The document analyzes market efficiency in maize markets in Benin over four time periods: 1988-1992, 1993-1996, 1997-2000, and 2001-2007. It uses a parity bounds model to estimate efficiency rates, arbitrage rates, autarky rates, and other measures. The results show that market efficiency increased over time, with the efficiency rate rising from 22% in 1988-1992 to 21% in 1997-2000. The establishment of a public market information system in 1993 helped improve some measures of market performance compared to the earlier period.
This document contains the mark scheme for Edexcel GCE Economics (6354) from Summer 2005. It provides the answers and marking schemes for 10 multiple choice questions and 1 essay question with 3 parts on the topics of:
1) Perfect competition and price discrimination
2) Conditions for profitable price discrimination and why it may be more common in airlines than pharmaceuticals
3) Impacts of the internet on market contestability
The mark scheme outlines the key points examiners are looking for in responses and the number of marks awarded for correct or partially correct answers. It serves as guidance to ensure consistent evaluation of answers addressing the given economic concepts.
The document provides a mark scheme for the Edexcel GCE Economics exam from January 2006. It outlines the answers and number of marks awarded for multiple choice and longer questions in Section A and B. Section A covers topics like mergers, oligopoly, costs and revenue. Section B involves questions on the low-cost airline industry, regulation of Royal Mail, and assessing contestability. The mark scheme emphasizes definitions, calculations, diagrams, and evaluation in awarding marks for responses.
This document provides the mark scheme for the 2008 summer GCE Economics exam. It outlines the answers and marks awarded for each multiple choice and long answer question. For question 1, the answer is C and up to 3 marks are awarded for explaining the merger's impact on market share and referring to competition authorities. For question 2, the answer is C and up to 3 marks are awarded for defining marginal concepts and applying them to a diagram.
This document discusses two methods for measuring consumer welfare using demand models: Hausman (1996) and the discrete choice model. Hausman estimates demand for cereal and values the introduction of Apple Cinnamon Cheerios at $78.1 million annually under perfect competition and $66.8 million under imperfect competition. The discrete choice model measures welfare as the inclusive value from a choice set and can value new products by simulating choices with and without them. It is more flexible but still relies on accurate demand estimation.
This document describes sterilization methods using heat, including moist heat (steam) and dry heat. Moist heat sterilization uses saturated steam as the sterilizing agent. It acts by denaturing and coagulating proteins through the heat of condensation. Dry heat sterilization uses hot air, which destroys cells through dehydration, increased electrolyte toxicity, oxidation, and membrane fusion. Both methods require specific time and temperature parameters to effectively kill microbes depending on the load. Proper validation and documentation of the sterilization process is important.
Implantacion, Control y Cuidados de los Accesos VascularesClinica de imagenes
This document discusses catheter care and implantation. It describes different types of central venous catheters (CVCs) that can be implanted, including port catheters, Hickman catheters, and peripherally inserted central catheters (PICCs). The importance of nurse training and using evidence-based protocols for CVC care is emphasized. Guidelines are provided for optimizing outcomes and resolving potential problems in CVC management and care.
This document contains the mark scheme for Edexcel GCE Economics (6354) from Summer 2005. It provides the answers and marking schemes for 10 multiple choice questions and 1 essay question with 3 parts on the topics of:
1) Perfect competition and price discrimination
2) Conditions for profitable price discrimination and why it may be more common in airlines than pharmaceuticals
3) Impacts of the internet on market contestability
The mark scheme outlines the key points examiners are looking for in responses and the number of marks awarded for correct or partially correct answers. It serves as guidance to ensure consistent evaluation of answers addressing the given economic concepts.
The document provides a mark scheme for the Edexcel GCE Economics exam from January 2006. It outlines the answers and number of marks awarded for multiple choice and longer questions in Section A and B. Section A covers topics like mergers, oligopoly, costs and revenue. Section B involves questions on the low-cost airline industry, regulation of Royal Mail, and assessing contestability. The mark scheme emphasizes definitions, calculations, diagrams, and evaluation in awarding marks for responses.
This document provides the mark scheme for the 2008 summer GCE Economics exam. It outlines the answers and marks awarded for each multiple choice and long answer question. For question 1, the answer is C and up to 3 marks are awarded for explaining the merger's impact on market share and referring to competition authorities. For question 2, the answer is C and up to 3 marks are awarded for defining marginal concepts and applying them to a diagram.
This document discusses two methods for measuring consumer welfare using demand models: Hausman (1996) and the discrete choice model. Hausman estimates demand for cereal and values the introduction of Apple Cinnamon Cheerios at $78.1 million annually under perfect competition and $66.8 million under imperfect competition. The discrete choice model measures welfare as the inclusive value from a choice set and can value new products by simulating choices with and without them. It is more flexible but still relies on accurate demand estimation.
This document describes sterilization methods using heat, including moist heat (steam) and dry heat. Moist heat sterilization uses saturated steam as the sterilizing agent. It acts by denaturing and coagulating proteins through the heat of condensation. Dry heat sterilization uses hot air, which destroys cells through dehydration, increased electrolyte toxicity, oxidation, and membrane fusion. Both methods require specific time and temperature parameters to effectively kill microbes depending on the load. Proper validation and documentation of the sterilization process is important.
Implantacion, Control y Cuidados de los Accesos VascularesClinica de imagenes
This document discusses catheter care and implantation. It describes different types of central venous catheters (CVCs) that can be implanted, including port catheters, Hickman catheters, and peripherally inserted central catheters (PICCs). The importance of nurse training and using evidence-based protocols for CVC care is emphasized. Guidelines are provided for optimizing outcomes and resolving potential problems in CVC management and care.
Fabrice Jover is seeking a new global business challenge at the management level within 3 to 5 years. He has a strong track record of over 15 years of global brand leadership experience at AstraZeneca, having led their second best-selling drug Nexium which generated $5 billion in sales in 2007. As the Global Brand Director for Nexium and the GI franchise from 2005 to 2007, he gained approval for new life cycle plans that added $1.3 billion in cumulative sales from 2011 to 2015.
Distance education allows for instruction of students who are separated from instructors by time and distance. One of the earliest examples was in 1728 when an instructor advertised weekly mailed lessons. In the 1840s, Sir Isaac Pitman pioneered distance education through mailed lessons and student feedback. The University of London was the first to offer distance learning degrees starting in 1858. Radio and television were early technologies experimented with for distance education delivery, while the Open University in the UK in the 1960s revolutionized distance education through the use of television and correspondence courses.
