Market Game Sample Clauses

Market Game. The central part of the experiment consists of playing in a market game under different institutional treatments: first 10 rounds of trading under no institutions (NoES), then 10 rounds of either partial (PES) or impartial institutions (IES) depending on the randomly selected treatment for that session. 10 players decide whether or not to cheat an anonymous counterparty, or not to trade at all, for each one of 10 days for which trading partners change each day. In practice, cheating in markets happens when, for example, a buyer doesn’t pay, a check bounces, or a seller deliver a lower quality or defective good. In the experiment players trade an abstract good, so we do not go into details and we simply ask them to either cheat, not cheat or stay out of trade. Matrix 1 displays the parameters chosen for the baseline game: No cheat Cheat Out This treatment of the market game reproduces the features of a prisoner-dilemma game. Each individual has a private incentive to cheat. However, if everyone follows the same rationale, the exchange generates lower social welfare. Maximum social welfare and efficiency (40 total surplus, equally split between traders) are reachable only when both parties do not cheat. Given our payoffs, we find 2 equilibria: (Cheat, Cheat) and (Out, Out) which is payoff dominated by the first one. As long as the payoff from trading and cheating is higher than the payoff from opting out, we expect everyone to participate in equilibrium and Cheat. In this case the equilibrium quantity would be 1 per couple of players and the total surplus would be 10 per player. Such an outcome is in xxxxx contrast with the equilibrium that would be obtained under perfect and costless enforcement: as long as the payoff from trading is higher than the payoff from opting out, under perfect enforcement everyone would trade in equilibrium, with an equilibrium quantity of 1 per couple of players, and a total surplus of 20 per player per day.viii Between the two benchmarks of perfectly running institutions or a complete lack of an enforcing system, we can investigate the effects of different institutions. An experiment is not expected to reflect all aspects of the real world, but just what one thinks are the most important features for understanding the issue of interest. In our case, we cannot model all the dimensions of a contract enforcement institution, but we want to generate substantial variation in deviations from cooperation while focusing on one aspect in...
AutoNDA by SimpleDocs

Related to Market Game

  • Market Abuse 13.1 The Client acknowledges that he will not enter into any transaction which falls within the definition of market abuses of Seychelles Securities Xxx 0000 as amended. This rule applies to all forms of market abuse such as xxxxxxx xxxxxxx (an abusive exploitation of privileged confidential information), the misuse of information and directors trading in shares of their own companies; 13.2 If the Company suspects or has reasonable grounds to believe that the Client has been engaged into an abusive behavior as indicated above the Company reserves the rights to void and/or cancel part or all Client’s abusive trading transactions, close all and any of the Client’s trading accounts and terminate this Agreement under s.21.

  • Market Data Zero Hash may make certain information and research data, including historical market information available to you through the Platform or Zero Hash System, as applicable (“Market Data”). Market Data may be provided through third-party providers and may be updated at different time intervals, and accordingly, quotes, news, research data, market information and the various trade status reports, including intraday updates of balances and positions information and may differ due to the different Market Data and sources and their update intervals. Any such Market Data is provided as-is and for informational purposes only. Zero Hash makes no representation as to the accuracy or completeness of any Market Data. Further, Market Data may represent aggregated data from across multiple third-party trading venues and does not necessarily represent the prices of any asset as made available by Zero Hash or ZH Liquidity. Your reliance on any Market Data is at your sole discretion. The provision of Market Data relating to any asset shall not be considered Zero Hash’s, or its affiliates, endorsement of any such asset. You understand and agree that past performance of any asset is not indicative of future performance. You shall not decompile or redistribute any Market Data.

  • Approved User A user approved by the relevant Data Access Committee(s) to access one or more datasets for a specified period of time and only for the purposes outlined in the Principal Investigator (PI)’s approved Research Use Statement. The Information Technology (IT) Director indicated on the Data Access Request, as well as any staff members and trainees under the direct supervision of the PI are also Approved Users and must abide by the terms laid out in the Data Use Certification Agreement.

