according to the S&P 500 historical time series. Remarkably, we find that the size of herding-related avalanches in the community can be strongly reduced by the presence of a relatively small percentage of traders, randomly distributed inside the network, who adopt a random investment strategy. Our findings suggest a promising strategy to limit the size of financial bubbles and crashes. We also obtain that the resulting wealth distribution of all traders corresponds to the well-known Pareto power law, while that of random traders is exponential. In other words, for technical traders, the risk of losses is much greater than the probability of gains compared to those of random traders.

A simple test of expected utility theory using professional traders.

PubMed

List, John A; Haigh, Michael S

2005-01-18

We compare behavior across students and professional traders from the Chicago Board of Trade in a classic Allais paradox experiment. Our experiment tests whether independence, a necessary condition in expected utility theory, is systematically violated. We find that both students and professionals exhibit some behavior consistent with the Allais paradox, but the data pattern does suggest that the trader population falls prey to the Allais paradox less frequently than the student population.

Socioeconophysics:. Opinion Dynamics for Number of Transactions and Price, a Trader Based Model

NASA Astrophysics Data System (ADS)

Tuncay, Çağlar

Involving effects of media, opinion leader and other agents on the opinion of individuals of market society, a trader based model is developed and utilized to simulate price via supply and demand. Pronounced effects are considered with several weights and some personal differences between traders are taken into account. Resulting time series and probabilty distribution function involving a power law for price come out similar to the real ones.

Identifying Live Bird Markets with the Potential to Act as Reservoirs of Avian Influenza A (H5N1) Virus: A Survey in Northern Viet Nam and Cambodia

PubMed Central

Fournié, Guillaume; Guitian, Javier; Desvaux, Stéphanie; Mangtani, Punam; Ly, Sowath; Cong, Vu Chi; San, Sorn; Dung, Do Huu; Holl, Davun; Pfeiffer, Dirk U.; Vong, Sirenda; Ghani, Azra C.

2012-01-01

Wet markets are common in many parts of the world and may promote the emergence, spread and maintenance of livestock pathogens, including zoonoses. A survey was conducted in order to assess the potential of Vietnamese and Cambodian live bird markets (LBMs) to sustain circulation of highly pathogenic avian influenza virus subtype H5N1 (HPAIV H5N1). Thirty Vietnamese and 8 Cambodian LBMs were visited, and structured interviews were conducted with the market managers and 561 Vietnamese and 84 Cambodian traders. Multivariate and cluster analysis were used to construct a typology of traders based on their poultry management practices. As a result of those practices and large poultry surplus (unsold poultry reoffered for sale the following day), some poultry traders were shown to promote conditions favorable for perpetuating HPAIV H5N1 in LBMs. More than 80% of these traders operated in LBMs located in the most densely populated areas, Ha Noi and Phnom Penh. The profiles of sellers operating at a given LBM could be reliably predicted using basic information about the location and type of market. Consequently, LBMs with the largest combination of risk factors for becoming virus reservoirs could be easily identified, potentially allowing control strategies to be appropriately targeted. These findings are of particular relevance to resource-scarce settings with extensively developed LBM systems, commonly found in South-East Asia. PMID:22675502

A simple test of expected utility theory using professional traders

PubMed Central

List, John A.; Haigh, Michael S.

2005-01-01

We compare behavior across students and professional traders from the Chicago Board of Trade in a classic Allais paradox experiment. Our experiment tests whether independence, a necessary condition in expected utility theory, is systematically violated. We find that both students and professionals exhibit some behavior consistent with the Allais paradox, but the data pattern does suggest that the trader population falls prey to the Allais paradox less frequently than the student population. PMID:15634739

Degree-Strength Correlation Reveals Anomalous Trading Behavior

PubMed Central

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Wang, Zhao-Yang

2012-01-01

Manipulation is an important issue for both developed and emerging stock markets. Many efforts have been made to detect manipulation in stock markets. However, it is still an open problem to identify the fraudulent traders, especially when they collude with each other. In this paper, we focus on the problem of identifying the anomalous traders using the transaction data of eight manipulated stocks and forty-four non-manipulated stocks during a one-year period. By analyzing the trading networks of stocks, we find that the trading networks of manipulated stocks exhibit significantly higher degree-strength correlation than the trading networks of non-manipulated stocks and the randomized trading networks. We further propose a method to detect anomalous traders of manipulated stocks based on statistical significance analysis of degree-strength correlation. Experimental results demonstrate that our method is effective at distinguishing the manipulated stocks from non-manipulated ones. Our method outperforms the traditional weight-threshold method at identifying the anomalous traders in manipulated stocks. More importantly, our method is difficult to be fooled by colluded traders. PMID:23082114

Self-reinforcing feedback loop in financial markets with coupling of market impact and momentum traders

NASA Astrophysics Data System (ADS)

Zhong, Li-Xin; Xu, Wen-Juan; Chen, Rong-Da; Zhong, Chen-Yang; Qiu, Tian; Ren, Fei; He, Yun-Xing

2018-03-01

By incorporating market impact and momentum traders into an agent-based model, we investigate the conditions for the occurrence of self-reinforcing feedback loops and the coevolutionary mechanism of prices and strategies. For low market impact, the price fluctuations are originally large. The existence of momentum traders has little impact on the change of price fluctuations but destroys the equilibrium between the trend-following and trend-rejecting strategies. The trend-following herd behaviors become dominant. A self-reinforcing feedback loop exists. For high market impact, the existence of momentum traders leads to an increase in price fluctuations. The trend-following strategies of rational individuals are suppressed while the trend-following strategies of momentum traders are promoted. The crowd-anticrowd behaviors become dominant. A negative feedback loop exists. A theoretical analysis indicates that, for low market impact, the majority effect is beneficial for the trend-followers to earn more, which in turn promotes the trend-following strategies. For high market impact, the minority effect causes the trend-followers to suffer great losses, which in turn suppresses the trend-following strategies.

Trading experience modulates anterior insula to reduce the endowment effect

PubMed Central

Tong, Lester C. P.; Ye, Karen J.; Asai, Kentaro; Ertac, Seda; List, John A.; Nusbaum, Howard C.; Hortaçsu, Ali

2016-01-01

People often demand a greater price when selling goods that they own than they would pay to purchase the same goods—a well-known economic bias called the endowment effect. The endowment effect has been found to be muted among experienced traders, but little is known about how trading experience reduces the endowment effect. We show that when selling, experienced traders exhibit lower right anterior insula activity, but no differences in nucleus accumbens or orbitofrontal activation, compared with inexperienced traders. Furthermore, insula activation mediates the effect of experience on the endowment effect. Similar results are obtained for inexperienced traders who are incentivized to gain trading experience. This finding indicates that frequent trading likely mitigates the endowment effect indirectly by modifying negative affective responses in the context of selling. PMID:27482098

The psychophysiology of real-time financial risk processing.

PubMed

Lo, Andrew W; Repin, Dmitry V

2002-04-01

A longstanding controversy in economics and finance is whether financial markets are governed by rational forces or by emotional responses. We study the importance of emotion in the decision-making process of professional securities traders by measuring their physiological characteristics (e.g., skin conductance, blood volume pulse, etc.) during live trading sessions while simultaneously capturing real-time prices from which market events can be detected. In a sample of 10 traders, we find statistically significant differences in mean electrodermal responses during transient market events relative to no-event control periods, and statistically significant mean changes in cardiovascular variables during periods of heightened market volatility relative to normal-volatility control periods. We also observe significant differences in these physiological responses across the 10 traders that may be systematically related to the traders' levels of experience.

Trading experience modulates anterior insula to reduce the endowment effect.

PubMed

Tong, Lester C P; Ye, Karen J; Asai, Kentaro; Ertac, Seda; List, John A; Nusbaum, Howard C; Hortaçsu, Ali

2016-08-16

People often demand a greater price when selling goods that they own than they would pay to purchase the same goods-a well-known economic bias called the endowment effect. The endowment effect has been found to be muted among experienced traders, but little is known about how trading experience reduces the endowment effect. We show that when selling, experienced traders exhibit lower right anterior insula activity, but no differences in nucleus accumbens or orbitofrontal activation, compared with inexperienced traders. Furthermore, insula activation mediates the effect of experience on the endowment effect. Similar results are obtained for inexperienced traders who are incentivized to gain trading experience. This finding indicates that frequent trading likely mitigates the endowment effect indirectly by modifying negative affective responses in the context of selling.

The Geometric Phase of Stock Trading.

PubMed

Altafini, Claudio

2016-01-01

Geometric phases describe how in a continuous-time dynamical system the displacement of a variable (called phase variable) can be related to other variables (shape variables) undergoing a cyclic motion, according to an area rule. The aim of this paper is to show that geometric phases can exist also for discrete-time systems, and even when the cycles in shape space have zero area. A context in which this principle can be applied is stock trading. A zero-area cycle in shape space represents the type of trading operations normally carried out by high-frequency traders (entering and exiting a position on a fast time-scale), while the phase variable represents the cash balance of a trader. Under the assumption that trading impacts stock prices, even zero-area cyclic trading operations can induce geometric phases, i.e., profits or losses, without affecting the stock quote.

Traders' behavioral coupling and market phase transition

NASA Astrophysics Data System (ADS)

Ma, Rong; Zhang, Yin; Li, Honggang

2017-11-01

Traditional economic theory is based on the assumption that traders are completely independent and rational; however, trading behavior in the real market is often coupled by various factors. This paper discusses behavioral coupling based on the stock index in the stock market, focusing on the convergence of traders' behavior, its effect on the correlation of stock returns and market volatility. We find that the behavioral consensus in the stock market, the correlation degree of stock returns, and the market volatility all exhibit significant phase transitions with stronger coupling.

Urban Livestock Keeping in the City of Nairobi: Diversity of Production Systems, Supply Chains, and Their Disease Management and Risks

PubMed Central

Alarcon, Pablo; Fèvre, Eric M.; Muinde, Patrick; Murungi, Maurice K.; Kiambi, Stella; Akoko, James; Rushton, Jonathan

2017-01-01

Urban livestock keeping in developing cities have an important role in food security and livelihoods but can also pose a significant threat to the environment and health of urban dwellers. The aim of this study was to identify the different livestock systems in Nairobi, their supply chains, and their management and food safety risks. Seven focus group discussions with livestock production officers in charge of each major Nairobi sub-county were conducted. Data were collected on the type of systems existing for each livestock species and their supply chains, disease management, food safety risks, and general husbandry and gender factors. Supply chain flow diagrams and thematic analysis of the data was done. Results of the study show a large variability of livestock keeping in Nairobi. The majority were small scale with: <5 dairy cows, 1–6 dairy goats, <10 small ruminants, <20 pigs, 200–500 broilers, 300–500 layers, <10 indigenous chickens, or <20 rabbits. Beef keeping was mainly described as a “by the way” system or done by traders to fatten animals for 3 month. Supply chain analysis indicated that most dairy farmers sold milk directly to consumers due to “lack of trust” of these in traders. Broiler and pig farmers sold mainly to traders but are dependent on few large dominating companies for their replacement or distribution of products. Selling directly to retailers or consumers (including own consumption), with backyard slaughtering, were important chains for small-scale pig, sheep and goat, and indigenous chicken keepers. Important disease risk practices identified were associated with consumption of dead and sick animals, with underground network of brokers operating for ruminant products. Qualified trained health managers were used mainly by dairy farmers, and large commercial poultry and pig farmers, while use of unqualified health managers or no treatment were common in small-scale farming. Control of urban livestock keepers was reported difficult due to their “feeling of being outlaws,” “lack of trust” in government, “inaccessibility” in informal settlements, “lack of government funding,” or “understaffing.” Findings are useful for designing policies to help to control urban livestock production and minimize its associated health and environment risks. PMID:29164137

Foraging under conditions of short-term exploitative competition: the case of stock traders

PubMed Central

Saavedra, Serguei; Malmgren, R. Dean; Switanek, Nicholas; Uzzi, Brian

2013-01-01

Theory purports that animal foraging choices evolve to maximize returns, such as net energy intake. Empirical research in both human and non-human animals reveals that individuals often attend to the foraging choices of their competitors while making their own foraging choices. Owing to the complications of gathering field data or constructing experiments, however, broad facts relating theoretically optimal and empirically realized foraging choices are only now emerging. Here, we analyse foraging choices of a cohort of professional day traders who must choose between trading the same stock multiple times in a row—patch exploitation—or switching to a different stock—patch exploration—with potentially higher returns. We measure the difference between a trader's resource intake and the competitors' expected intake within a short period of time—a difference we call short-term comparative returns. We find that traders' choices can be explained by foraging heuristics that maximize their daily short-term comparative returns. However, we find no one-best relationship between different trading choices and net income intake. This suggests that traders' choices can be short-term win oriented and, paradoxically, maybe maladaptive for absolute market returns. PMID:23363635

Foraging under conditions of short-term exploitative competition: the case of stock traders.

PubMed

Saavedra, Serguei; Malmgren, R Dean; Switanek, Nicholas; Uzzi, Brian

2013-03-22

Theory purports that animal foraging choices evolve to maximize returns, such as net energy intake. Empirical research in both human and non-human animals reveals that individuals often attend to the foraging choices of their competitors while making their own foraging choices. Owing to the complications of gathering field data or constructing experiments, however, broad facts relating theoretically optimal and empirically realized foraging choices are only now emerging. Here, we analyse foraging choices of a cohort of professional day traders who must choose between trading the same stock multiple times in a row--patch exploitation--or switching to a different stock--patch exploration--with potentially higher returns. We measure the difference between a trader's resource intake and the competitors' expected intake within a short period of time--a difference we call short-term comparative returns. We find that traders' choices can be explained by foraging heuristics that maximize their daily short-term comparative returns. However, we find no one-best relationship between different trading choices and net income intake. This suggests that traders' choices can be short-term win oriented and, paradoxically, maybe maladaptive for absolute market returns.

17 CFR 1.66 - No-action positions with respect to floor traders.

Code of Federal Regulations, 2010 CFR

2010-04-01

..., in light of the Congressional mandate requiring registration of floor traders under the Act, the... granted or denied registration under the Act, or on June 11, 1993, whichever comes earliest: Provided...

17 CFR 1.66 - No-action positions with respect to floor traders.

Code of Federal Regulations, 2011 CFR

2011-04-01

..., in light of the Congressional mandate requiring registration of floor traders under the Act, the... granted or denied registration under the Act, or on June 11, 1993, whichever comes earliest: Provided...

Child-Rearing Practices: Symposium I C.

ERIC Educational Resources Information Center

Phisalaphong, Wanpen; And Others

Studies of child-rearing practices among Thai, Indonesian, and Indian families are reported in two abstracts and one full paper. The Indonesian study (by Siti Rahayu Haditono) explored achievement motivation, parents' educational level, and child-rearing practices among members of four Javanese occupational groups: farmers, traders, civil…

Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets.

PubMed

Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

2016-01-01

Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole.

Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets

PubMed Central

Alorić, Aleksandra; Sollich, Peter; McBurney, Peter; Galla, Tobias

2016-01-01

Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole. PMID:27120473

The Geometric Phase of Stock Trading

PubMed Central

2016-01-01

Geometric phases describe how in a continuous-time dynamical system the displacement of a variable (called phase variable) can be related to other variables (shape variables) undergoing a cyclic motion, according to an area rule. The aim of this paper is to show that geometric phases can exist also for discrete-time systems, and even when the cycles in shape space have zero area. A context in which this principle can be applied is stock trading. A zero-area cycle in shape space represents the type of trading operations normally carried out by high-frequency traders (entering and exiting a position on a fast time-scale), while the phase variable represents the cash balance of a trader. Under the assumption that trading impacts stock prices, even zero-area cyclic trading operations can induce geometric phases, i.e., profits or losses, without affecting the stock quote. PMID:27556642

Turnover, account value and diversification of real traders: evidence of collective portfolio optimizing behavior

NASA Astrophysics Data System (ADS)

Morton de Lachapelle, David; Challet, Damien

2010-07-01

Despite the availability of very detailed data on financial markets, agent-based modeling is hindered by the lack of information about real trader behavior. This makes it impossible to validate agent-based models, which are thus reverse-engineering attempts. This work is a contribution towards building a set of stylized facts about the traders themselves. Using the client database of Swissquote Bank SA, the largest online Swiss broker, we find empirical relationships between turnover, account values and the number of assets in which a trader is invested. A theory based on simple mean-variance portfolio optimization that crucially includes variable transaction costs is able to reproduce faithfully the observed behaviors. We finally argue that our results bring to light the collective ability of a population to construct a mean-variance portfolio that takes into account the structure of transaction costs.

The value of information in a multi-agent market model. The luck of the uninformed

NASA Astrophysics Data System (ADS)

Tóth, B.; Scalas, E.; Huber, J.; Kirchler, M.

2007-01-01

We present an experimental and simulated model of a multi-agent stock market driven by a double auction order matching mechanism. Studying the effect of cumulative information on the performance of traders, we find a non monotonic relationship of net returns of traders as a function of information levels, both in the experiments and in the simulations. Particularly, averagely informed traders perform worse than the non informed and only traders with high levels of information (insiders) are able to beat the market. The simulations and the experiments reproduce many stylized facts of tick-by-tick stock-exchange data, such as fast decay of autocorrelation of returns, volatility clustering and fat-tailed distribution of returns. These results have an important message for everyday life. They can give a possible explanation why, on average, professional fund managers perform worse than the market index.

Optimal execution in high-frequency trading with Bayesian learning

NASA Astrophysics Data System (ADS)

Du, Bian; Zhu, Hongliang; Zhao, Jingdong

2016-11-01

We consider optimal trading strategies in which traders submit bid and ask quotes to maximize the expected quadratic utility of total terminal wealth in a limit order book. The trader's bid and ask quotes will be changed by the Poisson arrival of market orders. Meanwhile, the trader may update his estimate of other traders' target sizes and directions by Bayesian learning. The solution of optimal execution in the limit order book is a two-step procedure. First, we model an inactive trading with no limit order in the market. The dealer simply holds dollars and shares of stocks until terminal time. Second, he calibrates his bid and ask quotes to the limit order book. The optimal solutions are given by dynamic programming and in fact they are globally optimal. We also give numerical simulation to the value function and optimal quotes at the last part of the article.

17 CFR 18.04 - Statement of reporting trader.

Code of Federal Regulations, 2011 CFR

2011-04-01

... the reduction of risks in the conduct and management of a commercial enterprise: (i) Commercial... appropriate to the reduction of risks in the conduct and management of a commercial enterprise: (i) Commercial..., merchandising or processing of a cash commodity, asset or liability risk management by depository institutions...

77 FR 39785 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing of Proposed Rule Changes To...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-05

... ``pinging''). Professional traders, in particular, are more apt to submit, and often immediately cancel... more apt to provide liquidity in alternative trading systems and other non-exchange market centers...

77 FR 39768 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing of Proposed Rule Changes To...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-07-05

... referred to as well as ``pinging''). Professional traders, in particular, are more apt to submit, and often... attributable to professional traders. Indeed, we believe potential liquidity providers would be more apt to...

Uncertainty about fundamentals and herding behavior in the FOREX market

NASA Astrophysics Data System (ADS)

Kaltwasser, Pablo Rovira

2010-03-01

It is traditionally assumed in finance models that the fundamental value of assets is known with certainty. Although this is an appealing simplifying assumption it is by no means based on empirical evidence. A simple heterogeneous agent model of the exchange rate is presented. In the model, traders do not observe the true underlying fundamental exchange rate and as a consequence they base their trades on beliefs about this variable. Despite the fact that only fundamentalist traders operate in the market, the model belongs to the heterogeneous agent literature, as traders have different beliefs about the fundamental rate.

Prevalence of cardiovascular risk factors amongst traders in an urban market in Lagos, Nigeria.

PubMed

Odugbemi, T O; Onajole, A T; Osibogun, A O

2012-03-01

A descriptive cross-sectional study was carried out to determine the prevalence of cardiovascular risk factors amongst traders in an urban market in Lagos State. Tejuosho market, one of the large popular markets was selected from a list of markets that met the inclusion criteria of being major markets dealing in general goods using a simple random sampling technique by balloting. Four hundred (400) traders were selected using a systematic random sampling. Each trader was interviewed with a well-structured questionnaire and had blood pressure and anthropometric measurements (height, weight and body mass index). Female traders made up (74.3%) 297 of the total population. The mean age was 45.48+11.88 and 42.29+10.96 years for males and females respectively. Majority 239 (59.8%) fell within the age range of 35 - 55 years. The cardiovascular risk factors identified and their prevalence rates were hypertension (34.8%), physical inactivity (92%), previously diagnosed diabetes mellitus (0.8%), risky alcohol consumption (1%), cigarette smoking (0.3%) in females and (17.5%) in males, obesity (12.3%) and overweight (39.9%). The study recommended that any health promoting, preventive or intervention programme for this population would have to be worked into their market activities if it is to make an impact.

76 FR 81481 - Agency Information Collection Activities: Notice of Intent to Renew Collection, Large Trader Reports

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-28

... assist the Commission in the prevention of market manipulation. DATES: Comments must be submitted on or... other technological collection techniques or other forms of information technology; e.g., permitting... surveillance program, which includes the detection and prevention of price manipulation and enforcement of...

17 CFR 20.6 - Maintenance of books and records.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Maintenance of books and... TRADER REPORTING FOR PHYSICAL COMMODITY SWAPS § 20.6 Maintenance of books and records. (a) Every clearing... books and records showing all records for transactions resulting in such positions, which may be kept...

17 CFR 20.6 - Maintenance of books and records.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 17 Commodity and Securities Exchanges 1 2012-04-01 2012-04-01 false Maintenance of books and... TRADER REPORTING FOR PHYSICAL COMMODITY SWAPS § 20.6 Maintenance of books and records. (a) Every clearing... books and records showing all records for transactions resulting in such positions, which may be kept...

17 CFR 18.05 - Maintenance of books and records.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 17 Commodity and Securities Exchanges 1 2014-04-01 2014-04-01 false Maintenance of books and... REPORTS BY TRADERS § 18.05 Maintenance of books and records. (a) Every volume threshold account controller... keep books and records showing all details concerning all positions and transactions in the commodity...

17 CFR 20.6 - Maintenance of books and records.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 17 Commodity and Securities Exchanges 1 2013-04-01 2013-04-01 false Maintenance of books and... TRADER REPORTING FOR PHYSICAL COMMODITY SWAPS § 20.6 Maintenance of books and records. (a) Every clearing... books and records showing all records for transactions resulting in such positions, which may be kept...

76 FR 49821 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-11

..., Streaming Quote Traders (``SQTs'') and Remote Streaming Quote Traders (``RSQTs'') to connect and send quotes... with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the...

Additive Transforms Paint into Insulation

NASA Technical Reports Server (NTRS)

2007-01-01

Tech Traders Inc. sought assistance developing low-cost, highly effective coatings and paints that created useful thermal reflectance and were safe and non-toxic. In cooperation with a group of engineers at Kennedy Space Center., Tech Traders created Insuladd, a powder additive made up of microscopic, inert gas-filled, ceramic microspheres that can be mixed into ordinary interior or exterior paint, allowing the paint to act like a layer of insulation. When the paint dries, this forms a radiant heat barrier, turning the ordinary house paint into heat-reflecting thermal paint. According to Tech Traders, the product works with all types of paints and coatings and will not change the coverage rate, application, or adhesion of the paint. Other useful applications include feed storage silos to help prevent feed spoilage, poultry hatcheries to reduce the summer heat and winter cold effects, and on military vehicles and ships. Tech Traders has continued its connection to the aerospace community by recently providing Lockheed Martin Corporation with one of its thermal products for use on the F-22 Raptor.

Stochastic cellular automata model for stock market dynamics

NASA Astrophysics Data System (ADS)

Bartolozzi, M.; Thomas, A. W.

2004-04-01

In the present work we introduce a stochastic cellular automata model in order to simulate the dynamics of the stock market. A direct percolation method is used to create a hierarchy of clusters of active traders on a two-dimensional grid. Active traders are characterized by the decision to buy, σi (t)=+1 , or sell, σi (t)=-1 , a stock at a certain discrete time step. The remaining cells are inactive, σi (t)=0 . The trading dynamics is then determined by the stochastic interaction between traders belonging to the same cluster. Extreme, intermittent events, such as crashes or bubbles, are triggered by a phase transition in the state of the bigger clusters present on the grid, where almost all the active traders come to share the same spin orientation. Most of the stylized aspects of the financial market time series, including multifractal proprieties, are reproduced by the model. A direct comparison is made with the daily closures of the S&P500 index.

Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation.

PubMed

Raggetti, GianMario; Ceravolo, Maria G; Fattobene, Lucrezia; Di Dio, Cinzia

2017-01-01

Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources. Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion) and, eventually, size and type (Buy/Sell) of stock negotiations, made through Direct Access Trading (DAT) platforms. Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform. Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders showed greater activation of areas involved in strategic decision making. Discussion: The neural correlates in DAT are similar to those observed in other decision making contexts. Trading is handled as a well-learned automatic behavior by expert traders; for those who mostly rely on heuristics, cognitive effort decreases, and transaction speed increases, but decision efficiency lowers following a poor involvement of the dlPFC.

A model of international financial crises

NASA Astrophysics Data System (ADS)

Kaizoji, Taisei

2001-10-01

This paper proposes a model of international financial crises that is based on the statistical mechanics. In our model the international stock market is composed of two groups of traders mutually influencing each other with respect to their decision behavior, and financial contagion between markets occurs as a result of attempts by traders in the domestic market to imitate the behavior of traders who participate into exchange in a foreign market. This provides a channel through which a crisis in one market such as contemporaneous stock market crashes can be transmitted to other markets. We show that the model can explain the stylized facts characterizing periods of recent international financial crises.

Short-memory traders and their impact on group learning in financial markets

PubMed Central

LeBaron, Blake

2002-01-01

This article highlights several issues from simulating agent-based financial markets. These all center around the issue of learning in a multiagent setting, and specifically the question of whether the trading behavior of short-memory agents could interfere with the learning process of the market as whole. It is shown in a simple example that short-memory traders persist in generating excess volatility and other features common to actual markets. Problems related to short-memory trader behavior can be eliminated by using several different methods. These are discussed along with their relevance to agent-based models in general. PMID:11997443

Engaging Market Traders in Lassa Fever Campaign: Assessment of Knowledge and Risk Behaviour.

PubMed

Tobin, E A; Asogun, D A; Ehidiamen, G; Elugbe, B; Osiemi, B

2015-01-01

Markets provide a forum for reaching a large adult population with information on Lassa fever, and therefore understanding the food handling practices of traders may provide the foundation for an effective campaign against Lassa fever. This study was undertaken to provide baseline information on knowledge and food handling practices of traders in local markets in a Lassa fever endemic state of Nigeria. A structured questionnaire was used to obtain food handling habits that facilitate the transmission of Lassa virus from a cross sectional study involving 385 traders in three major markets in Edo state and data analyzed using SPSS version 15. Two hundred and ninety three (76.1%) had ever heard of Lassa fever, 27 (9.2%) had good knowledge. Good knowledge was significantly associated with higher educational status (p < 0.00) and male gender (p=0.03). Thirty seven (12.6%) respondents sun-dried their food frequently, 105 (35.8%) stored utensils in rodent proof containers, and 136 (46.4%) had the habit of eating garri soaked in water. One hundred and ninety (49.4%) respondents had food hygiene practices that were favorable for spread of Lassa fever. The observed gaps in knowledge of Lassa fever and food hygiene may be addressed through tailored health messages. In this way, market campaigns will be effective in increasing knowledge of Lassa fever, and traders can themselves become peer educators.

78 FR 3940 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-17

... Report regarding a Nasdaq security through the NasdaqTrader.com Web site shall be determined in... improvement of web functionality and the inclusion of supplementary equity information, but has not increased... dark pools and electronic communication networks (``ECNs''). Each SRO market competes to produce...

Knowledge, attitudes and practices of traceability among livestock traders in south-western Nigeria: implications for sustainable livestock industry.

PubMed

Adesokan, Hezekiah K; Ocheja, Samuel E

2014-01-01

Livestock diseases and other animal health events are a threat to achieving sustainable livestock industry. The knowledge of trace-back and the practice of providing feedback on diseases encountered in slaughtered animals from the abattoir to the farm can help limit the spread as well as manage potential future incidents of such diseases. We assessed the knowledge, attitudes and practices of 200 willing livestock traders on traceability in Bodija Municipal Abattoir, south-western Nigeria. The results reveal that the majority of these traders had poor knowledge (79.5 %) and practices (74.0 %) of traceability, though 89.5 % demonstrated good attitudes. While 22.9 % knew that traceability could be an effective means to control diseases, only a lower proportion (9.0 %) knew the health status of the animals being purchased. Though 29.0 % reported the diseases encountered in their animals during slaughter to the farm, only 9.5 % followed up to ensure the farmers take steps at preventing further occurrence of the reported diseases. While age (p = 0.000; 0.014) and education (p = 0.000; 0.000) were both significant for good knowledge and attitudes, frequency of condemned cases (p = 0.000) and length of years in the trade (p = 0.004) were, respectively, significant for good knowledge and attitudes with none associated with practice. These poor levels of knowledge and practices of traceability are a threat to sustainable livestock industry, food security and human health; hence, there is an urgent need to institute national feedback mechanism on slaughtered animals in order to strengthen interventions against diseases at farm levels.

75 FR 27611 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-05-17

...) are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates are the... Registered Options Traders (on-floor) and Specialists; (ii) amending the current options transaction charge for Registered Options Traders (on-floor) and Specialists and applying that charge and the options...

25 CFR 140.19 - Drugs.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Drugs. 140.19 Section 140.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.19 Drugs. Traders shall not keep for sale, or sell, give away, or use any opium, chloral, cocaine, peyote or mescal bean...

25 CFR 140.19 - Drugs.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Drugs. 140.19 Section 140.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.19 Drugs. Traders shall not keep for sale, or sell, give away, or use any opium, chloral, cocaine, peyote or mescal bean...

25 CFR 140.19 - Drugs.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 25 Indians 1 2012-04-01 2011-04-01 true Drugs. 140.19 Section 140.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.19 Drugs. Traders shall not keep for sale, or sell, give away, or use any opium, chloral, cocaine, peyote or mescal bean...

25 CFR 140.19 - Drugs.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 1 2011-04-01 2011-04-01 false Drugs. 140.19 Section 140.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.19 Drugs. Traders shall not keep for sale, or sell, give away, or use any opium, chloral, cocaine, peyote or mescal bean...

25 CFR 140.19 - Drugs.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 25 Indians 1 2014-04-01 2014-04-01 false Drugs. 140.19 Section 140.19 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.19 Drugs. Traders shall not keep for sale, or sell, give away, or use any opium, chloral, cocaine, peyote or mescal bean...

25 CFR 140.21 - Gambling.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 1 2011-04-01 2011-04-01 false Gambling. 140.21 Section 140.21 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.21 Gambling. Gambling, by dice, cards, or in any way whatever, is strictly prohibited in any licensed trader's store or...

25 CFR 140.25 - Trade in antiquities prohibited.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 25 Indians 1 2012-04-01 2011-04-01 true Trade in antiquities prohibited. 140.25 Section 140.25 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.25 Trade in antiquities prohibited. Traders shall not deal in objects of antiquity removed from...

25 CFR 140.25 - Trade in antiquities prohibited.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 1 2011-04-01 2011-04-01 false Trade in antiquities prohibited. 140.25 Section 140.25 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.25 Trade in antiquities prohibited. Traders shall not deal in objects of antiquity removed from...

25 CFR 140.25 - Trade in antiquities prohibited.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Trade in antiquities prohibited. 140.25 Section 140.25 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.25 Trade in antiquities prohibited. Traders shall not deal in objects of antiquity removed from...

25 CFR 140.25 - Trade in antiquities prohibited.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 25 Indians 1 2014-04-01 2014-04-01 false Trade in antiquities prohibited. 140.25 Section 140.25 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.25 Trade in antiquities prohibited. Traders shall not deal in objects of antiquity removed from...

25 CFR 140.21 - Gambling.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Gambling. 140.21 Section 140.21 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.21 Gambling. Gambling, by dice, cards, or in any way whatever, is strictly prohibited in any licensed trader's store or...

25 CFR 140.21 - Gambling.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 25 Indians 1 2014-04-01 2014-04-01 false Gambling. 140.21 Section 140.21 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.21 Gambling. Gambling, by dice, cards, or in any way whatever, is strictly prohibited in any licensed trader's store or...

25 CFR 140.21 - Gambling.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Gambling. 140.21 Section 140.21 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.21 Gambling. Gambling, by dice, cards, or in any way whatever, is strictly prohibited in any licensed trader's store or...

25 CFR 140.21 - Gambling.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 25 Indians 1 2012-04-01 2011-04-01 true Gambling. 140.21 Section 140.21 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.21 Gambling. Gambling, by dice, cards, or in any way whatever, is strictly prohibited in any licensed trader's store or...

Emergence of trend trading and its effects in minority game

NASA Astrophysics Data System (ADS)

Liu, Xing-Hua; Liang, Xiao-Bei; Wang, Nai-Jing

2006-09-01

In this paper, we extended Minority Game (MG) by equipping agents with both value and trend strategies. In the new model, agents (we call them strong-adaptation agents) can autonomically select to act as trend trader or value trader when they game and learn in system. So the new model not only can reproduce stylized factors but also has the potential to investigate into the process of some problems of securities market. We investigated the dynamics of trend trading and its impacts on securities market based on the new model. Our research found that trend trading is inevitable when strong-adaptation agents make decisions by inductive reasoning. Trend trading (of strong-adaptation agents) is not irrational behavior but shows agent's strong-adaptation intelligence, because strong-adaptation agents can take advantage of the pure value agents when they game together in hybrid system. We also found that strong-adaptation agents do better in real environment. The results of our research are different with those of behavior finance researches.

Modeling stock price dynamics by continuum percolation system and relevant complex systems analysis

NASA Astrophysics Data System (ADS)

Xiao, Di; Wang, Jun

2012-10-01

The continuum percolation system is developed to model a random stock price process in this work. Recent empirical research has demonstrated various statistical features of stock price changes, the financial model aiming at understanding price fluctuations needs to define a mechanism for the formation of the price, in an attempt to reproduce and explain this set of empirical facts. The continuum percolation model is usually referred to as a random coverage process or a Boolean model, the local interaction or influence among traders is constructed by the continuum percolation, and a cluster of continuum percolation is applied to define the cluster of traders sharing the same opinion about the market. We investigate and analyze the statistical behaviors of normalized returns of the price model by some analysis methods, including power-law tail distribution analysis, chaotic behavior analysis and Zipf analysis. Moreover, we consider the daily returns of Shanghai Stock Exchange Composite Index from January 1997 to July 2011, and the comparisons of return behaviors between the actual data and the simulation data are exhibited.

Optimal execution with price impact under Cumulative Prospect Theory

NASA Astrophysics Data System (ADS)

Zhao, Jingdong; Zhu, Hongliang; Li, Xindan

2018-01-01

Optimal execution of a stock (or portfolio) has been widely studied in academia and in practice over the past decade, and minimizing transaction costs is a critical point. However, few researchers consider the psychological factors for the traders. What are traders truly concerned with - buying low in the paper accounts or buying lower compared to others? We consider the optimal trading strategies in terms of the price impact and Cumulative Prospect Theory and identify some specific properties. Our analyses indicate that a large proportion of the execution volume is distributed at both ends of the transaction time. But the trader's optimal strategies may not be implemented at the same transaction size and speed in different market environments.

Live pig markets in eastern Indonesia: Trader characteristics, biosecurity and implications for disease spread.

PubMed

Leslie, Edwina E C; Geong, Maria; Abdurrahman, Muktasam; Ward, Michael P; Toribio, Jenny-Ann L M L

2016-03-01

Classical swine fever has been negatively impacting pig production in Nusa Tenggara Timur province in eastern Indonesia since its introduction in the 1990s, with live market trade contributing to disease spread. To understand market trader knowledge and practices regarding pig management, biosecurity, pig movements and pig health (specifically CSF), a repeated survey was conducted with pig sellers and pig buyers at 9 market sites across West Timor and the islands of Flores and Sumba. A total of 292 sellers and 281 buyers were interviewed in 2009 during two periods (rounds), a high-demand month (September) and a low-demand month (November). Information was collected via questionnaire. The majority of traders were male (sellers: 89%; buyers: 87%) with the highest level of completed education being primary school (sellers: 48%; buyers: 41%). The primary occupation of most respondents was farming: 90% of sellers and 87% of buyers were smallholder pig farmers and tended to sell their own home-raised pigs at market (52%). Pigs were sold for monetary gain either for primary (52%) or extra income (44%). Markets tended to be selected based on a good reputation (62%), a location close to residence (62%) and having the desired pig type (59%). Pig sales through markets were reported to be highest from August to October with 31% of sellers trading pigs at two or more markets. Prices at market were significantly higher on Sumba compared to West Timor and cross-bred pigs were significantly more expensive than indigenous pigs. Understanding of CSF and biosecurity was limited: 85% of sellers and 83% of buyers had no prior knowledge of CSF. Fifty-four percent of sellers reported no use of any biosecurity practices at market. Most respondents (88%) were able to recognise at least one clinical sign of a sick pig. Informal pig movements were also identified: 18% of pig buyers purchased pigs directly from other farmers. This study has provided baseline information on market trader activities at live pig markets in NTT that can contribute to the formation of sustainable strategies for improving pig health. Since NTT is the poorest province in Indonesia and pigs play a vital socioeconomic role in this province, market management and farmer education is needed to improve the pig market chain and contribute to socioeconomic development. Copyright © 2015 Elsevier B.V. All rights reserved.

78 FR 4914 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Approving Proposed Rule Change To Amend...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-23

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68574; File No. SR-Phlx-2012-130] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Approving Proposed Rule Change To Amend Performance Evaluations With Respect to Quote Submissions of Streaming Quote Traders and Remote Streaming Quote Traders...

75 FR 8762 - NASDAQ OMX PHLX, Inc.; Order of Summary Abrogation

Federal Register 2010, 2011, 2012, 2013, 2014

2010-02-25

... other things, assess a transaction fee of $0.05 per contract on Phlx specialists, Streaming Quote Traders (``SQTs'') and Remote Streaming Quote Traders (``RSQTs'') \\2\\ for equity option orders directed to... assessed a transaction fee of $0.21 per contract when it trades with an order not directed to it. In SR...

25 CFR 140.17 - Tobacco sales to minors.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Tobacco sales to minors. 140.17 Section 140.17 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.17 Tobacco sales to minors. No trader shall sell tobacco, cigars, or cigarettes to any Indian under...

25 CFR 140.17 - Tobacco sales to minors.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 25 Indians 1 2014-04-01 2014-04-01 false Tobacco sales to minors. 140.17 Section 140.17 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.17 Tobacco sales to minors. No trader shall sell tobacco, cigars, or cigarettes to any Indian under...

