WorldWideScience

Sample records for asymmetric price adjustments

  1. Do Daily Retail Gasoline Prices adjust Asymmetrically?

    NARCIS (Netherlands)

    L.J.H. Bettendorf (Leon); S.A. van der Geest (Stéphanie); G. Kuper

    2005-01-01

    textabstractThis paper analyzes adjustments in the Dutch retail gasoline prices. We estimate an error correction model on changes in the daily retail price for gasoline (taxes excluded) for the period 1996-2004 taking care of volatility clustering by estimating an EGARCH model. It turns out the vola

  2. Do daily retail gasoline prices adjust asymmetrically?

    NARCIS (Netherlands)

    Bettendorf, L.; van der Geest, S. A.; Kuper, G. H.

    2009-01-01

    This paper analyses adjustments in the Dutch retail gasoline prices. We estimate an error correction model on changes in the daily retail price for gasoline (taxes excluded) for the period 1996-2004, taking care of volatility clustering by estimating an EGARCH model. It turns out that the volatility

  3. Do Daily Retail Gasoline Prices adjust Asymmetrically?

    NARCIS (Netherlands)

    L.J.H. Bettendorf (Leon); S.A. van der Geest (Stéphanie); G. Kuper

    2005-01-01

    textabstractThis paper analyzes adjustments in the Dutch retail gasoline prices. We estimate an error correction model on changes in the daily retail price for gasoline (taxes excluded) for the period 1996-2004 taking care of volatility clustering by estimating an EGARCH model. It turns out the vola

  4. Essays in applied macroeconomics: Asymmetric price adjustment, exchange rate and treatment effect

    Science.gov (United States)

    Gu, Jingping

    This dissertation consists of three essays. Chapter II examines the possible asymmetric response of gasoline prices to crude oil price changes using an error correction model with GARCH errors. Recent papers have looked at this issue. Some of these papers estimate a form of error correction model, but none of them accounts for autoregressive heteroskedasticity in estimation and testing for asymmetry and none of them takes the response of crude oil price into consideration. We find that time-varying volatility of gasoline price disturbances is an important feature of the data, and when we allow for asymmetric GARCH errors and investigate the system wide impulse response function, we find evidence of asymmetric adjustment to crude oil price changes in weekly retail gasoline prices. Chapter III discusses the relationship between fiscal deficit and exchange rate. Economic theory predicts that fiscal deficits can significantly affect real exchange rate movements, but existing empirical evidence reports only a weak impact of fiscal deficits on exchange rates. Based on US dollar-based real exchange rates in G5 countries and a flexible varying coefficient model, we show that the previously documented weak relationship between fiscal deficits and exchange rates may be the result of additive specifications, and that the relationship is stronger if we allow fiscal deficits to impact real exchange rates non-additively as well as nonlinearly. We find that the speed of exchange rate adjustment toward equilibrium depends on the state of the fiscal deficit; a fiscal contraction in the US can lead to less persistence in the deviation of exchange rates from fundamentals, and faster mean reversion to the equilibrium. Chapter IV proposes a kernel method to deal with the nonparametric regression model with only discrete covariates as regressors. This new approach is based on recently developed least squares cross-validation kernel smoothing method. It can not only automatically smooth

  5. Taxation and the asymmetric adjustment of selected retail energy prices in the UK

    OpenAIRE

    Shin, Yongcheol; Greenwood-Nimmo, Matthew

    2013-01-01

    This paper investigates the adjustment of the prices of four key petroleum products in the UK following changes in the price of crude oil. We find significant evidence that the pre-tax prices of diesel, kerosene and gas oil adjust more rapidly in an upward than a downward direction but that the pre-tax price of unleaded petrol adjusts symmetrically. However, these patterns are obscured at the pump once one accounts for fuel duty and value added tax, raising the possibility that firms can use ...

  6. A new econometric test for asymmetric price adjustment by cointegrating vector restrictions with an application to the U.S. and Dutch pork chains

    NARCIS (Netherlands)

    Kuiper, W.E.; Pennings, J.M.E.; Verhees, F.J.H.M.

    2011-01-01

    A new test of asymmetric price adjustment is proposed on the basis of the super-consistent cointegrating vector estimator in the Johansen (1995) cointegration procedure. The super-consistency makes the test robust to misspecifications in the short-run model. Application of the test to the price spre

  7. A THRESHOLD COINTEGRATION ANALYSIS OF ASYMMETRIC ADJUSTMENTS IN THE GHANAIAN MAIZE MARKETS

    Directory of Open Access Journals (Sweden)

    H. de-Graft Acquah

    2012-08-01

    Full Text Available This paper analyzes the long-run equilibrium relationship between retail and wholesale Ghanaian maize prices with cointegration test assuming asymmetric adjustment. Using the Enders-Siklos asymmetric cointegration tests, it is found that the retail and wholesale prices are cointegrated with threshold adjustment. Furthermore, the adjustment process is asymmetric when the retail and wholesale prices adjust to achieve the long-term equilibrium. Finally, there is faster convergence for negative deviations from long-term equilibrium than for positive deviations. These results imply that price increases tend to persist whereas decreases tend to revert quickly towards equilibrium.

  8. Asymmetric Adjustment in the Ethanol and Grains Markets

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); L.H. Chen (Li-Hsueh); S.M. Hammoudeh (Shawkat); M.J. McAleer (Michael)

    2011-01-01

    textabstractThis paper examines the long- and short-run asymmetric adjustments for nine pairs of spot and futures prices, itemized as three own pairs for three different bio-fuel ethanol types, three own pairs for three related agricultural products, namely corn, soybeans and sugar, and three cross

  9. Equilibrium adjustment of disequilibrium prices

    NARCIS (Netherlands)

    Herings, P.J.J.; van der Laan, G.; Talman, A.J.J.; Venniker, R.

    1994-01-01

    We consider an exchange economy in which price rigidities are present. In the short run the non-numeraire commodities have a exible price level with respect to the numeraire commodity but their relative prices are mutually fixed. In the long run prices are assumed to be completely exible. For a give

  10. New Round of Petroleum Products Price Adjustment

    Institute of Scientific and Technical Information of China (English)

    Hu Wenxiu

    2009-01-01

    @@ Background On December 18,2008,a new petroleum products pricing mechanism was carried out in China.According to the Procedure for the Administration of Oil Price(Trial)issued last month by National Development and Reform Commission,if the moving average price for crude oil in international market changes more than4% in 22 consecutive working days,the prices for gasoline and diesel in domestic market can be adjusted accordingly.

  11. Price Changes, Resource Adjustments and Rational Expectations

    DEFF Research Database (Denmark)

    Hoffmann, Kira

    This study investigates the relationship between the accuracy of managerial demand expectations, resource adjustment decisions and selling price changes. In line with rational expectation theory, it is argued that managers adjust resources and selling prices differently in response to expected...... that cost elasticity is higher when a demand decrease is expected among companies with similar exposure to demand uncertainty. Overall, this implies that managerial competences in predicting future demand significantly determines firms’ profitability; especially when demand uncertainty is high...

  12. Farm-gate tomato price negotiations under asymmetric information information

    NARCIS (Netherlands)

    Jaleta Debello, M.; Gardebroek, C.

    2007-01-01

    This article provides an empirical analysis of farm-gate tomato price negotiations under asymmetric information. Regression models are estimated to analyze when and by how much sellers stick to their initial ask prices and what explains the variation in the initial ask¿offer price spread. Detailed i

  13. Market Efficiency and Price Formation When Dealers are Asymmetrically Informed

    NARCIS (Netherlands)

    Calcagno, R.; Lovo, S.M.

    2002-01-01

    We consider the effect of asymmetric information on the price formation process in a quote-driven market where one market maker receives a private signal on the security fundamental.A model is presented where market makers repeatedly compete in prices: at each stage a bid-ask auction occurs and the

  14. Market Efficiency and Price Formation When Dealers are Asymmetrically Informed

    NARCIS (Netherlands)

    Calcagno, R.; Lovo, S.M.

    2002-01-01

    We consider the effect of asymmetric information on the price formation process in a quote-driven market where one market maker receives a private signal on the security fundamental.A model is presented where market makers repeatedly compete in prices: at each stage a bid-ask auction occurs and the

  15. Pre-Auction Offers in Asymmetric First-Price and Second-Price Auctions

    DEFF Research Database (Denmark)

    Kirkegaard, René; Overgaard, Per Baltzer

    We consider “must-sell” auctions with asymmetric buyers. First, we study auctions with two asymmetric buyers, where the distribution of valuations of the strong buyer is “stretched” relative to that of the weak buyer. Then, it is known that ineffcient first-price auctions aremore profitable...

  16. A price adjustment process in a model of monopolistic competition

    NARCIS (Netherlands)

    J. Tuinstra

    2004-01-01

    We consider a price adjustment process in a model of monopolistic competition. Firms have incomplete information about the demand structure. When they set a price they observe the amount they can sell at that price and they observe the slope of the true demand curve at that price. With this informat

  17. Asymmetric Price Responses of Gasoline Stations: Evidence for Heterogeneity of Retailers

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2009-01-01

    textabstractThis paper studies asymmetric price responses of individual firms, via daily retail prices of almost all gasoline stations in the Netherlands and suggested prices of the five largest oil companies over more than two years. I find that 38% of the stations respond asymmetrically to changes

  18. Dynamic Links between Exchange Rates and Stock Prices in Malaysia: An Asymmetric Cointegration analysis

    Directory of Open Access Journals (Sweden)

    Hamisu Sadi ALI

    2015-09-01

    Full Text Available Abstract. The present article used a monthly data and applied Enders and Siklos (2001 asymmetric cointegration analysis to examine the impact of exchange rates on stock prices in Malaysia for the period of 1999-2014. The result suggests that variables were cointegrated based on Engle-granger two step technique. Moving to threshold auto regressive (TAR and momentumthreshold auto regressive (M-TAR the finding reveals that based on the latter variables were asymmetrically cointegrated as null hypothesis of no cointegration was rejected at 1% significance level based on Enders and Siklos (2001, while the former shows that variables do not have long-run relationship and the speed of adjustment is symmetric. This signifies that increase in the prices of shares in Malaysian stock market could lead to Malaysian Ringgit appreciation over other major global currencies. The stocks will become more expensive and discourage foreign investors’ participation in the market which inhibits the influx of stable foreign capital into Malaysian financial system. The implication is that regulators should ensure that adequate and efficient policies are put in place in order to keep the Ringgit exchange rates at optimal level so as to enhance the participation of foreign investors and improve market competitiveness.Keywords. Stock prices, Exchange rates, Asymmetric, Cointegration, Malaysia.JEL. F18, F21, F23, O47.

  19. 76 FR 67500 - Postal Service Price Adjustment

    Science.gov (United States)

    2011-11-01

    .... The Postal Service notes, among other things, that prices for Nonautomation Presort and Mixed ADC... parcels offerings to address the different needs of fulfillment parcels and marketing parcels. Id. at 19.... at 19-20. It also involves eliminating the NFMs category and replacing it with a new Marketing...

  20. 78 FR 70080 - Market Dominant Price Adjustment

    Science.gov (United States)

    2013-11-22

    .... EDDM Coupon Program March-December 2014. Premium Advertising Promotion.. April-June 2014. Earned Value..., and Bound Printed Matter Flats that destinate in FSS zones. These proposed prices are designed to... product (%) Alaska Bypass Service 2.440 Bound Printed Matter Flats 0.314 Bound Printed Matter Parcels...

  1. 76 FR 4395 - Postal Service Price Adjustment

    Science.gov (United States)

    2011-01-25

    .... Price increases of between 4 and 5 percent for Caller Service reflect the higher value customers place... below other ground parcels to recognize their educational, cultural, scientific, and informational value... constraints, as these often simplify transactions for customers. Id. It says this approach was used for...

  2. The association between aggregated and disaggregated stock prices with monetary policy using asymmetric cointegration and error-correction modeling approaches

    Directory of Open Access Journals (Sweden)

    Roohollah Zare

    2015-06-01

    Full Text Available This paper analyzes the association between monetary policy (measured by short-term interest rate and stock prices at the aggregate and disaggregated levels for Malaysia using asymmetric cointegration and error-correction modeling approaches. Estimating the models using monthly data from 1986:1 to 2012:12, results show with the exception of the finance, plantation and consumer products sectors, there is evidences supportive of the long-run relations between monetary policy and stock prices. Further, the aggregate, industrial and properties stock price indices are noted to be asymmetrically cointegrated with monetary policy with the faster adjustment of stock prices when they are below their long-run values.

  3. China Adjusts Natural Gas Price for Better Allocation of Resources

    Institute of Scientific and Technical Information of China (English)

    Luo Shichao

    2010-01-01

    @@ China has recently increased the wholesale prices of natural gas by around 25 percent to curb demand and better allocate resources.Natural gas benchmark prices went up by 230 yuan to 1,155 yuan per thousand cubic meters,according to the announcement made by the National Development and Reform Commission(NDRC)at the end of May."It is necessary to make the adjustment,as the country's natural gas price is significantly lower than that of other fuels,"said Cap Changqing,head of NDRC's pricing department.

  4. 76 FR 47177 - Publication of Housing Price Inflation Adjustment

    Science.gov (United States)

    2011-08-04

    ... of the Secretary Publication of Housing Price Inflation Adjustment AGENCY: Office of the Under.... The law requires the Department of Defense to adjust this amount annually to reflect inflation and to publish the new amount in the Federal Register. We have applied the inflation index required by the...

  5. What's Happened to the Price of College? Quality-Adjusted Net Price Indexes for Four Year Colleges

    Science.gov (United States)

    Schwartz, Amy Ellen; Scafidi, Benjamin

    2004-01-01

    Hedonic models of the price of college to construct quality-adjusted net price indexes for U.S. four-year colleges were estimated. A 22 percent decline in the estimated price index is reported by adjusting for financial aid, while quality adjusting results lead to a smaller decline, for academic years 1990-91 to 1994-95.

  6. Dynamic Links between Exchange Rates and Stock Prices in Malaysia: An Asymmetric Cointegration analysis

    National Research Council Canada - National Science Library

    Hamisu Sadi ALI; Umar MUKHTAR; Ganthi Selvi MANIAM

    2015-01-01

    The present article used a monthly data and applied Enders and Siklos (2001) asymmetric cointegration analysis to examine the impact of exchange rates on stock prices in Malaysia for the period of 1999-2014...

  7. Pricing and collecting decisions in a closed-loop supply chain with symmetric and asymmetric information

    DEFF Research Database (Denmark)

    Wei, Jie; Govindan, Kannan; Li, Yongjian;

    2015-01-01

    The optimal decision problem of a closed-loop supply chain with symmetric and asymmetric information structures is considered using game theory in this paper. The paper aims to explore how the manufacturer and the retailer make their own decisions about wholesale price, retail price, and collection....... The optimal strategies in closed form are given under the decision scenarios with symmetric information; moreover, the first order conditions that the optimal retail price, optimal wholesale price, and optimal collection rate satisfy are given under the decision scenarios with asymmetric information...... rate under symmetric and asymmetric information conditions. Four game models are established, which allow one to examine the strategies of each firm and explore the role of the manufacturer and the retailer in four different game scenarios under symmetric and asymmetric information structures...

  8. Pricing and collecting decisions in a closed-loop supply chain with symmetric and asymmetric information

    DEFF Research Database (Denmark)

    Wei, Jie; Govindan, Kannan; Li, Yongjian

    2015-01-01

    The optimal decision problem of a closed-loop supply chain with symmetric and asymmetric information structures is considered using game theory in this paper. The paper aims to explore how the manufacturer and the retailer make their own decisions about wholesale price, retail price, and collection...... rate under symmetric and asymmetric information conditions. Four game models are established, which allow one to examine the strategies of each firm and explore the role of the manufacturer and the retailer in four different game scenarios under symmetric and asymmetric information structures....... The optimal strategies in closed form are given under the decision scenarios with symmetric information; moreover, the first order conditions that the optimal retail price, optimal wholesale price, and optimal collection rate satisfy are given under the decision scenarios with asymmetric information...

  9. The asymmetric effect of coal price on the China's macro economy using NARDL model

    Science.gov (United States)

    Hou, J. C.; Yang, M. C.

    2016-08-01

    The present work endeavors to explore the asymmetric effect of coal price on the China's macro economy by applying nonlinear autoregressive distributed lag (NARDL) model for the period of January 2005 to June 2015. The obtained results indicate that the coal price has a strong asymmetric effect on China's macro economy in the long-run. Namely one percent increase in coal price leads to 0.6194 percent of the China's macro economy increase; and while the coal price is reduces by 1 percent, the China's macro economy will decrease by 0.008 percent. These data indicate that when coal price rises, the effect on China's macro economy is far greater than the price decline. In the short-run, coal price fluctuation has a positive effect on the China's macro economy.

  10. A globally and universally stable price adjustment process

    Energy Technology Data Exchange (ETDEWEB)

    Herings, J.J.

    1994-12-31

    Starting with Walras, economists have been interested in adjustment processes that find for a given economy and an arbitrarily specified starting price vector a Walrasian equilibrium. Mathematically, the problem is equivalent to finding a fixed point of a function under the conditions of the Brouwer Fixed Point Theorem when starting with an arbitrary initial point. In the paper it is proved that an adjustment process, originally proposed by Van der Laan and Talman, converges for almost every economy, given any starting price vector, under standard assumptions. It is possible to obtain additional results in case the excess demand function satisfies the condition of gross substitutability. In this special case it can be shown that the qualitative behaviour of the process is similar to the one of the well-known Walrasian tatonnement process. Since there is a close relationship between the existence of always converging adjustment processes and the Brouwer Fixed Point Theorem it is not a surprise that there is a relation between adjustment processes and simplicial pivoting algorithms to compute fixed points. The adjustment process considered in this paper is related to a variable dimension fixed point algorithm of Doup, Van der Laan, and Talman. The path generated by the adjustment process can be followed arbitrarily close by their algorithm. Therefore the paper also yields a contribution to the understanding of the limit behaviour of simplicial pivoting algorithms.

  11. Pricing a Collateralized Derivative Trade with a Funding Value Adjustment

    Directory of Open Access Journals (Sweden)

    Chadd B. Hunzinger

    2015-01-01

    Full Text Available The 2008 credit crisis changed the manner in which derivative trades are conducted. One of these changes is the posting of collateral in a trade to mitigate the counterparty credit risk. Another is the realization that banks are not risk-free and, as a result, cannot borrow at the risk-free rate any longer. The latter led banks to introduced the controversial adjustment to derivative prices, known as a funding value adjustment (FVA, which is interlinked with the posting of collateral. In this paper, we extend the Cox, Ross and Rubinstein (CRR discrete-time model to include collateral and FVA. We prove that this derived model is a discrete analogue of Piterbarg’s partial differential equation (PDE, which describes the price of a collateralized derivative. The fact that the two models coincide is also verified by numerical implementation of the results that we obtain.

  12. 48 CFR 52.216-3 - Economic Price Adjustment-Semistandard Supplies.

    Science.gov (United States)

    2010-10-01

    ... for which it has an established price. The term established price means a price that (1) is an... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Economic Price Adjustment... Clauses 52.216-3 Economic Price Adjustment—Semistandard Supplies. As prescribed in 16.203-4(b), insert the...

  13. 48 CFR 52.216-2 - Economic Price Adjustment-Standard Supplies.

    Science.gov (United States)

    2010-10-01

    ... term established price means a price that (1) is an established catalog or market price for a... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Economic Price Adjustment... Clauses 52.216-2 Economic Price Adjustment—Standard Supplies. As prescribed in 16.203-4(a), insert the...

  14. 77 FR 29982 - Federal Acquisition Regulation; Submission for OMB Review; Davis Bacon Act-Price Adjustment...

    Science.gov (United States)

    2012-05-21

    ... Regulation; Submission for OMB Review; Davis Bacon Act-Price Adjustment (Actual Method) AGENCY: Department of... previously approved information collection requirement concerning the Davis-Bacon Act price adjustment... Bacon Act-Price Adjustment (Actual Method), by any of the following methods: Regulations.gov :...

  15. 77 FR 13328 - Federal Acquisition Regulation; Information Collection; Davis Bacon Act-Price Adjustment (Actual...

    Science.gov (United States)

    2012-03-06

    ... Regulation; Information Collection; Davis Bacon Act--Price Adjustment (Actual Method) AGENCY: Department of... previously approved information collection requirement concerning the Davis-Bacon Act price adjustment... comments identified by Information Collection 9000- 0154, Davis Bacon Act--Price Adjustment (Actual...

  16. Effects of asymmetric medical insurance subsidy on hospitals competition under non-price regulation.

    Science.gov (United States)

    Wang, Chan; Nie, Pu-Yan

    2016-11-15

    Poor medical care and high fees are two major problems in the world health care system. As a result, health care insurance system reform is a major issue in developing countries, such as China. Governments should take the effect of health care insurance system reform on the competition of hospitals into account when they practice a reform. This article aims to capture the influences of asymmetric medical insurance subsidy and the importance of medical quality to patients on hospitals competition under non-price regulation. We establish a three-stage duopoly model with quantity and quality competition. In the model, qualitative difference and asymmetric medical insurance subsidy among hospitals are considered. The government decides subsidy (or reimbursement) ratios in the first stage. Hospitals choose the quality in the second stage and then support the quantity in the third stage. We obtain our conclusions by mathematical model analyses and all the results are achieved by backward induction. The importance of medical quality to patients has stronger influence on the small hospital, while subsidy has greater effect on the large hospital. Meanwhile, the importance of medical quality to patients strengthens competition, but subsidy effect weakens it. Besides, subsidy ratios difference affects the relationship between subsidy and hospital competition. Furthermore, we capture the optimal reimbursement ratio based on social welfare maximization. More importantly, this paper finds that the higher management efficiency of the medical insurance investment funds is, the higher the best subsidy ratio is. This paper states that subsidy is a two-edged sword. On one hand, subsidy stimulates medical demand. On the other hand, subsidy raises price and inhibits hospital competition. Therefore, government must set an appropriate subsidy ratio difference between large and small hospitals to maximize the total social welfare. For a developing country with limited medical resources

  17. CASE STUDY ON RE-ADJUSTMENTS DEPENDING ON PRICE MODIFICATION

    Directory of Open Access Journals (Sweden)

    Cozma Ighian Diana

    2011-01-01

    Full Text Available Inflationary moments, characterized by significant price rises, have proved that accountingsystems based on historical costs provide a distorted image of the reality: the elements ofthe balance sheet are under-valuated, and the stock-related expenses and amortization in theprofit and loss account are also under-valuated. Under these circumstances, the result isover-valuated, and its distribution leads to allotments from the company’s capital. In thispaper we draw up a case study with regards to the methods used for adjusting pricemodification, clearly outlining, through a comparative analysis, the main differencesbetween the accounting system based on historical cost and inflation accounting.

  18. Asymmetric and persistent responses in price volatility of fertilizers through stable and unstable periods

    Science.gov (United States)

    Lahmiri, Salim

    2017-01-01

    Fertilizers are important to improve agricultural productivity growth. The purpose of this study is to investigate asymmetry, leverage, and persistence of shocks on price volatility of five fertilizers using EGARCH model during stable and unstable time periods, corresponding to before and after 2007 international financial crisis, respectively. Using price data of rock phosphate, triple super phosphate, diammonium phosphate (DAP), urea, and potassium chloride, it is found that fertilizers price volatilities display an apparent asymmetric response to shocks which have much pronounced and permanent effect during unstable period than in during stable period. Such effects should be taken into account whenever volatility modeling of fertilizers is considered, particularly during periods of volatile price.

  19. Dynamic Links between Exchange Rates and Stock Prices in Malaysia: An Asymmetric Cointegration analysis

    OpenAIRE

    ALI, Hamisu Sadi; Umar MUKHTAR; MANIAM, Ganthi Selvi

    2015-01-01

    Abstract. The present article used a monthly data and applied Enders and Siklos (2001) asymmetric cointegration analysis to examine the impact of exchange rates on stock prices in Malaysia for the period of 1999-2014. The result suggests that variables were cointegrated based on Engle-granger two step technique. Moving to threshold auto regressive (TAR) and momentumthreshold auto regressive (M-TAR) the finding reveals that based on the latter variables were asymmetrically cointegrated as null...

  20. The asymmetric effects of oil price and monetary policy shocks. A nonlinear VAR approach

    Energy Technology Data Exchange (ETDEWEB)

    Rahman, Sajjadur [Department of Economics, University of Saskatchewan, Saskatoon (Canada); Serletis, Apostolos [Department of Economics, University of Calgary, Calgary (Canada)

    2010-11-15

    In this paper we investigate the asymmetric effects of oil price shocks and monetary policy on macroeconomic activity, using monthly data for the United States, over the period from 1983:1 to 2008:12. In doing so, we use a logistic smooth transition vector autoregression (VAR), as detailed in Terasvirta and Anderson (1992) and Weise (1999), and make a distinction between two oil price volatility regimes (high and low), using the realized oil price volatility as a switching variable. We isolate the effects of oil price and monetary policy shocks and their asymmetry on output growth and, following Koop et al. (1996) and Weise (1999), we employ simulation methods to calculate Generalized Impulse Response Functions (GIRFs) to trace the effects of independent shocks on the conditional means of the variables. Our results suggest that in addition to the price of oil, oil price volatility has an impact on macroeconomic activity and that monetary policy is not only reinforcing the effects of oil price shocks on output, it is also contributing to the asymmetric response of output to oil price shocks. (author)

  1. 5 CFR 591.224 - How does OPM adjust price indexes between surveys?

    Science.gov (United States)

    2010-01-01

    ... this, OPM uses the annual or biennial change in the Consumer Price Index (CPI) for the COLA area... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false How does OPM adjust price indexes between...-Of-Living Allowances § 591.224 How does OPM adjust price indexes between surveys? (a) OPM...

  2. 48 CFR 52.222-32 - Davis-Bacon Act-Price Adjustment (Actual Method).

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Davis-Bacon Act-Price... Provisions and Clauses 52.222-32 Davis-Bacon Act—Price Adjustment (Actual Method). As prescribed in 22.407(g), insert the following clause: Davis-Bacon Act—Price Adjustment (Actual Method) (DEC 2001) (a) The...

  3. 48 CFR 52.222-31 - Davis-Bacon Act-Price Adjustment (Percentage Method).

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Davis-Bacon Act-Price... Provisions and Clauses 52.222-31 Davis-Bacon Act—Price Adjustment (Percentage Method). As prescribed in 22.407(f), insert the following clause: Davis-Bacon Act—Price Adjustment (Percentage Method) (DEC...

  4. 47 CFR 61.47 - Adjustments to the SBI; pricing bands.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Adjustments to the SBI; pricing bands. 61.47... (CONTINUED) TARIFFS General Rules for Dominant Carriers § 61.47 Adjustments to the SBI; pricing bands. (a) In... restructured service) that will remain or become available after restructuring. (e) Pricing bands shall...

  5. Pricing of General Insurance and the Impact of Asymmetric Information

    DEFF Research Database (Denmark)

    Englund, Martin

    To set the insurance premium correctly is of outmost importance on a competitive insurance market. Hence the overall objective of this thesis is to improve the pricing, first by using individual claims information, and second by using information about the individuals choice of coverage. Regarding...

  6. Limit orders, asymmetric information and the formation of asset prices with a computerized specialist

    NARCIS (Netherlands)

    M.R. Baye (Michael); A. Gilette (Ann); C.G. de Vries (Casper)

    1994-01-01

    textabstractWe analyze the existence of equilibrium in an asset market under asymmetric information. Price formation is modeled as a bilateral sealed bid auction where uninformed and informed traders submit limit orders to a computerized specialist. The computerized specialist is programmed to sell

  7. Elicited Bid Functions in a (a)Symmetric First-Price Auctions

    NARCIS (Netherlands)

    Pezanis-Christou, P.; Sadrieh, A.

    2003-01-01

    We report on a series of experiments that examine bidding behavior in first-price sealed bid auctions with symmetric and asymmetric bidders.To study the extent of strategic behavior, we use an experimental design that elicits bidders complete bid functions in each round (auction) of the

  8. ASYMMETRIC PRICE TRANSMISSION MODELING: THE IMPORTANCE OF MODEL COMPLEXITY AND THE PERFORMANCE OF THE SELECTION CRITERIA

    Directory of Open Access Journals (Sweden)

    Henry de-Graft Acquah

    2013-01-01

    Full Text Available Information Criteria provides an attractive basis for selecting the best model from a set of competing asymmetric price transmission models or theories. However, little is understood about the sensitivity of the model selection methods to model complexity. This study therefore fits competing asymmetric price transmission models that differ in complexity to simulated data and evaluates the ability of the model selection methods to recover the true model. The results of Monte Carlo experimentation suggest that in general BIC, CAIC and DIC were superior to AIC when the true data generating process was the standard error correction model, whereas AIC was more successful when the true model was the complex error correction model. It is also shown that the model selection methods performed better in large samples for a complex asymmetric data generating process than with a standard asymmetric data generating process. Except for complex models, AIC's performance did not make substantial gains in recovery rates as sample size increased. The research findings demonstrate the influence of model complexity in asymmetric price transmission model comparison and selection.

  9. 48 CFR 252.215-7000 - Pricing adjustments.

    Science.gov (United States)

    2010-10-01

    ... clauses entitled “Price Reduction for Defective Cost or Pricing Data—Modifications,” “Subcontractor Cost or Pricing Data,” and “Subcontractor Cost or Pricing Data—Modifications,” means the aggregate increases and/or decreases in cost plus applicable profits. (End of clause) ...

  10. Asymmetric Information, Self-selection, and Pricing of Insurance Contracts

    DEFF Research Database (Denmark)

    Donnelly, Catherine; Englund, Martin Kristian; Nielsen, Jens Perch

    2014-01-01

    This article presents an optional bonus-malus contract based on a priori risk classification of the underlying insurance contract. By inducing self-selection, the purchase of the bonus-malus contract can be used as a screening device. This gives an even better pricing performance than both...... an experience rating scheme and a classical no-claims bonus system. An application to the Danish automobile insurance market is considered....

  11. Managerial and Customer Costs of Price Adjustment: Direct Evidence from Industrial Markets

    OpenAIRE

    Mark Zbaracki; Mark Ritson; Daniel Levy; Shantanu Dutta; Mark Bergen

    2004-01-01

    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 find that price adjustment costs are a much more complex construct than the existing industrial organization or the macroeconomics literature recognizes. In addition to physical costs ("menu costs"), we identify and measure three types of managerial costs—information gathering, decision-...

  12. Dynamic Inventory and Pricing Policy in a Periodic-Review Inventory System with Finite Ordering Capacity and Price Adjustment Cost

    OpenAIRE

    Baimei Yang; Chunyan Gao; Na Liu; Liang Xu

    2015-01-01

    We consider a dynamic inventory control and pricing optimization problem in a periodic-review inventory system with price adjustment cost. Each order occurs with a fixed ordering cost; the ordering quantity is capacitated. We consider a sequential decision problem, where the firm first chooses the ordering quantity and then the sale price to maximize the expected total discounted profit over the sale horizon. We show that the optimal inventory control is partially charac...

  13. 78 FR 41835 - Inflation Adjustments to the Price-Anderson Act Financial Protection Regulations

    Science.gov (United States)

    2013-07-12

    ... 3150-AJ25 Inflation Adjustments to the Price-Anderson Act Financial Protection Regulations AGENCY... deferred premiums specified in the Price-Anderson Act for inflation at least once during each 5-year period... Federal Regulations is sold by the Superintendent of Documents. #0;Prices of new books are listed in the...

  14. Asymmetric Price Transmission in Food Supply Chains: Impulse Response Analysis by Local Projections Applied to U.S. Broiler and Pork Prices

    NARCIS (Netherlands)

    Kuiper, W.E.; Oude Lansink, A.G.J.M.

    2013-01-01

    In this article, the author's set out Jordà's (2005) method of local projections by which nonlinear/ asymmetric impulse responses can be computed without the need to specify and estimate the underlying nonlinear/asymmetric dynamic system. The method is used to compute price-reaction functions that s

  15. On the Output-Inflation Relationship When Price and Quantity Adjustments are Costly

    DEFF Research Database (Denmark)

    Danziger, Leif; Kreiner, Claus Thustrup

    A vast literature analyzes the real effects of price-adjustment costs assuming that quantity adjustments are costless. In this paper, we analyze whether the presence of quantity-adjustments costs, which presumably are significant, change the traditional results on the impact of inflation....... In particular, recent findings suggest that quantity-adjustment costs may remove the linkage between output and inflation. We show that this is not the case when inflation is anticipated. On the contrary, quantity-adjustment costs may significantly amplify the consequences of price-adjustment costs...

  16. Price Adjustment in Costa Rica: A First Assessment Using Micro-Data

    Directory of Open Access Journals (Sweden)

    Alberto José Vindas Quesada

    2014-11-01

    Full Text Available This article explores the pricing adjustment process in Costa Rica, taking a deeper look into the micro-data that make up the Consumer Price Index for the period 2006-2013. The basic question asks if this process resembles time-dependent picing models, or if it resembles more a state-dependent process. This is done analysing a series of random effects regressions to explore the relations between inflation rate, frequency of pricing adjustments and their average magnitude. The main conclusions are that 1 there is considerable heterogeneity between product categories, 2 price decreases follow a very stable pattern that does not depend on the overall inflation rate, 3 the average size of the price increases is influenced by a very small magnitude by the inflation rate, 4 the proportion of prices increasing each month is strongly positively correlated with the inflation rate, and 5 state-dependent specifications fit better these facts.

  17. A Quality-Adjusted Price Index for Colorectal Cancer Drugs

    OpenAIRE

    Claudio Lucarelli; Sean Nicholson

    2009-01-01

    The average price of treating a colorectal cancer patient with chemotherapy increased from about $100 in 1993 to $36,000 in 2005, due largely to the approval and widespread use of five new drugs between 1996 and 2004. We examine whether the substantial increase in spending has been worth it. Using discrete choice methods to estimate demand, we construct a price index for colorectal cancer drugs for each quarter between 1993 and 2005 that takes into consideration the quality (i.e., the efficac...

  18. 75 FR 750 - Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of Liability-Vessels and...

    Science.gov (United States)

    2010-01-06

    ... Federal Register, at 73 FR 54997, entitled ``Consumer Price Index Adjustments of Oil Pollution Act of 1990... SECURITY Coast Guard 33 CFR Part 138 RIN 1625-AB25 Consumer Price Index Adjustments of Oil Pollution Act of..., 2008, titled ``Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of...

  19. 7 CFR 1007.51 - Class I differential, adjustments to Class I prices, and Class I price.

    Science.gov (United States)

    2010-01-01

    ... adjustments: State Country/parish FIPS Class I price adjustment AL AUTAUGA 01001 0.50 AL BALDWIN 01003 0.50 AL... BACON 13005 1.15 GA BAKER 13007 0.85 GA BALDWIN 13009 0.70 GA BANKS 13011 0.70 GA BARROW 13013 0.70 GA... LA SAINT HELENA 22091 0.30 LA SAINT JAMES 22093 0.20 LA SAINT JOHN THE BAPTIST 22095 0.20 LA...

