Deddy P. Koesrindartoto

An agent-based computational laboratory for testing the economic reliability of wholesale power market designs

In April 2003 the U.S. Federal Energy Regulatory Commission proposed the wholesale power market platform (WPMP) for adoption by all U.S. wholesale power markets. The WPMP market design envisions day-ahead, real-time, and ancillary service markets maintained and operated by an independent system operator or regional transmission organization. Previous work reports on the development of an agent-based model for testing the economic reliability of the WPMP market design. This paper reports on the implementation of this model as an agent-based computational laboratory. Initial experiments focusing on optimal power flow solution methods for the day-ahead and real-time markets are also discussed.

Factors influencing the price of housing in Indonesia

Purpose - – This study aims to address the factors or attributes that would influence the price of residential products in Jakarta Metropolitan Region. Design/methodology/approach - – In total, 202 respondents from all across Jakarta Metropolitan Region participated in the questionnaire for this study. Demographic questions are categorized into age, gender and preferences for real estate locations. The questionnaire was made based on the author’s previous studies. Of the total respondents, 127 were males and 75 were females with age ranging from 18 to 56 years old. For data analysis, the authors utilized factor analysis, Cronbach’ a test and analysis of correlation to reach the conclusion of this study. Findings - – The findings suggested that from the initial three factors groups, there are five new groups that emerge as influencing factors for housing prices. Cronbach’ a score were verified (a = 0.906). Correlation study result suggested that the initial three factors groups produce a significant correlation between each of them, except for the factor of “overall location” and “located near family.” After factor analysis, the research results show that there are two new additional groups of factors that emerge as influences to housing prices. There are significant scores of differences between gender and real estate location preference toward the groups of factors. Research limitations/implications - – This study shows how physical qualities, concept and location factors influence the housing price perception of their consumers. The result shows to be relatively reliable and valid. Originality/value - – The study is the first to analyze the relationship between the factors for preferences on residential products and housing price in Indonesia. This paper is also intended to be the first to pioneer the study on factors of preferences on residential products in Indonesia. The findings will be useful to develop pricing models for housing product in Indonesia.

Selecting Tools for Renewable Energy Analysis in Developing Countries: An Expanded Review

Renewable energy planners in developing countries should be cautious in using analytical tools formulated in developed countries. Traditional energy consumption, economic and demography transitions, high-income inequality, and informal economy are some characteristics of developing countries that may contradict the assumptions of mainstream, widely used analytical tools. In this study, we synthesize the debate in previous review studies on energy models for developing countries and then extend the scope of the previous studies by highlighting emerging methods of system thinking, life cycle thinking, and decision support analysis. We then discuss how these tools have been used for renewable energy analysis in developing countries and found out that not all studies are aware of the emerging critical issues in developing countries. We offer here a guidance to select the most appropriate analytical tool, mainly when dealing with energy modeling and analysis for developing countries. We also suggest potential future improvements to the analytical tool for renewable energy modeling and analysis in the developing countries.

Comparison of the property practitioners and consumer preferences on housing prices in the Jakarta metropolitan region

Purpose - – The purpose of this paper is to compare the different preferences between property practitioners and residential consumers on housing prices in the Jakarta Metropolitan Region. Design/methodology/approach - – The Jakarta Metropolitan Region as the largest metropolitan city in Indonesia was selected as the main sample city for this study. This study comprises 134 respondents from property practitioners and 277 respondents from residential consumers. Data were collected from all regions in Jakarta Metropolitan Region and their respective satellite cities. Descriptive analysis, the correlation study, Wilcoxon Findings - – The results of this research provide an analysis on the different decisive attributes for each group, disparities on the correlation between attributes in housing consumers and property practitioners and disagreements among each group on the attribute preferences influencing housing prices in the Jakarta Metropolitan Region. Research limitations/implications - – In conclusion, the study provides valid and dependable evidence on different consumers and property practitioners attribute preferences for housing products in the Jakarta Metropolitan Region. Originality/value - – This research is the first to compare the attribute preferences for housing products between housing consumers and property practitioners in Indonesia. In addition, this study is one of the first to reaffirm preference attributes influencing housing product prices in Indonesia.