78 FR 47479 - 30-Day Notice of Proposed Information Collection: Nonimmigrant Treaty Trader/Investor Application

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-05

...: Nonimmigrant Treaty Trader/Investor Application ACTION: Notice of request for public comment and submission to.../Investor Application OMB Control Number: OMB-1405-0101 Type of Request: Extension of a Currently Approved... Investor Estimated Number of Respondents: 41,752 Estimated Number of Responses: 41,752 Average Time per...

25 CFR 140.24 - Cash payments only to Indians.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 25 Indians 1 2012-04-01 2011-04-01 true Cash payments only to Indians. 140.24 Section 140.24 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.24 Cash payments only to Indians. Traders must not pay Indians in tokens, tickets, store orders...

25 CFR 140.24 - Cash payments only to Indians.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Cash payments only to Indians. 140.24 Section 140.24 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.24 Cash payments only to Indians. Traders must not pay Indians in tokens, tickets, store orders...

25 CFR 140.24 - Cash payments only to Indians.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 1 2011-04-01 2011-04-01 false Cash payments only to Indians. 140.24 Section 140.24 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.24 Cash payments only to Indians. Traders must not pay Indians in tokens, tickets, store orders...

25 CFR 140.24 - Cash payments only to Indians.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Cash payments only to Indians. 140.24 Section 140.24 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.24 Cash payments only to Indians. Traders must not pay Indians in tokens, tickets, store orders...

77 FR 13162 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-05

... (``PFOF'') program that helps its Specialists \\5\\ and Directed Registered Options Traders [[Page 13163... flow provider directing some or all of its order flow to that Specialist or Directed ROT. This program is funded through fees paid by Registered Options Traders (``ROTs''), Specialists and Directed ROTs...

76 FR 41853 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-07-15

... regulatory efforts and competitive pricing pressures. The Exchange proposes to increase both its SRO and DEA... lower total registration fees for off-Exchange traders to respond to competitive pressures. The Exchange... Exchange to respond to competitive pressures by lowering trader fees for all off-Exchange proprietary...

77 FR 23531 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-19

... apply to Streaming Quote Traders (``SQTs''), \\5\\ Remote Streaming Quote Traders (``RSQTs'') \\6\\ and... generate and submit option quotations electronically in options to which such SQT is assigned. \\6\\ A Remote....C. 552, will be available for Web site viewing and printing in the Commission's Public Reference...

25 CFR 140.17 - Tobacco sales to minors.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Tobacco sales to minors. 140.17 Section 140.17 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.17 Tobacco sales to minors. No trader shall sell tobacco, cigars, or cigarettes to any Indian under...

25 CFR 140.17 - Tobacco sales to minors.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 1 2011-04-01 2011-04-01 false Tobacco sales to minors. 140.17 Section 140.17 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.17 Tobacco sales to minors. No trader shall sell tobacco, cigars, or cigarettes to any Indian under...

The Traders' Cross: Identifying Traders' Surpluses in the Traditional Edgeworth Exchange Diagram

ERIC Educational Resources Information Center

Beaulier, Scott A.; Prychitko, David L.

2010-01-01

The Edgeworth exchange diagram is a traditional tool of undergraduate microeconomic theory that depicts the mutually beneficial gains from voluntary trade. The authors take the analysis one step further. They identify the buyer's and seller's surpluses that accrue to both trading parties in the Edgeworth diagram. This is a straightforward exercise…

From molecule to market: steroid hormones and financial risk-taking.

PubMed

Coates, John M; Gurnell, Mark; Sarnyai, Zoltan

2010-01-27

Little is known about the role of the endocrine system in financial decision-making. Here, we survey research on steroid hormones and their cognitive effects, and examine potential links to trader performance in the financial markets. Preliminary findings suggest that cortisol codes for risk and testosterone for reward. A key finding of this endocrine research is the different cognitive effects of acute versus chronic exposure to hormones: acutely elevated steroids may optimize performance on a range of tasks; but chronically elevated steroids may promote irrational risk-reward choices. We present a hypothesis suggesting that the irrational exuberance and pessimism observed during market bubbles and crashes may be mediated by steroid hormones. If hormones can exaggerate market moves, then perhaps the age and sex composition among traders and asset managers may affect the level of instability witnessed in the financial markets.

Micro-foundation using percolation theory of the finite time singular behavior of the crash hazard rate in a class of rational expectation bubbles

NASA Astrophysics Data System (ADS)

Seyrich, Maximilian; Sornette, Didier

2016-04-01

We present a plausible micro-founded model for the previously postulated power law finite time singular form of the crash hazard rate in the Johansen-Ledoit-Sornette (JLS) model of rational expectation bubbles. The model is based on a percolation picture of the network of traders and the concept that clusters of connected traders share the same opinion. The key ingredient is the notion that a shift of position from buyer to seller of a sufficiently large group of traders can trigger a crash. This provides a formula to estimate the crash hazard rate by summation over percolation clusters above a minimum size of a power sa (with a>1) of the cluster sizes s, similarly to a generalized percolation susceptibility. The power sa of cluster sizes emerges from the super-linear dependence of group activity as a function of group size, previously documented in the literature. The crash hazard rate exhibits explosive finite time singular behaviors when the control parameter (fraction of occupied sites, or density of traders in the network) approaches the percolation threshold pc. Realistic dynamics are generated by modeling the density of traders on the percolation network by an Ornstein-Uhlenbeck process, whose memory controls the spontaneous excursion of the control parameter close to the critical region of bubble formation. Our numerical simulations recover the main stylized properties of the JLS model with intermittent explosive super-exponential bubbles interrupted by crashes.

17 CFR 21.03 - Selected special calls-duties of foreign brokers, domestic and foreign traders, futures...

Code of Federal Regulations, 2010 CFR

2010-04-01

... the threat of a market manipulation, corner, squeeze, or other market disorder exists on any reporting... or may be adversely affected or aggrieved by action taken by the Commission under paragraph (f) of... transmit the same and a recommended decision to the Commission. The Commission's directive under paragraph...

Transportation Facilitation Education Program: A Handbook for Transportation and Distribution. Part III. Final Report.

ERIC Educational Resources Information Center

Oregon Univ., Eugene. Coll. of Business Administration.

The handbook accents the nature of transportation and related domestic and international business activities. Its objective is to provide basic information for the newcomer to the field. Chapters 2 and 3 describe assistance available from public and private agencies, as well as regulatory requirements for foreign traders and a resume of the…

Neural Correlates of Direct Access Trading in a Real Stock Market: An fMRI Investigation

PubMed Central

Raggetti, GianMario; Ceravolo, Maria G.; Fattobene, Lucrezia; Di Dio, Cinzia

2017-01-01

Background: While financial decision making has been barely explored, no study has previously investigated the neural correlates of individual decisions made by professional traders involved in real stock market negotiations, using their own financial resources. Aim: We sought to detect how different brain areas are modulated by factors like age, expertise, psychological profile (speculative risk seeking or aversion) and, eventually, size and type (Buy/Sell) of stock negotiations, made through Direct Access Trading (DAT) platforms. Subjects and methods: Twenty male traders underwent fMRI while negotiating in the Italian stock market using their own preferred trading platform. Results: At least 20 decision events were collected during each fMRI session. Risk averse traders performed a lower number of financial transactions with respect to risk seekers, with a lower average economic value, but with a higher rate of filled proposals. Activations were observed in cortical and subcortical areas traditionally involved in decision processes, including the ventrolateral and dorsolateral prefrontal cortex (vlPFC, dlPFC), the posterior parietal cortex (PPC), the nucleus accumbens (NAcc), and dorsal striatum. Regression analysis indicated an important role of age in modulating activation of left NAcc, while traders' expertise was negatively related to activation of vlPFC. High value transactions were associated with a stronger activation of the right PPC when subjects' buy rather than sell. The success of the trading activity, based on a large number of filled transactions, was related with higher activation of vlPFC and dlPFC. Independent of chronological and professional age, traders differed in their attitude to DAT, with distinct brain activity profiles being detectable during fMRI sessions. Those subjects who described themselves as very self-confident, showed a lower or absent activation of both the caudate nucleus and the dlPFC, while more reflexive traders showed greater activation of areas involved in strategic decision making. Discussion: The neural correlates in DAT are similar to those observed in other decision making contexts. Trading is handled as a well-learned automatic behavior by expert traders; for those who mostly rely on heuristics, cognitive effort decreases, and transaction speed increases, but decision efficiency lowers following a poor involvement of the dlPFC. PMID:29033782

Agility: Agent - Ility Architecture

DTIC Science & Technology

2002-10-01

existing and emerging standards (e.g., distributed objects, email, web, search engines , XML, Java, Jini). Three agent system components resulted from...agents and other Internet resources and operate over the web (AgentGram), a yellow pages service that uses Internet search engines to locate XML ads for agents and other Internet resources (WebTrader).

76 FR 52722 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-23

... Principal. \\6\\ The Series 23 is designed to test a candidate's knowledge of the rules and statutory... Series 9/10 examination. CBOE is proposing to limit the time period for which an automatic waiver of the... category are in parentheses): PT--Proprietary Trader (Series 56), CT-- Proprietary Trader Compliance...

77 FR 12345 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-29

... the public. A securities trader must pass the Series 7 examination and is registered as a General... content outline and the qualification examination, the Series 56, which would be applicable to Proprietary Traders. Certain exchanges have submitted filings to the Commission to utilize the Series 56.\\8\\ The...

Improving Resilience and Self-Esteem among University Students with Entrepreneurship Simulation Board Game

ERIC Educational Resources Information Center

Prihadi, Kususanto; Cheow, Damien Z. Y.; Yong, Jonathan H. E.; Sundrasagran, Megaanesh

2018-01-01

This study aims to evaluate the effect of the frequency of playing a board game that simulates entrepreneurial experience called "Traders" on the university students' resilience and self-esteem. Traders Board Game (TBG) was developed in 2015 with an aim to improve several entrepreneurship skills among young adults, and resilience being…

25 CFR 140.25 - Trade in antiquities prohibited.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Trade in antiquities prohibited. 140.25 Section 140.25 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.25 Trade in antiquities prohibited. Traders shall not deal in objects of antiquity removed from any historic or prehistoric ruin or monumen...

Supporting Informal Learning by Traders in Investment Banks

ERIC Educational Resources Information Center

Chivers, Geoffrey

2011-01-01

Purpose: The main aims of this paper are to determine the extent to which experienced traders in investment banks based in London are learning by informal methods, which methods are to the fore, and whether HRD staff are providing support for informal learning. It also seeks to find evidence that such investment banks were attempting to become…

A picture of health? Animal use and the Faraday traditional medicine market, South Africa.

PubMed

Williams, Vivienne Linda; Whiting, Martin John

2016-02-17

The use of animals and plants as traditional remedies for both medical afflictions and social or cultural issues (symbolism) has a long history in South Africa and a reasonably large proportion of the population will consult a traditional healer during their life-time. Compared to plants, the use of animal parts in traditional medicine and folklore is poorly documented. We interviewed 32 traders from South Africa's largest traditional medicine market, the Faraday Street market in Johannesburg, of which only 20 consented to supplying some species use information. Traders are particularly protective of the medicinal properties of their wares. Given the sensitive nature of this information (12 traders declined to be interviewed), we were only able to gather data on their perceived uses and no data on dosages, efficacy, or individual turn-over of products. We assessed the trade of animal parts from the perspective of consumer needs by analysing use-categories (e.g. headaches, strokes, skin problems, bad luck, etc.) and the degree of informant consensus in the selection of fauna to treat certain conditions. We documented 301 uses for animal parts from 52 species and 18 'morphospecies' that we allocated to 122 broad-use categories. Overall, reptiles and mammals were the most frequently used taxa in traditional medicine and some species had multiple uses (i.e., appeared in multiple use-categories) including crocodiles, lizards generally, chameleons, striped polecats, elephants and jackals. Animals were mostly used for 'strength' (physical or overcoming fear), but also as love charms, warding off bad luck or bad spirits or improving one's luck. Only 36% of our categories were medicinal (e.g., headaches, skin problems, swollen feet, etc.). We also found a high rate of non-disclosure of uses per species (a mean 86% of traders did not reveal information on the use of a species), and a variable degree of consensus between the traders on what particular species are actually used for. We suggest that traditional medicine markets provide a unique opportunity to gauge the health and symbolic or personal issues representative of a large sector of society. What's more, we recommend that researchers be more mindful in the way that use information is reported. We also highlight the potentially serious threat of traditional medicine to species that may be particularly vulnerable by virtue of their restricted distribution or predictable behaviour. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

From molecule to market: steroid hormones and financial risk-taking

PubMed Central

Coates, John M.; Gurnell, Mark; Sarnyai, Zoltan

2010-01-01

Little is known about the role of the endocrine system in financial decision-making. Here, we survey research on steroid hormones and their cognitive effects, and examine potential links to trader performance in the financial markets. Preliminary findings suggest that cortisol codes for risk and testosterone for reward. A key finding of this endocrine research is the different cognitive effects of acute versus chronic exposure to hormones: acutely elevated steroids may optimize performance on a range of tasks; but chronically elevated steroids may promote irrational risk-reward choices. We present a hypothesis suggesting that the irrational exuberance and pessimism observed during market bubbles and crashes may be mediated by steroid hormones. If hormones can exaggerate market moves, then perhaps the age and sex composition among traders and asset managers may affect the level of instability witnessed in the financial markets. PMID:20026470

75 FR 68842 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-09

... recording trading by CBSX Traders through CBSX Workstations and trading between CBSX Traders. See Rule 50.1.... See Rules 50.1(f) and 50.3. A ``CBSX Workstation'' means a computer connected to CBSX for the purposes... requires that an exchange have rules that are designed to promote just and equitable principles of trade...

76 FR 5415 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-31

... by CBSX Traders through CBSX Workstations and trading between CBSX Traders. See Rule 50.1(a). A... 50.1(f) and 50.3. A ``CBSX Workstation'' means a computer connected to CBSX for the purposes of...(b)(5) of the Act,\\16\\ which requires that an exchange have rules that are designed to promote just...

77 FR 22365 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-13

... either Streaming Quote Traders (``SQTs'') \\4\\, Remote Streaming Quote Traders (``RSQTs'') \\5\\ or non...\\ Prior to the amendment Commentary .01 required that in order for an ROT (other than an RSQT or a Remote... Commentary .13, Options Floor Procedure Advice B- 3 currently requires an ROT (other than an RSQT or a Remote...

25 CFR 140.16 - Trade in annuities or gratuities prohibited.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Trade in annuities or gratuities prohibited. 140.16 Section 140.16 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.16 Trade in annuities or gratuities prohibited. Traders are forbidden to buy, trade for, or have in their possession any annuit...

"Us" and "Them": The Discursive Construction of "the Other" in Greenmarket Square, Cape Town

ERIC Educational Resources Information Center

Dyers, Charlyn; Wankah, Foncha John

2012-01-01

This paper is based on research done on intercultural communication at Greenmarket Square in the heart of Cape Town, South Africa. The Square is well known as a market for informal traders (mainly from other parts of Africa), local people and tourists from all over the world. Using originally collected discursive evidence from market traders, the…

The Dynamics of Avian Influenza: Individual-Based Model with Intervention Strategies in Traditional Trade Networks in Phitsanulok Province, Thailand.

PubMed

Wilasang, Chaiwat; Wiratsudakul, Anuwat; Chadsuthi, Sudarat

2016-01-01

Avian influenza virus subtype H5N1 is endemic to Southeast Asia. In Thailand, avian influenza viruses continue to cause large poultry stock losses. The spread of the disease has a serious impact on poultry production especially among rural households with backyard chickens. The movements and activities of chicken traders result in the spread of the disease through traditional trade networks. In this study, we investigate the dynamics of avian influenza in the traditional trade network in Phitsanulok Province, Thailand. We also propose an individual-based model with intervention strategies to control the spread of the disease. We found that the dynamics of the disease mainly depend on the transmission probability and the virus inactivation period. This study also illustrates the appropriate virus disinfection period and the target for intervention strategies on traditional trade network. The results suggest that good hygiene and cleanliness among household traders and trader of trader areas and ensuring that any equipment used is clean can lead to a decrease in transmission and final epidemic size. These results may be useful to epidemiologists, researchers, and relevant authorities in understanding the spread of avian influenza through traditional trade networks.

A multi-assets artificial stock market with zero-intelligence traders

NASA Astrophysics Data System (ADS)

Ponta, L.; Raberto, M.; Cincotti, S.

2011-01-01

In this paper, a multi-assets artificial financial market populated by zero-intelligence traders with finite financial resources is presented. The market is characterized by different types of stocks representing firms operating in different sectors of the economy. Zero-intelligence traders follow a random allocation strategy which is constrained by finite resources, past market volatility and allocation universe. Within this framework, stock price processes exhibit volatility clustering, fat-tailed distribution of returns and reversion to the mean. Moreover, the cross-correlations between returns of different stocks are studied using methods of random matrix theory. The probability distribution of eigenvalues of the cross-correlation matrix shows the presence of outliers, similar to those recently observed on real data for business sectors. It is worth noting that business sectors have been recovered in our framework without dividends as only consequence of random restrictions on the allocation universe of zero-intelligence traders. Furthermore, in the presence of dividend-paying stocks and in the case of cash inflow added to the market, the artificial stock market points out the same structural results obtained in the simulation without dividends. These results suggest a significative structural influence on statistical properties of multi-assets stock market.

Fish Marketing of Ribbon Fish (Trichiurus sp.) in Nusantara Fishing Port (NFP)at Palabuhanratu, West Java

NASA Astrophysics Data System (ADS)

Bambang, Azis Nur

2018-02-01

The objective of this research is to study the marketing process of ribbon fish (Trichiurus sp.), including the marketing margin, marketing agencies, traders and marketing channels The research was carried out for 3 mo in Nusantara Fishing Port (NFP), Palabuhanratu, Sukabumi, West Java. A case study was used in this research. A purposive sampling method was used to collect data from 55 respondents of fish marketing, consisting of fishermen, agents, traders, and retailers, who were involved in the marketing of ribbon fish in NFP Palabuhanratu. The result of the research showed that ribbon fish production in Palabuhanratu fluctuated from year to year. There are two types of ribbon fish marketing, i.e. type one is from fishermen to retailers, and type two is indirect marketing from fisherman to consumers through intermediate traders (exporters). The greatest marketing margin was obtained from the first type, while the smallest marketing margin was obtained from type two. The form of the market was considered to be oligopsony market. Fisherman's share is greatest in the collectors and the smallest share is on retailers. Marketing process in traders is efficient due to its lowest margin and highest fisherman's share.

17 CFR 18.03 - Delegation of authority to the Director of the Division of Market and Oversight.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Delegation of authority to the... COMMODITY FUTURES TRADING COMMISSION REPORTS BY TRADERS § 18.03 Delegation of authority to the Director of... such other employee or employees of the Director as may be designated from time to time by the Director...

Southeast Asia Report

DTIC Science & Technology

1987-01-12

bourgeoisie and strictly punish the speculators and black marketers, while using appropriate policies and measures to develop the positive aspects and...allowed to produce and distribute the goods themselves. The commercial bourgeoisie must be eliminated. However, small and medium-sized traders who have...production forces urgently demand new economic thinking. To renovate the party’s economic thinking is to apply the basic principle of Marxism - Leninism

Quantum diffusion of prices and profits

NASA Astrophysics Data System (ADS)

Piotrowski, Edward W.; Sładkowski, Jan

2005-01-01

We discuss the time evolution of quotations of stocks and commodities and show that corrections to the orthodox Bachelier model inspired by quantum mechanical time evolution of particles may be important. Our analysis shows that traders tactics can interfere as waves do and trader's strategies can be reproduced from the corresponding Wigner functions. The proposed interpretation of the chaotic movement of market prices imply that the Bachelier behaviour follows from short-time interference of tactics adopted (paths followed) by the rest of the world considered as a single trader and the Ornstein-Uhlenbeck corrections to the Bachelier model should qualitatively matter only for large time scales. The famous smithonian invisible hand is interpreted as a short-time tactics of whole the market considered as a single opponent. We also propose a solution to the currency preference paradox.

Trading in markets with noisy information: an evolutionary analysis

NASA Astrophysics Data System (ADS)

Bloembergen, Daan; Hennes, Daniel; McBurney, Peter; Tuyls, Karl

2015-07-01

We analyse the value of information in a stock market where information can be noisy and costly, using techniques from empirical game theory. Previous work has shown that the value of information follows a J-curve, where averagely informed traders perform below market average, and only insiders prevail. Here we show that both noise and cost can change this picture, in several cases leading to opposite results where insiders perform below market average, and averagely informed traders prevail. Moreover, we investigate the effect of random explorative actions on the market dynamics, showing how these lead to a mix of traders being sustained in equilibrium. These results provide insight into the complexity of real marketplaces, and show under which conditions a broad mix of different trading strategies might be sustainable.

77 FR 23528 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-04-19

... latency enhancements and regulatory systems. Specifically, the Exchange proposes to increase the... (``SQTs'') (see Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (``RSQTs'') (see Rule 1014(b)(ii... for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE...

Bond Valuation for Colleges and Universities.

ERIC Educational Resources Information Center

National Association of College and University Business Officers, Washington, DC.

Bond valuation is examined to provide college administrators a more thorough understanding of the process to help them in developing their market values, or to help them in moving to a market valuation on bond holdings. Two methods presently used to value bonds, a matrix system and a trader quotation method, are described. An overview of bond…

78 FR 37265 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-06-20

... York, commonly known as the ``Blue Room'', and amend NYSE Rule 6A, which defines the terms ``Trading... Traders can only utilize the 18 Broad Street entrance to access the Blue Room. \\5\\ See Securities Exchange... IFUS Traders may, on an as needed basis and only prior to 7 a.m., access the Blue Room via the Exchange...

Crude oil prices: Speculation versus fundamentals

NASA Astrophysics Data System (ADS)

Kolodziej, Marek Krzysztof

Beginning in 2004, the price of crude oil fluctuates rapidly over a wide range. Large and rapid price increases have recessionary consequences and dampen long-term infrastructural investment. I investigate whether price changes are driven by market fundamentals or speculation. With regard to market fundamentals, I revisit econometric evidence for the importance of demand shocks, as proxied by dry maritime cargo rates, on oil prices. When I eliminate transportation costs from both sides of the equation, disaggregate OPEC and non-OPEC production, and allow for more than one cointegrating relation, I find that previous specifications are inconsistent with arguments that demand shocks play an important role. Instead, results confirm the importance of OPEC supply shocks. I investigate two channels by which speculation may affect oil prices; the direct effect of trader behavior and changes in oil from a commodity to a financial asset. With regard to trader behavior, I find evidence that trader positions are required to explain the spread between spot and futures prices of crude oil on the New York Mercantile Exchange. The inclusion of trader positions clarifies the process of equilibrium error correction, such that there is bidirectional causality between prices and trader positions. This creates the possibility of speculative bubbles. With regard to oil as a commodity and/or financial asset, I use a Kalman Filter model to estimate the time-varying partial correlation between returns to investments in equity and oil markets. This correlation changes from negative to positive at the onset of the 2008 financial crisis. The low interest rates used to rescue the economy depress convenience yields, which reduces the benefits of holding oil as a commodity. Instead, oil becomes a financial asset (on net) as the oil market changed from contango to backwardation. Contradicting simple political narratives, my research suggests that both market fundamentals and speculation drive large oil prices. Chinese oil demand is not responsible for large increases in oil prices; nor are they caused by behavioral idiosyncrasies by oil traders. Finally, oil will be treated largely as a financial asset so long as interest rates are held near their all-time lows.

The local knowledge of medicinal plants trader and diversity of medicinal plants in the Kabanjahe traditional market, North Sumatra, Indonesia.

PubMed

Silalahi, Marina; Nisyawati; Walujo, Eko Baroto; Supriatna, Jatna; Mangunwardoyo, Wibowo

2015-12-04

Market is the main place for transactions of medicinal plants and traditional ingredients by local community in the Karo regency, North Sumatra, Indonesia. This is the first study to document the local knowledge of traders on and the diversity of the medicinal plants. The investigation was carried out in the Kabanjahe traditional market, in the Karo regency. The research goal was to reveal the local knowledge, diversity and utilization of medicinal plants, which have been traded in the Kabanjahe traditional market, as a basis for conservation efforts. The study was conducted through ethnobotanical approach using market surveys. All traders of medicinal plants were surveyed applying in-depth interviews and participative observations. Data were analyzed qualitatively using descriptive statistics. The diversity of medicinal plants was expressed in term of the Shannon-Wiener diversity index (H'), whereas the similarity among traders was indicated by Jaccard index (Ji). Traders of medicinal plants stored the simplicia of medicinal plants in chest of drawers, plastic baskets, plastic bags, and in the air by suspending them from the the stall ceilings. We recorded 344 species, 217 genera and 90 families of medicinal plants. Those that were sold mostly belong to Zingeberaceae (20 species), Poaceae (19 species), and Asclepiadaceae (17 species), and the species received high consumers demand, mostly belong to Zingiberaceae, Rutaceae, and Asclepidiaceae. Asclepidiaceae was used to treat diseases like cancer and heart problems. The Shannon-Wiener diversity index of medicinal plants at the Kabanjahe traditional market was high (H'= 5.637). The high Jaccard similarity index (Ji>0.56) suggested that the traders were trading similar species of medicinal plants. Kabanjahe traditional market is the center for the sale of of medicinal plants as traditional ingredients. Several species are well known for their pharmacological properties but others, [such as: Dischidia imbricata (Blume) Steud., Dischidia nummularia R.Br., Hoya macrophylla Blume, and Hoya coriacea Blume] have been used for cancer treatment by local communities, but pharmacologically unknown, hence they are promising candidates for further investigation. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

[Advanced information technologies for financial services industry]. Final report

DOE Office of Scientific and Technical Information (OSTI.GOV)

NONE

The project scope is to develop an advanced user interface utilizing speech and/or handwriting recognition technology that will improve the accuracy and speed of recording transactions in the dynamic environment of a foreign exchange (FX) trading floor. The project`s desired result is to improve the base technology for trader`s workstations on FX trading floors. Improved workstation effectiveness will allow vast amounts of complex information and events to be presented and analyzed, thus increasing the volume of money and other assets to be exchanged at an accelerated rate. The project scope is to develop and demonstrate technologies that advance interbank checkmore » imaging and paper check truncation. The following describes the tasks to be completed: (1) Identify the economics value case, the legal and regulatory issues, the business practices that are affected, and the effects upon settlement. (2) Familiarization with existing imaging technology. Develop requirements for image quality, security, and interoperability. Adapt existing technologies to meet requirements. (3) Define requirements for the imaging laboratory and design its architecture. Integrate and test technology from task 2 with equipment in the laboratory. (4) Develop and/or integrate and test remaining components; includes security, storage, and communications. (5) Build a prototype system and test in a laboratory. Install and run in two or more banks. Develop documentation. Conduct training. The project`s desired result is to enable a proof-of-concept trial in which multiple banks will exchange check images, exhibiting operating conditions which a check experiences as it travels through the payments/clearing system. The trial should demonstrate the adequacy of digital check images instead of paper checks.« less

Action on low immunization uptake.

PubMed

Azubuike, M C; Ehiri, J E

1998-01-01

Despite a number of initiatives and campaigns over the years, immunization coverage in most parts of Nigeria remains low. That low coverage contributes to high morbidity and mortality levels among children. Poor transport, an ineffective cold chain, shortages of trained manpower, and inadequate community support and involvement are some of the factors which explain the underutilization of the immunization service. Aba is a city of approximately 500,000 people in eastern Nigeria in which the majority of inhabitants are traders. Aba's primary health care committee decided that immunization centers should be established in or near main trading areas to accommodate traders who did not want to leave their goods in order to take their children to primary care facilities for immunization. Traders' representatives helped to identify 8 suitable locations for vaccination sites in 3 shopping centers, the local authority provided financial and political support, and the state government gave technical and logistical assistance. The project began in September 1990 and was publicized through the traders' networks, which also helped to mobilize the relevant resources. Since many trading families were reached for the first time at the special centers, immunization coverage improved significantly for the 6 vaccine-preventable childhood diseases. Moreover, the project gave health workers the opportunity to deliver other services and counseling on matters of public health importance.

Prediction Markets: A Review with an Experimentally Based Recommendation for Navy Force-shaping Application

DTIC Science & Technology

2009-12-01

participation problem in which rational traders have no further incentive or desire to trade once they already have hedged their bets (Hanson, 2003...traders who already have hedged their bets in other markets (Abramowicz, 2003, p. 24). A thin market generally leads to comparatively large price...prices. Contract prices should be set at a reasonable level to ensure there is not an overwhelming arbitrage opportunity when the market opens

The trading rectangle strategy within book models

NASA Astrophysics Data System (ADS)

Matassini, Lorenzo

2001-12-01

We introduce a model of trading where traders interact through the insertion of orders in the book. This matching mechanism is a collection of the activity of agents: They can trade at the market price or place a limit order. The latter is valid until cancelled by the trader; to this end we introduce a threshold in time after which the probability of the order to be removed is strongly increased. There is essentially no source of randomness and all the traders share a common strategy, what we call trading rectangle. Since there are no fundamentalist rules, it is not so important to identify the right moment to enter in the market. Much more effort is required to decide when to sell. The model is able to reproduce many of the complex phenomena manifested in real stock markets, including the positive correlation between bid/ask spreads and volatility.

Quantifying immediate price impact of trades based on the k-shell decomposition of stock trading networks

NASA Astrophysics Data System (ADS)

Xie, Wen-Jie; Li, Ming-Xia; Xu, Hai-Chuan; Chen, Wei; Zhou, Wei-Xing; Stanley, H. Eugene

2016-10-01

Traders in a stock market exchange stock shares and form a stock trading network. Trades at different positions of the stock trading network may contain different information. We construct stock trading networks based on the limit order book data and classify traders into k classes using the k-shell decomposition method. We investigate the influences of trading behaviors on the price impact by comparing a closed national market (A-shares) with an international market (B-shares), individuals and institutions, partially filled and filled trades, buyer-initiated and seller-initiated trades, and trades at different positions of a trading network. Institutional traders professionally use some trading strategies to reduce the price impact and individuals at the same positions in the trading network have a higher price impact than institutions. We also find that trades in the core have higher price impacts than those in the peripheral shell.

Interaction among actors in retail market competition in malang city

NASA Astrophysics Data System (ADS)

Kurniawan, B.; Ma'ruf, M. F.

2018-01-01

In several countries, traditional market lose in competition with supermarket. Supermarket has several advantages compared with traditional market. It can provides consumers with lower prices, offer more varieties of products and higher quality products than traditional retailers, has more comfortable place for shopping. In Malang City, the existence of traditional traders was threatened. In a competitive retail market, traditional traders get less protection from the Government of Malang Municipality. Massive demonstrations conducted by traditional traders along with other society elements unable to stem the rapid growth of modern retail. This paper focus on the interaction of Malang Municipality actors in the local retail market competition. How those interaction can make imbalance retail market competition. The author uses descriptive-analytic method with a qualitative approach in this work. As a result, the interaction tend to produce imbalance retail market competition. Interaction between legislative, executive, bureaucracy and mass media tend to support modern retail growth than traditional one.

A subjective supply-demand model: the maximum Boltzmann/Shannon entropy solution

NASA Astrophysics Data System (ADS)

Piotrowski, Edward W.; Sładkowski, Jan

2009-03-01

The present authors have put forward a projective geometry model of rational trading. The expected (mean) value of the time that is necessary to strike a deal and the profit strongly depend on the strategies adopted. A frequent trader often prefers maximal profit intensity to the maximization of profit resulting from a separate transaction because the gross profit/income is the adopted/recommended benchmark. To investigate activities that have different periods of duration we define, following the queuing theory, the profit intensity as a measure of this economic category. The profit intensity in repeated trading has a unique property of attaining its maximum at a fixed point regardless of the shape of demand curves for a wide class of probability distributions of random reverse transactions (i.e. closing of the position). These conclusions remain valid for an analogous model based on supply analysis. This type of market game is often considered in research aiming at finding an algorithm that maximizes profit of a trader who negotiates prices with the Rest of the World (a collective opponent), possessing a definite and objective supply profile. Such idealization neglects the sometimes important influence of an individual trader on the demand/supply profile of the Rest of the World and in extreme cases questions the very idea of demand/supply profile. Therefore we put forward a trading model in which the demand/supply profile of the Rest of the World induces the (rational) trader to (subjectively) presume that he/she lacks (almost) all knowledge concerning the market but his/her average frequency of trade. This point of view introduces maximum entropy principles into the model and broadens the range of economic phenomena that can be perceived as a sort of thermodynamical system. As a consequence, the profit intensity has a fixed point with an astonishing connection with Fibonacci classical works and looking for the quickest algorithm for obtaining the extremum of a convex function: the profit intensity reaches its maximum when the probability of transaction is given by the golden ratio rule (\\sqrt {5}-1)/{2} . This condition sets a sharp criterion of validity of the model and can be tested with real market data.

Fish traders as key actors in fisheries: gender and adaptive management.

PubMed

Fröcklin, Sara; de la Torre-Castro, Maricela; Lindström, Lars; Jiddawi, Narriman S

2013-12-01

This paper fills an important gap towards adaptive management of small-scale fisheries by analyzing the gender dimension of fish trade in Zanzibar, Tanzania. We hypothesize that gender-based differences are present in the fish value chain and to test the hypothesis interviews were performed to analyze: (i) markets, customers, and mobility, (ii) material and economic resources, (iii) traded fish species, (iv) contacts and organizations, and (v) perceptions and experiences. Additionally, management documents were analyzed to examine the degree to which gender is considered. Results show that women traders had less access to social and economic resources, profitable markets, and high-value fish, which resulted in lower income. These gender inequalities are linked, among others, to women's reproductive roles such as childcare and household responsibilities. Formal fisheries management was found to be gender insensitive, showing how a crucial feedback element of adaptive management is missing in Zanzibar's management system, i.e., knowledge about key actors, their needs and challenges.

System dynamics of behaviour-evolutionary mix-game models

NASA Astrophysics Data System (ADS)

Gou, Cheng-Ling; Gao, Jie-Ping; Chen, Fang

2010-11-01

In real financial markets there are two kinds of traders: one is fundamentalist, and the other is a trend-follower. The mix-game model is proposed to mimic such phenomena. In a mix-game model there are two groups of agents: Group 1 plays the majority game and Group 2 plays the minority game. In this paper, we investigate such a case that some traders in real financial markets could change their investment behaviours by assigning the evolutionary abilities to agents: if the winning rates of agents are smaller than a threshold, they will join the other group; and agents will repeat such an evolution at certain time intervals. Through the simulations, we obtain the following findings: (i) the volatilities of systems increase with the increase of the number of agents in Group 1 and the times of behavioural changes of all agents; (ii) the performances of agents in both groups and the stabilities of systems become better if all agents take more time to observe their new investment behaviours; (iii) there are two-phase zones of market and non-market and two-phase zones of evolution and non-evolution; (iv) parameter configurations located within the cross areas between the zones of markets and the zones of evolution are suited for simulating the financial markets.

Remembering Mahmut Hoca in a Neoliberal Age "I Am Not a Trader but a Teacher!"

ERIC Educational Resources Information Center

Yildiz, Ahmet; Ünlü, Derya; Alica, Zeynep; Sarpkaya, Dogus

2013-01-01

In this study we are going to analyze the reflections of neoliberal policies in Turkey, which have occupied the education system since 1980s, within the context of popular Turkish cinema films that focus on teachers. As it has been emphasized by critical educators, during the last 30 years, neoliberal policies and practices, affect all education…

Patterns of change: the dynamics of medicinal plant trade in far-western Nepal.

PubMed

Pyakurel, Dipesh; Sharma, Indira Bhattarai; Smith-Hall, Carsten

2018-06-06

Combined quantitative and qualitative environmental product trade studies, undertaken in the same location over time, are instrumental in identifying plant species with commercial demand and explaining what drives temporal changes. Yet such dynamic studies are rare, including for Himalayan medicinal plants that have been large-scale traded for millennia. To (i) investigate changes in medicinal plant trade in the past 17 years, and (ii) identify the main factors driving changes, using a study of Darchula District in far-western Nepal. Medicinal plant production network data were collected from March to August 2016, for the fiscal year 2014-15, for Darchula District in far-western Nepal through 167 quantitative (58 harvesters, 38 sub-local traders, 25 local traders, 25 central wholesalers, and 21 regional wholesalers), 61 qualitative (15 sub-local traders, 19 local traders, 15 central wholesalers, and 12 regional wholesalers) interviews, and four focus group discussions. Results were compared to previously unpublished similar data for Darchula District for the year 1997-98, using quantitative and qualitative interviews with 10 local traders, 20 central wholesalers, and 53 regional wholesalers. Data analysis was guided by an analytical framework derived from Global Production Network theory. Quantitative data were used to estimate changes in 12 indicators while the qualitative information allowed identification of the factors driving observed changes in the indicators. The volume of medicinal plants traded from Darchula District in the fiscal year 2014-15 was 401 t with a harvester value of USD 5.5 million, representing a 2.3 fold increase in volume and 17.2 fold increase in value compared to 1997-98. Trade in the two observation years comprised 30 air-dried plant products (from 28 identified species as well as lichens and a mineral substance); 12 products were traded in both periods, while seven disappeared, and 11 new products entered the trade. The number of traders increased from 10 to 63, mainly due to the emergence of a single high value product yarsagumba (Ophiocordyceps sinensis), a fungus-caterpillar complex which alone contributed 85% of total trade value. Over the observed time period, harvesters and traders increased their margins at the cost of central wholesalers, indicating that market changes favoured lower tier actors, eroding the previously identified passive central wholesaler oligopsony in Nepal. Important drivers of market changes are: (i) rising incomes in China and India, expressed through demand for new products and increasing per unit prices for a range of products, (ii) expanding infrastructure (roads and telecommunications) towards and into harvesting sites, reducing transport costs and increasing market efficiency, and (iii) government interventions, causing disappearance of some species from trade. These market changes also led to increased cultivation at lower altitudes, and a sharp increase in the number of processor industries in Nepal. Trade in medicinal plant products in far-western Nepal in the past two decades has increased substantially, doubling in volume and increasing 17 fold in value. There is a backbone of constantly traded species but also species that disappear from trade and new species that enter. Changes favour harvesters and traders at the benefit of central wholesalers whose previous passive oligopsony is disappearing. The three main drivers of change are rising incomes in China and India, expanding infrastructure, and government interventions in Nepal. Commercial medicinal plant resources are a substantial asset that appears to offer opportunities for economic development in far-western Nepal. The trade, however, may pose sustainability threats that are best understood by combining species-level biophysical, trade, and consumer studies. Copyright © 2018. Published by Elsevier B.V.

Think twice before you book? Modelling the choice of public vs private dentist in a choice experiment.