  20. 78 FR 67951 - Price Cap Rules for Certain Postal Rate Adjustments; Corrections

    Science.gov (United States)

    2013-11-13

    ... From the Federal Register Online via the Government Publishing Office POSTAL REGULATORY COMMISSION 39 CFR Part 3010 Price Cap Rules for Certain Postal Rate Adjustments; Corrections AGENCY: Postal Regulatory Commission. ACTION: Correcting amendments. SUMMARY: The Postal Regulatory Commission published a...

  1. The Asymmetric Effects of Oil Price Shocks on the Chinese Stock Market: Evidence from a Quantile Impulse Response Perspective

    Directory of Open Access Journals (Sweden)

    Huiming Zhu

    2016-08-01

    Full Text Available This paper uses a quantile impulse response approach to investigate the impact of oil price shocks on Chinese stock returns. This process allows us to uncover asymmetric effects of oil price shocks on stock market returns by taking into account the different quantiles of oil price shocks. Our results show that the responses of Chinese stock market returns to oil price shocks differ greatly, depending on whether the oil and stock market is in a bust or boom state and whether the shock is driven by demand or supply. The impacts of oil price shocks on Chinese stock returns present asymmetric features. In particular during a bust phase, oil supply and demand shocks significantly depress stock market returns, while during a boom period, the aggregate demand shock enhances stock market returns. These results suggest some important implications for investors and decision makers.

  2. Price adjustment in world wine markets: A cointegration analysis

    Directory of Open Access Journals (Sweden)

    Juan Sebastián Castillo-Valero

    2015-12-01

    Full Text Available World wine trade has undergone an exponential dynamic in recent years because of the fall in domestic demand of the main traditional producing countries. This study aims to measure the degree of price integration in the international wine market, within a framework where review and re-adaptation of strategies and behaviors is continuous in a scenario of increasing globalization. Prices from the principal Old World exporting countries have been taken into account, and those from New World exporters. The methodology adopted is based on estimating the Error Correction Vectors, linear and with thresholds. Results obtained show that export prices of Old World countries in the EU are homogenous and seek equilibrium within the same cointegration space; and, on the other hand, that New World exporters do not share a common behavior in their exporting dynamics. France appears as the “leader” of Old World countries, although its leadership and trend is not followed or shared by the New World exporters. However, Italy and particularly Spain are the ones cointegrated, linearly and non-linearly, with markets from New World countries, USA and Argentina. Therefore, France is reference within the EU, while New World exporters countries take Italy and Spain as reference competitors.

  3. An Application of the Two-Regime Threshold Vector Error Correction Model to Analyze Asymmetric Price Transmission of Milk in Zanjan Province of Iran

    Directory of Open Access Journals (Sweden)

    Moharram Ainollahi

    2015-09-01

    Full Text Available I n this paper asymmetric price transmission mechanism and nonlinear adjustment between producer and retail prices of milk were examined in Zanjan Province of Iran. For this purpose, a Two-Regime Threshold Vector Error Correction Model (TVECM and a Sup-LM Test developed by Hansen and Seo (2002 were employed for checking presence of a threshold effect. Application of unit root tests indicated that both wholesale and retail prices are I (1, and Johansen test verified cointegration of the series in the long-run. Results of the Sup-LM test confirmed threshold adjustment of product price towards the long-run equilibrium. Furthermore, results obtained from TVECM revealed that the coefficient of ECT is significant only in the first regime of retailing equation implying that retailers significantly respond to the decreasing deviations from the long-run equilibrium. While adjustment coefficient is not significant for wholesale equation in both regimes to imply that there is not significant inclination to react to deviations from the long-run equilibrium among the wholesalers despite the retailers.

  4. 78 FR 52694 - Price Cap Rules for Certain Postal Rate Adjustments

    Science.gov (United States)

    2013-08-26

    ... 39 CFR Part 3010 Price Cap Rules for Certain Postal Rate Adjustments AGENCY: Postal Regulatory... of these rules will facilitate consideration of market dominant postal rate adjustments. DATES... scope of the part 3010 rules to market dominant postal products (as opposed to competitive products or...

  5. A Note on Forecasting the Rate of Change of the Price of Oil: Asymmetric Loss and Forecast Rationality

    Directory of Open Access Journals (Sweden)

    Christian Pierdzioch

    2013-03-01

    Full Text Available We study whether forecasts of the rate of change of the price of oil are rational. To this end, we consider a model that allows the shape of forecasters’ loss function to be studied. The shape of forecasters’ loss function may be consistent with a symmetric or an asymmetric loss function. We find that an asymmetric loss function often (but not always makes forecasts look rational, and we also report that forecast rationality may have changed over time.

  6. How fast do stock prices adjust to market efficiency? Evidence from a detrended fluctuation analysis

    Science.gov (United States)

    Reboredo, Juan C.; Rivera-Castro, Miguel A.; Miranda, José G. V.; García-Rubio, Raquel

    2013-04-01

    In this paper we analyse price fluctuations with the aim of measuring how long the market takes to adjust prices to weak-form efficiency, i.e., how long it takes for prices to adjust to a fractional Brownian motion with a Hurst exponent of 0.5. The Hurst exponent is estimated for different time horizons using detrended fluctuation analysis-a method suitable for non-stationary series with trends-in order to identify at which time scale the Hurst exponent is consistent with the efficient market hypothesis. Using high-frequency share price, exchange rate and stock data, we show how price dynamics exhibited important deviations from efficiency for time periods of up to 15 min; thereafter, price dynamics was consistent with a geometric Brownian motion. The intraday behaviour of the series also indicated that price dynamics at trade opening and close was hardly consistent with efficiency, which would enable investors to exploit price deviations from fundamental values. This result is consistent with intraday volume, volatility and transaction time duration patterns.

  7. 48 CFR 252.216-7000 - Economic price adjustment-basic steel, aluminum, brass, bronze, or copper mill products.

    Science.gov (United States)

    2010-10-01

    ... Mill Products (JUL 1997) (a) Definitions. As used in this clause— Established price means a price which... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Economic price adjustment... SOLICITATION PROVISIONS AND CONTRACT CLAUSES Text of Provisions And Clauses 252.216-7000 Economic price...

  8. Price assymetry in the Dutch retail gasoline market

    NARCIS (Netherlands)

    L.J.H. Bettendorf (Leon); S.A. van der Geest (Stéphanie); M. Varkevisser (Marco)

    2003-01-01

    textabstractThis paper analyses retail price adjustments in the Dutch gasoline market. We estimate an asymmetric error correction model on weekly price changes for the years 1996 to 2001. We construct five datasets, one for each working day. The conclusions on asymmetric pricing are shown to differ

  9. Essays on microgrids, asymmetric pricing and market power in electricity markets

    Science.gov (United States)

    Lo Prete, Chiara

    . Chapter 4 examines the possibility of asymmetric transmission of CO 2 and fuel prices to electricity futures prices in the second phase of the European Emission Trading Scheme. The goal is to assess whether output prices tend to respond more quickly to input price increases than decreases: this phenomenon is known as "rockets and feathers" in the literature. Results do not provide empirical evidence of statistically significant differences in the response of power prices to positive and negative shocks in CO 2 allowance and fuel markets. Chapter 5 re-examines the issue of the potential exercise of market power in California after liberalization, with a focus on its day-ahead energy market (the former PX) and its five largest thermal generators. The analysis focuses on a peak hour of operation (hour 18) and disregards hours in which congestion occurred. First, I define a direct measure of unilateral market power for each firm, equal to the hourly inverse elasticity of its residual demand function. The second part of the analysis aims at assessing whether the necessary conditions for the unilateral exercise of market power were satisfied in practice, based on a comparison of PX market-clearing prices, estimated marginal revenues and estimated bounds for the marginal costs of generation of each supplier. By conservatively assuming that the estimated upper bound is close to each firm's actual marginal cost of generation, the analysis suggests that in a large fraction of hours the thermal generators were acting less competitively that what implied by unilateral profit maximization. If instead I explicitly account for uncertainty in the marginal cost estimates with the introduction of a +/-10% margin on the estimated bounds, thermal generators are equally likely to bid close to their marginal costs or above them. Among the hours characterized by market-clearing prices above marginal costs, 64% present, on average, evidence of less competitive than Nash behavior. Two possible

  10. The mechanism of pricing adjustment and tendencies of its development in Uzbekistan

    Directory of Open Access Journals (Sweden)

    Sergey Voronin

    2009-12-01

    Full Text Available The paper argues in favor of pricing adjustment to support competitiveness of national economy in Uzbekistan. The special attention was given to the factors of decreasing production costs in condition of global financial crisis environment. Measures in tax legislation unification, optimizing tax rates and structure are considered important to support competitiveness of national production.

  11. An asymmetric re-weighting method for the precision combined bundle adjustment of aerial oblique images

    Science.gov (United States)

    Xie, Linfu; Hu, Han; Wang, Jingxue; Zhu, Qing; Chen, Min

    2016-07-01

    Combined bundle adjustment is a fundamental step in the processing of massive oblique images. Traditional bundle adjustment designed for nadir images gives identical weights to different parts of image point observations made from different directions, due to the assumption that the errors in the observations follow the same Gaussian distribution. However, because of their large tilt angles, aerial oblique images have trapezoidal footprints on the ground, and their areas correspond to conspicuously different ground sample distances. The errors in different observations no longer conform to the above assumption, which leads to suboptimal bundle adjustment accuracy and restricts subsequent 3D applications. To model the distribution of the errors correctly for the combined bundle adjustment of oblique images, this paper proposes an asymmetric re-weighting method. The scale of each pixel is used to determine a re-weighting factor, and each pixel is subsequently projected onto the ground to identify another anisotropic re-weighting factor using the shape of its quadrangle. Next, these two factors are integrated into the combined bundle adjustment using asymmetric weights for the image point observations; greater weights are assigned to observations with fine resolutions, and those with coarse resolutions are penalized. This paper analyzes urban and rural images captured by three different five-angle camera systems, from both proprietary datasets and the ISPRS/EuroSDR benchmark. The results reveal that the proposed method outperforms the traditional method in both back-projected and triangulated precision by approximately 5-10% in most cases. Furthermore, the misalignments of point clouds generated by the different cameras are significantly alleviated after combined bundle adjustment.

  12. 48 CFR 52.222-30 - Davis-Bacon Act-Price Adjustment (None or Separately Specified Method).

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Davis-Bacon Act-Price... CLAUSES Text of Provisions and Clauses 52.222-30 Davis-Bacon Act—Price Adjustment (None or Separately Specified Method). As prescribed in 22.407(e), insert the following clause: Davis-Bacon Act—Price...

  13. Smaller Real Regional Income Gap than Nominal Income Gap: A Price-adjusted Study

    Institute of Scientific and Technical Information of China (English)

    Xiaojuan Jiang; Hui Li

    2006-01-01

    Two factors determining the level of living in different areas are income level and price level.Current studies on regional gaps concentrate on the gap in income levels. The present paper studies the impact of the two variables on the real living standards in different regions, with the real gap in the living standards calculated with price adjustment by taking into consideration only the deviations brought about by cash income. The basic conclusion is that, despite China's economy having witnessed rapid growth, the statistics at the macro level cannot disguise the obvious gaps among regions; therefore, as a result of the impact of income and price, the real gap in the living standards among different regions is smaller than the gap indicated by the nominal income level. As people are sensitive to cash income level, they have a low sensitivity to changes in real purchasing power. In other words, in areas that have the same real income levels, people tend to think that people live better when the nominal income and price are both high. The differences in price indices among different regions show that the same cash income can get different goods and services in different regions. This explains the rationale of the existence of floating workers among different regions. On this basis, we predict that people working in high-income areas who enjoy higher levels of social security might prefer to live in low-priceareas after retirement if the social security payment method becomes more flexible.

  14. Price adjustment in the hospital sector: how should the NHS discriminate between providers. A comment on Miraldo, Siciliani and Street.

    Science.gov (United States)

    Mougeot, Michel; Naegelen, Florence

    2012-01-01

    Miraldo et al. (2011) have analyzed the price adjustment policy of a payer implementing a Prospective Payment System in the hospital sector in the presence of exogenous cost differences when no lump-sum transfers are allowed. They focus on deriving conditions for the price adjustment being positive. In this paper, using a result of Miraldo et al., we emphasize whether the price adjustment is larger or smaller than the marginal cost. We show how the discrimination operates against either the low-cost or the high-cost hospitals according to the value of the elasticity of the additional marginal cost with respect to the quantity of services.

  15. On the comparison of Bayesian Information criterion and Draper''s Information criterion in selection of an asymmetric price relationship: bootstrap simulation results

    OpenAIRE

    Henry de-Graft Acquah; Joseph Acquah

    2013-01-01

    Alternative formulations of the Bayesian Information Criteria provide a basis for choosing between competing methods for detecting price asymmetry. However, very little is understood about their performance in the asymmetric price transmission modelling framework. In addressing this issue, this paper introduces and applies parametric bootstrap techniques to evaluate the ability of Bayesian Information Criteria (BIC) and Draper's Information Criteria (DIC) in discriminating between alternative...

  16. Adjusting the CO2 cap to subsidised RES generation: Can CO2 prices be decoupled from renewable policy?

    NARCIS (Netherlands)

    Richstein, J.C.; Chappin, E.J.L.; De Vries, L.J.

    2015-01-01

    The low prices in the European Emission Trading System (EU ETS) have triggered discussions of various possible reforms. One option is to decouple the CO 2 prices from renewable energy policy by adjusting the emission cap to renewable energy investment overshoots. We introduce two ways of reducing th

  17. Resource price turbulence and macroeconomic adjustment for a resource exporter. A conceptual framework for policy analysis

    Energy Technology Data Exchange (ETDEWEB)

    Cox, Grant M. [School of Mathematics and Applied Statistics, University of Wollongong, Wollongong, NSW, 522 (Australia); Harvie, Charles [School of Economics, University of Wollongong, Wollongong, NSW, 2522 (Australia)

    2010-03-15

    contribution of government fiscal policy in influencing subsequent macroeconomic outcomes. The adjustment process in the model arising from a resource price shock emphasises a spending (or wealth) effect, an income effect, a revenue effect, a current account effect and an exchange rate effect, which facilitate a robust analysis of subsequent macroeconomic outcomes from such a shock as well as related policy responses. (author)

  18. The missing link in an international framework for carbon pricing: border adjustment with taxes or allowances

    DEFF Research Database (Denmark)

    Andersen, Mikael Skou

    2017-01-01

    was created at the initiative of the World Bank and the International Monetary Fund. Over the past five years the share of global CO2 emissions subject to carbon pricing via either taxes or allowances have tripled, from four to twelve per cent. In anticipation of a widening gap between countries the scope...... allow for such adjustment under its exemption mechanisms and when all other options have been exhausted. As a highly sensitive measure, not only the complex technical and legal questions deserve attention, but also how to make the best diplomacy of it within the arsenal of climate change mitigation...

  19. Equity Valuation : Apple Inc intrinsic value and market price adjustment towards equilibrium

    OpenAIRE

    Madeira, Marco António Lourenço

    2013-01-01

    The main objective in this dissertation is to get an accurate estimate about Apple Inc intrinsic value in the end of the respective fiscal year (09/2012) using as valuation method the cost of capital approach. In addition, it is studied the long run relationship adjustment from market price towards respective fair value, using the error correction model. Apple Inc intrinsic value was estimated to be equal to 533.912$ million taking into account 110.505$ million in cash. As a...

  20. Modelling the Price of Unleaded Petrol in Australia’s Capital Cities

    Directory of Open Access Journals (Sweden)

    Abbas Valadkhani

    2010-06-01

    Full Text Available This paper examines the long-run and short-run determinants of unleaded petrol price in Australia’s capitalcities using monthly data to find out whether prices respond asymmetrically to external shocks. Based on thecointegration test results and the estimated asymmetric short-run dynamic models, it is found that: (1 in thelong-run petrol prices are mainly determined by Tapis crude oil and Singapore petrol prices; (2 there issome evidence of asymmetric price adjustments in the short-run since petrol price increases have been mostlypassed on to the consumer faster than price decreases in four capital cities. More specifically, this paperprovides convincing evidence in support of asymmetric price adjustments and the “rockets-and-feathershypothesis” in Adelaide, Brisbane, Melbourne and Sydney. One can thus argue that there are a significantdegree of market inefficiency and/or collusion, requiring a closer government price monitoring and scrutiny.

  1. 75 FR 49411 - Consumer Price Index Adjustments of Oil Pollution Act of 1990 Limits of Liability-Vessels and...

    Science.gov (United States)

    2010-08-13

    ... Index Adjustments of Oil Pollution Act of 1990 Limits of Liability--Vessels and Deepwater Ports'' (74 FR... SECURITY Coast Guard 33 CFR Part 138 RIN 1625-AB25 Consumer Price Index Adjustments of Oil Pollution Act of...; information collection approval. SUMMARY: On July 1, 2009, the Coast Guard amended the Oil Pollution Act...

  2. Asymmetric statistical features of the Chinese domestic and international gold price fluctuation

    Science.gov (United States)

    Cao, Guangxi; Zhao, Yingchao; Han, Yan

    2015-05-01

    Analyzing the statistical features of fluctuation is remarkably significant for financial risk identification and measurement. In this study, the asymmetric detrended fluctuation analysis (A-DFA) method was applied to evaluate asymmetric multifractal scaling behaviors in the Shanghai and New York gold markets. Our findings showed that the multifractal features of the Chinese and international gold spot markets were asymmetric. The gold return series persisted longer in an increasing trend than in a decreasing trend. Moreover, the asymmetric degree of multifractals in the Chinese and international gold markets decreased with the increase in fluctuation range. In addition, the empirical analysis using sliding window technology indicated that multifractal asymmetry in the Chinese and international gold markets was characterized by its time-varying feature. However, the Shanghai and international gold markets basically shared a similar asymmetric degree evolution pattern. The American subprime mortgage crisis (2008) and the European debt crisis (2010) enhanced the asymmetric degree of the multifractal features of the Chinese and international gold markets. Furthermore, we also make statistical tests for the results of multifractatity and asymmetry, and discuss the origin of them. Finally, results of the empirical analysis using the threshold autoregressive conditional heteroskedasticity (TARCH) and exponential generalized autoregressive conditional heteroskedasticity (EGARCH) models exhibited that good news had a more significant effect on the cyclical fluctuation of the gold market than bad news. Moreover, good news exerted a more significant effect on the Chinese gold market than on the international gold market.

  3. Political Economy and Irrigation Technology Adoption Implications of Water Pricing under Asymmetric Information

    OpenAIRE

    Dridi, Chokri; Khanna, Madhu

    2005-01-01

    We analyze the design of water pricing rules emerging from farmers' lobbying and their implications for the size of the lobby, water use, profits and social welfare. The lobbying groups are the adopters of modern irrigation technology and the non-adopters. The pricing rules are designed to meet budget balance of water provision; we considered (i) a two-part tariff composed of a mandatory per-acre fee plus a volumetric charge and (ii) a nonlinear pricing schedule. Our results show that under e...

  4. Price Discrimination with Asymmetric Firms: The Case of the U.S. Carbonated Soft Drinks Market

    OpenAIRE

    Liu, Yizao; Shen, Shu

    2012-01-01

    This paper investigates the relationship between price discrimination and vertical product differentiation, using National Brands and Private Labels in the Carbonated Soft Drink market as a case study. We decompose prices difference into quantity dis- count and cost difference across packagings and recover marginal cost by a structural demand model of consumer preference and firm behavior. Our results suggest that in the carbonated soft drinks market, both national brands and private labels o...

  5. Strategic Provider Behavior Under Global Budget Payment with Price Adjustment in Taiwan.

    Science.gov (United States)

    Chen, Bradley; Fan, Victoria Y

    2015-11-01

    Global budget payment is one of the most effective strategies for cost containment, but its impacts on provider behavior have not been explored in detail. This study examines the theoretical and empirical role of global budget payment on provider behavior. The study proposes that global budget payment with price adjustment is a form of common-pool resources. A two-product game theoretic model is derived, and simulations demonstrate that hospitals are expected to expand service volumes, with an emphasis on products with higher price-marginal cost ratios. Next, the study examines the early effects of Taiwan's global budget payment system using a difference-in-difference strategy and finds that Taiwanese hospitals exhibited such behavior, where the pursuit of individual interests led to an increase in treatment intensities. Furthermore, hospitals significantly increased inpatient service volume for regional hospitals and medical centers. In contrast, local hospitals, particularly for those without teaching status designation, faced a negative impact on service volume, as larger hospitals were better positioned to induce demand and pulled volume away from their smaller counterparts through more profitable services and products such as radiology and pharmaceuticals. Copyright © 2014 John Wiley & Sons, Ltd.

  6. A bootstrap approach to evaluating the performance of Akaike Information Criterion (AIC and Bayesian Information Criterion (BIC in selection of an asymmetric price relationship

    Directory of Open Access Journals (Sweden)

    Acquah Henry de-Graft

    2012-01-01

    Full Text Available This study addresses the problem of model selection in asymmetric price transmission models by combining the use of bootstrap methods with information theoretic selection criteria. Subsequently, parametric bootstrap technique is used to select the best model according to Akaike’s Information Criteria (AIC and Bayesian Information Criteria (BIC. Bootstrap simulation results indicated that the performances of AIC and BIC are affected by the size of the data, the level of asymmetry and the amount of noise in the model used in the application. This study further establishes that the BIC is consistent and outperforms AIC in selecting the correct asymmetric price relationship when the bootstrap sample size is large.

  7. Constructing quality-adjusted price indices from revenue and cost data

    Directory of Open Access Journals (Sweden)

    Sergio Aquino DeSouza

    2007-12-01

    Full Text Available This paper shows how to construct quality adjusted price indices without direct observation of product-level data (prices, quantities and characteristics. The technique used here allows for a welfare based measurement of price change using commonly available (at least for the manufacturing sector plant-level data on revenue and cost. However, one has to be explicit about the evolution of the outside good quality and the structure of demand and supply. Using data on the Colombian beer industry and combining the methodologies originally proposed by Katayama, Lu and Tybout (2003, DeSouza (2006a and Trajtenberg (1990 I am able to uncover the demand parameters and build welfare-based price indices for the 1977-1990 period.Este artigo demonstra como construir um índice de preços ajustados pela qualidade sem a observação direta de dados ao nível de produto (preços, quantidades e características. A técnica aplicada no artigo permite medir a inflação dos preços com base na variação intertemporal de bem-estar através do uso de dados de receita e despesa comumente disponíveis (pelo menos para o setor industrial ao nível de empresas. No entanto, tal técnica exige a imposição de hipóteses sobre a evolução da qualidade do bem externo assim como a estrutura da demanda e da oferta. Com dados sobre a indústria colombiana de cerveja e combinando metodologias originalmente desenvolvidas por Katayama, Lu e Tybout (2003, DeSouza (2006a e Trajtenberg (1990 estimam-se os parâmetros da demanda e constroem-se índices de preços para o período de 1977 a 1990 a partir da mensuração do bem-estar dos consumidores.

  8. Price Discovery and Asymmetric Volatility Spillovers in Indian Spot-Futures Gold Markets

    Directory of Open Access Journals (Sweden)

    P. Srinivasan

    2012-12-01

    Full Text Available This study attempts to examine the price discovery process and volatility spillovers in Goldfutures and spot markets of National Commodity Derivatives Exchange (NCDEX by employingJohansen’s Vector Error Correction Model (VECM and the Bivariate ECM-EGARCH(1,1model. The empirical result confirms that the spot market of Gold plays a dominant role andserves as effective price discovery vehicle. Besides the study results show that the spillovers ofcertain information take place from spot market to futures market and the spot market of goldhave the capability to expose the all new information through the channel of its new innovation.

  9. Pricing Unmetered Irrigation Water under Asymmetric Information and Full Cost Recovery

    Directory of Open Access Journals (Sweden)

    Alban Lika

    2016-12-01

    Full Text Available The objective of this study is to define an efficient pricing scheme for irrigation water in conditions of unmetered water use. The study is based on a principal-agent model and identifies a menu of contracts, defined as a set of payments and share of irrigated area, able to provide incentives for an efficient use of the resource by maximizing social welfare. The model is applied in the case study of the Çukas region (Albania where irrigation water is not metered. The results demonstrate that using a menu of contracts makes it possible to define a second best solution that may improve the overall social welfare derived from irrigation water use compared with the existing pricing structure, though, in the specific case study, the improvement is small. Furthermore, the results also suggest that irrigation water pricing policy needs to take into account different farm types, and that appropriate contract-type pricing schemes have a potential role in providing incentives to farmers to make irrigation choices to the social optimum.

  10. Essays on price dynamics and consumer search

    Science.gov (United States)

    Lewis, Matthew Stephen

    It has been documented that retail gasoline prices respond more quickly to increases in wholesale price than to decreases. However, there is very little theoretical or empirical evidence identifying the market characteristics responsible for this behavior. Chapter 2 presents a new theoretical model of asymmetric adjustment that empirically matches observed retail gasoline price behavior better than previously suggested explanations. I develop a "reference price" consumer search model that assumes consumers' expectations of prices are based on prices observed during previous purchases. The model predicts that consumers search less when prices are falling. This reduced search results in higher profit margins and therefore causes a slower price response to cost decreases than to cost increases. Chapter 3 discusses the robustness of some of the important assumptions of the reference price search model, and describes the effects of altering these assumptions. Chapter 4 develops testable implications that distinguish my model from two alternative explanations of asymmetric adjustment. The first is a model in which firms temporarily collude using past prices as a focal price. The second theory suggests that increases in wholesale cost volatility reduce consumer search behavior. Using a panel of gas station prices, I estimate the response pattern of prices to a change in costs. Estimates are consistent with the predictions of the reference price search model and contradict the previously suggested explanations of asymmetric price adjustment. Chapter 5 examines the empirical fact that price response varies depending on the current level of profit margins. This fact is contrasted with the common empirical observation that response differs based on the direction of the change in cost. I go on to document that this relationship between price response and margins is observed in gasoline markets across the country.

  11. 7 CFR 1005.51 - Class I differential, adjustments to Class I prices, and Class I price.

    Science.gov (United States)

    2010-01-01

    ... (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Milk), DEPARTMENT OF AGRICULTURE MILK IN THE APPALACHIAN MARKETING AREA Order Regulating Handling Class Prices § 1005.51 Class I... VA BEDFORD CITY 51515 0.40 VA BRISTOL CITY 51520 0.40 VA BUENA VISTA CITY 51530 0.10 VA CLIFTON...

  12. Investigating the Relationship between the Price to Earnings Ratio with the Return of Adjusted Stock in Capital Market of Iran

    Directory of Open Access Journals (Sweden)

    Akbar Bagheri

    2013-05-01

    Full Text Available The main objective of this study is to investigate and analyze the relationship between the prices to earnings ratio with the return of adjusted stock through total risk of companies listed on the Stock Exchange market of Tehran in Iran. The main objective of any investment is to achieve higher efficiency. Investors in shares of listed companies on the exchange considered several factors. The price to earnings ratio, return and risk are the factors that investors should consider when they want to invest in them. Therefore 100 companies have been investigated during the period 2004-2008. To test the hypothesis we used the regression analysis and correlation, also the significant of patterns were determined by using F and T test and correlation coefficients. The results show that there is no significant relationship between the prices to earnings ratio and adjusted stock returns in the 95% confidence level.

  13. 77 FR 8837 - Publication of Housing Price Inflation Adjustment Under 50 U.S.C. App. § 531

    Science.gov (United States)

    2012-02-15

    ... of the Secretary Publication of Housing Price Inflation Adjustment Under 50 U.S.C. App. Sec. 531... Servicemembers Civil Relief Act, as codified at 50 U.S.C. App. Sec. 531, prohibits a landlord from evicting a... index required by the statute. The maximum monthly rental amount for 50 U.S.C. App. Sec. 531...

  14. 78 FR 9678 - Publication of Housing Price Inflation Adjustment Under 50 U.S.C. App. § 531

    Science.gov (United States)

    2013-02-11

    ... of the Secretary Publication of Housing Price Inflation Adjustment Under 50 U.S.C. App. Sec. 531... Servicemembers Civil Relief Act, as codified at 50 U.S.C. App. Sec. 531, prohibits a landlord from evicting a... index required by the statute. The maximum monthly rental amount for 50 U.S.C. App. Sec. 531...

  15. 75 FR 12518 - Publication of Housing Price Inflation Adjustment Under 50 U.S.C. App. 531

    Science.gov (United States)

    2010-03-16

    ... of the Secretary Publication of Housing Price Inflation Adjustment Under 50 U.S.C. App. 531 AGENCY... Civil Relief Act, as codified at 50 U.S.C. App. 531, prohibits a landlord from evicting a servicemember... the statute. The maximum monthly rental amount for 50 U.S.C. App. 531(a)(1)(A)(ii) as of January...

  16. 48 CFR 52.222-44 - Fair Labor Standards Act and Service Contract Act-Price Adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Fair Labor Standards Act... CLAUSES Text of Provisions and Clauses 52.222-44 Fair Labor Standards Act and Service Contract Act—Price Adjustment. As prescribed in 22.1006(c)(2), insert the following clause: Fair Labor Standards Act and Service...

  17. Price setting in turbulent times

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursdóttir, Ásgerdur; Vignisdóttir, Karen Á.

    -dependent pricing increases as domestic labour costs rise relative to total production costs. The results provide important insight into inflation dynamics due to an interaction between high and asymmetric exchange rate pass-through and price indexation. This interaction causes an exchange rate depreciation...... in the domestic market by their direct exposure to exchange rate movements captured by imported input costs as a share of total p duction costs. More exposed firms are found to be more likely to use state-dependent pricing, to adjust their prices in response to exchange rate changes, and to rely on increasing...

  18. Price Transmission Analysis in Iran Chicken Market

    Directory of Open Access Journals (Sweden)

    Seyed Safdar Hosseini

    2012-12-01

    Full Text Available Over the past three decades vertical price transmissionanalysis has been the subject of considerable attention inapplied agricultural economics. It has been argued that theexistence of asymmetric price transmission generates rents formarketing and processing agents. Retail prices allegedly movefaster upwards than downwards in response to farm level pricemovements. This is an important issue for many agriculturalmarkets, including the Iranian chicken market. Chicken is animportant source of nutrition in Iranian society and many ruralhouseholds depend on this commodity market as a source of income.The purpose of this paper is to analyze the extent, if any,of asymmetric price transmission in Iran chicken market usingthe Houck, Error Correction and Threshold models. The analysisis based on weekly chicken price data at farm and retail levelsover the period October 2002 to March 2006. The results oftests on all three models show that price transmission in Iranianchicken market is long-run symmetric, but short-run asymmetric.Increases in the farm price transmit immediately to the retaillevel, while decreases in farm price transmit relatively moreslowly to the retail level. We conjecture the asymmetric pricetransmission in this market is the result of high inflation ratesthat lead the consumers to expect continual price increases anda different adjustment costs in the upwards direction comparedto the downwards direction for the marketing agents and a noncompetitiveslaughtering industry and that looking for ways tomake this sector of the chicken supply chain more competitivewill foster greater price transmission symmetry and lead towelfare gains for both consumers and agricultural producers.

  19. 48 CFR 252.216-7001 - Economic price adjustment-nonstandard steel items.

    Science.gov (United States)

    2010-10-01

    ...-nonstandard steel items. 252.216-7001 Section 252.216-7001 Federal Acquisition Regulations System DEFENSE... CLAUSES Text of Provisions And Clauses 252.216-7001 Economic price adjustment—nonstandard steel items. As prescribed in 216.203-4-70(b), use the following clause: Economic Price Adjustment—Nonstandard Steel...

  20. Exploration of approaches to adjusting brand-name drug prices in Mainland of China: based on comparison and analysis of some brand-name drug prices of Mainland and Taiwan, China.

    Science.gov (United States)

    Weng, Geng; Han, Sheng; Pu, Run; Pan, Wynn H T; Shi, Luwen

    2014-01-01

    Under the circumstance of the New Medical Reform in Mainland of China, lowering drug prices has become an approach to relieving increase of medical expenses, and lowering brand-name medication price is a key strategy. This study, by comparing and analyzing brand-name medication prices between Mainland of China and Taiwan, explores how to adjust brand-name medication prices in Mainland of China in the consideration of the drug administrative strategies in Taiwan. By selecting brand-name drug with generic name and dose types matched in Mainland and Taiwan, calculate the average unit price and standard deviation and test it with the paired t-test. In the mean time, drug administrative strategies between Mainland and Taiwan are also compared systematically. Among the 70 brand-name medications with generic names and matched dose types, 54 are at higher prices in Mainland of China than Taiwan, which is statistically significant in t-test. Also, among the 47 medications with all of matched generic names, dose types, and manufacturing enterprises, 38 are at higher prices in Mainland than Taiwan, and the gap is also statistically significant in t-test. In Mainland of China, brand-name medication took cost-plus pricing and price-based price adjustment, while in Taiwan, brand-name medication took internal and external reference pricing and market-based price adjustment. Brand-name drug prices were higher in Mainland of China than in Taiwan. The adjustment strategies of drug prices are scientific in Taiwan and are worth reference by Mainland of China.

  1. Exploration of approaches to adjusting brand-name drug prices in Mainland of China: based on comparison and analysis of some brand-name drug prices of Mainland and Taiwan, China

    Institute of Scientific and Technical Information of China (English)

    Weng Geng; Han Sheng; Pu Run; Pan Wynn HT; Shi Luwen

    2014-01-01

    Background Under the circumstance of the New Medical Reform in Mainland of China,lowering drug prices has become an approach to relieving increase of medical expenses,and lowering brand-name medication price is a key strategy.This study,by comparing and analyzing brand-name medication prices between Mainland of China and Taiwan,explores how to adjust brand-name medication prices in Mainland of China in the consideration of the drug administrative strategies in Taiwan.Methods By selecting brand-name drug with generic name and dose types matched in Mainland and Taiwan,calculate the average unit price and standard deviation and test it with the paired t-test.In the mean time,drug administrative strategies between Mainland and Taiwan are also compared systematically.Results Among the 70 brand-name medications with generic names and matched dose types,54 are at higher prices in Mainland of China than Taiwan,which is statistically significant in t-test.Also,among the 47 medications with all of matched generic names,dose types,and manufacturing enterprises,38 are at higher prices in Mainland than Taiwan,and the gap is also statistically significant in t-test.In Mainland of China,brand-name medication took cost-plus pricing and price-based price adjustment,while in Taiwan,brand-name medication took internal and external reference pricing and market-based price adjustment.Conclusions Brand-name drug prices were higher in Mainland of China than in Taiwan.The adjustment strategies of drug orices are scientific in Taiwan and are worth reference by Mainland of China.

  2. A bootstrap approach to evaluating the performance of Akaike Information Criterion (AIC) and Bayesian Information Criterion (BIC) in selection of an asymmetric price relationship

    OpenAIRE

    Acquah Henry de-Graft

    2012-01-01

    This study addresses the problem of model selection in asymmetric price transmission models by combining the use of bootstrap methods with information theoretic selection criteria. Subsequently, parametric bootstrap technique is used to select the best model according to Akaike’s Information Criteria (AIC) and Bayesian Information Criteria (BIC). Bootstrap simulation results indicated that the performances of AIC and BIC are affected by the size of the data...