The document discusses how the brain and vision system can create optical illusions like the Kanizsa Triangle, where three pacmen shapes seem to partially overlap and form a triangle that does not actually exist. It recommends the book "Visual Intelligence: How We Create What We See" by Donald D. Hoffman for more insight into how the brain constructs our visual reality.
This document discusses the selenium drinking water quality guideline (DWQG) in Canada and argues that the current guideline of 10 μg/L is overly protective and not scientifically justified. Most jurisdictions worldwide use 10 μg/L as the guideline, except for the United States and South Africa which use 50 μg/L. The Canadian guideline is based on outdated assumptions from 1992 that selenium is carcinogenic, but recent evidence shows it is not and may have anticarcinogenic properties. The document argues Canada and other countries should re-evaluate and revise their generic DWQGs in light of new scientific data, and consider developing site-specific, risk-based objectives in the interim.
This document provides a quick start guide to using DrJava, an integrated development environment (IDE) for Java. It covers downloading and installing DrJava and the Java Development Kit (JDK), as well as the basics of using DrJava including opening and creating files, compiling code, and using the interactions pane. It also discusses more advanced features such as JUnit testing, generating JavaDoc documentation, and using the debugger. The document concludes with an overview of DrJava's project facility.
This document analyzes how arts management practices can help improve historical and religious festivals in Cavite, Philippines. It conducted interviews and surveys with festival organizers and participants in Bacoor, Imus, and Kawit. It found that while organizers were not familiar with arts management, challenges existed in documentation, marketing, and improving productions. It recommends applying project management, production management, marketing, and media relations practices to address challenges while preserving traditions.
La nueva Constitución Política de Bolivia establece que la educación es una responsabilidad primordial del Estado y debe ser pública, gratuita, intercultural y formar personas de manera integral. El Estado garantiza el acceso a la educación obligatoria hasta el bachillerato y apoyará a estudiantes con menos recursos económicos. También es responsabilidad del Estado erradicar el analfabetismo, promover la educación técnica y superior, y capacitar docentes de manera gratuita e intercultural.
This document discusses recent case law from Hungary regarding deceptive trademarks. It summarizes three cases where the Hungarian Intellectual Property Office (HIPO) refused trademark applications on the basis of deceptiveness regarding the geographical origin of the goods. In two of the cases, the decisions were confirmed by the Hungarian Court, finding the signs misleading. However, in the third case involving the term "MANHATTAN SUPERSIZE SEDUCTIVE EYES", the court annulled HIPO's decision, finding the office did not prove consumers would attribute geographical characteristics to the goods that were not present. The document raises questions about inconsistencies in HIPO's approach and burden of proof, and asks about practices in other
This document is an instruction manual for the TOSVERT VF-S9 inverter. It begins with safety warnings and precautions for installation and operation of the inverter. High voltage parts inside the inverter can cause electric shock, so it should not be disassembled, operated with covers removed, or get wet. The inverter is also not to be used for applications involving direct human safety. Installation instructions require using the inverter in proper environmental conditions and non-flammable enclosures, and an emergency stop device must be installed.
This document provides information about autoclaves, which are equipment used for sterilization through moist heat. It describes the basic components of an autoclave, including a pressure chamber made of stainless steel that holds the materials to be sterilized. Different types of autoclaves are discussed based on factors like chamber configuration and vapor generation method. Common sterilization cycles are listed, including 105°C for disinfection of liquids, 120°C for general sterilization, 134°C for surgical or high-risk items, and 143°C for rapid sterilization of instruments needed immediately. The document explains the sterilization process, which involves purging air from the chamber, generating and maintaining steam heat, and a
Metodologija merenja indikatora performansi poslovnih procesa u Jugoimport-SDPR
Ovu metodologiju su razvili i u informacioni sistem Jugoimport-SDPR implementirali stručnjaci Samostalnog odeljenja za informatiku i kvalitet Jugoimport-SDPR. Ovako postavljen sistem merenja i analize poslovnih procesa dobio je sve pohvale od strane SGS-a sertivikacionog tela koje svake godine proverava napredak našeg sistema menadžmenta kvalitetom.
The Lighting Facts program provides a voluntary labeling system for LED lighting products to help consumers compare products and address market confusion. The program verifies manufacturers' reported product performance data according to testing standards and displays it in an easy-to-understand label format. Over 2,100 products from more than 200 manufacturers now participate in the program. The online database allows searching by product, manufacturer, or application and includes additional data for more detailed comparisons. The goal is to promote accurate performance reporting as the LED market continues to rapidly evolve.
This report provides modeling parameters and simulation results for a 2SC4331-AZ transistor. It includes parameters for the forward and reverse characteristics of the transistor as well as graphs comparing simulated and measured characteristics such as forward beta, saturation voltages, and capacitances. Simulation results show good agreement with measurements with errors generally under 5%.
The document discusses branding and brand equity. It defines a brand as a name, symbol or design that identifies a seller's products and differentiates them from competitors. Branding involves endowing products with the power of the brand. Brand equity refers to the added value brands provide through how consumers think of and react to the brand. Building brand equity involves identifying brand positioning, implementing brand marketing, measuring performance, and growing brand value over time. Strong brands can improve perceptions, create loyalty, and allow companies to charge premium prices.
This document discusses theoretical perspectives on financial markets. It begins by introducing the efficient market hypothesis, which states that stock prices fully reflect all available information and are therefore unpredictable. It then discusses criticisms of the efficient market hypothesis, noting that prices do not always rationally reflect information and that investors exhibit cognitive biases. The document also examines evidence from behavioral finance experiments that find anomalies like momentum, overreaction, and loss aversion that are inconsistent with the efficient market hypothesis. Overall, the document provides an overview of the efficient market hypothesis and behavioral finance perspectives on whether stock prices are truly predictable.
