Applied Economics

We study the price adjustment practices and provide quantitative measurement of the managerial and customer costs of price adjustment using data from a large U.S. industrial manufacturer and its customers. We nd that price adjustment costs are a much more complex construct than the existing industrial-organization or macroeconomics literature recognizes. In addition to physical costs (menu costs), we identify and measure three types of managerial costs (information gathering, decision-making, and communication costs) and two types of customer costs (communication and negotiation costs). We nd that the managerial costs are more than 6 times, and customer costs are more than 20 times, the menu costs. In total, the price adjustment costs comprise 1.22% of the company's revenue and 20.03% of the company's net margin. We show that many components of the managerial and customer costs are convex, whereas the menu costs are not. We also document the link between price adjustment costs and price rigidity. Finally, we provide evidence of managers' fear of antagonizing customers. I have no answer to the question of how to measure these menu change costs, but these [menu cost] theories will never be taken seriously until an answer is provided. Edward Prescott (1987, p. 113) Given the large number of theoretical papers that evaluate the implications of [price] adjustment costs, obtaining direct evidence that such costs are present seems crucial. Margaret Slade (1998, p. 104)

The objective of the research was to determine the relationship between associativity and the organizational culture of Hass avocado production chains in the Huancavelica Region, Peru in the period 2003–2019. The research is of an applied type, the inductive inferential scientific method was applied. Likewise, the research design used is non-experimental, cross-sectional. A questionnaire was applied to 105 Hass avocado producers from the Huancavelica Region, one of the poorest regions of Peru, in the middle basin of the Mantaro River Valley from the Mariscal Caceres district to the Mantacra town center. In the study, it was found that the associativity environment (ENT) (ASO), based on organizational culture (COR), has a significant influence on the communication dimension (p < 0.05). Regarding support services (SA), has a significant influence on the quality dimension (p < 0.05). Also in relationships (REL), they have a significant influence on the communication and adaptabil...

The livestock sector is emerging as one of the fastest growing agricultural sub-sectors in India and the expectations are that this growth could further accelerate due to growing incomes and the high income elasticity of demand for livestock products. Given the size and relatively equitable distribution of livestock in India, this presents an excellent opportunity for the country to boost rural incomes and accelerate the pace of poverty reduction. But, successful capitalisation of such opportunities requires a policy regime that facilitates growth in productivity at the farm level as well as in the processing sector. The productive potential of animals depends crucially on the quality of nutrition, genetic material and the animal health system, and on all these counts, India has a poor record. The public sector continues to be the primary provider of veterinary services, and the deteriorating fiscal situation of most state governments is making it extremely difficult to either expand the reach of these services or improve the quality of service delivery. Although, on efficiency grounds, there is good rationale for commercialised delivery of these services, serious concerns prevail in India about the equity implications of private sector delivery or full cost recovery within the government system. Evaluation of the desirability of user fees or private delivery of livestock services requires an understanding of the factors influencing the demand for these services. This paper examines the nature of demand for veterinary services in three states of India and presents first estimates of demand elasticities for veterinary services. The results indicate that price is not an important determinant of the decision to use these services. Also, practically no variation is found in price elasticities across income groups. These results suggest that the fears of sharp declines in the use of these services as a result of full cost recovery and/or private sector delivery are unfounded.

This study provides evidence on the effectiveness of community controls in regulating the use of common agricultural land in Côte d'Ivoire and tests for factors such as group size, ethnic and income heterogeneity of the group, income and resource stock levels, in explaining the variation in effectiveness across communities. The results indicate significant deterioration in community controls. These results point towards the need for a comprehensive policy framework towards agriculture in general and land tenure in particular. The study also finds that smaller and ethnically homogenous communities are better able to coordinate their actions, thereby internalizing a higher proportion of the value of land as a factor of agricultural production than their large ethnically heterogenous counterparts. No evidence is, however, found in favour of income heterogeneity hindering or facilitating collective action.

