The art market,following the example of financial markets,is divided into a primary market,where works are traded directly from artists,and a secondary market that is mainly the auction market.COVID-19 and galloping i...The art market,following the example of financial markets,is divided into a primary market,where works are traded directly from artists,and a secondary market that is mainly the auction market.COVID-19 and galloping inflation have influenced the creation of a bull market in artwork.The high incomes of some buyers and inflation have influenced the emergence of the so-called“glittery”art market.Works by neglected artists have“very much taken on a life of their own”:fantasy art,works by young poster artists,casting“nightmares”-have been selling well for more than a year.People terrified of inflation are putting their money“in works of art”.The auction market dominates the primary market because anonymity makes it easier to enter the art market.The gallery market does not guarantee this anonymity.Very often,the auction market for works of art is used for money laundering.The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an era of galloping inflation,including non-standard objects such as works of art.These mechanisms,due to the information asymmetry,often lead to the generation of all kinds of pathologies and the increasing incidence of the phenomenon known as the winner’s curse.展开更多
Chinese"red"art,which refer to artworks depicting revolutionary subjects,have seen excellent performance in the auction market since the beginning of this year.In particular,the celebration of the60th annive...Chinese"red"art,which refer to artworks depicting revolutionary subjects,have seen excellent performance in the auction market since the beginning of this year.In particular,the celebration of the60th anniversary of the People’s Republic of China gave a new push to its price rise.展开更多
This paper demonstrates the potential role of autonomous agents in economic theory.We first dispatch autonomous agents,built by genetic programming,to double auction markets.We then study the bargaining strategies,dis...This paper demonstrates the potential role of autonomous agents in economic theory.We first dispatch autonomous agents,built by genetic programming,to double auction markets.We then study the bargaining strategies,discovered by them,and from there,an autonomous-agent-inspired economic theory with regard to the optimal procrastination is derived.展开更多
AT the Auction of Selected Contemporary Calligraphic Works and Paintings held on June 6, 1993 female painter Deng Lin’s Plum Blossom was bought by the French company Pierre Cardin for 130,000 yuan (about US$ 2,300). ...AT the Auction of Selected Contemporary Calligraphic Works and Paintings held on June 6, 1993 female painter Deng Lin’s Plum Blossom was bought by the French company Pierre Cardin for 130,000 yuan (about US$ 2,300). At the auction of Masterpieces of Chinese Calligraphy and Painting held展开更多
This paper presents a free market economy model that can be used to facilitate fully distributed autonomous control of resources in massive heterogeneous wireless sensor networks (WSNs). In the future, it is expected ...This paper presents a free market economy model that can be used to facilitate fully distributed autonomous control of resources in massive heterogeneous wireless sensor networks (WSNs). In the future, it is expected that WSNs will exist as part of the global Internet of Things (IoT), and different WSNs can work together in a massive network of heterogeneous WSNs in order to solve common problems. Control of valuable processing, sensing and communication resources, determining which nodes will remain awake during specific time periods in order to provide sensing services, and determining which nodes will forward other nodes’ packets are difficult problems that must be dealt with. It is proposed that just as the free market economy model enables the global human society to function reasonably well when individuals simply attempt to trade money and services in order to maximize their individual profits, and a similar model and mechanism should enable a massive network of heterogeneous WSNs to function well in a fully distributed autonomous manner. The main contributions of this paper are the introduction of the free market economy model for use with WSNs, the formal definition of a maximum profit price problem for multihop packet relaying, and the proposal of a distributed genetic algorithm for the solution of the maximum profit price problem. Simulation results show that the proposed distributed solution produces results that are 70% - 80% similar to a pareto optimal solution for this problem.展开更多