  3. Real exchange-rate adjustment and the welfare effects of oil-price decontrol. [Monograph

    Energy Technology Data Exchange (ETDEWEB)

    Krugman, P.

    1981-01-01

    Conventional analysis of the welfare effects of US oil price regulation in the 1970s focuses on the deadweight losses in the oil market. This paper argues that such analysis substantially underrates the benefits from decontrolling prices because decontrol will lead to an improvement in the US terms of trade with respect to other oil-importing countries. A simple model of the relationship between oil decontrol and the terms of trade is developed, and the impact is calculated for plausible parameter values. The results suggest that the terms of trade benefits are several times larger than the benefits as conventionally measured. 4 references, 1 figure, 5 tables.

  4. Impact of drug price adjustments on utilization of and expenditures on angiotensin-converting enzyme inhibitors and angiotensin receptor blockers in Taiwan.

    Science.gov (United States)

    Huang, Shiou-Huei; Hsu, Chien-Ning; Yu, Shu-Hui; Cham, Thau-Ming

    2012-05-31

    A previous study has suggested that drug price adjustments allow physicians in Taiwan to gain greater profit by prescribing generic drugs. To better understand the effect of price adjustments on physician choice, this study used renin-angiotensin drugs (including angiotensin-converting enzyme inhibitors [ACEIs] and angiotensin receptor blockers [ARBs]) to examine the impact of price adjustments on utilization of and expenditures on patented and off-patent drugs with the same therapeutic indication. Using the Taiwan's Longitudinal Health Insurance Database (2005), we identified 147,157 patients received ACEIs and/or ARBs between 1997 and 2008. The annual incident and prevalent users of ACEIs, ARBs and overall renin-angiotensin drugs were examined. Box-Tiao intervention analysis was applied to assess the impact of price adjustments on monthly utilization of and expenditures on these drugs. ACEIs were divided into patented and off-patent drugs, off-patent ACEIs were further divided into original brands and generics, and subgroup analyses were performed. The number of incident renin-angiotensin drug users decreased over the study period. The number of prevalent ARB users increased and exceeded the cumulative number of first-time renin-angiotensin drug users starting on ARBs, implying that some patients switched from ACEIs to ARBs. After price adjustments, long term trend increases in utilization were observed for patented ACEIs and ARBs; a long-term trend decrease was observed for off-patent ACEIs; long-term trend change was not significant for overall renin-angiotensin drugs. Significant long-term trend increases in expenditures were observed for patented ACEIs after price adjustment in 2007 (200.9%, p = 0.0088) and in ARBs after price adjustments in 2001 (173.4%, p ACEIs after 2004 price adjustment (-156.9%, p ACEIs to ARBs within individuals is evident. Policy makers should reconsider the appropriateness of the current adjustment strategies applied to

  5. Exploring the spatial variation in quality-adjusted rental prices and identifying hot spots in Berlin’s residential property market

    DEFF Research Database (Denmark)

    Meulen, Philipp an de; Mitze, Timo Friedel

    2014-01-01

    of quality-adjusted rental prices for apartments across the residential locations within the city of Berlin. The resulting pattern of ‘residual’ rental prices with a growing concentration of hot spots in central districts of Berlin can be interpreted as the tenants’ valorization of apartments in geographic...

  6. Exploring the spatial variation in quality-adjusted rental prices and identifying hot spots in Berlin’s residential property market

    DEFF Research Database (Denmark)

    Meulen, Philipp an de; Mitze, Timo Friedel

    2014-01-01

    find that districts’ net in-migration balances are positively correlated with quality-adjusted rental price levels for higher quantiles of the distribution, thereby potentially proxying the price dynamics of underlying gentrification processes. Using statistical tests from the explanatory spatial data...

  7. 48 CFR 52.216-4 - Economic Price Adjustment-Labor and Material.

    Science.gov (United States)

    2010-10-01

    ... REGULATION (CONTINUED) CLAUSES AND FORMS SOLICITATION PROVISIONS AND CONTRACT CLAUSES Text of Provisions and... production cost is not affected by such changes, (ii) changes in rates or unit prices other than those shown...'s control and without its fault or negligence, within the meaning of the Default clause. (3) There...

  8. Exchange-Rate Risk Mitigation with Price-Level-Adjusting Mortgages: The Case of the Mexican UDI

    OpenAIRE

    Joseph B. Lipscomb; Harvey, John T; Harold Hunt

    2003-01-01

    In 1995, Mexico introduced a credit system based on a price-level-adjusting unit of account called the Unidad de Inversion (UDI, pronounced “oo-dee†), which is Spanish for “unit of investment.†The Bank of Mexico maintains an UDI Index, which sets the peso value of an UDI on any given day. Loans denominated in UDIs maintain their purchasing power and provide a real rate of return in the local currency, pesos. The focus of this study is the real rate of return earned by dollar investors...

  9. The Role of Inflation and Price Escalation Adjustments in Properly Estimating Program Costs: F-35 Case Study

    Science.gov (United States)

    2016-03-01

    Engineering and Manufacturing 1 Bruce R. Harmon, Daniel B. Levine, and Stanley A. Horowitz, “Inflation Adjustments for Defense Acquisition,” IDA Document...Relationship DCMA Defense Contract Management Agency DoD Department of Defense EMD Engineering and Manufacturing Development FPRA Forward Pricing Rate...cost (T1), FY02$M F-14A 240 119 271 261 261 F-15A 196 94 218 207 209 F-16A 97 50 109 104 104 F/A-18A 140 73 158 153 153 F-117A 187 128

  10. 48 CFR 52.219-23 - Notice of Price Evaluation Adjustment for Small Disadvantaged Business Concerns.

    Science.gov (United States)

    2010-10-01

    ... disadvantaged business concern in accordance with 13 CFR 124, subpart B, and a decision on that application is... disadvantaged business concerns that have not waived the adjustment; and (ii) An otherwise successful offer from... Adjustment for Small Disadvantaged Business Concerns. 52.219-23 Section 52.219-23 Federal...

  11. Impact of drug price adjustments on utilization of and expenditures on angiotensin-converting enzyme inhibitors and angiotensin receptor blockers in Taiwan

    Directory of Open Access Journals (Sweden)

    Huang Shiou-Huei

    2012-05-01

    Full Text Available Abstract Background A previous study has suggested that drug price adjustments allow physicians in Taiwan to gain greater profit by prescribing generic drugs. To better understand the effect of price adjustments on physician choice, this study used renin-angiotensin drugs (including angiotensin-converting enzyme inhibitors [ACEIs] and angiotensin receptor blockers [ARBs] to examine the impact of price adjustments on utilization of and expenditures on patented and off-patent drugs with the same therapeutic indication. Methods Using the Taiwan’s Longitudinal Health Insurance Database (2005, we identified 147,157 patients received ACEIs and/or ARBs between 1997 and 2008. The annual incident and prevalent users of ACEIs, ARBs and overall renin-angiotensin drugs were examined. Box-Tiao intervention analysis was applied to assess the impact of price adjustments on monthly utilization of and expenditures on these drugs. ACEIs were divided into patented and off-patent drugs, off-patent ACEIs were further divided into original brands and generics, and subgroup analyses were performed. Results The number of incident renin-angiotensin drug users decreased over the study period. The number of prevalent ARB users increased and exceeded the cumulative number of first-time renin-angiotensin drug users starting on ARBs, implying that some patients switched from ACEIs to ARBs. After price adjustments, long term trend increases in utilization were observed for patented ACEIs and ARBs; a long-term trend decrease was observed for off-patent ACEIs; long-term trend change was not significant for overall renin-angiotensin drugs. Significant long-term trend increases in expenditures were observed for patented ACEIs after price adjustment in 2007 (200.9%, p = 0.0088 and in ARBs after price adjustments in 2001 (173.4%, p  Conclusions Price adjustments did not achieve long-term cost savings for overall renin-angiotensin drugs. Possible switching from ACEIs to ARBs

  12. 楼面价在基准地价调整中的应用%THE APPLICATION OF FLOOR PRICE TO THE ADJUSTMENT OF BASE LAND PRICE

    Institute of Scientific and Technical Information of China (English)

    王树良

    2001-01-01

    从基于单位建筑面积的楼面价的意义和定义出发,探索出一条独具特色的基准地价表现形式,提出了操作性较强的城市建成区住宅用地和商业用地楼面价应用方法。对于城市未建成区,仍然采用地面价作为楼面价的辅助价。%Based on the definition and significance of floor price of unit building area, this paper is intended to explore an unique form of base land price, and presents a feasible approach to applying floor prices of residential land and commercial land in the city proper. For the city improper, land price is still applied as an aid price of the floor price.

  13. Do prices fall faster when Wal-Mart is around? The effect of competition and reputation on cost pass-through and price adjustment

    OpenAIRE

    Martens, M. Andrea

    2009-01-01

    This study analyzes Wal-Mart’s pricing practices and its influence on competitors’ input cost transmission. Previous attempts to analyze Wal-Mart’s pricing strategy in the United States have been limited by the company’s refusal to provide scanner data to third party research firms such as AC Nielsen. This is the first study to observe Wal-Mart’s prices over an extended period of time. Using weekly-store level price data between 2001 and 2006 that government officials collected in 12 Mexican citie...

  14. Asymmetry between Gasoline and Crude Oil Prices in China Based on Asymmetric ECM Modeling%中国原油和成品油价格的非对称实证研究——基于2006年-2011年数据的非对称误差修正模型分析

    Institute of Scientific and Technical Information of China (English)

    李治国; 郭景刚

    2013-01-01

    Gasoline is the petroleum product whose price is most visible and, therefore, under public scrutiny. Many claim there is an asymmetric relationship between gasoline and oil prices -specifically, gasoline price changes follow oil price changes more quickly when oil prices are rising than when they are falling. Some economists and politicians believe that asymmetry in oil and gasoline price movements is the outcome of a non-competitive gasoline market requiring that governments take policy action to address 'unfair pricing'. There is no consensus as to the existence, or nature, of the asymmetric relationship between gasoline and crude oil prices. In China, gasoline prices respond far more instantly to increases in crude oil price than decreases. Despite the implementation of the new oil pricing mechanism (22+4%) in May 2009, the problem remains. To explore the effect of volatility in oil prices on the degree of asymmetry in gasoline prices, asymmetric error correction modeling was applied before and after the implementation of the 22+4% pricing mechanism. The new oil pricing mechanism states that when average crude oil price changes more than 4% in 22 consecutive days in the international crude oil market, domestic refined oil prices can be adjusted accordingly. In view of this, monthly data from January 2006 to July 2011 was examined. The results show that the new oil pricing mechanism has indeed alleviated the situation to some extent: the diesel price reaction index has dropped from 0.28 to 0.15 and the gasoline price reaction index has dropped from 0.26 to 0.21. The gap caused by the rise and fall of crude oil pricing has narrowed. At the same time, an increase in the cost of crude oil still has a significant impact on gasoline prices and confirms that retail gasoline prices respond more quickly to increases than decreases in crude oil prices. The findings provide scientific support and theoretical significance for how to reform and improve current oil pricing

  15. The Planning and Adjustment of The Product Price Strategy%产品价格战略的制定与调整

    Institute of Scientific and Technical Information of China (English)

    张慧

    2014-01-01

    低价几乎成为营销组合中的一个既定要素。然而,这种传统的竞争武器并不足以保障企业未来的成长。这就需要运用价格战略院处于产品生命周期导入阶段的新产品定价战略;为产品组合中的相关产品定价的产品组合定价战略;针对顾客差异和环境变化的价格调整战略。%Low prices almost become an established element in the marketing mix. However, the traditional competitive weapon is not enough to guarantee the future growth of the enterprises. We need to use price strategies. There are the new product pricing strategy which is at the new product introduction stage of the product life cycle; products pricing strategy of the product portfolio for the related products; the adjustment strategy of price in view of different customers and environment.

  16. 市场价格波动引起的合同价款调整研究%Research on the Contract Sum Adjustment by Fluctuation in Market Price

    Institute of Scientific and Technical Information of China (English)

    杨帆; 柯洪

    2015-01-01

    In the building materials market, material costs, labor costs and machinery costs constitute a direct project cost. Therefore, when material costs, labor costs and machinery costs fluctuate in market prices, construction cost of the project will also change accordingly. This paper researches on how the two concerned sides deal with contract price adjustment caused by market price fluctuation during the construction. With regard to coping methods to the construction cost change caused by market price fluctuation, on the price index adjusting the price margin and comes to a conclusion that the price adjustment base period, index, fixed coefficient and weight must be defined in order to obtain the method of price index adjusting the price margin under the market price fluctuation. Then separately explicates the time point of price adjustment base period and price adjustment cardinality, elaborates options and sources of price adjustment index and determines the fixed coefficient and weight, subsequently reaches to the point that the problem can be settled by the method of price index adjusting the price margin.%在建筑市场中建筑材料费、人工费以及机械费构成了直接工程费。因此,当建筑材料费、人工费以及机械费市场价格发生波动时,工程的施工成本也必将随之改变。本文对承发包双方如何处理施工过程中市场价格波动引起的合同价款调整问题进行研究,针对市场价格波动引起的施工成本变化的应对方法,重点分析价格指数调整价格差额方法,就必须确定调价基期、调价指数以及固定系数和权重。接着分别确定了调价基期的时点和调价基数,阐述了调价指数的选择和来源,确定了固定系数和权重,既而用价格指数调整价格差额方法解决问题。

  17. La rigidità dei prezzi in Italia (Price Stickiness in Italy

    Directory of Open Access Journals (Sweden)

    Silvia Fabiani

    2012-04-01

    Full Text Available The presence of price stickiness implies that in the short term adjustment to demand or supply shocks takes place through quantities. This paper approaches the issue of nominal price stickiness in Italy by analysing the cross-sectional distributions of the changes in sectoral consumer price indices and the relationships between the moments of such distributions. A preliminary descriptive analysis showed that consumer price cuts are indeed quite rare. The theoretical literature on price rigidity, in particular downwards, suggests some propositions concerning such relationships, which can be empirically tested. In particular, downward price rigidity should imply a positive asymmetric distribution which should become more pronounced as average inflation declines. Consumer price changes in Italy in fact exhibit quite a pronounced positive asymmetry. Moreover, the relative number of months in which the distribution of consumer price changes is right-skewed rises substantially moving from a high to a low inflation environment. On the basis of a Granger-causality analysis we show that, while the asymmetry in the distribution of Italian consumer price changes over the period characterised by high inflation rates was endogenously generated by the presence of adjustment costs, when moderate inflation prevailed the asymmetric behaviour of prices seems to have been due mainly to some form of inherent downward stickiness in the service sector.  JEL Codes: E31Keywords: Prices, Supply

  18. 19 CFR 351.412 - Levels of trade; adjustment for difference in level of trade; constructed export price offset.

    Science.gov (United States)

    2010-04-01

    ... difference in level of trade; constructed export price offset. (a) Introduction. In comparing United States... different levels of trade if they are made at different marketing stages (or their equivalent). Substantial... a difference in the stage of marketing. Some overlap in selling activities will not preclude...

  19. Edgeworth Price Cycles, Cost-based Pricing and Sticky Pricing in Retail Gasoline Markets

    OpenAIRE

    Noel, Michael

    2004-01-01

    This paper examines dynamic pricing behavior in retail gasoline markets for 19 Canadian cities over 574 weeks. I find three distinct retail pricing patterns: 1. cost-based pricing, 2. sticky pricing, and 3. steep, asymmetric retail price cycles that, while seldom documented empirically, resemble those of Maskin & Tirole[1988]. Using a Markov switching regression, I estimate the prevalence of patterns and the structural characteristics of the cycles. Retail price cycles prevail in over 40% of ...

  20. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

    -cut prediction on the sign of the exporter price premium. However, the model unambiguously predicts a negative exporter price premium in terms of quality-adjusted prices, i.e. prices per unit of quality. This prediction is broadly borne out in the Danish data: while the magnitude of the premium varies across...

  1. La rigidità dei prezzi in Italia (Price Stickiness in Italy

    Directory of Open Access Journals (Sweden)

    Silvia Fabiani

    2003-09-01

    Full Text Available The presence of price stickiness implies that in the short term adjustment to demand or supply shocks takes place through quantities. This paper approaches the issue of nominal price stickiness in Italy by analysing the cross-sectional distributions of the changes in sectoral consumer price indices and the relationships between the moments of such distributions. A preliminary descriptive analysis showed that consumer price cuts are indeed quite rare. The theoretical literature on price rigidity, in particular downwards, suggests some propositions concerning such relationships, which can be empirically tested. In particular, downward price rigidity should imply a positive asymmetric distribution which should become more pronounced as average inflation declines. Consumer price changes in Italy in fact exhibit quite a pronounced positive asymmetry. Moreover, the relative number of months in which the distribution of consumer price changes is right-skewed rises substantially moving from a high to a low inflation environment. On the basis of a Granger-causality analysis we show that, while the asymmetry in the distribution of Italian consumer price changes over the period characterised by high inflation rates was endogenously generated by the presence of adjustment costs, when moderate inflation prevailed the asymmetric behaviour of prices seems to have been due mainly to some form of inherent downward stickiness in the service sector.

  2. PRICE AND PRICING STRATEGIES

    OpenAIRE

    Titus SUCIU

    2013-01-01

    In individual companies, price is one significant factor in achieving marketing success. In many purchase situations, price can be of great importance to customers. Marketers must establish pricing strategies that are compatible with the rest of the marketing mix. Management should decide whether to charge the same price to all similar buyers of identical quantities of a product (a one-price strategy) or to set different prices (a flexible price strategy). Many organizations, especially retai...

  3. PRICE AND PRICING STRATEGIES

    OpenAIRE

    Titus SUCIU

    2013-01-01

    In individual companies, price is one significant factor in achieving marketing success. In many purchase situations, price can be of great importance to customers. Marketers must establish pricing strategies that are compatible with the rest of the marketing mix. Management should decide whether to charge the same price to all similar buyers of identical quantities of a product (a one-price strategy) or to set different prices (a flexible price strategy). Many organizations, especially retai...

  4. Customizing Prices in Online Markets

    OpenAIRE

    Reinartz, Werner

    2002-01-01

    Dynamic pricing is the dynamic adjustment of prices to consumers depending on the value these customers attribute to a good. Underlying the concept of dynamic pricing is what marketers call price customization. Price customization is the charging of different prices to end consumers based on a discriminatory variable. Internet technology will serve as a great enabling tool for making dynamic pricing accessible to many industries.

  5. Modeling UK Natural Gas Prices when Gas Prices Periodically Decouple from the Oil Price

    OpenAIRE

    2015-01-01

    When natural gas prices are subject to periodic decoupling from oil prices, for instance due to peak-load pricing, conventional linear models of price dynamics such as the Vector Error Correction Model (VECM) can lead to erroneous inferences about cointegration relationships, price adjustments and relative values. We propose the use of regime-switching models to address these issues. Our regime switching model uses price data to infer whether pricing is oil-driven (integrated) or gas-specific...

  6. Prices and Price Setting

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2010-01-01

    textabstractThis thesis studies price data and tries to unravel the underlying economic processes of why firms have chosen these prices. It focuses on three aspects of price setting. First, it studies whether the existence of a suggested price has a coordinating effect on the prices of firms. Second

  7. Strong Consistency of the Empirical Martingale Simulation Option Price Estimator

    Institute of Scientific and Technical Information of China (English)

    Zhu-shun Yuan; Ge-mai Chen

    2009-01-01

    A simulation technique known as empirical martingale simulation (EMS) was proposed to improve simulation accuracy. By an adjustment to the standard Monte Carlo simulation, EMS ensures that the simulated price satisfies the rational option pricing bounds and that the estimated derivative contract price is strongly consistent with payoffs that satisfy Lipschitz condition. However, for some currently used contracts such as self-quanto options and asymmetric or symmetric power options, it is open whether the above asymptotic result holds. In this paper, we prove that the strong consistency of the EMS option price estimator holds for a wider class of univariate payoffs than those restricted by Lipschitz condition. Numerical experiments demonstrate that EMS can also substantially increase simulation accuracy in the extended setting.

  8. International Menu Costs and Price Dynamics

    OpenAIRE

    Raphael Schoenle

    2010-01-01

    In this paper, I analyze how the pricing behavior of firms systematically differs across domes- tic and export markets in terms of frequency, timing and size of price changes. First, I contrast domestic and export pricing decisions for the same products showing that (i) domestic producer prices change approximately twice as often as export producer prices, (ii) the probability of syn- chronized price adjustment across markets is 21% for upwards adjustments and 14% for downwards adjustments, (...

  9. 基于数字地价模型的城镇土地级别调整研究%Study on the Level Adjustment of Urban Land Based on Digital Land Price Model

    Institute of Scientific and Technical Information of China (English)

    王增军; 孔小勇; 朱丽玲

    2009-01-01

    针对城镇基准地价更新中土地级别范围调整问题,以抚州市为例,提出了运用数字地价模型调整土地级别.在Arcview GIS软件支持下,根据已交易地价点的矢量数据,采用格网建模方式,选择合理的空间内插模型,以生成三维地价模型,直观地再现了土地价格格局,再内插计算出该区域内每一个单元的地价,然后根据一定的地价幅度生成土地级别图,与原有的土地级别进行土地级别范围的确定和调整,为政府调节土地市场起到一定的借鉴作用.%Taking Fuzhou City as an example, based on rectify the land grade area to the benchmark price of land problem, digital land price model was introduced to alter land grade, the transaction of land price was used. Based on Arc view G1S system' s reasonable interpolation method, the land price was simulated and grid treatment was made on the transaction of land price. Three-dimension land price model was established, 3D land price model was used to display intuitively the land price spatial patten. The picture of land grade was created according to definite land price, the picture was used to alter current land gradation. The results may provide support for government to adjust land market.

  10. Relative Prices and Inflation Stabilisation

    OpenAIRE

    Aoki, Kosuke

    2015-01-01

    When price adjustment is sluggish, inflation is costly in terms of welfare because it distorts various kinds of relative prices. Stabilising aggregate price inflation does not necessarily minimise these costs, but stabilising a well-designed core inflation minimises the cost of relative price fluctuations and thus the cost of inflation.

  11. 77 FR 40387 - Price Adjustment

    Science.gov (United States)

    2012-07-09

    ... From the Federal Register Online via the Government Publishing Office POSTAL REGULATORY COMMISSION... Commission's ] Filing Online system at http://www.prc.gov . Commenters who cannot submit their views... (Mobile Shopping Promotion). Notice at 1. The Mobile Shopping Promotion is proposed to take effect at 12...

  12. Effect of Accounting Earnings and Earnings Quality on Stock Returns:Using the Stock Price Adjustment Model to Adjust Stock Price%会计盈余、盈余质量对股票回报的影响--利用股票价格调整模型对股价进行修正

    Institute of Scientific and Technical Information of China (English)

    赵息; 熊耀鹏

    2016-01-01

    以2007—2012年沪深两市的A股上市公司为研究对象,利用Amihud 和Mendelson具有白噪声过程的股票价格调整模型对股票价格进行修正,然后计算出股票的市场超额收益率,并利用Jones模型计算操纵性应计数字以衡量公司的盈余质量,从而研究会计盈余和盈余质量对股票回报的影响。结果发现:会计盈余水平越高,其股票回报就越高;公司盈余质量越高,其股票回报就越高;与盈利的公司相比,亏损公司中盈余质量对股票回报的正向影响更加显著。%By sampling A-share firms listed in Shanghai and Shenzhen stock exchange from 2007 to 2012,the author used the Amihud and Mendelson stock price adjustment model to adjust stock price, and then figured out the stock market excess yield.And the author calculated the companies ’ maneuverability accrued figures to measure earnings quality on the basis of the Jones model.The author examined the influence of accounting earnings and earnings quality on stock returns.The results show that:The higher accounting earnings is,the more stock returns can be achieved.The better earnings quality is,the more stock returns can be achieved.Comparing with the profitable companies,the positive impact of earnings quality on stock returns is more significant for the lossy companies.

  13. Research on the Effect of the Future Adjustment of Agricultural Water Pricing Based on the Resource and Environment Water Price on the Quantity of Irrigation Water in Tarim River Basin%基于资源环境水价的塔里木河流域农业水价的节水效应

    Institute of Scientific and Technical Information of China (English)

    孙建光; 韩桂兰

    2012-01-01

    According to the models of water fees and environment water prices and relevant data, on the basis of the cost price of water supply, this paper further calculates the future agricultural water price based on water resources fee and environment water prices. Then the paper establishes the model of the effect of agricultural water price on the quantity of irrigation water in Tarim River Basin by using the data of agricultural water prices and the amount of irrigation water use in the basin, and it is used to analyze the effect of the future adjustment of agricultural water prices based on different agricultural saving water prices two elastic parameters of de- mand of water prices(adjusted and unadjusted) ~ the results indicate that the effect of the adjustment of the future agricultural water on the quantity of irrigational water is very high, but the function of the environmental water price is to carry out the economical compensation of the environmental water use to protect the ecological environment in Tarim River Basin. It is the key approach to improving the effects of the future agricultural water prices by the cooperation of the adjustment of water prices with the high effec- tive water-saving techniques. Especially the research of the effect of saving water of the future agricultural water price is related to the safety of food production and the issue of the farmer's carrying capacity of water prices, is the key contents for the future adjustment of agricultural water priees to discuss, so that the research can be used to guide the future a~ricultural wztor nri~qncr%在塔里木河流域农业供水成本水价基础上,基于已有研究的流域水资源费和环境水价模型与相关资料,首先构建了流域基于资源环境水价的未来农业水价;然后,利用流域农业水价和灌水量资料构建了流域农业水价的需求效应模型,分析了未来塔河流域基于资源环境水价的未来农业水价的节水效应

  14. Does asymmetric correlation affect portfolio optimization?

    Science.gov (United States)

    Fryd, Lukas

    2017-07-01

    The classical portfolio optimization problem does not assume asymmetric behavior of relationship among asset returns. The existence of asymmetric response in correlation on the bad news could be important information in portfolio optimization. The paper applies Dynamic conditional correlation model (DCC) and his asymmetric version (ADCC) to propose asymmetric behavior of conditional correlation. We analyse asymmetric correlation among S&P index, bonds index and spot gold price before mortgage crisis in 2008. We evaluate forecast ability of the models during and after mortgage crisis and demonstrate the impact of asymmetric correlation on the reduction of portfolio variance.

  15. Annual Adjustment Factors

    Data.gov (United States)

    Department of Housing and Urban Development — The Department of Housing and Urban Development establishes the rent adjustment factors - called Annual Adjustment Factors (AAFs) - on the basis of Consumer Price...

  16. Nonlinear joint dynamics between prices of crude oil and refined products

    Science.gov (United States)

    Zhang, Tao; Ma, Guofeng; Liu, Guangsheng

    2015-02-01

    In this paper, we investigate the relationships between crude oil and refined product prices. We find that nonlinear correlations are stronger in the long-term than in the short-term. Crude oil and product prices are cointegrated and financial crisis in 2007-2008 caused a structural break of the cointegrating relationship. Moreover, different from the findings in most studies, we reveal that the relationships are almost symmetric based on a threshold error correction model. The so-called 'asymmetric relationships' are caused by some outliers and financial crisis. Most of the time, crude oil prices play the major role in the adjustment process of the long-term equilibrium. However, refined product prices dominated crude oil prices during the period of financial crisis. Important policy and risk management implications can be learned from the empirical findings.

  17. 我国医疗服务项目价格调整进展及改革策略%Reform strategy and price adjustment progress in medical service items in China

    Institute of Scientific and Technical Information of China (English)

    金春林; 王惟; 龚莉; 王海银

    2016-01-01

    This paper reviewed the recent development and characteristics of medical service price adjustment. The problems of medical service price in China and their reasons were analyzed. Pricing methodology which included value factors such as technical service,material consumption and technical difficulty,risk level,and price adjustment theory frame were put forward. Relevant policy recommendations were proposed:(1)Adjusting and optimizing the current price step by step according to price adjustment model based on the formation of the local value system.(2)Establishing compensation and management mechanism with hierarchical classification view,and strengthening the cost constraints and supervision. In addition,this paper summed up China’s medical service price reform objectives,the implementation path and timetable on the basis of domestic and foreign reform experience.%梳理了近期国内医疗服务价格调整的进展和特征,分析了我国医疗服务价格存在的问题及其原因,提出了包含技术劳务、物耗及技术难度、风险程度等价值因素的定价方法学模型和价格调整理论框架,并提出相关政策建议:(1)各地在形成适合本地的价值点数体系基础上,根据调价模型分步分批调整和优化现行价格;(2)建立分层分类的补偿和管理机制,强化成本约束和监督。另外,文章结合国内外改革经验,归纳提出了我国医疗服务价格改革的目标、实施路径和时间表。

  18. Oil price shocks and stock market activity

    Energy Technology Data Exchange (ETDEWEB)

    Sadorsky, P. [Schulich School of Business, York University, Toronto, ON (Canada)

    1999-10-01

    Results from a vector autoregression show that oil prices and oil price volatility both play important roles in affecting real stock returns. There is evidence that oil price dynamics have changed. After 1986, oil price movements explain a larger fraction of the forecast error variance in real stock returns than do interest rates. There is also evidence that oil price volatility shocks have asymmetric effects on the economy. 29 refs.

  19. Inventories and upstream gasoline price dynamics

    NARCIS (Netherlands)

    Kuper, Gerard H.

    2012-01-01

    This paper sheds new light on the asymmetric dynamics in upstream U.S. gasoline prices. The model is based on Pindyck's inventory model of commodity price dynamics. We show that asymmetry in gasoline price dynamics is caused by changes in the net marginal convenience yield: higher costs of marketing

  20. Coordination Pricing in Multi-channels Supply Chain with Asymmetric Demand Information%需求信息不对称下多渠道供应链的协调定价

    Institute of Scientific and Technical Information of China (English)

    于丽娟; 李雪; 祝爱民

    2015-01-01

    针对由一个制造商和一个零售商组成的两层供应链,其中制造商拥有网络直销渠道和传统零售渠道组成的多渠道问题,运用stackelberg博弈分别进行了制造商和零售商需求信息不对称时二者集中控制和分散控制时的最优定价分析,结果表明分散控制会降低供应链的总体效率,继而为了提高多渠道供应链的效率,通过数量折扣模型对多渠道供应链进行协调定价,最后进行了算例验证及有效性分析,结果表明数量折扣模型能使多渠道供应链中的制造商和传统零售商达到双赢,它是合理有效的。%In recent years , with e-commerce widely used , direct channel has been developed fastly .Many enter-prises begin to increase direct channel on the basis of traditional retailing channel .To the problem of one-manu-facturer one-retailer supply chain with asymmetric demand information between the two members ,the manufactur-er owns multi-channels composed by direct channel and traditional retailing channel .This paper analyzes the optimal wholesale price of the manufacturer and retailer when they centralize control and decentralized control with stackelberg Game Theory separately , and the result shows that decentralized control can lower the efficiency of the supply chain .To improve the efficiency of the multi-channels supply chain , we provide the manufacturer with a quantity-discount pricing policy that can coordinate the multi-channels supply chain price .Lastly we use the numerical test and effectiveness analysis , and the result shows that quantity-discount can make the manufac-turer and retailer in the supply chain win-win, so it is reasonable and effective .

  1. Price Adjustment by Mining Negative Association Rules%基于负关联规则挖掘的价格调整

    Institute of Scientific and Technical Information of China (English)

    黄发良; 郑小建; 张师超

    2006-01-01

    定制优良的产品价格是激烈竞争的市场中一个关键,基于负关联规则挖掘的技术提出一种新的定价方法,它可通过人力参与和完全自动两种方式进行,该方法具有易操作与易扩展的优点.实验表明该方法是有效的.%Well-determining product price has been a crucial problem in marketing competition. A novel pricing method based on negative association rules identified from past data is proposed, which is easily-manipulated and well-extended for end users. In our approach, an optimal price can be generated with two alternative strategies: human-assisted pricing strategy and automatic pricing strategy. In addition, an efficient algorithm for generating short negative association rules is devised. The results show that the approach is promising and efficient.

  2. Price smarter on the Net.

    Science.gov (United States)

    Baker, W; Marn, M; Zawada, C

    2001-02-01

    Companies generally have set prices on the Internet in two ways. Many start-ups have offered untenably low prices in a rush to capture first-mover advantage. Many incumbents have simply charged the same prices on-line as they do off-line. Either way, companies are missing a big opportunity. The fundamental value of the Internet lies not in lowering prices or making them consistent but in optimizing them. After all, if it's easy for customers to compare prices on the Internet, it's also easy for companies to track customers' behavior and adjust prices accordingly. The Net lets companies optimize prices in three ways. First, it lets them set and announce prices with greater precision. Different prices can be tested easily, and customers' responses can be collected instantly. Companies can set the most profitable prices, and they can tap into previously hidden customer demand. Second, because it's so easy to change prices on the Internet, companies can adjust prices in response to even small fluctuations in market conditions, customer demand, or competitors' behavior. Third, companies can use the clickstream data and purchase histories that it collects through the Internet to segment customers quickly. Then it can offer segment-specific prices or promotions immediately. By taking full advantage of the unique possibilities afforded by the Internet to set prices with precision, adapt to changing circumstances quickly, and segment customers accurately, companies can get their pricing right. It's one of the ultimate drivers of e-business success.

  3. Changes in the production factor’s structures in agriculture in the light of price adjustments. A case study of selected EU countries1

    Directory of Open Access Journals (Sweden)

    Czyżewski Andrzej

    2015-12-01

    Full Text Available The conducted research concerns the issue of the impact of the prices on the volume and the productivity of labour and capital factors. The purpose of the article is to compare to what extend changes in the structures of agricultural production factors in the agriculture of selected EU countries (Poland, Hungary, Italy in years 1999-2013 are the consequence of adaptation to price conditions on the agricultural products markets and production factors markets. The studies prove the low elasticity of production factor structures relative to the price scissors index in the all countries. However, in the case of Hungary and Poland it is particularly low, which can be connected with low capitalization of agriculture in those countries, on the one hand, and the “path dependency” effect in the context of communist past of these countries, on the other.

  4. 19 CFR 351.413 - Disregarding insignificant adjustments.

    Science.gov (United States)

    2010-04-01

    ... COUNTERVAILING DUTIES Calculation of Export Price, Constructed Export Price, Fair Value, and Normal Value § 351..., constructed export price, or normal value, as the case may be. Groups of adjustments are adjustments for...

  5. Renewable resource management under asymmetric information

    DEFF Research Database (Denmark)

    Jensen, Frank; Andersen, Peder; Nielsen, Max

    2013-01-01

    Asymmetric information between fishermen and the regulator is important within fisheries. The regulator may have less information about stock sizes, prices, costs, effort, productivity and catches than fishermen. With asymmetric information, a strong analytical tool is principal-agent analysis. I...