Maize Price Differences and Evidence of Spatial Integration in Malawi: The C...IFPRIMaSSP
This study tests the long-run and short-run integration of maize markets in Malawi using the co-integration approach within the Vector Autoregressive modeling framework. The analysis is extended to Wald- F Granger Causality tests and innovation accounting to see the direction of causation between maize markets. A total of six maize markets, two from each region, were analyzed. Three are urban markets, while two of the three rural markets are border markets. The study uses monthly maize retail prices for the period January 2000 to May 2008. Study findings show that nine out of the fifteen market pairs are integrated in the long-run, but the degree of short-run market integration is low, implying that the transmission of price information is slow. Transaction costs seem to have a significant impact on the integration of market pairs involving border markets. Furthermore, there is no market that qualifies to be a central maize market in this study. The study concludes with a discussion of policy action to improve maize market integration and food security in Malawi
Fabrice Jover is seeking a new global business challenge at the management level within 3 to 5 years. He has a strong track record of over 15 years of global brand leadership experience at AstraZeneca, having led their second best-selling drug Nexium which generated $5 billion in sales in 2007. As the Global Brand Director for Nexium and the GI franchise from 2005 to 2007, he gained approval for new life cycle plans that added $1.3 billion in cumulative sales from 2011 to 2015.
Distance education allows for instruction of students who are separated from instructors by time and distance. One of the earliest examples was in 1728 when an instructor advertised weekly mailed lessons. In the 1840s, Sir Isaac Pitman pioneered distance education through mailed lessons and student feedback. The University of London was the first to offer distance learning degrees starting in 1858. Radio and television were early technologies experimented with for distance education delivery, while the Open University in the UK in the 1960s revolutionized distance education through the use of television and correspondence courses.
The document discusses how the brain and vision system can create optical illusions like the Kanizsa Triangle, where three pacmen shapes seem to partially overlap and form a triangle that does not actually exist. It recommends the book "Visual Intelligence: How We Create What We See" by Donald D. Hoffman for more insight into how the brain constructs our visual reality.
This document discusses the selenium drinking water quality guideline (DWQG) in Canada and argues that the current guideline of 10 μg/L is overly protective and not scientifically justified. Most jurisdictions worldwide use 10 μg/L as the guideline, except for the United States and South Africa which use 50 μg/L. The Canadian guideline is based on outdated assumptions from 1992 that selenium is carcinogenic, but recent evidence shows it is not and may have anticarcinogenic properties. The document argues Canada and other countries should re-evaluate and revise their generic DWQGs in light of new scientific data, and consider developing site-specific, risk-based objectives in the interim.
This document provides a quick start guide to using DrJava, an integrated development environment (IDE) for Java. It covers downloading and installing DrJava and the Java Development Kit (JDK), as well as the basics of using DrJava including opening and creating files, compiling code, and using the interactions pane. It also discusses more advanced features such as JUnit testing, generating JavaDoc documentation, and using the debugger. The document concludes with an overview of DrJava's project facility.
This document analyzes how arts management practices can help improve historical and religious festivals in Cavite, Philippines. It conducted interviews and surveys with festival organizers and participants in Bacoor, Imus, and Kawit. It found that while organizers were not familiar with arts management, challenges existed in documentation, marketing, and improving productions. It recommends applying project management, production management, marketing, and media relations practices to address challenges while preserving traditions.
La nueva Constitución Política de Bolivia establece que la educación es una responsabilidad primordial del Estado y debe ser pública, gratuita, intercultural y formar personas de manera integral. El Estado garantiza el acceso a la educación obligatoria hasta el bachillerato y apoyará a estudiantes con menos recursos económicos. También es responsabilidad del Estado erradicar el analfabetismo, promover la educación técnica y superior, y capacitar docentes de manera gratuita e intercultural.
This document discusses recent case law from Hungary regarding deceptive trademarks. It summarizes three cases where the Hungarian Intellectual Property Office (HIPO) refused trademark applications on the basis of deceptiveness regarding the geographical origin of the goods. In two of the cases, the decisions were confirmed by the Hungarian Court, finding the signs misleading. However, in the third case involving the term "MANHATTAN SUPERSIZE SEDUCTIVE EYES", the court annulled HIPO's decision, finding the office did not prove consumers would attribute geographical characteristics to the goods that were not present. The document raises questions about inconsistencies in HIPO's approach and burden of proof, and asks about practices in other
This document is an instruction manual for the TOSVERT VF-S9 inverter. It begins with safety warnings and precautions for installation and operation of the inverter. High voltage parts inside the inverter can cause electric shock, so it should not be disassembled, operated with covers removed, or get wet. The inverter is also not to be used for applications involving direct human safety. Installation instructions require using the inverter in proper environmental conditions and non-flammable enclosures, and an emergency stop device must be installed.
This document provides information about autoclaves, which are equipment used for sterilization through moist heat. It describes the basic components of an autoclave, including a pressure chamber made of stainless steel that holds the materials to be sterilized. Different types of autoclaves are discussed based on factors like chamber configuration and vapor generation method. Common sterilization cycles are listed, including 105°C for disinfection of liquids, 120°C for general sterilization, 134°C for surgical or high-risk items, and 143°C for rapid sterilization of instruments needed immediately. The document explains the sterilization process, which involves purging air from the chamber, generating and maintaining steam heat, and a
Metodologija merenja indikatora performansi poslovnih procesa u Jugoimport-SDPR
Ovu metodologiju su razvili i u informacioni sistem Jugoimport-SDPR implementirali stručnjaci Samostalnog odeljenja za informatiku i kvalitet Jugoimport-SDPR. Ovako postavljen sistem merenja i analize poslovnih procesa dobio je sve pohvale od strane SGS-a sertivikacionog tela koje svake godine proverava napredak našeg sistema menadžmenta kvalitetom.
The Lighting Facts program provides a voluntary labeling system for LED lighting products to help consumers compare products and address market confusion. The program verifies manufacturers' reported product performance data according to testing standards and displays it in an easy-to-understand label format. Over 2,100 products from more than 200 manufacturers now participate in the program. The online database allows searching by product, manufacturer, or application and includes additional data for more detailed comparisons. The goal is to promote accurate performance reporting as the LED market continues to rapidly evolve.
This report provides modeling parameters and simulation results for a 2SC4331-AZ transistor. It includes parameters for the forward and reverse characteristics of the transistor as well as graphs comparing simulated and measured characteristics such as forward beta, saturation voltages, and capacitances. Simulation results show good agreement with measurements with errors generally under 5%.
The document discusses branding and brand equity. It defines a brand as a name, symbol or design that identifies a seller's products and differentiates them from competitors. Branding involves endowing products with the power of the brand. Brand equity refers to the added value brands provide through how consumers think of and react to the brand. Building brand equity involves identifying brand positioning, implementing brand marketing, measuring performance, and growing brand value over time. Strong brands can improve perceptions, create loyalty, and allow companies to charge premium prices.
