Selling information in extensive form games.

We consider a situation in wich decision markets in an extensive form game can by aditional information from an information seller before reaching their decisions. Prices for information are selected by the seller. We analyze a variety of scenarios for the price sitting process by the seller: the case in which prices are chosen before the game stars (ex-ante pricing), the case in which prices are chosen during the game (ex-post pricing) and the situation in which the seller can pit buyers against each other in determining what information is to be sold. Within the context of ex-ante pricin, we also consider the situaction in which the pricise information offered to the decision makers is not exogenously given but is selected by the seller.Extensive form games; Information;

Design of a Solar Greenhouse with energy Delivery by the Conversion of Near Infrared Radiation. Part 1. Optics and PV-Cells

In this paper the design and development of a new type of greenhouse with an integrated filter for reflecting near infrared radiation (NIR) and a solar energy delivery system is described. Especially the optical parts as the spectral selective film, the properties of the circular reflector and the efficiencies of photo voltaic cells are studied. As a first measure, the spectral selective cover material, which prevents the entrance of NIR radiation, is investigated. It has to block up to 35% of the solar energy outside the greenhouse, which will reduce the needed cooling capacity. The second measure is the integration with a solar energy system. When the NIR reflecting coating is designed as a circular shaped reflector integrated in the greenhouse, the reflected solar energy of a PhotoVoltaic (PV) cell in the focus point delivers electric energy. With a ray tracing computer program the optimal geometry of the reflector was designed with respect to the collecting efficiency. The PV cells mounted in the focal point require cooling due to the high heat load of the concentrated radiation (geometric concentration factor of 30). The properties of different PV materials were investigated to find the optimal cell for this application. Cooled greenhouses are an important issue to cope with the combination of high global radiation and high outdoor temperatures. All parts are integrated in a 100m2 prototype greenhouse which will be applied for the proof of principl

Do Countries or Industries Explain Momentum in Europe?

country risk;industry risk;momentum effect;portfolio selection;return on inverstment;portfolio investment;risk

Do Countries or Industries Explain Momentum in Europe?

The driving force behind the well-documented medium term momentumeffect in stock returns is subject of much debate. Empirical papersthat aim to find the determinants of this return continuation, seem tobe almost exclusively restricted to US stock markets. Consequently,regional effects have received little attention in these analyses.This paper contributes to the discussion by investigating the presenceof country and industry momentum in Europe and addressing the questionwhether individual stock momentum is subsumed by country or industrymomentum.We examine these issues by introducing a portfolio-basedregression approach, which allows to test hypotheses about theexistence and relative importance of multiple effects using standardstatistical techniques. While the traditional sorting techniques arenot suited to disentangle a multitude of possibly interrelated effects(e.g. momentum, value, and size), our method can be used even whenonly a moderate number of stocks are available. Our results suggestthat the positive expected excess returns of momentum strategies inEuropean stock markets are primarily driven by individual stockseffects, while industry momentum plays a less important role andcountry momentum is even weaker. These results are robust to theinclusion of value and size effects.portfolio selection;technology adoption;country risk;industry risk;momentum effect

The Simple Geometry of Perfect Information Games

Perfect information games have a particularly simple structure of equilibria in the associated normal form. For generic such games each of the finitely many connected components of Nash equilibria is contractible. For every perfect information game there is a unique connected and contractible component of subgame perfect equilibria. Finally, the graph of the subgame perfect equilibrium correspondence, after a very mild deformation, looks like the space of perfect information extensive form games.Perfect information, Subgame perfection, Equilibrium correspondence

Market Timing: A Decomposition of Mutual Fund Returns

We decompose the conditional expected mutual fund return in ve parts.Two parts, selectivity and expert market timing, can be attributed to manager skill, and three to variation in market exposure that can be achieved by private investors as well.The dynamic model that we use to estimate the relative importance of the components in the decomposition is a generalization of the performance evaluation models by Lockwood and Kadiyala (1988) and Ferson and Schadt (1996).We nd that the restrictions imposed in existing models may lead to di¤erent inferences about manager selectivity and timing skill.The results from our sample of 78 asset allocation mutual funds indicate that several funds exhibit significant expert market timing, but for most funds variation in market exposures does not yield any economically signi cant return.Funds with high turnover and expense ratios are associated with managers with better skills.mutual funds;performance evaluation;markets;models

Strategic and Tactical Allocation to Commodities for Retirement Savings Schemes

capital markets;strategy;allocation;commodities;retirement;savings;asset and liabilities;pension funds;portfolio choice