PubMed

Kiiskinen, Urpo; Suominen-Taipale, Anna Liisa; Cairns, John

2010-06-01

This study concerns the choice of primary dental service provider by consumers. If the health service delivery system allows individuals to choose between public-care providers or if complementary private services are available, it is typically assumed that utilisation is a three-stage decision process. The patient first makes a decision to seek care, and then chooses the service provider. The final stage, involving decisions over the amount and form of treatment, is not considered here. The paper reports a discrete choice experiment (DCE) designed to evaluate attributes affecting individuals' choice of dental-care provider. The feasibility of the DCE approach in modelling consumers' choice in the context of non-acute need for dental care is assessed. The aim is to test whether a separate two-stage logit, a multinomial logit, or a nested logit best fits the choice process of consumers. A nested logit model of indirect utility functions is estimated and inclusive value (IV) constraints are tested for modelling implications. The results show that non-trading behaviour has an impact on the choice of appropriate modelling technique, but is to some extent dependent on the choice of scenarios offered. It is concluded that for traders multinomial logit is appropriate, whereas for non-traders and on average the nested logit is the method supported by the analyses. The consistent finding in all subgroup analyses is that the traditional two-stage decision process is found to be implausible in the context of consumer's choice of dental-care provider.

China and Proliferation of Weapons of Mass Destruction and Missiles: Policy Issues

DTIC Science & Technology

2012-11-07

facilities, while experts from China worked at a uranium mine at Saghand and a centrifuge facility (for uranium enrichment) near Isfahan, reported the...Barbara Opall -Rome and Vago Muradian, “Bush Privately Lauds Israeli Attack on Syria,” Defense News, January 14, 2008; Paul Richter, “West Says N... Mining Development Trading Corporation).123 Also, in December 2009, Japan arrested two traders who exported expensive cosmetics from Japan to North

Analysis of the supply chain and conservation status of sharks (Elasmobranchii: Superorder Selachimorpha) based on fisher knowledge.

PubMed

Martins, Ana Paula Barbosa; Feitosa, Leonardo Manir; Lessa, Rosangela Paula; Almeida, Zafira Silva; Heupel, Michelle; Silva, Wagner Macedo; Tchaicka, Ligia; Nunes, Jorge Luiz Silva

2018-01-01

Increasing fishing effort has caused declines in shark populations worldwide. Understanding biological and ecological characteristics of sharks is essential to effectively implement management measures, but to fully understand drivers of fishing pressure social factors must be considered through multidisciplinary and integrated approaches. The present study aimed to use fisher and trader knowledge to describe the shark catch and product supply chain in Northeastern Brazil, and evaluate perceptions regarding the regional conservation status of shark species. Non-systematic observations and structured individual interviews were conducted with experienced fishers and traders. The demand and economic value of shark fins has reportedly decreased over the last 10 years while the shark meat trade has increased slightly, including a small increase in the average price per kilogram of meat. Several threatened shark species were reportedly often captured off shore and traded at local markets. This reported and observed harvest breaches current Brazilian environmental laws. Fishing communities are aware of population declines of several shark species, but rarely take action to avoid capture of sharks. The continuing capture of sharks is mainly due to a lack of knowledge of environmental laws, lack of enforcement by responsible authorities, and difficulties encountered by fishers in finding alternative income streams. National and regional conservation measures are immediately required to reduce overfishing on shark populations in Northeastern Brazil. Social and economic improvements for poor fishing communities must also be implemented to achieve sustainable fisheries.

Analysis of the supply chain and conservation status of sharks (Elasmobranchii: Superorder Selachimorpha) based on fisher knowledge

PubMed Central

Almeida, Zafira Silva; Heupel, Michelle; Silva, Wagner Macedo; Tchaicka, Ligia

2018-01-01

Increasing fishing effort has caused declines in shark populations worldwide. Understanding biological and ecological characteristics of sharks is essential to effectively implement management measures, but to fully understand drivers of fishing pressure social factors must be considered through multidisciplinary and integrated approaches. The present study aimed to use fisher and trader knowledge to describe the shark catch and product supply chain in Northeastern Brazil, and evaluate perceptions regarding the regional conservation status of shark species. Non-systematic observations and structured individual interviews were conducted with experienced fishers and traders. The demand and economic value of shark fins has reportedly decreased over the last 10 years while the shark meat trade has increased slightly, including a small increase in the average price per kilogram of meat. Several threatened shark species were reportedly often captured off shore and traded at local markets. This reported and observed harvest breaches current Brazilian environmental laws. Fishing communities are aware of population declines of several shark species, but rarely take action to avoid capture of sharks. The continuing capture of sharks is mainly due to a lack of knowledge of environmental laws, lack of enforcement by responsible authorities, and difficulties encountered by fishers in finding alternative income streams. National and regional conservation measures are immediately required to reduce overfishing on shark populations in Northeastern Brazil. Social and economic improvements for poor fishing communities must also be implemented to achieve sustainable fisheries. PMID:29534100

Information Cost, Memory Length and Market Instability.

PubMed

Diks, Cees; Li, Xindan; Wu, Chengyao

2018-07-01

In this article, we study the instability of a stock market with a modified version of Diks and Dindo's (2008) model where the market is characterized by nonlinear interactions between informed traders and uninformed traders. In the interaction of heterogeneous agents, we replace the replicator dynamics for the fractions by logistic strategy switching. This modification makes the model more suitable for describing realistic price dynamics, as well as more robust with respect to parameter changes. One goal of our paper is to use this model to explore if the arrival of new information (news) and investor behavior have an effect on market instability. A second, related, goal is to study the way markets absorb new information, especially when the market is unstable and the price is far from being fully informative. We find that the dynamics become locally unstable and prices may deviate far from the fundamental price, routing to chaos through bifurcation, with increasing information costs or decreasing memory length of the uninformed traders.

Market Confidence Predicts Stock Price: Beyond Supply and Demand.

PubMed

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

2016-01-01

Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

Ethnic diversity deflates price bubbles

PubMed Central

Levine, Sheen S.; Apfelbaum, Evan P.; Bernard, Mark; Bartelt, Valerie L.; Zajac, Edward J.; Stark, David

2014-01-01

Markets are central to modern society, so their failures can be devastating. Here, we examine a prominent failure: price bubbles. Bubbles emerge when traders err collectively in pricing, causing misfit between market prices and the true values of assets. The causes of such collective errors remain elusive. We propose that bubbles are affected by ethnic homogeneity in the market and can be thwarted by diversity. In homogenous markets, traders place undue confidence in the decisions of others. Less likely to scrutinize others’ decisions, traders are more likely to accept prices that deviate from true values. To test this, we constructed experimental markets in Southeast Asia and North America, where participants traded stocks to earn money. We randomly assigned participants to ethnically homogeneous or diverse markets. We find a marked difference: Across markets and locations, market prices fit true values 58% better in diverse markets. The effect is similar across sites, despite sizeable differences in culture and ethnic composition. Specifically, in homogenous markets, overpricing is higher as traders are more likely to accept speculative prices. Their pricing errors are more correlated than in diverse markets. In addition, when bubbles burst, homogenous markets crash more severely. The findings suggest that price bubbles arise not only from individual errors or financial conditions, but also from the social context of decision making. The evidence may inform public discussion on ethnic diversity: it may be beneficial not only for providing variety in perspectives and skills, but also because diversity facilitates friction that enhances deliberation and upends conformity. PMID:25404313

Understanding agent-based models of financial markets: A bottom-up approach based on order parameters and phase diagrams

NASA Astrophysics Data System (ADS)

Lye, Ribin; Tan, James Peng Lung; Cheong, Siew Ann

2012-11-01

We describe a bottom-up framework, based on the identification of appropriate order parameters and determination of phase diagrams, for understanding progressively refined agent-based models and simulations of financial markets. We illustrate this framework by starting with a deterministic toy model, whereby N independent traders buy and sell M stocks through an order book that acts as a clearing house. The price of a stock increases whenever it is bought and decreases whenever it is sold. Price changes are updated by the order book before the next transaction takes place. In this deterministic model, all traders based their buy decisions on a call utility function, and all their sell decisions on a put utility function. We then make the agent-based model more realistic, by either having a fraction fb of traders buy a random stock on offer, or a fraction fs of traders sell a random stock in their portfolio. Based on our simulations, we find that it is possible to identify useful order parameters from the steady-state price distributions of all three models. Using these order parameters as a guide, we find three phases: (i) the dead market; (ii) the boom market; and (iii) the jammed market in the phase diagram of the deterministic model. Comparing the phase diagrams of the stochastic models against that of the deterministic model, we realize that the primary effect of stochasticity is to eliminate the dead market phase.

Ethnic diversity deflates price bubbles.

PubMed

Levine, Sheen S; Apfelbaum, Evan P; Bernard, Mark; Bartelt, Valerie L; Zajac, Edward J; Stark, David

2014-12-30

Markets are central to modern society, so their failures can be devastating. Here, we examine a prominent failure: price bubbles. Bubbles emerge when traders err collectively in pricing, causing misfit between market prices and the true values of assets. The causes of such collective errors remain elusive. We propose that bubbles are affected by ethnic homogeneity in the market and can be thwarted by diversity. In homogenous markets, traders place undue confidence in the decisions of others. Less likely to scrutinize others' decisions, traders are more likely to accept prices that deviate from true values. To test this, we constructed experimental markets in Southeast Asia and North America, where participants traded stocks to earn money. We randomly assigned participants to ethnically homogeneous or diverse markets. We find a marked difference: Across markets and locations, market prices fit true values 58% better in diverse markets. The effect is similar across sites, despite sizeable differences in culture and ethnic composition. Specifically, in homogenous markets, overpricing is higher as traders are more likely to accept speculative prices. Their pricing errors are more correlated than in diverse markets. In addition, when bubbles burst, homogenous markets crash more severely. The findings suggest that price bubbles arise not only from individual errors or financial conditions, but also from the social context of decision making. The evidence may inform public discussion on ethnic diversity: it may be beneficial not only for providing variety in perspectives and skills, but also because diversity facilitates friction that enhances deliberation and upends conformity.

Analysis of the characteristics of the global virtual water trade network using degree and eigenvector centrality, with a focus on food and feed crops

NASA Astrophysics Data System (ADS)

Lee, Sang-Hyun; Mohtar, Rabi H.; Choi, Jin-Yong; Yoo, Seung-Hwan

2016-10-01

This study aims to analyze the characteristics of global virtual water trade (GVWT), such as the connectivity of each trader, vulnerable importers, and influential countries, using degree and eigenvector centrality during the period 2006-2010. The degree centrality was used to measure the connectivity, and eigenvector centrality was used to measure the influence on the entire GVWT network. Mexico, Egypt, China, the Republic of Korea, and Japan were classified as vulnerable importers, because they imported large quantities of virtual water with low connectivity. In particular, Egypt had a 15.3 Gm3 year-1 blue water saving effect through GVWT: the vulnerable structure could cause a water shortage problem for the importer. The entire GVWT network could be changed by a few countries, termed "influential traders". We used eigenvector centrality to identify those influential traders. In GVWT for food crops, the USA, Russian Federation, Thailand, and Canada had high eigenvector centrality with large volumes of green water trade. In the case of blue water trade, western Asia, Pakistan, and India had high eigenvector centrality. For feed crops, the green water trade in the USA, Brazil, and Argentina was the most influential. However, Argentina and Pakistan used high proportions of internal water resources for virtual water export (32.9 and 25.1 %); thus other traders should carefully consider water resource management in these exporters.

JPRS Report, China.

DTIC Science & Technology

1991-05-22

trader who had earlier appealed management work. enterprise difficulties and asked for help in solving problems: "Who asked you to invest in China...11.66 percent dumping rate extension, it may go for as long as 397 days. An appeal for China. In addition, Indian cast iron wares that have may be made...which its own ex- immutable. Upon appeal , investigation must be done on factory prices are used as a basis for deciding a fair price, the basis of the

Benefits to world agriculture through remote sensing

NASA Technical Reports Server (NTRS)

Buffalano, A. C.; Kochanowski, P.

1976-01-01

Remote sensing of agricultural land permits crop classification and mensuration which can lead to improved forecasts of production. This technique is particularly important for nations which do not already have an accurate agricultural reporting system. Better forecasts have important economic effects. International grain traders can make better decisions about when to store, buy, and sell. Farmers can make better planting decisions by taking advantage of production estimates for areas out of phase with their own agricultural calendar. World economic benefits will accrue to both buyers and sellers because of increased food supply and price stabilization. This paper reviews the econometric models used to establish this scenario and estimates the dollar value of benefits for world wheat as 200 million dollars annually for the United States and 300 to 400 million dollars annually for the rest of the world.

Statistical properties of trading activity in Chinese stock market

NASA Astrophysics Data System (ADS)

Sun, Xiaoqian; Cheng, Xueqi; Shen, Huawei; Wang, Zhaoyang

2010-08-01

We investigate the statistical properties of traders' trading behavior using cumulative distribution function(CDF). We analyze exchange data of 52 stocks for one-year period which contains non-manipulated stocks and manipulated stocks published by China Securities Regulatory Commission(CSRC). By analyzing the total number of transactions and the trading volume of each trader over a year, we find the cumulative distributions have power-law tails and the distributions between non-manipulated stocks and manipulated stocks are different. These findings can help us to detect the manipulated stocks.

The broiler meat system in Nairobi, Kenya: Using a value chain framework to understand animal and product flows, governance and sanitary risks.

PubMed

Carron, Maud; Alarcon, Pablo; Karani, Maurice; Muinde, Patrick; Akoko, James; Onono, Joshua; Fèvre, Eric M; Häsler, Barbara; Rushton, Jonathan

2017-11-01

Livestock food systems play key subsistence and income generation roles in low to middle income countries and are important networks for zoonotic disease transmission. The aim of this study was to use a value chain framework to characterize the broiler chicken meat system of Nairobi, its governance and sanitary risks. A total of 4 focus groups and 8 key informant interviews were used to collect cross-sectional data from: small-scale broiler farmers in selected Nairobi peri-urban and informal settlement areas; medium to large integrated broiler production companies; traders and meat inspectors in live chicken and chicken meat markets in Nairobi. Qualitative data were collected on types of people operating in the system, their interactions, sanitary measures in place, sourcing and selling of broiler chickens and products. Framework analysis was used to identify governance themes and risky sanitary practices present in the system. One large company was identified to supply 60% of Nairobi's day-old chicks to farmers, mainly through agrovet shops. Broiler meat products from integrated companies were sold in high-end retailers whereas their low value products were channelled through independent traders to consumers in informal settlements. Peri-urban small-scale farmers reported to slaughter the broilers on the farm and to sell carcasses to retailers (hotels and butcheries mainly) through brokers (80%), while farmers in the informal settlement reported to sell their broilers live to retailers (butcheries, hotels and hawkers mainly) directly. Broiler heads and legs were sold in informal settlements via roadside vendors. Sanitary risks identified were related to lack of biosecurity, cold chain and access to water, poor hygiene practices, lack of inspection at farm slaughter and limited health inspection in markets.
 Large companies dominated the governance of the broiler system through the control of day-old chick production. Overall government control was described as relatively weak leading to minimal official regulatory enforcement. Large companies and brokers were identified as dominant groups in market information dissemination and price setting. Lack of farmer association was found to be system-wide and to limit market access. Other system barriers included lack of space and expertise, leading to poor infrastructure and limited ability to implement effective hygienic measures.
 This study highlights significant structural differences between different broiler chains and inequalities in product quality and market access across the system. It provides a foundation for food safety assessments, disease control programmes and informs policy-making for the inclusive growth of this fast-evolving sector. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

An assessment of food hygiene and safety at farmers' markets.

PubMed

Worsfold, D; Worsfold, P M; Griffith, C J

2004-04-01

Farmers' markets are becoming a more significant part of the food-retailing sector. A survey of farmers' markets was conducted to assess aspects of food hygiene and safety. The views of the public using the markets were also examined. The range of farm products was wide and the methods utilised varied. The markets were usually temporary outdoor events with few facilities. Traders had received elementary food hygiene training and rated their hygiene standards highly. Less than half had risk management procedures in place, most did not perceive their produce as high-risk. They believed consumers to be mainly interested in food quality and to regard food safety issues highly. Consumers shopped at the markets because of the quality of the products sold. Their overall satisfaction with the markets was high and they raised no concerns about food safety. Given the restricted facilities at farmers' markets and the early phase of implementation of hygiene management systems by market traders, it may be precautionary to restrict the sale of farm products at farmers markets to those that are regarded as low-risk.

Does price efficiency increase with trading volume? Evidence of nonlinearity and power laws in ETFs

NASA Astrophysics Data System (ADS)

Caginalp, Gunduz; DeSantis, Mark

2017-02-01

Whether efficiency increases with increasing volume is an important issue that may illuminate trader strategies and distinguish between market theories. This relationship is tested using 124,236 daily observations comprising 68 large and liquid U.S. equity exchange traded funds (ETFs). ETFs have the advantage that efficiency can be measured in terms of the deviation between the trading price and the underlying net asset value that is reported each day. Our findings support the hypothesis that the relationship between volume and efficiency is nonlinear. Indeed, efficiency increases as volume increases from low to moderately high levels, but then decreases as volume increases further. The first part tends to support the idea that higher volume simply facilitates transactions and maintains efficiency, while the latter part, i.e., even higher volumes, supports the ansatz that increased volume is associated with increased speculation that ignores valuation and decreases efficiency. The results are consistent with the hypothesis that valuation is only part of the motivation for traders. Our methodology accounts for fund heterogeneity and contemporaneous correlations. Similar results are obtained when daily price volatility is introduced as an additional independent variable.

Prospect Theory for Online Financial Trading

PubMed Central

Martino, Mauro; Altshuler, Yaniv

2014-01-01

Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people are typically risk-averse with respect to gains and risk-seeking with respect to losses, known as the “reflection effect”. People are much more sensitive to losses than to gains of the same magnitude, a phenomenon called “loss aversion”. Despite of the fact that prospect theory has been well developed in behavioral economics at the theoretical level, there exist very few large-scale empirical studies and most of the previous studies have been undertaken with micro-panel data. Here we analyze over 28.5 million trades made by 81.3 thousand traders of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behavior of winning and losing trades and traders, we find clear evidence of the reflection effect and the loss aversion phenomenon, which are essential in prospect theory. This work hence demonstrates an unprecedented large-scale empirical evidence of prospect theory, which has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the impact of the reflection effect and the loss aversion phenomenon. Moreover, we introduce three novel behavioral metrics to differentiate winning and losing traders based on their historical trading behavior. This offers us potential opportunities to augment online social trading where traders are allowed to watch and follow the trading activities of others, by predicting potential winners based on their historical trading behavior. PMID:25330203

Prospect theory for online financial trading.

PubMed

Liu, Yang-Yu; Nacher, Jose C; Ochiai, Tomoshiro; Martino, Mauro; Altshuler, Yaniv

2014-01-01

Prospect theory is widely viewed as the best available descriptive model of how people evaluate risk in experimental settings. According to prospect theory, people are typically risk-averse with respect to gains and risk-seeking with respect to losses, known as the "reflection effect". People are much more sensitive to losses than to gains of the same magnitude, a phenomenon called "loss aversion". Despite of the fact that prospect theory has been well developed in behavioral economics at the theoretical level, there exist very few large-scale empirical studies and most of the previous studies have been undertaken with micro-panel data. Here we analyze over 28.5 million trades made by 81.3 thousand traders of an online financial trading community over 28 months, aiming to explore the large-scale empirical aspect of prospect theory. By analyzing and comparing the behavior of winning and losing trades and traders, we find clear evidence of the reflection effect and the loss aversion phenomenon, which are essential in prospect theory. This work hence demonstrates an unprecedented large-scale empirical evidence of prospect theory, which has immediate implication in financial trading, e.g., developing new trading strategies by minimizing the impact of the reflection effect and the loss aversion phenomenon. Moreover, we introduce three novel behavioral metrics to differentiate winning and losing traders based on their historical trading behavior. This offers us potential opportunities to augment online social trading where traders are allowed to watch and follow the trading activities of others, by predicting potential winners based on their historical trading behavior.

JPRS Report, East Asia, Southeast Asia.

DTIC Science & Technology

1988-12-23

telling the embassy to keep track of the Thai traders and companies doing business and investing in the LPDR. He told them "Don’t pour in vast sums as...October 1988 issue Perak Chief Minister Haji Ramli Ngah Talib’s announcement that tin ore miners will be levied a royalty fee—in addition to the...charge that is already levied on sand, rock, and clay operations. The tin ore price is currently $7.70 per kg. Haji Ramli stated that operational costs

Environmental Inventory Report. East St. Louis and Vicinity, Cahokia Canal Drainage Area, Madison and St. Clair Counties, Illinois. Volume 4.

DTIC Science & Technology

1981-05-01

successive waves of Indian, French , British, and Americans to what is now Madison and St. Clair Counties. This section of the Cahokia Canal...by the French . In 1673 the Jesuit missionary, Marquette, anda fur-trader, Jol iet, descended the Mississippi by canoe to a point somewhere south of...it. French Settlements The French were also the first to attempt permanent settlements in Illinois. In 1675, at a site near present day Utica in La

Market Confidence Predicts Stock Price: Beyond Supply and Demand

PubMed Central

Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

2016-01-01

Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price. PMID:27391816

Real payoffs and virtual trading in agent based market models

NASA Astrophysics Data System (ADS)

Ferreira, Fernando F.; Marsili, Matteo

2005-01-01

The -Game was recently introduced as an extension of the Minority Game. In this paper we compare this model with the well know Minority Game and the Majority Game models. Due to the inter-temporal nature of the market payoff, we introduce a two step transaction with single and mixed group of interacting traders. When the population is composed of two different group of -traders, they show an anti-imitative behavior. However, when they interact with minority or majority players the $-population imitates the usual behavior of these players. Finally we discuss how these models contribute to clarify the market mechanism.

Deducing the multi-trader population driving a financial market

NASA Astrophysics Data System (ADS)

Gupta, Nachi; Hauser, Raphael; Johnson, Neil

2005-12-01

We have previously laid out a basic framework for predicting financial movements and pockets of predictability by tracking the distribution of a multi-trader population playing on an artificial financial market model. This work explores extensions to this basic framework. We allow for more intelligent agents with a richer strategy set, and we no longer constrain the distribution over these agents to a probability space. We then introduce a fusion scheme which accounts for multiple runs of randomly chosen sets of possible agent types. We also discuss a mechanism for bias removal on the estimates.

Cryptographic Securities Exchanges

NASA Astrophysics Data System (ADS)

Thorpe, Christopher; Parkes, David C.

While transparency in financial markets should enhance liquidity, its exploitation by unethical and parasitic traders discourages others from fully embracing disclosure of their own information. Traders exploit both the private information in upstairs markets used to trade large orders outside traditional exchanges and the public information present in exchanges' quoted limit order books. Using homomorphic cryptographic protocols, market designers can create "partially transparent" markets in which every matched trade is provably correct and only beneficial information is revealed. In a cryptographic securities exchange, market operators can hide information to prevent its exploitation, and still prove facts about the hidden information such as bid/ask spread or market depth.

Large-Scale Trade in Legally Protected Marine Mollusc Shells from Java and Bali, Indonesia.

PubMed

Nijman, Vincent; Spaan, Denise; Nekaris, K Anne-Isola

2015-01-01

Tropical marine molluscs are traded globally. Larger species with slow life histories are under threat from over-exploitation. We report on the trade in protected marine mollusc shells in and from Java and Bali, Indonesia. Since 1987 twelve species of marine molluscs are protected under Indonesian law to shield them from overexploitation. Despite this protection they are traded openly in large volumes. We collected data on species composition, origins, volumes and prices at two large open markets (2013), collected data from wholesale traders (2013), and compiled seizure data by the Indonesian authorities (2008-2013). All twelve protected species were observed in trade. Smaller species were traded for 32,000 shells valued at USD500,000), chambered nautilus (Nautilus pompilius) (>3,000 shells, USD60,000) and giant clams (Tridacna spp.) (>2,000 shells, USD45,000) were traded in largest volumes. Two-thirds of this trade was destined for international markets, including in the USA and Asia-Pacific region. We demonstrated that the trade in protected marine mollusc shells in Indonesia is not controlled nor monitored, that it involves large volumes, and that networks of shell collectors, traders, middlemen and exporters span the globe. This impedes protection of these species on the ground and calls into question the effectiveness of protected species management in Indonesia; solutions are unlikely to be found only in Indonesia and must involve the cooperation of importing countries.

Understanding Financial Market States Using an Artificial Double Auction Market

PubMed Central

2016-01-01

The ultimate value of theories describing the fundamental mechanisms behind asset prices in financial systems is reflected in the capacity of such theories to understand these systems. Although the models that explain the various states of financial markets offer substantial evidence from the fields of finance, mathematics, and even physics, previous theories that attempt to address the complexities of financial markets in full have been inadequate. We propose an artificial double auction market as an agent-based model to study the origin of complex states in financial markets by characterizing important parameters with an investment strategy that can cover the dynamics of the financial market. The investment strategies of chartist traders in response to new market information should reduce market stability based on the price fluctuations of risky assets. However, fundamentalist traders strategically submit orders based on fundamental value and, thereby stabilize the market. We construct a continuous double auction market and find that the market is controlled by the proportion of chartists, Pc. We show that mimicking the real state of financial markets, which emerges in real financial systems, is given within the range Pc = 0.40 to Pc = 0.85; however, we show that mimicking the efficient market hypothesis state can be generated with values less than Pc = 0.40. In particular, we observe that mimicking a market collapse state is created with values greater than Pc = 0.85, at which point a liquidity shortage occurs, and the phase transition behavior is described at Pc = 0.85. PMID:27031110

Understanding Financial Market States Using an Artificial Double Auction Market.

PubMed

Yim, Kyubin; Oh, Gabjin; Kim, Seunghwan

2016-01-01

The ultimate value of theories describing the fundamental mechanisms behind asset prices in financial systems is reflected in the capacity of such theories to understand these systems. Although the models that explain the various states of financial markets offer substantial evidence from the fields of finance, mathematics, and even physics, previous theories that attempt to address the complexities of financial markets in full have been inadequate. We propose an artificial double auction market as an agent-based model to study the origin of complex states in financial markets by characterizing important parameters with an investment strategy that can cover the dynamics of the financial market. The investment strategies of chartist traders in response to new market information should reduce market stability based on the price fluctuations of risky assets. However, fundamentalist traders strategically submit orders based on fundamental value and, thereby stabilize the market. We construct a continuous double auction market and find that the market is controlled by the proportion of chartists, Pc. We show that mimicking the real state of financial markets, which emerges in real financial systems, is given within the range Pc = 0.40 to Pc = 0.85; however, we show that mimicking the efficient market hypothesis state can be generated with values less than Pc = 0.40. In particular, we observe that mimicking a market collapse state is created with values greater than Pc = 0.85, at which point a liquidity shortage occurs, and the phase transition behavior is described at Pc = 0.85.

Vulnerability and Knowledge of Sexually Transmitted Infections Among Female Traders of Reproductive Age in Enugu, Nigeria

PubMed Central

Ikeako, LC; Ekwueme, OC; Ezegwui, HU; Okeke, TOC

2014-01-01

Background: Sexually transmitted infections (STIs) constitute major public health concern and enigma. A comprehensive knowledge of the modes of transmission is necessary to evolve an effective preventive strategy. Aim: The aim of the study is to assess the vulnerability, knowledge and prevention of STIs among female traders of reproductive age in Enugu, Southeast Nigeria. Subjects and Methods: This was a cross-sectional descriptive study carried out on female traders aged 15-49 years at Ogbete Main Market, Enugu, Southeast Nigeria. Data was analyzed using Epi-Info 2000 version 3.3.1 Centers for Disease Control and Prevention Atlanta USA) was used to analyze the data and results were presented in tabular form. Results: A total of 200 female traders of reproductive age participated in the study. The mean (standard deviation) age was 26 (7.4) years. 16% (32/200) were adolescents. Knowledge of specific STIs was highest for human immunodeficiency virus/acquired immune deficiency syndrome 90% (130/200). Parents were poor sources of information as only 28.5% (57/200) respondents heard about STIs from their parents compared with 46% (92/200) from friends and peers. Risk factors identified were multiple sexual partners 75.5% (151/200), non-use of condoms 62% (124/200) and early debut 58% (116/200). Majority 67.5% (135/200) were aware that STIs could be treated by a visit to the doctor while 21.5% (43/200) preferred traditional/herbal healers. Conclusion: The inclusion of health education in schools’ curricula to ensure that adolescents are adequately aware of STIs, their modes of transmission, prevention and treatment before embarking on any vocation out-of-school is advocated. PMID:24669343

Evidence of Allergic Reactions and Cardiopulmonary Impairments among Traders Operating from Foodstuff Warehouses

PubMed Central

Egbosionu, Viola; Ibeneme, Georgian; Ezuma, Amarachi; Ettu, Theresa; Nwankwo, Joseph; Limaye, Dnyanesh; Nna, Emmanuel

2016-01-01

Background. Foodstuff traders operating from warehouses (FTFW) are potentially exposed to dangerous rodenticides/pesticides that may have adverse effects on cardiopulmonary function. Methods. Fifty consenting male foodstuff traders, comprising 15 traders (21–63 years) operating outside warehouses and 35 FTFW (20–64 years), were randomly recruited at Ogbete Market, Enugu, in a cross-sectional observational study of spirometric and electrocardiographic parameters. Seventeen FTFW (21–57 years) participated in focus group discussions. Qualitative and quantitative data were analysed thematically and with independent t-test and Pearson correlation coefficient at p < 0.05, respectively. Results. Most FTFW experienced respiratory symptoms, especially dry cough (97.1%) and wheezing (31.4%) with significant reductions in forced vital capacity (FVC) (t = −2.654; p = 0.011), forced expiratory volume in one second (FEV1) (t = −2.240; p = 0.030), maximum expiratory flow rate (FEF200–1200) (t = −1.148; p = −0.047), and forced end-expiratory flow (FEF75–85) (t = −1.11; p = 0.007). The maximum mid-expiratory flow (FEF25–75) was marginally decreased (p > 0.05) with a significantly prolonged (p < 0.05) QTc interval. Conclusion. Allergic response was evident in the FTFW. Significant decrease in FVC may negatively impact lung flow rates and explains the marginal decrease in FEF25–75, which implies a relative limitation in airflow of peripheral/distal airways and elastic recoil of the lungs. This is consistent with obstructive pulmonary disease; a significant decrease in FEF75–85/FEV1 supports this conclusion. Significant decrease in FEF200–1200 indicates abnormalities in the large airways/larynx just as significantly prolonged ventricular repolarization suggests cardiac arrhythmias. PMID:28116288

Effect of Context on Internal and External Actor’s Perception on COIN

DTIC Science & Technology

2011-05-19

beautiful mountain ranges, tourism industry and expansive fruit orchards along the Swat River has been a cradle of civilization since the third century BC...execute, created a class system in Swat consisting of a few privileged rich landowners, Khans, and the majority of poor farmers and peasants. The Wali...key bridges and culverts that not only affected military convoys, but also the local farmers and traders whose goods could not be brought to the

Linking agent-based models and stochastic models of financial markets

PubMed Central

Feng, Ling; Li, Baowen; Podobnik, Boris; Preis, Tobias; Stanley, H. Eugene

2012-01-01

It is well-known that financial asset returns exhibit fat-tailed distributions and long-term memory. These empirical features are the main objectives of modeling efforts using (i) stochastic processes to quantitatively reproduce these features and (ii) agent-based simulations to understand the underlying microscopic interactions. After reviewing selected empirical and theoretical evidence documenting the behavior of traders, we construct an agent-based model to quantitatively demonstrate that “fat” tails in return distributions arise when traders share similar technical trading strategies and decisions. Extending our behavioral model to a stochastic model, we derive and explain a set of quantitative scaling relations of long-term memory from the empirical behavior of individual market participants. Our analysis provides a behavioral interpretation of the long-term memory of absolute and squared price returns: They are directly linked to the way investors evaluate their investments by applying technical strategies at different investment horizons, and this quantitative relationship is in agreement with empirical findings. Our approach provides a possible behavioral explanation for stochastic models for financial systems in general and provides a method to parameterize such models from market data rather than from statistical fitting. PMID:22586086

Linking agent-based models and stochastic models of financial markets.

PubMed

Feng, Ling; Li, Baowen; Podobnik, Boris; Preis, Tobias; Stanley, H Eugene

2012-05-29

It is well-known that financial asset returns exhibit fat-tailed distributions and long-term memory. These empirical features are the main objectives of modeling efforts using (i) stochastic processes to quantitatively reproduce these features and (ii) agent-based simulations to understand the underlying microscopic interactions. After reviewing selected empirical and theoretical evidence documenting the behavior of traders, we construct an agent-based model to quantitatively demonstrate that "fat" tails in return distributions arise when traders share similar technical trading strategies and decisions. Extending our behavioral model to a stochastic model, we derive and explain a set of quantitative scaling relations of long-term memory from the empirical behavior of individual market participants. Our analysis provides a behavioral interpretation of the long-term memory of absolute and squared price returns: They are directly linked to the way investors evaluate their investments by applying technical strategies at different investment horizons, and this quantitative relationship is in agreement with empirical findings. Our approach provides a possible behavioral explanation for stochastic models for financial systems in general and provides a method to parameterize such models from market data rather than from statistical fitting.

Is parallel trade in medicines compatible with the single European market?

PubMed

Senior, I

1992-01-01

For many years the varying methods of price control of medicines by national governments in the European Community (and elsewhere) have resulted in wide variations in prices. Parallel traders buy products in low pricing Community countries and sell them, generally relabelled or repackaged, in high pricing Community countries. This practice diverts sales revenue and profits from the manufacturers to the traders, distributors, pharmacists and, in some measure, to the sickness funds and to some patients. While parallel trade appeals to those who gain financially, its basis is a market distortion that poses a significant threat to the future of the research-based pharmaceutical industry.

Long-range correlations in an online betting exchange for a football tournament

NASA Astrophysics Data System (ADS)

Hardiman, Stephen J.; Richmond, Peter; Hutzler, Stefan

2010-10-01

We analyze the changes in the market odds of football matches in an online betting exchange, Betfair.com. We identify the statistical differences between the returns that occur when the game play is under way, which we argue are driven by match events, and the returns that occur during half-time, which we ascribe to a trader-driven noise. Furthermore, using detrended fluctuation analysis we identify anti-persistence (Hurst exponent H<0.5) in odds returns and long memory (H>0.5) in the volatilities, which we attribute to the trader-driven noise. The time series of trading volume are found to be short-memory processes.

Investment strategies used as spectroscopy of financial markets reveal new stylized facts.

PubMed

Zhou, Wei-Xing; Mu, Guo-Hua; Chen, Wei; Sornette, Didier

2011-01-01

We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed order flow on the Shenzhen Stock Exchange of China for the whole year of 2003. This enormous dataset allows us to compare (i) a closed national market (A-shares) with an international market (B-shares), (ii) individuals and institutions, and (iii) real traders to random strategies with respect to timing that share otherwise all other characteristics. We find in general that more trading results in smaller net return due to trading frictions, with the exception that the net return is independent of the trading frequency for A-share individual traders. We unveiled quantitative power laws with non-trivial exponents, that quantify the deterioration of performance with frequency and with holding period of the strategies used by traders. Random strategies are found to perform much better than real ones, both for winners and losers. Surprising large arbitrage opportunities exist, especially when using zero-intelligence strategies. This is a diagnostic of possible inefficiencies of these financial markets.

An Investment Behavior Analysis using by Brain Computer Interface

NASA Astrophysics Data System (ADS)

Suzuki, Kyoko; Kinoshita, Kanta; Miyagawa, Kazuhiro; Shiomi, Shinichi; Misawa, Tadanobu; Shimokawa, Tetsuya

In this paper, we will construct a new Brain Computer Interface (BCI), for the purpose of analyzing human's investment decision makings. The BCI is made up of three functional parts which take roles of, measuring brain information, determining market price in an artificial market, and specifying investment decision model, respectively. When subjects make decisions, their brain information is conveyed to the part of specifying investment decision model through the part of measuring brain information, whereas, their decisions of investment order are sent to the part of artificial market to form market prices. Both the support vector machine and the 3 layered perceptron are used to assess the investment decision model. In order to evaluate our BCI, we conduct an experiment in which subjects and a computer trader agent trade shares of stock in the artificial market and test how the computer trader agent can forecast market price formation and investment decision makings from the brain information of subjects. The result of the experiment shows that the brain information can improve the accuracy of forecasts, and so the computer trader agent can supply market liquidity to stabilize market volatility without his loss.

Effects of liberalizing the natural gas market in western Europe

DOE Office of Scientific and Technical Information (OSTI.GOV)

Golombek, R.

1995-12-31

This paper uses a numerical model to examine the long-run impact of a radical liberalization of the West-European natural gas markets. We study profit maximizing Cournot producers facing an ideal third party access regime for gas transport. producers sell gas weather to large users in the manufacturing industry and to gas-fired thermal power plants, or to loval distribution companies. We first examine the case where no traders exploit arbitrage possibilities and some producers have limited access to the markets. In this equilibrium net prices differ across markets. These differences disappear in the second case where traders are introduced. The thirdmore » case focuses on a complete European market for natural gas in which traders exploit all arbitrage possibilities and all producers can sell gas in all markets. We also study the impact on the complete European market of changes in costs for production, transport, and distribution. Finally, welfare implications from a liberalization of the West-European natural gas markets are discussed. We argue that a radical liberalization could increase economic welfare in Western Europe by 15% to 20% in the long run. 35 refs., 9 tabs.« less

Methods for sampling geographically mobile female traders in an East African market setting

PubMed Central

Achiro, Lillian; Kwena, Zachary A.; McFarland, Willi; Neilands, Torsten B.; Cohen, Craig R.; Bukusi, Elizabeth A.; Camlin, Carol S.

2018-01-01

Background The role of migration in the spread of HIV in sub-Saharan Africa is well-documented. Yet migration and HIV research have often focused on HIV risks to male migrants and their partners, or migrants overall, often failing to measure the risks to women via their direct involvement in migration. Inconsistent measures of mobility, gender biases in those measures, and limited data sources for sex-specific population-based estimates of mobility have contributed to a paucity of research on the HIV prevention and care needs of migrant and highly mobile women. This study addresses an urgent need for novel methods for developing probability-based, systematic samples of highly mobile women, focusing on a population of female traders operating out of one of the largest open air markets in East Africa. Our method involves three stages: 1.) identification and mapping of all market stall locations using Global Positioning System (GPS) coordinates; 2.) using female market vendor stall GPS coordinates to build the sampling frame using replicates; and 3.) using maps and GPS data for recruitment of study participants. Results The location of 6,390 vendor stalls were mapped using GPS. Of these, 4,064 stalls occupied by women (63.6%) were used to draw four replicates of 128 stalls each, and a fifth replicate of 15 pre-selected random alternates for a total of 527 stalls assigned to one of five replicates. Staff visited 323 stalls from the first three replicates and from these successfully recruited 306 female vendors into the study for a participation rate of 94.7%. Mobilization strategies and involving traders association representatives in participant recruitment were critical to the study’s success. Conclusion The study’s high participation rate suggests that this geospatial sampling method holds promise for development of probability-based samples in other settings that serve as transport hubs for highly mobile populations. PMID:29324780

Determinants of health and nutritional status of rural Nigerian women.