  6. 利率对我国房价调控效应的实证研究%An Empirical Study of the Adjustment Effects of the Interest Rate on China's House Price

    Institute of Scientific and Technical Information of China (English)

    李松华

    2015-01-01

    Theoretical studies show that the impact direction of the interest rate on house price depends on the sensitivity of the real estate demand and supply responding to the changes of the interest rate, but empirical studies draw different conclusions. Therefore, this paper theoretically analyzes the influence of the interest rate on house price by employing a DSGE model, and then empirically studies the mathematical effects of the interest rate adjusting on Chinese house price with some econometric methods such as Cointegration, Vector Error Correction model, Impulse Responses and Variance Decomposition based on VAR Model with Chinese house price and the interest rate data from the first quarter of 1998 to the fourth quarter of 2013. The results are as follow:the interest rate has driven house price in the long run, and the analysis of impulse responses and variance decomposition shows that the devotion of the interest rate to house price is very limited;the estimation of VECM shows that both of the interest rate and house price have not dynamic self-adjusted mechanism in the short run, and house price will be further away its equilibrium state which means the regulation effect of the interest rate on house price will be worse and house price will rise further in the short time.%理论研究表明利率对房价的影响方向取决于房地产需求和供给对于利率变动反应的敏感性,但实践检验结论不一。为此,文章首先通过建立一个动态随机一般均衡模型(DSGE),从理论上分析了利率对房价的影响,然后基于我国1998年1季度-2013年4季度的房价和利率数据,采用协整、向量误差纠正模型和基于VAR的脉冲响应、方差分解等手段实证检验了利率调控我国房价的数量效应。研究发现,长期中利率推动了我国房价的上涨,但脉冲响应和方差分解表明利率对房价上涨的推动作用有限; VECM估计表明短期中调整利率与房价向其长期

  7. 银行信贷、利率调整对房地产价格的影响分析%An Analysis of the Impact of Bank Credit and Interest Rate Adjustment on Real Estate Price

    Institute of Scientific and Technical Information of China (English)

    费磊

    2012-01-01

    Taking the case of R city, the paper makes a combination of empirical study and comparative study on the relationship of bank credit, interest rate adjustment and housing price fluctuations within different monetary policy period, with the method of vec- tor auto regression, cointegration test, granger causality test, impulse response functions and variance decomposition. The result shows that there is an equilibrium relationship between real estate price fluctuation and bank credit in the long term and bank credit impels re- al estate price fluctuation effectively. There are differences within different stages of monetary policy on the amplitude of effects. The amplitude of effects within the loose policy is relatively high. The impact of interest rate adjustment on real estate price fluctuation is mainly inhibitory.%本文以R市为例,运用向量自回归(VAR)、协整检验、格兰杰因果检验、脉冲响应(IRF)、方差分解等方法,对不同货币政策阶段房地产贷款、利率调整与房价波动的关系进行了实证研究与比较。结果表明:房地产价格波动和房地产信贷规模在长期存在稳定均衡关系,银行信贷对房地产价格波动具有重要的推动作用;不同货币政策阶段房贷对房价变动的影响幅度存在差异性,宽松货币政策阶段房贷对房价波动影响幅度相对较大;利率调整对房价上涨以抑制作用为主。

  8. Airport Pricing Strategies

    Science.gov (United States)

    Pels, Eric; Verhoef, Erik T.

    2003-01-01

    Conventional economic wisdom suggests that congestion pricing would be an appropriate response to cope with the growing congestion levels currently experienced at many airports. Several characteristics of aviation markets, however, may make naive congestion prices equal to the value of marginal travel delays a non-optimal response. This paper has developed a model of airport pricing that captures a number of these features. The model in particular reflects that airlines typically have market power and are engaged in oligopolistic competition at different sub-markets; that part of external travel delays that aircraft impose are internal to an operator and hence should not be accounted for in congestion tolls. We presented an analytical treatment for a simple bi-nodal symmetric network, which through the use of 'hyper-networks' would be readily applicable to dynamic problems (in discrete time) such as peak - off-peak differences, and some numerical exercises for the same symmetric network, which was only designed to illustrate the possible comparative static impacts of tolling, in addition to marginal equilibrium conditions as could be derived for the general model specification. Some main conclusions are that second-best optimal tolls are typically lower than what would be suggested by congestion costs alone and may even be negative, and that the toll as derived by Brueckner (2002) may not lead to an increase in total welfare. While Brueckner (2002) has made clear that congestion tolls on airports may be smaller than expected when congestion costs among aircraft are internal for a firm, our analysis adds to this that a further downward adjustment may be in order due to market power. The presence of market power (which causes prices to exceed marginal costs) may cause the pure congestion toll to be suboptimal, because the resulting decrease in demand is too high (the pure congestion tall does not take into account the decrease in consumer surplus). The various

  9. Adjusting the Capital Asset Pricing Model for the Short-Run with Liquidity Proxies, While Accounting for Denials and Deceptions in Financial Markets

    Science.gov (United States)

    2014-03-01

    Order Volume to Peak Size of All Different Iceberg Sell Orders in the Sample (from Esser & Monch, 2005, p.10). ............................. 28! Figure...MILDECc military deception MPT modern portfolio theory NE non-execution OPSEC operations security R-CAPM revised-CAPM Reg NMS regulation national...Much of Sharpe’s theory on the appropriate price for capital assets (i.e., equity) rotates around the notion of risk. Generically, risk is defined as

  10. Price Transmission Analysis in the Fresh Vegetable Supply Chain of Saudi Arabia

    OpenAIRE

    Alhashim, Jawad; Saghaian, Sayed

    2015-01-01

    Price transmission studies focus on how price variation at one marketing level affects the prices at other levels, either vertically or horizontally. Price movement among farms, wholesale, and retail levels is indicative of vertical price transmission. Any change in the farmer’s price is reflected in the final consumer’s price. Asymmetric price transmission (APT) can occur anywhere along the supply chain. The objective of this study is to explore the existence of APT for selected fresh vegeta...

  11. Asymmetric synthesis v.4

    CERN Document Server

    Morrison, James

    1984-01-01

    Asymmetric Synthesis, Volume 4: The Chiral Carbon Pool and Chiral Sulfur, Nitrogen, Phosphorus, and Silicon Centers describes the practical methods of obtaining chiral fragments. Divided into five chapters, this book specifically examines initial chiral transmission and extension. The opening chapter describes the so-called chiral carbon pool, the readily available chiral carbon fragments used as building blocks in synthesis. This chapter also provides a list of 375 chiral building blocks, along with their commercial sources, approximate prices, and methods of synthesis. Schemes involving

  12. Bertrand Competition with an Asymmetric No-Discrimination Constraint

    NARCIS (Netherlands)

    Bouckaert, J.M.C.; Degryse, H.A.; van Dijk, T.

    2012-01-01

    Abstract: We study the competitive and welfare consequences when only one firm must commit to uniform pricing while the competitor’s pricing policy is left unconstrained. The asymmetric no-discrimination constraint prohibits both behaviour-based price discrimination within the competitive segment an

  13. Under the Condition of Asymmetric Information, the Research of Incentive Regulation Model about Chinese Service Price%信息不对称条件下我国医疗服务价格激励性监管模式研究

    Institute of Scientific and Technical Information of China (English)

    汤少梁; 陈峰

    2011-01-01

    At present, there are serious asymmetric information problems in the Chinese medical service market,which is also the main reason leading regulatory failures on prices of Chinese medical service. Borrowing ideas from three main kinds of western regulatory models avoiding the risks of asymmetric information, we construct the incentive regulatory model about the prices of Chinese medical service. On the basis of rate of return regulatory model, this model introduces the price-cap factor and yardstick regulatory price, and also considers some factors such as medical service price, medical service cost. At last, we summarize and evaluate this model.%目前我国医疗服务市场存在严重的信息不对称问题,是导致我国医疗服务价格监管失灵的一个主要原因.本文借鉴西方主要的三种规避信息不对称的激励性监管模式的优点,在投资回报率价格监管模式的基础上,引入了价格上限因子和标准监管价格,同时考虑了医疗服务成本、医疗服务质量等因素,构建了我国医疗服务价格的监管模式,并对该模式进行了总结和评价.

  14. Dynamic pricing models for electronic business

    Indian Academy of Sciences (India)

    Y Narahari; C V L Raju; K Ravikumar; Sourabh Shah

    2005-04-01

    Dynamic pricing is the dynamic adjustment of prices to consumers depending upon the value these customers attribute to a product or service. Today’s digital economy is ready for dynamic pricing; however recent research has shown that the prices will have to be adjusted in fairly sophisticated ways, based on sound mathematical models, to derive the benefits of dynamic pricing. This article attempts to survey different models that have been used in dynamic pricing. We first motivate dynamic pricing and present underlying concepts, with several examples, and explain conditions under which dynamic pricing is likely to succeed. We then bring out the role of models in computing dynamic prices. The models surveyed include inventory-based models, data-driven models, auctions, and machine learning. We present a detailed example of an e-business market to show the use of reinforcement learning in dynamic pricing.

  15. Salary adjustments

    CERN Multimedia

    HR Department

    2008-01-01

    In accordance with decisions taken by the Finance Committee and Council in December 2007, salaries are adjusted with effect from 1 January 2008. Scale of basic salaries and scale of stipends paid to fellows (Annex R A 5 and R A 6 respectively): increased by 0.71% with effect from 1 January 2008. As a result of the stability of the Geneva consumer price index, the following elements do not increase: a)\tFamily Allowance, Child Allowance and Infant Allowance (Annex R A 3); b)\tReimbursement of education fees: maximum amounts of reimbursement (Annex R A 4.01) for the academic year 2007/2008. Related adjustments will be applied, wherever applicable, to Paid Associates and Students. As in the past, the actual percentage increase of each salary position may vary, due to the application of a constant step value and rounding effects. Human Resources Department Tel. 73566

  16. Salary adjustments

    CERN Multimedia

    HR Department

    2008-01-01

    In accordance with decisions taken by the Finance Committee and Council in December 2007, salaries are adjusted with effect from 1 January 2008. Scale of basic salaries and scale of stipends paid to fellows (Annex R A 5 and R A 6 respectively): increased by 0.71% with effect from 1 January 2008. As a result of the stability of the Geneva consumer price index, following elements do not increase: a) Family Allowance, Child Allowance and Infant Allowance (Annex R A 3). b) Reimbursement of education fees: maximum amounts of reimbursement (Annex R A 4.01) for the academic year 2007/2008. Related adjustments will be implemented, wherever applicable, to Paid Associates and Students. As in the past, the actual percentage increase of each salary position may vary, due to the application of a constant step value and the rounding effects. Human Resources Department Tel. 73566

  17. Double Pressure on Power Grids——The demand for electricity is dropping while the electricity price is not adjusted properly

    Institute of Scientific and Technical Information of China (English)

    Shan Baoguo

    2009-01-01

    @@ Deterioration of economic situation On the one hand,owing to the impact of international financial crisis,on the other hand,because of the impact of domestic structure adjustment,energy conservation and pollution emission reduction as well as macro policies,the growth of economy has declined greatly after July 2008,which is greatly beyond people's expectation and judgement at the beginning of the year.The growth of the country's GDP increased by 9.9% for the first three quarters,2.3% decline compared to the same period of the previous year.The growth of output of major industrial products dropped dramatically.

  18. Price Discrimination

    OpenAIRE

    Armstrong, Mark

    2008-01-01

    This paper surveys recent economic research on price discrimination, both in monopoly and oligopoly markets. Topics include static and dynamic forms of price discrimination, and both final and input markets are considered. Potential antitrust aspects of price discrimination are highlighted throughout the paper. The paper argues that the informational requirements to make accurate policy are very great, and with most forms of price discrimination a laissez-faire policy may be the best availabl...

  19. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

    Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE h...

  20. Carbon pricing in the EU

    NARCIS (Netherlands)

    Brink, Corjan; Vollebergh, Herman R.J.; Werf, van der Edwin

    2016-01-01

    This paper studies various options to support allowance prices in the EU Emissions Trading System (ETS), such as adjusting the cap, an auction reserve price, and fixed and variable carbon taxes in addition to the EU ETS. We use a dynamic computable general equilibrium model that explicitly allows

  1. Carbon pricing in the EU

    NARCIS (Netherlands)

    Brink, Corjan; Vollebergh, Herman R.J.; Werf, van der Edwin

    2016-01-01

    This paper studies various options to support allowance prices in the EU Emissions Trading System (ETS), such as adjusting the cap, an auction reserve price, and fixed and variable carbon taxes in addition to the EU ETS. We use a dynamic computable general equilibrium model that explicitly allows

  2. Price setting in turbulent times

    DEFF Research Database (Denmark)

    Ólafsson, Tjörvi; Pétursdóttir, Ásgerdur; Vignisdóttir, Karen Á.

    . A second contribution to the literature is our analysis of the nexus between price setting and exchange rate movements, a topic that has attracted surprisingly limited attention in this survey-based literature. A novel aspect of our approach is to base our analysis on a categorisation of firms...... in the domestic market by their direct exposure to exchange rate movements captured by imported input costs as a share of total p duction costs. More exposed firms are found to be more likely to use state-dependent pricing, to adjust their prices in response to exchange rate changes, and to rely on increasing...... prices rather than decreasing costs to restore profit margins after an exchange rate depreciation. They also review their prices more often but nevertheless, surprisingly, have the same price change frequency as the median firm. On the other hand, price review frequency declines and time...

  3. Adjustment on price difference of labor and material costs of Middle Route Project of South to North Water Diversion Project%浅议南水北调中线工程人工费和材料费价差调整

    Institute of Scientific and Technical Information of China (English)

    刘经纬; 建碧碧; 周延卫

    2014-01-01

    In a market economy, the price adjustment caused by price fluctuations has a great impact on the cost of hydropower projects. In particular, due to long construction period, labor and material costs are influenced by price fluctuations, which fur-ther directly affect the project cost and bring price risk to the owner and construction parties. With the case of Bid 1 of Yuzhou-Changge Section of Middle Route Project of South to North Water Diversion Project, the principles, range and methods of adjust-ment on price difference are described, and the concrete practices and actual problems encountered in the implementation are in-troduced. The remarks of reasonable price adjustment and price risk mitigation are analyzed.%在市场经济形势下,物价波动引起价格调整对水利水电工程的造价影响较大。尤其是水利工程工期较长,人工费、材料费势必受到市场的影响导致价格实时变动,直接影响工程造价。结合南水北调中线禹州长葛段一标工程人工费和材料费价差调整实例,阐述了价差调整的原则、范围和方法,介绍了价差调整的具体作法和执行中遇到的实际问题。对如何合理地进行价差调整、减少价格风险应注意的问题进行了分析。

  4. Loss Aversion and the Asymmetric Transmission of Monetary Policy

    DEFF Research Database (Denmark)

    Santoro, Emiliano; Petrella, Ivan; Pfajfar, Damjan

    2014-01-01

    There is widespread evidence that monetary policy exerts asymmetric effects on output over contractions and expansions in economic activity, while price responses display no sizeable asymmetry. To rationalize these facts we develop a dynamic general equilibrium model where households’ utility...

  5. Changing Prices in a Weak Housing Market

    Institute of Scientific and Technical Information of China (English)

    Xu Dianqing

    2008-01-01

    @@ First, the adjustment in housing prices are in some cases just a regular marketing strategy. Speculation is restrained by macrocontrol policies, which naturally slows down a price increase.It is also predictable that some unreasonably high prices will need to be readjusted.

  6. Seasonal Adjustment of Residents Consumer Pricing Index and Short-term Forecasting%我国居民消费价格指数的季节调整及短期预测

    Institute of Scientific and Technical Information of China (English)

    王娜

    2013-01-01

    The monthly economic time series can be affected by seasonal factors, and the real trend of the time series may be confused. So it is important to identify, separate and adjust the seasonal factors of time series while using monthly residential consumer pricing index to do research. The paper applies X-12-ARIMA and TRAMO/SEATS methods to analyze the seasonal factors of residential consumer pricing index. Moreover, the paper attempts to solve the Chinese Spring Festival affects and forecasts the future trend using TRAMO/SEATS.%月度经济时间序列往往会受到季节因素影响,使得经济发展中的客观变化规律被遮盖或混淆。因此,使用居民消费价格指数月度数据进行物价波动趋势分析时,首先应该采用科学的方法对月度时间序列中的季节因素进行识别、分离和调整。本文使用X-12-ARIMA和TRAMO/SEATS两种基于ARIMA模型的季节调整方法,对我国2001-2012年的定基比价格指数进行了季节调整,并对今后短期内CPI的走势进行了预测。

  7. The Effect of Labor Supply Shortages on Asymmetric Cost Behavior

    DEFF Research Database (Denmark)

    Hoffmann, Kira

    This study examines the effect of shortages in labor supply on asymmetric cost behavior. Building on the labor demand literature, it is argued that labor supply shortages increase adjustment costs for hiring new employees. Consistent with this explanation, results provide evidence that companies...... facing restrictions in labor supply increase costs (and resources) less than companies operating with sufficient access to additional personnel. This leads to a more symmetrical cost behavior for increasing activity compared to decreasing activity. Additional analyses show that shortages in labor supply...... induce firms to increase selling prices but also to temporarily expect more effort from their current employees. The effect decreases with the length of the labor supply shock and is more pronounced for companies located in less populated regions. Results are robust to alternative explanations...

  8. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

    trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...

  9. Pricing Options.

    Science.gov (United States)

    Tenopir, Carol

    1998-01-01

    Presents results of a recent survey of over 100 public and academic libraries about pricing options from online companies. Most options fall into three categories: pay-as-you-go, fixed-rate, and user-based. Results are discussed separately for public and academic libraries and for consortial discounts. Trends in pricing options preferred by…

  10. 30 CFR 203.36 - Do I keep royalty relief if prices rise significantly?

    Science.gov (United States)

    2010-07-01

    ... average daily closing NYMEX natural gas price is greater than $4.55 per MMBtu (adjusted for inflation... be subject to a price threshold of $10.15 per MMBtu (adjusted for inflation after 2007), meaning the... (adjusted for inflation after 2007) price threshold is not exceeded. The determination of which price...

  11. Prices and Market Shares in a Menu Cost Model

    OpenAIRE

    Burstein, Ariel Tomas; Hellwig, Christian

    2007-01-01

    Pricing complementarities play a key role in determining the propagation of monetary disturbances in sticky price models. We propose a procedure to infer the degree of firm-level pricing complementarities in the context of a menu cost model of price adjustment using data on prices and market shares at the level of individual varieties. We then apply this procedure by calibrating our model (in which pricing complementarities are based on decreasing returns to scale at the variety level) using ...

  12. International drug price comparisons: quality assessment.

    Science.gov (United States)

    Machado, Márcio; O'Brodovich, Ryan; Krahn, Murray; Einarson, Thomas R

    2011-01-01

    To quantitatively summarize results (i.e., prices and affordability) reported from international drug price comparison studies and assess their methodological quality. A systematic search of the most relevant databases-Medline, Embase, International Pharmaceutical Abstracts (IPA), and Scopus, from their inception to May 2009-was conducted to identify original research comparing international drug prices. International drug price information was extracted and recorded from accepted papers. Affordability was reported as drug prices adjusted for income. Study quality was assessed using six criteria: use of similar countries, use of a representative sample of drugs, selection of specific types of prices, identification of drug packaging, different weights on price indices, and the type of currency conversion used. Of the 1 828 studies identified, 21 were included. Only one study adequately addressed all quality issues. A large variation in study quality was observed due to the many methods used to conduct the drug price comparisons, such as different indices, economic parameters, price types, basket of drugs, and more. Thus, the quality of published studies was considered poor. Results varied across studies, but generally, higher income countries had higher drug prices. However, after adjusting drug prices for affordability, higher income countries had more affordable prices than lower income countries. Differences between drug prices and affordability in different countries were found. Low income countries reported less affordability of drugs, leaving room for potential problems with drug access, and consequently, a negative impact on health. The quality of the literature on this topic needs improvement.

  13. Housing Price Fluctuations Across China: An Equilibrium Mechanism Perspective

    Institute of Scientific and Technical Information of China (English)

    ZHANG Hong; WENG Shaoqun; ZHOU Xuan

    2007-01-01

    The mechanisms affecting housing prices were studied using the equilibrium housing prices based on classic supply/demand theory. The fluctuations of the actual housing prices were then analyzed relative to the equilibrium prices. The equilibrium prices for each area were calculated from economic statistics and housing prices in 35 China metropolitan areas. The fluctuations of the actual prices are then manifested as functions of the equilibrium price, the mean reversion, and the autocorrelation coefficient. The results show that the equilibrium prices are determined by the basic economic conditions in China and that the equilibrium prices greatly affect the fluctuation of the actual prices, which return to the equilibrium price through self-adjustments. The data also shows that the actual prices in China have the trend of continuing to rise in the future.

  14. Price increase

    CERN Multimedia

    2006-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced, as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  15. Price increase

    CERN Multimedia

    2005-01-01

    Please take note that after five years of stable prices at Restaurant No 1 a price increase will come into force on 1st January 2006. This increase has been agreed after discussions between the CSR (Comité de Surveillance des Restaurants) and the catering company Novae and will reflect the inflation rate of the last few years. In addition, a new children's menu will be introduced as well as 'Max Havelaar' fair-trade coffee at a price of 1.70 CHF.

  16. 异质价格预期、无风险利率调整与证券市场波动%Heterogeneous price expectations, risk free rate adjustment and volatility of security markets

    Institute of Scientific and Technical Information of China (English)

    袁晨; 傅强

    2012-01-01

    After constructing a two-dimensional discrete nonlinear dynamical model of asset prices with traders ' heterogeneous price expectations, this paper studies the impact of risk free rate adjustments on the stability of the equilibrium point. Moreover, an empirical test has been used to study the volatility *of Chinese stock market from 2004 to 2009. Theoretical analysis shows that the local stability in security markets is difficult to show up due to the increasing risk free rate, and it can not be essentially changed when the risk free rate declines. Furthermore, the results are also indirectly confirmed by the empirical work. Especially compared with the benchmark, the volatility of China' s stock market is excessive during the seven times of increasing interest ra'te from August 2006 to October 2008. However, during the four times the central bank' s reduced interest rates from October 2008 to October 2009, the volatility shows no significant difference with respect to the benchmark.%基于交易者的异质价格预期规则,构建了二维离散非线性资产价格动态模型,探讨了无风险利率调整对均衡点稳定性的影响,实证检验了2004-2009年期间我国证券市场的波动性.理论分析表明,提高无风险利率易导致证券市场难以形成局部稳定,降低无风险利率则不会从本质上改变稳定性.实证结果显示:相对基准期而言,2006年8月—2008年10月的7次加息期间,证券市场呈现波动加剧特征;2008年10月—2009年10月的4次降息期间,证券市场的波动性没有显著改变.

  17. The Empirical Analysis of The Deregulation in Oil Products Prices - Gasoline Prices and Demand

    Energy Technology Data Exchange (ETDEWEB)

    Na, I.G. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-11-01

    The deregulation in oil product prices started in 1997. This empirical study examines the effects of the deregulation on gasoline prices and gasoline demand. Major findings of this study are summarized as follows. First of all, no significant empirical evidence is found to support that the deregulation affects the determination of gasoline prices. Secondly, the effects of CIF crude oil price and exchange rate on gasoline prices seem to be consistent across different econometric models. The short-term CIF elasticity is estimated to be 0.13, while the short-term exchange rate elasticity is estimated to be 0.43. This finding implies that if CIF increases 10%, the gasoline prices increase 1.3%. For example, gasoline prices of 1,200won/liter increase 15.6 won/liter with 2$/bbl increase of 20$/bbl crude price. Thirdly, the hypothesis of asymmetric response to CIF rises and falls is examined. No evidence of asymmetric response is found. Finally, the effect of deregulation on gasoline demand is estimated. It is found that the elasticities of gasoline prices and income (GDP) were dramatically changed into elastic response between pre-deregulation period and post-deregulation period. The short-term gasoline price elasticity increases from -0.18 in pre-deregulation period to -0.99 in post-deregulation period while the short-term income elasticity changes from 0.15 to 0.39 over the same period. (author). 40 refs., 36 figs., 34 tabs.

  18. Chocolate price fluctuations may cause depression: an analysis of price pass-through in the cocoa chain

    OpenAIRE

    Araujo Bonjean, Catherine; Jean-François BRUN

    2014-01-01

    The aim of this paper is to explore the channels of transmission of the fluctuations in the world price of cocoa to the consumer of chocolate bars in France. This case study can be considered as an illustration of a more general pattern of asymmetric vertical price transmission in the commodity-final product chain. Two types of asymmetry are suspected: asymmetry in the transmission of positive and negative shocks that may reflect non-competitive behavior in the chocolate industry and asymmetr...

  19. Coordinated Oil Price Readjustment Plan

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    In March this year, the National Development and Reform Commission issued an oil price readjustment plan, including the establishment of a subsidy system for disadvantaged sections of the community and public service sectors, a price linkage mechanism for related industries, and a fiscal adjustment mechanism for oil enterprises. The recipients of the subsidies mainly include farmers, fishermen and fishing firms, state-owned forestry enterprises and urban public transportation firms.

  20. Monetary policy and the effects of oil price shocks on the Japanese economy

    Science.gov (United States)

    Lee, Byung Rhae

    1998-12-01

    The evidence of output decreases and price level increases following oil price shocks in the Japanese economy is presented in this paper. These negative effects of oil shocks are better explained by Hamilton's (1996) net oil price increase measure (NOPI) than by other oil measures. The fact that an oil shock has a statistically significant effect on the call money rate and real output and that the call money rate also has a statistically significant effect on real output appears to explain that the effects of oil price shocks on economic activity are partially attributed to contractionary monetary policy responses. The asymmetric effects of positive and negative oil shocks are also found in the Japanese economy and this asymmetry can also be partially explained by monetary policy responses. To assess the relative contribution of oil shocks and endogenous monetary policy responses to the economic downturns, I shut off the responses of the call money rate to oil shocks utilizing the impulse response results from the VAR model. Then, I re-run the VAR with the adjusted call money rate series. The empirical results show that around 30--40% of the negative effects of oil price shocks on the Japanese economy can be accounted for by oil shock induced monetary tightening.

  1. Exchange Rate Policy and Endogenous Price Flexibility

    OpenAIRE

    Devereux, Michael B.

    2004-01-01

    A fixed exchange rate limits the ability of the real exchange rate to adjust to shocks, and tends to raise the volatility of real GDP. But adjustment may be enhanced if internal prices are more flexible under a fixed exchange rate. This Paper develops a model in which price setters incur a cost to retain the option of ex-post price flexibility. The benefit of flexibility is increasing in the variance of demand facing price-setters. We ask whether fixing the exchange rate is likely to increase...

  2. Fair pricing, and pricing paradoxes

    Directory of Open Access Journals (Sweden)

    Barbara Swart

    2016-05-01

    Full Text Available The St Petersburg Paradox revolves round the determination of a fair price for playing the St Petersburg Game. According to the original formulation, the price for the game is infinite, and, therefore, paradoxical. Although the St Petersburg Paradox can be seen as concerning merely a game, Paul Samuelson (1977 calls it a “fascinating chapter in the history of ideas”, a chapter that gave rise to a considerable number of papers over more than 200 years involving fields such as probability theory and economics. In a paper in this journal, Vivian (2013 undertook a numerical investigation of the St Petersburg Game. In this paper, the central issue of the paradox is identified as that of fair (risk-neutral pricing, which is fundamental in economics and finance and involves important concepts such as no arbitrage, discounting, and risk-neutral measures. The model for the St Petersburg Game as set out in this paper is new and analytical and resolves the so-called pricing paradox by applying a discounting procedure. In this framework, it is shown that there is in fact no infinite price paradox, and simple formulas for obtaining a finite price for the game are also provided.

  3. Quantity Discount Scheme in Supply Chain under Asymmetric Information

    Institute of Scientific and Technical Information of China (English)

    LI Ji-bin; PENG Zuo-he

    2007-01-01

    Quantity discount scheme plays an important role in supply chain management. The different quantity discount schemes under symmetric (full) information and asymmetric information, are analyzed by using principal-agent and optimal control theory. As a result, the research reveals that the optimal quantity discount solution under symmetric information is a special case of that under asymmetric information. At the same price, the critical value of quantity discount under asymmetric information is much lower than that under asymmetric information. Therefore, this leads to less cost for retailers and smaller profit for their supplier.

  4. When do price thresholds matter in retail categories?

    NARCIS (Netherlands)

    K.H. Pauwels (Koen); S. Srinivasan (Sharada); Ph.H.B.F. Franses (Philip Hans)

    2007-01-01

    textabstractMarketing literature has long recognized that brand price elasticity need not be monotonic and symmetric, but has yet to provide generalizable market-level insights on threshold-based price elasticity, asymmetric thresholds, and the sign and magnitude of elasticity transitions. This

  5. Reference-based transitions in short-run price elasticity

    NARCIS (Netherlands)

    K.H. Pauwels (Koen); Ph.H.B.F. Franses (Philip Hans); S. Srinivasan (Shruba)

    2003-01-01

    textabstractMarketing literature has long recognized that price response need not be monotonic and symmetric, but has yet to provide generalizable market-level insights on reference price type, asymmetric thresholds and sign and magnitude of elasticity transitions. In this paper, we introduce smooth

  6. When do price thresholds matter in retail categories?

    NARCIS (Netherlands)

    K.H. Pauwels (Koen); S. Srinivasan (Sharada); Ph.H.B.F. Franses (Philip Hans)

    2007-01-01

    textabstractMarketing literature has long recognized that brand price elasticity need not be monotonic and symmetric, but has yet to provide generalizable market-level insights on threshold-based price elasticity, asymmetric thresholds, and the sign and magnitude of elasticity transitions. This pape

  7. Comparative Performance of Volatility Models for Oil Price

    Directory of Open Access Journals (Sweden)

    Afees A. Salisu

    2012-07-01

    Full Text Available In this paper, we compare the performance of volatility models for oil price using daily returns of WTI. The innovations of this paper are in two folds: (i we analyse the oil price across three sub samples namely period before, during and after the global financial crisis, (ii we also analyse the comparative performance of both symmetric and asymmetric volatility models for the oil price. We find that oil price was most volatile during the global financial crises compared to other sub samples. Based on the appropriate model selection criteria, the asymmetric GARCH models appear superior to the symmetric ones in dealing with oil price volatility. This finding indicates evidence of leverage effects in the oil market and ignoring these effects in oil price modelling will lead to serious biases and misleading results.

  8. Price dependence in the principal EU olive oil markets

    Energy Technology Data Exchange (ETDEWEB)

    Emmanouilides, C.; Fousekis, P.; Grigoriadis, V.

    2014-06-01

    The objective of this paper is to assess the degree and the structure of price dependence in the principal EU olive oil markets (Spain, Italy and Greece). To this end, it utilizes monthly olive oil price data and the statistical tool of copulas. The empirical results suggest that prices are likely to boom together but not to crash together; this is especially true for the prices of the two most important players, Italy (importer) and Spain (exporter). The finding of asymmetric price co-movements implies that the three principal spatial olive oil markets in the EU cannot be thought of as one great pool. (Author)

  9. Price dependence in the principal EU olive oil markets

    Directory of Open Access Journals (Sweden)

    Christos Emmanouilides

    2013-12-01

    Full Text Available The objective of this paper is to assess the degree and the structure of price dependence in the principal EU olive oil markets (Spain, Italy and Greece. To this end, it utilizes monthly olive oil price data and the statistical tool of copulas. The empirical results suggest that prices are likely to boom together but not to crash together; this is especially true for the prices of the two most important players, Italy (importer and Spain (exporter. The finding of asymmetric price co-movements implies that the three principal spatial olive oil markets in the EU cannot be thought of as one great pool.

  10. Price Transmission in the Cocoa-Chocolate Chain

    OpenAIRE

    Catherine ARAUJO BONJEAN; Brun, Jean-François

    2011-01-01

    Etudes & documents; There is a common perception among consumers that the retail prices respond faster to an increase in the price of raw material than to a decrease. This paper aims at testing the existence of such asymmetric price transmission in the cocoa-chocolate chain on the French market. Two types of asymmetry are suspected: asymmetry in the transmission of positive and negative shocks that may reflect non-competitive behaviour in the chocolate industry and asymmetry in the transmissi...

  11. Asymmetric-Structure Analysis of Carbon and Energy Markets

    Science.gov (United States)

    Xu, Wei; Cao, Guangxi

    2016-02-01

    This study aimed to investigate the asymmetric structure between the carbon and energy markets from two aspects of different trends (up or down) and volatility-transmission direction using asymmetric detrended cross-correlation analysis (DCCA) cross-correlation coefficient test, multifractal asymmetric DCCA (MF-ADCCA) method, asymmetric volatility-constrained correlation metric and time rate of information-flow approach. We sampled 1283 observations from January 2008 to December 2012 among pairs of carbon and energy markets for analysis. Empirical results show that the (1) asymmetric characteristic from the cross-correlation between carbon and returns in the energy markets is significant, (2) asymmetric cross-correlation between carbon and energy market price returns is persistent and multifractral and (3) volatility of the base assets of energy market returns is more influential to the base asset of the carbon market than that of the energy market.

  12. Price setting behaviour in Denmark: A study of CPI Micro Data 1997-2005

    OpenAIRE

    Hansen, Bo William; Hansen, Niels Lynggård

    2006-01-01

    This paper provides empirical evidence on the degree of price rigidity and price flexibility in Denmark. Our data relies on unpublished data from Statistics Denmark on the Danish CPI. The dataset covers the period 1997-2005 and contains around 2.7 million monthly price records. The paper reveals a substantial amount of heterogeneity in the frequency and size of price adjustments across sectors and products. Most price changes are increases, but price decreases are not uncommon. Price changes ...

  13. China’s Transfer Pricing Measures

    Institute of Scientific and Technical Information of China (English)

    RICHARD; HOFFMANN

    2009-01-01

    Earlier this year, the State Administrationof Taxation promulgated the much-antic-ipated transfer pricing measures detailingthe administrative rules for all special taxadjustments. These special tax adjustments,including cost sharing, thin capitalization,

  14. Asymmetric Ashes

    Science.gov (United States)

    2006-11-01

    that oscillate in certain directions. Reflection or scattering of light favours certain orientations of the electric and magnetic fields over others. This is why polarising sunglasses can filter out the glint of sunlight reflected off a pond. When light scatters through the expanding debris of a supernova, it retains information about the orientation of the scattering layers. If the supernova is spherically symmetric, all orientations will be present equally and will average out, so there will be no net polarisation. If, however, the gas shell is not round, a slight net polarisation will be imprinted on the light. This is what broad-band polarimetry can accomplish. If additional spectral information is available ('spectro-polarimetry'), one can determine whether the asymmetry is in the continuum light or in some spectral lines. In the case of the Type Ia supernovae, the astronomers found that the continuum polarisation is very small so that the overall shape of the explosion is crudely spherical. But the much larger polarization in strongly blue-shifted spectral lines evidences the presence, in the outer regions, of fast moving clumps with peculiar chemical composition. "Our study reveals that explosions of Type Ia supernovae are really three-dimensional phenomena," says Dietrich Baade. "The outer regions of the blast cloud is asymmetric, with different materials found in 'clumps', while the inner regions are smooth." "This study was possible because polarimetry could unfold its full strength thanks to the light-collecting power of the Very Large Telescope and the very precise calibration of the FORS instrument," he adds. The research team first spotted this asymmetry in 2003, as part of the same observational campaign (ESO PR 23/03 and ESO PR Photo 26/05). The new, more extensive results show that the degree of polarisation and, hence, the asphericity, correlates with the intrinsic brightness of the explosion. The brighter the supernova, the smoother, or less clumpy

  15. Essays on pricing dynamics, price dispersion, and nested logit modelling

    Science.gov (United States)

    Verlinda, Jeremy Alan

    The body of this dissertation comprises three standalone essays, presented in three respective chapters. Chapter One explores the possibility that local market power contributes to the asymmetric relationship observed between wholesale costs and retail prices in gasoline markets. I exploit an original data set of weekly gas station prices in Southern California from September 2002 to May 2003, and take advantage of highly detailed station and local market-level characteristics to determine the extent to which spatial differentiation influences price-response asymmetry. I find that brand identity, proximity to rival stations, bundling and advertising, operation type, and local market features and demographics each influence a station's predicted asymmetric relationship between prices and wholesale costs. Chapter Two extends the existing literature on the effect of market structure on price dispersion in airline fares by modeling the effect at the disaggregate ticket level. Whereas past studies rely on aggregate measures of price dispersion such as the Gini coefficient or the standard deviation of fares, this paper estimates the entire empirical distribution of airline fares and documents how the shape of the distribution is determined by market structure. Specifically, I find that monopoly markets favor a wider distribution of fares with more mass in the tails while duopoly and competitive markets exhibit a tighter fare distribution. These findings indicate that the dispersion of airline fares may result from the efforts of airlines to practice second-degree price discrimination. Chapter Three adopts a Bayesian approach to the problem of tree structure specification in nested logit modelling, which requires a heavy computational burden in calculating marginal likelihoods. I compare two different techniques for estimating marginal likelihoods: (1) the Laplace approximation, and (2) reversible jump MCMC. I apply the techniques to both a simulated and a travel mode

  16. ADJUSTMENT FACTORS AND ADJUSTMENT STRUCTURE

    Institute of Scientific and Technical Information of China (English)

    Tao Benzao

    2003-01-01

    In this paper, adjustment factors J and R put forward by professor Zhou Jiangwen are introduced and the nature of the adjustment factors and their role in evaluating adjustment structure is discussed and proved.

