In many markets, customer preferences depend on the activity of the customer. The authors have previously demonstrated a model that allows the testing of the qualitative judgments of domain experts in spirits markets against relevant EPOS price and sales data. This paper extends the use of...

Consider an experiment in which subjects are asked to choose between pairs consisting of a monetary payment and a time-delay at which the payment is delivered. Given a finite set of observations, under what conditions the choices of an individual agent can be rationalised by a discounted utility...

The Random Utility Model (RUM) is a workhorse model for valuing new products or changes in public goods. But RUMs have been faulted along two lines. First, for including idiosyncratic errors that imply unreasonably high values for new alternatives and unrealistic substitution patterns. Second,...

Peer-to-peer (P2P) sharing marketplaces enable sharing of idle resources. When a renter requests an owner's resource, the owner needs to decide whether to accept the request: accepting it helps him fill up the idle periods of the resource and generate a payoff, but reduces the flexibility to...

The paper presents a revision of the contemporary reductionistic demand theory, replacing the studying object, i.e. an individual, with a fuzzy collection of market buyers, regarded as a “statistical ensemble of consumers”. The new holistic market demand theory formally retains the...

This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...