PubMed

Ene-Obong, H N; Enugu, G I; Uwaegbute, A C

2001-12-01

This study was undertaken to determine the effects of socioeconomic and cultural factors on the health and nutritional status of 300 women of childbearing age in two rural farming communities in Enugu State, Nigeria. The women were engaged in farming, trading, and teaching. A cross-sectional survey was conducted using both qualitative and quantitative data-collection methods. The study involved focus-group discussions (FGDs), interviews using a questionnaire, measurement of food/nutrient intake, assessment of activity patterns, anthropometry, and observations of clinical signs of malnutrition. The better-educated women had higher incomes than those with little or no education. Poor education was mainly attributed to lack of monetary support by parents (34%), marriage while in school (27%), and sex discrimination (21%). The teachers had significantly (p < 0.05) better health status, health and nutrition knowledge, food habits, nutrient intake, and self-concept, and adhered less to detrimental cultural practices. However, none of the women met their iron, riboflavin and niacin requirements. More cases of chronic energy deficiency were observed among the farmers (16%) and traders (13%) than among the teachers (5%). Generally, the women worked long hours with reported working hours (6-7 hours) being lower than the observed working hours (11 hours) for the traders and teachers. Income had a significant (p < 0.05) positive correlation with all nutritional variables, except vitamin C, age-at-marriage (r = 0.719), and nutrition knowledge (r = 0.601). Age-at-marriage had a positive correlation with body mass index (BMI) and all nutritional variables but was significant (p < 0.05) for protein (r = 0.362), calcium (r = 0.358), iron (r = 0.362), riboflavin (r = 0.364), and vitamin C (r = 0.476). Workload was negatively correlated with protein intake (r = 0.346; p < 0.05). Meal frequencies for more than 70% of the farmers and petty traders and 42% of the teachers were dependent on the availability of food in the household. Food taboos had no effect on their nutrient intake, since only 5-11% of women adhered to taboos. Although most women gave their children and husbands preference in food distribution, not much difference was found in the amount of food consumed by these women. The ratio of wife's portion to husband's was 1:1.4 for the farmers, 1:1.3 for the traders, and 1:1.2 for the teachers. FGDs revealed that sex discrimination in education prevailed where resources were limited. The results of the study suggest that the basic determinants of health and nutritional status of women are socioeconomic and cultural, education having a mediating or modifying influence on cultural practices.

The role of communication and imitation in limit order markets

NASA Astrophysics Data System (ADS)

Tedeschi, G.; Iori, G.; Gallegati, M.

2009-10-01

In this paper we develop an order driver market model with heterogeneous traders that imitate each other on different network structures. We assess how imitations among otherway noise traders, can give rise to well known stylized facts such as fat tails and volatility clustering. We examine the impact of communication and imitation on the statistical properties of prices and order flows when changing the networks' structure, and show that the imitation of a given, fixed agent, called “guru", can generate clustering of volatility in the model. We also find a positive correlation between volatility and bid-ask spread, and between fat-tailed fluctuations in asset prices and gap sizes in the order book. in here

Multifractals of investor behavior in stock market

NASA Astrophysics Data System (ADS)

Oh, Gabjin

2017-07-01

In this paper, we analyze the nonlinear properties of investor activity using the multifractal detrended fluctuation analysis (MF-DFA) method. Using the aggregated trading volumes of buying, selling, and normalized net investor trading (NIT) to quantify the characteristics of trader behavior in the KOSPI market, we find that the cumulative distribution functions of all NIT time series, except for individual traders, follow a power-law distribution with an exponent in the range of 2.92 ≤ γ ≤ 3.87. To observe the nonlinear features of investor activity, we also calculate the multifractal spectra for the buyer, seller, and NIT data sets and find that a multifractal structure exists in all of the data, regardless of the investor type studied.

High tension electricity burns: a case report.

PubMed

Asuquo, M E; Okpokam, O; Mwagbara, V

2006-06-01

Recently in some areas there has been an upsurge in rural electrification. Though electricity is desirable, it is one of the most potentially dangerous commodities in the society. We present this report highlighting the need for prevention as high tension electricity injury though uncommon is reputed for significant morbidity and mortality. A case report of a 30 year old female trader with high tension electricity burns in a rural community seen in the University of Calabar Teaching Hospital, Calabar. Successful management of 10% burn involving multiple sites. Patient's husband was electrocuted in the incident. High tension burns are reputed for significant morbidity and mortality hence the need for prevention. Strategies recommended should include safety of electrical installations, protective apparels for electricity workers as well as health education for consumers.

Investment Strategies Used as Spectroscopy of Financial Markets Reveal New Stylized Facts

PubMed Central

Zhou, Wei-Xing; Mu, Guo-Hua; Chen, Wei; Sornette, Didier

2011-01-01

We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed order flow on the Shenzhen Stock Exchange of China for the whole year of 2003. This enormous dataset allows us to compare (i) a closed national market (A-shares) with an international market (B-shares), (ii) individuals and institutions, and (iii) real traders to random strategies with respect to timing that share otherwise all other characteristics. We find in general that more trading results in smaller net return due to trading frictions, with the exception that the net return is independent of the trading frequency for A-share individual traders. We unveiled quantitative power laws with non-trivial exponents, that quantify the deterioration of performance with frequency and with holding period of the strategies used by traders. Random strategies are found to perform much better than real ones, both for winners and losers. Surprising large arbitrage opportunities exist, especially when using zero-intelligence strategies. This is a diagnostic of possible inefficiencies of these financial markets. PMID:21935403

Market potential for guinea fowl (Numidia meleagris) products.

PubMed

Madzimure, James; Saina, Happyson; Ngorora, Grace P K

2011-12-01

The survey evaluated the market potential for guinea fowl (GF; Numidia meleagris) products in the city of Harare, Zimbabwe. Questionnaires were administered to traders/producers (n = 17), retailers (n = 12), cafeteria industry (n = 33) and consumers (n = 1,680) to establish their perceptions on guinea fowl products. The average household size was 6 ± 2. Each trader sold 10 ± 6.30 keets (mean ± standard error), 33 ± 15.05 growers, 20 ± 12.69 breeders and 20 ± 10.1 crates of 30 eggs per month. Each household consumed 2.5 ± 1.39 kg of GF meat and 3 ± 0.65 dozens of GF eggs per month. Retailers purchased 52 ± 44.42 crates of GF eggs and 41 ± 30.50/kg of GF meat whilst cafeteria purchased 33.6 ± 14 crates of GF eggs and 65.5 ± 33.52 kg of GF meat per month. Growers for breeding were the major product for sale by traders (94.1%) at a price of US$7.50 ± 1.74/bird. Different industries were offering different prices for guinea fowl products because of their scarcity on the market. The mean purchase price per crate of 30 guinea fowl eggs sold to the retail and cafeteria were US$3.00 ± 0.58 and US$4.50 ± 0.50, respectively. The mean purchase prices for GF meat was lower (P < 0.05) for retailers (US$2.5 ± 0.81/kg) than cafeteria (US$3.67 ± 0.83/kg). The challenges faced by producers in the marketing of guinea fowl products included poor supply due to the absence of good road networks to connect source areas and the market, perishability of dressed chickens due to power cuts and poor publicity. Overall, the study showed that there is greater market potential for guinea fowl products and farmers can channel their products through traders, cafeteria and retail industries.

Attitudes of consumers and live-poultry workers to central slaughtering in controlling H7N9: a cross-sectional study.

PubMed

Lin, Xiao; Zhang, Dingmei; Wang, Xinwei; Huang, Yun; Du, Zhicheng; Zou, Yaming; Lu, Jiahai; Hao, Yuantao

2017-05-26

Guangdong Province in the Pearl River Delta of Southeast China is among the areas in the country with the highest rates of avian flu cases. In order to control the outbreak of human-infected H7N9 cases, Guangdong launched a new policy on the central slaughtering of live poultry in 2015. This study aims to evaluate attitudes of consumers and live-poultry workers toward the policy. The live-poultry workers consisted of two sub-groups: live-poultry traders and poultry farm workers. Consumers and live-poultry workers from Guangdong were enrolled by stratified multi-stage random sampling. Online and field surveys were conducted to investigate participants' attitudes on policy implementation. Questionnaires were developed to quantify participant demographics, to collect information about attitudes toward the policy, and to identify influential factors of policy acceptability. Proportional odds logistics regression was used in the univariate and multivariate analyses. A total of 1449 consumers, 181 live-poultry traders, and 114 poultry farm workers completed the study. Policy acceptability percentages among consumers, live-poultry traders, and poultry farm workers were 57.1, 37.9, and 62.6%, respectively. Logistics regression shows that consumers tended not to support the policy if they were males, if they were concerned with the food safety of chilled products, and if they preferred purchasing live poultry. Live-poultry traders tended not to support if they were subsidized by the government, if they were males, if they experienced a drop in trading volume, and if they were unclear whether avian flu was a preventable disease. Finally, poultry farm workers tended not to support if they experienced a drop in trading volume, if they operated a poultry farm on a small to medium scale, and if they experienced inconvenience in their work due to the policy. The study reveals a substantial refusal or slowness to accept the policy. Failure to accept the policy results from varying reasons. Among consumers, concern about food safety and dietary preference are two major causes of disapproval. Policy acceptability among live-poultry workers diverges within the two sub-groups. While a large percentage of poultry farm workers accept the policy, the drop in trading and an insufficient subsidy hamper acceptance by live-poultry traders. We recommend that policy-makers promote health education and alleviate the policy impact on trading with a reformed subsidy policy to increase acceptability. These findings are crucial for the prevention of human-infected H7N9 cases in Guangdong.

Large-Scale Trade in Legally Protected Marine Mollusc Shells from Java and Bali, Indonesia

PubMed Central

Nijman, Vincent; Spaan, Denise; Nekaris, K. Anne-Isola

2015-01-01

Background Tropical marine molluscs are traded globally. Larger species with slow life histories are under threat from over-exploitation. We report on the trade in protected marine mollusc shells in and from Java and Bali, Indonesia. Since 1987 twelve species of marine molluscs are protected under Indonesian law to shield them from overexploitation. Despite this protection they are traded openly in large volumes. Methodology/Principal Findings We collected data on species composition, origins, volumes and prices at two large open markets (2013), collected data from wholesale traders (2013), and compiled seizure data by the Indonesian authorities (2008–2013). All twelve protected species were observed in trade. Smaller species were traded for 32,000 shells valued at USD500,000), chambered nautilus (Nautilus pompilius) (>3,000 shells, USD60,000) and giant clams (Tridacna spp.) (>2,000 shells, USD45,000) were traded in largest volumes. Two-thirds of this trade was destined for international markets, including in the USA and Asia-Pacific region. Conclusions/Significance We demonstrated that the trade in protected marine mollusc shells in Indonesia is not controlled nor monitored, that it involves large volumes, and that networks of shell collectors, traders, middlemen and exporters span the globe. This impedes protection of these species on the ground and calls into question the effectiveness of protected species management in Indonesia; solutions are unlikely to be found only in Indonesia and must involve the cooperation of importing countries. PMID:26717021

FOREX Trades: Can the Takens Algorithm Help to Obtain Steady Profit at Investment Reallocations?

NASA Astrophysics Data System (ADS)

Petrov, V. Yu.; Tribelsky, M. I.

2015-12-01

We report our preliminary results of application of the Takens algorithm to build a FOREX trade strategy, resulting in a steady long-time gain for a trader. The actual historical rates for pair EUR vs. USD are used. The values of various parameters of the problem including the "stop loss" and "take profit" thresholds are optimized to provide the maximal gain during the training period. Then, these values are employed for trades. We have succeeded to get the steady gain, if the spread is neglected. It proves that the FOREX market is predictable.

A material flow analysis on current electrical and electronic waste disposal from Hong Kong households.

PubMed

Lau, Winifred Ka-Yan; Chung, Shan-Shan; Zhang, Chan

2013-03-01

A material flow study on five types of household electrical and electronic equipment, namely television, washing machine, air conditioner, refrigerator and personal computer (TWARC) was conducted to assist the Government of Hong Kong to establish an e-waste take-back system. This study is the first systematic attempt on identifying key TWARC waste disposal outlets and trade practices of key parties involved in Hong Kong. Results from two questionnaire surveys, on local households and private e-waste traders, were used to establish the material flow of household TWARC waste. The study revealed that the majority of obsolete TWARC were sold by households to private e-waste collectors and that the current e-waste collection network is efficient and popular with local households. However, about 65,000 tonnes/yr or 80% of household generated TWARC waste are being exported overseas by private e-waste traders, with some believed to be imported into developing countries where crude recycling methods are practiced. Should Hong Kong establish a formal recycling network with tight regulatory control on imports and exports, the potential risks of current e-waste recycling practices on e-waste recycling workers, local residents and the environment can be greatly reduced. Copyright © 2012 Elsevier Ltd. All rights reserved.

Application of the Cluster Expansion to a Mathematical Model of the Long Memory Phenomenon in a Financial Market

NASA Astrophysics Data System (ADS)

Kuroda, Koji; Maskawa, Jun-ichi; Murai, Joshin

2013-08-01

Empirical studies of the high frequency data in stock markets show that the time series of trade signs or signed volumes has a long memory property. In this paper, we present a discrete time stochastic process for polymer model which describes trader's trading strategy, and show that a scale limit of the process converges to superposition of fractional Brownian motions with Hurst exponents and Brownian motion, provided that the index γ of the time scale about the trader's investment strategy coincides with the index δ of the interaction range in the discrete time process. The main tool for the investigation is the method of cluster expansion developed in the mathematical study of statistical mechanics.

The Effect of Tick Size on Trading Volume Share in Two Competing Stock Markets

NASA Astrophysics Data System (ADS)

Nagumo, Shota; Shimada, Takashi; Yoshioka, Naoki; Ito, Nobuyasu

2017-01-01

The relationship between tick sizes and trading volume shares in competing markets is studied theoretically. By introducing a simple model which is equipped with two markets and non-strategic traders, we analytically calculate the steady states. It is shown that a market with a larger tick size is generally deprived of its share by the competing market. However, if traders' preference for the present market because of its major share is strong enough, the market with a larger tick size has a chance to keep a major share in the steady state. These findings are consistent with the previous results obtained from a more complicated artificial market model and also provide a clear understanding of the basic mechanism of market competition.

Turbulent cascades in foreign exchange markets

NASA Astrophysics Data System (ADS)

Ghashghaie, S.; Breymann, W.; Peinke, J.; Talkner, P.; Dodge, Y.

1996-06-01

THE availability of high-frequency data for financial markets has made it possible to study market dynamics on timescales of less than a day1. For foreign exchange (FX) rates Müller et al.2 have shown that there is a net flow of information from long to short timescales: the behaviour of long-term traders (who watch the markets only from time to time) influences the behaviour of short-term traders (who watch the markets continuously). Motivated by this hierarchical feature, we have studied FX market dynamics in more detail, and report here an analogy between these dynamics and hydrodynamic turbulence3-8. Specifically, the relationship between the probability density of FX price changes (δx) and the time delay (δt) (Fig. la) is much the same as the relationship between the probability density of the velocity differences (δv) of two points in a turbulent flow and their spatial separation δr (Fig. 1b). Guided by this similarity we claim that there is an information cascade in FX market dynamics that corresponds to the energy cascade in hydrodynamic turbulence. On the basis of this analogy we can now rationalize the statistics of FX price differences at different time delays, which is important for, for example, option pricing. The analogy also provides a conceptual framework for understanding the short-term dynamics of speculative markets.

Childcare needs of female street vendors in Mexico City.

PubMed

Hernandez, P; Zetina, A; Tapia, M; Ortiz, C; Soto, I C

1996-06-01

This article reports on strategies developed by female street vendors (vendedoras ambulantes) in Mexico City to ensure the care of their young children in the absence of a specific and operational government policy to fulfil this need. The information concerning child care and health was gathered by a survey of 426 street traders selected by multi-stage random cluster sampling in four of the administrative districts (delegaciones politicas) of Mexico City during 1990. It was found that, as mothers of young children, street vendors most frequently looked after their children personally on the street or left them with other members of the family. Related factors were availability of alternative child care providers in the family, the age of the children and working conditions of the mother. Children who remained on the streets with their mothers suffered more frequently from gastro-intestinal diseases and accidents than the national average. The incidence of acute respiratory diseases, however, was similar in the cases of maternal care in the street and care by family members in another environment. Existing public health measures show a greater concern for the health of food consumers than that of workers in this area. Current public policy seeks to regulate street vending activities and to concentrate traders in ad hoc areas and facilities. Our research results document the need for actions that can contribute to an improvement in the care and health conditions of these young children.

Evaluation of PersianCAT Agent's Accepting Policy in Continuous Double Auction, Participant in CAT 2007 Competition

NASA Astrophysics Data System (ADS)

Honari, Sina; Fos-Hati, Amin; Ebadi, Mojtaba; Gomrokchi, Maziar

As there is a growing tendency towards online auctions, online Multi Agent Systems for economic activities like stock exchanges is more in demand. CAT (CATallactics) competition has produced a great opportunity for researchers since 2007 to put their theories into practice in a real-time economic-based competition, combining traders and brokers. As one of participants, we evaluated our new accepting policy by putting it to challenge. In this paper we give a general overview of one of our policies in the market.

Mood and the market: can press reports of investors' mood predict stock prices?

PubMed

Cohen-Charash, Yochi; Scherbaum, Charles A; Kammeyer-Mueller, John D; Staw, Barry M

2013-01-01

We examined whether press reports on the collective mood of investors can predict changes in stock prices. We collected data on the use of emotion words in newspaper reports on traders' affect, coded these emotion words according to their location on an affective circumplex in terms of pleasantness and activation level, and created indices of collective mood for each trading day. Then, by using time series analyses, we examined whether these mood indices, depicting investors' emotion on a given trading day, could predict the next day's opening price of the stock market. The strongest findings showed that activated pleasant mood predicted increases in NASDAQ prices, while activated unpleasant mood predicted decreases in NASDAQ prices. We conclude that both valence and activation levels of collective mood are important in predicting trend continuation in stock prices.

Mood and the Market: Can Press Reports of Investors' Mood Predict Stock Prices?

PubMed Central

Scherbaum, Charles A.; Kammeyer-Mueller, John D.

2013-01-01

We examined whether press reports on the collective mood of investors can predict changes in stock prices. We collected data on the use of emotion words in newspaper reports on traders' affect, coded these emotion words according to their location on an affective circumplex in terms of pleasantness and activation level, and created indices of collective mood for each trading day. Then, by using time series analyses, we examined whether these mood indices, depicting investors' emotion on a given trading day, could predict the next day's opening price of the stock market. The strongest findings showed that activated pleasant mood predicted increases in NASDAQ prices, while activated unpleasant mood predicted decreases in NASDAQ prices. We conclude that both valence and activation levels of collective mood are important in predicting trend continuation in stock prices. PMID:24015202

Unruly women and invisible workers: the shrimp traders of Mazatlán, Mexico.

PubMed

Cruz-Torres, María L

2012-01-01

During the 1980s, a group of women from rural communities in the Mexican state of Sinaloa organized a grassroots social movement in order to gain legal access to the sale of shrimp. The movement reached its peak in 1984, with the formation of a shrimp traders union and the establishment of a shrimp marketplace in the tourist city of Mazatlán. Despite the long trajectory of the movement and the success of the shrimp market, these women and their work have been completely ignored by government agencies in charge of the development and management of the fishing industry. For the most part, one gets to read about the shrimp traders only in tourist-oriented brochures depicting them as a “local attraction,” something to be seen while one is touring the city on a private charter bus en route to the Archaeological Museum or to the upscale jewelry shops in the Golden Zone. In this article, I examine how women used their gender and their identity as rural workers to defy the state and its policies, overcome poverty, and take control of the local marketing of shrimp. Another objective of this article is to show why and how women engaged in collective action so they could be legitimized as workers and how gender shaped their individual experiences.

Tick size reduction and price clustering in a FX order book

NASA Astrophysics Data System (ADS)

Lallouache, Mehdi; Abergel, Frédéric

2014-12-01

We investigate the statistical properties of the EBS order book for the EUR/USD and USD/JPY currency pairs and the impact of a ten-fold tick size reduction on its dynamics. A large fraction of limit orders are still placed right at or halfway between the old allowed prices. This generates price barriers where the best quotes lie for much of the time, which causes the emergence of distinct peaks in the average shape of the book at round distances. Furthermore, we argue that this clustering is mainly due to manual traders who remained set to the old price resolution. Automatic traders easily take price priority by submitting limit orders one tick ahead of clusters, as shown by the prominence of buy (sell) limit orders posted with rightmost digit one (nine).

The Exchange Data Communication System based on Centralized Database for the Meat Industry

NASA Astrophysics Data System (ADS)

Kobayashi, Yuichi; Taniguchi, Yoji; Terada, Shuji; Komoda, Norihisa

We propose applying the EDI system that is based on centralized database and supports conversion of code data to the meat industry. This system makes it possible to share exchange data on beef between enterprises from producers to retailers by using Web EDI technology. In order to efficiently convert code direct conversion of a sender's code to a receiver's code using a code map is used. This system that mounted this function has been implemented in September 2004. Twelve enterprises including retailers, and processing traders, and wholesalers were using the system as of June 2005. In this system, the number of code maps relevant to the introductory cost of the code conversion function was lower than the theoretical value and were close to the case that a standard code is mediated.

Ethnobotanical survey of medicinal plants used as anthelmintic remedies in Gabon.

PubMed

Bajin Ba Ndob, Idensi; Mengome, Line Edwige; Bourobou Bourobou, Henri-Paul; Lossangoye Banfora, Yvon; Bivigou, Francis

2016-09-15

In this article, we report on an ethnobotanical survey realized at the Peyrie market in Libreville on Gabonese medicinal plants used to treat helminthiasis. While several alerts about cases of resistance to conventional anthelmintic treatments are causing to fear a public and animal health issue, the search for new sources of active compounds becomes an urgent issue. In Gabon like in many developing countries, people regularly turn to traditional medicine in case of physical ailments and/or spiritual healing therapies. To determine which medicinal plants are traditionally used by the populations of Libreville to fight against nematodes, medicinal plant traders were interviewed with standardized questionnaires. The surveys were conducted in the main market of Libreville. Ethnobotanical data such as frequency and percentage of families, species, administrations pathways, modes of preparations and parts of plants used were analyzed and summarized. Thirty-four (34) traders were interviewed belonging to five (5) different ethnic groups. Twenty-four 24 plants used to treat intestinal, cutaneous and ocular helminthiasis were listed. The healers mainly turned towards to ligneous species. The parts of the plant used are mostly leaves and trunk bark. Most of the traditional remedies are prepared directly in water and four (4) principal routes were used for administration namely, oral, rectal, ocular and dermal. This study allowed us to list anthelmintic species which will be subjected to a series of chemical and pharmacological assays. Copyright © 2016 Elsevier Ireland Ltd. All rights reserved.

Modeling financial markets by self-organized criticality

NASA Astrophysics Data System (ADS)

Biondo, Alessio Emanuele; Pluchino, Alessandro; Rapisarda, Andrea

2015-10-01

We present a financial market model, characterized by self-organized criticality, that is able to generate endogenously a realistic price dynamics and to reproduce well-known stylized facts. We consider a community of heterogeneous traders, composed by chartists and fundamentalists, and focus on the role of informative pressure on market participants, showing how the spreading of information, based on a realistic imitative behavior, drives contagion and causes market fragility. In this model imitation is not intended as a change in the agent's group of origin, but is referred only to the price formation process. We introduce in the community also a variable number of random traders in order to study their possible beneficial role in stabilizing the market, as found in other studies. Finally, we also suggest some counterintuitive policy strategies able to dampen fluctuations by means of a partial reduction of information.

Detection of algorithmic trading

NASA Astrophysics Data System (ADS)

Bogoev, Dimitar; Karam, Arzé

2017-10-01

We develop a new approach to reflect the behavior of algorithmic traders. Specifically, we provide an analytical and tractable way to infer patterns of quote volatility and price momentum consistent with different types of strategies employed by algorithmic traders, and we propose two ratios to quantify these patterns. Quote volatility ratio is based on the rate of oscillation of the best ask and best bid quotes over an extremely short period of time; whereas price momentum ratio is based on identifying patterns of rapid upward or downward movement in prices. The two ratios are evaluated across several asset classes. We further run a two-stage Artificial Neural Network experiment on the quote volatility ratio; the first stage is used to detect the quote volatility patterns resulting from algorithmic activity, while the second is used to validate the quality of signal detection provided by our measure.

Apparent impact: the hidden cost of one-shot trades

NASA Astrophysics Data System (ADS)

Mastromatteo, Iacopo

2015-06-01

We study the problem of the execution of a moderate size order in an illiquid market within the framework of a solvable Markovian model. We suppose that in order to avoid impact costs, a trader decides to execute her order through a unique trade, waiting for enough liquidity to accumulate at the best quote. We find that despite the absence of a proper price impact, such trader faces an execution cost arising from a non-vanishing correlation among volume at the best quotes and price changes. We characterize analytically the statistics of the execution time and its cost by mapping the problem to the simpler one of calculating a set of first-passage probabilities on a semi-infinite strip. We finally argue that price impact cannot be completely avoided by conditioning the execution of an order to a more favorable liquidity scenario.

A Stakeholder Survey on Live Bird Market Closures Policy for Controlling Highly Pathogenic Avian Influenza in Vietnam.

PubMed

Nguyen, Thi Thanh Thuy; Fearnley, Lyle; Dinh, Xuan Tung; Tran, Thi Tram Anh; Tran, Trong Tung; Nguyen, Van Trong; Tago, Damian; Padungtod, Pawin; Newman, Scott H; Tripodi, Astrid

2017-01-01

Extensive research in Vietnam and elsewhere has shown that live bird markets (LBMs) play a significant role in the ecology and zoonotic transmission of avian influenzas (AIs) including H5N1 and H7N9. Vietnam has a large number of LBMs reflecting the consumer preferences for live poultry. Under pressure to mitigate risks for H7N9 and other zoonotic AIs, Vietnam is considering, among other mitigation measures, temporary closures of LBMs as a policy to reduce risk of AI outbreaks. However, the efficacy of market closure is debated, particularly because little is known about how poultry traders may react, and whether trading may emerge outside formal marketplaces. Combining efforts of anthropologists, economists, sociologists, and veterinarians can be useful to elucidate the drivers behind poultry traders' reactions and better understanding the barriers to implementing risk mitigation measures. In this paper, we present results from a stakeholder survey of LBM stakeholders in Vietnam. Our qualitative data show that trading outside formal markets is very likely to occur in the event of a temporary LBM market closure. Our data show that the poultry value chain in Vietnam remains highly flexible, with traders willing and able to trade poultry in many possible locations. Our results indicate that simplification of the poultry value chain along with strict enforcement, engagement of stakeholders, and adequate communication would be a necessary prerequisite before market closure could be an effective policy.

Adaptive Sniping for Volatile and Stable Continuous Double Auction Markets

NASA Astrophysics Data System (ADS)

Toft, I. E.; Bagnall, A. J.

This paper introduces a new adaptive sniping agent for the Continuous Double Auction. We begin by analysing the performance of the well known Kaplan sniper in two extremes of market conditions. We generate volatile and stable market conditions using the well known Zero Intelligence-Constrained agent and a new zero-intelligence agent Small Increment (SI). ZI-C agents submit random but profitable bids/offers and cause high volatility in prices and individual trader performance. Our new zero-intelligence agent, SI, makes small random adjustments to the outstanding bid/offer and hence is more cautious than ZI-C. We present results for SI in self-play and then analyse Kaplan in volatile and stable markets. We demonstrate that the non-adaptive Kaplan sniper can be configured to suit either market conditions, but no single configuration is performs well across both market types. We believe that in a dynamic auction environment where current or future market conditions cannot be predicted a viable sniping strategy should adapt its behaviour to suit prevailing market conditions. To this end, we propose the Adaptive Sniper (AS) agent for the CDA. AS traders classify sniping opportunities using a statistical model of market activity and adjust their classification thresholds using a Widrow-Hoff adapted search. Our AS agent requires little configuration, and outperforms the original Kaplan sniper in volatile and stable markets, and in a mixed trader type scenario that includes adaptive strategies from the literature.

75 FR 4713 - Purchases of Certain Equity Securities by the Issuer and Others

Federal Register 2010, 2011, 2012, 2013, 2014

2010-01-29

... Stock Repurchases?,'' 13 Journal of Applied Corporate Finance, pp. 31-51 (2000) (noting issuers... Price Discovery,'' Journal of Empirical Finance 15, 839-849 (2008). \\45\\ See, e.g., Security Traders...

76 FR 2174 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-12

... traders additional opportunities and strategies to hedge high priced securities. Currently, Exchange Rule... example if Apple, Inc. (``AAPL'') would trade at $310 \\6\\ with approximately two months remaining until...

Global optimization of minority game by intelligent agents

NASA Astrophysics Data System (ADS)

Xie, Yan-Bo; Wang, Bing-Hong; Hu, Chin-Kun; Zhou, Tao

2005-10-01

We propose a new model of minority game with intelligent agents who use trail and error method to make a choice such that the standard deviation σ2 and the total loss in this model reach the theoretical minimum values in the long time limit and the global optimization of the system is reached. This suggests that the economic systems can self-organize into a highly optimized state by agents who make decisions based on inductive thinking, limited knowledge, and capabilities. When other kinds of agents are also present, the simulation results and analytic calculations show that the intelligent agent can gain profits from producers and are much more competent than the noise traders and conventional agents in original minority games proposed by Challet and Zhang.

Idiopathic pulmonary fibrosis misdiagnosed as sputum-negative pulmonary tuberculosis.

PubMed

Isah, Muhammad Danasabe; Abbas, Aminu; Abba, Abdullahi A; Umar, Mohammed

2016-01-01

Idiopathic pulmonary fibrosis (IPF), also known as cryptogenic fibrosing alveolitis, is one of a spectrum of idiopathic interstitial pneumonia. IPF is an increasingly common condition which poses many diagnostic and therapeutic challenges leading to misdiagnosis and mismanagement. We presented a 55-year-old male textile trader who was initially managed as sputum-negative pulmonary tuberculosis before histology report. He presented to our clinic with Breathlessness and cough of 3 years and 2.5 years, respectively. He had commenced anti-tuberculosis two months before presentation without significant relief. General Physical examination and vital signs were essentially normal. SPO2 was 96% on room air. Chest Examination revealed end-inspiratory bi-basal velcro-like crackles. Other systemic examinations were normal. Radiological examination by way of chest X- ray and chest CT showed features suggestive of IPF. The patient also had open Lung biopsy for histology and spirometry which demonstrated restrictive ventilatory function pattern. A diagnosis of Interstitial lung disease probably Idiopathic Pulmonary Fibrosis was entertained. He was commenced on Tab prednisolone, Tab Rabeprazole, with minimal improvement. IPF have often been misdiagnosed and treated as pulmonary tuberculosis with unfavorable outcome.

76 FR 50279 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-12

... Adopt a Limited Category of Principal Registration for Proprietary Traders August 8, 2011. Pursuant to..., Categories of Principal Registration, to adopt a new limited category of principal registration for...

17 CFR 3.11 - Registration of floor brokers and floor traders.

Code of Federal Regulations, 2014 CFR

2014-04-01

... accordance with this paragraph (a) must be accompanied by the fingerprints of the applicant on a fingerprint card provided for that purpose by the National Futures Association, except that a fingerprint card need...

17 CFR 3.11 - Registration of floor brokers and floor traders.

Code of Federal Regulations, 2013 CFR

2013-04-01

... accordance with this paragraph (a) must be accompanied by the fingerprints of the applicant on a fingerprint card provided for that purpose by the National Futures Association, except that a fingerprint card need...

Role of ecolabeling in reducing ecotoxicology.

PubMed

Chakravarthy, Yogita; Potdar, Aditee; Singh, Anju; Unnikrishnan, Seema; Naik, Neelima

2016-12-01

Ecolabeling helps consumers to select environment friendly products, while meeting high demands on occupational health, safety, and usability. Ecolabeling undertakes cradle-to-grave approach which helps in minimizing the toxicological impacts at every stage of the product life cycle. The ecolabeling procedure calls for substitution or reduction of hazardous substances thereby reducing the toxicity caused due to these chemicals. China, Japan, Australia, European Union, and Nordic countries are leading in the race of awareness and implementation of ecolabeling schemes. In India, the ecolabeling scheme (Ecomark) was initiated in 1991. The Ecomark scheme lacked adoption of the green marketing principles and thus failed to create an impact. This study presents an overview of ecolabels in European Union, Nordic countries, Germany, China and India. Furthermore, it assesses the awareness of ecolabels among the retailers and traders of environment friendly products in India through a survey. The study highlights that the ecolabels are a success in most of the countries studied and are applied across a range of industrial sectors. The survey is administered to 80 retailers and traders of stores selling environment friendly products across different Indian cities. A correlation is established with the variables identified. The survey results indicate that although the retailers and traders of environment friendly products have low awareness of the ecolabels on environment friendly products, they are taking considerable efforts to promote and deliver environment friendly products to consumers. Large-scale awareness drives initiated by the Ministry of Environment, Forests & Climate Change permeating at grass root levels with the involvement of stakeholders could prove beneficial for promotion of the ecolabeling schemes. Copyright © 2015 Elsevier Inc. All rights reserved.

Interventions for avian influenza A (H5N1) risk management in live bird market networks.

PubMed

Fournié, Guillaume; Guitian, Javier; Desvaux, Stéphanie; Cuong, Vu Chi; Dung, Do Huu; Pfeiffer, Dirk Udo; Mangtani, Punam; Ghani, Azra C

2013-05-28

Highly pathogenic avian influenza virus subtype H5N1 is endemic in Asia, with live bird trade as a major disease transmission pathway. A cross-sectional survey was undertaken in northern Vietnam to investigate the structure of the live bird market (LBM) contact network and the implications for virus spread. Based on the movements of traders between LBMs, weighted and directed networks were constructed and used for social network analysis and individual-based modeling. Most LBMs were connected to one another, suggesting that the LBM network may support large-scale disease spread. Because of cross-border trade, it also may promote transboundary virus circulation. However, opportunities for disease control do exist. The implementation of thorough, daily disinfection of the market environment as well as of traders' vehicles and equipment in only a small number of hubs can disconnect the network dramatically, preventing disease spread. These targeted interventions would be an effective alternative to the current policy of a complete ban of LBMs in some areas. Some LBMs that have been banned still are very active, and they likely have a substantial impact on disease dynamics, exhibiting the highest levels of susceptibility and infectiousness. The number of trader visits to markets, information that can be collected quickly and easily, may be used to identify LBMs suitable for implementing interventions. This would not require prior knowledge of the force of infection, for which laboratory-confirmed surveillance would be necessary. These findings are of particular relevance for policy development in resource-scarce settings.

Can We Envision a Bettor's Guide to Climate Prediction Markets?

NASA Astrophysics Data System (ADS)

Trexler, M.

2017-12-01

It's one thing to set up a climate prediction market, it's another to find enough informed traders to make the market work. Climate bets could range widely, from purely scientific or atmospheric metrics, to bets that involve the interplay of science, policy, economic, and behavioral outcomes. For a topic as complex and politicized as climate change, a Bettor's Guide to Climate Predictions could substantially expand and diversify the pool of individuals trading in the market, increasing both its liquidity and decision-support value. The Climate Web is an on-line and publically accessible Beta version of such a Bettor's Guide, implementing the knowledge management adage: "if only we knew what we know." The Climate Web not only curates the key literature, news coverage, and websites relating to more than 100 climate topics, from extreme event exceedance curves to climate economics to climate risk scenarios, it extracts and links together thousands of ideas and graphics across all of those topics. The Climate Web integrates the many disciplinary silos that characterize today's often dysfunctional climate policy conversations, allowing rapid cross-silo exploration and understanding. As a Bettor's Guide it would allow prediction market traders to better research and understand their potential bets, and to quickly survey key thinking and uncertainties relating to those bets. The availability of such a Bettor's Guide to Climate Predictions should make traders willing to place more bets than they otherwise would, and should facilitate higher quality betting. The presentation will introduce the knowledge management dimensions and challenges of climate prediction markets, and introduce the Climate Web as one solution to those challenges.

Excessive trading, a gambling disorder in its own right? A case study on a French disordered gamblers cohort.

PubMed

Grall-Bronnec, Marie; Sauvaget, Anne; Boutin, Claude; Bulteau, Samuel; Jiménez-Murcia, Susana; Fernández-Aranda, Fernando; Challet-Bouju, Gaëlle; Caillon, Julie

2017-01-01

Trading and gambling appear to share some similarities. Indeed, traders can get professionally involved in high-risk types of trading as if it were gambling. This research explores whether excessive trading can be conceptualized as a subset of gambling disorders. To better acknowledge the existence of an addictive-like trading behavior and to discuss its phenomenological similarities with gambling disorders. The data of 8 excessive traders out of a cohort of 221 outpatients seeking treatment in our Problem Gambling unit were analyzed. Our case series revealed important similarities with gambling disorders in terms of diagnosis, trajectory and comorbidities. Like many disordered gamblers, excessive traders of this study experienced a number of small early wins, chased their losses, and ended up losing control over the money they invested. All of them invested in very risky stocks associated with short-term trading leading to potential large gains, but also with very significant losses. The structure itself of the two activities (gambling and trading) is very close. Our results tended to support the idea of an addictive-like trading behavior as a subset of gambling disorders. Investing is not a form of gambling, but some people gamble with investments. Several observations and recommendations can be made: (i) conduct researches; (ii) build and validate specific assessment tools; (iii) develop strategies for prevention and treatment; and (iv) conduct more rigorous studies to clarify what we named an addictive-like trading behavior. Copyright © 2015 The Authors. Published by Elsevier Ltd.. All rights reserved.

International Marketplace.

ERIC Educational Resources Information Center

Wells, Donald A.; And Others

1985-01-01

This issue begins with a conceptual introduction to economic specialization, exports and imports, and the importance of international trade. Four instructional units follow this introduction, beginning with a preschool and kindergarten unit called "Traders and Travelers," which involves young students in five activities that illustrate…

Development of a Hydrologic Model to Assess the Feasibility of Water Leasing in the Middle Rio Grande Basin

NASA Astrophysics Data System (ADS)

Garner, C. B.; Boyle, D. P.; Lamorey, G. W.; Bassett, S. D.

