How do dealers price contemporary art in a world where objective criteria seem absent?Talking Pricesis the first book to examine this question from a sociological perspective. On the basis of a wide ...range of qualitative and quantitative data, including interviews with art dealers in New York and Amsterdam, Olav Velthuis shows how contemporary art galleries juggle the contradictory logics of art and economics. In doing so, they rely on a highly ritualized business repertoire. For instance, a sharp distinction between a gallery's museumlike front space and its businesslike back space safeguards the separation of art from commerce.
Velthuis shows that prices, far from being abstract numbers, convey rich meanings to trading partners that extend well beyond the works of art. A high price may indicate not only the quality of a work but also the identity of collectors who bought it before the artist's reputation was established. Such meanings are far from unequivocal. For some, a high price may be a symbol of status; for others, it is a symbol of fraud.
Whereas sociological thought has long viewed prices as reducing qualities to quantities, this pathbreaking and engagingly written book reveals the rich world behind these numerical values. Art dealers distinguish different types of prices and attach moral significance to them. Thus the price mechanism constitutes a symbolic system akin to language.
Dynamic pricing plays an important role in modern Intelligent Transportation System (ITS) in solving problems such as congestion control, peak load reduction, mobility management of traditional or ...Electric Vehicles (EVs) in cost-effective manner. It also facilitates the construction of an eco-friendly environment in the society by optimized route planning of vehicles. However, framing dynamic pricing strategies for ITS has always been a challenging task keeping in view of various constraints. An in-efficient dynamic pricing technique may lead to the mismanagement of vehicles, which results an increase in the waiting time of vehicles, an increase in air and noise pollution, wastage of electric and other sources of energies. On the contrary, efficient dynamic pricing strategies can provide satisfaction to all stakeholders, including service providers and service consumers. Motivated from these facts, this paper presents an extensive literature review and analysis of dynamic pricing techniques used in the literature for ITS. The analysis presented in the paper gives new insights to the readers for the applications of one of the techniques in comparison to its merits over the others. Various problems solved by the dynamic pricing techniques, importance of various evaluation parameters, limitations of dynamic pricing techniques and their applications are discussed in-depth in this paper. Different taxonomies used for exploring various issues of dynamic pricing are also presented in a structured manner. Moreover, advantages and limitations of various dynamic pricing techniques are explored and discussed in the paper. Finally, existing challenges and future research directions of dynamic pricing in ITS are presented.
Time series momentum Moskowitz, Tobias J.; Ooi, Yao Hua; Pedersen, Lasse Heje
Journal of financial economics,
05/2012, Letnik:
104, Številka:
2
Journal Article
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We document significant “time series momentum” in equity index, currency, commodity, and bond futures for each of the 58 liquid instruments we consider. We find persistence in returns for one to 12 ...months that partially reverses over longer horizons, consistent with sentiment theories of initial under-reaction and delayed over-reaction. A diversified portfolio of time series momentum strategies across all asset classes delivers substantial abnormal returns with little exposure to standard asset pricing factors and performs best during extreme markets. Examining the trading activities of speculators and hedgers, we find that speculators profit from time series momentum at the expense of hedgers.
The offering prices of 64 issues of a popular retail structured equity product were, on average, almost 8% greater than estimates of the products' fair market values obtained using option pricing ...methods. Under reasonable assumptions about the underlying stocks' expected returns, the mean expected return estimate on the structured products is slightly below zero. The products do not provide tax, liquidity, or other benefits, and it is difficult to rationalize their purchase by informed rational investors. Our findings are, however, consistent with the recent hypothesis that issuing firms might shroud some aspects of innovative securities or introduce complexity to exploit uninformed investors.
The skewness of commodity futures returns Fernandez-Perez, Adrian; Frijns, Bart; Fuertes, Ana-Maria ...
Journal of banking & finance,
January 2018, 2018-01-00, 2018, Letnik:
86
Journal Article
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This article studies the relation between the skewness of commodity futures returns and expected returns. A trading strategy that takes long positions in commodity futures with the most negative skew ...and shorts those with the most positive skew generates significant excess returns that remain after controlling for exposure to well-known risk factors. A tradeable skewness factor explains the cross-section of commodity futures returns beyond exposures to standard risk premia. The impact that skewness has on future returns is explained by investors’ preferences for skewness under cumulative prospect theory and selective hedging practices.
We formulate a model of utility for a continuous-time framework that captures aversion to ambiguity about both volatility and drift. Corresponding extensions of some basic results in asset pricing ...theory are presented. First, we derive arbitrage-free pricing rules based on hedging arguments. Because ambiguous volatility implies market incompleteness, hedging arguments determine prices only up to intervals. In order to obtain sharper predictions, we apply the model of utility to a representative agent endowment economy and study equilibrium asset returns. A version of the consumption capital asset pricing model is derived, and the effects of ambiguous volatility are described.
The purpose of this study is to develop a methodology for justifying and accepting prices for supplied and purchased commercial products, based on an analysis of the functioning of price management ...at high-tech production enterprises at the micro-, meso- and micro-levels. A conceptual interpretation problem is presented - either to organize and implement a unified price representation, or to create a unique management toolkit for each scheme. It is considered how it is possible to localize specialized management: in the area under consideration - as price management for various organizational and institutional levels of management, including the case of corporate groupings, such as Russian high-tech holdings.
Data as a new production material has great potential value, and its value is reflected after the utility generated. So it is difficult to set prices for data products. This paper analyzes the ...characteristics of data products, builds a data product pricing model from a harmonious and mutual-beneficial perspective, and verifies the operability of the model in the simulation pricing strategy. The results of this research can help the construction and development of the data transaction market, and provide ideas for future research on data pricing.
Momentum crashes Daniel, Kent; Moskowitz, Tobias J.
Journal of financial economics,
11/2016, Letnik:
122, Številka:
2
Journal Article
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Despite their strong positive average returns across numerous asset classes, momentum strategies can experience infrequent and persistent strings of negative returns. These momentum crashes are ...partly forecastable. They occur in panic states, following market declines and when market volatility is high, and are contemporaneous with market rebounds. The low ex ante expected returns in panic states are consistent with a conditionally high premium attached to the option like payoffs of past losers. An implementable dynamic momentum strategy based on forecasts of momentum’s mean and variance approximately doubles the alpha and Sharpe ratio of a static momentum strategy and is not explained by other factors. These results are robust across multiple time periods, international equity markets, and other asset classes.
Tails, Fears, and Risk Premia BOLLERSLEV, TIM; TODOROV, VIKTOR
The Journal of finance (New York),
December 2011, Letnik:
66, Številka:
6
Journal Article
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Odprti dostop
We show that the compensation for rare events accounts for a large fraction of the average equity and variance risk premia. Exploiting the special structure of the jump tails and the pricing thereof, ...we identify and estimate a new Investor Fears index. The index reveals large time-varying compensation for fears of disasters. Our empirical investigations involve new extreme value theory approximations and high-frequency intraday data for estimating the expected jump tails under the statistical probability measure, and short maturity out-of-the-money options and new model-free implied variation measures for estimating the corresponding risk-neutral expectations.
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