Brent vs.West Texas Intermediate in the US petro derivatives price formation

In this paper,we apply the spatial panel model to explore the relationship between the dynamic of two types of crude oil prices(WTI and Brent crude oil)and their refined products over time.Considering the turbulent months of 2011,when Cushing Oklahoma had reached capacity and the crude oil export ban removal in 2015 as breakpoints,we apply this method both in the full sample and the three resultant regimes.First,results suggest our results show that both WTI and Brent display very similar behaviour with the refined products.Second,when attending to each regime,results derived from the first and third regimes are quite similar to the full sample results.Therefore,during the second regime,Brent crude oil became the benchmark in the petrol market,and it influenced the distillate products.Furthermore,our model can let us determine the price-setters and price-followers in the price formation mechanism through refined products.These results possess important considerations to policymakers and the market participants and the price formation.

Discussion on the Formation and Trading Mechanism of Art Market Capital Price

Under the market economy system,art is a new investment channel.With the improvement of people's living standards,it has a new understanding of art investment.Based on this,this paper takes the price of art as the research object,and elaborates the price formation and transaction of the art capital market from the aspects of the intrinsic elements of art,the investment of art,the supply and demand of art market,people's boastful consumption and social education.The constraints imposed by the mechanism.

Game Analysis and Countermeasures on Increasing Prices of Agricultural Products under Triple Supply Chain

From the perspective of supply chain of agricultural products,by establishing Stackelberg game model based on triple supply chain,this paper researches the price formation and profit distribution mechanism of agricultural products under circumstance of non-cooperation and cooperation.The results show the main factors responsible for the hiking of prices of agricultural products as follows:the cost of agricultural products climbs incessantly;the circulation cost hovers at high level;the factor inputs of agricultural products are short;inflation pressure is incessantly mounting;the profit distribution of supply chain is irrational.Finally,corresponding countermeasures are put forward.

What Drives Up Land Price in China?Evidence from Bidding Processes of Land Auctions in Beijing

The land price in big cities draws much attention and discussion for its skyrocketing appreciation.Most researches are from the macro perspective due to data restriction.This paper aims to investigate the critical factors in the price formation process of a land auction,using the listing auction micro bidding-level data in Beijing from 2013 to 2018.We construct a model for the relationship between quitting price and land,bidder's characteristics,housing market conditions and competitive intensity(including private and public signals),then we use OLS for identification.We find that competitive intensity increases the quitting price by causing competition and interaction between bidders.More importantly,we find evidence of cheating behavior in the land market.Results show that bidders have higher quitting prices when they are in a joint venture,and when a central SOE developer or a top 10 developer exist in the joint venture.We also find different behavior of developers in the short run and long run.Our research contributes to the literature of land auctions by analyzing the price formation process and developers'behavior.We also provide supporting evidence for the government to make adjustments of the auction system and identify the cheating developers.