运用上海A股股票的交易数据,采用事件研究法分析了开盘集合竞价由封闭式改为开放式后市场流动性的变化。通过面板数据回归,检验了开盘交易量比率和连续竞价市场的买卖价差、市场深度、流动性比率和弹性的变化。实证结果表明:在开放式集...运用上海A股股票的交易数据,采用事件研究法分析了开盘集合竞价由封闭式改为开放式后市场流动性的变化。通过面板数据回归,检验了开盘交易量比率和连续竞价市场的买卖价差、市场深度、流动性比率和弹性的变化。实证结果表明:在开放式集合竞价机制下,交易者参与开盘的积极性明显提高,连续竞价开始后15 m in内的市场流动性明显减少。根据不同的交易者对信息揭示的反应不同,得到如下结论:实行开放式集合竞价开盘不仅吸引了更多的交易者参与交易,提高了开盘价格的信息效率,而且缓解了交易者对开盘信息的过度反应。展开更多
文摘The art market,following the example of financial markets,is divided into a primary market,where works are traded directly from artists,and a secondary market that is mainly the auction market.COVID-19 and galloping inflation have influenced the creation of a bull market in artwork.The high incomes of some buyers and inflation have influenced the emergence of the so-called“glittery”art market.Works by neglected artists have“very much taken on a life of their own”:fantasy art,works by young poster artists,casting“nightmares”-have been selling well for more than a year.People terrified of inflation are putting their money“in works of art”.The auction market dominates the primary market because anonymity makes it easier to enter the art market.The gallery market does not guarantee this anonymity.Very often,the auction market for works of art is used for money laundering.The purpose of this paper is to show that auction mechanisms are a good tool for the efficient allocation of goods and money in an era of galloping inflation,including non-standard objects such as works of art.These mechanisms,due to the information asymmetry,often lead to the generation of all kinds of pathologies and the increasing incidence of the phenomenon known as the winner’s curse.
文摘Chinese"red"art,which refer to artworks depicting revolutionary subjects,have seen excellent performance in the auction market since the beginning of this year.In particular,the celebration of the60th anniversary of the People’s Republic of China gave a new push to its price rise.
基金grateful to the participants and two anonymous referees for the comments received.The NSC grants NSC 98-2911-I-004-007,NSC 98-2410-H-004-045-MY3 are also gratefully acknowledged.
文摘This paper demonstrates the potential role of autonomous agents in economic theory.We first dispatch autonomous agents,built by genetic programming,to double auction markets.We then study the bargaining strategies,discovered by them,and from there,an autonomous-agent-inspired economic theory with regard to the optimal procrastination is derived.
文摘AT the Auction of Selected Contemporary Calligraphic Works and Paintings held on June 6, 1993 female painter Deng Lin’s Plum Blossom was bought by the French company Pierre Cardin for 130,000 yuan (about US$ 2,300). At the auction of Masterpieces of Chinese Calligraphy and Painting held
文摘This paper presents a free market economy model that can be used to facilitate fully distributed autonomous control of resources in massive heterogeneous wireless sensor networks (WSNs). In the future, it is expected that WSNs will exist as part of the global Internet of Things (IoT), and different WSNs can work together in a massive network of heterogeneous WSNs in order to solve common problems. Control of valuable processing, sensing and communication resources, determining which nodes will remain awake during specific time periods in order to provide sensing services, and determining which nodes will forward other nodes’ packets are difficult problems that must be dealt with. It is proposed that just as the free market economy model enables the global human society to function reasonably well when individuals simply attempt to trade money and services in order to maximize their individual profits, and a similar model and mechanism should enable a massive network of heterogeneous WSNs to function well in a fully distributed autonomous manner. The main contributions of this paper are the introduction of the free market economy model for use with WSNs, the formal definition of a maximum profit price problem for multihop packet relaying, and the proposal of a distributed genetic algorithm for the solution of the maximum profit price problem. Simulation results show that the proposed distributed solution produces results that are 70% - 80% similar to a pareto optimal solution for this problem.
文摘运用上海A股股票的交易数据,采用事件研究法分析了开盘集合竞价由封闭式改为开放式后市场流动性的变化。通过面板数据回归,检验了开盘交易量比率和连续竞价市场的买卖价差、市场深度、流动性比率和弹性的变化。实证结果表明:在开放式集合竞价机制下,交易者参与开盘的积极性明显提高,连续竞价开始后15 m in内的市场流动性明显减少。根据不同的交易者对信息揭示的反应不同,得到如下结论:实行开放式集合竞价开盘不仅吸引了更多的交易者参与交易,提高了开盘价格的信息效率,而且缓解了交易者对开盘信息的过度反应。