  17. Measuring core inflation in India: An asymmetric trimmed mean approach

    Directory of Open Access Journals (Sweden)

    Naresh Kumar Sharma

    2015-12-01

    Full Text Available The paper seeks to obtain an optimal asymmetric trimmed mean-based core inflation measure in the class of trimmed mean measures when the distribution of price changes is leptokurtic and skewed to the right for any given period. Several estimators based on asymmetric trimmed mean approach are constructed and estimates generated by use of these estimators are evaluated on the basis of certain established empirical criteria. The paper also provides the method of trimmed mean expression “in terms of percentile score.” This study uses 69 monthly price indices which are constituent components of Wholesale Price Index for the period, April 1994 to April 2009, with 1993–1994 as the base year. Results of the study indicate that an optimally trimmed estimator is found when we trim 29.5% from the left-hand tail and 20.5% from the right-hand tail of the distribution of price changes.

  18. Convexity Adjustments

    DEFF Research Database (Denmark)

    M. Gaspar, Raquel; Murgoci, Agatha

    2010-01-01

    of particular importance to practitioners: yield convexity adjustments, forward versus futures convexity adjustments, timing and quanto convexity adjustments. We claim that the appropriate way to look into any of these adjustments is as a side effect of a measure change, as proposed by Pelsser (2003...

  19. Research on the Adjustment in Contract Sum Caused by the Price Fluctuation during the Project Delay:Based on the Code of Valuation with Bill of Quantity of Construction Works (2013)%工期延误期间物价波动引起的合同价款调整研究--基于13清单规范

    Institute of Scientific and Technical Information of China (English)

    孙娜; 杜亚灵; 李淑湘

    2015-01-01

    Dispute about adjustment in contract sum caused by price fluctuation during the project delay is gradually increasing. Firstly, the division of responsibility on delay is determined under single event delay and common delay. Secondly, it is proposed that the divide of responsibility on price fluctuation during delay is determined based on the principle of "default not to benefit", and it is pointed out that determine of price indices under delay is different from normal construction progress when applying the formula of adjustment in contract sum. Thirdly, analysis of the determination of price indices under single event delay and common delay respectively based on above principle.%工期延误期间因物价波动引起的价款调整容易引起纠纷。首先,对单事件延误和共同延误这两种情况进行责任划分;其次,提出基于违约者不受益原则对工期延误期间物价波动进行责任划,并指出调价公式中价格指数在工期延误情况下的确定方法与施工进度正常情况下的确定方法有所不同;最后,基于上述原则分别在单事件延误和共同延误两种情况下对价格指数的确定进行详细分析。

  20. Financial Constraints and Nominal Price Rigidities

    DEFF Research Database (Denmark)

    Menno, Dominik Francesco; Balleer, Almut; Hristov, Nikolay

    This paper investigates how financial market imperfections and the frequency of price adjustment interact. Based on new firm-level evidence for Germany, we document that financially constrained firms adjust prices more often than their unconstrained counterparts, both upwards and downwards. We show...... that these empirical patterns are consistent with a partial equilibrium menu-cost model with a working capital constraint. We then use the model to show how the presence of financial frictions changes profits and the price distribution of firms compared to a model without financial frictions. Our results suggest...... that tighter financial constraints are associated with higher nominal rigidities, higher prices and lower output. Moreover, in response to aggregate shocks, aggregate price rigidity moves substantially, the response of inflation is dampened, while output reacts more in the presence of financial frictions...

  1. Vertical price transmission in the Danish food chain

    DEFF Research Database (Denmark)

    Jensen, Jørgen Dejgård; Møller, Anja Skadkær

    2005-01-01

    This purpose of this paper is to investigate price transmission patterns through selected Danish food chains – from primary production to processing, from processing to wholesale and from wholesale to retail prices. Specifically, the study addresses the following research questions: To what extent...... are commodity prices transmitted from one stage to another in the food chain? What is the time horizon in the price transmission? Is price transmission symmetric – in the short run and in the long run? Is the degree of price transmission affected by the degree of concentration in the supply and demand stage...... considered? These questions are analysed theoretically and empirically using econometric analysis. 6 food chains are investigated: pork, chicken, eggs, milk, sugar and apples. Preliminary empirical results suggest that for most commodities, price transmission tends to be upward asymmetric, i.e. stronger...

  2. Oil Price Shocks and Stock Markets in BRICs

    Directory of Open Access Journals (Sweden)

    Ono, Shigeki

    2011-06-01

    Full Text Available This paper examines the impact of oil prices on real stock returns for Brazil, China, India and Russia over 1999:1-2009:9 using VAR models. The results suggest that whereas real stock returns positively respond to some of the oil price indicators with statistical significance for China, India and Russia, those of Brazil do not show any significant responses. In addition, statistically significant asymmetric effects of oil price increases and decreases are observed in India. The analysis of variance decomposition shows that the contribution of oil price shocks to volatility in real stock returns is relatively large and statistically significant for China and Russia.

  3. Appliance Efficiency Standards and Price Discrimination

    Energy Technology Data Exchange (ETDEWEB)

    Spurlock, Cecily Anna [Univ. of California, Berkeley, CA (United States)

    2013-05-08

    I explore the effects of two simultaneous changes in minimum energy efficiency and ENERGY STAR standards for clothes washers. Adapting the Mussa and Rosen (1978) and Ronnen (1991) second-degree price discrimination model, I demonstrate that clothes washer prices and menus adjusted to the new standards in patterns consistent with a market in which firms had been price discriminating. In particular, I show evidence of discontinuous price drops at the time the standards were imposed, driven largely by mid-low efficiency segments of the market. The price discrimination model predicts this result. On the other hand, in a perfectly competition market, prices should increase for these market segments. Additionally, new models proliferated in the highest efficiency market segment following the standard changes. Finally, I show that firms appeared to use different adaptation strategies at the two instances of the standards changing.

  4. State energy price and expenditure report 1994

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-06-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1994. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1994, Consumption Estimates (SEDR), published in October 1996. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources. Documentation is included describing the development of price estimates, data sources, and calculation methods. 316 tabs.

  5. Price Conduction Mechanism of China’s Wheat Industry Chain Based on VECM

    Institute of Scientific and Technical Information of China (English)

    Haiyan; ZHU

    2015-01-01

    With the aid of the VECM( vector error correction model),this paper studied dynamic effect of wheat price and flour price conduction mechanism in the wheat industry chain. Study results indicate that in a long term,wheat price and flour price have equilibrium relationship. Through threshold co-integration test,it found that there is no threshold co-integration relationship between wheat price and flour price.This can be adjusted using the linear error correction mode. In a short term,the wheat price and flour price have Granger causality relationship. When the price deviates from equilibrium state,the flour price can be adjusted and regressed to equilibrium state,but the speed of wheat price regressing to equilibrium state is slow. Finally,the impulse response function analysis indicates that fluctuation of the wheat price can bring huge and sustained impact to wheat and flour market.

  6. 医药服务价格体系调整:县医院改革的关键%Adjustment of Medical Service Price System:the Key to the County Hospital Reform

    Institute of Scientific and Technical Information of China (English)

    方鹏骞; 韩仕龙; 冯珊

    2013-01-01

    Objective: To analyze the traditional drug price system of “Feed the hospital with drug charges” and its influence, explore the pathway to reform this system and provide reference for county hospital reform. Methods: Combining the methods, such as the literature analysis, policy analysis, expert consultation and interview with related people. Results: Traditional drug price system resulted into distorted performance, including the cost of medical staff labor is too low, the price of medicine and material, large medical equipment inspection, and unreasonable fixed assets depreciation price distortion. So reform drug price system is the key to the county public hospital reform. Conclusion: It is suggested to cancel the government price control, increase the drug service charges, reform the medical staff salary system and the payment style, change the way of drug management, implement the policy of “Two lines of income and expenditure” etc and cooperate with each other to be effective compensation county hospital, on the basis of this development progress, so as to solve the problem of “too expensive to see a doctor”.%  目的:剖析“以药养医”的传统医药价格体系及其影响,探索变革“以药养医”体制的途径,为县医院改革提供借鉴。方法:综合运用了文献分析、政策分析、专家咨询和知情人士访谈等方法。结果:传统医药价格体系扭曲表现在医务人员劳动成本过低、药品和材料价格扭曲、大型医疗设备检查和固定资产折旧价格扭曲等方面,破除以药养医、调整医药服务价格体系是县公立医院改革的关键。结论:需取消政府价格管制、增药事服务费、改革医务人员薪酬体制、改革支付方式、变革药品管理方式和收支两条线等措施相互配合才能有效补偿县医院,在推进其发展进步的基础上解决看病贵问题。

  7. Vertical price transmission analysis: The case of milk in the slovak dairy sector

    OpenAIRE

    Lajdová, Zuzana; Bielik, Peter

    2013-01-01

    Testing for nature price transmission and calculating elasticities of price transmission are important areas of research for providing insights into market efficiency issues. Symmetric or asymmetric price transmission has been the subject of considerable attention in agricultural economics. The concept of the price transmission is an important area of the research particularly in relation to the assessment of impact on the welfare of the vertical entities. The main goal of the paper is an ana...

  8. Price System for Water Supply and its Economic Impact Analysis

    Directory of Open Access Journals (Sweden)

    Jing Zhao

    2015-04-01

    Full Text Available In light of the actual economic circumstances and water price level, the CGE model to simulate the price policy for multiple water sources is modified and expanded. A water price reform plan is proposed to meet water-saving requirements and water resources allocation. The affected scale and scope for implementing the water price policy is evaluated on a quantitative basis. Research results indicate that a reasonable water price system in Tianjin in 2020 should be set up as follows: the comprehensive tap water price stands at 4$/m3, the tap water price for industrial, administrative and business service sectors is 2.4$/m3, and the tap water price for special industry and domestic use are 8.8$/m3 and 1.4$/m3 respectively. The adjusted water price will bring about tangible results to water resources allocation optimization and water conservation. Although most sectors are negatively affected to varying degrees after raising the water price, particularly the lodging and catering sectors, a 100% water price rising will produce only little impact on price index, and sectoral output and employment will not cause economic fluctuations or social instability. Water price adjustments, as long as it is reasonable, will be more positive than negative on the whole. Research outcomes will provide a scientific decision-making basis for formulating the local water price policy.

  9. 基于碳信息不对称的两级供应链谎报行为%Misreporting Based on Asymmetric Information of Carbon Emission and Carbon Price in a Two-echelon Supply Chain

    Institute of Scientific and Technical Information of China (English)

    杨磊; 郑晨诗

    2014-01-01

    Under asymmetric carbon information between upstream and downstream enterprises , in order to study the optimal misreporting decision , the Stackelberg game theory is adopted to discuss a two-echelon supply chain led by a manufacturer .A new production model is established based on carbon emission trading mechanism , and the optimal operation decisions of supply chain participants are obtained through the converse solution method .Besides , both the manufacturer and the retailer ’ s misreporting behavior and their influences on supply chain performance are discussed by a qualitative analysis .The results imply that there are big differences between carbon information misreporting and cost misreporting in supply chain . Manufacturer could seek his maximum profit whether he misreports or not .Compared with reflecting carbon information honestly , retailer prefers to under-report carbon information , and the misreporting of the retail-er will increase both the profit of the manufacturer and the retailer .However , the supply chain profits in misreporting situation are still lower than the optimal supply chain profits .The manufacturer can coordinate the supply chain with revenue-sharing contract , and the optimal revenue-sharing coefficient has positive correlation with retailer ’ s profits in misreporting situation .%为研究供应链上下游企业间面临碳信息不对称风险时的最优谎报决策,运用Stackelberg博弈理论探讨制造商为主导的二级供应链博弈行为。结合碳排放交易机制下的新型利润模型,采用逆向求解法求解供应链参与者最优决策,并定性分析制造商和零售商的谎报行为以及谎报行为对供应链绩效的影响。研究表明,碳信息谎报与成本信息不对称情形具有明显差异。制造商不论是否谎报碳信息均能最大化自身利润,而零售商将低报碳排量信息。相比零售商不谎报情形,谎报反而能提高制造商与零售商利

  10. INTEGRATED DECISION ON PRICING, PROMOTION AND INVENTORY MANAGEMENT

    OpenAIRE

    JU-LIANG ZHANG

    2012-01-01

    Firms often utilize promotion (such as coupons, advertisements, recruitment of excellent salespeople, and leafleting etc.) and dynamic adjustment of price to manage customers as well as proper production/inventory plan to satisfy the customers to get maximal profit in a firm. The decision on promotion and pricing and the decision on production/inventory must support each other. This paper addresses coordinated decision on pricing, promotion(non-price promotion) and inventory management. Speci...

  11. The Weird Vegetable Price

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The Chinese Government faces the task of stabilizing vegetable prices to avoid steep increases and dips Fluctuations of vegetable prices in China have recently caused near panic in the domestic market.Purchase prices for farm produce are decreasing dramatically

  12. Quantity discount contracts for supply chain coordination under asymmetric information and disruptions

    Institute of Scientific and Technical Information of China (English)

    2008-01-01

    The quantity discount contracts are investigated for a one-supplier-one-retailer supply chain with asymmetric information when the retailer's cost is disrupted. While the retailer's cost structure is asymmetric information, two all-unit quantity discount contract models, fixed expected-profit percentage discount(FEPD) and fixed wholesale-pricing percentage discount(FWPD) under asymmetric information are proposed in a regular scenario. When the retailer's cost distribution fluctuates due to disruptions, the ...

  13. 7 CFR 1000.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing... advanced pricing factors. Class prices per hundredweight of milk containing 3.5 percent butterfat, component prices, and advanced pricing factors shall be as follows. The prices and pricing factors...

  14. Drug Pricing Reforms

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    2015-01-01

    Reference price systems for prescription drugs have found widespread use as cost containment tools. Under such regulatory regimes, patients co-pay a fraction of the difference between pharmacy retail price of the drug and a reference price. Reference prices are either externally (based on drug...... prices in other countries) or internally (based on domestic drug prices) determined. In a recent study, we analysed the effects of a change from external to internal reference pricing in Denmark in 2005, finding that the reform led to substantial reductions in prices, producer revenues, and expenditures...

  15. Pricing and Trust

    DEFF Research Database (Denmark)

    Huck, Steffen; Ruchala, Gabriele K.; Tyran, Jean-Robert

    We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and high prices coupled with low quality in non-competitive...... (monopolistic) markets. We then introduce a regulated intermediate price above the oligopoly price and below the monopoly price. The effect in monopolies is more or less in line with standard intuition. As price falls volume increases and so does quality, such that overall efficiency is raised by 50%. However...

  16. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    Directory of Open Access Journals (Sweden)

    TÜNDE VERES

    2011-01-01

    Full Text Available The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from management accounting aspects to show out the role of the accounting system in the short term and long term pricing and transfer pricing decisions.

  17. Disclosure-Derived Financial Statement Adjustments in Equity Valuation

    OpenAIRE

    George Batta; Ananda Ganguly; Joshua George Rosett

    2014-01-01

    In this paper, we assess the equity value relevance of disclosure-derived financial statement adjustments. In price levels and returns tests, we find that reported financial numbers have relatively superior explanatory power over adjusted numbers. Only when adjustments are included along with reported numbers in pricing regressions do adjustments retain significant explanatory power. Our results suggest that for summary valuation inputs like operating profitability, assets, and liabilities, a...

  18. Inflation asymmetry, menu costs and aggregation bias – A further case for state dependent pricing

    OpenAIRE

    Karádi, Péter; Reiff, Ádám

    2010-01-01

    Asymmetric inflation response to aggregate shocks is an identifying macro-prediction of state dependent pricing models with trend inflation (Ball and Mankiw, 1994). The paper uses the natural experiment of symmetric value-added tax (VAT) changes in Hungary with highly asymmetric inflation responses to provide further evidence for state-dependent pricing and for the Ball-Mankiw conjecture. The paper shows, furthermore, that while a standard menu cost model like that of Golosov and Lucas (2007)...

  19. Oil Price Shocks and Macroeconomic Activities in Asean-5 Countries: A Panel VAR Approach

    Directory of Open Access Journals (Sweden)

    Mukhriz Izraf Azman AZIZ

    2015-11-01

    Full Text Available The paper investigates the asymmetric effects of oil price shocks on real economic activities in ASEAN-5 from 1991 to 2014 using an unrestricted panel Vector Auto Regressive (VAR method. Results from the impulse response function (IRFs show evidence of an asymmetric relationship between oil prices and economic activities. Specifically, positive oil price shock measures negatively affect output growth both in the short term and in the long term. For oil price decrease specifications, real output responds negatively in the short term before recovering to its pre-shock level in the long term. The variance decomposition analysis (VDCs also exhibit differences between the effects of positive and negative oil price shocks on economic activities, supporting the evidence of asymmetric relationship obtain in the IRFs simulations.

  20. Pricing and Trust

    DEFF Research Database (Denmark)

    Huck, Steffen; Ruchala, Gabriele K.; Tyran, Jean-Robert

    We experimentally examine the effects of flexible and fixed prices in markets for experience goods in which demand is driven by trust. With flexible prices, we observe low prices and high quality in competitive (oligopolistic) markets, and high prices coupled with low quality in non...

  1. Asymmetric conditional volatility in international stock markets

    Science.gov (United States)

    Ferreira, Nuno B.; Menezes, Rui; Mendes, Diana A.

    2007-08-01

    Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the SP 500, FTSE 100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of changes in macroeconomic variables, we find no significant evidence of asymmetric behaviour of the stock market returns. There are some signs that the Portuguese Stock Market tends to show somewhat less market efficiency than other markets since the effect of the shocks appear to take a longer time to dissipate.

  2. Abusive Transfer Pricing and Economic Activity

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo; Schindler, Dirk; Schjelderup, Guttorm

    as well as the probability of being audited by tax authorities are conditioned on the amount of shifted profits. If tax authorities rely on the standard OECD arm’s-length principle instead by reacting to a deviation of the transfer price from the market price, the multinational will for tax reasons adjust...... its production structure. A policy implication of the paper is that it should be preferable to condition audits on the amount of income shifted rather than on the distortion of the transfer price proper. Another policy finding is that improving the quality of tax law might be superior to higher...

  3. Carbon Pricing: Design, Experiences and Issues

    DEFF Research Database (Denmark)

    Carbon Pricing reflects upon and further develops the ongoing and worthwhile global debate into how to design carbon pricing, and how to utilize the financial proceeds in the best possible way for society. The world has recently witnessed a significant downward adjustment in fossil fuel prices...... the consequential outcomes of different taxation compositions as regulatory instruments. Expert contributors assess a variety of national experiences to provide an empirical insight into the use of carbon taxes, emissions trading, energy taxes and excise taxes. The overarching discussion concludes that successful...

  4. Strategic Transfer Pricing

    OpenAIRE

    Michael Alles; Srikant Datar

    1998-01-01

    Most research into cost systems has focused on their motivational implications. This paper takes a different approach, by developing a model where two oligopolistic firms strategically select their cost-based transfer prices. Duopoly models frequently assume that firms game on their choice of prices. Product prices, however, are ultimately based on the firms' transfer prices that communicate manufacturing costs to marketing departments. It is for this reason that transfer prices will have a s...

  5. The Pricing of Payments

    OpenAIRE

    Krueger, Malte

    2009-01-01

    The pricing of payments has received increasing attention of regulators. In many cases, regulators are concerned that consumers do not face cost based prices. They argue that without cost based prices consumers will make inefficient choices. In this paper, it is argued that both, economics of scale and the particular laws governing pricing in two-sided markets provide a case against cost based pricing.

  6. Volatility of bitumen prices and implications for the industry

    Science.gov (United States)

    Attanasi, E.D.

    2008-01-01

    Sustained crude oil price increases have led to increased investment in and production of Canadian bitumen to supplement North American oil supplies. For new projects, the evaluation of profitability is based on a prediction of the future price path of bitumen and ultimately light/medium crude oil. This article examines the relationship between the bitumen and light crude oil prices in the context of a simple error-correction economic-adjustment model. The analysis shows bitumen prices to be significantly more volatile than light crude prices. Also, the dominant effect of an oil price shock on bitumen prices is immediate and is amplified, both in absolute terms and percentage price changes. It is argued that the bitumen industry response to such market risks will likely be a realignment toward vertical integration via new downstream construction, mergers, or on a de facto basis by the establishment of alliances. ?? 2008 International Association for Mathematical Geology.

  7. Alaska North Slope crude oil price and the behavior of diesel prices in California

    Energy Technology Data Exchange (ETDEWEB)

    Adrangi, B.; Chatrath, A. [School of Business Administration, University of Portland, 5000 N. Willamette Blvd., 97203 Portland, OR (United States); Raffiee, K. [Department of Economics, College of Business Administration, 89557 Reno, NV (United States); Ripple, R. [Faculty of Business, School of Finance and Business Economics, Edith Cowan University, 100 Joondalup Drive, Western Australia 6027 Joondalup (Australia)

    2001-01-01

    In this paper we analyze the price dynamics of Alaska North Slope crude oil and L.A. diesel fuel prices. We employ VAR methodology and bivariate GARCH model to show that there is a strong evidence of a uni-directional causal relationship between the two prices. The L.A. diesel market is found to bear the majority of the burden of convergence when there is a price spread. This finding may be seen as being consistent with the general consensus that price discovery emanates from the larger, more liquid market where trading volume is concentrated. The contestability of the West Coast crude oil market tends to cause it to react relatively competitively, while the lack of contestability for the West Coast diesel market tends to limit its competitiveness, causing price adjustment to be slow but to follow the price signals of crude oil. Our findings also suggest that the derived demand theory of input pricing may not hold in this case. The Alaska North Slope crude oil price is the driving force in changes of L.A. diesel price.

  8. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    OpenAIRE

    TÜNDE VERES

    2011-01-01

    The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from m...

  9. Accounting Aspects of Pricing and Transfer Pricing

    OpenAIRE

    TÜNDE VERES

    2011-01-01

    The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from m...

  10. Price strategy and pricing strategy: terms and content identification

    OpenAIRE

    Panasenko Tetyana

    2015-01-01

    The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.

  11. Option Pricing with Asymmetric Heteroskedastic Normal Mixture Models

    DEFF Research Database (Denmark)

    Rombouts, Jeroen V.K.; Stentoft, Lars

    varying higher order moments of the risk neutral distribution. When forecasting out-of-sample a large set of index options between 1996 and 2009, substantial improvements are found compared to several benchmark models in terms of dollar losses and the ability to explain the smirk in implied volatilities....... Overall, the dollar root mean squared error of the best performing benchmark component model is 39% larger than for the mixture model. When considering the recent financial crisis this difference increases to 69%....

  12. Option Pricing with Asymmetric Heteroskedastic Normal Mixture Models

    DEFF Research Database (Denmark)

    Rombouts, Jeroen V. K; Stentoft, Lars

    2015-01-01

    2011, and compute dollar losses and implied standard deviation losses. We compare our results to those of existing mixture models and other benchmarks like component models and jump models. Using the model confidence set test, the overall dollar root mean squared error of the best performing benchmark...

  13. Chiropractic Adjustment

    Science.gov (United States)

    ... syndrome) A certain type of stroke (vertebral artery dissection) after neck manipulation Don't seek chiropractic adjustment ... Chiropractic treatment. Rochester, Minn.: Mayo Foundation for Medical Education and Research; 2015. Shekelle P, et al. Spinal ...

  14. Moderating factors of immediate, gross, and net cross-brand effects of price promotions

    NARCIS (Netherlands)

    C. Horváth (Csilla); D. Fok (Dennis)

    2013-01-01

    textabstractThis article examines cross-price promotional effects in a dynamic context. Among other things, we investigate whether previously established findings hold when consumer and competitive dynamics are taken into account. Five main influential effects (asymmetric price effect, neighborhood

  15. 78 FR 24336 - Rules of Practice and Procedure; Adjusting Civil Money Penalties for Inflation

    Science.gov (United States)

    2013-04-25

    ... adjustment is based on the percentage increase in the Consumer Price Index (CPI).\\4\\ Specifically, section 5... percentage (if any) for each civil monetary penalty by which (1) the Consumer Price Index for the month of June of the calendar year preceding the adjustment, exceeds (2) the Consumer Price Index for the month...

  16. Vertical Price Transmission in Local Rice Markets in Cote d'Ivoire: Are Consumers Really Right?

    Directory of Open Access Journals (Sweden)

    Yaya KEHO

    2012-12-01

    Full Text Available This paper analyses vertical relationships between wholesale and retail prices in three local rice markets in Côte d’Ivoire. The aim of the paper is to ascertain whether the popular complaint of consumers about the asymmetric price transmission holds true. Our empirical analysis makes use of threshold cointegration and error correction models and monthly data for the period 1990-1999. We found that wholesale and retail prices are cointegrated and increases in wholesale prices are passed on to retail prices more quickly than decreases.

  17. The Earnings/Price Risk Factor in Capital Asset Pricing Models

    Directory of Open Access Journals (Sweden)

    Rafael Falcão Noda

    2015-01-01

    Full Text Available This article integrates the ideas from two major lines of research on cost of equity and asset pricing: multi-factor models and ex ante accounting models. The earnings/price ratio is used as a proxy for the ex ante cost of equity, in order to explain realized returns of Brazilian companies within the period from 1995 to 2013. The initial finding was that stocks with high (low earnings/price ratios have higher (lower risk-adjusted realized returns, already controlled by the capital asset pricing model's beta. The results show that selecting stocks based on high earnings/price ratios has led to significantly higher risk-adjusted returns in the Brazilian market, with average abnormal returns close to 1.3% per month. We design asset pricing models including an earnings/price risk factor, i.e. high earnings minus low earnings, based on the Fama and French three-factor model. We conclude that such a risk factor is significant to explain returns on portfolios, even when controlled by size and market/book ratios. Models including the high earnings minus low earnings risk factor were better to explain stock returns in Brazil when compared to the capital asset pricing model and to the Fama and French three-factor model, having the lowest number of significant intercepts. These findings may be due to the impact of historically high inflation rates, which reduce the information content of book values, thus making the models based on earnings/price ratios better than those based on market/book ratios. Such results are different from those obtained in more developed markets and the superiority of the earnings/price ratio for asset pricing may also exist in other emerging markets.

  18. Fluctuation traits of Litchi wholesale price in China

    Science.gov (United States)

    Yan, F. F.; Qi, W. E.; Ouyang, X.

    2017-07-01

    This paper chose the wholesale price of litchi as research object based on the daily data of 11 main sales markets in China -- Beijing, Chengdu, Guangzhou, Hefei, Jiaxing, Nanjing, Shanghai, Shenyang, Changsha, Zhengzhou and Chongqing from April 1, 2012 to September 30, 2016. After analyzing the fluctuation characteristics with BP filter method and H-P filter method, and the fluctuation trends of litchi wholesale price in China obtained by BP filter are roughly consistent with the trends obtained by H-P filter. The main conclusions are as follows: there is strong cyclicality in the fluctuation of litchi wholesale price; the period of fluctuations of litchi wholesale prices are not repeatable; litchi wholesale price fluctuates asymmetrically in one fluctuation cycle.

  19. The dynamics of crude oil price differentials

    Energy Technology Data Exchange (ETDEWEB)

    Fattouh, Bassam [The Oxford Institute for Energy Studies, 57 Woodstock Road, Oxford OX2 6FA (United Kingdom)

    2010-03-15

    Crude oil price differentials are modelled as a two-regime threshold autoregressive (TAR) process using the method proposed by Caner and Hansen [Caner, M., Hansen, B.E. Threshold autoregression with a unit root. Econometrica 2001; 69; 1555-1596.]. While standard unit root tests suggest that the prices of crude oil of different varieties move closely together such that their price differential is stationary, the TAR results indicate strong evidence of threshold effects in the adjustment process to the long-run equilibrium. These findings suggest that crude oil prices are linked and thus at the very general level, the oil market is 'one great pool' (Adelman, M.A. International oil agreements. The Energy Journal 1984; 5; 1-9.). However, differences in the dynamics of adjustment suggest that within this one pool, oil markets are not necessarily integrated in every time period and hence the dynamics of crude oil price differentials may not follow a stationary process at all times. Although the development of a liquid futures market around the crude oil benchmarks has helped make some distant markets more unified, arbitrage is not costless or risk-free and temporary breakdowns in the benchmarks can lead to decoupling of crude oil prices. (author)

  20. Airline Price Discrimination

    OpenAIRE

    Stacey, Brian

    2015-01-01

    Price discrimination enjoys a long history in the airline industry. Borenstein (1989) discusses price discrimination through frequent flyer programs from 1985 as related to the Piedmont-US Air merger, price discrimination strategies have grown in size and scope since then. From Saturday stay over requirements to varying costs based on time of purchase, the airline industry is uniquely situated to enjoy the fruits of price discrimination.

  1. Psychophysical methods in study of consumers' perceived price change for food products.

    Science.gov (United States)

    Chang, Ming-Hsu; Chiou, Wen-Bin

    2007-04-01

    When adjusting product prices, marketers wish information concerning consumers' price perceptions. The present study aimed to develop an optimal pricing framework for food products by applying Weber's Law and Stevens' Power Law in psychophysics. The first phase attempted to measure the differential thresholds when magnitudes of prices were raised and lowered. The second phase was conducted to establish the psychophysical function representing perceived changes. Analysis showed consumers' differential thresholds were positively correlated with the initial price, consistent with Weber's Law. Further, participants' perceived change differed for increased and decreased prices. Products were perceived as cheaper only when medium-and low-priced products dropped dramatically in price. However, small reductions for the high-priced products were perceived as cheaper. Regardless of price changes, participants perceived products were more expensive when prices dropped by a small

  2. Price control and macromarketing

    Directory of Open Access Journals (Sweden)

    Kancir Rade

    2003-01-01

    Full Text Available Price control at macro level is part of integral macro marketing strategic control system, or more precisely, part of social marketing mix control. Price impact is direct, if it is regarded in the context of needs satisfaction, and indirect, within the context of resource allocation. These two patterns of price impact define control mechanism structuring. Price control in sense of its direct impact at process of need satisfaction should comprise qualitative and quantitative level of needs satisfaction at a given price level and its structure, informational dimension of price and different disputable forms of corporate pricing policies. Control of price allocation function is based at objectives of macro marketing system management in the area of resource allocation and the role of price as allocator in contemporary market economies. Control process is founded, on one hand, at theoretical models of correlation between price and demand in different market structures, and on the other hand, at complex limits that price as allocator has, and which make whole control process even more complex because of reduction of the degree of determinism in functioning of contemporary economic systems. Control of price allocation function must be continuous and dynamic process if it is to provide for convergence with environmental changes and if it is to provide for placing control systems at micro marketing levels in the function of socially valid objectives.

  3. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Mendez, Susan J.; Rønde, Thomas

    the joint eects of this reform on prices and quantities. Prices decreased more than 26 percent due to the reform, which reduced patient and government expenditures by 3.0 percent and 5.6 percent, respectively, and producer revenues by 5.0 percent. The prices of expensive products decreased more than...

  4. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...

  5. Dutch house price fundamentals

    NARCIS (Netherlands)

    Haffner, M.E.A.; de Vries, P.

    2009-01-01

    This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price b

  6. Dutch house price fundamentals

    NARCIS (Netherlands)

    Haffner, M.E.A.; de Vries, P.

    2009-01-01

    This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price

  7. Deal with price raise

    Institute of Scientific and Technical Information of China (English)

    2004-01-01

    The price raise in natural resources is inevitable. At present, building ceramic industry is facing the pressure brought by price raise in raw material. Marketing directors still hesitate whether the price of ceramic tiles should be raised. The crisis brought by social environment made the employees care-laden.

  8. Study on Mechanism for Pricing of Chinese Crudes and Recommendations on Improvement of Pricing System

    Institute of Scientific and Technical Information of China (English)

    Zhang Jingfang

    2001-01-01

    @@ Crude oil is the most important basic energy in the world nowadays and is closely connected with the development of national economy, consolidation of national defense and the living standard of the people. Changes in crude price can have a decisive impact on a nation's political and economic situation. Hence the government of every country sticks great importance to control over crude oil resources and adjustment of crude price to assure the stabilization of its domestic crude oil market.

  9. Price Hike in Molybdenum Industrial Chain Picked Up Speed

    Institute of Scientific and Technical Information of China (English)

    2016-01-01

    Affected by industry-wide joint production restriction,prices of molybdenum concentrate,molybdenum oxide and ferromolybdenum surged across the board.Following the average rising margin up to 1%to 2%on May 23,on May 24,prices of molybdenum concentrate and molybdenum oxide again were adjusted upward by 50 yuan per tonne,rising by 5%,which

  10. State energy price and expenditure report, 1995

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-08-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the US. The estimates developed in the State Energy Price and Expenditure Data System (SEPEDS) are provided by energy source and economic sector and are published for the years 1970 through 1995. Data for all years are available on a CD-ROM and via Internet. Consumption estimates used to calculate expenditures and the documentation for those estimates are taken from the State Energy Data Report 1995, Consumption Estimates (SEDR), published in December 1997. Expenditures are calculated by multiplying the price estimates by the consumption estimates, which are adjusted to remove process fuel; intermediate petroleum products; and other consumption that has no direct fuel costs, i.e., hydroelectric, geothermal, wind, solar, and photovoltaic energy sources.