The livestock sector is emerging as one of the fastest growing agricultural sub-sectors in India and the expectations are that this growth could further accelerate due to growing incomes and the high income elasticity of demand for livestock products. Given the size and relatively equitable distribution of livestock in India, this presents an excellent opportunity for the country to boost rural incomes and accelerate the pace of poverty reduction. But, successful capitalisation of such opportunities requires a policy regime that facilitates growth in productivity at the farm level as well as in the processing sector. The productive potential of animals depends crucially on the quality of nutrition, genetic material and the animal health system, and on all these counts, India has a poor record. The public sector continues to be the primary provider of veterinary services, and the deteriorating fiscal situation of most state governments is making it extremely difficult to either expand the reach of these services or improve the quality of service delivery. Although, on efficiency grounds, there is good rationale for commercialised delivery of these services, serious concerns prevail in India about the equity implications of private sector delivery or full cost recovery within the government system. Evaluation of the desirability of user fees or private delivery of livestock services requires an understanding of the factors influencing the demand for these services. This paper examines the nature of demand for veterinary services in three states of India and presents first estimates of demand elasticities for veterinary services. The results indicate that price is not an important determinant of the decision to use these services. Also, practically no variation is found in price elasticities across income groups. These results suggest that the fears of sharp declines in the use of these services as a result of full cost recovery and/or private sector delivery are unfounded.

Heather Taylor (taylor@soz.uni-frankfurt.de) Andreas Nölke (a.noelke@soz.uni-frankfurt.de) Goethe University, Frankfurt am Main, Germany ... Paper Prepared for the ECPR Standing Group on Regulatory Governance Conference '(Re)Regulation in the Wake of Neoliberalism: ...

The trend towards international harmonization of patents' protection and its problems. TRIPS agreement has been a milestone in the present trend towards international harmonization of intellectual property's protection (including patents' protection), where harmonization means to increase the protection level in developing countries according to the more rigorous standards of developed ones. Considering the economic theory of patents together with historical and empirical evidences, it is argued that international harmonization of patents' protection as it is settled by TRIPS agreement is not favorable to developing countries' economic development.

A consensus has recently emerged that variables beyond the level, slope, and curvature of the yield curve can help predict bond returns. This paper shows that the statistical tests underlying this evidence are subject to serious small-sample distortions. We propose more robust tests, including a novel bootstrap procedure specifically designed to test the spanning hypothesis. We revisit the analysis in six published studies and find that the evidence against the spanning hypothesis is much weaker than it originally appeared. Our results pose a serious challenge to the prevailing consensus.

I am grateful to Alan Blinder, David Romer, Lutz Kilian, conference participants, and an anonymous referee for helpful comments on an earlier draft of this paper, and to Davide Bertoli for supplying the Blanchard-Galí data and code. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

This paper assesses the effects of occupational segregation on the gender wage gap in urban Colombia between 1986 and 2000. The empirical methodology involves a twostep procedure whereby the occupational distributions of workers by gender are modelled using a multinomial logit model in the first stage. In the second stage, the multinomial logit estimates are used not only to derive a counterfactual occupational distribution of women in the absence of workplace discrimination but also to correct for selectivity bias in the wage equations for each occupational category using the procedure suggested by . Besides the explained and unexplained components in conventional decompositions of the gender wage gap, this methodology differentiates between the justified and unjustified effects of the gender allocation of workers across occupational categories. The results for urban Colombia indicate that controlling for selectivity bias at the occupational category level is found to be relevant in all years reviewed in this study. They also suggest that a changing composition of the female labour supply in terms of un observables (i.e., ability and motivation) is playing a role in the dramatic reduction of the observed wage gap.

In Malaysia, the participation of women in the labor market has increased over time. However, occupational segregation and wage differentials continue to be prevalent between men and women in the labor market. The present paper investigates gender-related occupational segregation and wage differentials based on data collected from 7135 working households in Peninsular Malaysia in 2011. The wage decomposition model introduced by Brown et al. ( ) is used to examine the determinants of gender-related wage differentials. The results suggest that differences within occupations account for the largest portion of the wage gap between men and women. The results also indicate that wage discrimination within occupations plays an important role in the gender wage gap, while sample selection bias plays an important role in the examination of gender wage gaps.

