New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure

Detalhes bibliográficos
Autor(a) principal: Morais, Ulisses Lacerda de
Data de Publicação: 2015
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10316/29116
Resumo: Dissertação de mestrado em Economia (Economia Industrial), apresentada à Faculdade de Economia da Universidade de Coimbra, sob a orientação de Adelino Manuel Guimarães Fortunato e Ernesto Jorge Fernandes Costa.
id RCAP_54dc6f2f5d4d3b48d9b5bbe3a6de14c1
oai_identifier_str oai:estudogeral.uc.pt:10316/29116
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structureAgent-based modelBarriers to entryEntrepreneurshipNew-issues marketMarket concentrationDissertação de mestrado em Economia (Economia Industrial), apresentada à Faculdade de Economia da Universidade de Coimbra, sob a orientação de Adelino Manuel Guimarães Fortunato e Ernesto Jorge Fernandes Costa.The possibility that the existence of New-Issues Markets (NIM) could promote, through a behavioural response of potential entrants, a greater market concentration on economic sectors is the object of the present work. I analyse in what conditions do entrepreneurs choose to abandon their plans of entering some industry in order to invest in securities of companies in that same industry. To engage this matter an agent-based model, named Utility Load, was developed and simulated in NetLogo platform, where the entrepreneurs rely on a hybrid heuristic among Prospect Theory and Random Walk Model of perceptual decision-making to choose between starting a firm, assembling a portfolio or doing neither by postponing their decision. I arrive at the conclusion that a lengthy investment horizon or high bonds’ coupon, by offering greater prospective gains, attracts the vast majority of potential entrants to the NIM, which has a nefarious effect on the sector’s structure by increasing its concentration – measured by the Herfindahl-Hirschman Index. Moreover, the model indicates that a more bounded rationale is welfare increasing whilst allowing firms to continuously issue new debt to the public diminishes welfare. The results narrow the scope of reality to be emulated in experimental works and open the door for future empirical researches on this matter by making them more attainable.FEUC2015-07-16info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesishttp://hdl.handle.net/10316/29116http://hdl.handle.net/10316/29116TID:201481057engMorais, Ulisses Lacerda deinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2022-01-20T17:48:39Zoai:estudogeral.uc.pt:10316/29116Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T20:46:50.096674Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
title New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
spellingShingle New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
Morais, Ulisses Lacerda de
Agent-based model
Barriers to entry
Entrepreneurship
New-issues market
Market concentration
title_short New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
title_full New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
title_fullStr New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
title_full_unstemmed New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
title_sort New-issues markets as behavioural barriers to entry : an agent-based model of choices and market structure
author Morais, Ulisses Lacerda de
author_facet Morais, Ulisses Lacerda de
author_role author
dc.contributor.author.fl_str_mv Morais, Ulisses Lacerda de
dc.subject.por.fl_str_mv Agent-based model
Barriers to entry
Entrepreneurship
New-issues market
Market concentration
topic Agent-based model
Barriers to entry
Entrepreneurship
New-issues market
Market concentration
description Dissertação de mestrado em Economia (Economia Industrial), apresentada à Faculdade de Economia da Universidade de Coimbra, sob a orientação de Adelino Manuel Guimarães Fortunato e Ernesto Jorge Fernandes Costa.
publishDate 2015
dc.date.none.fl_str_mv 2015-07-16
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10316/29116
http://hdl.handle.net/10316/29116
TID:201481057
url http://hdl.handle.net/10316/29116
identifier_str_mv TID:201481057
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv FEUC
publisher.none.fl_str_mv FEUC
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799133744305537024

Registros relacionados