2007-12-01

The demand for water in the southwestern United States has increased in tandem with a rapid growth of population over the past 50 years. With ever increasing demands being placed on available water supplies, improving water management becomes crucial to the sustainability of the region's water resources. The National Science Foundation (NSF) Science and Technology Center (STC) for the Sustainability of semi-Arid Hydrology and Riparian Areas (SAHRA) is interested in the feasibility of water leasing as a method for more efficiently distributing water among competing users. Economists working on the project will run water leasing simulations in an auction-type environment to understand the pros and cons of water leasing in a free market system. To include hydrologic processes in the water leasing simulations, an MMS-PRMS hydrologic model was developed for a portion of the Middle Rio Grande Basin (MRGB) near Albuquerque, New Mexico. This portion of the MRGB contains a detailed network of diversions, canals, and drains that transport water through the system. In order to capture the complexity of the system, the model was developed using the highest resolution information available. In the model, each Hydrologic Response Unit (HRU) is represented as a trader. To achieve the 15 trader limit desired by economists, the model structure was simplified using two basic constraints; 1) HRUs having a common source and point of return to the river were lumped; and 2) HRUs with less than 20% agricultural land use were omitted from the auction simulations. A new Evapotranspiration (ET) module was implemented in the model to better estimate ET associated with different crops. Modules were also developed so that the end user has the flexibility to manipulate water deliveries based on crop type and land use. The MMS- PRMS model for the MRGB should help economists determine if the incentive to profit by selling or buying water can make more efficient use of the available water supply.

78 FR 21482 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Order Granting Approval of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-10

... Catastrophic Errors April 4, 2013. I. Introduction On January 31, 2013, NASDAQ OMX PHLX LLC (``PHLX'' or... process is shorter for specialists and Registered Options Traders than it is for other market participants...

21 CFR 205.3 - Definitions.

Code of Federal Regulations, 2013 CFR

2013-04-01

... reasons includes transfers of prescription drugs by a retail pharmacy to another retail pharmacy to...) The sale of minimal quantities of drugs by retail pharmacies to licensed practitioners for office use..., and wholesale drug warehouses; independent wholesale drug traders; and retail pharmacies that conduct...

21 CFR 205.3 - Definitions.

Code of Federal Regulations, 2012 CFR

2012-04-01

... reasons includes transfers of prescription drugs by a retail pharmacy to another retail pharmacy to...) The sale of minimal quantities of drugs by retail pharmacies to licensed practitioners for office use..., and wholesale drug warehouses; independent wholesale drug traders; and retail pharmacies that conduct...

21 CFR 205.3 - Definitions.

Code of Federal Regulations, 2014 CFR

2014-04-01

... reasons includes transfers of prescription drugs by a retail pharmacy to another retail pharmacy to...) The sale of minimal quantities of drugs by retail pharmacies to licensed practitioners for office use..., and wholesale drug warehouses; independent wholesale drug traders; and retail pharmacies that conduct...

77 FR 11615 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-27

...''),\\5\\ and Remote Streaming Quote Trader (``RSQT'').\\6\\ The Exchange proposes to also amend the Fee... for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE...

75 FR 71771 - Self-Regulatory Organizations; Notice of Filing of Proposed Rule Change by NASDAQ OMX PHLX, Inc...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-24

... provide investors and traders additional opportunities and strategies to hedge high priced securities... varying yields to the investor. For example if Apple, Inc. (``AAPL'') would trade at $310 \\6\\ with...

Wildlife for sale.

PubMed

Martin, E; Redford, T

2000-02-01

Myanmar, famous for the smuggling of opium and gemstones, is losing much of its wildlife to illegal traders. In 1998, a survey of goods for sale in two border towns showed a thriving trade in body parts from some of the world's most endangered species.

17 CFR 3.11 - Registration of floor brokers and floor traders.

Code of Federal Regulations, 2012 CFR

2012-04-01

... fingerprints of the applicant on a fingerprint card provided for that purpose by the National Futures Association, except that a fingerprint card need not be filed by any applicant who has a current Form 8-R on...

17 CFR 3.11 - Registration of floor brokers and floor traders.

Code of Federal Regulations, 2010 CFR

2010-04-01

... fingerprints of the applicant on a fingerprint card provided for that purpose by the National Futures Association, except that a fingerprint card need not be filed by any applicant who has a current Form 8-R on...

17 CFR 3.11 - Registration of floor brokers and floor traders.

Code of Federal Regulations, 2011 CFR

2011-04-01

... fingerprints of the applicant on a fingerprint card provided for that purpose by the National Futures Association, except that a fingerprint card need not be filed by any applicant who has a current Form 8-R on...

Liquidity Dynamics in the Xetra Order Book

NASA Astrophysics Data System (ADS)

Schmidinger, Christoph

2010-09-01

In this paper we show how to reconstruct the limit order book of the 30 stocks constituting the DAX30 index based on the trading protocol of the Xetra Trading System at the Frankfurt Stock Exchange. The algorithm used is innovative as it captures all trading phases, including auctions, and delivers a reconstruction of the orderbook either from a trader's view or a supervisory view including hidden volume as well. Based on the rebuilt order book, liquidity dynamics are examined. In contrats to findings for dealer markets, past market returns play a minor role in the determination of liquidity and liquidity commonality in Xetra, a pure limit order book market. Consequently, we provide evidence that liquidity provision by multiple sources in Xetra mitigates systemic liquidity risk introduced by the interrelation of return and liquidity.

WIPCast: Probabilistic Forecasting for Aviation Decision Aid Applications

DTIC Science & Technology

2011-06-01

traders, or families planning an outing – manage weather-related risk. By quantifying risk , probabilistic forecasting enables optimization of actions via...confidence interval to the user’s risk tolerance helps drive highly effective and innovative decision support mechanisms for visually quantifying risk for

To render nationals of Israel eligible to enter the United States as nonimmigrant traders and investors.

THOMAS, 111th Congress

Rep. Weiner, Anthony D. [D-NY-9

2009-12-16

House - 03/01/2010 Referred to the Subcommittee on Immigration, Citizenship, Refugees, Border Security, and International Law. (All Actions) Tracker: This bill has the status IntroducedHere are the steps for Status of Legislation:

DNA Fingerprinting of Pearls to Determine Their Origins

PubMed Central

Meyer, Joana B.; Cartier, Laurent E.; Pinto-Figueroa, Eric A.; Krzemnicki, Michael S.; Hänni, Henry A.; McDonald, Bruce A.

2013-01-01

We report the first successful extraction of oyster DNA from a pearl and use it to identify the source oyster species for the three major pearl-producing oyster species Pinctada margaritifera, P. maxima and P. radiata. Both mitochondrial and nuclear gene fragments could be PCR-amplified and sequenced. A polymerase chain reaction-restriction fragment length polymorphism (PCR-RFLP) assay in the internal transcribed spacer (ITS) region was developed and used to identify 18 pearls of unknown origin. A micro-drilling technique was developed to obtain small amounts of DNA while maintaining the commercial value of the pearls. This DNA fingerprinting method could be used to document the source of historic pearls and will provide more transparency for traders and consumers within the pearl industry. PMID:24130725

DNA fingerprinting of pearls to determine their origins.

PubMed

Meyer, Joana B; Cartier, Laurent E; Pinto-Figueroa, Eric A; Krzemnicki, Michael S; Hänni, Henry A; McDonald, Bruce A

2013-01-01

We report the first successful extraction of oyster DNA from a pearl and use it to identify the source oyster species for the three major pearl-producing oyster species Pinctada margaritifera, P. maxima and P. radiata. Both mitochondrial and nuclear gene fragments could be PCR-amplified and sequenced. A polymerase chain reaction-restriction fragment length polymorphism (PCR-RFLP) assay in the internal transcribed spacer (ITS) region was developed and used to identify 18 pearls of unknown origin. A micro-drilling technique was developed to obtain small amounts of DNA while maintaining the commercial value of the pearls. This DNA fingerprinting method could be used to document the source of historic pearls and will provide more transparency for traders and consumers within the pearl industry.

Use of market data to assess bushmeat hunting sustainability in Equatorial Guinea.

PubMed

Allebone-Webb, S M; Kümpel, N F; Rist, J; Cowlishaw, G; Rowcliffe, J M; Milner-Gulland, E J

2011-06-01

Finding an adequate measure of hunting sustainability for tropical forests has proved difficult. Many researchers have used urban bushmeat market surveys as indicators of hunting volumes and composition, but no analysis has been done of the reliability of market data in reflecting village offtake. We used data from urban markets and the villages that supply these markets to examine changes in the volume and composition of traded bushmeat between the village and the market (trade filters) in Equatorial Guinea. We collected data with market surveys and hunter offtake diaries. The trade filters varied depending on village remoteness and the monopoly power of traders. In a village with limited market access, species that maximized trader profits were most likely to be traded. In a village with greater market access, species for which hunters gained the greatest income per carcass were more likely to be traded. The probability of particular species being sold to market also depended on the capture method and season. Larger, more vulnerable species were more likely to be supplied from less-accessible catchments, whereas there was no effect of forest cover or human population density on probability of being sold. This suggests that the composition of bushmeat offtake in an area may be driven more by urban demand than the geographic characteristics of that area. In one market, traders may have reached the limit of their geographical exploitation range, and hunting pressure within that range may be increasing. Our results demonstrate that it is possible to model the trade filters that bias market data, which opens the way to developing more robust market-based sustainability indices for the bushmeat trade. ©2011 Society for Conservation Biology.

Interplay Between Energy-Market Dynamics and Physical Stability of a Smart Power Grid

NASA Astrophysics Data System (ADS)

Picozzi, Sergio; Mammoli, Andrea; Sorrentino, Francesco

2013-03-01

A smart power grid is being envisioned for the future which, among other features, should enable users to play the dual role of consumers as well as producers and traders of energy, thanks to emerging renewable energy production and energy storage technologies. As a complex dynamical system, any power grid is subject to physical instabilities. With existing grids, such instabilities tend to be caused by natural disasters, human errors, or weather-related peaks in demand. In this work we analyze the impact, upon the stability of a smart grid, of the energy-market dynamics arising from users' ability to buy from and sell energy to other users. The stability analysis of the resulting dynamical system is performed assuming different proposed models for this market of the future, and the corresponding stability regions in parameter space are identified. We test our theoretical findings by comparing them with data collected from some existing prototype systems.

17 CFR 37.7 - Additional requirements.

Code of Federal Regulations, 2010 CFR

2010-04-01

... Section 37.7 Commodity and Securities Exchanges COMMODITY FUTURES TRADING COMMISSION DERIVATIVES... transaction execution facility insofar as transactions in futures or option contracts of foreign traders are... of section 5c(c) of the Act and § 40.2 of this chapter, derivatives transaction execution facilities...

Influence of individual rationality on continuous double auction markets with networked traders

NASA Astrophysics Data System (ADS)

Zhang, Junhuan

2018-04-01

This paper investigates the influence of individual rationality of buyers and sellers on continuous double auction market outcomes in terms of the proportion of boundedly-rational buyers and sellers. The individual rationality is discussed in a social network artificial stock market model by embedding network formation and information set. Traders automatically select the most profitable trading strategy based on individual and social learning of the profits and trading strategies of themselves and their neighbors, and submit orders to markets. The results show that (i) a higher proportion of boundedly-rational sellers induces a higher market price, higher sellers' profits and a higher market efficiency; (ii) a higher proportion of boundedly-rational sellers induces a lower number of trades and lower buyers' profits; (iii) a higher proportion of boundedly-rational buyers induces a lower market price, a lower number of trades, and lower sellers' profits; (iv) a higher proportion of boundedly-rational buyers induces higher buyers' profits and a higher market efficiency.

The distribution of alcohol among the natives of Russian America.

PubMed

Grinëv, Andrei V

2010-01-01

The study of archival materials and published historical and ethnographic sources shows that alcohol played an insignificant role in contacts with the aboriginal population during the Russian colonization of Alaska. The Russian-American Company (RAC) tried to fight alcoholism and limited access of spirits to the natives of the Russian colonies partially for moral and partially for economic reasons. The only Alaskan natives to whom agents of the RAC supplied rum in large quantities were the Tlingit and Kaigani Haida in 1830–1842, and among them excessive drinking became a widespread problem. The chief suppliers of alcohol for these Native Americans were the British and American traders at the end of the eighteenth century. In the mid-nineteenth century traders and whalers began to supply it to the Bering Sea Eskimos as well. Russian colonization was marked by efforts to limit drunkenness in the native populations. In that sense, Russian colonization was favorable in comparison with subsequent American colonization of Alaska.

Social and economic behavior shift in the suburban society

NASA Astrophysics Data System (ADS)

Harianto, S.; Imron, A.; Setiawan, K. G.; Sadewo, F. X. S.

2018-01-01

One of the changes in the suburban area is marked by changes in land conversion, from agriculture pattern to non-farming pattern, which also affects changes in people’s livelihoods and occupation such as a craftsman and shoe trader. Using a qualitative approach, this study focuses to examine how changes in social and economic behavior of suburban communities as a result of urban development. This study founded that there was a change of livelihood in village people occupation from farmers to craftsmen and slippers traders. These changes have an impact on changing patterns of social relationships such as social interaction, social awareness, and social solidarity. In addition, the increase in income of village residents also impact on lifestyle changes such as diet and entertainment. Thus it can be concluded that urban development has an impact on suburban societies in social relations and income generation. The results of this study can be used as a reference for the city government and district governments in arranging the layout and build prosperity of the community suburban.

The dynamics of stock exchange based on the formalism of weak continuous quantum measurement

NASA Astrophysics Data System (ADS)

Melnyk, S.; Tuluzov, I.

2010-07-01

The problem of measurement in economic models and the possibility of their quantum-mechanical description are considered. It is revealed that the apparent paradox of such a description is associated with a priori requirement of conformity of the model to all the alternatives of free choice of the observer. The measurement of the state of a trader on a stock exchange is formally defined as his responses to the proposals of sale at a fixed price. It is shown that an analogue of Bell's inequalities for this measurement model is violated at the most general assumptions related to the strategy of the trader and requires a quantum-mechanical description of the dynamics of his condition. In the framework of the theory of weak continuous quantum measurements, the equation of stock price dynamics and the quantum-mechanical generalization of the F. Black and M. Scholes model for pricing options are obtained. The fundamental distinctions between the obtained model and the classical one are discussed.

Modelling Market Dynamics with a "Market Game"

NASA Astrophysics Data System (ADS)

Katahira, Kei; Chen, Yu

In the financial market, traders, especially speculators, typically behave as to yield capital gains by the difference between selling and buying prices. Making use of the structure of Minority Game, we build a novel market toy model which takes account of such the speculative mind involving a round-trip trade to analyze the market dynamics as a system. Even though the micro-level behavioral rules of players in this new model is quite simple, its macroscopic aggregational output has the reproducibility of the well-known stylized facts such as volatility clustering and heavy tails. The proposed model may become a new alternative bottom-up approach in order to study the emerging mechanism of those stylized qualitative properties of asset returns.

Operating a transmission company under open access: The basic requirements

DOE Office of Scientific and Technical Information (OSTI.GOV)

Hunt, S.; Shuttleworth, G.

1993-03-01

In both Europe and North America, technical and legal changes are increasing the opportunities for electricity traders to use transmission lines and grids that are owned by other companies. This article discusses the view that transmission maybe a service potentially separable from the production and retailing of electricity, and that transmission should be freely available at an appropriate price. Grid operators are wary of proposals to open access to transmission. European legislators want grid operators to become Transmission System Operators (TSO), moving energy around the network for others. Also discussed in this article are the powers that the TSO shouldmore » be allowed to exercise if access to transmission is made available.« less

Between Indian and White Worlds: The Cultural Broker.

ERIC Educational Resources Information Center

Szasz, Margaret Connell, Ed.

During the five centuries of contact between Native and non-Native peoples of the Americas, thousands of intermediaries have moved across the continents' cultural frontiers. These cultural brokers have included traders, missionaries, persons of mixed race, diplomats, Indian schoolchildren attending missionary or government boarding schools, White…

Prevalence of Cryptosporidium species among HIV positive asymptomatic and symptomatic immigrant population in Kashmir, India

PubMed Central

Masarat, S; Ahmad, F; Chisti, M; Hamid, S; Sofi, B Ahmad

2012-01-01

Background and Objectives Cryptosporidiosis has not been reported as an endemic disease in Kashmir, but high prevalence of Cryptosporidium sp. has been found among asymptomatic (non-diarrheic) HIV positive immigrants in present study. Due to increasing number of HIV positive immigrants in Kashmir, Cryptosporidium may become a public health problem in Kashmir. Materials and Methods A total of 45 stool samples were obtained from symptomatic (diarrheic n = 9) and asymptomatic (non-diarrheic n = 36) patients infected with HIV. The stool samples were concentrated using formalin ethyl acetate concentration technique, stained with modified Kinyoun's cold stain and oocysts were identified by microscopy under 1000 x magnification. It was confirmed by detection of antigens in stool samples by ELISA. Results It was established that all the patients studied were carriers of Cryptosporidium. In present study though 80% of patients were asymptomatic (non-diarrheic) and HIV positive which involved non-Kashmiri army personals and travelers (immigrants) but were carriers of Cryptosporidium and 20% of HIV positive patients were emigrants (local Kashmiri traders) who travelled different states of India were having diarrhea (symptomatic) as well as carrier of Cryptosporidium. Conclusion Though Cryptosporidium infection causes chronic diarrhea but in present study all HIV positive patients screened whether diarrheic or non-diarrheic were positive for Cryptosporidium. To prevent the transmission of Cryptosporidium oocyst in environment and endemic spread of cryptosporidiosis as non-diarrheic HIV positive population may be potential source of infection, obligatory laboratory testing for Cryptosporidium in HIV positive immigrant population like traders and travelers is highly recommended in order to have a better understanding of the cause of spread Cryptosporidium infection in Kashmir. PMID:22783459

Multiscale multifractal DCCA and complexity behaviors of return intervals for Potts price model

NASA Astrophysics Data System (ADS)

Wang, Jie; Wang, Jun; Stanley, H. Eugene

2018-02-01

To investigate the characteristics of extreme events in financial markets and the corresponding return intervals among these events, we use a Potts dynamic system to construct a random financial time series model of the attitudes of market traders. We use multiscale multifractal detrended cross-correlation analysis (MM-DCCA) and Lempel-Ziv complexity (LZC) perform numerical research of the return intervals for two significant China's stock market indices and for the proposed model. The new MM-DCCA method is based on the Hurst surface and provides more interpretable cross-correlations of the dynamic mechanism between different return interval series. We scale the LZC method with different exponents to illustrate the complexity of return intervals in different scales. Empirical studies indicate that the proposed return intervals from the Potts system and the real stock market indices hold similar statistical properties.

British Columbia. Reference Series No. 25.

ERIC Educational Resources Information Center

Department of External Affairs, Ottawa (Ontario).

This booklet, one of a series featuring the Canadian provinces, presents a brief overview of British Columbia and is suitable for teacher reference or student reading. A discussion of the province's history includes the early European explorers, Indian natives, and later fur traders and settlers. The building of the transcontinental railway, entry…

78 FR 52224 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-22

... Trader Continuing Education Program (S501) is a computer-based education program developed by many of the... Continuing Education Program, which is developed and maintained by the Securities Industry Regulatory Council... change will authorize the Exchange to administer different CE programs to differently registered...

17 CFR 5.20 - Special calls for account and transaction information.

Code of Federal Regulations, 2013 CFR

2013-04-01

...'s account in retail forex transactions. (c) Special calls for information on open transactions in... introducing brokers. Upon special call by the Commission for information relating to retail forex transactions... concerning accounts of traders owning or controlling such retail forex transaction positions, as may be...

17 CFR 5.20 - Special calls for account and transaction information.

Code of Federal Regulations, 2012 CFR

2012-04-01

...'s account in retail forex transactions. (c) Special calls for information on open transactions in... introducing brokers. Upon special call by the Commission for information relating to retail forex transactions... concerning accounts of traders owning or controlling such retail forex transaction positions, as may be...

17 CFR 5.20 - Special calls for account and transaction information.

Code of Federal Regulations, 2014 CFR

2014-04-01

...'s account in retail forex transactions. (c) Special calls for information on open transactions in... introducing brokers. Upon special call by the Commission for information relating to retail forex transactions... concerning accounts of traders owning or controlling such retail forex transaction positions, as may be...

Fast Money: Investment Literacy for Tomorrow's Wall Street Traders

ERIC Educational Resources Information Center

Thornton, Joel B.

2011-01-01

The author describes how investment research workshops were used to prepare students at Texas A&M University (TAMU) to compete in the 2008 Equitrader Collegiate Challenge. The Equitrader Collegiate Challenge is a simulated equity trading competition that enables students to match wits against the market and other contestants. This paper…

Minority Traders in Thai Village Social Networks.

ERIC Educational Resources Information Center

Foster, Brian L.

1980-01-01

Examines social networks in three villages in rural Thailand. Demonstrates that Mon (merchant group) villagers, despite their cultural similarity to other Thais, are less strongly linked into the networks of villagers in which they trade. Suggests that ethnicity provides a vehicle for social distance which is beneficial for commerce. (Author/GC)

77 FR 51835 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-08-27

... Specialists and Registered Options Traders) to indicate that compliance with specified market making... indicate that compliance with specified market making obligations pursuant to the rule will be determined... the general market making obligations established in Rule 1014. These Rule 1014 market making...

77 FR 55903 - Confirmation, Portfolio Reconciliation, Portfolio Compression, and Swap Trading Relationship...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-11

... and MSPs, trade associations, public interest groups, traders, and other interested parties. In... for the Proposed Rules The Working Group of Commercial Energy Firms (The Working Group) [[Page 55905... CEA. The Working Group believes that the Commission could meet its statutory mandate by publishing...

25 CFR 140.26 - Infectious plants.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Infectious plants. 140.26 Section 140.26 Indians BUREAU... Infectious plants. Traders shall not introduce into, sell, or spread within Indian reservations any plant, plant product, seed, or any type of vegetation, which is infested, or infected or which might act as a...

25 CFR 140.26 - Infectious plants.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Infectious plants. 140.26 Section 140.26 Indians BUREAU... Infectious plants. Traders shall not introduce into, sell, or spread within Indian reservations any plant, plant product, seed, or any type of vegetation, which is infested, or infected or which might act as a...

25 CFR 140.26 - Infectious plants.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 25 Indians 1 2014-04-01 2014-04-01 false Infectious plants. 140.26 Section 140.26 Indians BUREAU... Infectious plants. Traders shall not introduce into, sell, or spread within Indian reservations any plant, plant product, seed, or any type of vegetation, which is infested, or infected or which might act as a...

25 CFR 140.26 - Infectious plants.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 1 2011-04-01 2011-04-01 false Infectious plants. 140.26 Section 140.26 Indians BUREAU... Infectious plants. Traders shall not introduce into, sell, or spread within Indian reservations any plant, plant product, seed, or any type of vegetation, which is infested, or infected or which might act as a...

High Court Blows Political Smoke in Cigarette Tax Cases.

ERIC Educational Resources Information Center

Skibine, A. T.

1980-01-01

Ignoring legal precedent, the Supreme Court recently ruled that states can impose cigarette taxes on reservation sales to nontribal members. The ruling will have a disastrous effect on the tribes' capability to raise revenue through taxation and on the business existence of many traders and merchants. (SB)

On Humorous Exchanges

ERIC Educational Resources Information Center

Menair, Marion Suzanne

2011-01-01

In this dissertation I examine the patterns and uses of transgressive humor and sexual talk that male traders from Chicago Board of Trade (CBOT) indulge in when at their leisure from trading. I investigate how cultural conceptualizations or ideologies are brought into the present moment through discursive interaction and how the cultural signs…

Does encouraging the use of wetlands in water quality trading Programs make economic sense? presentation

EPA Science Inventory

Water quality trading has grown in popularity and scope in recent years owing to its potential as a flexible, low-cost way to achieve nutrient reduction goals. Policy makers are interested in encouraging traders, primarily agricultural sources, to use restored and constructed we...

Mapping cattle trade routes in southern Somalia: a method for mobile livestock keeping systems.

PubMed

Tempia, S; Braidotti, F; Aden, H H; Abdulle, M H; Costagli, R; Otieno, F T

2010-12-01

The Somali economy is the only one in the world in which more than half the population is dependent on nomadic pastoralism. Trade typically involves drovers trekking animals over long distances to markets. A pilot approach for mapping trade routes was undertaken, using the Afmadow to Garissa routes in southern Somalia. The methodology included conducting a workshop with traders to gather preliminary information about the most-used routes and general husbandry practices and training selected drovers to collect data about key features along the routes, using hand-held global positioning system (GPS) devices, radio collar GPS and pictorial data forms. Collected data were then integrated into geographic information systems for analysis. The resultant spatial maps describe the Afmadow to Garissa routes, the speed of livestock movement along these routes and relevant environmental and social features affecting this speed. These data are useful for identifying critical control points for health screening along the routes, which may enable the establishment of a livestock certification system in nomadic pastoral environments.

CRank: A Credit Assessment Model in C2C e-Commerce

NASA Astrophysics Data System (ADS)

Zhang, Zhiqiang; Xie, Xiaoqin; Pan, Haiwei; Han, Qilong

An increasing number of consumers not only purchase but also resell merchandise through C2C web sites. One of the greatest concerns for the netizens is the lacking of a fair credit assessment system. Trust and trustworthiness are crucial to the survival of online markets. Reputation systems that rely on feedback from traders help to sustain the trust. And reputation systems provide one of the ways of building trusts online. In this chapter, we investigate a credit assessment model, CRank, for the members in the context of e-market systems, such as Alibaba, eBay, to solve such problem as how to choose a credible business partner when the customer wants to purchase some products from the Internet. CRank makes use of feedback profile made up of ranks from other users as well as an overall feedback rating for the user based on the idea of PageRank. This model can be used to build a trustable relation network among business participants.

Essays on the economics of natural gas pipelines

NASA Astrophysics Data System (ADS)

Oliver, Matthew E.

The natural gas pipeline transportation industry is comprised of a primary market and a secondary market. In the primary market, pipelines sell 'firm' transport capacity contracts to gas traders, local distribution companies, and other parties. The (per unit) secondary market value of transport is rarely comparable to the regulated primary market two-part tariff. When and where available capacity in the secondary market is scarce, its value can far exceed the primary market tariffs paid by firm contract holders, generating scarcity rents. The following essays demonstrate that this phenomenon has predictable effects on natural gas spot prices, firm capacity reservations, the pipeline's capacity construction and expansion decisions, and the economic welfare of producers and consumers at the market hubs connected by the pipeline. Chapter 1 provides a theoretical framework for understanding how pipeline congestion affects natural gas spot prices within the context of the current regulatory environment, and empirically quantifies this effect over a specific regional pipeline network. As available pipeline capacity over a given route connecting two hubs becomes scarce, the spot prices for gas at the hubs are driven apart---a phenomenon indicative of some market friction that inhibits the ability of spot price arbitrage to fully integrate the two prices, undermining economic efficiency. The theoretical component of Chapter 1 illuminates a potential source of this friction: the deregulated structure of the secondary market for gas transportation services. To support and quantify the predictions of the theoretical model, the empirical component demonstrates that the effect of congestion on the secondary market value of transport---the key factor in driving apart spot prices---can be quite strong. Coefficient estimates indicate that dramatic increases in transport costs are likely to result from marginal increases in congestion. This result has important implications because upward pressure on the demand for pipeline transport is imminent, owing to the recent surge in available natural gas reserve estimates and the expected growth in consumption demand over the foreseeable future. Chapter 2 derives optimality conditions for capacity and two-part tariff structure in the primary market, when demand for the shipping service in the secondary market is stochastic but stationary. Based on their individual demand distributions, the overall demand distribution, and the two-part tariff structure, natural gas traders reserve firm capacity contracts over a given transportation route served by a single pipeline. The traders' individual demands sum to the aggregate demand for primary market capacity reservations over the route. The aggregate capacity reservation demand function then feeds into the pipeline's profit-maximization problem, which for comparison is analyzed under three alternative regulatory regimes: unregulated monopoly, Ramsey second-best solution, and rate-of-return regulation. For each case, the optimality conditions are parameterized and solved numerically. Results demonstrate that optimal capacity under rate-of-return regulation is lower than what would occur under a Ramsey second-best solution, exacerbating the congestion issue discussed in Chapter 1, and ultimately reducing overall social welfare. Chapter 3 examines a natural gas trader's willingness to contract expanded capacity over a given pipeline route, when demand in the secondary market is stochastic and increasing over time. A discrete time and scale framework provides the template for analyzing the trader's behavior and solving for his optimal expansion contracting strategy through time. Willingness to contract in any period hinges on the trade-off between the value of the option to contract expanded capacity (now or in a future period), and the 'spread option' value of utilizing contracted capacity to ship gas. The rate-of-return regulated primary market two-part tariff and the unregulated secondary market value of transport each affect these option values, but the latter provides a strong incentive to the trader to both delay and suppress his willingness to contract expanded capacity relative to the demand for gas shipping services. As a result, the pipeline is chronically congested. Relating this to the results of Chapters 1 and 2, there are likely to be strong welfare effects associated with this behavior. (Abstract shortened by UMI.)

Wildlife trade in Brazil: a closer look at wild pets welfare issues.

PubMed

Kuhnen, V V; Kanaan, V T

2014-02-01

Wild animals have been kept as pets for centuries, in Brazil companionship is one of the main reasons why wild species are legally bred and traded. This paper is an attempt to call the attention for problems concerning the welfare of wild pets involved in the trading system in Brazil. Some issues presented are: a) the significant increase in the number of wildlife breeders and traders and the difficulties faced by of the Brazilian government in controlling this activity; b) the main welfare issues faced by breeders and owners of wild pets; and c) the destination of wild pets no longer wanted. Finally, some recommendations are made having the welfare of the animals as a priority.

Eroding market stability by proliferation of financial instruments

NASA Astrophysics Data System (ADS)

Caccioli, F.; Marsili, M.; Vivo, P.

2009-10-01

We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability. in here

78 FR 45584 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-07-29

... that persons serving as proctors for the purposes of In-Firm Delivery must be registered. Introduction... Series 7 registration (that predates the introduction of the Series 56 on the Exchange) that registered... Element. The introduction of the Proprietary Trader Continuing Education Program allows the Exchange to...

17 CFR 21.02 - Special calls for information on open contracts in accounts carried or introduced by futures...

Code of Federal Regulations, 2010 CFR

2010-04-01

... furnish to the Commission the following information concerning accounts of traders owning or controlling... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Special calls for information on open contracts in accounts carried or introduced by futures commission merchants, clearing members...

78 FR 53812 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-30

... Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change... Proprietary Trader Program (S501) Continuing Education Regulatory Element Session on the BOX Market LLC (``BOX'') options facility. While changes to the fee schedule pursuant to this proposal will be effective upon...

Participatory Plant Breeding with Traders and Farmers for White Pea Bean in Ethiopia

ERIC Educational Resources Information Center

Assefa, T.; Sperling, L.; Dagne, B.; Argaw, W.; Tessema, D.; Beebe, S.

2014-01-01

Purpose: This research, conducted in Ethiopia, involved select stakeholders in the variety evaluation process early: to identify a greater number of acceptable varieties and to shorten a lengthy research and release process. Design/methodology/approach: A Participatory Plant Breeding (PPB) approach was used in both on-station and community-based…

25 CFR 140.15 - License applicable for trading only by original licensee.

Code of Federal Regulations, 2011 CFR

2011-04-01

... 25 Indians 1 2011-04-01 2011-04-01 false License applicable for trading only by original licensee. 140.15 Section 140.15 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.15 License applicable for trading only by original licensee. No...

77 FR 13168 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-05

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66483; File No. SR-NYSEARCA-2012-016] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Filing the Content Outline and Selection Specifications for the Proprietary Traders Qualification Examination (``Series 56'') Program Februar...

76 FR 36945 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-23

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-64699; File No. SR-CBOE-2011-056] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt the Selection Specifications and Content Outline for the Proprietary Traders Examination Program (Series 56...

77 FR 13170 - Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-05

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-66482; File No. SR-NYSEAMEX-2012-013] Self-Regulatory Organizations; NYSE Amex LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Filing the Content Outline and Selection Specifications for the Proprietary Traders Qualification Examination (``Series 56'') Program February...

25 CFR 140.14 - Trade limited to specified premises.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Trade limited to specified premises. 140.14 Section 140.14 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.14 Trade limited to specified premises. No trade with Indians is permitted at any other...

25 CFR 140.14 - Trade limited to specified premises.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 25 Indians 1 2014-04-01 2014-04-01 false Trade limited to specified premises. 140.14 Section 140.14 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.14 Trade limited to specified premises. No trade with Indians is permitted at any other...

75 FR 53366 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-08-31

... Rule Change Relating to Routing Fees, the Monthly Cap and Electronic Auctions August 25, 2010. Pursuant... Monthly Cap on equity option transaction fees; and (iii) clarify language relating to electronic auctions...-105. The Exchange also proposes to amend its Monthly Cap assessed on Registered Options Traders...

75 FR 65683 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-26

... does not significantly affect the protection of investors or the public interest, does not impose any... this proposed rule change is to expand the $.50 Strike Program in order to provide investors with... proposal would expand $.50 strike offerings to market participants, such as traders and retail investors...

76 FR 3680 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-20

... change does not significantly affect the protection of investors or the public interest, does not impose... provide investors and traders with additional opportunities and strategies to hedge high priced securities... believes the $5 Strike Price Program would offer investors a greater selection of strike prices at a lower...

75 FR 65689 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-26

... does not significantly affect the protection of investors or the public interest, does not impose any... rule change is to expand the $.50 Strike Program in order to provide investors with opportunities and... proposal would expand $.50 strike offerings to market participants, such as traders and retail investors...

76 FR 3686 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-01-20

... significantly affect the protection of investors or the public interest, does not impose any significant burden... classes on individual stocks (``$5 Strike Price Program'') to provide investors and traders with... believes the $5 Strike Price Program would offer investors a greater selection of strike prices at a lower...

78 FR 26382 - Advisory Committee on Commercial Operations of Customs and Border Protection (COAC)

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-06

... Completed by the Export Mapping Working Group (EMWG) to date. 3. Review and Discuss the Global Supply Chain Subcommittee's Air Cargo Advance Screening (ACAS) Working Group and address Next Steps regarding Land Border... the Trusted Trader Subcommittee and the Work Completed by the Industry Standards Working Group (ISWG...

Monitoring Global Crop Condition Indicators Using a Web-Based Visualization Tool

Treesearch

Bob Tetrault; Bob Baldwin

2006-01-01

Global crop condition information for major agricultural regions in the world can be monitored using the web-based application called Crop Explorer. With this application, U.S. and international producers, traders, researchers, and the public can access remote sensing information used by agricultural economists and scientists who predict crop production worldwide. For...

General Christopher C. Andrews: Leading the Minnesota Forestry Revolution

ERIC Educational Resources Information Center

Rice, Anna M.

2002-01-01

In the nineteenth century, America's burgeoning population certainly did grab all the timber it could. Vast pine forests stretched from Maine to Dakota, and the lumber industry voraciously consumed them from east to west. In 1800, the Minnesota territory was sparsely sprinkled with fur traders and American Indians. By 1850, its bounteous forests…

22 CFR 41.51 - Treaty trader, treaty investor, or treaty alien in a specialty occupation.

Code of Federal Regulations, 2013 CFR

2013-04-01

... a principal and primary function of the position and not an incidental or collateral function... supervisory element of the employee's position must be a principal and primary function of the position and not an incidental or collateral function. Executive and/or supervisory duties grant the employee...

22 CFR 41.51 - Treaty trader, treaty investor, or treaty alien in a specialty occupation.

Code of Federal Regulations, 2012 CFR

2012-04-01

... a principal and primary function of the position and not an incidental or collateral function... supervisory element of the employee's position must be a principal and primary function of the position and not an incidental or collateral function. Executive and/or supervisory duties grant the employee...

22 CFR 41.51 - Treaty trader, treaty investor, or treaty alien in a specialty occupation.

Code of Federal Regulations, 2014 CFR

2014-04-01

... a principal and primary function of the position and not an incidental or collateral function... supervisory element of the employee's position must be a principal and primary function of the position and not an incidental or collateral function. Executive and/or supervisory duties grant the employee...

Powder Keg on the Upper Missouri: Sources of Blackfeet Hostility, 1730-1810.

ERIC Educational Resources Information Center

Judy, Mark A.

1987-01-01

Evaluates reasons why Blackfeet Indians were bitterly hostile toward white fur traders in the upper Missouri River basin during the early 1800s. Explains causes of internal tribal turmoil including rapid adaptation of horses to tribal culture, devastating effects of disease, and guns disrupting the balance of power among tribes. (JHZ)

Biological control of aflatoxins in Africa: current status and potential challenges in the face of climate change

USDA-ARS?s Scientific Manuscript database

Aflatoxin contamination of crops is frequent in warm regions across the globe, including large areas in sub-Saharan Africa. Crop contamination with these dangerous toxins transcends health, food security, and trade sectors. It cuts across the value chain, affecting farmers, traders, markets, and fin...

17 CFR 21.03 - Selected special calls-duties of foreign brokers, domestic and foreign traders, futures...

Code of Federal Regulations, 2011 CFR

2011-04-01

... 17 Commodity and Securities Exchanges 1 2011-04-01 2011-04-01 false Selected special calls-duties... FUTURES TRADING COMMISSION SPECIAL CALLS § 21.03 Selected special calls-duties of foreign brokers... market, the Commission may issue a call for information from a futures commission merchant, clearing...

75 FR 70331 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-17

... filing that, among other things, transferred all relevant duties from the Options Allocation, Evaluation... Streaming Quote Traders. The Allocation and Assignment Rules also indicate, among other things, under what... evaluations and certain allocation procedures. Currently, Rule 511 indicates, among other things, that...

25 CFR 140.26 - Infectious plants.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 25 Indians 1 2012-04-01 2011-04-01 true Infectious plants. 140.26 Section 140.26 Indians BUREAU OF... Infectious plants. Traders shall not introduce into, sell, or spread within Indian reservations any plant, plant product, seed, or any type of vegetation, which is infested, or infected or which might act as a...

25 CFR 140.15 - License applicable for trading only by original licensee.

Code of Federal Regulations, 2012 CFR

2012-04-01

... 25 Indians 1 2012-04-01 2011-04-01 true License applicable for trading only by original licensee. 140.15 Section 140.15 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.15 License applicable for trading only by original licensee. No...

25 CFR 140.15 - License applicable for trading only by original licensee.

Code of Federal Regulations, 2014 CFR

2014-04-01

... 25 Indians 1 2014-04-01 2014-04-01 false License applicable for trading only by original licensee. 140.15 Section 140.15 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.15 License applicable for trading only by original licensee. No...

25 CFR 140.15 - License applicable for trading only by original licensee.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false License applicable for trading only by original licensee. 140.15 Section 140.15 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.15 License applicable for trading only by original licensee. No...