This document discusses theoretical perspectives on financial markets. It begins by introducing the efficient market hypothesis, which states that stock prices fully reflect all available information and are therefore unpredictable. It then discusses criticisms of the efficient market hypothesis, noting that prices do not always rationally reflect information and that investors exhibit cognitive biases. The document also examines evidence from behavioral finance experiments that find anomalies like momentum, overreaction, and loss aversion that are inconsistent with the efficient market hypothesis. Overall, the document provides an overview of the efficient market hypothesis and behavioral finance perspectives on whether stock prices are truly predictable.
Maize Price Differences and Evidence of Spatial Integration in Malawi: The C...IFPRIMaSSP
This study tests the long-run and short-run integration of maize markets in Malawi using the co-integration approach within the Vector Autoregressive modeling framework. The analysis is extended to Wald- F Granger Causality tests and innovation accounting to see the direction of causation between maize markets. A total of six maize markets, two from each region, were analyzed. Three are urban markets, while two of the three rural markets are border markets. The study uses monthly maize retail prices for the period January 2000 to May 2008. Study findings show that nine out of the fifteen market pairs are integrated in the long-run, but the degree of short-run market integration is low, implying that the transmission of price information is slow. Transaction costs seem to have a significant impact on the integration of market pairs involving border markets. Furthermore, there is no market that qualifies to be a central maize market in this study. The study concludes with a discussion of policy action to improve maize market integration and food security in Malawi
An Empirical Investigation of the Arbitrage Pricing Theory in a Frontier Stoc...Jennifer Holmes
This document summarizes a research paper that empirically investigates the Arbitrage Pricing Theory (APT) in the Dhaka Stock Exchange of Bangladesh, which is considered a frontier stock market. The study uses principal component analysis to address issues of multi-collinearity among macroeconomic variables. The results confirm evidence of one significant macroeconomic factor influencing stock returns in the Dhaka stock market, comparable to some emerging markets. The study also reviews literature on APT and its tests in various markets, and provides a criticism of asset pricing models for not fully incorporating non-quantifiable factors like investor psychology that may affect stock prices.
This article develops a transaction cost analysis model to explain the channel integration choices that firms make in international markets. The model is tested using data from Canadian export firms. The results support the model and suggest that an important factor in deciding channel structure in a foreign country is the ability of the market to limit opportunistic behavior by intermediaries. When contractual arrangements cannot be reliably enforced, various degrees of forward integration are feasible alternatives. The empirical results also indicate that firms may prefer to use intermediaries in markets with high environmental diversity to cope with complexity and maintain flexibility. Channel volume, use of shared channels, and country destination are also shown to impact the nature of integration in international channels.
This document summarizes a model of monopolistic competition in international trade of agricultural products. The model assumes firms are symmetric and considers how market size impacts firm behavior. It describes equilibrium as the intersection of average cost and price curves, where the number of firms and price maximize profits. The analysis shows market expansion or subsidy increases can raise the equilibrium number of firms in a sector by lowering costs for farmers.
Volatility and Microstructure [Autosaved]Amit Mittal
Volatility emerges as a key effect of the price discovery and order execution processes in financial markets. Microstructure aspects, like non-synchronous trading, price effects of volatility, and volume effects of volatility, can influence volatility though they may be ignored at longer horizons. Measures of order flow, like probability of informed trading (PIN), have been developed to help explain volatility and the transmission of private information in markets.
The Predictor is designed for application in the banks, investment companies, stock markets, companies with operations in the stock markets and securities markets.
Based on innovative mathematical models of multifractal and wavelet analysis, this tool is carrying out continuous scanning and processing of time series derived from the financial markets and produces signals that precede a sharp change (20%) of the securities prices or indexes exchange rate and warn about approaching of the crisis.
In several European Union Member States (as well as in other Countries around the world) energy markets are often coupled with tools that remunerate directly the electric generation capacity, the so-called Capacity Remuneration Mechanisms, which are set to provide sufficient incentives to meet the (future) needs of electricity in a secure manner.
The webinar will: define what CRMs are; provide an analytical framework to evaluate the need to implement CRMs (if any); classify them and explain their pro and cons; review how markets for capacities are defined and operates in the EU and in (some) other cases worldwide.
This document analyzes the impact of futures trading on market volatility in the Indian equity market, specifically looking at the S&P CNX IT index. It first reviews previous literature which reports mixed findings on the effect of derivatives introduction on volatility. The document then outlines the GARCH methodology used to model conditional volatility in the index returns series before and after the introduction of futures trading in India. Preliminary results found increased market volatility after futures listing, but sensitivity of returns to domestic and global markets remained unchanged. The nature of volatility also altered, with prices becoming more dependent on recent innovations post-derivatives, indicating improved efficiency.
REVIEW OF COMMODITY FUTURES MARKET EFFICIENCY AND RELATED ISSUES Karthika Nathan
The study of market efficiency in commodity futures markets is important to both the government and the producers/marketers in India. In this paper, we review
the available literature on commodity futures market efficiency and related issues viz. the effect of seasonality on commodity futures market efficiency, the
inflationary impact of commodity futures trading and the impact of commodity futures trading on spot market volatility. The review shows that the results
produced in available literature are often conflicting: the efficiency hypothesis is supported only for certain markets and only over some periods. Also there are
very few studies on microstructure and macroeconomic issues in commodity futures market, and integration with other international markets. This forms further
scope of research in this area.
Relationship between trading volume and stock return in Viet Nam.pdfHanaTiti
The document is a master's thesis that investigates the relationship between stock return, trading volume, and volatility in Vietnam's stock market. It uses data from two market indices and 37 large companies from 2006 to 2011.
The thesis conducts several econometric analyses, including unit root tests, cointegration tests, Granger causality tests, and GARCH/TGARCH models. The results show evidence of a dynamic relationship between return and volume at both the market and firm level. Volume is also not found to be a good proxy for information arrival due to the persistence of volatility. This finding is similar to other emerging markets.
