The research was conducted with the aim of analyzing innovative factors affecting customer loyalty in multi-level marketing based on business intelligence. This research in terms of purpose; It is applied and in the field of quantitative-qualitative studies which was done with survey and data-mining methods. The statistical population of the research consists of 15 senior managers and experts in the field of research, i.e. Panh-Riz cosmetics and hygiene company, were selected by snowball method to identify the components and factors, and in the second part of the data warehouse of Panh-Riz company in the period of 2013 Data mining was done until 2018, which includes 5,200,000 records. The method of data analysis is data mining and customer clustering, which was done using R software. The results of data analysis showed that 6 indicators could be considered for the model, which are: the length of customer cooperation, purchase delay, repeat purchase, high purchase amount, profitability, and discounts to customers. In general, it can be stated that the loyalty of the customers of multi-level marketing companies is in accordance with the intelligence of the business, considering five clusters of customers, it is influenced by these six indicators, and in order to improve the level of customer loyalty and achieve a competitive advantage, the company must Active in this field should be considered. Also, for the development of multi-level marketing, it is suggested that the investigated companies pay more attention to the role of discounting and credit sales to customers, and on the other hand, keep their main customers more satisfied by providing better services and more support. It should be mentioned that so far no research has been done at the country level regarding the design and development of customer loyalty management model in MLM multi-level marketing and business companies based on business intelligence (BI) and this research as a project A new study with an innovative approach to the cosmetic and health products market can be a guide for network marketing managers in achieving greater customer loyalty.

In a MLM company, distributors whole buy the products and retail to end users out of a fixed commercial location. In addition to margin, they get retail commission for every sale. Also every distributor is able to recruit, train and sponsor new distributors – directly and indirectly- and get a percentage as an overall commission. In this way, there are two contracts between company and distributor in a MLM company. One is sales contract with a fiscal exchanged act condition in implied which contains the products purchase contract by distributor and getting retail commission by selling it to end users. The other is proxy contract whereby distributor (as the company’s proxy) act to recruit, organize, sponsor and train continuously new distributors. In practice it isn’t convened any contract between distributors, but with respecting the way they interact, the governing contract between them which recognized by law, is quasi lease contract.

A new approach for optimal reserve determination and cost allocation in the pool-based and disaggregated market model using a well-being framework is presented in this paper. In the proposed method, customers have the chance to specify the risk level which they are willing to accept. Firstly, the energy market is cleared, and afterwards the reserve market is cleared such that the required risk levels of different customers are satisfied. Then, according to the required risk levels and the provided reserve, the cost of reserve is allocated between the different customers with different reliability requirements. For fairly managing the shortage between different customers in the real time operation by the system operator, the Interruption Factor is introduced for the first time in this paper. Although from the economic point of view reliability is a public good, using the concept of the interruption factor, different customers with different reliability requirements can be differentiated. Finally, the proposed method is applied to the IEEE-RTS to examine the applicability and effectiveness of the proposed method.

In a deregulated electric power system in which a competitive electricity market can influence system reliability, system analysts are rapidly recognizing that they cannot ignore market risks. This paper first proposes an analytical probabilistic model for the reliable evaluation of competitive electricity markets and then develops a methodology for incorporating the market reliability problem into composite power system reliability studies. The market reliability is evaluated using the Markov state space diagram. Since the market is a continuously operated system, the concept of absorbing states is applied to it in order to evaluate reliability. The market states are identified using market performance indices and the transition rates are calculated using historical data. The key point in the proposed method is the concept that the reliability level of a restructured electric power system can be calculated using the availability of the composite power system and the reliability of the electricity market. To illustrate an interesting feature of the proposed methodology, two case studies are carried out over a test system.

Cluster fluctuations and fractal structures are important features of space-time correlation in complex financial systems. However, the microscopic mechanism of creation and expansion of these two features in financial markets remains challenging. In the current research, by using factor-based model design and considering a new interactive mechanism called multi-level clustering, the formation process of cluster fluctuations was investigated with regard to the fractal structure of financial markets. For this purpose, the daily information of the final price of 150 shares that were accepted in the Tehran Stock Exchange, after the final screening, was entered in 5 sections with 30 shares in each section, in the desired model, and they were aggregated in three stock levels., sector and market were measured. Due to the fact that some investors have a longer investment horizon in the stock market and due to the limitation of the investigated time period, the maximum investment horizon of 1000 days has been determined in the model.In addition, the data studied in the research model are from August 2012 to September 2018. The findings of the research showed that the intensity of the tendency of collec-tive behavior at the sector level is much stronger than at the market level. In addition, based on the findings of the research, it was determined that the distribution of simulation eigenvalues in three levels is significantly similar to the distribution of real data. Also, according to the investor's time horizon, the studied series always has a long-term memory for fluctuations. In addi-tion, it was found that long-term memory is directly related to fractal dimen-sions. The findings of this research, in addition to providing a new insight into the space-time correlations of financial markets, show that multi-level conglomeration is one of the mechanisms for creating the microscopic mi-crostructure of such markets. In other words, multi-level collective behavior is an important factor in the occurrence of cluster and fractal fluctuations in the market, and therefore, it should be considered from this point of view in the interpretation of the concept of risk and the definition of risk manage-ment strategies.