Por otro lado encontramos que si bien no se redujo tanto la dolarización, la economía en su conjunto se encuentra actualmente menos vulnerable ante shocks devaluatorios que a principios de la década. El sector público por su parte continúa siendo el agente menos cubierto. Por último, si bien el análisis de la hoja de balance del Banco Central muestra dificultades a la hora de sostener una política de "pesificación" sin el apoyo del sector público en su conjunto, entendemos que la generación de confianza en los instrumentos denominados en esta moneda permitirá disponer de más de una alternativa de financiamiento en tiempos difíciles. PALABRAS CLAVES: fragilidad financiera, dolarización, desdolarización, PMV, mercado de calidad en pesos, descalce de monedas, Capital del Banco Central.

The aim of this study is to identify the role agriculture plays in the economic development of Romania. Consequently, we studied the specialized literature, which analyzes the relationship between agriculture and the economic development, as well as the role of agriculture in reducing poverty. In order to study the impact on Romanian economy of the shift from a centralized economy to the market economy, we use four variables of which the independent one is represented by the added value of agriculture, and the other three variables are dependent, they only slightly characterize Romanian economy: the GDP/capita, inflation consumer prices and external debt stocks. Conclusions show that the increase of the added value in agriculture positively influences the evolution of the GDP/capita. At the same time, it also exercises a major influence on inflation, thus the positive correlation highlights the fact that the annual percentage of the purchase price of a consumer basket will decrease when the internal crop is rich, and it will increase when agriculture production is unsatisfactory. It is interesting to notice that Romania's external debt increases when the added value of agriculture records surges as compared to the previous years.

The aim of this study is to identify the role agriculture plays in the economic development of Romania. Consequently, we studied the specialized literature, which analyzes the relationship between agriculture and the economic development, as well as the role of agriculture in reducing poverty. In order to study the impact on Romanian economy of the shift from a centralized economy to the market economy, we use four variables of which the independent one is represented by the added value of agriculture, and the other three variables are dependent, they only slightly characterize Romanian economy: the GDP/capita, inflation consumer prices and external debt stocks. Conclusions show that the increase of the added value in agriculture positively influences the evolution of the GDP/capita. At the same time, it also exercises a major influence on inflation, thus the positive correlation highlights the fact that the annual percentage of the purchase price of a consumer basket will decrease ...

This article examines the contribution of Human Resource Management (HRM) and Information and Communication Technologies (ICT) in the retention of motivated employees. The author uses a representative random sample of private sector employees from Western Europe. The data set contains information on employees' motivations, on-the-job search and workplace environment. The results show that HRM and ICT bundles are positively related to motivations. Being motivated by intrinsic and personal growth reasons decreases the likelihood to search while being motivated by rewards or compulsion reasons increases it. HRM strengthen their likelihood to search in the same way while ICT tend to increase the likelihood to search.

South Africa, like other developing countries, has joined other nations around the world in resorting to public–private partnerships (PPPs) as an integral strategy to improve its deeply rooted socio-economic, political, fiscal and societal problems and to meet the pressure of attaining the goals of national and international developmental projects. In spite of the reasons advanced for the importance of PPPs as an alternative service-delivery option, several doubts about the efficacy of accountability and suggestions that it may undermine public control have been expressed. Given the importance of accountability, this paper seeks to determine some approaches to enhance accountability in public–private partnerships in South Africa. It identifies some of the accountability challenges and suggests ways of overcoming them.

In this paper, we study experimentally the information aggregation process in a market as a function of the access to different sources of information, namely an imperfect, public and costless signal into a market where the participants have access to costly and imperfect private information. Our results show that the release of public information provokes a crowding out effect on the traders' information demand while it keeps constant market informativeness, but significantly reduces price informativeness. Traders overrely on public information, which has a significant negative impact on the overall market performance. We detect the emergence of the overrelying phenomenon, despite the absence of an explicit incentive to the subjects to coordinate, demonstrating, therefore, that the adverse effects of releasing public information in a financial market are more relevant than generally assumed, based on the results of previous experiments inspired by simple coordination models. Ou...

The study examines the extent to which banks in Ghana have performed their financial intermediation function and its implication for profitability. Secondary data which was solicited from the Headquarters of the eight largest banks in Ghana was obtained from their financial reports from 2004 to 2010. Using descriptive examination technique, it is observed that all the banks performed creditably well within the period under study though the private banks performed better than the state-owned banks. Additionally, on the average, banks that mobilized the most deposits were also the ones that recorded most loans and advances. Interestingly, the study finds however that banks that made the most loans and advances were not necessarily those that made most profits. It is recommended that to remain profitable in the banking business in Ghana, management must not only put strategies in place to mobilize deposits and make out loans and advances but also institute procedures to efficiently manage cost. Furthermore, government must also put policies in place to motivate banks mobilize more deposits and make out more loans to deepen the financial system.

