|
Algorithmic Tacit Collusion
Tacit collusion is a collusion between competitors who do not explicitly exchange information but achieve an agreement about coordination of conduct. There are two types of tacit collusion: concerted action and conscious parallelism. In a concerted action also known as concerted activity, competitors exchange some information without reaching any explicit agreement, while conscious parallelism implies no communication. In both types of tacit collusion, competitors agree to play a certain strategy ''without explicitly saying so''. It is also called oligopolistic price coordination or tacit parallelism. A dataset of gasoline prices of BP, Caltex, Woolworths Group (Australia), Woolworths, Coles Group, Coles, and Gull Petroleum, Gull from Perth gathered in the years 2001 to 2015 was used to show by statistical analysis the tacit collusion between these retailers. BP emerged as a price leader and influenced the behavior of the competitors. As result, the timing of price jumps became c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collusion
Collusion is a deceitful agreement or secret cooperation between two or more parties to limit open competition by deceiving, misleading or defrauding others of their legal right. Collusion is not always considered illegal. It can be used to attain objectives forbidden by law; for example, by defrauding or gaining an unfair market advantage. It is an agreement among firms or individuals to divide a market, set prices, limit production or limit opportunities. It can involve "unions, wage fixing, kickbacks, or misrepresenting the independence of the relationship between the colluding parties". In legal terms, all acts effected by collusion are considered void (law), void. Definition In the study of economics and market competition, collusion takes place within an Industry (economics), industry when rival companies cooperate for their mutual benefit. Conspiracy usually involves an agreement between two or more sellers to take action to suppress competition between sellers in the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Instability
In dynamical systems instability means that some of the outputs or internal states increase with time, without bounds. Not all systems that are not stable are unstable; systems can also be marginally stable or exhibit limit cycle behavior. In structural engineering, a structural beam or column can become unstable when excessive compressive load is applied. Beyond a certain threshold, structural deflections magnify stresses, which in turn increases deflections. This can take the form of buckling or crippling. The general field of study is called structural stability. Atmospheric instability is a major component of all weather systems on Earth. Instability in control systems In the theory of dynamical systems, a state variable in a system is said to be unstable if it evolves without bounds. A system itself is said to be unstable if at least one of its state variables is unstable. In continuous time control theory, a system is unstable if any of the roots of its charac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Duopoly
A duopoly (from Greek , ; and , ) is a type of oligopoly where two firms have dominant or exclusive control over a market, and most (if not all) of the competition within that market occurs directly between them. Duopoly is the most commonly studied form of oligopoly due to its simplicity. Duopolies sell to consumers in a competitive market where the choice of an individual consumer choice cannot affect the firm in a duopoly market, as the defining characteristic of duopolies is that decisions made by each seller are dependent on what the other competitor does. Duopolies can exist in various forms, such as Cournot, Bertrand, or Stackelberg competition. These models demonstrate how firms in a duopoly can compete on output or price, depending on the assumptions made about firm behavior and market conditions. Similar features are discernible in national political systems of party duopoly. Duopoly models in economics and game theory Cournot duopoly Cournot model in game theor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
OECD
The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, world trade. It is a forum (legal), forum whose member countries describe themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices, and coordinate domestic and international policies of its members. The majority of OECD members are generally regarded as developed country, developed countries, with High-income economy, high-income economies, and a very high Human Development Index. their collective population is 1.38 billion people with an average life expectancy of 80 years and a median age of 40, against a global average of 30. , OECD Member countries collectively comprised 62.2% of list of countries by GDP (nominal), global nom ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informally known as "commissioners") corresponding to two thirds of the number of Member state of the European Union, member states, unless the European Council, acting unanimously, decides to alter this number. The current number of commissioners is 27, including the president. It includes an administrative body of about 32,000 European civil servants. The commission is divided into departments known as Directorate-General, Directorates-General (DGs) that can be likened to departments or Ministry (government department), ministries each headed by a director-general who is responsible to a commissioner. Currently, there is one member per European Union member state, member state, but members are bound by their oath of office to represent the genera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Margrethe Vestager