  11. ELECTRICITY PRICING IN LESS DEVELOPED COUNTRIES ...

    African Journals Online (AJOL)

    ES Obe

    plant input-output function to establish the shadow price for electricity for a study period. The paper also examines how this marginal opportunity cost (MOC) may be adjusted to capture .... with Figure 2, which is based on the classical ...

  12. GLOBAL TO DOMESTIC PRICE TRANSMISSION BETWEEN THE SEGMENTED CEREALS MARKETS: A STUDY OF AFGHAN RICE MARKETS

    Directory of Open Access Journals (Sweden)

    Najibullah Hassanzoy

    2015-10-01

    Full Text Available This paper examines cointegration and the difference in the extent of price transmission, and speed of adjustment between global and domestic prices of high and low quality rice. Unit root tests, cointegration tests and error correction models are employed in the analysis. While there are no comparable studies in the literature, the findings of this study indicate that the dynamics of price transmission may be different between high and low quality rice markets. That is, the extent of price transmission appears to be larger for the global prices of low quality rice whereas the speed of adjustment to the long-run equilibrium may be faster for domestic prices of high quality rice. Moreover, a shock in the global prices of low quality rice may have a long-lasting effect on domestic prices of low quality rice as compared to their high quality counterparts affecting domestic prices of high quality rice.

  13. Internet resource pricing models

    CERN Document Server

    Xu, Ke; He, Huan

    2013-01-01

    This brief guides the reader through three basic Internet resource pricing models using an Internet cost analysis. Addressing the evolution of service types, it presents several corresponding mechanisms which can ensure pricing implementation and resource allocation. The authors discuss utility optimization of network pricing methods in economics and underline two classes of pricing methods including system optimization and entities' strategic optimization. The brief closes with two examples of the newly proposed pricing strategy helping to solve the profit distribution problem brought by P2P

  14. Value-based pricing

    Directory of Open Access Journals (Sweden)

    Netseva-Porcheva Tatyana

    2010-01-01

    Full Text Available The main aim of the paper is to present the value-based pricing. Therefore, the comparison between two approaches of pricing is made - cost-based pricing and value-based pricing. The 'Price sensitively meter' is presented. The other topic of the paper is the perceived value - meaning of the perceived value, the components of perceived value, the determination of perceived value and the increasing of perceived value. In addition, the best company strategies in matrix 'value-cost' are outlined. .

  15. Dutch house price fundamentals

    OpenAIRE

    Haffner, M.E.A.; De Vries, P.

    2009-01-01

    This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price bubble ready to burst; (2) whether house prices will decline in response to the credit crisis that started in 2007; and (3) whether it is likely that house prices will decrease as a result of reform...

  16. Inflation adjustment in the open economy

    DEFF Research Database (Denmark)

    Nielsen, Heino Bohn; Bowdler, Christopher

    2006-01-01

    This paper estimates a cointegrated vector autoregressive (VAR) model for UK data on consumer prices, unit labour costs, import prices and real consumption growth. The estimated VAR indicates that the nominal variables are characterised by I(2) trends, and that a linear combination of these proce......This paper estimates a cointegrated vector autoregressive (VAR) model for UK data on consumer prices, unit labour costs, import prices and real consumption growth. The estimated VAR indicates that the nominal variables are characterised by I(2) trends, and that a linear combination...... of these processes cointegrate to I(1). This supports an analysis in which I(1) and I(2) restrictions are imposed. A key finding is that an increase in real import prices reduces productivity adjusted real wages, such that the change in domestic inflation is moderated. This may explain why the depreciation...

  17. Asymmetric Conditional Volatility in International Stock Markets

    CERN Document Server

    Ferreira, N B; Menezes, R; Ferreira, Nuno B.; Mendes, Diana A.; Menezes, Rui

    2006-01-01

    Recent studies show that a negative shock in stock prices will generate more volatility than a positive shock of similar magnitude. The aim of this paper is to appraise the hypothesis under which the conditional mean and the conditional variance of stock returns are asymmetric functions of past information. We compare the results for the Portuguese Stock Market Index PSI 20 with six other Stock Market Indices, namely the S&P 500, FTSE100, DAX 30, CAC 40, ASE 20, and IBEX 35. In order to assess asymmetric volatility we use autoregressive conditional heteroskedasticity specifications known as TARCH and EGARCH. We also test for asymmetry after controlling for the effect of macroeconomic factors on stock market returns using TAR and M-TAR specifications within a VAR framework. Our results show that the conditional variance is an asymmetric function of past innovations raising proportionately more during market declines, a phenomenon known as the leverage effect. However, when we control for the effect of chan...

  18. Cold asymmetrical fermion superfluids

    Energy Technology Data Exchange (ETDEWEB)

    Caldas, Heron

    2003-12-19

    The recent experimental advances in cold atomic traps have induced a great amount of interest in fields from condensed matter to particle physics, including approaches and prospects from the theoretical point of view. In this work we investigate the general properties and the ground state of an asymmetrical dilute gas of cold fermionic atoms, formed by two particle species having different densities. We have show in a recent paper, that a mixed phase composed of normal and superfluid components is the energetically favored ground state of such a cold fermionic system. Here we extend the analysis and verify that in fact, the mixed phase is the preferred ground state of an asymmetrical superfluid in various situations. We predict that the mixed phase can serve as a way of detecting superfluidity and estimating the magnitude of the gap parameter in asymmetrical fermionic systems.

  19. Asymmetrical field emitter

    Science.gov (United States)

    Fleming, J.G.; Smith, B.K.

    1995-10-10

    A method is disclosed for providing a field emitter with an asymmetrical emitter structure having a very sharp tip in close proximity to its gate. One preferred embodiment of the present invention includes an asymmetrical emitter and a gate. The emitter having a tip and a side is coupled to a substrate. The gate is connected to a step in the substrate. The step has a top surface and a side wall that is substantially parallel to the side of the emitter. The tip of the emitter is in close proximity to the gate. The emitter is at an emitter potential, and the gate is at a gate potential such that with the two potentials at appropriate values, electrons are emitted from the emitter. In one embodiment, the gate is separated from the emitter by an oxide layer, and the emitter is etched anisotropically to form its tip and its asymmetrical structure. 17 figs.

  20. Three essays on the effects of oil prices on state economies

    Science.gov (United States)

    Kang, Wei

    2011-12-01

    This dissertation consists of three chapters that examine the effects of oil prices on state economies. The first chapter, "Asymmetric Effects of Oil Prices on State Economies," examines the impact of oil price changes on state-level income growth. I find strong evidence of asymmetry in the impacts of oil prices and that states vary considerably in terms of sensitivity to oil price shocks. Further analysis shows that states with a higher prevalence of manufacturing and higher coal production are more likely to be negatively affected by positive oil price shocks, while states with a high prevalence of petroleum and natural gas production tend to benefit from positive oil price shocks. The second chapter, "Regime-Switching Analysis of a State Economy's Response to An Oil Price Shock," analyzes the effects of oil price changes on state economies using a smooth transition autoregressive (STAR) approach. States are shown to present differences in both the tolerance and speed of response to an oil price shock. The differences are further explained by state-specific economic characteristics. The third chapter, "Multivariate Unobserved Component Analysis of State Employment with Oil Price Volatility," investigates whether and how oil price volatility affects state employment, with a focus on regional similarities and differences. Results show that oil price volatility has significant negative impacts on most states. Further, states with a higher prevalence of motor vehicle production are likely to experience larger job losses during periods of high oil price volatility.

  1. Calculating proper transfer prices

    Energy Technology Data Exchange (ETDEWEB)

    Dorkey, F.C. (Meliora Research Associates, Rochester, NY (United States)); Jarrell, G.A. (Univ. of Rochester, NY (United States))

    1991-01-01

    This article deals with developing a proper transfer pricing method. Decentralization is as American as baseball. While managers laud the widespread benefits of both decentralization and baseball, they often greet the term transfer price policy with a yawn. Since transfer prices are as critical to the success of decentralized firms as good pitchers are to baseball teams, this is quite a mistake on the part of our managers. A transfer price is the price charged to one division for a product or service that another division produced or provided. In many, perhaps most, decentralized organizations, the transfer pricing policies actually used are grossly inefficient and sacrifice the potential advantages of decentralization. Experience shows that far too many companies have transfer pricing policies that cost them significantly in foregone growth and profits.

  2. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

    of what consumers learn about prices during grocery shopping. Three measures of price knowledge corresponding to different levels of price information processing were applied. Results indicate that price learning does take place and that episodic price knowledge after store exit is far more widespread...... than expected. Consequently, a new view of how consumer price knowledge evolves during grocery shopping is presented....

  3. 39 CFR 3010.25 - Limitation on unused rate adjustment authority rate adjustments.

    Science.gov (United States)

    2010-07-01

    ... REGULATION OF RATES FOR MARKET DOMINANT PRODUCTS Rules for Applying the Price Cap § 3010.25 Limitation on... only be applied together with inflation-based limitation rate adjustments or when inflation-based... used in lieu of an inflation-based limitation rate adjustment. ...

  4. 14 CFR 13.305 - Cost of living adjustments of civil monetary penalties.

    Science.gov (United States)

    2010-01-01

    ... adjustment” means the percentage (if any) for each civil monetary penalty by which the Consumer Price Index for the month of June of the calendar year preceding the adjustment exceeds the Consumer Price Index... Inflation Adjustment § 13.305 Cost of living adjustments of civil monetary penalties. (a) Except for the...

  5. 46 CFR 506.4 - Cost of living adjustments of civil monetary penalties.

    Science.gov (United States)

    2010-10-01

    ... percentage (if any) for each civil monetary penalty by which the Consumer Price Index for the month of June of the calendar year preceding the adjustment, exceeds the Consumer Price Index for the month of June... MONETARY PENALTY INFLATION ADJUSTMENT § 506.4 Cost of living adjustments of civil monetary penalties. (a...

  6. 78 FR 21008 - Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference...

    Science.gov (United States)

    2013-04-08

    .... 45K). The inflation adjustment factor and reference price are used to determine the credit allowable.... DATES: The 2012 inflation adjustment factor, nonconventional source fuel credit, and reference price... Internal Revenue Service Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit...

  7. 76 FR 19524 - Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference...

    Science.gov (United States)

    2011-04-07

    .... 45K). The inflation adjustment factor and reference price are used to determine the credit allowable.... DATES: The 2010 inflation adjustment factor, nonconventional source fuel credit, and reference price... Internal Revenue Service Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit...

  8. Asymmetric adjustment of dynamic factors at the firm level.

    NARCIS (Netherlands)

    Oude Lansink, A.G.J.M.; Stefanou, S.E.

    1997-01-01

    Presents a study which addressed the deficiencies of previous studies the specification and estimation in the modeling of asymmetry and zero gross investment in the agricultural industry. Reference to previous studies on asymmetry; Information on the standard dual model; Results of the study.

  9. Asymmetric adjustment of dynamic factors at the firm level.

    NARCIS (Netherlands)

    Oude Lansink, A.G.J.M.; Stefanou, S.E.

    1997-01-01

    Presents a study which addressed the deficiencies of previous studies the specification and estimation in the modeling of asymmetry and zero gross investment in the agricultural industry. Reference to previous studies on asymmetry; Information on the standard dual model; Results of the study.

  10. Transition from monopoly pricing to competitive pricing

    Energy Technology Data Exchange (ETDEWEB)

    Perera, L. [Eastern Energy Ltd., Melbourne, VIC (Australia)

    1995-12-31

    The Victorian Government has embarked on a program to restructure the State electricity supply industry, that will be the precursor to reform throughout the whole of Australia. The Government is depending on competition to drive efficiency improvements to both generation and distribution businesses. Retail pricing will be the key determinant to a future assessment of the success or failure of these reforms. The paper examines electricity pricing before and after the restructuring from the viewpoint of a practitioner at the cutting edge of the reform process. Economic rationale is put forward why the Value Proposition will replace the Cost Recovery basis previously used in electricity pricing. It is concluded that limitations of interstate links will temper intestate competition unless innovative solution can be found. The current method of setting market prices based on a `Pool System` is only efficient if the generators bid their marginal price on a regular basis. In essence the pool replaces the `merit order` previously used to load generators and is basically a scheduling mechanism. Serious consideration needs to be given to the question whether this mechanism should be also setting the price of electricity. (author). 5 tabs.

  11. Animal health and price transmission along livestock supply chains.

    Science.gov (United States)

    Aragrande, M; Canali, M

    2017-04-01

    Animal health diseases can severely affect the food supply chain by causing variations in prices and market demand. Price transmission analysis reveals in what ways price variations are transmitted along the supply chain, and how supply chains of substitute products and different regional markets are also affected. In perfect markets, a price variation would be completely and instantaneously transmitted across the different levels of the supply chain: producers, the processing industry, retailers and consumers. However, empirical studies show that food markets are often imperfect, with anomalies or asymmetries in price transmission and distortions in the distribution of market benefits. This means, for instance, that a price increase at the consumer level may not be transmitted from retailers to processors and producers; yet, on the other hand, price falls may rapidly affect the upstream supply chain. Market concentration and the consequent exertion of market power in key segments of the supply chain can explain price transmission asymmetries and their distributional effects, but other factors may also be involved, such as transaction costs, scale economies, and imperfect information. During the bovine spongiform encephalopathy (BSE) crisis, asymmetric price transmission in the beef supply chain and related meat markets determined distributional effects among sectors. After the spread of the BSE food scare, the fall in demand marginally affected the price paid to retailers, but producers and wholesalers suffered much more, in both price reductions and the time needed to recover to precrisis demand. Price transmission analysis investigates how animal health crises create different economic burdens for various types of stakeholder, and provides useful socioeconomic insights when used with other tools.

  12. Price strategy and pricing strategy: terms and content identification

    Directory of Open Access Journals (Sweden)

    Panasenko Tetyana

    2015-11-01

    Full Text Available The article is devoted to the terminology and content identification of seemingly identical concepts "price strategy" and "pricing strategy". The article contains evidence that the price strategy determines the direction, principles and procedure of implementing the company price policy and pricing strategy creates a set of rules and practical methods of price formation in accordance with the pricing strategy of the company.

  13. Asymmetrical international attitudes

    NARCIS (Netherlands)

    Van Oudenhoven, JP; Askevis-Leherpeux, F; Hannover, B; Jaarsma, R; Dardenne, B

    2002-01-01

    In general, attitudes towards nations have a fair amount of reciprocity: nations either like each other are relatively indifferent to each other or dislike each other Sometimes, however international attitudes are asymmetrical. In this study, we use social identity theory in order to explain asymmet

  14. Asymmetric catalysis with helical polymers

    NARCIS (Netherlands)

    Megens, Rik P.; Roelfes, Gerard

    Inspired by nature, the use of helical biopolymer catalysts has emerged over the last years as a new approach to asymmetric catalysis. In this Concept article the various approaches and designs and their application in asymmetric catalysis will be discussed.

  15. Asymmetric catalysis with helical polymers

    NARCIS (Netherlands)

    Megens, Rik P.; Roelfes, Gerard

    2011-01-01

    Inspired by nature, the use of helical biopolymer catalysts has emerged over the last years as a new approach to asymmetric catalysis. In this Concept article the various approaches and designs and their application in asymmetric catalysis will be discussed.

  16. Asymmetric reactions in continuous flow

    Directory of Open Access Journals (Sweden)

    Xiao Yin Mak

    2009-04-01

    Full Text Available An overview of asymmetric synthesis in continuous flow and microreactors is presented in this review. Applications of homogeneous and heterogeneous asymmetric catalysis as well as biocatalysis in flow are discussed.

  17. From Minority Game to Black & Scholes pricing

    CERN Document Server

    Ortisi, Matteo

    2012-01-01

    In this paper we study the continuum time dynamics of a stock in a market where agents behavior is modeled by a Minority Game with number of strategies for each agent S=2 and "fake" market histories. The dynamics derived is a generalized geometric Brownian motion; from the Black&Scholes formula the calibration of the Minority Game, by means of the game parameter $ \\sigma^{2}$, on the European options on DAX Index market is performed. An "$ (\\alpha,\\sigma^{2})$ -matrix" containing, given options' moneyness and maturities, values of the parameters $\\alpha$ and $ \\sigma^{2}$ that make the theoretical option price agree with the market price is constructed. We conclude that the asymmetric phase of the Minority Game with $\\alpha$ close to $\\alpha_c$ is coherent with options implied volatility market.

  18. Dynamic Pricing in Electronic Commerce Using Neural Network

    Science.gov (United States)

    Ghose, Tapu Kumar; Tran, Thomas T.

    In this paper, we propose an approach where feed-forward neural network is used for dynamically calculating a competitive price of a product in order to maximize sellers’ revenue. In the approach we considered that along with product price other attributes such as product quality, delivery time, after sales service and seller’s reputation contribute in consumers purchase decision. We showed that once the sellers, by using their limited prior knowledge, set an initial price of a product our model adjusts the price automatically with the help of neural network so that sellers’ revenue is maximized.

  19. THE IMPACTS OF PRICING SCHEMES ON DECENTRALIZED ASSEMBLY SYSTEMS

    Institute of Scientific and Technical Information of China (English)

    Li JIANG

    2008-01-01

    We study an assembly system where one assembler produces a final product to satisfy the price sensitive and uncertain demands.One unit of final product needs inputs from n complementary components each provided from a distinct supplier.The assembler orders from the suppliers and their relationships are governed by price-only contracts.The assembler practices two alternative pricing schemes:a fixed pricing scheme by which she fixes a retail price in all market situations.and a responsive pricing scheme by which she adjusts retail prices after observing actual demand curves.We find that,when the assembler practices the two pricing schemes,the suppliers charge the same wholesale prices,channel profit is allocated among the firms according to the same proportions,and the relative performances of the system under decentralized decision makings with respect to those under centralized decision makings are the same.Furthermore,responsive pricing improves the assembler's absolute performance,and the gains pass over to the suppliers in terms of higher profits and to the customers in terms of enhanced product availability and lowered market price.

  20. 31 CFR Appendix D to Part 356 - Description of the Consumer Price Index

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Description of the Consumer Price.... 1-93) Pt. 356, App. D Appendix D to Part 356—Description of the Consumer Price Index The Consumer Price Index (“CPI”) for purposes of inflation-protected securities is the non-seasonally adjusted U.S...

  1. Price Elasticity of Alcohol Demand in India.

    Science.gov (United States)

    Kumar, Santosh

    2017-05-01

    Using a household survey conducted in 2014, this study estimates price elasticity of demand (PED) for beer, country liquor and spirits in India. Ordinary least-square models were used to estimate the responsiveness in alcohol demand due to price change. A large number of control variables were included to adjust for potential confounding in the model. Inter-district variation in alcohol consumption is adjusted for by including district fixed effects. Alcohol prices are negatively associated with demand for alcoholic beverages. The PED ranged from -0.14 for spirits to -0.46 for country liquor. Low level of education was positively associated with spirits consumption. The magnitude of elasticity varied by rural-urban, education and gender. Results indicate that a policy mix of price controls and awareness campaigns would be most effective in tackling the adverse effects of harmful drinking in India. The demand for beer, country liquor and spirits is negatively associated with its own price. The elasticity estimates ranged from -0.14 for spirits to -0.44 for country liquor. The elasticity estimates varied by rural-urban, gender and by education levels of the drinkers.

  2. Target Price Accuracy

    Directory of Open Access Journals (Sweden)

    Alexander G. Kerl

    2011-04-01

    Full Text Available This study analyzes the accuracy of forecasted target prices within analysts’ reports. We compute a measure for target price forecast accuracy that evaluates the ability of analysts to exactly forecast the ex-ante (unknown 12-month stock price. Furthermore, we determine factors that explain this accuracy. Target price accuracy is negatively related to analyst-specific optimism and stock-specific risk (measured by volatility and price-to-book ratio. However, target price accuracy is positively related to the level of detail of each report, company size and the reputation of the investment bank. The potential conflicts of interests between an analyst and a covered company do not bias forecast accuracy.

  3. Optimal Asset Pricing

    Directory of Open Access Journals (Sweden)

    Rolf Turner

    2014-07-01

    Full Text Available We describe an R package for determining the optimal price of an asset which is perishable in a certain sense, given the intensity of customer arrivals and a time-varying price sensitivity function which speci?es the probability that a customer will purchase an asset o?ered at a given price at a given time. The package deals with the case of customers arriving in groups, with a probability distribution for the group size being speci?ed. The methodology and software allow for both discrete and continuous pricing. The class of possible models for price sensitivity functions is very wide, and includes piecewise linear models. A mechanism for constructing piecewise linear price sensitivity functions is provided.

  4. Stackelberg Network Pricing Games

    CERN Document Server

    Briest, Patrick; Krysta, Piotr

    2008-01-01

    We study a multi-player one-round game termed Stackelberg Network Pricing Game, in which a leader can set prices for a subset of $m$ priceable edges in a graph. The other edges have a fixed cost. Based on the leader's decision one or more followers optimize a polynomial-time solvable combinatorial minimization problem and choose a minimum cost solution satisfying their requirements based on the fixed costs and the leader's prices. The leader receives as revenue the total amount of prices paid by the followers for priceable edges in their solutions, and the problem is to find revenue maximizing prices. Our model extends several known pricing problems, including single-minded and unit-demand pricing, as well as Stackelberg pricing for certain follower problems like shortest path or minimum spanning tree. Our first main result is a tight analysis of a single-price algorithm for the single follower game, which provides a $(1+\\epsilon) \\log m$-approximation for any $\\epsilon >0$. This can be extended to provide a ...

  5. Relating price strategies and price-setting practices

    NARCIS (Netherlands)

    Ingenbleek, P.T.M.; Lans, van der I.A.

    2013-01-01

    Purpose - This article addresses the relationship between price strategies and price-setting practices. The first derive from a normative tradition in the pricing literature and the latter from a descriptive tradition. Price strategies are visible in the market, whereas price-setting practices are h

  6. State energy price and expenditure report 1989

    Energy Technology Data Exchange (ETDEWEB)

    1991-09-30

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates for the 50 States, the District of Columbia, and the United States. The estimates are provided by energy source (e.g., petroleum, natural gas, coal, and electricity) and by major consuming or economic sector. This report is an update of the State Energy Price and Expenditure Report 1988 published in September 1990. Changes from the last report are summarized in a section of the documentation. Energy price and expenditure estimates are published for the years 1970, 1975, 1980, and 1985 through 1989. Documentation follows the tables and describes how the price estimates are developed, including sources of data, methods of estimation, and conversion factors applied. Consumption estimates used to calculate expenditures, and the documentation for those estimates, are from the State Energy Data Report, Consumption Estimates, 1960--1989 (SEDR), published in May 1991. Expenditures are calculated by multiplying the price estimates by the consumption estimates, adjusted to remove process fuel and intermediate product consumption. All expenditures are consumer expenditures, that is, they represent estimates of money directly spent by consumers to purchase energy, generally including taxes. 11 figs., 43 tabs.

  7. Price synchronization in retailing: some empirical evidence

    Directory of Open Access Journals (Sweden)

    Marcelo Resende

    2014-06-01

    Full Text Available The paper investigates the synchronization of price changes in the context of retail tire dealers in São Paulo-Brazil and selected items in supermarkets for cleaning supplies and food in Rio de Janeiro-Brazil. Results indicate similar and non-negligible synchronization for different brands, although magnitudes are distant from a perfect synchronization pattern. We find interesting patterns in inter-firm competition, with similar magnitudes across different tire types. Intra-chain synchronization is substantial, indicating that a common price adjustment policy tends to be sustained for each chain across different products.

  8. Use of Local Dynamic Electricity Prices for Indirect Control of DER Power Units

    DEFF Research Database (Denmark)

    Nørgård, Per Bromand; Isleifsson, Fridrik Rafn

    2013-01-01

    The regulation capability that may be provided by the individual small-scale distributed energy resources (DER power units) may be insignificant. However, the aggregated response from a large number of DER power units can be significant and thereby provide valuable system services to the power...... wind power, solar power, flexible load and electrical storage. The local power price generation is based on the actual Nord Pool DK2 Spot prices on hourly basis as the quasi-stationary global electricity price, and the local SYSLAB's power exchange with the national grid as basis for the dynamic price...... electricity prices for indirect control of active power. The local, dynamic electricity prices are realised as dynamic adjustments of the quasi-stationary global power price. The aims of the dynamic price adjustments are to prevent overloading of the grid, to reduce the grid power losses and to regulate...

  9. On the Asymmetric Effect of Vertical Transmission of Vegetable Prices in China---An Empirical Study Based on PVAR Model%我国蔬菜价格垂直传导的非对称性研究--基于面板VAR模型的实证

    Institute of Scientific and Technical Information of China (English)

    刘玲

    2015-01-01

    运用面板向量自回归模型(PVAR)对我国蔬菜的生产价格、批发价格和零售价格的垂直传导机制进行实证研究,结果表明我国蔬菜三种价格的波动幅度和增长速度自上而下呈依次增强的特征;价格的正向传导顺畅,逆向传导存在一到两期的滞后,传导强度上存在正向传递强度明显高于逆向传递的非对称现象;生产价格在整个价格波动的传导链中占主导地位,蔬菜价格的稳定在很大程度上依赖于蔬菜的生产环节。%Based on PVAR,this paper analyzes the vertical transmission mechanism of the production price,wholesale price and retail price of five major vegetables in China.The results have the following indications:fluctuation range and growth rate of the three prices of major vegetables strengthen sequentially;the forward transmission of vegetable prices is smooth,while the reverse transmission lags for one or two periods;transmission strength is also nonsymmetrical,forward transmission strength being obviously higher than reverse transmission strength.Vegetable production price dominates the price transmission link.The stability of vegetable price depends to a larger extent on the production of vegetables.

  10. Differential pricing of new pharmaceuticals in lower income European countries.

    Science.gov (United States)

    Kaló, Zoltán; Annemans, Lieven; Garrison, Louis P

    2013-12-01

    Pharmaceutical companies adjust the pricing strategy of innovative medicines to the imperatives of their major markets. The ability of payers to influence the ex-factory price of new drugs depends on country population size and income per capita, among other factors. Differential pricing based on Ramsey principles is a 'second-best' solution to correct the imperfections of the global market for innovative pharmaceuticals, and it is also consistent with standard norms of equity. This analysis summarizes the boundaries of differential pharmaceutical pricing for policymakers, payers and other stakeholders in lower-income countries, with special focus on Central-Eastern Europe, and describes the feasibility and implications of potential solutions to ensure lower pharmaceutical prices as compared to higher-income countries. European stakeholders, especially in Central-Eastern Europe and at the EU level, should understand the implications of increased transparency of pricing and should develop solutions to prevent the limited accessibility of new medicines in lower-income countries.

  11. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

    Many attempts have been made to measure consumers' price knowledge for groceries. However, the results have varied considerably and conflict with results of reference price research. This is the first study to examine price knowledge before, during, and after store visit, thus enabling a study...... of what consumers learn about prices during grocery shopping. Three measures of price knowledge corresponding to different levels of price information processing were applied. Results indicate that price learning does take place and that episodic price knowledge after store exit is far more widespread...... than expected. Consequently, a new view of how consumer price knowledge evolves during grocery shopping is presented....

  12. 78 FR 56868 - Adjustment of Indemnification for Inflation

    Science.gov (United States)

    2013-09-16

    ... following July 1, 2003, in accordance with the aggregate percentage change in the Consumer Price Index (CPI... following July 1, 2003, in accordance with the aggregate percentage change in the Consumer Price Index (CPI... Adjustment of Indemnification for Inflation AGENCY: Office of General Counsel, U.S Department of Energy...

  13. Price Rigidity and Industrial Concentration: Evidence from the Indonesian Food and Beverages Industry

    NARCIS (Netherlands)

    Setiawan, M.; Emvalomatis, G.; Oude Lansink, A.G.J.M.

    2015-01-01

    This paper investigates the relationship between industrial concentration and price rigidity in the Indonesian food and beverages industry. A Cournot model of firm behavior is used in which prices adjust according to a partial adjustment mechanism. The model is applied to panel data of the Indonesia

  14. Price Discrimination in Academic Journals.

    Science.gov (United States)

    Joyce, Patrick; Merz, Thomas E.

    1985-01-01

    Analysis of price discrimination (charging different prices to different customers for same product) for 89 academic journals in 6 disciplines reveals: incidence of price discrimination rose between 1974 and 1984, increase in mean institutional (library) subscription price exceeded increase in mean individual subscription price. Journal list…

  15. 44 CFR 206.47 - Cost-share adjustments.

    Science.gov (United States)

    2010-10-01

    ... of State population, adjusted annually for inflation using the Consumer Price Index for All Urban Consumers published annually by the Department of Labor. (c) When we determine whether to recommend a cost...

  16. Asymmetric extractions in orthodontics

    OpenAIRE

    Camilo Aquino Melgaço; Mônica Tirre de Souza Araújo

    2012-01-01

    INTRODUCTION: Extraction decisions are extremely important in during treatment planning. In addition to the extraction decision orthodontists have to choose what tooth should be extracted for the best solution of the problem and the esthetic/functional benefit of the patient. OBJECTIVE: This article aims at reviewing the literature relating the advantages, disadvantages and clinical implications of asymmetric extractions to orthodontics. METHODS: Keywords were selected in English and Portugue...

  17. Asymmetric information and economics

    Science.gov (United States)

    Frieden, B. Roy; Hawkins, Raymond J.

    2010-01-01

    We present an expression of the economic concept of asymmetric information with which it is possible to derive the dynamical laws of an economy. To illustrate the utility of this approach we show how the assumption of optimal information flow leads to a general class of investment strategies including the well-known Q theory of Tobin. Novel consequences of this formalism include a natural definition of market efficiency and an uncertainty principle relating capital stock and investment flow.

  18. 指数化调整情形下确定收益型雇主养老金计划的期权定价%Option Pricing of Pension Plan of the Income Type Employer Is Determined under the Condition of Exponential Adjustment

    Institute of Scientific and Technical Information of China (English)

    房冬冬; 王传玉; 孙惠玲

    2015-01-01

    First,we discuss the option of determining the income pension plan ( DB),improving the valuation of traditional pen-sion assets and liabilities,and considering the indexation adjustment rate of pension after retirement.The value of call option and put option in DB plan is obtained by using the extended option pricing formula.Finally,the optimal index and the optimal rate of the scheme are given.%首先讨论确定收益型养老金计划(DB型)的期权构成,对传统的养老金资产和负债的估值进行完善,考虑退休后养老金的指数化调整率.运用推广的期权定价公式得到DB计划中看涨期权和看跌期权的价值,最后给出该计划最优指数化调整率和最优缴费率.

  19. Oil prices and the stock prices of alternative energy companies

    Energy Technology Data Exchange (ETDEWEB)

    Henriques, Irene; Sadorsky, Perry [Schulich School of Business, 4700 Keele Street, Toronto, Ontario (Canada)

    2008-05-15

    Energy security issues coupled with increased concern over the natural environment are driving factors behind oil price movements. While it is widely accepted that rising oil prices are good for the financial performance of alternative energy companies, there has been relatively little statistical work done to measure just how sensitive the financial performance of alternative energy companies are to changes in oil prices. In this paper, a four variable vector autoregression model is developed and estimated in order to investigate the empirical relationship between alternative energy stock prices, technology stock prices, oil prices, and interest rates. Our results show technology stock prices and oil prices each individually Granger cause the stock prices of alternative energy companies. Simulation results show that a shock to technology stock prices has a larger impact on alternative energy stock prices than does a shock to oil prices. These results should be of use to investors, managers and policy makers. (author)

  20. Asymmetric Evolutionary Games.

    Directory of Open Access Journals (Sweden)

    Alex McAvoy

    2015-08-01

    Full Text Available Evolutionary game theory is a powerful framework for studying evolution in populations of interacting individuals. A common assumption in evolutionary game theory is that interactions are symmetric, which means that the players are distinguished by only their strategies. In nature, however, the microscopic interactions between players are nearly always asymmetric due to environmental effects, differing baseline characteristics, and other possible sources of heterogeneity. To model these phenomena, we introduce into evolutionary game theory two broad classes of asymmetric interactions: ecological and genotypic. Ecological asymmetry results from variation in the environments of the players, while genotypic asymmetry is a consequence of the players having differing baseline genotypes. We develop a theory of these forms of asymmetry for games in structured populations and use the classical social dilemmas, the Prisoner's Dilemma and the Snowdrift Game, for illustrations. Interestingly, asymmetric games reveal essential differences between models of genetic evolution based on reproduction and models of cultural evolution based on imitation that are not apparent in symmetric games.

  1. Asymmetric extractions in orthodontics

    Directory of Open Access Journals (Sweden)

    Camilo Aquino Melgaço

    2012-04-01

    Full Text Available INTRODUCTION: Extraction decisions are extremely important in during treatment planning. In addition to the extraction decision orthodontists have to choose what tooth should be extracted for the best solution of the problem and the esthetic/functional benefit of the patient. OBJECTIVE: This article aims at reviewing the literature relating the advantages, disadvantages and clinical implications of asymmetric extractions to orthodontics. METHODS: Keywords were selected in English and Portuguese and the EndNote 9 program was used for data base search in PubMed, Web of Science (WSc and LILACS. The selected articles were case reports, original articles and prospective or retrospective case-control studies concerning asymmetrical extractions of permanent teeth for the treatment of malocclusions. CONCLUSION: According to the literature reviewed asymmetric extractions can make some specific treatment mechanics easier. Cases finished with first permanent molars in Class II or III relationship in one or both sides seem not to cause esthetic or functional problems. However, diagnosis knowledge and mechanics control are essential for treatment success.

  2. Exchange rates and individual good's price misalignment: Some preliminary evidence of long-horizon predictability

    OpenAIRE

    Dong, Wei; Nam, Deokwoo

    2011-01-01

    When prices are sticky, movements in the nominal exchange rate have a direct impact on international relative prices. A relative price misalignment would trigger an adjustment in consumption and employment, and may help to predict future movements in the exchange rate. Although purchasing-power-parity fundamentals, in general, have only weak predictability, currency misalignment may be indicated by price differentials for some goods, which could then have predictive power for subsequent re-ev...

  3. Price Analysis on Commercial Item Purchases within the Department of the Navy

    Science.gov (United States)

    2015-02-05

    adjusted to make an apple -to- apple comparison to the offered price. (p. 47) • Analysts do not complete market research reports on a regular basis. (p...prevents apples -to- apples price analysis with other offerings.” Yes 71% No 8% No Answer 21% Contract Survey Data - DAU Effective...price reasonableness. However, there were two quotes listed from distributors only for the same brand name. It appeared that no true price

  4. House Prices and Taxes

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads

    This paper is the first to consider a large scale natural experiment to estimate the effect of taxes on house prices. We find that a 1 percentage-point increase in income tax rates lead to a drop in house prices of at most 2.2%. This corresponds to a tax capitalization for the average household o...

  5. Manufacturer's Suggested Retail Prices

    NARCIS (Netherlands)

    Rosenkranz, S.

    2003-01-01

    Based on arguments of the `reference- dependent' theory of consumer choice we assume that a retailer's discount of a manufacturer's suggested retail price changes consumers' demand. We can show that the producer benefits from suggesting a retail price. If consumers are additionally sufficiently `los

  6. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    A key parameter determining the welfare impact from a world market shock is the transmission elasticity which measures the average domestic response to an international price change. Many studies have estimated price transmission elasticities for a large number of countries but the variation in t...