We introduce heterogeneous expectations in a standard housing market model linking housing rental levels to fundamental buying prices. Using quarterly data we estimate the model parameters for eight different countries. We find that the data support heterogeneity in expectations, with temporary endogenous switching between fundamental meanreverting and trend-following beliefs based on their relative performance. For all countries we identify temporary, long lasting house price bubbles amplified by trend extrapolation and crashes reinforced by mean-reverting expectations. The average market sentiment may be used as an early warning signal of a (temporary) bubble regime. The qualitative predictions of such non-linear models are very different from standard linear benchmarks with important policy implications. The fundamental price becomes unstable when the interest rate is set too low or mortgage tax deductions are too high, giving rise to multiple non-fundamental equilibria and/or global instability.

increased to 42.6% by 2005. In 2000, 89.5% of all AMI patients was treated with thrombolysis as primary intervention, 7.8% underwent PCI, and 2.6% CABG; by 2005 these percentages changed to 21.1%, 73.1%, and 5.8% respectively. We compared the 30-day and one year mortality by intervention groups. In 2005 without any intervention it was 27.5% vs 37.8% (30 days and 1 year), in the PCI group 6.1% vs 9.7%, in the thrombolysis group 14.8% vs 18.7% and in the CABG group 6.4% vs 12.3%. The 30-day mortality is independent of gender but depends on age. The chance of 30-day survival decreases due to diabetes and cancer (OR: 0.885 and 0.60, respectively), shock (OR: 0.06) and resuscitation (OR: 0.07). Survival is significantly better in case of hypertension (OR: 1.4). CONCLUSION: Administrative data proved to be appropriate tools to develop quality indicators, thus its results can be very useful in improving health care.

increased to 42.6% by 2005. In 2000, 89.5% of all AMI patients was treated with thrombolysis as primary intervention, 7.8% underwent PCI, and 2.6% CABG; by 2005 these percentages changed to 21.1%, 73.1%, and 5.8% respectively. We compared the 30-day and one year mortality by intervention groups. In 2005 without any intervention it was 27.5% vs 37.8% (30 days and 1 year), in the PCI group 6.1% vs 9.7%, in the thrombolysis group 14.8% vs 18.7% and in the CABG group 6.4% vs 12.3%. The 30-day mortality is independent of gender but depends on age. The chance of 30-day survival decreases due to diabetes and cancer (OR: 0.885 and 0.60, respectively), shock (OR: 0.06) and resuscitation (OR: 0.07). Survival is significantly better in case of hypertension (OR: 1.4). CONCLUSION: Administrative data proved to be appropriate tools to develop quality indicators, thus its results can be very useful in improving health care.

signed the data collection in collaboration with the other members of the Danish National Smoking Cessation Database (DNSCD) Steering Committee. M.R. handled the DNSCD data collection. H.H.J. drafted the design of the economic analysis. L.B. carried out the literature review and collected, with assistance from N.T.K., model parameters from other sources than the DN-SCD. K.R.O. designed and carried out the modeling and data analysis with assistance from L.

Nawreen sobhan is a PhD student at University of the west of Scotland (UWS). Her PhD area of research is impact of culture on Female entrepreneurship in Bangladesh. She completed her MSc degree with Distinction in Finance and Accounting with CIMA Programme from UWS in 2016 and received court medal for achieving higher marks across the university. Her master dissertation was on Corporate Social responsibility and Assurance disclosure practice in developing countries.

Estar en condiciones de poder presentar un panorama general de la Extremadura moderna exige, entre otras cuestiones prioritarias, reconstruir las principales macromagnitudes económicas. Sin embargo, los estudios de la producción agrícola y pecuaria, de la renta de la tierra y de los precios, indispensables en las investigaciones sobre el Antiguo Régimen, presentan especiales dificultades en nuestra región, debido al modo habitual de explotar los derechos decimales, a la compleja realidad territorial —heterogénea y diversa—, a las destrucciones de partes sustantivas de importantes archivos y a la práctica inexistencia de determinados tipos de fuentes. Se requerirán, por consiguiente, años y un gran esfuerzo investigador antes de estar en condiciones de ofrecer una información serial de las principales variables económicas, tan abundante y fiable como de la que ya se dispone para algunas regiones españolas.