This document summarizes a study that examines measures of liquidity and factors that influence liquidity on the Tunisian stock market. The study analyzes various measures of liquidity like bid-ask spread, trading volume, and depth for 40 stocks traded on the Tunisian market from 2011 to 2013. The results show that measures like spread, volume, and information arrival are significantly correlated with changes in liquidity over time. The arrival of new information may be a common factor influencing different liquidity measures across stocks.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
This document provides an overview of analytical tools for performing general equilibrium trade policy analysis using structural gravity models. It discusses properties of multilateral resistances, which are key terms that translate partial equilibrium trade cost changes into general equilibrium effects. Hypothetical bilateral trade liberalization scenarios are examined to demonstrate how shocks are transmitted throughout the economic system via multilateral resistances. Several useful indexes for summarizing and decomposing the effects of trade policies on producers and consumers are also introduced.
Stock Return Synchronicity and Technical Trading RulesKoon Boon KEE
This document summarizes a study that explores the relationship between returns from technical trading rules and stock return synchronicity at the firm level. It finds that in China from 1991-2009, returns from technical trading rules are negatively associated with a stock's R2, which is a measure of how much its return co-moves with the market. This supports the "noise hypothesis" that stocks with lower R2 and more idiosyncratic returns earn higher profits from technical trading. However, after a 2005 reform improved information environment, technical trading worked better for higher R2 stocks, consistent with the "price informativeness hypothesis". The study aims to provide guidance on what stocks technical trading may be more effective for.
1) Market integration of renewable energy sources involves exposing them to some level of price risk through market signals while also ensuring functioning electricity markets.
2) The flexibility of renewable energy sources can be exploited through market integration if markets provide short-term signals like intraday trading and efficient balancing.
3) Exposing renewable generators to full balancing risk may not be necessary—several EU countries are testing approaches that provide incentives without requiring individual generators to bear full market balancing responsibility.
This document introduces the concept of "ultimate profitability" to evaluate the effectiveness of market research. Ultimate profitability measures the maximum possible annual return from perfectly timing entry and exit from a market based on its price extremes. The document outlines a methodology to calculate ultimate profitability for different markets and indexes based on varying the scale of price movements considered. It presents an example calculation of ultimate profitability for the Russian equity index RUIX under different scales and finds an inverse power law relationship between profitability and scale.
Analysis of effectiveness of modern information and communication technologie...IFPRIMaSSP
In 2004, Government of Malawi introduced Malawi Agriculture Commodity Exchange under the Initiative for Development and Equity in African Agriculture that promoted modern ICT to improve access to agricultural market information. Using co-integration error correction models, the study assessed effectiveness of modern ICT based market interventions in improving maize market efficiency in Malawi. Threshold Autoregressive Error Correction model was used to assess price transmission speed. The speed of price transmission was compared in periods before (pre) and after (post) introduction of ICT technologies by Malawi Agriculture Commodity Exchange - Initiative for Development and Equity in African Agriculture in 2004. The spatial integration result shows that markets in Malawi were integrating. Furthermore study results for pre and post ICT interventions shows that ICT based market interventions have positively influenced market integration and price transmission. Thus, modern ICTs have contributed to the reduction of search transaction costs leading to improved maize marketing efficiency. Based on the results, the study recommends investments to increase awareness and use of ICT based market interventions and for improved market infrastructure in the country.
This document provides an overview of statistical arbitrage (SA) strategies and their application to 130/30 products using synthetic equity index swaps. It begins by discussing the efficient market hypothesis and how SA circumvents some of its limitations. It then describes various SA trading strategies, including pairs trading, stochastic spread approaches, cointegration approaches, high frequency strategies, and behavioral strategies. The document applies some of these SA strategies to 130/30 products using synthetic index swaps and finds they can improve the risk-return profile of active equity management.
Cluster Techniques as a Method to Analyze Industrial Competitiveness GabyHasra VTuber
ABSTRACT
Porter's influential study on the competitive advantage of nations inspired a methodologically
extended work on Austrian data. In contrast to Porter's analysis, competitiveness is determined
endogenously by means of statistical cluster techniques. Avoiding his "cut-off" approach, "well-"
and "badly" performing industries are the objects of analysis. The resulting cluster centers
constitute the typical pattern of competitiveness for the chosen trade indicators, while the
classifications produce a "map" of Austrian industrial export performance. The results further show
that: 1) clustered industries generally are rare in the case of Austria; 2) some of them are located
in declining, crisis-shaken sectors; and 3) competitiveness underlines the importance of
transnational links (as opposed to narrow national boundaries) for the formation of successful
industries. (JEL L10)
This document discusses the design of information and communication technology (ICT) innovations to empower teachers and school managers in low-resource settings. It proposes a "Class Journal" concept to serve as a 21st century classroom register that records student and teacher interactions. A prototype was collaboratively developed and tested. The document advocates a hybrid approach combining the Capability Approach framework, which focuses on individuals' meaningful choices and agency, and Design Thinking practices, which employ empathy and prototyping to address problems in a process-oriented way. By balancing these approaches, the hybrid method seeks to design technology that enhances user capabilities while avoiding potential new power imbalances.
Transforming institutions: the case of IS innovation for agriculture advisory...Mira Slavova
This document discusses IS innovation for agriculture advisory services in Ghana. It finds that IS innovations have progressed through three generations: (1) providing basic access to information and organizing existing resources, (2) increasing interaction through multimedia and modifying actions through single-loop learning, and (3) enabling information and knowledge sharing through double-loop learning. Key enabling and constraining factors include infrastructure, organizational norms, and traditional oral culture. Sample first generation IS artifacts include GIFEC's CICs and GAINS' question and answer system, while second generation examples are Esoko Scout and third generation is Talking Book knowledge exchanges.
This document discusses aligning the Capability Approach (CA) framework with Design Thinking (DT) for developing technologies that are sensitive to human capabilities. It provides three examples:
1. CA can be used to scope the problem space and understand user needs and constraints, while DT operationalizes translating this into solutions. Iterative alignment of the problem and solution spaces is key.
2. CA serves as a framework for exploring both the socio-technical problem space and sensitive design of solutions that consider individual capabilities.
3. An example shows how CA was used to understand an Indian woman's capabilities/constraints with water, and DT to design a solution that fits within her abilities and budget.
The document discusses the top 10 misconceptions about market information systems (MIS). It summarizes Esoko's experience developing an MIS platform over 5 years, including building a team of 40 employees, spending $2 million, and now operating in 20 countries. Key lessons learned include that markets are not well understood, development cycles may not allow for success, and sustainability requires a business model focused on serving both public and private sector needs.