The current paper seeks to examine the structure of Iranian`s organized monetary market based on multi-function product and multi-level effects pattern which in this regard, the economies of scope has been assessed by estimating multi-product translog cost function of Iranian`s organized monetary market. In this paper 18 active banks during 2008–15 were studied which they all formed the money market situation in Iran. To assess competition in banking industry, at first, by using the results of multi-level mixed effects model to assess the model of Iranian`s organized monetary market, Penrose andRoss model calculated. For assessing the reason of marketing power when there are multi-product offers. Changes in H statistics of Penrose and Ross due to existence of economies of scope in multi-products banking, estimated and the change in statistic H suggests the exclusive power in organized monetary market of country. The findings show that with increasing of diversity of offered products by organized monetary market, the value of Penrose and Ross statistic H is lessened increasing of exclusive power as a result. Therefore, economic measure and scale in banking industry will result in marketing power and also banks with diversity in offering of products have a more exclusive power. To this regard, high degree of concentration in banking industry has highlighted two questions recently: first, regarding bank’s large scales, are whether those scale increase or not? If so is this advantage or obstacle for potential new banks to enter the industry? And second, whether those model banking scope has lead to increase banking power? Theory suggests that banking competition can be inferred directly from the markup of prices over marginal cost (Lerner, 1934). In prsctice, this measure is often hard or even impossible to implement due to a lock of detailed information on the costs and prices of bank products. The literature has proposed various indirect measurement techniques to assess the competitive climate in the banking sector.
The current paper derives a theoretical model that explicitly analyzes the behavior and conduct of a representative multi-product bank that enjoys economies of scope in supplying classic and other banking products. Frist step begin by extending Panzar and Rosse’s (1987) original model to the case of a multi-product bank with economies of scope, computing the multi-product Panzar-Rosse H-Statistic. Next, the current study shows how economies of scope in multi-product banks affect H-Statistics in the market for classical banking products. More specifically, we show that the greater the economies of scope for a multi-product bank, the lower the Panzar-Rosse H-Statistic.
In addition, our estimates show that banks with any of the product profiles studied have greater market power than banks that offer only classic products. These results indicate that both financial and nonfinancial banking products can increase a bank’s market power. Future research could extend this project by investigating the causal effects of the positive relationship between market power and a bank’s decision to supply classic and other banking products. To summarize, our empirical models show that empirical studies that do not consider the economies of scope underestimate multi-product firms’competation in the banking markets. Moreover, an individual banking-level measure of economies of scope is created and included in Panzar and Rosse’s (1987) test. The initial view of product diversity is supported by banks and their customers, So banks by gaining customer satisfaction, they also gain market power through a variety of products though move to the exclusive atmosphere can have the consequences of reducing social welfare.

One of the significant methods of E-trade is the E-multi level net marketing. These corporations cause to the huge evolution in the quick transmission of goods and services from production to consumption in cyber space. Today the classic net marketing is no common anymore and instead, the E-multi level net marketing has been promoted, because it has low costs and high benefits. In fact net corporations are illegal form of net marketing. Both of them work in a particular form. Net corporations are in various types. There are many legal, social, cultural and economical problems in these corporations. Particularly unfair possession and fraud are very common in these corporations.

This paper presents a competitive supply chain network design problem in which one, two, or three supply chains are planning to enter the price-dependent markets simultaneously in uncertain environments and decide to set the prices and shape their networks. The chains produce competitive products either identical or highly substitutable. Fuzzy multi-level mixed integer programming is used to model the competition modes, and then the models are converted into an integrated bi-level one to be solved, in which the inner part sets the prices in dynamic competition and the outer part shapes the network cooperatively.Finally, a real-world problem is investigatedto illustrate how the bi-level model works and discuss how price, market share, total income, and supply chain network behave with respect to key marketing activities such as advertising, promotions, and brand loyalty.

One of the dangers of the growth of markets, institutions and financial instruments is their lack of support for investment in the real sector, which is referred to as the phenomenon of financialization, and since the early 1980s, there is growing evidence of its prevalence. The phenomenon has been reported in different countries. The purpose of this study is to evaluate the effect of financial financing on the real investment of non-financial corporations. Given the growth of financial markets in recent years on the one hand, and the significant difference in returns in this market compared to other markets on the other hand, the study of financial development in the Iranian economy and its impact on capital formation is very important. To assess this issue, the changes in real investment of non-financial companies listed on the Tehran Stock Exchange in the period 2009-2019 have been studied and its impact on financing indicators are estimated including cash dividends paid and non-operating income of the company. The strategy of this study in estimating the model is to use a multi-level panel data model and companies are divided into 4 levels and groups. One of the innovations of this study, in addition to the novelty of the subject, is the use of models based on multilevel panel data. In addition, by using the multi-level panel data model and dividing companies into 4 levels and groups, the effect of independent variables on the dependent variable of the model, means the real investment of non-financial companies is confirmed in each economic sectors and its subgroups as well as the type of ownership of listed companies.

Speculation in securities market is an activity in which the trader with buying and selling securities in short horizon, intend to obtain the capital gain raised on price volatility. There are pros and cons for speculation. Some benefits of speculation include: increasing liquidity and efficiency in financial markets, decreasing price volatility, and increasing acceptance of risk. Along with the advantages mentioned, if speculative transactions extensively are developed in financial markets, such deals may cause to raise excess price volatility and speculative bubbles. In this research, at first by the method of library studies, dimensions of speculation include definition, types, effects, and … are studied. in the next step, sharia rules related to speculation have been extracted that include Gharar, Dharar, Tadlis, Akl al Mal Bil Batil, Ihtikar, and … and by the method of multi-level Ijtihad , these extracted sharia rules are analyzed and adapted with speculative transactions. It is noted in this research speculation is studies assuming no market abuse such as manipulation and inside trading.