Agro-based sector, which is one of the major upcoming industrial sectors in India, promotes integrated development of both agriculture and industry. It binds and strengthens industrial and agricultural linkages. Sugar industry is one of the most prominent agro-based manufacturing industries in India. At present, it is the second largest agro based industry of India after textile industry. India is the world's largest consumer of sugar and second largest producer of sugar in the world after Brazil. This was one of the worst hit sectors by Great Recession that world economy suffered during 2007-2009.Looking at the strategic impact of the global crisis on the Indian Sugar Industry, an attempt is made to compare and analyse the growth of Sugar Industry in India during pre and post-recession period. Present study attempts to analyse the growth of Sugar Industry in relation to five growth parameters namely: number of factories, number of employees, productive capital, profits and net-value added for a period of 24 years from 1993-94 to 2016-17; which is bifurcated into two: pre-recession period ranging from 1993-94 to 2007-08 and post-recession period ranging from 2008-09 to 2016-17. Simple growth rates and compound annual growth rates have been calculated for various parameters considered for growth. Using t-test, it wasprimarily concluded that there is significant difference in growth of Sugar Industry in India during the pre-recession and post-recession period.

This paper first highlights how fragile are the main measures of systemic risk of financial institutions and, secondly, proposes a simple correction to address this drawback linked to model errors of such measures. We show that main quantitative systemic risk measures are indeed very linked to extreme quantiles and that the ranking in terms of systemic risk importance highly depends upon the adopted measure, and, finally, that systemic risk measures are very sensitive to measurement errors. Following the approach of Boucher et al. (2013), we then propose a model risk correction to stabilize and reconciliate main systemic risk firm rankings. Our results finally suggest that the riskiness of risk measures is crucial for the sake of the fairness and the global financial system stability.

The paper analyzes the e¤ects of career concerns of portfolio managers on their incentives to trade in a order-driven market. We show that career concerns lead portfolio managers to trade even whithout valuable information, and hence even when they expect a negative return from trading. We then analyze how managers reacts to changes in asset volatility and …nd that uninformed managers facing career concerns trade larger quantities as asset riskiness increases. As a testable empirical implication, the model predicts that increasing levels of institutional ownership in …nancial markets lead to higher trading volumes that are positively correlated with asset volatility.

The paper analyzes the eects of career concerns of portfolio managers on their incentives to trade in a order-driven market. We show that career concerns lead portfolio managers to trade even whithout valuable informa- tion, and hence even when they expect a negative return from trading. We then analyze how managers reacts to changes in asset volatility and …nd that uninformed managers facing career concerns trade larger quantities as asset riskiness increases. As a testable empirical implication, the model predicts that increasing levels of institutional ownership in …nancial markets lead to higher trading volumes that are positively correlated with asset volatility.

The paper proposes a model of delegated portfolio management in which career concerns lead to unprofitable trade by uninformed managers (i.e. churning). We find that churning does not necessarily reduce the return that a representative investor expects ex-ante from delegating trade to a manager. As uninformed managers churn, the level of noise in the market increases and informed managers generate higher returns than in the absence of churning. When fundamental volatility is relatively low, uninformed managers trade less aggressively and the high returns expected from informed managers more than compensate the losses expected from uninformed managers. While career concerns generally lead to an increase in trade volume, the pattern of churning that we highlight also implies that both the volume of uninformed trade and the aggregate volume of trade are positively related to the level of asset riskiness.

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The standard growth model predicts that allowing for labor mobility across regions would increase the speed of convergence in per capita income levels and that migration has a negative causal impact on regional growth rates. Although the empirical literature has uncovered some evidence for the former implication, the latter has not been verified empirically. This paper provides empirical evidence for the negative causal impact of migration on provincial growth rates in a developing country with a high level of internal migration that is characterized by unskilled labor exiting rural areas for urban centers. We utilize an instrumental variables estimation method with an instrument unique to the country examined, and we also control for provincial fixed effects.

