XVII Апрельская международная научная конференция по проблемам развития экономики и общества: в 4 кн.
We extend the Dixit and Stiglitz set-up by introducing consumer heterogeneity into a general equilibrium model of monopolistic competition. By getting a closedform solution for a symmetric equilibrium, we show how the market outcome depends on the joint distribution of tastes and labor productivities of consumers. In contrast to the traditional framework, the model predicts that the short-run equilibrium price may vary with the number of firms, demonstrating both anti- and procompetitive behavior, which is in accordance with economic intuition and empirical evidence.
There is a small number of empirical studies on financial instability (the trend towards bankruptcy) of Russian insurance companies. The aim of the study is to prove two hypotheses. The first is the market share of the insurance company is the opposite of its propensity to bankruptcy; the second is to the Russian insurance market there is a tendency to oligopolization. In our study, methods with a limited set of criteria and multicriteria methods, including those based on multidimensional discriminant analysis, will be used. The basis for the study are 102 insurance companies with varying degrees of market power. The problem under investigation lies in the fact that insolvent insurers have a negative impact on the insurance market in Russia. On the other hand, a significant reduction in the number of insurers leads to the oligopolization of the insurance services market.
A set of related majority rule-based social choice correspondences are considered: the union of minimal Р-dominating sets MPD (Duggan 2011, Subochev 2016) the union of weakly stable sets MWS (Aleskerov & Kurbanov 1999), the union of minimal P-externally stable sets MPES (Wuffl et al. 1989, Subochev 2008) and the union of minimal R-externally stable sets MRES (Aleskerov & Subochev 2009, 2013). These tournament solutions have not attracted much attention so far. However, the analysis of their properties suggests that MPES and MRES can be useful as instruments of choice, for instance when it is necessary to aggregate rankings. Their implementation is also possible under certain conditions.
The results presented are the following.
1) In a general case of a topological space of alternatives, a sufficient and necessary condition has been provided for an alternative to belong to a minimal P-dominating set. This characteristic condition is related to some version of the covering relation. It has been established that the union of minimal P-dominating sets and the uncovered set are logically nested neither in a general case, nor in finite tournaments. The characterization obtained provides a sufficient condition of nonemptiness of MPES and MRES in a general case of a topological space of alternatives.
2) It has been found that MPES and MRES both satisfy the following axioms:
a) monotonicity with respect to changes in social preferences (P-monotonicity),
b) the generalized Nash independence of irrelevant alternatives,
c) the idempotence,
d) the Aizerman-Aleskerov property,
e) the independence of social preferences for irrelevant alternatives (the independence of losers),
but they do not satisfy the extension axiom (Sen’s property g). It has also been demonstrated that MPD satisfies neither of these axioms, and MWS satisfies P-monotonicity only.
3) It has been found that MPES and MRES both satisfy Sanver monotonicity (a.k.a. cover monotonicity). Thus, despite they are not Maskin monotonic, these social choice correspondences can be implemented in a nonstandard setting, where actors have (extended) preferences for sets of alternatives. It has also been demonstrated that MPD and MWS do not satisfy Sanver monotonicity.
We study the relationship between income and environmental quality based on modern Russian city-level data. The paper aims at testing whether the environmental Kuznets curve relationship between air pollution and average monthly wages holds in Russian cities and towns. Our preliminary results support the presence of an inverted U-shaped function of wages and reveal significant spatial autocorrelation of air pollution indicators of Russian cities and towns.
Recent research on the international Monetary Fund [Global Financial Stability Report, 2015] outlines that participants of fixed income assets market in advanced and emerging market economies have become worried that both the level of market liquidity and its resilience may be declining.
The market liquidity is a many-dimensional concept and cannot be captured by any single measure. Nonetheless, depending on what dimension of market liquidity one is trying to estimate (for instance, time, cost, or quantity) some measures are more informative than others.
Based on the data provided by the National Settlement Depository and the National Fund Association and covered the period from the 6 January 2014 to 15 June 2015 the liquidity of 1497 different bond emissions was analyzed. We calculate a daily liquidity index for each bond using Pareto regularization approach [Gambarov, 2010]. This index is constructed from three bond emission characteristics: trading volume, number of trading days, and number of transactions. We found that the most important factor from these three for Russian bonds is the number of trading days due to the very low trade intensity of Russian fixed income market (the largest part of the Russian corporate bonds even has no active market).
Considering the average liquidity on the Russian bond market we conclude that during last year the deterioration tendency has been dominating on the market. Thus, the main purpose of current research is to analyze which factors bring the major impact on the market liquidity (in particular, weaken) in Russia and in other advanced and emerging market countries.
A lot of factors affect the liquidity of the markets, which can be broadly divided into three groups: risk-driven factors, cost-driven factors and investors and issuers characteristics. It is also worth mentioning that macroeconomic factors (e.g. restrictions on derivatives trading (such as those imposed by the European Union in 2012) have weakened the liquidity of the underlying assets) strongly affect markets in general and liquidity in particular.