76 FR 81910 - Request for Extension of a Currently Approved Information Collection; End-Use Certificate Program

Federal Register 2010, 2011, 2012, 2013, 2014

2011-12-29

... Request: Extension. Abstract: This information collection is to ensure that Canadian wheat imported into... importers, subsequent buyers, and end-users that assists in tracking the Canadian wheat within the U.S... to average 0.175 hours per response. Respondents: Wheat importers, traders, and end-users. Estimated...

25 CFR 140.15 - License applicable for trading only by original licensee.

Code of Federal Regulations, 2010 CFR

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false License applicable for trading only by original licensee. 140.15 Section 140.15 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.15 License applicable for trading only by original licensee. No...

Analysis of supply chain management of shallots in Medan

NASA Astrophysics Data System (ADS)

Alam, M. C.; Supriana, T.

2018-02-01

Supply chain is important for business. One of supply chain that needs to be studied is the shallots supply chain. Medan have high demand while the supply of shallots is limited. This study aims to analyze the flow of shallots supply chain distribution in Medan. The method used was survey by using questionnaires to shallots producers, collecting traders, distributors, traders as well as government involved in shallots supply chain. Descriptive analysis was used to explain the shallots supply chain distribution flow. The results showed that there are two shallots supply chain model in Medan that was local shallots model and imported shallots model. Local shallots model could be distinguished based on three producer area, those were models of Medan Marelan, Samosir, and Simalungun. Medan Marelan and Simalungun models have seven supply chains, while the Samosir Model has eight supply chains. This condition indicates that the local shallots supply chain management in Medan was not efficient because of the length of the distribution channel. Supply chain imported shallots was more efficient because it had a shorter distribution flow with five supply chains.

Analytic solution for American strangle options using Laplace-Carson transforms

NASA Astrophysics Data System (ADS)

Kang, Myungjoo; Jeon, Junkee; Han, Heejae; Lee, Somin

2017-06-01

A strangle has been important strategy for options when the trader believes there will be a large movement in the underlying asset but are uncertain of which way the movement will be. In this paper, we derive analytic formula for the price of American strangle options. American strangle options can be mathematically formulated into the free boundary problems involving two early exercise boundaries. By using Laplace-Carson Transform(LCT), we can derive the nonlinear system of equations satisfied by the transformed value of two free boundaries. We then solve this nonlinear system using Newton's method and finally get the free boundaries and option values using numerical Laplace inversion techniques. We also derive the Greeks for the American strangle options as well as the value of perpetual American strangle options. Furthermore, we present various graphs for the free boundaries and option values according to the change of parameters.

Asset price and trade volume relation in artificial market impacted by value investors

NASA Astrophysics Data System (ADS)

Tangmongkollert, K.; Suwanna, S.

2016-05-01

The relationship between return and trade volume has been of great interests in a financial market. The appearance of asymmetry in the price-volume relation in the bull and bear market is still unsettled. We present a model of the value investor traders (VIs) in the double auction system, in which agents make trading decision based on the pseudo fundamental price modelled by sawtooth oscillations. We investigate the system by two different time series for the asset fundamental price: one corresponds to the fundamental price in a growing phase; and the other corresponds to that in a declining phase. The simulation results show that the trade volume is proportional to the difference between the market price and the fundamental price, and that there is asymmetry between the buying and selling phases. Furthermore, the selling phase has more significant impact of price on the trade volume than the buying phase.

Deep Direct Reinforcement Learning for Financial Signal Representation and Trading.

PubMed

Deng, Yue; Bao, Feng; Kong, Youyong; Ren, Zhiquan; Dai, Qionghai

2017-03-01

Can we train the computer to beat experienced traders for financial assert trading? In this paper, we try to address this challenge by introducing a recurrent deep neural network (NN) for real-time financial signal representation and trading. Our model is inspired by two biological-related learning concepts of deep learning (DL) and reinforcement learning (RL). In the framework, the DL part automatically senses the dynamic market condition for informative feature learning. Then, the RL module interacts with deep representations and makes trading decisions to accumulate the ultimate rewards in an unknown environment. The learning system is implemented in a complex NN that exhibits both the deep and recurrent structures. Hence, we propose a task-aware backpropagation through time method to cope with the gradient vanishing issue in deep training. The robustness of the neural system is verified on both the stock and the commodity future markets under broad testing conditions.

A material flow analysis on current electrical and electronic waste disposal from Hong Kong households

DOE Office of Scientific and Technical Information (OSTI.GOV)

Lau, Winifred Ka-Yan; Chung, Shan-Shan, E-mail: sschung@hkbu.edu.hk; Zhang, Chan

2013-03-15

Highlights: ► Most household TWARC waste is sold directly to private e-waste collectors in HK. ► The current e-waste recycling network is popular with HK households. ► About 80% of household generated TWARC is exported overseas each year. ► Over 7000 tonnes/yr of household generated TWARC reach landfills. ► It is necessary to upgrade safety and awareness in HK’s e-waste recycling industry. - Abstract: A material flow study on five types of household electrical and electronic equipment, namely television, washing machine, air conditioner, refrigerator and personal computer (TWARC) was conducted to assist the Government of Hong Kong to establish anmore » e-waste take-back system. This study is the first systematic attempt on identifying key TWARC waste disposal outlets and trade practices of key parties involved in Hong Kong. Results from two questionnaire surveys, on local households and private e-waste traders, were used to establish the material flow of household TWARC waste. The study revealed that the majority of obsolete TWARC were sold by households to private e-waste collectors and that the current e-waste collection network is efficient and popular with local households. However, about 65,000 tonnes/yr or 80% of household generated TWARC waste are being exported overseas by private e-waste traders, with some believed to be imported into developing countries where crude recycling methods are practiced. Should Hong Kong establish a formal recycling network with tight regulatory control on imports and exports, the potential risks of current e-waste recycling practices on e-waste recycling workers, local residents and the environment can be greatly reduced.« less

Economics and Maximum Entropy Production

NASA Astrophysics Data System (ADS)

Lorenz, R. D.

2003-04-01

Price differentials, sales volume and profit can be seen as analogues of temperature difference, heat flow and work or entropy production in the climate system. One aspect in which economic systems exhibit more clarity than the climate is that the empirical and/or statistical mechanical tendency for systems to seek a maximum in production is very evident in economics, in that the profit motive is very clear. Noting the common link between 1/f noise, power laws and Self-Organized Criticality with Maximum Entropy Production, the power law fluctuations in security and commodity prices is not inconsistent with the analogy. There is an additional thermodynamic analogy, in that scarcity is valued. A commodity concentrated among a few traders is valued highly by the many who do not have it. The market therefore encourages via prices the spreading of those goods among a wider group, just as heat tends to diffuse, increasing entropy. I explore some empirical price-volume relationships of metals and meteorites in this context.

"Price-quakes" shaking the world's stock exchanges.

PubMed

Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

2011-01-01

Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

“Price-Quakes” Shaking the World's Stock Exchanges

PubMed Central

Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

2011-01-01

Background Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Methodology/Principal Findings Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events—pricequakes—in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. Conclusions/Significance We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network. PMID:22073168

75 FR 13187 - Self-Regulatory Organizations; NASDAQ OMX PHLX, Inc.; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-03-18

...), NASDAQ-100(R) and NASDAQ-100 Index(R) are registered trademarks of The NASDAQ OMX Group, Inc. (which with... proposes to: (i) Increase the options transaction charge for Registered Options Traders (``ROTs'') and... 2000[supreg] is a trademark and service mark of the Frank Russell Company, used under license. Neither...

Forensic timber identification: It's time to integrate disciplines to combat illegal logging

Treesearch

Eleanor E. Dormontt; Markus Boner; Birgit Braun; Gerhard Breulmann; Bernd Degen; Edgard Espinoza; Shelley Gardner; Phil Guillery; John C. Hermanson; Gerald Koch; Soon Leong Lee; Milton Kanashiro; Anto Rimbawanto; Darren Thomas; Alex C. Wiedenhoeft; Yafang Yin; Johannes Zahnen; Andrew J. Lowe

2015-01-01

The prosecution of illegal logging crimes is hampered by a lack of available forensic timber identification tools, both for screening of suspectmaterial and definitive identification of illegally sourcedwood. Reputable timber traders are also struggling to police their own supply chains and comply with the growing requirement for due diligence with respect to timber...

Madoff Debacle Hits Colleges and Raises Questions about Trustee Conflicts

ERIC Educational Resources Information Center

Fain, Paul

2009-01-01

Several colleges and universities lost millions in the alleged $50-billion Ponzi scheme run by the Wall Street trader Bernard L. Madoff. The losses include institutions' endowment holdings in hedge funds that were invested with Madoff as well as hits taken by supporting foundations and donors. Several foundations that have been active in higher…

75 FR 70337 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-11-17

... individual stocks would allow the Exchange to offer investors additional opportunities to use the $0.50... change is to modify the Exchange's rules to expand the $0.50 Strike Program in order to provide investors... market participants, such as traders and retail investors, and thereby enhance their ability to tailor...

75 FR 65687 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-26

... would allow the Exchange to offer investors additional opportunities to use the $0.50 Strike Program... Interpretation and Policy .01 to Rule 5.5 to expand the $0.50 Strike Program in order to provide investors with... strike offerings to market participants, such as traders and retail investors, and thereby enhance their...

77 FR 77165 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-12-31

...-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of...\\ notice is hereby given that on December 17, 2012, The NASDAQ Stock Market LLC (``NASDAQ'' or the... Equity Technical Update 2012-31 ( http://www.nasdaqtrader.com/TraderNews.aspx?id=ETU2012-31 ). Because...

76 FR 50277 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-12

... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-65054; File No. SR-ISE-2011-36] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt the Content Outline for the Proprietary Traders Examination (Series 56) August 8, 2011. Pursuant to Section 19(b)(1...

Genetic mapping of FAD2 genes and their relative contribution towards oil quality in peanut (Arachis hypogaea L.)

USDA-ARS?s Scientific Manuscript database

Improvement of oil quality is the major research objective in peanut because of its high economic impact on growers/traders and several health benefits to consumers. Fatty acid desaturase (FAD) genes are known to control quality traits but their position on the peanut genome and their relative contr...

76 FR 17468 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-03-29

... PHLX LLC Relating to the Equity Options Monthly Cap March 23, 2011. Pursuant to Section 19(b)(1) of the... The Exchange proposes to amend the Exchange's Fee Schedule to lower the monthly cap applicable to... they have reached the monthly cap. \\3\\ A Registered Options Trader (``ROT'') includes a Streaming Quote...

75 FR 65693 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-10-26

... to expand the $.50 Strike Program in order to provide investors with opportunities and strategies to... participants, such as traders and retail investors, and thereby enhance their ability to tailor investing and hedging strategies and opportunities in a volatile market place. By way of example, if an investor wants...

17 CFR Appendix B to Part 255 - Enhanced Minimum Standards for Compliance Programs

Code of Federal Regulations, 2014 CFR

2014-04-01

... documentation for market making-related activities conducted in reliance on § 255.4(b) and for hedging activity... activities; iii. The mission (i.e., the type of trading activity, such as market-making, trading in sovereign... arrangements for traders engaged in underwriting or market making-related activities under § 255.4 or risk...

17 CFR 240.14e-5 - Prohibiting purchases outside of a tender offer.

Code of Federal Regulations, 2014 CFR

2014-04-01

... making or principal purchases by such market maker or principal trader to the extent that this... principal for its own account if the dealer-manager or its affiliate is not a market maker, and the purchase... purchase are not made to facilitate the tender offer; (9) Purchases by connected exempt market makers or...

17 CFR 240.14e-5 - Prohibiting purchases outside of a tender offer.

Code of Federal Regulations, 2010 CFR

2010-04-01

... making or principal purchases by such market maker or principal trader to the extent that this... principal for its own account if the dealer-manager or its affiliate is not a market maker, and the purchase... purchase are not made to facilitate the tender offer; (9) Purchases by connected exempt market makers or...

78 FR 5518 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing of Proposed Rule Change To...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-01-25

... the request of such traders,\\7\\ unless specifically exempted from such quoting (market-making... currently, with two exceptions, the same for both types of streaming quoters: (1) Significant market-making... a market making capacity in classes of options in which the SQT is assigned.\\21\\ \\20\\ The proposed...

17 CFR 240.14e-5 - Prohibiting purchases outside of a tender offer.

Code of Federal Regulations, 2013 CFR

2013-04-01

... making or principal purchases by such market maker or principal trader to the extent that this... principal for its own account if the dealer-manager or its affiliate is not a market maker, and the purchase... purchase are not made to facilitate the tender offer; (9) Purchases by connected exempt market makers or...

17 CFR 240.14e-5 - Prohibiting purchases outside of a tender offer.

Code of Federal Regulations, 2011 CFR

2011-04-01

... making or principal purchases by such market maker or principal trader to the extent that this... principal for its own account if the dealer-manager or its affiliate is not a market maker, and the purchase... purchase are not made to facilitate the tender offer; (9) Purchases by connected exempt market makers or...

78 FR 26841 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-05-08

... Application and Initiation Fees, for a defined period of time, in order that certain market making firms may... Exchange at the request of such traders, unless specifically exempted from such quoting (market-making... on market making firms. The Exchange operates in a highly competitive market, comprised of eleven...

17 CFR 240.14e-5 - Prohibiting purchases outside of a tender offer.

Code of Federal Regulations, 2012 CFR

2012-04-01

... making or principal purchases by such market maker or principal trader to the extent that this... principal for its own account if the dealer-manager or its affiliate is not a market maker, and the purchase... purchase are not made to facilitate the tender offer; (9) Purchases by connected exempt market makers or...

76 FR 33383 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-06-08

..., the ability for floor specialists to engage in remote market making. b. The Proposal The Exchange... benefit of traders on the Exchange, market participants, and the investing public. In making the proposed... more than four years ago and remains one of the principal market making classes on CBOE.\\23\\ The...

Our Home Forever. The Hupa Indians of Northern California. [1988 Reprint].

ERIC Educational Resources Information Center

Nelson, Byron, Jr.

For thousands of years, the people of the Hupa tribe have lived in villages beside the Trinity River in a beautiful rich valley in northwestern California. Hupa culture and traditions are extensive, elaborate, and intimately bound up with their homeland. The first white men entered the valley in 1828, although coastal traders' goods had filtered…

77 FR 15407 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-03-15

... reflects a competitive pricing structure designed to incent market participants to direct their order flow... OMX BX fee schedule at: http://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing . \\15\\ See BATS BYX fee... rest of the trading session. See NASDAQ Rule 4758 and NASDAQ Pricing List at: http://www.nasdaqtrader...

78 FR 50128 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-16

... Change To Amend Rule 2.5 To Outline the Continuing Education Requirements for Series 56 Licensees and Its Fee Schedule To Include Fees for the Series 56 Examination and Its Related Continuing Education... Rule 2.5 to: (i) outline the continuing education requirements for Authorized Traders \\3\\ of Members \\4...

78 FR 50120 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-08-16

... Change To Amend Rule 2.5 To Outline the Continuing Education Requirements for Series 56 Licensees and Its Fee Schedule To Include Fees for the Series 56 Examination and Its Related Continuing Education... Rule 2.5 to: (i) Outline the continuing education requirements for Authorized Traders \\3\\ of Members \\4...

From Petrodollars to Petroeuros: Are the Dollar’s Days as an International Reserve Currency Drawing to an End?

DTIC Science & Technology

2003-11-03

price of oil less transparent, require continuous updating to minimize currency arbitrage , and could make the market less liquid as available capital...there are plenty of cheap ways for traders to hedge against currency risk if they are concerned about movements in the dollar. Conclusions

25 CFR 140.14 - Trade limited to specified premises.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Trade limited to specified premises. 140.14 Section 140.14 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.14 Trade limited to specified premises. No trade with Indians is permitted at any other place than that specified in the license....

77 FR 9724 - Request for Petitions To Modify the Rules of Origin Under the Dominican Republic-Central America...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-17

... ministerial-level body responsible for supervising the implementation of the CAFTA-DR, agreed to consider... appropriate. Section 203(o)(3) of the Act authorizes the President to proclaim modifications to the CAFTA-DR...; and (3) the level and breadth of interest that manufacturers, processors, traders, and consumers in...

Socio-Economics of Lake Victoria's Fisheries: An Analysis of the Shifting Roles and Status of Women Fish Traders

ERIC Educational Resources Information Center

Craig, Heather

2007-01-01

Fishing industries around the world are currently undergoing a process of industrialization and commercialization. A similar story is unfolding in many fishing communities: large-scale industrial fishers who possess enormous capital and advanced technologies are threatening the lives of small-scale fisherfolk. The fishing industry in Lake Victoria…

77 FR 66204 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-11-02

... market makers on other exchanges will not have a negative effect on BX Options investors and traders... Relating to Elimination of Market Maker Pre-Opening Obligations on BX Options October 26, 2012. Pursuant to... Chapter VII, Section 6 (Market Maker Quotations), to eliminate market maker pre- opening obligations on BX...

17 CFR 3.40 - Temporary licensing of applicants for associated person, floor broker or floor trader registration.

Code of Federal Regulations, 2013 CFR

2013-04-01

... certification required by § 3.12(c): Provided, however, that the fingerprints of the applicant on a fingerprint... further, that failure to file the fingerprints within this period will result in the termination of the... has not received the applicant's fingerprints. (2) The National Futures Association may grant a...

17 CFR 3.40 - Temporary licensing of applicants for associated person, floor broker or floor trader registration.

Code of Federal Regulations, 2012 CFR

2012-04-01

... certification required by § 3.12(c): Provided, however, that the fingerprints of the applicant on a fingerprint... further, that failure to file the fingerprints within this period will result in the termination of the... has not received the applicant's fingerprints. (2) The National Futures Association may grant a...

17 CFR 3.40 - Temporary licensing of applicants for associated person, floor broker or floor trader registration.

Code of Federal Regulations, 2011 CFR

2011-04-01

... certification required by § 3.12(c): Provided, however, that the fingerprints of the applicant on a fingerprint... further, that failure to file the fingerprints within this period will result in the termination of the... has not received the applicant's fingerprints. (2) The National Futures Association may grant a...

17 CFR 3.40 - Temporary licensing of applicants for associated person, floor broker or floor trader registration.

Code of Federal Regulations, 2014 CFR

2014-04-01

... certification required by § 3.12(c): Provided, however, that the fingerprints of the applicant on a fingerprint... further, that failure to file the fingerprints within this period will result in the termination of the... has not received the applicant's fingerprints. (2) The National Futures Association may grant a...

17 CFR 3.40 - Temporary licensing of applicants for associated person, floor broker or floor trader registration.

Code of Federal Regulations, 2010 CFR

2010-04-01

... certification required by § 3.12(c): Provided, however, that the fingerprints of the applicant on a fingerprint... further, that failure to file the fingerprints within this period will result in the termination of the... has not received the applicant's fingerprints. (2) The National Futures Association may grant a...

77 FR 11184 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-02-24

... proposing to make available to members the Trading and Compliance Data Package under BX Rule 7021 (``Data Package''). The Data Package allows member firms to obtain via NasdaqTrader.com information regarding their own historical quoting and trading activity on BX. The Data Package will provide BX Participants...

Navajo Pawn: A Misunderstood Traditional Trading Practice

ERIC Educational Resources Information Center

Kiser, William S.

2012-01-01

Navajo trading has been a crucial component of that tribe's localized economy for generations and has been the subject of much scholarship over the years. The role of the Navajo trader in influencing the types and styles of crafts that Navajos created as well as providing tribal members with an outlet for those items remains important to their…

Modeling the demand-price relations in a high-frequency foreign exchange market

NASA Astrophysics Data System (ADS)

Schmidt, Anatoly B.

1999-09-01

A stochastic nonlinear dynamics model is introduced in terms of observable variables (price and excess demand assumed to be proportional to the number of buyers) to describe a high-frequency foreign exchange market. It is shown how the fundamentalist and chartist patterns of the trader behavior affect the correlation between excess demand and exchange rates.

Emergent organization in a model market

NASA Astrophysics Data System (ADS)

Yadav, Avinash Chand; Manchanda, Kaustubh; Ramaswamy, Ramakrishna

2017-09-01

We study the collective behaviour of interacting agents in a simple model of market economics that was originally introduced by Nørrelykke and Bak. A general theoretical framework for interacting traders on an arbitrary network is presented, with the interaction consisting of buying (namely consumption) and selling (namely production) of commodities. Extremal dynamics is introduced by having the agent with least profit in the market readjust prices, causing the market to self-organize. In addition to examining this model market on regular lattices in two-dimensions, we also study the cases of random complex networks both with and without community structures. Fluctuations in an activity signal exhibit properties that are characteristic of avalanches observed in models of self-organized criticality, and these can be described by power-law distributions when the system is in the critical state.

Satellite Data Inform Forecasts of Crop Growth

NASA Technical Reports Server (NTRS)

2015-01-01

During a Stennis Space Center-led program called Ag 20/20, an engineering contractor developed models for using NASA satellite data to predict crop yield. The model was eventually sold to Genscape Inc., based in Louisville, Kentucky, which has commercialized it as LandViewer. Sold under a subscription model, LandViewer software provides predictions of corn production to ethanol plants and grain traders.

Visual Literacy with Picture Books: The Silk Road

ERIC Educational Resources Information Center

Bisland, Beverly Milner Lee

2007-01-01

The ancient Silk Routes connecting China to Europe across the rugged mountains and deserts of central Asia are one of the primary examples of transculturation in world history. Traders on these routes dealt not only in goods such as silk and horses but also made possible the spread of art forms as well as two major religions, Buddhism and Islam. …

Kenya’s Cultural Complexity

DTIC Science & Technology

2003-03-05

hyacinth infestation in Lake Victoria; deforestation; soil erosion; desertification; and poaching of wildlife, especially elephant and rhinoceros...with limited prospects for their personal and family improvement. a) To what extent has Kenya succeeded in overcoming the negative impact of...tension among non-African traders from Asia and the Middle East? Has such tension, to the extent that they exist, been overcome? c) What was the impact

75 FR 5821 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2010-02-04

... Exchange proposes to clarify Nasdaq Rule 7023 to make clear that Historical ModelView information will be available via NasdaqTrader.com and that references to the Historical TotalView data product will be deleted... text of the proposed rule change is available from Nasdaq's Web site at http://nasdaq.cchwallstreet.com...

Speculative behavior and asset price dynamics.

PubMed

Westerhoff, Frank

2003-07-01

This paper deals with speculative trading. Guided by empirical observations, a nonlinear deterministic asset pricing model is developed in which traders repeatedly choose between technical and fundamental analysis to determine their orders. The interaction between the trading rules produces complex dynamics. The model endogenously replicates the stylized facts of excess volatility, high trading volumes, shifts in the level of asset prices, and volatility clustering.

77 FR 58431 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-09-20

... that will allow CBSX Traders to send silent orders, silent-mid orders, silent-post-mid orders, and... Taker fees for transactions in securities priced $1 or greater relating to these new order types. For transactions in securities priced less than $1, these new order types will be subject to the same Maker and...

Effects of exchange rate volatility on export volume and prices of forest products

Treesearch

Sijia Zhang; Joseph Buongiorno

2010-01-01

The relative value of currencies varies considerably over time. These fluctuations bring uncertainty to international traders. As a result, the volatility in exchange rate movements may influence the volume and the price of traded commodities. The volatility of exchange rates was measured by the variance of residuals in a GARCH(1,1) model of the exchange rate. We...

Logging slash and forest protection.

Treesearch

Raphael Zon; Russell N. Cunningham

1931-01-01

What to do with the brush after logging? This question has been debated in Wisconsin throughout the entire history of lumbering. In the popular mind, the occurrence of severe forest conflagrations has invariably been associated with the presence of logging slash on the ground. The occurrence of vast forest fires was noted by explorers and fur traders long before...

Chapter 4. Bonneville cutthroat trout

Treesearch

Jeffrey L. Kershner

1995-01-01

In this little stream, the trout are more abundant than we have yet seen them. One of our sober men took, this afternoon, upward of thirty pounds. These fish would probably average fifteen or sixteen inches in length, and weigh three-quarters of a pound; occasionally, however, a much larger one is seen." This passage from the journal of John Townsend, a trader...

78 FR 57425 - Self-Regulatory Organizations; EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-18

... increased rebate on BX, its rate for Flag C will not change. \\7\\ See BX, BX Pricing List--Trading & Connectivity, http://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing (offering a rebate to remove liquidity of... pricing changes on Nasdaq. In addition, the proposal allows the Exchange to continue to charge its Members...

78 FR 57429 - Self-Regulatory Organizations; EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-09-18

... BX, its rate for Flag C will not change. \\7\\ See BX, BX Pricing List--Trading & Connectivity, http://www.nasdaqtrader.com/Trader.aspx?id=bx_pricing (offering a rebate to remove liquidity of $0.0011 per... rebate of $0.0015 per share is equitable and reasonable because it accounts for the pricing changes on...

A Case Study on Using Prediction Markets as a Rich Environment for Active Learning

ERIC Educational Resources Information Center

Buckley, Patrick; Garvey, John; McGrath, Fergal

2011-01-01

In this paper, prediction markets are presented as an innovative pedagogical tool which can be used to create a Rich Environment for Active Learning (REAL). Prediction markets are designed to make forecasts about specific future events by using a market mechanism to aggregate the information held by a large group of traders about that event into a…

Rangers, Mounties, and the Subjugation of Indigenous Peoples, 1870-1885

ERIC Educational Resources Information Center

Graybill, Andrew R.

2004-01-01

During the 1840s and 1850s, more than 300,000 traders and overland emigrants followed the Platte and Arkansas rivers westward across the Central Plains, the winter habitat of the bison. By the mid-1870s indigenous peoples at both ends of the grasslands, in places such as the Texas Panhandle and the upper Missouri River valley, fiercely defended…

Social network analysis of cattle movement in Kampong Cham, Kampong Speu and Takeo, Cambodia.

PubMed

Poolkhet, C; Kasemsuwan, S; Seng, S; Keartha, C; Sokmao, C; Shin, M; Kalpravidh, W; Hinrichs, J

2016-07-01

The aim of this study is to provide insight the network of cattle movement in Kampong Cham, Kampong Speu and Takeo, Cambodia. A cross-sectional study was carried out from July 2014 to August 2014, using questionnaires. It was implemented with 435 interviewees (24.4%, 24.6% and 51.0% from Kampong Cham, Kampong Speu and Takeo, respectively) using one-step snowball sampling. The findings suggest that the key players in all three provinces are producers who raise their cattle as backyard animals. In all three provinces the key players in spreading disease are probably the middlemen, collectors, brokers or traders. The network of cattle movement is presented as a strong component of varying size in each location. In this network we found three cut-points in both Kampong Cham and Kampong Speu. The network in each province indicates a random pattern of node distribution. The results of our study are useful to relevant authorities and researchers to understand the spread of infectious diseases into different areas. The middlemen, collectors, brokers and traders need to be controlled as first priority in order to reduce the magnitude of the spread of disease. Copyright © 2016 Elsevier B.V. All rights reserved.

Cortisol shifts financial risk preferences

PubMed Central

Kandasamy, Narayanan; Hardy, Ben; Page, Lionel; Schaffner, Markus; Graggaber, Johann; Powlson, Andrew S.; Fletcher, Paul C.; Gurnell, Mark; Coates, John

2014-01-01

Risk taking is central to human activity. Consequently, it lies at the focal point of behavioral sciences such as neuroscience, economics, and finance. Many influential models from these sciences assume that financial risk preferences form a stable trait. Is this assumption justified and, if not, what causes the appetite for risk to fluctuate? We have previously found that traders experience a sustained increase in the stress hormone cortisol when the amount of uncertainty, in the form of market volatility, increases. Here we ask whether these elevated cortisol levels shift risk preferences. Using a double-blind, placebo-controlled, cross-over protocol we raised cortisol levels in volunteers over 8 d to the same extent previously observed in traders. We then tested for the utility and probability weighting functions underlying their risk taking and found that participants became more risk-averse. We also observed that the weighting of probabilities became more distorted among men relative to women. These results suggest that risk preferences are highly dynamic. Specifically, the stress response calibrates risk taking to our circumstances, reducing it in times of prolonged uncertainty, such as a financial crisis. Physiology-induced shifts in risk preferences may thus be an underappreciated cause of market instability. PMID:24550472

Cortisol shifts financial risk preferences.

PubMed

Kandasamy, Narayanan; Hardy, Ben; Page, Lionel; Schaffner, Markus; Graggaber, Johann; Powlson, Andrew S; Fletcher, Paul C; Gurnell, Mark; Coates, John

2014-03-04

Risk taking is central to human activity. Consequently, it lies at the focal point of behavioral sciences such as neuroscience, economics, and finance. Many influential models from these sciences assume that financial risk preferences form a stable trait. Is this assumption justified and, if not, what causes the appetite for risk to fluctuate? We have previously found that traders experience a sustained increase in the stress hormone cortisol when the amount of uncertainty, in the form of market volatility, increases. Here we ask whether these elevated cortisol levels shift risk preferences. Using a double-blind, placebo-controlled, cross-over protocol we raised cortisol levels in volunteers over 8 d to the same extent previously observed in traders. We then tested for the utility and probability weighting functions underlying their risk taking and found that participants became more risk-averse. We also observed that the weighting of probabilities became more distorted among men relative to women. These results suggest that risk preferences are highly dynamic. Specifically, the stress response calibrates risk taking to our circumstances, reducing it in times of prolonged uncertainty, such as a financial crisis. Physiology-induced shifts in risk preferences may thus be an underappreciated cause of market instability.

Extending Occupational Health and Safety to Urban Street Vendors: Reflections From a Project in Durban, South Africa.

PubMed

Alfers, Laura; Xulu, Phumzile; Dobson, Richard; Hariparsad, Sujatha

2016-08-01

This article focuses on an action-research project which is attempting to extend occupational health and safety to a group of street traders in Durban, South Africa, using a variety of different (and sometimes unconventional) institutional actors. The article is written from the perspective of key people who have played a role in conceptualizing and administering the project and is intended to deepen the conversation about what it means to extend occupational health to the informal economy. It explores this question through a reflection on three key project activities: the setting up of a trader-led health and safety committee, an occupational health and safety training course, and a clinical health assessment. It concludes with a discussion of the issues that emerge from the reflections of project participants, which include the need to bring occupational health and urban health into closer conversation with one another, the need to be cognizant of local "informal" politics and the impact that has on occupational health and safety interventions, and the need to create greater opportunities for occupational health and safety professionals to interact with workers in the informal economy. © The Author(s) 2016.

Jaboya vs. jakambi: Status, negotiation, and HIV risks among female migrants in the "sex for fish" economy in Nyanza Province, Kenya.

PubMed

Camlin, Carol S; Kwena, Zachary A; Dworkin, Shari L

2013-06-01

In Nyanza Province, Kenya, HIV incidence is highest (26.2%) in the beach communities along Lake Victoria. Prior research documented high mobility and HIV risks among fishermen; mobility patterns and HIV risks faced by women in fishing communities are less well researched. This study aimed to characterize forms of mobility among women in the fish trade in Nyanza; describe the spatial and social features of beaches; and assess characteristics of the "sex-for-fish" economy and its implications for HIV prevention. We used qualitative methods, including participant observation in 6 beach villages and other key destinations in the Kisumu area of Nyanza that attract female migrants, and we recruited individuals for in-depth semi-structured interviews at those destinations. We interviewed 40 women, of whom 18 were fish traders, and 15 men, of whom 7 were fishermen. Data were analyzed using Atlas.ti software. We found that female fish traders are often migrants to beaches; they are also highly mobile. They are at high risk of HIV acquisition and transmission via their exchange of sex for fish with jaboya fishermen.

Assessing Program Coverage of Two Approaches to Distributing a Complementary Feeding Supplement to Infants and Young Children in Ghana

PubMed Central

Aaron, Grant J.; Strutt, Nicholas; Boateng, Nathaniel Amoh; Guevarra, Ernest; Siling, Katja; Norris, Alison; Ghosh, Shibani; Nyamikeh, Mercy; Attiogbe, Antoine; Burns, Richard; Foriwa, Esi; Toride, Yasuhiko; Kitamura, Satoshi; Tano-Debrah, Kwaku; Sarpong, Daniel; Myatt, Mark

2016-01-01

The work reported here assesses the coverage achieved by two sales-based approaches to distributing a complementary food supplement (KOKO Plus™) to infants and young children in Ghana. Delivery Model 1 was conducted in the Northern Region of Ghana and used a mixture of health extension workers (delivering behavior change communications and demand creation activities at primary healthcare centers and in the community) and petty traders recruited from among beneficiaries of a local microfinance initiative (responsible for the sale of the complementary food supplement at market stalls and house to house). Delivery Model 2 was conducted in the Eastern Region of Ghana and used a market-based approach, with the product being sold through micro-retail routes (i.e., small shops and roadside stalls) in three districts supported by behavior change communications and demand creation activities led by a local social marketing company. Both delivery models were implemented sub-nationally as 1-year pilot programs, with the aim of informing the design of a scaled-up program. A series of cross-sectional coverage surveys was implemented in each program area. Results from these surveys show that Delivery Model 1 was successful in achieving and sustaining high (i.e., 86%) effective coverage (i.e., the child had been given the product at least once in the previous 7 days) during implementation. Effective coverage fell to 62% within 3 months of the behavior change communications and demand creation activities stopping. Delivery Model 2 was successful in raising awareness of the product (i.e., 90% message coverage), but effective coverage was low (i.e., 9.4%). Future programming efforts should use the health extension / microfinance / petty trader approach in rural settings and consider adapting this approach for use in urban and peri-urban settings. Ongoing behavior change communications and demand creation activities is likely to be essential to the continued success of such programming. PMID:27755554

Assessing Program Coverage of Two Approaches to Distributing a Complementary Feeding Supplement to Infants and Young Children in Ghana.

PubMed

Aaron, Grant J; Strutt, Nicholas; Boateng, Nathaniel Amoh; Guevarra, Ernest; Siling, Katja; Norris, Alison; Ghosh, Shibani; Nyamikeh, Mercy; Attiogbe, Antoine; Burns, Richard; Foriwa, Esi; Toride, Yasuhiko; Kitamura, Satoshi; Tano-Debrah, Kwaku; Sarpong, Daniel; Myatt, Mark

2016-01-01

The work reported here assesses the coverage achieved by two sales-based approaches to distributing a complementary food supplement (KOKO Plus™) to infants and young children in Ghana. Delivery Model 1 was conducted in the Northern Region of Ghana and used a mixture of health extension workers (delivering behavior change communications and demand creation activities at primary healthcare centers and in the community) and petty traders recruited from among beneficiaries of a local microfinance initiative (responsible for the sale of the complementary food supplement at market stalls and house to house). Delivery Model 2 was conducted in the Eastern Region of Ghana and used a market-based approach, with the product being sold through micro-retail routes (i.e., small shops and roadside stalls) in three districts supported by behavior change communications and demand creation activities led by a local social marketing company. Both delivery models were implemented sub-nationally as 1-year pilot programs, with the aim of informing the design of a scaled-up program. A series of cross-sectional coverage surveys was implemented in each program area. Results from these surveys show that Delivery Model 1 was successful in achieving and sustaining high (i.e., 86%) effective coverage (i.e., the child had been given the product at least once in the previous 7 days) during implementation. Effective coverage fell to 62% within 3 months of the behavior change communications and demand creation activities stopping. Delivery Model 2 was successful in raising awareness of the product (i.e., 90% message coverage), but effective coverage was low (i.e., 9.4%). Future programming efforts should use the health extension / microfinance / petty trader approach in rural settings and consider adapting this approach for use in urban and peri-urban settings. Ongoing behavior change communications and demand creation activities is likely to be essential to the continued success of such programming.

Currency target-zone modeling: An interplay between physics and economics.

PubMed

Lera, Sandro Claudio; Sornette, Didier

2015-12-01

We study the performance of the euro-Swiss franc exchange rate in the extraordinary period from September 6, 2011 to January 15, 2015 when the Swiss National Bank enforced a minimum exchange rate of 1.20 Swiss francs per euro. Within the general framework built on geometric Brownian motions and based on the analogy between Brownian motion in finance and physics, the first-order effect of such a steric constraint would enter a priori in the form of a repulsive entropic force associated with the paths crossing the barrier that are forbidden. Nonparametric empirical estimates of drift and volatility show that the predicted first-order analogy between economics and physics is incorrect. The clue is to realize that the random-walk nature of financial prices results from the continuous anticipation of traders about future opportunities, whose aggregate actions translate into an approximate efficient market with almost no arbitrage opportunities. With the Swiss National Bank's stated commitment to enforce the barrier, traders' anticipation of this action leads to a vanishing drift together with a volatility of the exchange rate that depends on the distance to the barrier. This effect is described by Krugman's model [P. R. Krugman, Target zones and exchange rate dynamics, Q. J. Econ. 106, 669 (1991)]. We present direct quantitative empirical evidence that Krugman's theoretical model provides an accurate description of the euro-Swiss franc target zone. Motivated by the insights from the economic model, we revise the initial economics-physics analogy and show that, within the context of hindered diffusion, the two systems can be described with the same mathematics after all. Using a recently proposed extended analogy in terms of a colloidal Brownian particle embedded in a fluid of molecules associated with the underlying order book, we derive that, close to the restricting boundary, the dynamics of both systems is described by a stochastic differential equation with a very small constant drift and a linear diffusion coefficient. As a side result, we present a simplified derivation of the linear hydrodynamic diffusion coefficient of a Brownian particle close to a wall.

Currency target-zone modeling: An interplay between physics and economics

NASA Astrophysics Data System (ADS)

Lera, Sandro Claudio; Sornette, Didier

2015-12-01

We study the performance of the euro-Swiss franc exchange rate in the extraordinary period from September 6, 2011 to January 15, 2015 when the Swiss National Bank enforced a minimum exchange rate of 1.20 Swiss francs per euro. Within the general framework built on geometric Brownian motions and based on the analogy between Brownian motion in finance and physics, the first-order effect of such a steric constraint would enter a priori in the form of a repulsive entropic force associated with the paths crossing the barrier that are forbidden. Nonparametric empirical estimates of drift and volatility show that the predicted first-order analogy between economics and physics is incorrect. The clue is to realize that the random-walk nature of financial prices results from the continuous anticipation of traders about future opportunities, whose aggregate actions translate into an approximate efficient market with almost no arbitrage opportunities. With the Swiss National Bank's stated commitment to enforce the barrier, traders' anticipation of this action leads to a vanishing drift together with a volatility of the exchange rate that depends on the distance to the barrier. This effect is described by Krugman's model [P. R. Krugman, Target zones and exchange rate dynamics, Q. J. Econ. 106, 669 (1991), 10.2307/2937922]. We present direct quantitative empirical evidence that Krugman's theoretical model provides an accurate description of the euro-Swiss franc target zone. Motivated by the insights from the economic model, we revise the initial economics-physics analogy and show that, within the context of hindered diffusion, the two systems can be described with the same mathematics after all. Using a recently proposed extended analogy in terms of a colloidal Brownian particle embedded in a fluid of molecules associated with the underlying order book, we derive that, close to the restricting boundary, the dynamics of both systems is described by a stochastic differential equation with a very small constant drift and a linear diffusion coefficient. As a side result, we present a simplified derivation of the linear hydrodynamic diffusion coefficient of a Brownian particle close to a wall.

