Paper presents various dynamic FX rate simulation models based upon time-dependent market clearing conditions. Discussed nonlinear models follow classical concept of computer agent interactions between chartists and fundamentalists. Within each trading period agents select proper trading rules...

The Use of a Simple Decision Rule in Repeated Oligopoly Games Much interest has been directed towards decision rules and conditions when firms make decisions converging to a non-cooperative Nash equilibrium in repeated oligopoly games. We explore the use of a simple decision rule where firms...

The issue of the impact of trade on specialisation structures and the effects of trade liberalisation on employment and labour markets has been intensively discussed in the recent literature on trade liberalisation and globalisation. In Europe this debate has gained new momentum in the...

We analyze how strategic asset trading can be used to gain competitive advantage. In the case of electricity markets, companies seek to improve the value of their generating portfolios by acquiring, or selling, power plants. Accordingly, we derive the basic determinants of plant value,...

This paper studies a Monte Carlo algorithm for computing distributions of state variables when the underlying model is a Markov process. It is shown that the $L_1$ error of the estimator always converges to zero with probability one, and often at a parametric rate. A related technique for...

Electricity markets are being liberalised and open to private competition in several countries. These liberalized electricity markets are very complex as the interactions between demand and supply are subject to several technicalities arising from the commodity being traded: electricity. One of...

This paper considers a two-country world where the population in one country grows faster than the other, and investigates the effects of resulting age composition differences across countries on international trade flows under alternative simulation scenarios, using an overlapping-generations...