  7. Natural Gas Price Rises

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    @@ As was projected in the third-quarter monetary policy implementation report published by the People's Bank of China on November 15th, 2006, the residents' consumption price index in China would reach 1.5% in 2006. Prices of consumer commodities such as water, power and natural gas would rise and the pressure of inflation would persist in the future.

  8. Cotton Pricing Discussion

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Cotton prices have received a lot of attention recently.Cotton Incorporated especically designed this Special Edition of Supply Chain Insights to frame the discussion concerning prices throughout the cotton supply chain in terms of the cyclical events that contributed to recent volatility and how a return to long-term averages over time can be expected.

  9. Essays on asset pricing

    NARCIS (Netherlands)

    Nazliben, Kamil

    2015-01-01

    The dissertation consists of three chapters that represent separate papers in the area of asset pricing. The first chapter studies investors optimal asset allocation problem in which mean reversion in stock prices is captured by explicitly modeling transitory and permanent shocks. The second chapter

  10. Long Run Dynamic Volatilities between OPEC and non-OPEC Crude Oil Prices

    OpenAIRE

    Ghassan, Hassan B.; Alhajhoj, Hassan R.

    2015-01-01

    Understanding the long-run dynamics of OPEC and non-OPEC crude oil prices is important in an era of increased financialization of petroleum markets. Utilizing an ECM within a threshold cointegration and CGARCH errors framework, we provide evidence on the cointegrating relationship and estimate how and to what extent the respective prices adjust to eliminate disequilibrium. Our findings suggest that the adjustment process of OPEC prices to the positive discrepancies is slow which implies that ...

  11. Price Formation by Bargaining and Posted Prices

    NARCIS (Netherlands)

    Kultti, K.K.

    1997-01-01

    We study markets with two types of agents. Sellers have an indivisible good for sale, and their reservation value is zero. Buyers are randomly matched with sellers, and they value the good at unity. Sellers may be matched with any positive number of buyers, and they may choose to determine the price

  12. ALTERNATE PRICING STRATEGIES IN CONSTRUCTION

    Directory of Open Access Journals (Sweden)

    Krishna Mochtar

    2000-01-01

    Full Text Available Recent research findings on pricing strategies both in general and in construction are reviewed and explored. First%2C pricing strategy in general%2C mostly in the manufacturing industry%2C is reviewed. It includes the concepts of pricing strategy%2C predatory pricing%2C price wars%2C and price policy development. Second%2C pricing strategy in construction is explored. It includes various pricing models for bid price determination%2C such as the Friedman-Gates models%2C expected utility models%2C risk-pricing model%2C and the crew-day%2C multiple regression%2C and fuzzy-set pricing models. In conclusion%2C pricing strategies in construction are still predominantly based on a cost-based approach. More recent models try to close the gap between the models and the real life conditions of a bidder%5C%27s decision-making process. It appears that there are more problems in cost-based pricing as opposed to market-based pricing. Consequently%2C it is highly recommended that%2C alternative pricing approach such as that are closer to the proposed market-based pricing model need to be explored and developed for use in the construction industry. Abstract in Bahasa Indonesia : Pricing+strategy%2C+cost-based+pricing%2C+market-based+pricing.

  13. 7 CFR 1030.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1030.50 Section 1030.50 Agriculture Regulations of the Department of Agriculture (Continued... prices, and advanced pricing factors. See § 1000.50....

  14. Price and Income Elasticities of Russian Exports

    Directory of Open Access Journals (Sweden)

    Bernardina Algieri

    2004-12-01

    Full Text Available The paper gauges export demand elasticities for Russia using an Error Correction technique within a cointegration framework. An extended version of the Imperfect Substitutes Model has been implemented to estimate the sensitivity of Russian exports without oil components to price and to Russian and world income. Our results suggest a robust and negative long run cointegration relationship between the real effective exchange rate, defined as the weighted average of the rouble’s exchange rates versus a basket of the three currencies with the largest share in the trade turnover adjusted to incorporate inflation rate differences (the ratio of the domestic price indices to the foreign price indices, and Russian exports. An increase in exports by 24% is caused by a real depreciation by 10%. Furthermore, a 10% growth in world income leads to a 33% rise in exports. Finally, exports drop by 14% whenever a 10% increase in domestic income occurs

  15. The price level and monetary policy

    Directory of Open Access Journals (Sweden)

    Charles P. Kindleberger

    2002-03-01

    Full Text Available Most central banks are required to or choose to stabilize a price index, largely by manipulating short term interest rates. A serious problem is which index to choose among the national income deflator, wholesale prices, the cost of living, with or eliminating highly volatile commodities such as food and energy, to produce a core index, plus others such as housing, including or without imputed rent of owner-occupied houses, or assets, whether equities or houses. No obvious and widely agreed index exists. Even if there were a clear choice, there remains a question whether a central bank should carefully consider action in order to achieve other goals: full employment, adjustment of the balance of payments, of the exchange rate, prevention of bubbles in asset prices, or recovery from financial crises. If so, the question of central bank weapons remains: monetary expansion or contraction, credit controls, for overall or for particular purposes, and moral suasion.

  16. 77 FR 22067 - Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference...

    Science.gov (United States)

    2012-04-12

    ... Internal Revenue Service Publication of Inflation Adjustment Factor, Nonconventional Source Fuel Credit, and Reference Price for Calendar Year 2011 AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice. SUMMARY: Publication of the inflation adjustment factor, nonconventional source fuel credit, and...

  17. A Framework for Price Statistics

    OpenAIRE

    Kimberly D. Zieschang

    2000-01-01

    This paper describes the primary framework associating the four principal price indices in the system of economic statistics—the Producer Price Index (PPI), the Consumer Price Index (CPI), and the Export and Import Price Indices (XPI and MPI)—with the macroeconomic value aggregates they decompose into price and volume components. The paper begins by defining the basic algebra of price indices. It then discusses the definition of the value aggregates comprising the goods and services component...

  18. Asset Pricing - A Brief Review

    OpenAIRE

    Li, Minqiang

    2010-01-01

    I first introduce the early-stage and modern classical asset pricing and portfolio theories. These include: the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), the consumption capital asset pricing model (CCAPM), the intertemporal capital asset pricing model (ICAPM), and some other important modern concepts and techniques. Finally, I discuss the most recent development during the last decade and the outlook in the field of asset pricing.

  19. 77 FR 20656 - Postal Service Classification and Price Adjustments

    Science.gov (United States)

    2012-04-05

    ... small premium to use Picture Permit imprints. Id. The Postal Service will charge an additional one cent... to consider all matters related to the Notice. The Commission's rules provide for a 20- day comment.... Ordering Paragraphs It is ordered: 1. The Commission establishes Docket No. R2012-7 to consider...

  20. 75 FR 53198 - Rate Adjustment for the Satellite Carrier Compulsory License

    Science.gov (United States)

    2010-08-31

    ... the amount of inflation as measured by the change in the Consumer Price Index for all Urban Consumers... inflation as measured by the change in the Consumer Price Index for all Urban Consumers All Items for... rate, adjusted for the amount of inflation as measured by the change in the Consumer Price Index for...

  1. Tourism Equilibrium Price Trends

    Directory of Open Access Journals (Sweden)

    Mohammad Mohebi

    2012-01-01

    Full Text Available Problem statement: A review of the tourism history shows that tourism as an industry was virtually unknown in Malaysia until the late 1960s. Since then, it has developed and grown into a major industry, making an important contribution to the country's economy. By allocating substantial funds to the promotion of tourism and the provision of the necessary infrastructure, the government has played an important role in the impressive progress of the Malaysian tourism industry. One of the important factors which can attract tourists to Malaysia is the tourism price. Has the price of tourism decreased? To answer this question, it is necessary to obtain the equilibrium prices as well as the yearly trend for Malaysia during the sample period as it will be useful for analysis of the infrastructure situation of the tourism industry in this country. The purpose of the study is to identify equilibrium tourism price trends in Malaysian tourism market. Approach: We use hotel room as representative of tourism market. Quarterly data from 1995-2009 are used and a dynamic model of simultaneous equation is employed. Results: Based on the result during the period of 1995 until 2000, the growth rate of the equilibrium price was greater than consumer price index and producer price index. Conclusion: In the Malaysian tourism market, new infrastructure during this period had not been developed to keep pace with tourist arrivals.

  2. Pricing of new vaccines.

    Science.gov (United States)

    Lee, Bruce Y; McGlone, Sarah M

    2010-08-01

    New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical, and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following ten components: 1. Conduct a target population analysis; 2. Map potential competitors and alternatives; 3. Construct a vaccine target product profile (TPP) and compare it to projected or actual TPPs of competing vaccines; 4. Quantify the incremental value of the new vaccine's characteristics; 5. Determine vaccine positioning in the marketplace; 6. Estimate the vaccine price-demand curve; 7. Calculate vaccine costs (including those of manufacturing, distribution, and research and development); 8. Account for various legal, regulatory, third party payer, and competitor factors; 9. Consider the overall product portfolio; 10. Set pricing objectives; 11. Select pricing and pricing structure. While the biomedical literature contains some studies that have addressed these components, there is still considerable room for more extensive evaluation of this important area.

  3. Approximate option pricing

    Energy Technology Data Exchange (ETDEWEB)

    Chalasani, P.; Saias, I. [Los Alamos National Lab., NM (United States); Jha, S. [Carnegie Mellon Univ., Pittsburgh, PA (United States)

    1996-04-08

    As increasingly large volumes of sophisticated options (called derivative securities) are traded in world financial markets, determining a fair price for these options has become an important and difficult computational problem. Many valuation codes use the binomial pricing model, in which the stock price is driven by a random walk. In this model, the value of an n-period option on a stock is the expected time-discounted value of the future cash flow on an n-period stock price path. Path-dependent options are particularly difficult to value since the future cash flow depends on the entire stock price path rather than on just the final stock price. Currently such options are approximately priced by Monte carlo methods with error bounds that hold only with high probability and which are reduced by increasing the number of simulation runs. In this paper the authors show that pricing an arbitrary path-dependent option is {number_sign}-P hard. They show that certain types f path-dependent options can be valued exactly in polynomial time. Asian options are path-dependent options that are particularly hard to price, and for these they design deterministic polynomial-time approximate algorithms. They show that the value of a perpetual American put option (which can be computed in constant time) is in many cases a good approximation to the value of an otherwise identical n-period American put option. In contrast to Monte Carlo methods, the algorithms have guaranteed error bounds that are polynormally small (and in some cases exponentially small) in the maturity n. For the error analysis they derive large-deviation results for random walks that may be of independent interest.

  4. Six Sigma pricing.

    Science.gov (United States)

    Sodhi, ManMohan S; Sodhi, Navdeep S

    2005-05-01

    Many companies are now good at managing costs and wringing out manufacturing efficiencies. The TQM movement and the disciplines of Six Sigma have seen to that. But the discipline so often brought to the cost side of the business equation is found far less commonly on the revenue side. The authors describe how a global manufacturer of industrial equipment, which they call Acme Incorporated, recently applied Six Sigma to one major revenue related activity--the price-setting process. It seemed to Acme's executives that pricing closely resembled many manufacturing processes. So, with the help of a Six Sigma black belt from manufacturing, a manager from Acme's pricing division recruited a team to carry out the five Six Sigma steps: Define what constitutes a defect. At Acme, a defect was an item sold at an unauthorized price. Gather data and prepare it for analysis. That involved mapping out the existing pricing-agreement process. Analyze the data. The team identified the ways in which people failed to carry out or assert effective control at each stage. Recommend modifications to the existing process. The team sought to decrease the number of unapproved prices without creating an onerous approval apparatus. Create controls. This step enabled Acme to sustain and extend the improvements in its pricing procedures. As a result of the changes, Acme earned dollar 6 million in additional revenue on one product line alone in the six months following implementation--money that went straight to the bottom line. At the same time, the company removed much of the organizational friction that had long bedeviled its pricing process. Other companies can benefit from Acme's experience as they look for ways to exercise price control without alienating customers.

  5. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    A key parameter determining the welfare impact from a world market shock is the transmission elasticity which measures the average domestic response to an international price change. Many studies have estimated price transmission elasticities for a large number of countries but the variation in t...... growth but the relationship is less significant. The finding that food prices in middle-income countries increased the most during the food crises is a cause for concern in light of the fact that the majority of the world's poor today live in middle-income countries....

  6. Pemilihan Model Asset Pricing

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2010-01-01

    The Capital Asset Pricing Model (CAPM) has dominated finance theory for over thirty years; it suggests that the market beta alone is sufficient to explain stock returns. However evidence shows that the cross-section of stock returns cannot be described solely by the one-factor CAPM. Therefore, the idea is to add other factors in order to complete the beta in explaining the price movements in the stock exchange. The Arbitrage Pricing Theory (APT) has been proposed as the first multifactor succ...

  7. Essay on Option Pricing, Hedging and Calibration

    DEFF Research Database (Denmark)

    da Silva Ribeiro, André Manuel

    Quantitative finance is concerned about applying mathematics to financial markets.This thesis is a collection of essays that study different problems in this field: How efficient are option price approximations to calibrate a stochastic volatilitymodel? (Chapter 2) How different is the discretely...... sampled realized variance from the continuouslysampled realized variance? (Chapter 3) How can we do static hedging for a payoff with two assets? (Chapter 4) Can we apply fast Fourier Transform methods to efficiently use interest rateMarkov-functional models? Can we extend them to accommodate othertypes...... variance. We investigated the impact of their assumptions and we present an adjustment for their formula. Our adjustment provides a better approximation to price discretely sampled realized variance options under different market scenarios Static Hedging for Two-Asset Options In this paper we derive...

  8. Asymmetric flow networks

    OpenAIRE

    Olaizola Ortega, María Norma; Valenciano Llovera, Federico

    2012-01-01

    This paper provides a new model of network formation that bridges the gap between the two benchmark models by Bala and Goyal, the one-way flow model, and the two-way flow model, and includes both as particular extreme cases. As in both benchmark models, in what we call an "asymmetric flow" network a link can be initiated unilaterally by any player with any other, and the flow through a link towards the player who supports it is perfect. Unlike those models, in the opposite direction there is ...

  9. Pricing and reimbursement of drugs in Ireland.

    Science.gov (United States)

    Barry, Michael; Tilson, Lesley; Ryan, Máirín

    2004-06-01

    Expenditure on healthcare in Ireland, which is mainly derived from taxation, has increased considerably in recent years to an estimated 9.2 billion euro in 2003. Pharmaceuticals account for approximately 10% of total healthcare expenditure. Approximately one-third of patients receive their medications free of charge whilst the remaining two-thirds are subject to a co-payment threshold of 78 euro per month, i.e. 936 euro per year. The price of medications in Ireland is linked to those of five other member states where the price to the wholesaler of any medication will not exceed the lesser of the currency-adjusted wholesale price in the United Kingdom or the average of wholesale prices in Denmark, France, Germany, The Netherlands and the United Kingdom. A price freeze at the introduction price has been in existence since 1993. Despite the price freeze, expenditure on medicines on the community drugs scheme has increased from 201 million euro in 1993 to 898 million euro in 2002. The two main factors contributing to the increased expenditure on medicines include "product mix", the prescribing of new and more expensive medication, and "volume effect" comprising growth in the number of prescription items. Changing demographics and the extension of the General Medical Services (GMS) Scheme to provide free medicines for all those over the age of 70 years have also contributed. Prior to reimbursement under the community drugs schemes, a medicine must be included in the GMS code book or positive list. A demonstration of cost-effectiveness is not a pre-requisite for reimbursement.

  10. Price Recall, Bertrand Paradox and Price Dispersion With Elastic Demand

    NARCIS (Netherlands)

    Carvalho, M.

    2009-01-01

    This paper studies the consequence of an imprecise recall of the price by the consumers in the Bertrand price competition model for a homogeneous good. It is shown that firms can exploit this weakness and charge prices above the competitive price. This markup increases for rougher recall of the pric

  11. Market News Price Dataset

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Real-time price data collected by the Boston Market News Reporter. The NOAA Fisheries' "Fishery Market News" began operations in New York City on February 14, 1938....

  12. AKRO: Standard Prices

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Standard prices are generated for cost recovery programs in the Individual Fishing Quota (IFQ) halibut and sablefish, BSAI Rationalized crab, and Central Gulf of...

  13. Pricing and Fee Management.

    Science.gov (United States)

    Fischer, Richard B.

    1986-01-01

    Defines key terms and discusses things to consider when setting fees for a continuing education program. These include (1) the organization's philosophy and mission, (2) certain key variables, (3) pricing strategy options, and (4) the test of reasonableness. (CH)

  14. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Méndez, Susan J.; Rønde, Thomas;

    drugs, generics, and parallel imports with health care expenditures and producer revenues decreasing and co-payments increasing most for branded drugs. The reform also induced consumers to substitute from branded drugs – for which they have strong preferences – to generics and parallel imports......Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...

  15. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

    Kaiser, Ulrich; Méndez, Susan J.; Rønde, Thomas;

    2014-01-01

    drugs, generics, and parallel imports with health care expenditures and producer revenues decreasing and co-payments increasing most for branded drugs. The reform also induced consumers to substitute from branded drugs – for which they have strong preferences – to generics and parallel imports......Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...

  16. Analysis of the Behavior of Volatility in Crude Oil Price

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Lucena Aiube

    2014-02-01

    Full Text Available This article analyzes volatility in the spot price of crude oil. In recent years the price has also increased reaching more than US$ 140/barrel in the last decade. Moreover, the negotiated trading volume in the futures market in recent years higher than the trading volume of the earlier years. How these changes have affected the volatility in the oil prices? Does the presence of huge players, which leads to an increase in the volume under negotiation, increase volatility? Has the persistence been affected? To answer these questions, we first estimated spot prices using the two-factor model of Schwartz and Smith. With this filtering process we can capture the entire information from the future term-structure. We then analyzed the estimated spot-price series to identify the stylized facts and then adjusted conditional volatility models of GARCH family. Our findings show that the volatility in the high prices period is not different from that of low prices. The shocks behaved as transitory and the persistence in the high prices period decreased. This fact has pricing and hedging implications for short-term derivatives.

  17. Analysis of Price Stackelberg Duopoly Game with Bounded Rationality

    Directory of Open Access Journals (Sweden)

    Lian Shi

    2014-01-01

    Full Text Available The classical Stackelberg game is extended to boundedly rational price Stackelberg game, and the dynamic duopoly game model is described in detail. By using the theory of bifurcation of dynamical systems, the existence and stability of the equilibrium points of this model are studied. And some comparisons with Bertrand game with bounded rationality are also performed. Stable region, bifurcation diagram, The Largest Lyapunov exponent, strange attractor, and sensitive dependence on initial conditions are used to show complex dynamic behavior. The results of theoretical and numerical analysis show that the stability of the price Stackelberg duopoly game with boundedly rational players is only relevant to the speed of price adjustment of the leader and not relevant to the follower’s. This is different from the classical Cournot and Bertrand duopoly game with bounded rationality. And the speed of price adjustment of the boundedly rational leader has a destabilizing effect on this model.

  18. DEMAND AND PRICES

    Directory of Open Access Journals (Sweden)

    VĂDUVA MARIA

    2014-08-01

    Full Text Available Studying the consumer’s behavior by the ordinal approach of utility with the help of indifference curves allows us to deduce the two “movement laws of demand” in this chapter: the demand for a “normal” good is decreasing function of its price and an increasing function of income. We will use the elasticity concept to measure the intensity of the relation that is established between the demand, on the one hand, and prices or income, on the other hand: elasticity – price, direct and crossed, and elasticity – income. We can classify the goods in many categories, depending on the values that this elasticity takes. The demand elasticity can be determined depending on price and income. It reflects the proportion in which the demand for different products changes with the modification of the consumers’ income, the other factors remaining constant. The elasticity compared to the income is a demonstration of legality from the consumer’s sphere, which determines a certain hierarchy of the needs of each population category in a certain level of income. The movement of prices orients both the options and decisions of producers, namely the most useful productions and the most efficient investments, as well as the consumers’ options and decisions on the most advantageous buying of goods and services that they need. The prices appear as a “signal system” coordinating and making coherence the economic agents’ decisions – producers, consumers and population.

  19. The price impact asymmetry of institutional trading in the Chinese stock market

    Science.gov (United States)

    Ren, Fei; Zhong, Li-Xin

    2012-04-01

    The asymmetric price impact between the institutional purchases and sales of 32 liquid stocks in the Chinese stock market in 2003 is carefully studied. We analyze the price impact in both drawup and drawdown trends with consecutive positive and negative daily price changes, and test the dependence of the price impact asymmetry on the market condition. For most of the stocks, institutional sales have a larger price impact than institutional purchases, and a larger impact of institutional purchases exists only in a few stocks with primarily increasing tendencies. We further study the mean return of trades surrounding institutional transactions, and find that the asymmetric behavior also exists before and after institutional transactions. A new variable is proposed to investigate the order book structure, and it can partially explain the price impact of institutional transactions. A linear regression for the price impact of institutional transactions further confirms our finding that institutional sales primarily have a larger price impact than institutional purchases in the bearish year 2003.

  20. Are Fuel Price Hikes Justifiable?

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    China saw its third fuel price hike this year when the National Development and Reform Commission, China’s top price regulator, hiked gasoline and diesel retail prices up by 9 percent, effective on June 30. It is the second rally in a month after the country initiated a new fuel pricing scheme in May.

  1. Coupled effects of market impact and asymmetric sensitivity in financial markets

    Science.gov (United States)

    Zhong, Li-Xin; Xu, Wen-Juan; Ren, Fei; Shi, Yong-Dong

    2013-05-01

    By incorporating market impact and asymmetric sensitivity into the evolutionary minority game, we study the coevolutionary dynamics of stock prices and investment strategies in financial markets. Both the stock price movement and the investors’ global behavior are found to be closely related to the phase region they fall into. Within the region where the market impact is small, investors’ asymmetric response to gains and losses leads to the occurrence of herd behavior, when all the investors are prone to behave similarly in an extreme way and large price fluctuations occur. A linear relation between the standard deviation of stock price changes and the mean value of strategies is found. With full market impact, the investors tend to self-segregate into opposing groups and the introduction of asymmetric sensitivity leads to the disappearance of dominant strategies. Compared with the situations in the stock market with little market impact, the stock price fluctuations are suppressed and an efficient market occurs. Theoretical analyses indicate that the mechanism of phase transition from clustering to self-segregation in the present model is similar to that in the majority-minority game and the occurrence and disappearance of efficient markets are related to the competition between the trend-following and the trend-aversion forces. The clustering of the strategies in the present model results from the majority-wins effect and the wealth-driven mechanism makes the market become predictable.

  2. Price regulation in the Spanish energy sectors: who benefits?

    Energy Technology Data Exchange (ETDEWEB)

    Arocena, Pablo; Contin, Ignacio; Huerta, Emilio [Departamento de Gestion de Empresas, Universidad Publica de Navarra, Campus de Arrosadia. 31006, Pamplona (Spain); [Canterbury Business School, University of Kent Canterbury (United Kingdom)

    2002-08-01

    This paper analyses the distribution of benefits between firms and consumers due to the price regulation of the Spanish energy sectors (electricity, oil fuels and gas) during the decade 1987-1997. To that effect, we compare the actual evolution of energy prices with alternate benchmarks in order to assess the potential existence of a pro-industry or a pro-consumer bias in the pricing policies followed by the regulator. Our results show a pro-industry-biased regulatory context, where consumers benefited very little from price control. The successive price adjustments over time allowed the companies to keep all the productivity gains and cost reductions and to increase their profitability rates relative to those achieved in the manufacturing sector. (Author)

  3. Higher fuel and food prices

    DEFF Research Database (Denmark)

    Arndt, Channing; Benfica, Rui; Maximiano, Nelson

    2008-01-01

    Rising world prices for fuel and food represent a negative terms-of-trade shock for Mozambique. The impacts of these price rises are analyzed using various approaches. Detailed price data show that the world price increases are being transmitted to domestic prices. Short-run net benefit ratio...... of Mozambique indicates that the fuel price shock dominates rising food prices from both macroeconomic and poverty perspectives. Again, negative impacts are larger in urban areas. The importance of agricultural production response in general and export response in particular is highlighted. Policy analysis...

  4. Additive Effects on Asymmetric Catalysis.

    Science.gov (United States)

    Hong, Liang; Sun, Wangsheng; Yang, Dongxu; Li, Guofeng; Wang, Rui

    2016-03-23

    This review highlights a number of additives that can be used to make asymmetric reactions perfect. Without changing other reaction conditions, simply adding additives can lead to improved asymmetric catalysis, such as reduced reaction time, improved yield, or/and increased selectivity.

  5. Colombian equity return and narrow money supply: an asymmetric cointegration analysis

    Directory of Open Access Journals (Sweden)

    Chu V. Nguyen

    2012-12-01

    Full Text Available The asymmetric, cointegrating relationship between the return on equity market and the narrowly defined money supply is documented. In fact, equity return and the monthly percentage change in the Colombian money supply M1 spread adjusts to the threshold value slower when a contractionary countercyclical policy action or an economic shock causes the money supply M1 to fall relative to the share price index, widening their spread, than when an expansionary countercyclical monetary policy action or a shock causes money supply M1 to move in the opposite direction, narrowing their spread. The empirical findings further indicate the impact lag on the Colombian monetary policy in the equity market is two years. These empirical findings should be of interest to both domestic and international investors who are interested in the Colombian equity market. The results also reveal the presence of both the neoclassical and the post-Keynesian positions on the relationship between equity return and money supply M1 in the Colombian financial market. In the age of globalization, these findings may provide a better understanding of the impact of the countercyclical monetary policy on the equity market in Latin American economies.

  6. High Drug Prices Hurt Everyone

    OpenAIRE

    Halpenny, Genevieve M.

    2016-01-01

    Turing Pharmaceuticals raised the price of Daraprim 5,500%, illustrating how the absence of competition in the sale of low-volume, low-price drugs can lead to price gouging. For patented medicines, society allows supracompetitive pricing to incentivize innovation. However, Gilead���s decision to sell Sovaldi for $84,000 per course of treatment raised the question whether society must accept any price set by the patent holder. Unfortunately, these incidents illustrate a br...

  7. Fuel Price Effects on Readiness

    Science.gov (United States)

    2014-05-01

    31 B. Measuring the Response to Changes in Fuel Prices across Budget Years: Long- term Price Elasticity ...Changes in Fuel Prices across Budget Years: Long-term Price Elasticity In order to determine the responsiveness of inter-year OPTEMPO to inter-year... elasticity of OPTEMPO (our readiness measure) with respect to price . 0 1,000 2,000 3,000 4,000 33 1. Army Analysis In order to avoid overlooking

  8. Asymmetric black dyonic holes

    Directory of Open Access Journals (Sweden)

    I. Cabrera-Munguia

    2015-04-01

    Full Text Available A 6-parametric asymptotically flat exact solution, describing a two-body system of asymmetric black dyons, is studied. The system consists of two unequal counterrotating Kerr–Newman black holes, endowed with electric and magnetic charges which are equal but opposite in sign, separated by a massless strut. The Smarr formula is generalized in order to take into account their contribution to the mass. The expressions for the horizon half-length parameters σ1 and σ2, as functions of the Komar parameters and of the coordinate distance, are displayed, and the thermodynamic properties of the two-body system are studied. Furthermore, the seven physical parameters satisfy a simple algebraic relation which can be understood as a dynamical scenario, in which the physical properties of one body are affected by the ones of the other body.

  9. The asymmetric sandwich theorem

    CERN Document Server

    Simons, Stephen

    2011-01-01

    We discuss the asymmetric sandwich theorem, a generalization of the Hahn-Banach theorem. As applications, we derive various results on the existence of linear functionals that include bivariate, trivariate and quadrivariate generalizations of the Fenchel duality theorem. Most of the results are about affine functions defined on convex subsets of vector spaces, rather than linear functions defined on vector spaces. We consider both results that use a simple boundedness hypothesis (as in Rockafellar's version of the Fenchel duality theorem) and also results that use Baire's theorem (as in the Robinson-Attouch-Brezis version of the Fenchel duality theorem). This paper also contains some new results about metrizable topological vector spaces that are not necessarily locally convex.

  10. Price forecast and pricing models on the options exchange for electric power. Information material - documentation; Preisprognose und Preismodelle am Stromterminmarkt. Materialienband

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2006-07-01

    The development of the future prices for electric power calls for a continuous analysis of the market. The quantities to be sold are purchased directly on the wholesale-trading market or via models indicating the development of the wholesale trading prices. A professional and risk-adjusted control of the portfolio is the central module in order to get the right position in the increasing competition. Within the options trading, forecasting the electric power prices is of central importance.

  11. 7 CFR 1001.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1001.50 Section 1001.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50....

  12. 7 CFR 1032.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1032.50 Section 1032.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50....

  13. 7 CFR 1033.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1033.50 Section 1033.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50....

  14. 7 CFR 1006.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1006.50 Section 1006.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50....

  15. 7 CFR 1005.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1005.50 Section 1005.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50....

  16. 7 CFR 1007.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1007.50 Section 1007.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50....

  17. Cross-border electricity market effects due to price caps in an emission trading system: An agent-based approach

    NARCIS (Netherlands)

    Richstein, J.C.; Chappin, E.J.L.; De Vries, L.J.

    2014-01-01

    The recent low CO2 prices in the European Union Emission Trading Scheme (EU ETS) have triggered a discussion whether the EU ETS needs to be adjusted. We study the effects of CO2 price floors and a price ceiling on the dynamic investment pathway of two interlinked electricity markets (loosely based o

  18. Cross-border electricity market effects due to price caps in an emission trading system: An agent-based approach

    NARCIS (Netherlands)

    Richstein, J.C.; Chappin, E.J.L.; De Vries, L.J.

    2014-01-01

    The recent low CO2 prices in the European Union Emission Trading Scheme (EU ETS) have triggered a discussion whether the EU ETS needs to be adjusted. We study the effects of CO2 price floors and a price ceiling on the dynamic investment pathway of two interlinked electricity markets (loosely based

  19. 77 FR 6865 - Pricing for 2012 Infantry Soldier Silver Dollar and 2012 Star-Spangled Banner Commemorative Coin...

    Science.gov (United States)

    2012-02-09

    ... United States Mint Pricing for 2012 Infantry Soldier Silver Dollar and 2012 Star- Spangled Banner... United States Mint is announcing adjusted pricing for the 2012 Infantry Soldier Silver Dollar and 2012.../A 53.95 Dollar Set The introductory pricing period for the 2012 Infantry Soldier Silver...

  20. Price Responsive Demand in New York Wholesale Electricity Market using OpenADR

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Joyce Jihyun [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Kiliccote, Sila [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2012-06-01

    In New York State, the default electricity pricing for large customers is Mandatory Hourly Pricing (MHP), which is charged based on zonal day-ahead market price for energy. With MHP, retail customers can adjust their building load to an economically optimal level according to hourly electricity prices. Yet, many customers seek alternative pricing options such as fixed rates through retail access for their electricity supply. Open Automated Demand Response (OpenADR) is an XML (eXtensible Markup Language) based information exchange model that communicates price and reliability information. It allows customers to evaluate hourly prices and provide demand response in an automated fashion to minimize electricity costs. This document shows how OpenADR can support MHP and facilitate price responsive demand for large commercial customers in New York City.

  1. Sociodemographic differences in fast food price sensitivity

    Science.gov (United States)

    Meyer, Katie A.; Guilkey, David K.; Ng, Shu Wen; Duffey, Kiyah J.; Popkin, Barry M.; Kiefe, Catarina I.; Steffen, Lyn M.; Shikany, James M.; Gordon-Larsen, Penny

    2014-01-01

    Importance Fiscal food policies (e.g., taxation) are increasingly proposed to improve population-level health, but their impact on health disparities is unknown. Objective We estimated subgroup-specific effects of fast food price changes on fast food consumption and cardio-metabolic outcomes, hypothesizing inverse associations between fast food price with fast food consumption, BMI, and insulin resistance and stronger associations among blacks (vs. whites) and participants with relatively lower education or income. Design 20-year follow-up (5 exams) in a biracial U.S. prospective cohort: Coronary Artery Risk Development in Young Adults (CARDIA) (1985/86–2005/06, baseline n=5,115). Participants Aged 18–30 at baseline; designed for equal recruitment by race (black/white), educational attainment, age, and gender. Exposures Community-level price data from the Council for Community and Economic Research (C2ER) temporally- and geographically-linked to study participants’ home address at each exam. Main outcome and measures Participant-reported number of fast food eating occasions per week; BMI (kg/m2) from clinical assessment of weight and height; homeostatic model assessment insulin resistance (HOMA-IR) from fasting glucose and insulin. Covariates included individual- and community-level social and demographic factors. Results In repeated measures regression, multivariable-adjusted associations between fast food price and consumption were non-linear (quadratic, p<0.001), with significant inverse estimated effects on consumption at higher prices; estimates varied according to race (interaction term p=0.04), income (p=0.07), and education (p=0.03). For example, at the 10th percentile of price ($1.25/serving), blacks and whites had mean fast food consumption (times/week) of 2.2 (95% CI: 2.1–2.3) and 1.6 (1.5–1.7), respectively, while at the 90th percentile of price ($1.53/serving), respective mean consumption estimates were 1.9 (1.8–2.0) and 1.5 (1.4–1.6). We

  2. Asymmetric responses of international stock markets to trading volume

    Science.gov (United States)

    Gerlach, Richard; Chen, Cathy W. S.; Lin, Doris S. Y.; Huang, Ming-Hsiang

    2006-02-01

    The major goal of this paper is to examine the hypothesis that stock returns and return volatility are asymmetric, threshold nonlinear, functions of change in trading volume. A minor goal is to examine whether return spillover effects also display such asymmetry. Employing a double-threshold GARCH model with trading volume as a threshold variable, we find strong evidence supporting this hypothesis in five international market return series. Asymmetric causality tests lend further support to our trading volume threshold model and conclusions. Specifically, an increase in volume is positively associated, while decreasing volume is negatively associated, with the major price index in four of the five markets. The volatility of each series also displays an asymmetric reaction, four of the markets display higher volatility following increases in trading volume. Using posterior odds ratio, the proposed threshold model is strongly favored in three of the five markets, compared to a US news double threshold GARCH model and a symmetric GARCH model. We also find significant nonlinear asymmetric return spillover effects from the US market.

  3. Forecasting prices of single family homes using GIS-defined neighborhoods

    Science.gov (United States)

    Kaboudan, Mak; Sarkar, Avijit

    2008-03-01

    We estimate spatiotemporal models of average neighborhood single family home prices to use in predicting individual property prices. Average home-price variations are explained in terms of changes in average neighborhood house attributes, spatial attributes, and temporal economic variables. Models adopting three different definitions of neighborhoods are estimated with quarterly cross-sectional data over the period 2000 2004 from four cities in Southern California. Heteroscedasticity and autocorrelation problems are detected and adjusted for via a sequential routine. Results of these models suggest that forecasts obtained using city neighborhood average price equations may have advantage over forecasts obtained using city aggregated price equations.

