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Monopsony in Motion
What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition.Monopsony in Motionstands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption.
The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the \"free\" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies.Monopsony in Motionwill represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
eBook
A comparative study of the influence of political systems on the art markets of East Asia and China
Purpose
The purpose of this paper is to define and characterise the precise nature of these cultural systems and their resulting impact on the respective art and artists of each territory, by ascertaining the impact on those systems of their respective government and governance.
Design/methodology/approach
This paper is based on three approaches to art market modelling. All three are based on political ideologies. The first, which typifies the art markets of Western Europe and the USA, is predicated on a Pluralist and Neo-Liberal ideology. The others correspond to the systems of government in China, Taiwan, South Korea and Japan.
Findings
It has been shown in this paper that political systems and their accompanying ideology, born of cultural preferences, have impacted on the art markets of China, Taiwan, South Korea and Japan. It has been demonstrated that all four markets are employing variants of the international norm.
Research limitations/implications
The art that is exported from East Asia will only be accepted by East Asian national markets when East Asian art markets exercise a majority influence on emerging and transitional markets. It is not the intention of this paper to pursue this thought beyond the possibility that it may occur.
Practical implications
The ineluctable conclusion is, therefore, that the global art market is moving towards a bipolar affair.
Social implications
This paper also suggests the disengagement of East Asian and Chinese “culture” and art from a global (western) norm and production and consumption of national culture in East Asia by East Asians.
Originality/value
The paper looks (for the first time) at the direct (and subliminal) influence of political systems on art markets and the consequential effects of political ideology on the art markets of East Asia and China. The paper arrives at a series of precise definitions for the way that these art markets operate.
Journal Article
Decentralised demand response market model based on reinforcement learning
A new decentralised demand response (DR) model relying on bi-directional communications is developed in this study. In this model, each user is considered as an agent that submits its bids according to the consumption urgency and a set of parameters defined by a reinforcement learning algorithm called Q-learning. The bids are sent to a local DR market, which is responsible for communicating all bids to the wholesale market and the system operator (SO), reporting to the customers after determining the local DR market clearing price. From local markets’ viewpoint, the goal is to maximise social welfare. Four DR levels are considered to evaluate the effect of different DR portions in the cost of the electricity purchase. The outcomes are compared with the ones achieved from a centralised approach (aggregation-based model) as well as an uncontrolled method. Numerical studies prove that the proposed decentralised model remarkably drops the electricity cost compare to the uncontrolled method, being nearly as optimal as a centralised approach.
Journal Article
Carbon Price Forecasting and Market Characteristics Analysis in China: An Integrated Approach Using Overall and Market-Specific Models
Carbon markets play a pivotal role in achieving carbon peaking targets, with accurate price forecasting being essential for effective policymaking and corporate decision making. This study develops an integrated forecasting framework, combining an overall market model and a market-specific model, to predict carbon price trends in China from 2025 to 2026, while examining inter-market heterogeneity across eight regional markets. The overall market forecast reveals a fluctuating upward trend in the national carbon price over the next two years. Market-specific forecasts highlight significant disparities in price trends, as follows: the Shanghai and Guangzhou markets are projected to experience faster growth and the Beijing market to maintain stable prices, while the Tianjin and Chongqing markets exhibit more moderate increases. These disparities reflect the profound influence of regional economic levels, policy enforcement, and market maturity on carbon market development. By incorporating seasonal fluctuations and stochastic disturbances, we construct a forecasting model aligned with historical data dynamics and achieve differentiated forecasts through the analysis of historical price levels across markets, addressing the limitations of uniform target pricing in prior studies. These findings offer actionable insights for carbon market participants and policymakers, providing a robust foundation for designing differentiated carbon pricing policies to support China’s carbon peaking objectives.
Journal Article
Distributed demand response market model for facilitating wind power integration
To cope with wind power uncertainty, balancing authorities are required to procure adequate ancillary services (ASs) with the aim of maintaining the security of the power system operation. The transmission system operator (TSO) is responsible for maintaining the balance between supply and demand in delivery hours. Besides the generating units, demand response (DR) has the potential capabilities to be considered as a source of AS. The demand-side AS can be used both locally (by the local entities in distribution networks) and system-wide (by the TSO). However, the optimal coordination between the local and global beneficiaries is a challenging task. This study proposes a distributed DR market model, in which the DR is traded as a public good among the providers and beneficiaries through the local DR markets. The local DR markets can be run in each load bus to trade the DR provided by retail customers connected to that bus with the buyers. To include the interactions between the energy/reserve market and the local DR markets, a bi-level programming model is proposed. The bi-level problem is translated into a single-level mixed-integer linear programming problem using the duality theorem. The proposed model is verified by simple and realistic case studies.
Journal Article
An Engine, Not a Camera
In An Engine, Not a Camera , Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways.These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes.
eBook