1. Many early MIS (1G) from the 1980s-1990s showed disappointing results with information that did not meet user needs, lack of sustainability, and inadequate monitoring and evaluation. A new generation of MIS (2G) emerged in the 2000s with innovations enabled by information technologies.
2. The document analyzes the evolution of MIS by comparing features of early 1G systems to current MIS. Many 1G systems have integrated new technologies like email and SMS while still using traditional dissemination methods. 2G MIS rely more heavily on new technologies.
3. Innovations in current MIS include more extensive price and volume data collection, diversified information sources, and expanded information
This document discusses the rationale for a research project and workshop on second generation market information systems (2G MIS). It notes problems with first generation MIS and the greater diversity of 2G MIS. The research project aims to characterize MIS, analyze innovations, and assess impact. The workshop objectives are to support the research activities and strengthen the expert network by facilitating information sharing and coordination.
This document analyzes the benefits of improved market information for farmers and traders in Africa. It presents a price adjustment model to estimate the reduction in social welfare loss from more accurate price forecasts. The model is applied to major cereals in Mali, estimating losses from different levels of forecast errors. Sensitivity analysis shows benefits are greater when uncertainty is high, demand is inelastic, and supply is elastic. Cost-benefit comparisons of market information systems in various countries are provided.
The document describes the Kenya Agricultural Commodity Exchange (KACE) model, which uses a Market Information and Linkage System (MILS) to connect smallholder farmers in Kenya to agricultural markets. The MILS components include rural Market Resource Centers, SMS services, radio programs, and an internet database. The system provides farmers with price information and directly facilitates commodity transactions. Studies found the model improved farmers' incomes and bargaining power. However, scaling up faces challenges like ICT illiteracy and infrastructure issues. KACE aims to expand the system's reach and help more farmers participate profitably in input and output markets.
The document discusses setting up a vegetable market information and consultation system in Vietnam. [1] It analyzes changes in Vietnam's food sector due to market liberalization, urban growth, and market segmentation. [2] Marketing constraints expressed by Vietnamese vegetable farmers are examined. [3] Insights from literature on market information systems and their mixed results are provided. The objective of the Hanoi vegetable market information and consultation system is defined as combining market information dissemination with organizing debates between stakeholders. [3]
1) SIEL is a market information system in Madagascar that provides price and volume data from production and wholesale markets to vegetable farmers.
2) A survey of 97 farmers found they need more information on consumption markets, which SIEL has difficulty collecting. Radio broadcasting shows promise in disseminating information to more farmers.
3) There are disparities between small, medium, and large farmers in their ability to utilize market information due to different constraints and marketing strategies. Improvements could focus information more on consumption markets and using radio.
The Observatoire du Riz (Rice Observatory) in Madagascar provides market information to support decision making around rice, a critical crop. It collects price and other data weekly and shares it with the Consultation Platform for Rice Commodity Chain Steering to facilitate dialogue. This information was instrumental in anticipating and managing crises to stabilize rice prices and availability. However, the system primarily benefits larger stakeholders and government, while small farmers have limited participation and influence over decisions.
This document discusses pathways by which improved market information can affect market performance and implications for evaluating the impacts of market information systems (MIS). It summarizes that:
1) MIS can directly impact private actors' decisions around spatial arbitrage, production, and pricing, but indirectly impact markets through complementarity with other infrastructure and improved policies.
2) Evaluating direct impacts is more straightforward but attributing indirect impacts to MIS is difficult due to other contemporaneous factors.
3) While conceptual links exist between better information and market outcomes, private investment alone may not sufficiently provide information due to issues like indivisibility, non-excludability, and uncertainty.
The document analyzes 60 farmer advisory services in Africa that use ICT. It divides the projects into 4 categories based on the technology used: voice, radio, mobile phones, and e-learning. The most common technologies were internet, radio, and mobile phones. The projects varied in duration, scale, and type of organization implementing them. SMS services were popular but had limitations. Voice and video solutions provided benefits but also had costs. The most successful SMS service was Esoko, while Infonet-Biovision used pictures to overcome constraints of text. Barriers to scaling up the services included attracting private investment and developing appropriate technologies for local contexts.
The document discusses the rationale for establishing a Regional African Agricultural Market Information System (RAAMIS). It notes Africa's large food import bill and undernourished population despite abundant resources. Currently, farmers lack access to input and output markets due to fragmented national systems and lack of regional integration. The RAAMIS would provide a one-stop online platform to share market information across Africa and promote intra-African agricultural trade. It would build on existing market information systems and statistical databases through partnerships. Challenges include developing consensus, effective partnerships, and mobilizing resources to implement this initiative.
This document discusses the key elements needed for an efficient cocoa market information system in producing countries. It outlines objectives like increasing transparency and farmer bargaining power. A successful system provides information that is relevant, reliable, timely, accessible and simple. Effective dissemination strategies include using local radio, SMS services, websites and television. Sustainable financing is important, such as through a small levy on cocoa exports. The experiences of Nigeria, Cameroon, Côte d'Ivoire provide lessons on implementing successful market information systems.
The document discusses agricultural risk modeling and management. It describes how traditional approaches for estimating crop losses have significant weaknesses by not fully accounting for changes in technology, price volatility, market information and weather variability. An improved approach uses a probabilistic agricultural risk model that incorporates weather data, yield trends adjusted for technology, price modeling and generation of potential crop loss outcomes to better estimate risks under different conditions. The model can help farmers, donors and others strengthen risk management and decision making.
The document discusses government intervention in Senegal's agricultural markets and the creation of the Agence de Régulation des Marchés (ARM). [1] It outlines the evolution from state monopoly to liberalization with regulatory information and policy discussions between stakeholders. [2] The ARM was established in 2002 as an autonomous administrative structure to monitor market prices, facilitate discussions between actors, and support new commodities like onion, potato, banana, and rice. [3] It regulates markets through an interprofessional body representing producers, processors, traders, consumers, and public institutions.
This document discusses agricultural market information in Zambia. It identifies different types of farmers in Zambia, including small/medium farmers with less than 20 hectares and commercial farmers with more than 20 hectares. It also discusses the implications of differences between these farmer types. The document analyzes sources of agricultural price information in Zambia and discusses challenges in providing the right information to different stakeholders. It emphasizes the importance of tailoring information to specific farmer types and their varying needs.
