The importing of tra, basa, and channel catfish at relatively lower prices has resulted in less catfish purchased from U.S. farmers and processors. Claims have been filed with the U.S. International Trade Commission (ITC) accusing Vietnamese exporters of selling catfish to the U.S. at less than fair market value. Consequently, the U.S. International Trade Commission ruled against Vietnam in 2003 and recommended tariffs from 37% to 64%. The primary objective of this research is to assess the impact of the tariffs on imported Vietnamese catfish on the U.S. catfish industry. In this study, we develop a supply and demand model of the U.S. catfish industry at the farm and wholesale level. In this model, we incorporate the effects of imports and estimate the short-run and long-run effects of changes in import prices on U.S. prices, quantities and welfare at the farm and wholesale level.

In this study, we apply "the equilibrium price" to investigate the efficiency and the elasticity of Taiwan securities trading market. The "the equilibrium price" of each transaction are used to represent the true price of the security. The intra-daily tick-by-tick data of the Taiwan security market is used to obtain the equilibrium prices. Empirical transaction of the two companies Uni-President Enterprises Corporation and Formosa Plastics Corporation are studied. Time-series models of the equilibrium price and the transaction price are established. The time lengths returning to the equilibrium status are also studied, called the efficiency time. Based on the results, we discuss the efficiency of the two stocks. In order to understand the impact of the efficiency time, linear regression models of the efficiency time are built. Furthermore, the variance ratios of the two stocks are also investigated to study their market efficiency. Finally, the elasticity of demand and the elasticity of supply are studied and their Markov chain models are established. The results show that the two companies stay more time in the inelastic states.

Financial markets use auctions to provide accurate liquidity snapshots for traded instruments. Combination orders, such as time spreads require the atomic trading of more than one security contract. In order to auction such complex order types, a new design, which considers all contingent instruments simultaneously, is required. This work develops an optimization model and a software implementation of the dualsided multi-unit combinatorial auction problem. The optimization objective is finding an equilibrium price vector and a winner selection such that the auction turnover is maximized. The auction requirements are modeled as a discrete optimization problem, suitable for standard integer programming solvers. The model’s correctness and tractability are tested using synthetically generated orders as well as real market data. Test results with both synthetic and authentic orders produced equilibrium prices within 3% of the expected instrument valuations, using closing prices as a benchmark, indicating high accuracy of the solutions. The use of combinatorial auctions exposes greater liquidity and overall turnover, both valuable to exchanges that receive large numbers of combination orders.

Taiwan Security Market is a typical order-driven market. The electronic trading system of Taiwan Security Market launched in 1998 significantly reduces the trade matching time (the current matching time is around 20 seconds) and promptly provides updated online trading information to traders. In this study, we establish an online transaction simulation system which can be applied to predict trade prices and study market efficiency. Models are established for the times and volumes of the newly added bid/ask orders on the match list. Exponentially weighted moving average (EWMA) method is adopted to update the model parameters. Match prices are predicted dynamically based on the EWMA updated models. Further, high frequency bid/ask order data are used to find the supply and demand curves as well as the equilibrium prices. Differences between the transaction prices and the equilibrium prices are used to investigate the efficiency of Taiwan Security Market. Finally, EWMA and cusum control charts are used to monitor the market efficiency. In empirical study, we analyze the intra-daily (April, 2005) high frequency match data of Uni-president Enterprises Corporation and Formosa Plastics Corporation.