On the emergence of a generalised Gamma distribution. Application to traded volume in financial markets

NASA Astrophysics Data System (ADS)

Duarte Queirós, S. M.

2005-08-01

This letter reports on a stochastic dynamical scenario whose associated stationary probability density function is exactly a generalised form, with a power law instead of exponencial decay, of the ubiquitous Gamma distribution. This generalisation, also known as F-distribution, was empirically proposed for the first time to adjust for high-frequency stock traded volume distributions in financial markets and verified in experiments with granular material. The dynamical assumption presented herein is based on local temporal fluctuations of the average value of the observable under study. This proposal is related to superstatistics and thus to the current nonextensive statistical mechanics framework. For the specific case of stock traded volume, we connect the local fluctuations in the mean stock traded volume with the typical herding behaviour presented by financial traders. Last of all, NASDAQ 1 and 2 minute stock traded volume sequences and probability density functions are numerically reproduced.

Harvest and trade of caterpillar mushroom (Ophiocordyceps sinensis) and the implications for sustainable use in the Tibet Region of Southwest China.

PubMed

He, Jun

2018-07-15

Caterpillar mushroom (Ophiocordyceps sinensis) is a unique medicinal fungi which is only found in alpine grasslands in Himalayan mountain regions and the Tibetan Plateau. Known locally as Yartsa Gunbu, it has been widely used in Tibetan and Chinese Medicine for centuries. It is crucial to understand local commercial harvest and trade practices of caterpillar mushroom to support the sustainable management of this valuable resource. However, data derived from empirically grounded research is currently limited, particularly in China. The research aims to provide the most up-to-date insights into caterpillar mushroom harvest and trade in the main production area of the Tibet Region in Southwest China and to generate policy recommendations for sustainable use. The research was conducted in 2015-2016 in six Tibetan communities located in two counties in Diqing Tibetan Autonomous Prefecture, Southwest China. Quantitative and qualitative data were collected from in-depth interviews with local households engaged in caterpillar mushroom harvesting (n = 157), local caterpillar mushroom traders (n = 14), and from focus groups discussions (n = 5) with regional caterpillar mushroom industry stakeholders. The research found large regional- and community-level differences in caterpillar mushroom harvest practices. The harvest practices of communities involved in the co-management of a Nature Reserve were more sustainable than those communities not involved in such a scheme, and this was due to the external support and training provided via the co-management scheme. Moreover, a customary tenure system was proving effective for avoiding competition over caterpillar mushroom collection. However, in both counties, narrow marketing channel and non-grading system in trade limits the possibility of improving the local benefits generated from the commercial harvest of caterpillar mushroom. Meanwhile, the local traders play an important bridging role in the value chain and generate greater benefits from product grading. To support the sustainable management of the caterpillar mushroom industry in Southwest China, the prefectural governments should invest in training on appropriate harvesting techniques and the dissemination of market information. It is also critical that prefectural governments recognize and support the customary tenure system of mushroom collection to avoid competition between collectors. Copyright © 2018 Elsevier B.V. All rights reserved.

Life in Alaska: The Reminiscences of a Kansas Woman, 1916-1919.

ERIC Educational Resources Information Center

Lamb, May Wynne; Zimmerman, Dorothy Wynne, Ed.

In 1916, May Wynne, a 27-year-old teacher, traveled from Seattle, Washington, to Akiak, Alaska, to teach in a government native school. This book presents her account of the 3 years she spent in Akiak, which consisted of an Eskimo village on one side of the Kuskokwim River and a white settlement of miners, trappers, and traders on the other. Her…

"How Will I Sew My Baskets?" Women Vendors, Market Art, and Incipient Political Activism in Anchorage, Alaska

ERIC Educational Resources Information Center

Lee, Molly

2003-01-01

In this article the author examines the multifaceted role of the Alaska Federation of Natives crafts fair in the lives of Alaska Native women who have left their home villages and moved into Anchorage, Alaska's largest city. At the same time, this discussion raises broader issues such as the evolving politicization of women traders and the growing…

ISSUE PAPER: Russia and the Information Revolution

DTIC Science & Technology

2002-01-01

Russian entrepreneurs and firms over- come their country’s historic isolation from international SOMETHING TO WORK WITH markets . Today, financial...analysts and traders in Moscow monitor international markets in real time and watch for Despite these shortfalls, Russia does have basic the latest...indus- exchange to promote Russian metals sales on international try was a government monopoly and its poor service was markets . Other exchanges have

Intellectual Property Rights and International Trade

DTIC Science & Technology

2008-10-20

countries from which the largest number of applications came were India, South Africa, Brazil, Mexico, Malaysia , Egypt, Saudi Arabia, and Colombia.7...industries. Other industries that indirectly benefit from IPR protection include retailers , traders, and CRS-7 8 Stephen E. Siwek, “Engines of Growth...of the total). Other popular items included wearing apparel ($27.0 million in value, 14%); consumer electronics ($16.0 million, 8%); handbags

78 FR 21681 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change and...

Federal Register 2010, 2011, 2012, 2013, 2014

2013-04-11

... calculate an estimated intraday NAV. Such traders understand what the intrinsic per-share price is, hedge... granting the Existing Relief rests on the premise that the prices of ETP shares closely track their per... number of shares of the ETP that are outstanding. The Annual Fee ranges from $5,000 to $55,000. \\6\\ The...

Changes in the primate trade in indonesian wildlife markets over a 25-year period: Fewer apes and langurs, more macaques, and slow lorises.

PubMed

Nijman, Vincent; Spaan, Denise; Rode-Margono, Eva Johanna; Wirdateti; Nekaris, K A I

2017-11-01

Indonesia has amongst the highest primate species richness, and many species are included on the country's protected species list, partially to prevent over-exploitation. Nevertheless traders continue to sell primates in open wildlife markets especially on the islands of Java and Bali. We surveyed 13 wildlife markets in 2012-2014 and combined our results with previous surveys from 1990-2009 into a 122-survey dataset with 2,424 records of 17 species. These data showed that the diversity of species in trade decreased over time, shifting from rare rainforest-dwelling primates traded alongside more widespread species that are not confined to forest to the latter type only. In the 1990s and early 2000s orangutans, gibbons and langurs were commonly traded alongside macaques and slow lorises but in the last decade macaques and slow lorises comprised the bulk of the trade. In 2012-2014 we monitored six wildlife markets in Jakarta, Bandung and Garut (all on Java), and Denpasar (Bali). During 51 surveys we recorded 1,272 primates of eight species. Traders offered long-tailed macaque (total 1,007 individuals) and three species of slow loris (228 individuals) in five of the six markets, whereas they traded ebony langurs (18 individuals), and pig-tailed macaques (14 individuals) mostly in Jakarta. Pramuka and Jatinegara markets, both in Jakarta, stood out as important hubs for the primate trade, with a clear shift in importance over time from the former to the latter. Slow lorises, orangutans, gibbons and some langurs are protected under Indonesian law, which prohibits all trade in them; of these protected species, only the slow lorises remained common in trade throughout the 25-year period. Trade in non-protected macaques and langurs is subject to strict regulations-which market traders did not follow-making all the market trade in primates that we observed illegal. Trade poses a substantial threat to Indonesian primates, and without enforcement, the sheer volume of trade may mean that species of Least Concern or Near Threatened may rapidly decline. Am. J. Primatol. 79:e22517, 2017. © 2015 Wiley Periodicals, Inc. © 2015 Wiley Periodicals, Inc.

Contribution of market value chain to the control of African swine fever in Zambia.

PubMed

Siamupa, C; Saasa, N; Phiri, A M

2018-01-01

African swine fever (ASF) is a worldwide disease of pigs endemic in most sub-Saharan African countries. Zambia has been experiencing outbreaks of ASF for many years because the disease is endemic in the eastern part of the country, with incursion into the central part of Lusaka Province. The latest outbreaks of ASF in Lusaka occurred in 2013 with substantial pig mortalities, loss in trade, and cost of control measures and compensation of affected farmers. The aims of the study were to identify market value chain-related factors that were associated with ASF outbreaks and assess why these outbreaks are becoming frequent despite control measures being put in place. Using a mixed-method design, participants involved in the value chain were purposively sampled. Some pig farmers were included using a respondent-driven technique. Farmers came from Lusaka, Chilanga, Kafue, and Chongwe districts. Other participants included district veterinary officers, veterinary assistants, police officers, and veterinary staff manning veterinary checkpoints, abattoir and processing plant managers, meat inspectors, market chairpersons, and traders. Semi-structured questionnaires, in-depth interviews, and direct observations were used to collect data to come up with narrations, tables, and flow charts. In assessing the contribution of the value chain in ASF, aspects of ASF screening, market availability and procedures, knowledge on ASF transmission, occurrence of ASF outbreak, and regulation of pig movement were investigated. Despite government ASF control measures being applied, the following were noted: (1) low awareness levels of ASF transmission among pig farmers and traders; (2) only 50% of farmers had their animals screened for ASF before sale; (3) all the markets did not have the pork inspected; (4) laxity in enforcing livestock movement control because of inadequate police and veterinary staff manning checkpoints; (5) lack of enforcement of meat inspection and food safety regulations at pig markets; and (6) inadequate and bureaucratic ASF screening. Improving biosecurity; sensitizing farmers, traders, and all stakeholders in the pig value chain on ASF prevention and control; reinforcement of staff at checkpoints; and regulation of pig markets are some of the ways in which future outbreaks can be prevented.

Markets, Herding and Response to External Information.

PubMed

Carro, Adrián; Toral, Raúl; San Miguel, Maxi

2015-01-01

We focus on the influence of external sources of information upon financial markets. In particular, we develop a stochastic agent-based market model characterized by a certain herding behavior as well as allowing traders to be influenced by an external dynamic signal of information. This signal can be interpreted as a time-varying advertising, public perception or rumor, in favor or against one of two possible trading behaviors, thus breaking the symmetry of the system and acting as a continuously varying exogenous shock. As an illustration, we use a well-known German Indicator of Economic Sentiment as information input and compare our results with Germany's leading stock market index, the DAX, in order to calibrate some of the model parameters. We study the conditions for the ensemble of agents to more accurately follow the information input signal. The response of the system to the external information is maximal for an intermediate range of values of a market parameter, suggesting the existence of three different market regimes: amplification, precise assimilation and undervaluation of incoming information.

Rational Speculative Bubble Size in Gold, Hang Seng, S&P 500 and Nikkei 225 Index During Year 2008 to 2016

NASA Astrophysics Data System (ADS)

Borhan, Nurharyanti; Halim, Nurfadhlina Abdul; Amir, W. Ahmad Wan Muhammad

2017-09-01

A rational speculative bubble is a surge in asset prices that exceed its intrinsic value. Rational speculative bubbles are among the ascription which may lead to the collapse of an economic system. Rational speculative bubble cannot be created but it comes into existence when assets started to be traded. Financial rational speculative bubble and burst have negative effect on the economy and markets. Financial rational speculative bubbles are difficult to detect. This study aims to shows the size of rational speculative bubble in four markets, which are gold, Hang Seng, S&P500 and Nikkei 225 during year 2008 to 2016. In this study, generalized Johansen-Ledoit-Sornette model are used to find the size of the rational speculative bubble. Bubble detection is important for both sides of macro-economic decision makers and to the trader. Especially for a trading system that requires detailed knowledge about the time and the stage of the bubble burst.

Along the Silk Road: People, Interaction, and Cultural Exchange. A Social Studies Unit Recommended for Grades 6-10.

ERIC Educational Resources Information Center

Stanford Univ., CA. Stanford Program on International and Cross Cultural Education.

This curriculum unit introduces students to the travelers and traders from the early part of the Han-Roman times up to the 14th century who took great risks in pursuit of silk. A variety of activities explore the development of the Silk Road trade routes, including journal writing, small group reading and writing activities, role play and…

76 FR 47438 - Adoption of Updated EDGAR Filer Manual

Federal Register 2010, 2011, 2012, 2013, 2014

2011-08-05

...-T, 13H-R, for large trader registration, and N-PX-CR, N-PX-FM, N-PX-NT, N-PX-VR and their amendments... Management for questions regarding submission form types N-PX, N-PX/A, N-PX-CR, N- PX-FM, N-PX-NT, N-PX-VR... submission form types N-PX-CR, N-PX-NT, N-PX-VR and their amendments will be added on EDGARLink Online for...

Negotiating Nacogdoches: Hasinai Caddo-Spanish Relations, Trade Space, and the Formation of the Texas-Louisiana Border, 1779-1819

ERIC Educational Resources Information Center

Goldberg, Mark Allan

2009-01-01

Caddo Indian villages occupied a region along an extensive trade network that stretched well into the North American South and West. Before the Spanish began to clamp down on French traders in their second attempt to establish a presence in East Texas in the 1750's, the Indians of the region had already enjoyed extensive trade relations with the…

A multilayer approach for price dynamics in financial markets

NASA Astrophysics Data System (ADS)

Biondo, Alessio Emanuele; Pluchino, Alessandro; Rapisarda, Andrea

2017-02-01

We introduce a new Self-Organized Criticality (SOC) model for simulating price evolution in an artificial financial market, based on a multilayer network of traders. The model also implements, in a quite realistic way with respect to previous studies, the order book dynamics, by considering two assets with variable fundamental prices. Fat tails in the probability distributions of normalized returns are observed, together with other features of real financial markets.

Investigating poultry trade patterns to guide avian influenza surveillance and control: a case study in Vietnam

PubMed Central

Fournié, Guillaume; Tripodi, Astrid; Nguyen, Thi Thanh Thuy; Nguyen, Van Trong; Tran, Trong Tung; Bisson, Andrew; Pfeiffer, Dirk U.; Newman, Scott H.

2016-01-01

Live bird markets are often the focus of surveillance activities monitoring avian influenza viruses (AIV) circulating in poultry. However, in order to ensure a high sensitivity of virus detection and effectiveness of management actions, poultry management practices features influencing AIV dynamics need to be accounted for in the design of surveillance programmes. In order to address this knowledge gap, a cross-sectional survey was conducted through interviews with 791 traders in 18 Vietnamese live bird markets. Markets greatly differed according to the sources from which poultry was obtained, and their connections to other markets through the movements of their traders. These features, which could be informed based on indicators that are easy to measure, suggest that markets could be used as sentinels for monitoring virus strains circulating in specific segments of the poultry production sector. AIV spread within markets was modelled. Due to the high turn-over of poultry, viral amplification was likely to be minimal in most of the largest markets. However, due to the large number of birds being introduced each day, and challenges related to cleaning and disinfection, environmental accumulation of viruses at markets may take place, posing a threat to the poultry production sector and to public health. PMID:27405887

Market behavior and performance of different strategy evaluation schemes

NASA Astrophysics Data System (ADS)

Baek, Yongjoo; Lee, Sang Hoon; Jeong, Hawoong

2010-08-01

Strategy evaluation schemes are a crucial factor in any agent-based market model, as they determine the agents’ strategy preferences and consequently their behavioral pattern. This study investigates how the strategy evaluation schemes adopted by agents affect their performance in conjunction with the market circumstances. We observe the performance of three strategy evaluation schemes, the history-dependent wealth game, the trend-opposing minority game, and the trend-following majority game, in a stock market where the price is exogenously determined. The price is either directly adopted from the real stock market indices or generated with a Markov chain of order ≤2 . Each scheme’s success is quantified by average wealth accumulated by the traders equipped with the scheme. The wealth game, as it learns from the history, shows relatively good performance unless the market is highly unpredictable. The majority game is successful in a trendy market dominated by long periods of sustained price increase or decrease. On the other hand, the minority game is suitable for a market with persistent zigzag price patterns. We also discuss the consequence of implementing finite memory in the scoring processes of strategies. Our findings suggest under which market circumstances each evaluation scheme is appropriate for modeling the behavior of real market traders.

Market behavior and performance of different strategy evaluation schemes.

PubMed

Baek, Yongjoo; Lee, Sang Hoon; Jeong, Hawoong

2010-08-01

Strategy evaluation schemes are a crucial factor in any agent-based market model, as they determine the agents' strategy preferences and consequently their behavioral pattern. This study investigates how the strategy evaluation schemes adopted by agents affect their performance in conjunction with the market circumstances. We observe the performance of three strategy evaluation schemes, the history-dependent wealth game, the trend-opposing minority game, and the trend-following majority game, in a stock market where the price is exogenously determined. The price is either directly adopted from the real stock market indices or generated with a Markov chain of order ≤2 . Each scheme's success is quantified by average wealth accumulated by the traders equipped with the scheme. The wealth game, as it learns from the history, shows relatively good performance unless the market is highly unpredictable. The majority game is successful in a trendy market dominated by long periods of sustained price increase or decrease. On the other hand, the minority game is suitable for a market with persistent zigzag price patterns. We also discuss the consequence of implementing finite memory in the scoring processes of strategies. Our findings suggest under which market circumstances each evaluation scheme is appropriate for modeling the behavior of real market traders.

Helping women traders. Organizing for change: Nigeria.

PubMed

Obadina, E

1995-01-01

In Nigeria, the World Bank developed a pilot project, the Women's Management Training Outreach Programme (WMTOP), to improve the managerial skills of illiterate and semiliterate rural business women and farmers. In 1993, WMTOP chose the Country Women's Association of Nigeria (COWAN) for training. The result for a local group of cooperative kola nut traders was improved time management techniques, a more profitable division of labor, and the ability to keep better written financial records. WMTOP has taught women from 58 local groups (reaching 2600 women) the principles of human resource management, finance and credit, microproject management, and marketing. Although participants praise the project, a lack of money for business expansion continues to hold the women back from real success. Funding for WMTOP comes from the Economic Development Institute of the World Bank, which exists primarily to train government functionaries. This extension to include nongovernmental organizations in the training program is a result of the World Bank's effort to promote self-sufficiency. WMTOP attempts to take the program directly to the women, and the trainers live with the trainees in their home villages during the follow-up sessions. All of the WMTOP materials have been translated into Yoruba to eliminate misunderstandings. WMTOP seed money will end in 1996, but there is hope that this positive program will interest donors.

[The Herceptin® case : A case of falsification of medicinal products to a greater extent].

PubMed

Streit, Renz

2017-11-01

Falsified medicines are a raising problem for the German drug market. The complex distribution channels across the European market facilitates the introduction of falsified and stolen medicines into the legal supply chain and may pose a risk for patients. The "Herceptin® case" from 2014 of falsified medicines of Italian origin demonstrates how complex distribution systems have been misused by criminal organizations in order to introduce stolen and thus falsified medicines via the parallel trade into the market, and which measures the authorities and the parallel-traders in the national and European network have taken to ensure patient safety. Falsified medicines will continue to be a problem in the future, so new monitoring systems have to be established and effectively used for prevention. The introduction of the EU-wide serialisation system in February 2019 is therefore intended to identify falsified drugs and to prevent the further trade as well as the expenditure to the patient. Furthermore, the maintenance and intensification of the cooperation between all EU authorities involved remains indispensable to close gateways in the distribution system for falsified medicines and to minimise the risk to the population.

The highly intelligent virtual agents for modeling financial markets

NASA Astrophysics Data System (ADS)

Yang, G.; Chen, Y.; Huang, J. P.

2016-02-01

Researchers have borrowed many theories from statistical physics, like ensemble, Ising model, etc., to study complex adaptive systems through agent-based modeling. However, one fundamental difference between entities (such as spins) in physics and micro-units in complex adaptive systems is that the latter are usually with high intelligence, such as investors in financial markets. Although highly intelligent virtual agents are essential for agent-based modeling to play a full role in the study of complex adaptive systems, how to create such agents is still an open question. Hence, we propose three principles for designing high artificial intelligence in financial markets and then build a specific class of agents called iAgents based on these three principles. Finally, we evaluate the intelligence of iAgents through virtual index trading in two different stock markets. For comparison, we also include three other types of agents in this contest, namely, random traders, agents from the wealth game (modified on the famous minority game), and agents from an upgraded wealth game. As a result, iAgents perform the best, which gives a well support for the three principles. This work offers a general framework for the further development of agent-based modeling for various kinds of complex adaptive systems.

Environmental asbestos exposure sources in Korea

PubMed Central

2016-01-01

Background Because of the long asbestos-related disease latencies (10–50 years), detection, diagnosis, and epidemiologic studies require asbestos exposure history. However, environmental asbestos exposure source (EAES) data are lacking. Objectives To survey the available data for past EAES and supplement these data with interviews. Methods We constructed an EAES database using a literature review and interviews of experts, former traders, and workers. Exposure sources by time period and type were visualized using a geographic information system (ArcGIS), web-based mapping (Google Maps), and OpenWeatherMap. The data were mounted in the GIS to show the exposure source location and trend. Results The majority of asbestos mines, factories, and consumption was located in Chungnam; Gyeonggi, Busan, and Gyeongnam; and Gyeonggi, Daejeon, and Busan, respectively. Shipbuilding and repair companies were mostly located in Busan and Gyeongnam. Conclusions These tools might help evaluate past exposure from EAES and estimate the future asbestos burden in Korea. PMID:27726756

Environmental asbestos exposure sources in Korea.

PubMed

Kang, Dong-Mug; Kim, Jong-Eun; Kim, Ju-Young; Lee, Hyun-Hee; Hwang, Young-Sik; Kim, Young-Ki; Lee, Yong-Jin

2016-10-01

Because of the long asbestos-related disease latencies (10-50 years), detection, diagnosis, and epidemiologic studies require asbestos exposure history. However, environmental asbestos exposure source (EAES) data are lacking. To survey the available data for past EAES and supplement these data with interviews. We constructed an EAES database using a literature review and interviews of experts, former traders, and workers. Exposure sources by time period and type were visualized using a geographic information system (ArcGIS), web-based mapping (Google Maps), and OpenWeatherMap. The data were mounted in the GIS to show the exposure source location and trend. The majority of asbestos mines, factories, and consumption was located in Chungnam; Gyeonggi, Busan, and Gyeongnam; and Gyeonggi, Daejeon, and Busan, respectively. Shipbuilding and repair companies were mostly located in Busan and Gyeongnam. These tools might help evaluate past exposure from EAES and estimate the future asbestos burden in Korea.

The Rise and Demise of Integrated Pest Management in Rice in Indonesia

PubMed Central

Thorburn, Craig

2015-01-01

Indonesia’s 11-year (1989–1999) National Integrated Pest Management Program was a spectacularly successful example of wide-scale adoption of integrated pest management (IPM) principles and practice in a developing country. This program introduced the innovative Farmer Field School model of agro-ecosystem-based experiential learning, subsequently adapted to different crops and agricultural systems in countries throughout the world. Since the termination of the program in 1999, Indonesia has undergone profound changes as the country enters a new era of democratic reform. Government support for the national IPM program has wavered during this period, and pesticide producers and traders have taken advantage of the policy vacuum to mount an aggressive marketing campaign in the countryside. These factors have contributed to a reappearance of the pesticide-induced resurgent pest problems that led to the establishment of the National IPM Program in the first place.

Using Empirical Data to Estimate Potential Functions in Commodity Markets: Some Initial Results

NASA Astrophysics Data System (ADS)

Shen, C.; Haven, E.

2017-12-01

This paper focuses on estimating real and quantum potentials from financial commodities. The log returns of six common commodities are considered. We find that some phenomena, such as the vertical potential walls and the time scale issue of the variation on returns, also exists in commodity markets. By comparing the quantum and classical potentials, we attempt to demonstrate that the information within these two types of potentials is different. We believe this empirical result is consistent with the theoretical assumption that quantum potentials (when embedded into social science contexts) may contain some social cognitive or market psychological information, while classical potentials mainly reflect `hard' market conditions. We also compare the two potential forces and explore their relationship by simply estimating the Pearson correlation between them. The Medium or weak interaction effect may indicate that the cognitive system among traders may be affected by those `hard' market conditions.

Market mechanism based on the endogenous changing of game types such as Minority-Majority games

NASA Astrophysics Data System (ADS)

Ahn, Sanghyun; Lim, Gyuchang; Kim, Sooyong; Kim, Kyungsik

2010-03-01

In many social and biological systems agents simultaneously and adaptively compete for limited resources, thereby altering their environment. We propose a evolution function extending Minority-Majority Games that captures the competition between agents to make money. The dynamics changes the ratio of two types of boundedly rational traders, fundamentalists and chartists with the payoff function endogenously. In the previous game theories, the best strategies are not always targeting the minority but are shifting opportunistically between the minority and the majority. And using a mixture of local bifurcation theory and numerical methods, there are possible bifurcation routes to complicated asset price dynamics, chaotic attractors. Hereby we improve the thinking logic of the atoms for attaching the dynamics to the market. This working shows that removing unrealistic features of the game theories leads to models which reproduce a behavior close to what is observed in real markets.

77 FR 2106 - Self-Regulatory Organizations; NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2012-01-13

...Trader.com Web site. Exchange Customer Firm MM Professional BATS $0.[36]50 $0.55 $0.55 $0.[48]50 BOX 0.06... Exchange Act of 1934 (``Act''),\\1\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that on January 3... proposed rule change from interested persons. \\1\\ 15 U.S.C. 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self...

The Effectiveness of Mao’s Influence Operations at the Beginning of the Chinese Civil War

DTIC Science & Technology

2014-05-22

the merchants. This class was not only comprised of the local shop keepers and trade merchants but was also home to many wealthy monopolists traders...relied on the village-and- market center community.14 These communities would be the basis in which the farmer classes received many of their basic and...1-7. 20 public relations and communications, social marketing , statistics, and trend analysis

25 CFR 140.5 - Bureau of Indian Affairs employees not to contract or trade with Indians except in certain cases.

Code of Federal Regulations, 2013 CFR

2013-04-01

... 25 Indians 1 2013-04-01 2013-04-01 false Bureau of Indian Affairs employees not to contract or trade with Indians except in certain cases. 140.5 Section 140.5 Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR FINANCIAL ACTIVITIES LICENSED INDIAN TRADERS § 140.5 Bureau of Indian Affairs employees not to contract or trade with Indians...

A Cultural Resources Inventory of Proposed Recreation Areas, Lake Oahe: Emmons, Morton, and Sioux Counties, North Dakota. Volume 1.

DTIC Science & Technology

1983-12-01

of field mice (Peromyscus sp.), white- tailed jackrabbits (Lepus townsendii), cottontail rabbits (Sylvilagus floridanus), weasels (Mustela frenata...expeditions to locate the western sea did not detract from their importance to the Montreal-based fur trade, which would monopolize the Assiniboine... monopolize the Montreal-based trade, however, and many independent traders offered competition to the two major companies. In 1785 the North West

Cervical spinal tuberculosis with tuberculous otitis media masquerading as otitis externa malignans in an elderly diabetic patient: case report.

PubMed

Aderibigbe, A; Ologe, F E

2004-05-01

Extrapulmonary manifestation of tuberculosis (Tb), a medieval disease, occurs in every part of the body with varying degree of frequency but commonly in the pleural and lymph nodes. When it occurs in bones thoracolumbar vertebrae is the usual site of involvement. Other bones are less involved hence seldomly reported. This is true for other organs and parts of the body including larynx, pharynx nose and the middle ear. More importantly, isolated extrapulmonary tuberculosis without pulmonary involvement is uncommon. The case of a 65 year old Nigerian trader who presented with headache, chronic ear ache with otorrhoea, persistent neck pain and found to be diabetic on further evaluation is presented. She was hitherto managed as a case of otitis external malignans without any improvement but rather her clinical condition worsened with evidence of cervical vertebra destruction and multiple cranial nerve palsies without pulmonary tuberculosis. Prompt and effective response to anti tuberculosis drugs informed the diagnosis of tuberculosis of the cervical vertebra and tuberculous otitis media with multiple cranial nerve palsies. This case underscores the value of high index of suspicion, thorough and complete clinical evaluation in any patient with chronic symptoms and signs unresponsive to conventional treatment.

Cattle movements and trypanosomes: restocking efforts and the spread of Trypanosoma brucei rhodesiense sleeping sickness in post-conflict Uganda

PubMed Central

2013-01-01

Background The northwards spread of acute T. b. rhodesiense sleeping sickness in Uganda has been linked to cattle movements associated with restocking following the end to military conflict in 2006. This study examined the number of cattle traded from T. b. rhodesiense endemic districts, the prevalence of the parasite in cattle being traded and the level of trypanocidal treatment at livestock markets. Methods Between 2008 and 2009 interviews were carried out with government veterinarians from 20 districts in Uganda, 18 restocking organisations and numerous livestock traders and veterinarians. Direct observations, a review of movement permit records (2006 to 2008) and blood sampling of cattle (n = 1758) for detection of parasites were also conducted at 10 livestock markets in T. b. rhodesiense endemic districts. Results Records available from 8 out of 47 identified markets showed that 39.5% (5,238/13,267) of the inter-district cattle trade between mid-2006 and mid-2008 involved movement from endemic areas to pathogen-free districts. PCR analysis showed a prevalence of 17.5% T. brucei s.l. (n = 307/1758 [95% CI: 15.7-19.2]) and 1.5% T. b. rhodesiense (n = 26/1758 [95% CI: 0.9-2.0]) from these same markets. In a two-year period, between late-2006 to late-2008, an estimated 72,321 to 86,785 cattle (57, 857 by 18 restocking organisations and 10,214 to 24,679 by private traders) were imported into seven pathogen-free northern districts, including districts that were endemic for T. b. gambiense. Between 281 and 1,302 of these cattle were likely to have carried T. b. rhodesiense. While governmental organisations predominantly adhered to trypanocidal treatment, most Non-Governmental Organisations (NGOs) and private traders did not. Inadequate market infrastructure, poor awareness, the need for payment for drug treatments, and the difficulty in enforcing a policy of treatment at point of sale contributed to non-compliance. Conclusion With increasing private trade, preventing the spread of Rhodesian sleeping sickness in Uganda requires government support to ensure mandatory trypanocidal treatment at livestock markets, investment in market infrastructure and possible drug subsidy. Mapping the northern reaches of T. b. rhodesiense in livestock and preparation of risk assessments for cattle trading could mitigate future outbreaks. PMID:24289452

Cattle movements and trypanosomes: restocking efforts and the spread of Trypanosoma brucei rhodesiense sleeping sickness in post-conflict Uganda.

PubMed

Selby, Richard; Bardosh, Kevin; Picozzi, Kim; Waiswa, Charles; Welburn, Susan C

2013-09-27

The northwards spread of acute T. b. rhodesiense sleeping sickness in Uganda has been linked to cattle movements associated with restocking following the end to military conflict in 2006. This study examined the number of cattle traded from T. b. rhodesiense endemic districts, the prevalence of the parasite in cattle being traded and the level of trypanocidal treatment at livestock markets. Between 2008 and 2009 interviews were carried out with government veterinarians from 20 districts in Uganda, 18 restocking organisations and numerous livestock traders and veterinarians. Direct observations, a review of movement permit records (2006 to 2008) and blood sampling of cattle (n = 1758) for detection of parasites were also conducted at 10 livestock markets in T. b. rhodesiense endemic districts. Records available from 8 out of 47 identified markets showed that 39.5% (5,238/13,267) of the inter-district cattle trade between mid-2006 and mid-2008 involved movement from endemic areas to pathogen-free districts. PCR analysis showed a prevalence of 17.5% T. brucei s.l. (n = 307/1758 [95% CI: 15.7-19.2]) and 1.5% T. b. rhodesiense (n = 26/1758 [95% CI: 0.9-2.0]) from these same markets. In a two-year period, between late-2006 to late-2008, an estimated 72,321 to 86,785 cattle (57, 857 by 18 restocking organisations and 10,214 to 24,679 by private traders) were imported into seven pathogen-free northern districts, including districts that were endemic for T. b. gambiense. Between 281 and 1,302 of these cattle were likely to have carried T. b. rhodesiense. While governmental organisations predominantly adhered to trypanocidal treatment, most Non-Governmental Organisations (NGOs) and private traders did not. Inadequate market infrastructure, poor awareness, the need for payment for drug treatments, and the difficulty in enforcing a policy of treatment at point of sale contributed to non-compliance. With increasing private trade, preventing the spread of Rhodesian sleeping sickness in Uganda requires government support to ensure mandatory trypanocidal treatment at livestock markets, investment in market infrastructure and possible drug subsidy. Mapping the northern reaches of T. b. rhodesiense in livestock and preparation of risk assessments for cattle trading could mitigate future outbreaks.

[White ginseng commercialization and sales expansion activities of Gaesung merchants in the 1910s and 1920s].

PubMed

Yang, Jeongpil

2011-06-30

Ginseng has always been the typical export item in Korean history. Until the 18th century, exporting ginseng was wild ginseng from the mountains. Since the 19th century, exporting ginseng became red ginseng, which was red due to steaming and drying process. Red ginseng was produced by Gaesung merchants, so that these merchants were able to gain the control of the output. Gaesung merchants of the 19th century exported red ginseng to China and made huge economic success. However, when the Korean Empire and Japanese colonial government established red ginseng monopoly, it essentially blocked Gaesung traders from manufacturing and exporting any further of its prized commodity. Then, the traders turned to sun-dried white ginseng as a substitute to red ginseng. As a result, white ginseng production dramatically increased after 1914, which in turn made Gaesung merchants newly aware of the commercial value of white ginseng, which was previously ignored. The traders made good use of the traditional medicine herb market, which opened annually, to promote the expansion of white ginseng sales. Moreover, the merchants also adopted modern marketing techniques, as they founded companies to handle solely white ginseng sales, refreshed packaging to raise commodity values, and made an effort in advertising and mail order sales. Due to such endeavors, demand for white ginseng grew exponentially both in domestic and foreign markets, which generated steady growth of white ginseng prices despite the rapid increase of its supply. This phenomenon naturally brought about the rich economic accomplishments of Gaesung merchants. Through the white ginseng sales activities of Gaesung merchants in post-1910s era, two facts can be newly uncovered. First, the mass consumption of white ginseng today in Korean society took a full-scale step after the 1910s. Second, it was a widely-held view that during the Japanese rule, majority of Korean traditional merchants were economically ruined, while a small minority collaborated with the colonial government to obtain economic success. However, Gaesung merchants in 1910s successfully commercialized white ginseng not with the aid of the Japanese but with their own efforts alone. Such fact reveals that there were other types of traditional merchants during the Japanese colonial period who cannot be explained with the common theory.

Health Care Experiences and Perceived Barriers to Health Care Access: A Qualitative Study Among African Migrants in Guangzhou, Guangdong Province, China

PubMed Central

Brown, Katherine B.; Yu, Fan; Yang, Jingqi; Wang, Jason; Schrock, Joshua M.; Bodomo, Adams B.; Yang, Ligang; Yang, Bin; Nehl, Eric J.; Tucker, Joseph D.; Wong, Frank Y.

2014-01-01

Guangzhou, one of China's largest cities and a main trading port in South China, has attracted many African businessmen and traders migrating to the city for financial gains. Previous research has explored the cultural and economic roles of this newly emerging population; however, little is known about their health care experiences while in China. Semi-structured interviews and focus groups were used to assess health care experiences and perceived barriers to health care access among African migrants in Guangzhou, China. Overall, African migrants experienced various barriers to accessing health care and were dissatisfied with local health services. The principal barriers to care reported included affordability, legal issues, language barriers, and cultural differences. Facing multiple barriers, African migrants have limited access to care in Guangzhou. Local health settings are not accustomed to the African migrant population, suggesting that providing linguistically and culturally appropriate services may improve access to care for the migrants. PMID:25294415

Commodity durability, trader specialization, and market performance

PubMed Central

Dickhaut, John; Lin, Shengle; Porter, David; Smith, Vernon

2012-01-01

The original double auction studies of supply and demand markets established their strong efficiency and equilibrium convergence behavior using economically unsophisticated and untrained subjects. The results were unexpected because all individual costs and values were private and dependent entirely on the market trading process to aggregate the dispersed information into socially desirable outcomes. The exchange environment, however, corresponded to that of perishable, and not re-traded goods in which participants were specialized as buyers or sellers. We report experiments in repeated single-period markets where tradability, and buyer-seller role specialization, is varied by imposing or relaxing a restriction on re-trade within each period. In re-trade markets scope is given to speculative motives unavailable where goods perish on purchase. We observe greatly increased trade volume and decreased efficiency but subject experience increases efficiency. Observed speculation slows convergence by impeding the process whereby individuals learn from the market whether their private circumstances lead them to specialize as buyers or sellers. PMID:22307595

A statistical analysis of product prices in online markets

NASA Astrophysics Data System (ADS)

Mizuno, T.; Watanabe, T.

2010-08-01

We empirically investigate fluctuations in product prices in online markets by using a tick-by-tick price data collected from a Japanese price comparison site, and find some similarities and differences between product and asset prices. The average price of a product across e-retailers behaves almost like a random walk, although the probability of price increase/decrease is higher conditional on the multiple events of price increase/decrease. This is quite similar to the property reported by previous studies about asset prices. However, we fail to find a long memory property in the volatility of product price changes. Also, we find that the price change distribution for product prices is close to an exponential distribution, rather than a power law distribution. These two findings are in a sharp contrast with the previous results regarding asset prices. We propose an interpretation that these differences may stem from the absence of speculative activities in product markets; namely, e-retailers seldom repeat buy and sell of a product, unlike traders in asset markets.

Markets, Herding and Response to External Information

PubMed Central

Carro, Adrián; Toral, Raúl; San Miguel, Maxi

2015-01-01

We focus on the influence of external sources of information upon financial markets. In particular, we develop a stochastic agent-based market model characterized by a certain herding behavior as well as allowing traders to be influenced by an external dynamic signal of information. This signal can be interpreted as a time-varying advertising, public perception or rumor, in favor or against one of two possible trading behaviors, thus breaking the symmetry of the system and acting as a continuously varying exogenous shock. As an illustration, we use a well-known German Indicator of Economic Sentiment as information input and compare our results with Germany’s leading stock market index, the DAX, in order to calibrate some of the model parameters. We study the conditions for the ensemble of agents to more accurately follow the information input signal. The response of the system to the external information is maximal for an intermediate range of values of a market parameter, suggesting the existence of three different market regimes: amplification, precise assimilation and undervaluation of incoming information. PMID:26204451

Constructing ’The Other’: Ethno-Religious Identity in Separatist Movements in Southeast Asia

DTIC Science & Technology

2005-01-01

thirteenth century, first arriving in northern Sumatra, the island closest to South and Southwest Asia.8 Persian, Arab, and Indian traders, teachers, and...missionaries spread their religion as they moved along the established sea lanes in the Arabian Sea, Indian Ocean, Bay of Bengal, and the Malacca...Pattani,25 close to the Malaysian border. Thai-Malay Muslims are also racially different from the rest of the largely ethnic Thai population.26 Although

76 FR 72484 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate...

Federal Register 2010, 2011, 2012, 2013, 2014

2011-11-23

... shall be posted on the NasdaqTrader.com Web site. Exchange Customer Firm MM Professional BATS $0.36 $0.55 $0.55 $0.[36]48 BOX 0.06 0.55 0.55 0.06 CBOE 0.06 0.55 0.55 0.26 CBOE orders greater than 99... Entry DROP Port Fee $500.00 OTTO DROP Port Fee $500.00 SQF Port Fee $0.00 [* As of October 3, 2011, the...