This paper elaborates on the evolution of the informal sector vis-à-vis the evolution of agricultural and formal sectors in a stylized developing country economy in process of growth. The analytical contribution of this essay extends the Ramsey theory of growth into a framework that includes an informal sector, and household preferences that display Engel effects in agricultural and in informally produced goods. Besides showing that the informal sector's importance diminishes over time as the economy grows, the results from the model demonstrate that a country can successfully reduce its informal employment by reducing tax on employment in the formal sector.

This paper analyses the effects of trade liberalization in an economy with an informal sector and significant informal employment, defined as employment which does not abide with labor market regulations, including minimum wage and social security laws. Foreign trade reforms subject domestic firms to increased foreign competition, leading them to seek ways to cut back production costs, most notably labor costs. Cutting labor costs can be accomplished in one of three ways, including laying off workers (who subsequently look for employment in the informal sector) and possibly replacing them with part time workers; cutting down or eliminating worker benefits, putting the workers in informally employed status; or establishing subcontracting relationships with smaller scale firms which already employ workers informally. In this paper, we concentrate on the first effect. The effects of trade liberalization are examined in the context of a dynamic general equilibrium model of a small open economy with three sectors including an informal sector, a formal sector, an agricultural sector, and a segmented labor market. Particularly, at the steady-state utilizing comparative statics, we find that lowering the import tariff rates, or protection measures to the export sector (under trade liberalization reforms) increase * The author acknowledges financial support from TUBITAK (the Scientific and Technological Research Council of Turkey). The views expressed here do not necessarily represent those of TUBITAK. Zeynep Başak has provided research assistance. the size of informal employment, with a fall in the wages of the informally employed. Increased exposure to foreign competition, or in other words, bringing the price of the traded goods closer to world prices, lead the formal sector firms seek ways to cut labor costs, which lowers the demand for skilled as well as unskilled labor in the formal sector (and possibly replaced with capital).

In recent years, there has been an increased interest in studying the informal sector as an important characteristic of less-developed and developing countries. In particular, this interest has focused on the relationship between the quality of institutions and the relative size of the informal sector in developing countries (Friedman et al. 2000, and Djankov et al. 2001). In the economics literature, institutions are in part defined by property rights and contractual agreements. In any economy, capital and land asset markets are said to be “relatively institutionally intensive” in the sense that agent behavior in these markets is dependent on institutional arrangements more than in any other market. Hence, initial institutional arrangements, and institutional rigidities in capital and land markets may lead to permanent asset and income inequality among various economic groups. This paper elaborates on the relationship between the degree of inequality and the evolution of the inform...

The standard growth model predicts that allowing labour mobility across regions would increase the speed of convergence in per capita income levels and that migration has a negative causal impact on regional growth rates. Although the empirical literature has uncovered some evidence for the former implication, the latter has not been verified empirically. This paper provides empirical evidence for the negative causal impact of migration on provincial growth rates in a developing country with a high level of internal migration characterized by unskilled labour exiting rural areas for urban centres. We utilize an instrumental variables estimation method with an instrument unique to the country examined, controlling for provincial fixed effects.ResumenEl modelo de crecimiento estándar predice que el permitir la movilidad laboral entre regiones aumentará la rapidez en alcanzar una convergencia en los niveles de ingresos per cápita y que la migración tiene un impacto causal negativo en l...

This paper elaborates on the evolution of the informal sector vis-à-vis the evolution of agricultural and formal sectors in a stylized developing country economy in process of growth. The analytical contribution of this essay extends the Ramsey theory of growth into a framework that includes an informal sector, and household preferences that display Engel effects in agricultural and in informally produced goods. Besides showing that the informal sector's importance diminishes over time as the economy grows, the results from the model demonstrate that a country can successfully reduce its informal employment by reducing tax on employment in the formal sector.

This paper lays out a simple Ramsey three sector growth model. Each sector employs two economy-wide factors of production, while the primary sector also employs a sector specific factor. Two sec- tors are tradable. The motivation arises from a number of appli- cations in which this basic framework can serve as a point of de- parture. These include the effect of a primary sector on the path of economic development and, more recently, contributions that sug- gest resource-abundant countries tend to be high-price economies that, consequently, miss-out on export-led growth. Since the model has a "market based" specification, it can also be used to capture numerous other policy interventions and modified to depict incomplete markets.