1. Agricultural Market Information Systems in Africa: renewal
and impact
Montpellier (CIRAD), March 29-31, 2010
Measuring the Impact of Public Market Information System
g p y
on Spatial Market Efficiency in maize markets in Benin:
Application of Parity Bounds Model.
Sylvain KPENAVOUN CHOGOU
University of Abomey-Calavi, Benin
kpenavoun@yahoo.fr
2. Outline
Introduction
Estimation approach and data
Results and discussion
Results and discussion
Conclusion
3. Introduction
In Benin, 70% of the total labour force is
employed in agriculture and the share of the
employed in agriculture and the share of the
sector in export earnings is more than 60%
(Cotton);
Agricultural liberalization reforms undertaken by
Benin Government in the 1990s to build up
Benin Government in the 1990s to build up
efficient markets that benefit poor or smallholder
farmers;
MIS promoted as an accompanying measure of
reforms, supported by FAO and GTZ, etc.
reforms supported by FAO and GTZ etc
4. Introduction
MIS was expected to:
correct the information asymmetries;
correct the information asymmetries;
give more bargaining power to farmers;
make a more transparent market,
strengthen competition get the institutions
competition, get the institutions
right, reduce transaction costs and improve
market integration and market efficiency;
g y
and then contribute to improve the well
being of the producers who live in rural areas.
being of the producers who live in rural areas
5. Introduction
So, large positive impacts are expected from MIS,
but empirical suffisant works to show them are
missing in SSA (Tollens, 2006).
Several key questions still not answered carefully:
e.g.
Have small farmers obtained better arrangements
(market or contract) when selling their surpluses?
( k t t t) h lli th i l ?
Have small farmers obtained better access to
market?
What is the extent to which the reforms have
improved the spatial market efficiency?
improved the spatial market efficiency?
6. Introduction
• Research objective
Measure how the agricultural reforms, in particular
M h th i lt l f i ti l
the PMIS, have affected the market performance of
maize, the major staple food crop in Benin.
, j p p
7. Empirical model: Parity Bounds Model
p y
Distinction between market efficiency and
market integration
Spatial market efficiency is an equilibrium condition
whereby all potential profitable spatial arbitrage
opportunities are exploited;
t iti l it d
Spatial market integration is defined as the extent to
which demand and supply shocks arising in one
which demand and supply shocks arising in one
location are transmitted to other locations (Barrett
and Li, 2002).
Market analysis depends on available data
7
8. Table 1: A Hierarchy of Market Analysis Methods
Method group Examples Characteristics
Level I methods Price correlation test Price correlation is relatively simple way to measure
utilize only price (Lele, 1967; Jones, 1968) market integration but suffers from various weaknesses
data, assume Test market integration for the marketing system as a
constant inter‐ Delgado’s variance whole instead of pair-wise test of market integration;
market transfert cost decomposition approach The method purge out the common trends and seasonality
(Delgado, 1986) present in the price series before testing for market
integration
This method allow testing market segmentation, short‐run
The Ravallion method market integration, long‐run market integration between local
(1986) and central markets after controlling for seasonality, the
common trends and autocorrelation
Engle and Granger
Take into account the presence of stochastic trends in the
(1987) cointegration
price series but pair-wise test of market integration.
analysis
Take into account the presence of stochastic trends in the
Johansen (1988)
price series
Multivariate cointegration
Test market integration for the marketing system as a
analysis
whole .
9. Table 2: A Hierarchy of Market Analysis Methods
Method
Examples Characteristics
group
Level II Based on the idea that the presence of
methods Threshold Autoregression or ransaction cost creates a « neutral band »
combine Threshold Cointegration
g whithin which the prices in different markets
transaction (Blake, and Fomby, 1997; are not linked;
cost and Goodwin and Piggott. 2001; Does not require the observation of
price etc.) transaction cost;
data, and
thus more Allows to measure the probability of being
closely in different market effciency regimes that
resemble are consistent with the equilibrium notion
spatial Parity Bounds Model of that all spatial arbitrage opportunities are
equilibrium Spiller and Wood (1986); being exploited (Enke 1951; Samuelson
theory
eo y Se o ,
Sexton, Kling a d Carman
g and Ca a 1964; Takayama and Judge 1971);
96 ; a aya a a d 9 );
(1991); Park, Rozelle and Can indicate not only wether the markets
Huang (2002); Baulch (1997); are efficient but also the extent to which the
Penzhorn et Arndt (2002). markets are efficient;
Possible estimate with incomplete price
series
10. Table 1: A Hierarchy of Market Analysis Methods
Method
group Examples Characteristics
Level III
methods
combine
trade flow, Parity Bounds Model of
Allow a clear distinction between spatial market
price data Negessan and Myers (2007)
effciency and spatial market integration
integration.
and time- or Barrett and Li (2002).
series
transaction
cost data
11. Table 2: Trade regimes between two markets
Trade regimes
Trade
Pit − Pjt = TC jit (1) Pit − Pjt p TC jit (2) Pit − Pjt f TC jit (3)
λ11 λ21 λ31
With Trade
Perfect market efficiency or Imperfect integration Imperfect integration
perfect market integration Market inefficiency Market inefficiency
λ12 λ22 λ32
No trade
Market efficiency Market efficiency Segmented disequilibrium
λ1 = λ11 + λ12 λ2 = λ21 + λ22 λ3 = λ31 + λ32
With or witout trade
Market efficiency condition Autarky market condition Market inefficiency
condition
λi is the probability of being in regime i et λij is the probability of being in sub-regime j of regime i.
TC jit is the transfer cost for trading from market j to market i at time t.
g
Pit et Pjt are prices in markets i and j, respectiv ely.
11
12. Market performance measure with Parity Bounds Model
Market performance has several characteristics that together help
describe the development of the market:
Efficiency rate;
Inefficiency rate;
Arbitrage rate;
Arbitrage opportunity rate;
Autarky rate;
12
13. Arbitrage opportunity rate ( λ1 + λ3 )
It is the probability
It is the probability that the arbitrage opportunities exist between two
the arbitrage opportunities exist
markets.
Arbitrage rate, a more appropriate measure of integration
The probability that arbitrage is observed when arbitrage opportunities
Th b bili h bi i b d h bi ii
exist or the extent to which arbitrage opportunities are realized by
traders.
λ1
Arbitrage rate =
( λ1 + λ3 )
Autarky rate
Autarky rate
The percent of trading periods in which two regions do not trade because
price differences are less than transaction costs.