Micro-Foundation Investigation of Price Manipulation in Indonesian Capital Market

ABSTRACT An analysis of all intraday trades in the Jakarta Stock Exchange during 2003–2004 indicates that more than half of them are “manipulated” by principal stockbrokers. Consequently, they can earn between 59% and 92% more annually than intermediary stockbrokers, which depend heavily on their investment patterns as well as firm’s characteristics. Specifically, our regression results suggest that with increases in their degree of principalness (PRIN), stockbrokers with a greater trade imbalance earn more at the expense of outside investors, even though this effect diminishes as PRIN increases. Moreover, firms that suffer the most from stockbrokers’ inappropriate behavior have large market capitalization or high stock liquidity.

Analysis of the Relationships of Indonesian Tourism Demand and Three Favorite International Destinations in South East Asia

This paper aim to determine the relationship of tourism growth in Malaysia, Singapore and Thailand to Indonesia. Firstly, the paper performed bivariate and multivariate analysis on each country measured. Secondly, the paper performed a non-parametrical approach to evaluate which combination of tourists movement gave the highest contribution to Indonesia’s tourist arrival. The estimated multivariate model explain the relationship between variables more clearly compared than the other estimated model (R-square > 90%). Malaysia’s and Singapore’s growth in tourists arrival gave effect to the growth in Indonesia, in the long run and short run. However, Thailand’s growth of tourists arrival has only given significant effect to Indonesia’s growth of tourist arrival in the short run. The reverse analysis conducted later on this paper, suggest that Indonesia’s growth in tourists arrival itself gave significant effect to the growth of tourists arrival in Malaysia and Thailand, in the long run and short run as well. However, Indonesia’s growth of tourists arrival only gave an effect toward Singapore in the short run. There’s no evidence of Indonesia’s growth affected Singapore in the long run. Lastly findings of this paper confirmed that compared to the other observed tourists movements, the highest odds percentage of people come to Indonesia obtained from international tourists who visited Malaysia and Singapore, and as for the international tourists who travel from their home country to visited Malaysia, the odds of them to come to Indonesia appear to be the lowest.

Market Reaction and Investors’ Behaviour to Earnings Announcement: Evidence from Indonesia Stock Exchange

This study aims to evaluate the market reaction to the earnings, case in Indonesia Stock Exchange. It is expected that many uninformed and irrational trading happen around earnings announcement. Many studies suggest that the reason behind these biases is an impact of under reaction and/or overreaction of investors’ behaviour. We examined market reaction and also examined the investors’ trading behaviour; categorized by foreign and domestic investors. The findings are divided into type of earnings announcement, stocks with negative earnings announcements showed no abnormal returns around announcement day. Conversely, stocks with earnings announcement that have positive surprise showed the existence of abnormal activities around announcement day measured by significant cumulative abnormal returns (CAR). In this condition foreign investors have propensity to buy the stock after the announcement, in contrast domestic investors do the opposite behaviourand they tend to sell the stocks.

An Analysis of Energy Prices and Economic Indicators Under the Uncertainties: Evidence from South East Asian Markets

It is well known that the worldwide financial crisis has caused various international issues. For instance, it is pointed out that the Euro-crisis has spread the financial instability to the other markets e.g. equity, oil, gold, etc. In addition, the energy and the commodity market are known as major factors which influence the decision making of investors in currency market or stock market in both long and short term. Thus it is an important thing for the decision making for investors to find out the relationships among various markets. There are two scenarios in this paper. In the first one, we analyze the future forecasts by applying Vector Error Collection Model (VECM) to economic indicators which have influential power all over the world, and then, we get the relationship among these markets via Granger Causality test. On the other hand, it is also important to predict which factors would be market driven in the future. Then in the second one, since South East Asian market is known as the potential markets for driving the market in the future, we add the variables which belong to South East Asian markets to the variables in the first scenario. This outcome will give some opportunity to get the interest to the investors.