Margrethe Vestager (; born 13 April 1968) is a Denmark, Danish politician who formerly served as Executive Vice President of the European Commission for A Europe Fit for the Digital Age between December 2019 and November 2024 in the Von Der Leyen Commission and was European Commissioner for Competition between 2014 and 2024 under Commission Presidents Juncker and Von Der Leyen. Vestager is a member of the Danish Social Liberal Party, and of the Alliance of Liberals and Democrats for Europe Party (ALDE) on the European level. Prior to joining the European Commission, she served in the Danish governments of Poul Nyrup Rasmussen as Minister for Ecclesiastical Affairs (Denmark), Minister for Ecclesiastical Affairs from 1998 to 2000 and Minister of Education (Denmark), Minister of Education from 1998 to 2001. She was leader of the Social Liberals from 2007 to 2014, and served as Ministry of Economic and Business Affairs (Denmark), Minister of Economic Affairs and the Interior under He ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Algorithmic Pricing
Algorithmic pricing is the practice of automatically setting the requested price for items for sale, in order to maximize the seller's profits. Dynamic pricing algorithms usually rely on one or more of the following data. * Probabilistic and statistical information on potential buyers; see Bayesian-optimal pricing. * Prices of competitors. E.g., a seller of an item may automatically detect the lowest price currently offered for that item, and suggest a price within $1 of that price. * Personal information of the currently active buyer, such as her or his demographics and her or his interest in the product. If the seller detects that you are about to buy, your price goes up. * Business information of the seller, such as the expected date in which he or she is going to receive new stocks, or her or his target selling velocity in units per day. See also * Algorithmic trading * Contribution margin * Price optimization software * Pricing * Tacit collusion * Yield management Yield ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
E-commerce
E-commerce (electronic commerce) refers to commercial activities including the electronic buying or selling products and services which are conducted on online platforms or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. E-commerce is the largest sector of the electronics industry and is in turn driven by the technological advances of the semiconductor industry. Defining e-commerce The term was coined and first employed by Robert Jacobson, Principal Consultant to the California State Assembly's Utilities & Commerce Committee, in the title and text of California's Electronic Commerce Act, carried by the late Committee Chairwoman Gwen Moore (D-L.A.) and enacted in 1984. E-commerce typically uses the web for at least a part of a transacti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Algorithm
In mathematics and computer science, an algorithm () is a finite sequence of Rigour#Mathematics, mathematically rigorous instructions, typically used to solve a class of specific Computational problem, problems or to perform a computation. Algorithms are used as specifications for performing calculations and data processing. More advanced algorithms can use Conditional (computer programming), conditionals to divert the code execution through various routes (referred to as automated decision-making) and deduce valid inferences (referred to as automated reasoning). In contrast, a Heuristic (computer science), heuristic is an approach to solving problems without well-defined correct or optimal results.David A. Grossman, Ophir Frieder, ''Information Retrieval: Algorithms and Heuristics'', 2nd edition, 2004, For example, although social media recommender systems are commonly called "algorithms", they actually rely on heuristics as there is no truly "correct" recommendation. As an e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Signalling (economics)
Signalling (or signaling; see American and British English spelling differences#Doubled consonants, spelling differences) in contract theory is the idea that one party (the law of agency, agent) credibly conveys some information about itself to another party (the principal (commercial law), principal). Signalling was already discussed and mentioned in the seminal Theory of Games and Economic Behavior, which is considered to be the text that created the research field of game theory. Although signalling theory was initially developed by Michael Spence based on observed knowledge gaps between organisations and prospective employees, its intuitive nature led it to be adapted to many other domains, such as Human Resource Management, business, and financial markets. In Spence's job-market signaling model, (potential) employees send a signal about their ability level to the employer by acquiring education credentials. The informational value of the credential comes from the fact that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auction
An auction is usually a process of Trade, buying and selling Good (economics), goods or Service (economics), services by offering them up for Bidding, bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different #Types, types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse #Contexts, contexts. These contexts include antiques, Art auction, paintings, rare collectibles, expensive wine auction, wines, commodity, commodities, l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