The behavioral implications of the bilateral gamma process

NASA Astrophysics Data System (ADS)

Xie, Haibin; Wang, Shouyang; Lu, Zudi

2018-06-01

Bilateral gamma process is widely used in risk management and asset pricing. However the behavioral implications of this process remain unknown. This paper investigates this problem for the first time within the framework of Tauchen and Pitts (1983). With the assumption that there are two types of traders in the market, the optimistic and the pessimistic, we find the bilateral gamma process can be derived from Walrasian equilibrium. This finding establishes the microstructure foundations for the bilateral gamma process.

Policing Iranian Sanctions: Trade, Identity, and Smuggling Networks in the Arabian Gulf

DTIC Science & Technology

2013-03-01

different stance depending on their location in the world . For example, many Western European countries actively police these resolutions; however, some...regions in the world do not because of various cultural factors that seem irrelevant to U.S. law enforcement. One region in particular that has...description of the region as being “a world of trade.” Kaplan 12 further describes that within this framework, Arab and Persian traders “mingled

A supply chain model to improve the beef quality distribution using investment analysis: A case study

NASA Astrophysics Data System (ADS)

Lupita, Alessandra; Rangkuti, Sabrina Heriza; Sutopo, Wahyudi; Hisjam, Muh.

2017-11-01

There are significant differences related to the quality and price of the beef commodity in traditional market and modern market in Indonesia. Those are caused by very different treatments of the commodity. The different treatments are in the slaughter lines, the transportation from the abattoir to the outlet, the display system, and the control system. If the problem is not solved by the Government, the gap will result a great loss of the consumer regarding to the quality and sustainability of traditional traders business because of the declining interest in purchasing beef in the traditional markets. This article aims to improve the quality of beef in traditional markets. This study proposed A Supply Chain Model that involves the schemes of investment and government incentive for improving the distribution system. The supply chain model is can be formulated using the Mix Integer Linear Programming (MILP) and solved using the IBM®ILOG®CPLEX software. The results show that the proposed model can be used to determine the priority of programs for improving the quality and sustainability business of traditional beef merchants. By using the models, The Government can make a decision to consider incentives for improving the condition.

The Asian Correction Can Be Quantitatively Forecasted Using a Statistical Model of Fusion-Fission Processes.

PubMed

Teh, Boon Kin; Cheong, Siew Ann

2016-01-01

The Global Financial Crisis of 2007-2008 wiped out US$37 trillions across global financial markets, this value is equivalent to the combined GDPs of the United States and the European Union in 2014. The defining moment of this crisis was the failure of Lehman Brothers, which precipitated the October 2008 crash and the Asian Correction (March 2009). Had the Federal Reserve seen these crashes coming, they might have bailed out Lehman Brothers, and prevented the crashes altogether. In this paper, we show that some of these market crashes (like the Asian Correction) can be predicted, if we assume that a large number of adaptive traders employing competing trading strategies. As the number of adherents for some strategies grow, others decline in the constantly changing strategy space. When a strategy group grows into a giant component, trader actions become increasingly correlated and this is reflected in the stock price. The fragmentation of this giant component will leads to a market crash. In this paper, we also derived the mean-field market crash forecast equation based on a model of fusions and fissions in the trading strategy space. By fitting the continuous returns of 20 stocks traded in Singapore Exchange to the market crash forecast equation, we obtain crash predictions ranging from end October 2008 to mid-February 2009, with early warning four to six months prior to the crashes.

The Asian Correction Can Be Quantitatively Forecasted Using a Statistical Model of Fusion-Fission Processes

PubMed Central

Teh, Boon Kin; Cheong, Siew Ann

2016-01-01

The Global Financial Crisis of 2007-2008 wiped out US$37 trillions across global financial markets, this value is equivalent to the combined GDPs of the United States and the European Union in 2014. The defining moment of this crisis was the failure of Lehman Brothers, which precipitated the October 2008 crash and the Asian Correction (March 2009). Had the Federal Reserve seen these crashes coming, they might have bailed out Lehman Brothers, and prevented the crashes altogether. In this paper, we show that some of these market crashes (like the Asian Correction) can be predicted, if we assume that a large number of adaptive traders employing competing trading strategies. As the number of adherents for some strategies grow, others decline in the constantly changing strategy space. When a strategy group grows into a giant component, trader actions become increasingly correlated and this is reflected in the stock price. The fragmentation of this giant component will leads to a market crash. In this paper, we also derived the mean-field market crash forecast equation based on a model of fusions and fissions in the trading strategy space. By fitting the continuous returns of 20 stocks traded in Singapore Exchange to the market crash forecast equation, we obtain crash predictions ranging from end October 2008 to mid-February 2009, with early warning four to six months prior to the crashes. PMID:27706198

Understanding the complex dynamics of stock markets through cellular automata

NASA Astrophysics Data System (ADS)

Qiu, G.; Kandhai, D.; Sloot, P. M. A.

2007-04-01

We present a cellular automaton (CA) model for simulating the complex dynamics of stock markets. Within this model, a stock market is represented by a two-dimensional lattice, of which each vertex stands for a trader. According to typical trading behavior in real stock markets, agents of only two types are adopted: fundamentalists and imitators. Our CA model is based on local interactions, adopting simple rules for representing the behavior of traders and a simple rule for price updating. This model can reproduce, in a simple and robust manner, the main characteristics observed in empirical financial time series. Heavy-tailed return distributions due to large price variations can be generated through the imitating behavior of agents. In contrast to other microscopic simulation (MS) models, our results suggest that it is not necessary to assume a certain network topology in which agents group together, e.g., a random graph or a percolation network. That is, long-range interactions can emerge from local interactions. Volatility clustering, which also leads to heavy tails, seems to be related to the combined effect of a fast and a slow process: the evolution of the influence of news and the evolution of agents’ activity, respectively. In a general sense, these causes of heavy tails and volatility clustering appear to be common among some notable MS models that can confirm the main characteristics of financial markets.

Firework injuries presenting to a national burn's unit.

PubMed

Jones, D; Lee, W; Rea, S; Donnell, M O; Eadie, P A

2004-09-01

The sale to the general public of fireworks is illegal in Ireland. However, many fireworks are readily available on the black market from illegal traders. The number of firework injuries presenting to our unit during the three week run-up to Hallowe'en October 2001 was recorded. In addition, each patient was contacted to determine how the fireworks were obtained, the average amount of money spent, and the level of adult supervision present at the time of injury. A total of 19 patients presented, 18 from the local catchment area, with a mean age of 16 yrs (range 5-46 yrs). Thirteen patients required admission. Sixteen patients sustained hand injuries including burns, and three sustained burns to other body areas. The amount of money spent varied between adults and children, the average amount among the paediatric group was Euro 2-4, but Euro 45 in the adult group. None were willing to identify the local source of their fireworks, but most fireworks originated in Northern Ireland. This small review highlights an ongoing problem in Ireland; fireworks are illegal, yet they are easily and cheaply available without quality or safety controls. Our public awareness campaign has failed to reach its target audience, and the illegal traders who sell these often inferior products are seldom charged. Children and adults will continue to sustain serious injuries as a result.

Variable step random walks, self-similar distributions, and pricing of options (Invited Paper)

NASA Astrophysics Data System (ADS)

Gunaratne, Gemunu H.; McCauley, Joseph L.

2005-05-01

A new theory for pricing of options is presented. It is based on the assumption that successive movements depend on the value of the return. The solution to the Fokker-Planck equation is shown to be an asymmetric exponential distribution, similar to those observed in intra-day currency markets. The "volatility smile", used by traders to correct the Black-Scholes pricing is shown to be a heuristic mechanism to implement options pricing formulae derived from our theory.

Limit order placement as an utility maximization problem and the origin of power law distribution of limit order prices

NASA Astrophysics Data System (ADS)

Lillo, F.

2007-02-01

I consider the problem of the optimal limit order price of a financial asset in the framework of the maximization of the utility function of the investor. The analytical solution of the problem gives insight on the origin of the recently empirically observed power law distribution of limit order prices. In the framework of the model, the most likely proximate cause of this power law is a power law heterogeneity of traders' investment time horizons.

Multiscale Shannon entropy and its application in the stock market

NASA Astrophysics Data System (ADS)

Gu, Rongbao

2017-10-01

In this paper, we perform a multiscale entropy analysis on the Dow Jones Industrial Average Index using the Shannon entropy. The stock index shows the characteristic of multi-scale entropy that caused by noise in the market. The entropy is demonstrated to have significant predictive ability for the stock index in both long-term and short-term, and empirical results verify that noise does exist in the market and can affect stock price. It has important implications on market participants such as noise traders.

Order-splitting and long-memory in an order-driven market

NASA Astrophysics Data System (ADS)

Yamamoto, R.; LeBaron, B.

2010-01-01

Recent empirical research has documented long-memories of trading volume, volatility, and order-signs in stock markets. We conjecture that traders' order-splitting is related to these empirical features. This study conducts simulations on an order-driven economy where agents split their orders into small pieces and execute piece by piece to reduce price impact. We demonstrate that we can replicate the long-memories in our order-splitting economy and conclude that order-splitting can be a possible cause for these empirical properties.

Stochastic Simulations of Long-Range Forecasting Models Volume 2. Research Findings

DTIC Science & Technology

1975-10-31

11 t0Sks 1" ..B-t«hnic.l ^^^Z"^ ^ir DD rouM I JAN 4 1473 IDITIOM OF t NOV»* ISOIISOLCTE 40?/3 6 DNCLASS T VIH ) lccunnYCLA%slrKTTlOH...traders are Argentina, Brazil. Mexico. Vene- zuela, and the Dominican Republic (an island nation). Chile . Colombia, and Peru also increase their trade...reflects the change and it is captured by alignment instability. Brazil, Colombia, and Chile are consistently aligned with the United States both

Simplified stock markets described by number operators

NASA Astrophysics Data System (ADS)

Bagarello, F.

2009-06-01

In this paper we continue our systematic analysis of the operatorial approach previously proposed in an economical context and we discuss a mixed toy model of a simplified stock market, i.e. a model in which the price of the shares is given as an input. We deduce the time evolution of the portfolio of the various traders of the market, as well as of other observable quantities. As in a previous paper, we solve the equations of motion by means of a fixed point like approximation.

Flood Control, Mississippi River at Prairie du Chien, Wisconsin.

DTIC Science & Technology

1977-02-01

The health and saftey of residents in the project area are potentially affected during major floods. A serious threat to life is always present...Warehouse (c. 1835) on St. Friol Island was one of the foremost establishments of John Jacob Astor’s American Fur Company . This old rock warehouse...prominant fur trader in the late 1700’s and early 1800’s. He served as the principal agent for the American Fur Company from 1820 to 182. °fhe house is a

Enough Gold in a Society without and with Moneylenders,

DTIC Science & Technology

1985-06-10

an exchange economy in E and the related strategic market game r , at a CE the following inequality is satisfied p-maxC, Cx a )then the CE of E ...economy is modeled as a strategic market game with one commodity serving as a money, then if there is no credit available and if all traders are...We first provide an example, discuss the modeling problems involved in constructing a money market for a playable game and then state the general

An Archeological Overview and Management Plan for the Green River Launch Complex.

DTIC Science & Technology

1984-03-29

2-4). The trappers and traders who entered the Uinta Basin after 1800 had little or no influence on the social and economic structure of the Ute...present town of Whiterocks, Utah, in the northern Uinta Basin . In 1836, Wakara (known as Chief Walker) a powerful Ute leader, rose to power by stealing...determined the Uinta Basin was unsuitable for Mormon use, President Lincoln, by Executive Order in 1861, set aside the Uinta Reservation. Much of the

A Stakeholder Survey on Live Bird Market Closures Policy for Controlling Highly Pathogenic Avian Influenza in Vietnam

PubMed Central

Nguyen, Thi Thanh Thuy; Fearnley, Lyle; Dinh, Xuan Tung; Tran, Thi Tram Anh; Tran, Trong Tung; Nguyen, Van Trong; Tago, Damian; Padungtod, Pawin; Newman, Scott H.; Tripodi, Astrid

2017-01-01

Extensive research in Vietnam and elsewhere has shown that live bird markets (LBMs) play a significant role in the ecology and zoonotic transmission of avian influenzas (AIs) including H5N1 and H7N9. Vietnam has a large number of LBMs reflecting the consumer preferences for live poultry. Under pressure to mitigate risks for H7N9 and other zoonotic AIs, Vietnam is considering, among other mitigation measures, temporary closures of LBMs as a policy to reduce risk of AI outbreaks. However, the efficacy of market closure is debated, particularly because little is known about how poultry traders may react, and whether trading may emerge outside formal marketplaces. Combining efforts of anthropologists, economists, sociologists, and veterinarians can be useful to elucidate the drivers behind poultry traders’ reactions and better understanding the barriers to implementing risk mitigation measures. In this paper, we present results from a stakeholder survey of LBM stakeholders in Vietnam. Our qualitative data show that trading outside formal markets is very likely to occur in the event of a temporary LBM market closure. Our data show that the poultry value chain in Vietnam remains highly flexible, with traders willing and able to trade poultry in many possible locations. Our results indicate that simplification of the poultry value chain along with strict enforcement, engagement of stakeholders, and adequate communication would be a necessary prerequisite before market closure could be an effective policy. PMID:28879203

Intelligent agents for e-commerce applications

NASA Astrophysics Data System (ADS)

Vuppala, Krishna

1999-12-01

This thesis focuses on development of intelligent agent solutions for e-commerce applications. E-Commerce has several complexities like: lack of information about the players, learning the nature of one's business partners/competitors, finding the right business partner to do business with, using the right strategy to get best profit out of the negotiations etc. The agent models developed can be used in any agent solution for e-commerce. Concepts and techniques from Game Theory and Artificial Intelligence are used. The developed models have several advantages over the existing ones as: the models assume the non-availability of information about other players in the market, the models of players get updated over the time as and when new information comes about the players, the negotiation model incorporates the patience levels of the players and expectations from other players in the market. Power industry has been chosen as the application area for the demonstration of the capabilities and usage of the developed agent models. Two e-commerce scenarios where sellers and buyers can go through the power exchanges to bid in auctions, or make bilateral deals outside of the exchange are addressed. In the first scenario agent helps market participants in coordinating strategies with other participants, bidding in auctions by analyzing and understanding the behavior of other participants. In the second scenario, called "Power Traders Assistant" agent helps power trader, who buys and sells power through bilateral negotiations, in negotiating deals with his customers.

Web site blues.

PubMed

Maruca, R F

1999-01-01

So far, Rachel Soltanoff's instincts had been right. As CEO in this fictional case study, she had successfully navigated TradeRite Software's transition from a news service for stockbrokers to a $70 million provider of shrink-wrapped software geared toward both brokers and the growing day-trader market. Now a well-financed start-up, Stock-net.com, was testing a very competitive product that traders could download directly over the Web. And TradeRite's Web site was nothing more than a collection of elaborate marketing brochures. Rachel knew she needed to start selling over the Web. But the e-commerce consultants she had hired to set up her Web store were behind schedule, and their 21-year-old CEO had just resigned. Her product manager, Lisa Bandini, was working overtime to transform TradeRite's entire product line into Web-aware applications to match Stocknet's, and Rachel had $2.5 million to launch them. But the consultants said it would take $5 million just to rent e-commerce capabilities. Ace sales VP Brian Rockart thought the company had already wasted too much time and money--money from his budget--on its Web site. Marketing VP Rob Collins thought TradeRite should focus on its core stockbroker customers. Chief Technical Officer Joe Martinez doesn't want to go ahead without a pilot project. Should Rachel try to convince Brian, Rob, and the rest of the senior management team that e-commerce is the way to go? Four commentators offer advice.

Financial Symmetry and Moods in the Market

PubMed Central

Savona, Roberto; Soumare, Maxence; Andersen, Jørgen Vitting

2015-01-01

This paper studies how certain speculative transitions in financial markets can be ascribed to a symmetry break that happens in the collective decision making. Investors are assumed to be bounded rational, using a limited set of information including past price history and expectation on future dividends. Investment strategies are dynamically changed based on realized returns within a game theoretical scheme with Nash equilibria. In such a setting, markets behave as complex systems whose payoff reflect an intrinsic financial symmetry that guarantees equilibrium in price dynamics (fundamentalist state) until the symmetry is broken leading to bubble or anti-bubble scenarios (speculative state). We model such two-phase transition in a micro-to-macro scheme through a Ginzburg-Landau-based power expansion leading to a market temperature parameter which modulates the state transitions in the market. Via simulations we prove that transitions in the market price dynamics can be phenomenologically explained by the number of traders, the number of strategies and amount of information used by agents, all included in our market temperature parameter. PMID:25856392

DOE Office of Scientific and Technical Information (OSTI.GOV)

Little, P.D.

The prevalence of absentee herd ownership in Africa's pastoral areas is increasing. Its presence has important implications both for local resource management systems and for research programs that address pastoral ecology and related topics. This paper examines patterns of absentee herd ownership in the Baringo District of northern Kenya. This region has been the source of much debate regarding herder ''mismanagement'' of range lands. Three categories of absentee herd owners are discussed in the paper: (1) ranchers, (2) livestock traders, and (3) townsmen. It is suggested that the blame for some of the apparent resource mismanagement in the region maymore » lie more with actors in these categories than with the pastoralists themselves. Data collected during an 18-month period in 1980-1981 on pastoral ecology, grazing patterns, and tenure institutions are presented in support of the argument. The paper concludes with a comparative analysis of contemporary resource management strategies in pastoral Africa, emphasizing that: (1) the Baringo case is not an isolated anomaly, and (2) a new orientation toward pastoral studies is warranted.« less

A history of trade routes and water-level regulation on waterways in Voyageurs National Park, Minnesota, USA

USGS Publications Warehouse

Christensen, Victoria G.; LaBounty, Andrew E.

2018-01-01

Unlike most national parks, main access to Voyageurs National Park is by boat. This remote system of interconnected waterways along the USA-Canada border was an important transportation route for thousands of years of American Indian occupation, leading up to and including the trade route of the voyageurs, or French-Canadian fur traders from around 1680 to 1870. The Ojibwe people collaborated with the voyageurs and the two cultures developed a trade network that continued to rely on these waterways. By the mid-1800s, European fashion changed, and the fur trade dwindled while the Ojibwe remained tied to the land and waters. The complexity of the waterways increased with the installation of dams on two of the natural lakes in the early 1900s. Modern water levels have affected—and in some cases destabilized—vulnerable landforms within the past century. The knowledge of these effects can be used by resource managers to weigh the consequences of hydrologic manipulation in Voyageurs National Park.

Financial symmetry and moods in the market.

PubMed

Savona, Roberto; Soumare, Maxence; Andersen, Jørgen Vitting

2015-01-01

This paper studies how certain speculative transitions in financial markets can be ascribed to a symmetry break that happens in the collective decision making. Investors are assumed to be bounded rational, using a limited set of information including past price history and expectation on future dividends. Investment strategies are dynamically changed based on realized returns within a game theoretical scheme with Nash equilibria. In such a setting, markets behave as complex systems whose payoff reflect an intrinsic financial symmetry that guarantees equilibrium in price dynamics (fundamentalist state) until the symmetry is broken leading to bubble or anti-bubble scenarios (speculative state). We model such two-phase transition in a micro-to-macro scheme through a Ginzburg-Landau-based power expansion leading to a market temperature parameter which modulates the state transitions in the market. Via simulations we prove that transitions in the market price dynamics can be phenomenologically explained by the number of traders, the number of strategies and amount of information used by agents, all included in our market temperature parameter.

Regional crop yield forecasting: a probabilistic approach

NASA Astrophysics Data System (ADS)

de Wit, A.; van Diepen, K.; Boogaard, H.

2009-04-01

Information on the outlook on yield and production of crops over large regions is essential for government services dealing with import and export of food crops, for agencies with a role in food relief, for international organizations with a mandate in monitoring the world food production and trade, and for commodity traders. Process-based mechanistic crop models are an important tool for providing such information, because they can integrate the effect of crop management, weather and soil on crop growth. When properly integrated in a yield forecasting system, the aggregated model output can be used to predict crop yield and production at regional, national and continental scales. Nevertheless, given the scales at which these models operate, the results are subject to large uncertainties due to poorly known weather conditions and crop management. Current yield forecasting systems are generally deterministic in nature and provide no information about the uncertainty bounds on their output. To improve on this situation we present an ensemble-based approach where uncertainty bounds can be derived from the dispersion of results in the ensemble. The probabilistic information provided by this ensemble-based system can be used to quantify uncertainties (risk) on regional crop yield forecasts and can therefore be an important support to quantitative risk analysis in a decision making process.

Transition in the waiting-time distribution of price-change events in a global socioeconomic system

NASA Astrophysics Data System (ADS)

Zhao, Guannan; McDonald, Mark; Fenn, Dan; Williams, Stacy; Johnson, Nicholas; Johnson, Neil F.

2013-12-01

The goal of developing a firmer theoretical understanding of inhomogeneous temporal processes-in particular, the waiting times in some collective dynamical system-is attracting significant interest among physicists. Quantifying the deviations between the waiting-time distribution and the distribution generated by a random process may help unravel the feedback mechanisms that drive the underlying dynamics. We analyze the waiting-time distributions of high-frequency foreign exchange data for the best executable bid-ask prices across all major currencies. We find that the lognormal distribution yields a good overall fit for the waiting-time distribution between currency rate changes if both short and long waiting times are included. If we restrict our study to long waiting times, each currency pair’s distribution is consistent with a power-law tail with exponent near to 3.5. However, for short waiting times, the overall distribution resembles one generated by an archetypal complex systems model in which boundedly rational agents compete for limited resources. Our findings suggest that a gradual transition arises in trading behavior between a fast regime in which traders act in a boundedly rational way and a slower one in which traders’ decisions are driven by generic feedback mechanisms across multiple timescales and hence produce similar power-law tails irrespective of currency type.

Integrating remote sensing, geographic information system and modeling for estimating crop yield

NASA Astrophysics Data System (ADS)

Salazar, Luis Alonso

This thesis explores various aspects of the use of remote sensing, geographic information system and digital signal processing technologies for broad-scale estimation of crop yield in Kansas. Recent dry and drought years in the Great Plains have emphasized the need for new sources of timely, objective and quantitative information on crop conditions. Crop growth monitoring and yield estimation can provide important information for government agencies, commodity traders and producers in planning harvest, storage, transportation and marketing activities. The sooner this information is available the lower the economic risk translating into greater efficiency and increased return on investments. Weather data is normally used when crop yield is forecasted. Such information, to provide adequate detail for effective predictions, is typically feasible only on small research sites due to expensive and time-consuming collections. In order for crop assessment systems to be economical, more efficient methods for data collection and analysis are necessary. The purpose of this research is to use satellite data which provides 50 times more spatial information about the environment than the weather station network in a short amount of time at a relatively low cost. Specifically, we are going to use Advanced Very High Resolution Radiometer (AVHRR) based vegetation health (VH) indices as proxies for characterization of weather conditions.

Evolution and anti-evolution in a minimal stock market model

NASA Astrophysics Data System (ADS)

Rothenstein, R.; Pawelzik, K.

2003-08-01

We present a novel microscopic stock market model consisting of a large number of random agents modeling traders in a market. Each agent is characterized by a set of parameters that serve to make iterated predictions of two successive returns. The future price is determined according to the offer and the demand of all agents. The system evolves by redistributing the capital among the agents in each trading cycle. Without noise the dynamics of this system is nearly regular and thereby fails to reproduce the stochastic return fluctuations observed in real markets. However, when in each cycle a small amount of noise is introduced we find the typical features of real financial time series like fat-tails of the return distribution and large temporal correlations in the volatility without significant correlations in the price returns. Introducing the noise by an evolutionary process leads to different scalings of the return distributions that depend on the definition of fitness. Because our realistic model has only very few parameters, and the results appear to be robust with respect to the noise level and the number of agents we expect that our framework may serve as new paradigm for modeling self-generated return fluctuations in markets.

Money creation and circulation in a credit economy

NASA Astrophysics Data System (ADS)

Xiong, Wanting; Fu, Han; Wang, Yougui

2017-01-01

This paper presents a multi-agent model describing the main mechanisms of money creation and money circulation in a credit economy. Our special attention is paid to the role of debt in the two processes. With the agent-based modeling approach, macro phenomena are well founded in micro-based causalities. A hypothetical economy composed of a banking system and multiple traders is proposed. Instead of being a pure financial intermediary, the banking system is viewed as the center of money creation and an accelerator of money circulation. Agents finance their expenditures not only by their own savings but also through bank loans. Through mathematical calculations and numerical simulation, we identify the determinants of money multiplier and those of velocity of money. In contrast to the traditional money creation model, the money multiplier is determined not only by the behavior of borrowing but also by the behavior of repayment as well. The velocity of money is found to be influenced by both money-related factors such as the expenditure habits of agents with respect to their income and wealth and debt-related factors such as borrowing and repayment behaviors of debtors and the reserve requirements faced by banks.

Genetic differentiation between fake abalone and genuine Haliotis species using the forensically informative nucleotide sequencing (FINS) method.

PubMed

Ha, Wai Y; Reid, David G; Kam, Wan L; Lau, Yuk Y; Sham, Wing C; Tam, Silvia Y K; Sin, Della W M; Mok, Chuen S

2011-05-25

Abalones ( Haliotis species) are a popular delicacy and commonly preserved in dried form either whole or in slices or small pieces for consumption in Asian countries. Driven by the huge profit from trading abalones, dishonest traders may substitute other molluscan species for processed abalone, of which the morphological characteristics are frequently lost in the processed form. For protection of consumer rights and law enforcement against fraud, there is a need for an effective methodology to differentiate between fake and genuine abalone. This paper describes a method (validated according to the international forensic guidelines provided by SWGDAM) for the identification of fake abalone species using forensically informative nucleotide sequence (FINS) analysis. A study of the local market revealed that many claimed "abalone slice" samples on sale are not genuine. The fake abalone samples were found to be either volutids of the genus Cymbium (93%) or the muricid Concholepas concholepas (7%). This is the first report of Cymbium species being used for the preparation and sale as "abalone" in dried sliced form in Hong Kong.

Using the Stock Market to Teach Physics

NASA Astrophysics Data System (ADS)

Faux, David A.; Hearn, Stephen

2004-11-01

Students are interested in money. Personal finance is an important issue for most students, especially as they move into university education and take a greater control of their own finances. Many are also interested in stock markets and their ability to allow someone to make, and lose, large sums of money, with their interest fueled by the boom in technology-based stocks of 2000/2001 followed by their subsequent dramatic collapse and the publicizing of so-called "rogue-traders." There is also a much greater ownership of stocks by families following public offerings, stock-based savings products, and the ability to trade stocks online. Consequently, there has been a steady growth of finance and finance-related courses available within degree programs in response to the student demand, with many students motivated by the huge salaries commanded by those with a successful career in the financial sector. We report here details of a joint project between Charterhouse School and the University of Surrey designed to exploit the excitement of finance to teach elements of the high school (age 16-18) curriculum through modeling and simulation.

The effect of tick size on trading volume share in three competing stock markets

NASA Astrophysics Data System (ADS)

Nagumo, Shota; Shimada, Takashi; Ito, Nobuyasu

2016-09-01

The relationship between tick sizes and trading volume share in two and three competing markets is studied theoretically. By introducing a simple model which is equipped with multiple markets and non-strategic traders, we analytically calculate the share. It is shown that share is shifted from a market with a larger tick size to a market with a smaller tick size, and the size of share-shift is determined by difference between tick sizes not by ratio between tick sizes in both cases of two markets and three markets.

Wealth and price distribution by diffusive approximation in a repeated prediction market

NASA Astrophysics Data System (ADS)

Bottazzi, Giulio; Giachini, Daniele

2017-04-01

The approximate agents' wealth and price invariant densities of a repeated prediction market model is derived using the Fokker-Planck equation of the associated continuous-time jump process. We show that the approximation obtained from the evolution of log-wealth difference can be reliably exploited to compute all the quantities of interest in all the acceptable parameter space. When the risk aversion of the trader is high enough, we are able to derive an explicit closed-form solution for the price distribution which is asymptotically correct.

Economic analysis for transmission operation and planning

NASA Astrophysics Data System (ADS)

Zhou, Qun

2011-12-01

Restructuring of the electric power industry has caused dramatic changes in the use of transmission system. The increasing congestion conditions as well as the necessity of integrating renewable energy introduce new challenges and uncertainties to transmission operation and planning. Accurate short-term congestion forecasting facilitates market traders in bidding and trading activities. Cost sharing and recovery issue is a major impediment for long-term transmission investment to integrate renewable energy. In this research, a new short-term forecasting algorithm is proposed for predicting congestion, LMPs, and other power system variables based on the concept of system patterns. The advantage of this algorithm relative to standard statistical forecasting methods is that structural aspects underlying power market operations are exploited to reduce the forecasting error. The advantage relative to previously proposed structural forecasting methods is that data requirements are substantially reduced. Forecasting results based on a NYISO case study demonstrate the feasibility and accuracy of the proposed algorithm. Moreover, a negotiation methodology is developed to guide transmission investment for integrating renewable energy. Built on Nash Bargaining theory, the negotiation of investment plans and payment rate can proceed between renewable generation and transmission companies for cost sharing and recovery. The proposed approach is applied to Garver's six bus system. The numerical results demonstrate fairness and efficiency of the approach, and hence can be used as guidelines for renewable energy investors. The results also shed light on policy-making of renewable energy subsidies.

Qualitative analysis of the risks and practices associated with the spread of African swine fever within the smallholder pig value chains in Uganda.

PubMed

Dione, Michel; Ouma, Emily; Opio, Felix; Kawuma, Brian; Pezo, Danilo

2016-12-01

A study was undertaken between September 2014 and December 2014 to assess the perceptions of smallholder pig value chain actors of the risks and practices associated with the spread of African swine fever (ASF) disease within the pig value chains. Data was collected from 136 value chain actors and 36 key informants through 17 group discussions and two key informant interview (KII) sessions respectively using Participatory Rural Appraisal (PRA) tools. Results from this study revealed that according to value chain actors and stakeholders, the transporting, slaughtering, and collecting/bulking nodes represent the highest risk, followed by the inputs and services (feeds and drugs) supply nodes. The processing, whole sale and consumption nodes represented the lowest risk. Value chain actors are aware of the disease and its consequences to the pig industry, however biosecurity measures are poorly implemented at all nodes. As for the causes, value chain actors pointed to several factors, such as inadequate knowledge of mechanisms for the spread of the disease, poor enforcement of regulations on disease control, and low capacities of actors to implement biosecurity measures, amongst others. Although traders, butchers and veterinary practitioners accepted that they played an important role in the spread of the virus, they did not perceive themselves as key actors in the control of the disease; instead, they believed that only farmers should adopt biosecurity measures on their farms because they keep the pigs for a longer period. Most of the recommendations given by the value chain actors for controlling and preventing ASF disease were short term, and targeted mainly pig producers. These recommendations included: the establishment of live pig collection centres so that traders and brokers do not have to directly access pig farms, capacity building of value chain actors on application of biosecurity, enactment and enforcement of by-laws on live pig movements and establishment of operational outbreak reporting mechanism at district level. Long term recommendations included the development of a vaccine, as well as pen-side diagnostic tests. This study suggests that interventions to control ASF disease through application of biosecurity measures should target all value chain nodes, while putting more emphasis on post-farm nodes especially the trading. Copyright © 2016 Elsevier B.V. All rights reserved.

New Methodology for Evaluating Optimal Pricing for Primary Regulation of Deregulated Power Systems under Steady State Condition

NASA Astrophysics Data System (ADS)

Satyaramesh, P. V.; RadhaKrishna, C.

2013-06-01

A generalized pricing structure for procurement of power under frequency ancillary service is developed in this paper. It is a frequency linked-price model and suitable for deregulation market environment. This model takes into consideration: governor characteristics and frequency characteristics of generator as additional parameters in load flow method. The main objective of the new approach proposed in this paper is to establish bidding price structure for frequency regulation services in competitive ancillary electrical markets under steady state condition. Lot of literatures are available for calculating the frequency deviations with respect to load changes by using dynamic simulation methods. But in this paper, the model computes the frequency deviations for additional requirements of power under steady state with considering power system network topology. An attempt is also made in this paper to develop optimal bidding price structure for the frequency-regulated systems. It gives a signal to traders or bidders that the power demand can be assessed more accurately much closer to real time and helps participants bid more accurate quantities on day-ahead market. The recent trends of frequency linked-price model existing in Indian power systems issues required for attention are also dealt in this paper. Test calculations have been performed on 30-bus system. The paper also explains adoptability of 33 this model to practical Indian power system. The results presented are analyzed and useful conclusions are drawn.

Interventions for avian influenza A (H5N1) risk management in live bird market networks

PubMed Central

Fournié, Guillaume; Guitian, Javier; Desvaux, Stéphanie; Cuong, Vu Chi; Dung, Do Huu; Pfeiffer, Dirk Udo; Mangtani, Punam; Ghani, Azra C.

2013-01-01

Highly pathogenic avian influenza virus subtype H5N1 is endemic in Asia, with live bird trade as a major disease transmission pathway. A cross-sectional survey was undertaken in northern Vietnam to investigate the structure of the live bird market (LBM) contact network and the implications for virus spread. Based on the movements of traders between LBMs, weighted and directed networks were constructed and used for social network analysis and individual-based modeling. Most LBMs were connected to one another, suggesting that the LBM network may support large-scale disease spread. Because of cross-border trade, it also may promote transboundary virus circulation. However, opportunities for disease control do exist. The implementation of thorough, daily disinfection of the market environment as well as of traders’ vehicles and equipment in only a small number of hubs can disconnect the network dramatically, preventing disease spread. These targeted interventions would be an effective alternative to the current policy of a complete ban of LBMs in some areas. Some LBMs that have been banned still are very active, and they likely have a substantial impact on disease dynamics, exhibiting the highest levels of susceptibility and infectiousness. The number of trader visits to markets, information that can be collected quickly and easily, may be used to identify LBMs suitable for implementing interventions. This would not require prior knowledge of the force of infection, for which laboratory-confirmed surveillance would be necessary. These findings are of particular relevance for policy development in resource-scarce settings. PMID:23650388

Dealing with femtorisks in international relations

PubMed Central

Frank, Aaron Benjamin; Collins, Margaret Goud; Levin, Simon A.; Lo, Andrew W.; Ramo, Joshua; Dieckmann, Ulf; Kremenyuk, Victor; Kryazhimskiy, Arkady; Linnerooth-Bayer, JoAnne; Ramalingam, Ben; Roy, J. Stapleton; Saari, Donald G.; Thurner, Stefan; von Winterfeldt, Detlof

2014-01-01

The contemporary global community is increasingly interdependent and confronted with systemic risks posed by the actions and interactions of actors existing beneath the level of formal institutions, often operating outside effective governance structures. Frequently, these actors are human agents, such as rogue traders or aggressive financial innovators, terrorists, groups of dissidents, or unauthorized sources of sensitive or secret information about government or private sector activities. In other instances, influential “actors” take the form of climate change, communications technologies, or socioeconomic globalization. Although these individual forces may be small relative to state governments or international institutions, or may operate on long time scales, the changes they catalyze can pose significant challenges to the analysis and practice of international relations through the operation of complex feedbacks and interactions of individual agents and interconnected systems. We call these challenges “femtorisks,” and emphasize their importance for two reasons. First, in isolation, they may be inconsequential and semiautonomous; but when embedded in complex adaptive systems, characterized by individual agents able to change, learn from experience, and pursue their own agendas, the strategic interaction between actors can propel systems down paths of increasing, even global, instability. Second, because their influence stems from complex interactions at interfaces of multiple systems (e.g., social, financial, political, technological, ecological, etc.), femtorisks challenge standard approaches to risk assessment, as higher-order consequences cascade across the boundaries of socially constructed complex systems. We argue that new approaches to assessing and managing systemic risk in international relations are required, inspired by principles of evolutionary theory and development of resilient ecological systems. PMID:25404317

Dealing with femtorisks in international relations.

PubMed

Frank, Aaron Benjamin; Collins, Margaret Goud; Levin, Simon A; Lo, Andrew W; Ramo, Joshua; Dieckmann, Ulf; Kremenyuk, Victor; Kryazhimskiy, Arkady; Linnerooth-Bayer, JoAnne; Ramalingam, Ben; Roy, J Stapleton; Saari, Donald G; Thurner, Stefan; von Winterfeldt, Detlof

2014-12-09

The contemporary global community is increasingly interdependent and confronted with systemic risks posed by the actions and interactions of actors existing beneath the level of formal institutions, often operating outside effective governance structures. Frequently, these actors are human agents, such as rogue traders or aggressive financial innovators, terrorists, groups of dissidents, or unauthorized sources of sensitive or secret information about government or private sector activities. In other instances, influential "actors" take the form of climate change, communications technologies, or socioeconomic globalization. Although these individual forces may be small relative to state governments or international institutions, or may operate on long time scales, the changes they catalyze can pose significant challenges to the analysis and practice of international relations through the operation of complex feedbacks and interactions of individual agents and interconnected systems. We call these challenges "femtorisks," and emphasize their importance for two reasons. First, in isolation, they may be inconsequential and semiautonomous; but when embedded in complex adaptive systems, characterized by individual agents able to change, learn from experience, and pursue their own agendas, the strategic interaction between actors can propel systems down paths of increasing, even global, instability. Second, because their influence stems from complex interactions at interfaces of multiple systems (e.g., social, financial, political, technological, ecological, etc.), femtorisks challenge standard approaches to risk assessment, as higher-order consequences cascade across the boundaries of socially constructed complex systems. We argue that new approaches to assessing and managing systemic risk in international relations are required, inspired by principles of evolutionary theory and development of resilient ecological systems.

What types of investors generate the two-phase phenomenon?

NASA Astrophysics Data System (ADS)

Ryu, Doojin

2013-12-01

We examine the two-phase phenomenon described by Plerou, Gopikrishnan, and Stanley (2003) [1] in the KOSPI 200 options market, one of the most liquid options markets in the world. By analysing a unique intraday dataset that contains information about investor type for each trade and quote, we find that the two-phase phenomenon is generated primarily by domestic individual investors, who are generally considered to be uninformed and noisy traders. In contrast, our empirical results indicate that trades by foreign institutions, who are generally considered informed and sophisticated investors, do not exhibit two-phase behaviour.