  • SINGLE-USE PRODUCTS The Board of County Commissioners has established a single-use products and plastic bags policy intended to reduce the use of products which have become globally recognized as having lasting negative impacts on the environment. Neither single-use products nor plastic bags may be sold or disbursed on County property by staff or contracted vendors, except as set forth in Orange County Administrative Regulation 9.01.03. Failure to comply with the Regulation may result in termination of the contract or other contractual remedies, and may affect future contracting with the County. The use of reusable, recyclable, biodegradable, or compostable materials is encouraged.

  • Originating Switched Access Detail Usage Data A category 1101XX record as defined in the EMI Telcordia Practice BR-010-200- 010.

  • Market Timing Dealer represents that it has and will maintain policies and procedures to detect and prevent any market timing transaction that contravenes the restrictions or prohibitions on market timing, if any, as found in the then current Funds’ prospectus and/or statement of additional information. Dealer acknowledges that it is responsible for the sales activities of its licensed representatives including, among other things, improper trading activity in violation of the terms and conditions of the Fund’s then current prospectus.

  • Market Access 1. With respect to market access through the modes of supply identified in the "trade in services" definition of Article 104 (Definitions), each Party shall accord to services and service suppliers of the other Party treatment no less favourable than that provided for under the terms, limitations and conditions agreed and specified in its Schedule (7). 2. In sectors where market access commitments are undertaken, the measures which a Party shall not maintain or adopt either on the basis of a regional subdivision or on the basis of its entire territory, unless otherwise specified in its Schedule, are defined as: (a) limitations on the number of service suppliers whether in the form of numerical quotas, monopolies, exclusive service suppliers or the requirements of an economic needs test; (b) limitations on the total value of service transactions or assets in the form of numerical quotas or the requirement of an economic needs test; (c) limitations on the total number of service operations or on the total quantity of service output expressed in terms of designated numerical units in the form of quotas or the requirement of an economic needs test; (8) (d) limitations on the total number of natural persons that may be employed in a particular service sector or that a service supplier may employ and who are necessary for, and directly related to, the supply of a specific service in the form of numerical quotas or the requirement of an economic needs test; (e) measures which restrict or require specific types of legal entity or joint venture through which a service supplier may supply a service; or (f) limitations on the participation of foreign capital in terms of maximum percentage limit on foreign shareholding or the total value of individual or aggregate foreign investment.

  • Regional Value Content 1. Subject to Paragraphs 2 to 4 of this Article and Article 404, where Annex 4.1 requires goods to have a regional value content, the regional value content of particular goods shall be calculated as follows: x 100 where:

  • Market Risk 1.15.1 Market risk, or systematic risk, stems from the economic, geographical, political, social or other factors of the relevant market, and is affected by variables that are related to the entire market. For example, if one invests in a financial product listed in Hong Kong, this investment will be subject to the systematic risk related to the entire Hong Kong market. When any event affects the systematic risk of the market, all financial products will be impacted either in the form of a rise or fall in the prices. This will apply whether investors hold one single financial product or a diversified portfolio of financial products in that market. As long as they keep their holdings, they cannot avoid being exposed to the systematic risk of the market. You should be aware that market risk cannot be eliminated, no matter how they diversify their holdings. You should seek professional advice as you think appropriate or necessary to manage (but not eliminate) market risk, and you should be careful about investing too much into a single market.

  • Research Use Reporting To assure adherence to NIH GDS Policy, the PI agrees to provide annual Progress Updates as part of the annual Project Renewal or Project Close-out processes, prior to the expiration of the one (1) year data access period. The PI who is seeking Renewal or Close-out of a project agree to complete the appropriate online forms and provide specific information such as how the data have been used, including publications or presentations that resulted from the use of the requested dataset(s), a summary of any plans for future research use (if the PI is seeking renewal), any violations of the terms of access described within this Agreement and the implemented remediation, and information on any downstream intellectual property generated from the data. The PI also may include general comments regarding suggestions for improving the data access process in general. Information provided in the progress updates helps NIH evaluate program activities and may be considered by the NIH GDS governance committees as part of NIH’s effort to provide ongoing stewardship of data sharing activities subject to the NIH GDS Policy.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!