λ2
Autarky rate =
( λ1 + λ2 + λ3 )
13
14. Subperiods for Parity Bounds Model estimation
We estimate a parity bounds model of interregional trade for four
parity-bounds
subperiods to characterize how multiple aspects of market
performance change during the process of liberalization and
measure the impact of PMIS:
1988 à 1992: Period before reforms;
1993 à 1996: Period with PMIS: publication of monthly bulletins
993 à 996 e od t S pub cat o o o t y bu et s
and the broadcasting of prices and market information on national
public radio; Market infrastructure investment; Major investment
in transport investment (road, easy to buy occasional cars, etc.);
1997 à 2000: Improvement of PMIS with the posting of maize
prices at different locations on each market place.
2001 à 2007: Broadcasting of prices and market information on
several regional and rural radios, development of GSM, sms and
web services.
14
15. Likelihood function
In order to estimate the probability of being in one regime or another we need
another,
to define the likelihood function:
T
L = ∏⎡λ1 f1t + λ2 f2t + (1− λ1 − λ2 ) f3t ⎤
⎣ ⎦
with the density functions for each
regime:
t =1
⎡ it ⎤ ⎡ ⎤ ⎡ ⎤
⎡ ⎡
( σ ⎤⎤
P − Pjt −TCjit u ⎥⎥
1 ⎢ P − Pjt −TCjit f⎥ = ⎢ 2 ⎥ϕ ⎢ Pit − Pjt −TCjit ⎥ ⎢1−Φ⎢ it σe ⎥
)
f1t = ϕ 2t
⎢ 2 2⎥ ⎢ 2 2 ⎥⎢
⎢ ⎢ ⎥
⎥⎥
σe ⎢ σe ⎥ ⎣(σe +σμ ) ⎦ ⎣ (σe +σμ ) ⎦ ⎢ ⎢ (σe +σμ )
1 1 1
2 2 2 2 2
⎣ ⎦ ⎢
⎣ ⎥⎥
⎦⎦
⎣
⎡ 2
⎡
⎤ ⎡ P − Pjt −TCjit ⎤ ⎢
⎡
( )σ ⎤⎤
− P − Pjt −TCjit ν ⎥⎥
⎢ it σe ⎥
f3t = ⎢ ⎥ϕ ⎢ it
⎥ ⎢1−Φ⎢ ⎥
⎢ (σe2 +σν2 ) 2 ⎥ ⎢ (σe2 +σν2 ) 2 ⎥ ⎢ ⎢ ⎥⎥
1 1 1
⎣ ⎦ ⎣ ⎦⎢ (σe2 +σv2 ) 2
⎢
⎣ ⎥⎥
⎦⎦
⎣
16. Data
The data used in the study are monthly maize consumption
y y p
price series over the period January 1988 to December 2007.
This study analyses the price time series observed in seven
market places, well distributed over the major mai e
market places, well distributed over the major maize
consumption and/or production regions:
Cotonou, Azove and Ketou (located in the South),
Bohicon and Glazoue (located the central region) Parakou
and Glazoue (located the central region), Parakou
and Nikki are northern markets;
Parakou, Bohicon and Cotonou are urban markets;
Kétou, Glazoué, Azové and Nikki are rural markets.
Kétou Glazoué Azové and Nikki are rural markets
These data were collected by ONASA (Office National d’Appui
à la Sécurité Alimentaire).
Following Baulch (1997), we have constructed the time series
transfert costs using one‐time transfert costs estimate from
interviews with traders and for adjusting for inflation.
16
17. Results and discussion
Table 3: Maximum Likelihood Estimates of Parity-Bounds Model for
maize market in Benin
Arbitrage Autarky rate
Efficiency Inefficiency Arbitrage
Time
rate ⎛ λ2 ⎞
⎞ ⎜ ( λ + λ + λ ) = λ2 ⎟
rate rate opportunities
⎛ λ1 ⎜ ⎟
Periods
( λ1 ) ⎜
⎜ (λ + λ ) ⎟
⎟
⎝ 1 2 3 ⎠ ( λ3 ) rate ( λ1 + λ3 )
⎝ 1 3 ⎠
0.22 0.81 0.61 0.17 0.39
1988-1992
(0.11)
(0 11) (0.33)
(0 33) (0.34)
(0 34) (0.33)
(0 33) (0.33)
(0 33)
0.06 0.37 0.51 0.43 0.49
1993-1996
(0.07) (0.47) (0.37) (0.40) (0.37)
0.21 0.50 0.39 0.40 0.61
1997-2000
(0.22)
(0 22) (0.46)
(0 46) (0.37)
(0 37) (0.44)
(0 44) (0.37)
(0 37)
0.23 0.35 0.16 0.61 0.84
2001-2007
(0.21) (0.33) (0.30) (0.35) (0.30)
0.16 0.54 0.41 0.43 0.59
1988 2007
1988-2007
(0.13)
(0 13) (0.44)
(0 44) (0.36)
(0 36) (0.41)
(0 41) (0.36)
(0 36)
The estimated standard errors for each parameter estimate are reported in
parentheses.
The results presented are averages of each parameters estimate with the level of the
15 pairs of studied markets. Th are the estimates of 75 equations.
i f t di d k t They th ti t f ti
17
18. Conclusion
We find that:
The marketing reforms did not significantly improve the
Th k ti f did t i ifi tl i th
degree of efficiency or of spatial integration of markets;
But they did induce new marketing opportunities, which still
B t th did i d k ti t iti hi h till
remain under‐exploited;
The rate of autarky, which measures the spatial range over
Th f k hi h h i l
which transactions did not occur between two markets due to
high transaction costs, shows a decreasing trend over time.
g , g
Improvements are observed on a few markets.
18
19. Conclusion
However, the high levels of inefficiency prevent the system
from providing farmers and consumers the services they need.
This study therefore recommends the implementation of
more efficiency‐raising policies in order to encourage
competition and allow the system to fulfill the expectation of
farmers and consumers.
19
21. Agricultural Market Information Systems in Africa: renewal
and impact
Montpellier (CIRAD), March 29-31, 2010
Measuring the Impact of Public Market Information System
g p y
on Spatial Market Efficiency in maize markets in Benin:
Application of Parity Bounds Model.
Dr Ir Sylvain KPENAVOUN CHOGOU
University of Abomey-Calavi, Benin
kpenavoun@yahoo.fr