  4. Logistics: Price Rises Incurred by High Oil Price

    Institute of Scientific and Technical Information of China (English)

    Lai Zhihui

    2011-01-01

    @@ "When the oil price grows by 100%, the logistic indus-try will see a price growth of 40%, while the logistics in-dustry a price rise of 35%, which means every price increase of 5% in the oil price will bring along that of 2% in this industry." said Liu Zongsheng, General Manager of Itochu Logistics Co., Ltd., on the seminar "Focusing on the eco-nomic consequences of raising oil price, interest rate and deposit reserve ratio", which was held recently.

  5. Stochastic Speculative Price

    Science.gov (United States)

    Samuelson, Paul A.

    1971-01-01

    Because a commodity like wheat can be carried forward from one period to the next, speculative arbitrage serves to link its prices at different points of time. Since, however, the size of the harvest depends on complicated probability processes impossible to forecast with certainty, the minimal model for understanding market behavior must involve stochastic processes. The present study, on the basis of the axiom that it is the expected rather than the known-for-certain prices which enter into all arbitrage relations and carryover decisions, determines the behavior of price as the solution to a stochastic-dynamic-programming problem. The resulting stationary time series possesses an ergodic state and normative properties like those often observed for real-world bourses. PMID:16591903

  6. Surviving the Price Hikes

    Institute of Scientific and Technical Information of China (English)

    JESSY ZHANG

    2006-01-01

    @@ Viessmann Werke, a German-based global manufacturer of heating technology products, settled down in an industrial development zone in Beijing suburb in 2001. In recent years, however, they have witnessed a price increase for land use in their development zone and nearby areas. "There will be more infrastructure construction in this area and a new exhibition center is said to be built here," says Dr. Andreas Tank, executive manager of Viessmann Werke. "We see the demand for land is increasing and newcomers must pay higher prices for land use than we paid. "Viessmann has fixed its expenditure on land use fees by signing a long-term contract with the development zone.

  7. Wireless network pricing

    CERN Document Server

    Huang, Jianwei

    2013-01-01

    Today's wireless communications and networking practices are tightly coupled with economic considerations, to the extent that it is almost impossible to make a sound technology choice without understanding the corresponding economic implications. This book aims at providing a foundational introduction on how microeconomics, and pricing theory in particular, can help us to understand and build better wireless networks. The book can be used as lecture notes for a course in the field of network economics, or a reference book for wireless engineers and applied economists to understand how pricing

  8. Pricing Volatility Referenced Assets

    Directory of Open Access Journals (Sweden)

    Alan De Genaro Dario

    2006-12-01

    Full Text Available Volatility swaps are contingent claims on future realized volatility. Variance swaps are similar instruments on future realized variance, the square of future realized volatility. Unlike a plain vanilla option, whose volatility exposure is contaminated by its asset price dependence, volatility and variance swaps provide a pure exposure to volatility alone. This article discusses the risk-neutral valuation of volatility and variance swaps based on the framework outlined in the Heston (1993 stochastic volatility model. Additionally, the Heston (1993 model is calibrated for foreign currency options traded at BMF and its parameters are used to price swaps on volatility and variance of the BRL / USD exchange rate.

  9. IS THE PRICE RIGHT? PRICING FOR LONG TERM PROFITABILITY

    Directory of Open Access Journals (Sweden)

    Andrea Erika NYÁRÁDI

    2007-01-01

    Full Text Available The way how we choose our pricing strategy has a significant impact on company’s success. Nowadays companies more and more adopt a new way of thinking in pricing, namely pricing for a long term period in order to bring higher profitability, to build an efficient pricing strategy. Marketers have only recently begun to focus seriously on effective pricing. These companies are the so called progressive companies. They have begun doing more than just worrying about pricing. To increase profitability many are abandoning traditional reactive pricing procedures in favor of proactive pricing, making explicit corporate decisions to change their focus to growth in top-line sales to growth in profitability. The long-term implications of price strategies are still under-researched, and managers should be aware of shifts in customer reactions that may result from frequent adoption of certain strategies. The company pricing strategy should be seen in relation to developments in the company variables, internal ones (capital strength, competencies, organizational conditions, efficiency of the work force etc. as well as external ones (customers, competitors, the technological development etc., adopting strategic pricing. In this paper I will present the most effective pricing strategies leading to long term profitability, and also suggest practical conditions for pricing strategies to maximize profit in the long run.

  10. Asymmetric and symmetric meta-correlations in financial markets

    Science.gov (United States)

    Li, Xiaohui; Shen, Xiangying; Huang, Jiping

    2016-10-01

    In financial markets, the relation between fluctuations of stock prices and trading behaviors is complex. It is intriguing to quantify this kind of meta-correlation between market fluctuations and the synchronous behaviors. We refine the theoretical index leverage model proposed by Reigneron et al., to exactly quantify the meta-correlation under various levels of price fluctuations [Reigneron P A, Allez R and Bouchaud J P 2011 Physica A 390 3026]. The characteristics of meta-correlations in times of market losses, are found to be significantly different in Chinese and American financial markets. In addition, unlike the asymmetric results at the daily scale, the correlation behaviors are found to be symmetric at the high-frequency scale. Project supported by the National Natural Science Foundation of China (Grant No. 11222544), the Fok Ying Tung Education Foundation (Grant No. 131008), and the Program for New Century Excellent Talents in University, China (Grant No. NCET-12-0121).

  11. The Questionable Economic Case for Value-Based Drug Pricing in Market Health Systems.

    Science.gov (United States)

    Pauly, Mark V

    2017-02-01

    This article investigates the economic theory and interpretation of the concept of "value-based pricing" for new breakthrough drugs with no close substitutes in a context (such as the United States) in which a drug firm with market power sells its product to various buyers. The interpretation is different from that in a country that evaluates medicines for a single public health insurance plan or a set of heavily regulated plans. It is shown that there will not ordinarily be a single value-based price but rather a schedule of prices with different volumes of buyers at each price. Hence, it is incorrect to term a particular price the value-based price, or to argue that the profit-maximizing monopoly price is too high relative to some hypothesized value-based price. When effectiveness of treatment or value of health is heterogeneous, the profit-maximizing price can be higher than that associated with assumed values of quality-adjusted life-years. If the firm sets a price higher than the value-based price for a set of potential buyers, the optimal strategy of the buyers is to decline to purchase that drug. The profit-maximizing price will come closer to a unique value-based price if demand is less heterogeneous. Copyright © 2017 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

  12. A pricing policy towards the sourcing of cheaper drugs in Cyprus.

    Science.gov (United States)

    Merkur, Sherry; Mossialos, Elias

    2007-05-01

    In contrast to other EU countries, Cyprus lacks comprehensive health care coverage for its population, thus a significant portion of the population lacks insurance for medicines. Due to the small size of the country and small indigenous pharmaceutical industry, pharmaceuticals are mainly imported. Prices in the private sector are determined based on the ex-factory price from the country of origin. Distribution margins are calculated as a percentage of the import price, which creates perverse incentives for wholesalers to import products from high price countries, or import very expensive products, to maximize their income. In this article, we compare pharmaceutical prices in Cyprus to other EU counties with higher or similar GDP per capita and found Cyprus to be a high price country. We then propose a new pricing system to change wholesaler incentives, which would encourage them to shop around for the best buy in Europe. Prices can be set based on average prices from a basket of European countries, and adjusted to reflect the GDP per capita level in Cyprus. This will establish the wholesale price that the government will accept, and wholesalers can procure products from any country at a lower rate. Thus, wholesalers would be encouraged to go for the lowest prices and the authorities would be indifferent to the actual price they obtain, so long as the necessary criteria (good manufacturing practice, safety, effectiveness and efficacy) are met. Our proposal has implications for low and middle income countries where this system of pharmaceutical pricing and wholesaler incentives can be used.

  13. Obesity and Supermarket Access: Proximity or Price?

    Science.gov (United States)

    Aggarwal, Anju; Hurvitz, Philip M.; Monsivais, Pablo; Moudon, Anne V

    2012-01-01

    Objectives. We examined whether physical proximity to supermarkets or supermarket price was more strongly associated with obesity risk. Methods. The Seattle Obesity Study (SOS) collected and geocoded data on home addresses and food shopping destinations for a representative sample of adult residents of King County, Washington. Supermarkets were stratified into 3 price levels based on average cost of the market basket. Sociodemographic and health data were obtained from a telephone survey. Modified Poisson regression was used to test the associations between obesity and supermarket variables. Results. Only 1 in 7 respondents reported shopping at the nearest supermarket. The risk of obesity was not associated with street network distances between home and the nearest supermarket or the supermarket that SOS participants reported as their primary food source. The type of supermarket, by price, was found to be inversely and significantly associated with obesity rates, even after adjusting for individual-level sociodemographic and lifestyle variables, and proximity measures (adjusted relative risk = 0.34; 95% confidence interval = 0.19, 0.63) Conclusions. Improving physical access to supermarkets may be one strategy to deal with the obesity epidemic; improving economic access to healthy foods is another. PMID:22698052

  14. Bubbles in South African house prices and their impact on consumption

    CSIR Research Space (South Africa)

    Das, Sonali

    2011-04-01

    Full Text Available . The asymmetric model is found to perform better both in terms of in-sample and out- of-sample performances, relative to the symmetric model. The fact that we do not observe consumption to be more responsive to house price acceleration (deceleration) during...

  15. ANTESEDEN DAN KONSEKUENSI DARI PRICE SATISFACTION

    OpenAIRE

    Steven Dharma; Asep Hermawan

    2012-01-01

    The purpose of this paper is to explore the antecedents and consequents of price satisfaction. It argues that price satisfaction is composed of several dimensions (price transparency, pricequality ratio, relative price, price confidence, price reliability, and price fairness) and that companies should consider these dimensions when monitoring customer price satisfaction. Based on a theoretical discussion of the price dimensions, a questionnaire is developed that measures customer satisfact...

  16. A measure of marketing price transmission in the rice market of Taiwan

    Directory of Open Access Journals (Sweden)

    Yuan-Ming Lee

    2009-12-01

    Full Text Available The goal of this paper is to test whether changes in the marketing margin betweenthe farm and the retail prices can result in an asymmetric relationship between the farm and the retail prices in the rice market of Taiwan. By separating the transaction cost variation into two regimes, this paper utilizes a two-regime TVECM with the error correction term serving as the threshold variable to create a non-linear threshold model. The empirical results show that when the marketing margin is lower than the threshold value, the market system operates freely and there is feedback between the farm and retail prices. However, when the marketing margin is higher than the threshold value, the government intervenes in the market and the causality between the farm and retail prices no longer exists. The conclusions are as follows. Changes in the marketing margin can cause the asymmetric price transmission between the farm and retail prices in Taiwan’s rice markets; therefore, ignoring the effect of the marketing margin could lead to errors in the models. When the marketing margin is higher than the threshold value, the government intervenes in the market and the causality between the two prices is broken.

  17. An analysis of strategic price setting in retail gasoline markets

    Science.gov (United States)

    Jaureguiberry, Florencia

    This dissertation studies price-setting behavior in the retail gasoline industry. The main questions addressed are: How important is a retail station's brand and proximity to competitors when retail stations set price? How do retailers adjust their pricing when they cater to consumers who are less aware of competing options or have less discretion over where they purchase gasoline? These questions are explored in two separate analyses using a unique datasets containing retail pricing behavior of stations in California and in 24 different metropolitan areas. The evidence suggests that brand and location generate local market power for gasoline stations. After controlling for market and station characteristics, the analysis finds a spread of 11 cents per gallon between the highest and the lowest priced retail gasoline brands. The analysis also indicates that when the nearest competitor is located over 2 miles away as opposed to next door, consumers will pay an additional 1 cent per gallon of gasoline. In order to quantify the significance of local market power, data for stations located near major airport rental car locations are utilized. The presumption here is that rental car users are less aware or less sensitive to fueling options near the rental car return location and are to some extent "captured consumers". Retailers located near rental car locations have incentives to adjust their pricing strategies to exploit this. The analysis of pricing near rental car locations indicates that retailers charge prices that are 4 cent per gallon higher than other stations in the same metropolitan area. This analysis is of interest to regulators who are concerned with issues of consolidation, market power, and pricing in the retail gasoline industry. This dissertation concludes with a discussion of the policy implications of the empirical analysis.

  18. Asymmetric Bessel modes.

    Science.gov (United States)

    Kotlyar, V V; Kovalev, A A; Soifer, V A

    2014-04-15

    We propose a new, three-parameter family of diffraction-free asymmetric elegant Bessel modes (aB-modes) with an integer and fractional orbital angular momentum (OAM). The aB-modes are described by the nth-order Bessel function of the first kind with complex argument. The asymmetry degree of the nonparaxial aB-mode is shown to depend on a real parameter c≥0: when c=0, the aB-mode is identical to a conventional radially symmetric Bessel mode; with increasing c, the aB-mode starts to acquire a crescent form, getting stretched along the vertical axis and shifted along the horizontal axis for c≫1. On the horizontal axis, the aB-modes have a denumerable number of isolated intensity zeros that generate optical vortices with a unit topological charge of opposite sign on opposite sides of 0. At different values of the parameter c, the intensity zeros change their location on the horizontal axis, thus changing the beam's OAM. An isolated intensity zero on the optical axis generates an optical vortex with topological charge n. The OAM per photon of an aB-mode depends near-linearly on c, being equal to ℏ(n+cI1(2c)/I0(2c)), where ℏ is the Planck constant and In(x) is a modified Bessel function.

  19. Asymmetric Gepner Models (Revisited)

    CERN Document Server

    Gato-Rivera, B

    2010-01-01

    We reconsider a class of heterotic string theories studied in 1989, based on tensor products of N=2 minimal models with asymmetric simple current invariants. We extend this analysis from (2,2) and (1,2) spectra to (0,2) spectra with SO(10) broken to the Standard Model. In the latter case the spectrum must contain fractionally charged particles. We find that in nearly all cases at least some of them are massless. However, we identify a large subclass where the fractional charges are at worst half-integer, and often vector-like. The number of families is very often reduced in comparison to the 1989 results, but there are no new tensor combinations yielding three families. All tensor combinations turn out to fall into two classes: those where the number of families is always divisible by three, and those where it is never divisible by three. We find an empirical rule to determine the class, which appears to extend beyond minimal N=2 tensor products. We observe that distributions of physical quantities such as th...

  20. Do Flexible Durable Goods Prices Undermine Sticky Price Models?

    OpenAIRE

    Robert Barsky; Christopher L. House; Miles Kimball

    2003-01-01

    Multi-sector sticky price models have surprising implications when durable goods have flexible prices. While in actual data the production of virtually all durables exhibits strong negative responses to monetary contractions, in dynamic general equilibrium models a monetary contraction causes the output of flexibly priced durables to expand. Indeed, in the polar case in which only nondurables have sticky prices, the negative comovement of durable and nondurable production exactly offsets and ...

  1. On Storekeepers' Pricing Behavior.

    NARCIS (Netherlands)

    B. Bode (Ben); J. Koerts (Johan); A.R. Thurik (Roy)

    1986-01-01

    textabstractThis research note deals with a quantitative analysis of differences in percentage gross margin between individual stores in the retail trade. A number of hypotheses on pricing behavior of storekeepers are tested using Dutch survey data from nine different types of retail stores. We defi

  2. Housing price forecastability

    DEFF Research Database (Denmark)

    Bork, Lasse; Møller, Stig Vinther

    2012-01-01

    We examine US housing price forecastability using a common factor approach based on a large panel of 122 economic time series. We …nd that a simple three-factor model generates an explanatory power of about 50% in one-quarter ahead in-sample forecasting regressions. The predictive power of the mo...

  3. Transfer Pricing Principles

    DEFF Research Database (Denmark)

    Jensen, Dennis Ramsdahl

    Konferencebidraget indeholder en kritisk analyse af transfer pricing reglerne på henholdsvis moms og indkomstskatterettens område med henblik på en diskussion af, det er hensigtsmæssigt med en harmonisering af reglerne på tværs af de to retsområder...

  4. Pricing Decisions: A Game.

    Science.gov (United States)

    Read, Simon

    1989-01-01

    Describes a game that illustrates the effects of pricing on profit. Students compete against each other in an imaginary industry and become familiar with decision-making processes. Depicts the gameboard, how to make it, and how to use it. (GG)

  5. On Storekeepers' Pricing Behavior.

    NARCIS (Netherlands)

    B. Bode (Ben); J. Koerts (Johan); A.R. Thurik (Roy)

    1986-01-01

    textabstractThis research note deals with a quantitative analysis of differences in percentage gross margin between individual stores in the retail trade. A number of hypotheses on pricing behavior of storekeepers are tested using Dutch survey data from nine different types of retail stores. We

  6. MARCH 2005 PRICES

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    Continuous cold RE market has been a headache for producers. Markup of raw materials, energy and transportation expense is a disaster in succession. Entering March, there is a trend of warm-up in the market, and some RE products have got higher prices than last year. Details are listed below.

  7. Road pricing with complications

    DEFF Research Database (Denmark)

    Fosgerau, Mogens; Van Dender, Kurt

    2013-01-01

    , and a highly stylised model of congestion is used. The simple analysis also ignores that real pricing schemes are only rough approximations to ideal systems and that inefficiencies in related markets potentially affect the case for congestion charges. The canonical model tends to understate the marginal...

  8. Sentiment and art prices

    NARCIS (Netherlands)

    Penasse, J.N.G.; Renneboog, L.D.R.; Spaenjers, C.

    2014-01-01

    We hypothesize the existence of a slow-moving fad component in art prices. Using unique panel survey data on art market participants’ confidence levels in the outlook for a set of artists, we find that sentiment indeed predicts short-term returns.

  9. Price of Terbia Soaring

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    Recently, price of terbia soars to RMB $2600/ nearly changing by day. It is estimated that it will climt RMB$3000/Kg or so. Rising of terbia is mainly driven following factors: 1. Reduced Raw Materials High terbium contained Longnan ore in Ganzhou completely stopped leaching, which will result in the sh

  10. 2050: A Pricing Odyssey

    Energy Technology Data Exchange (ETDEWEB)

    Faruqui, Ahmad

    2006-10-15

    The author uses the Rip Van Winkle approach favored by marketers to gaze, clear-eyed, into the future - say, the year 2050 - to visualize alternative demand-response possibilities. Dare we go California Dreamin' of a distant utopia - or is it inevitable that pricing myopia will keep us from attaining the fulfillment of many of our career goals? (author)

  11. Transfer Pricing Principles

    DEFF Research Database (Denmark)

    Jensen, Dennis Ramsdahl

    Konferencebidraget indeholder en kritisk analyse af transfer pricing reglerne på henholdsvis moms og indkomstskatterettens område med henblik på en diskussion af, det er hensigtsmæssigt med en harmonisering af reglerne på tværs af de to retsområder...

  12. Price Discovery Function of Index Futures in China: Evidence from Daily Closing Prices

    Institute of Scientific and Technical Information of China (English)

    SHIQING; XIE; JIAJUN; HUANG

    2013-01-01

    Price discovery is one of the main functions of stock index futures.Using the daily closing prices of the CSI 300 index and its index futures from April 2010 to April 2012,this paper applies a vector error correction model(VECM)and an impulse response function to conduct an empirical analysis on the price discovery function of index futures in China.This paper has the following four findings:(1)a solid cointegration relationship between the CSI 300 index and its index futures exists in the long run;(2)when prices deviate from the longterm equilibrium,the stock index reverses weakly,while the reversal of index futures is much stronger;(3)the daily lead-lag relationship between the prices of the CSI 300 index and its index futures contracts is not significant in the short run;()shocks from the spot market have a lasting impact upon the futures market,but not vice versa,due to the limited short-term adjustment ability of the spot market.

  13. Magnetically Modified Asymmetric Supercapacitors Project

    Data.gov (United States)

    National Aeronautics and Space Administration — This Small Business Innovation Research Phase I project is for the development of an asymmetric supercapacitor that will have improved energy density and cycle life....

  14. The Process of price formation and the skewness of asset returns

    CERN Document Server

    Reimann, S

    2006-01-01

    Distributions of assets returns exhibit a slight skewness. In this note we show that our model of endogenous price formation \\cite{Reimann2006} creates an asymmetric return distribution if the price dynamics are a process in which consecutive trading periods are dependent from each other in the sense that opening prices equal closing prices of the former trading period. The corresponding parameter $\\alpha$ is estimated from daily prices from 01/01/1999 - 12/31/2004 for 9 large indices. For the S&P 500, the skewness distribution of all its constituting assets is also calculated. The skewness distribution due to our model is compared with the distribution of the empirical skewness values of the ingle assets.

  15. Does Pharmaceutical Pricing Transparency Matter? Examining Brazil's Public Procurement System.

    Science.gov (United States)

    Kohler, Jillian Clare; Mitsakakis, Nicholas; Saadat, Faridah; Byng, Danalyn; Martinez, Martha Gabriela

    2015-08-04

    We review procurement and pricing transparency practices for pharmaceutical products. We specifically focus on Brazil and examine its approach to increasing pricing transparency, with the aim of determining the level of effectiveness in lower prices using a tool (Banco de Preços em Saúde, BPS) that only reveals purchase prices as compared to other tools (in other countries) that establish a greater degree of price transparency. A general report of Preços em Saúde (BPS) and Sistema Integrado de Administração de Serviços Gerais (SIASG) pricing data was created for 25 drugs that met specific criteria. To explore the linear time trend of each of the drugs, separate regression models were fitted for each drug, resulting in a total of 19 models. Each model controlled for the state variable and the interaction between state and time, in order to accommodate expected heterogeneity in the data. Additionally, the models controlled for procurement quantities and the effect they have on the unit price. Secondary analysis using mixed effects models was also carried out to account for the impact that institutions and suppliers may have upon the unit price. Adjusting for these predictor variables (procurement quantities, supplier, purchasing institution) was important to determine the sole effect that time has had on unit prices. A total of 2 x 19 = 38 models were estimated to explore the overall effect of time on changes in unit price. All statistical analyses were performed using the R statistical software, while the linear mixed effects models were fitted using the lme4 R package. The findings from our analysis suggest that there is no pattern of consistent price decreases within the two Brazilian states during the five-year period for which the prices were analyzed. While the BPS does allow for an increase in transparency and information on drug purchase prices in Brazil, it has not shown to lead to consistent reductions in drug purchase prices for some of the most

  16. On Asymmetric Quantum MDS Codes

    CERN Document Server

    Ezerman, Martianus Frederic; Ling, San

    2010-01-01

    Assuming the validity of the MDS Conjecture, the weight distribution of all MDS codes is known. Using a recently-established characterization of asymmetric quantum error-correcting codes, linear MDS codes can be used to construct asymmetric quantum MDS codes with $d_{z} \\geq d_{x}\\geq 2$ for all possible values of length $n$ for which linear MDS codes over $\\F_{q}$ are known to exist.

  17. Multicatalyst system in asymmetric catalysis

    CERN Document Server

    Zhou, Jian

    2014-01-01

    This book introduces multi-catalyst systems by describing their mechanism and advantages in asymmetric catalysis.  Helps organic chemists perform more efficient catalysis with step-by-step methods  Overviews new concepts and progress for greener and economic catalytic reactions  Covers topics of interest in asymmetric catalysis including bifunctional catalysis, cooperative catalysis, multimetallic catalysis, and novel tandem reactions   Has applications for pharmaceuticals, agrochemicals, materials, and flavour and fragrance

  18. Asymmetric cation-binding catalysis

    DEFF Research Database (Denmark)

    Oliveira, Maria Teresa; Lee, Jiwoong

    2017-01-01

    and KCN, are selectively bound to the catalyst, providing exceptionally high enantioselectivities for kinetic resolutions, elimination reactions (fluoride base), and Strecker synthesis (cyanide nucleophile). Asymmetric cation-binding catalysis was recently expanded to silicon-based reagents, enabling...... solvents, thus increasing their applicability in synthesis. The expansion of this concept to chiral polyethers led to the emergence of asymmetric cation-binding catalysis, where chiral counter anions are generated from metal salts, particularly using BINOL-based polyethers. Alkali metal salts, namely KF...

  19. Price Transmission Process in Vertical Markets: an Empirical Analysis of Onion Markets in Tamil Nadu State (India

    Directory of Open Access Journals (Sweden)

    Srinivasulu Rajendran

    2015-02-01

    Full Text Available The objective of the paper is to examine price transmission process between wholesale and retail markets by adopting Asymmetric Price Transmission (APT Model.  The paper has taken a case of Onion ((Allium cepa L. wholesale and retail markets in Tamil Nadu state, India.   The paper used wholesale and retail prices data from secondary sources.  The results show that high margin at retail and wholesale levels of prices points to possibility of distortion in prices which may lead to an asymmetric process in the vertical market. The speed and magnitude of price changes and also the type of asymmetry in the vertical market system has identified the presence of both positive and negative asymmetry. With respect to speed, where the markets have shown negative asymmetry, there is evidence of retail prices responding much faster to decrease in wholesale prices than to increases in wholesale prices. Where a positive asymmetry holds, the result is the opposite. Keywords: Vegetables, Asymmetry, Efficiency, Market Integration and Symmetry 

  20. Higher fuel and food prices

    DEFF Research Database (Denmark)

    Arndt, Channing; Benfica, Rui; Maximiano, Nelson;

    2008-01-01

    Rising world prices for fuel and food represent a negative terms-of-trade shock for Mozambique. The impacts of these price rises are analyzed using various approaches. Detailed price data show that the world price increases are being transmitted to domestic prices. Short-run net benefit ratio...... analysis indicates that urban households and households in the southern region are more vulnerable to food price increases. Rural households, particularly in the North and Center, often benefit from being in a net seller position. Longer-term analysis using a computable general equilibrium (CGE) model...... of Mozambique indicates that the fuel price shock dominates rising food prices from both macroeconomic and poverty perspectives. Again, negative impacts are larger in urban areas. The importance of agricultural production response in general and export response in particular is highlighted. Policy analysis...

  1. Oil Prices Take a Hike

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    The National Development and Reform Commission(NDRC),China’s top economic planner,announced at the end of October that the benchmark prices of gasoline,diesel oil and aviation kerosene would be raised by 500 yuan per ton. Recently,international oil prices have been rising continuously.Crude oil futures prices traded in New York surged to$93 per barrel on October 29. However,in China,oil prices are set by the government and not by the market. The recent hike on the price of oil in China is a measure implemented,to narrow the gap between soaring global crude oil prices and domestic fuel prices.NDRC officials answered questions posed by Xinhua News Agency about recent oil price hikes.The questions and answers follow:

  2. Price knowledge during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup; Grunert, Klaus G

    2014-01-01

    Past research on consumer price knowledge has varied considerably partly due to differences in how and when price knowledge is measured.This paper applies a multi-point, multi-measure approach to reconcile differences in past price knowledge research by examining systematicrelationships between...... accessible at the store exit. These findings enable the authors to reconcile diverging results from past research,showing how consumer price knowledge evolves and suggesting that the vast majority of consumers learn about prices, whether consciously orunconsciously, during grocery shopping. Thus, when...... applying a multi-point, multi-measure approach, consumers appear to know more aboutprices than suggested by past research. Determinants of price knowledge are also examined and the results indicate that price knowledge buildsup not only because of active search but also due to accidental exposure to prices...

  3. Pricing for finished products of the enterprise: accounting and analytical aspect

    Directory of Open Access Journals (Sweden)

    N.L. Pravdyuk

    2017-03-01

    Full Text Available The pricing policy chosen by the enterprise in respect of goods and finished products of own production, has a decisive influence on the formation of financial results. In modern economic conditions we need to strengthen managerial decisions on the choice and carrying out price policy and a means of solving this problem is accounting. To determine the boundaries and competence of decision-making we analyzed the regulation of these terms and processes, as well as the dynamics of the stocks across sectors of the economy, the consumer price index, producer price index, the price index of realization of industrial products. Widely used data analytical reviews of the national Bank of Ukraine, enterprises' expectations regarding efficiency, the analysis of financial market indicators, etc. Established that the provision of information management pricing of goods shall conform to the requirements of the economy, by deepening complexity of accounting, to ensure the needs of consumers. According to the study substantiates the basics of accounting and analytical aspect of the pricing policy for finished products businesses. In the study of pricing policies in respect of goods in accounting and analytical aspect, we have established the following. The existing normative-legal acts and definitions of researchers on economic and accounting analysis of the concept give a sufficiently wide interpretation, which depends on the orientation and activity of the enterprise. Factors and points of influence on the efficiency of the pricing policy are: information support of process of pricing assessment of pricing factors, establish the objectives of price policy, assessment of customer demand, cost analysis, competition analysis, selecting a pricing method that measures the price adjustment, the evaluation price risk. The economic impact of the market environment is the most significant to the pricing policy of agricultural enterprises, which revealed the analysis

  4. Market Structure and Price Transmission of Eggs Commodity

    Directory of Open Access Journals (Sweden)

    Abdul Aziz Ahmad

    2016-10-01

    Full Text Available Purposes of this research are to determine some characteristics of distribution channel, market structure, and price maker transmission in purebred chicken egg commodity in Banyumas District, Central Java Province. Primary data applied on this research is from all channel distribution levels; from producers to final consumers. Meanwhile secondary data is collected from government official sources, such as BPS-Statistic of Banyumas Disrict, Banyumas Department of Industry, Trading and Cooperation, and previous researches which has been made by researcher team. Sample determining is directed by proportional random sampling methods. Some measurements are applied to this research, including to; Herfindahl Index (HI, Concentration Ratio (CF, and Minimum Efficiency Scale (MES to investigate market structure; and Asymmetric Price Transmission (APT to determine price transmission mechanism model. This research finds that (1 the distribution channel of egg commodity is spitted to different channel, the first channel: egg producer – retail traders – final consumers, and second channel: egg producers – whole seller – retail traders – final consumers; (2 market structure which is created to this farming specific commodity is perfect market; (3 price transmission mechanism analysis statistically shows that there is almost no existence of dominant power in price formation.

  5. Model Penentuan Harga ( Price ) Dinamis

    OpenAIRE

    Laili, Erna

    2012-01-01

    Information about the demand curve is not available enough practically, those sellers face some constrains to get the optimal revenue. The seller’s revenue is influenced by the dynamic pricing caused by price sensitivity and the uncertainty available marketing share. The thesis aims to create mathematical model for determining the dynamic pricing by learning both properties determination model and dynamic pricing factors. The results of the research shows that for two parameter...

  6. Electric Cars and Oil Prices

    OpenAIRE

    Azar, Jose

    2009-01-01

    This paper studies the joint dynamics of oil prices and interest in electric cars, measured as the volume of Google searches for related phrases. Not surprisingly, I find that oil price shocks predict increases in Google searches for electric cars. Much more surprisingly, I also find that an increase in Google searches predicts declines in oil prices. The high level of public interest in electric cars between April and August of 2008 can explain approximately half of the decline in oil prices...

  7. Developing a consumer pricing strategy.

    Science.gov (United States)

    Sturm, Arthur; Tiedemann, Frank

    2013-05-01

    Healthcare providers can learn a variety of pricing lessons from the retail market: For providers, wholesale pricing--"the price to play"--alone is not enough. Once a hospital or health system chooses a market position, the provider creates an expectation that must be met-consistently. Consumer loyalty is fluid, and the price of care or service is not always the motivator for choosing one organization over another; intangibles such as location and level of customer service also drive purchasing decisions.

  8. Brand the Pricing: Critical Critique

    OpenAIRE

    Alam Kazmi, Syed Hasnain

    2015-01-01

    Brand pricing decision models and established theories in the marketing and econometrics focus typically on assuming the symmetric competing businesses. The empirical generalities are key for strategic marketplace planning. The significance of pricing to customer store and brand choices are always regarded as a widely known truth among marketing scholars and explains consumer’s role responding to their psychological representations of price rather than price itself. Scholars have ...

  9. MARKET-STRUCTURE DETERMINANTS OF NATIONAL BRAND-PRIVATE LABEL PRICE DIFFERENCES OF MANUFACTURED FOOD PRODUCTS

    OpenAIRE

    Connor, John M.; Peterson, Everett B.

    1991-01-01

    This paper estimates the relationships between market structure and the Lerner index of monopoly constructed from price data on processed food products sold through grocery stores. A theoretical model of a differentiated oligopoly specifies two determinants of price-cost margins: the Herfindahl-Hirschman index of seller concentration adjusted for the elasticity of demand and the industry advertising-to-sales ratio. The results indicate that the three principal determinants of price-cost margi...

  10. 制造商生产成本信息不对称下三级供应链定价和利润研究%Study on Pricing and Profit of Three-echelon Supply Chain with Asymmetric Information on Manufacturing Cost

    Institute of Scientific and Technical Information of China (English)

    王勇; 乔伟清; 姜林

    2015-01-01

    In this paper,we studied the pricing problem of a three-echelon supply chain composed by two manufacturers,one third party logistics service provider and one retailer,analyzed the three game situations of the supply chain,and at the end obtained the optimal pricing and maximum profit of the supply chain.%在传统三级供应链中加入竞争制造商,并将制造商说谎行为引入供应链动态博弈中,研究包含两个制造商、一个第三方物流和一个零售商的三级供应链定价问题.分别研究了对称信息时合作、对称信息时动态博弈、非对称信息时动态博弈这三种情况,得到各企业的最优定价和最大利润.结果表明供应链在合作时各个企业的利润比在动态博弈情况下高,制造商说谎行为造成了其他企业利润减低,自身利润提高,也导致总利润下降.

  11. Price Regulations in a Multi-unit Uniform Price Auction

    DEFF Research Database (Denmark)

    Boom, Anette

    not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small......Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...

  12. Price Regulations in a Multi-unit Uniform Price Auction

    DEFF Research Database (Denmark)

    Boom, Anette

    Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...... not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small...

  13. Thinking strategically about electricity pricing

    Energy Technology Data Exchange (ETDEWEB)

    Toulson, D. (Barakat and Chamberlin, Inc., Oakland, CA (United States))

    1992-12-01

    This report describes an approach by which utilities can view pricing from a strategic, market-oriented perspective. It begins by reviewing pricing practices found in private industry and develops a framework for utility rate design that incorporates both customer value and cost of service. A market intelligence system for gathering data relevant to pricing decisions is also briefly outlined.

  14. The Pricing of Economics Books.

    Science.gov (United States)

    Laband, David; Hudson, John

    2003-01-01

    Examines the pricing and other characteristics of books. Notes substantial increases in book prices between 2000 and 1985 data. Suggests a major factor is the increasing importance of foreign presses that sell books at higher prices. Indicates that discount on paperbacks appear to have been relatively stable in the two years studied. (JEH)

  15. Price Discrimination: A Classroom Experiment

    Science.gov (United States)

    Aguiló, Paula; Sard, Maria; Tugores, Maria

    2016-01-01

    In this article, the authors describe a classroom experiment aimed at familiarizing students with different types of price discrimination (first-, second-, and third-degree price discrimination). During the experiment, the students were asked to decide what tariffs to set as monopolists for each of the price discrimination scenarios under…

  16. RESTAURANT NO. 2: PRICE INCREASES

    CERN Multimedia

    2003-01-01

    'DSR', the concession holder of Restaurant no. 2 (bldg. 504 - Meyrin site), has submitted to the Restaurant Supervisory Committee a request to increase certain prices. After close examination, the Committee has established that the proposed increases are compatible with the relevant price indexing mechanisms and other contractual conditions. The new prices will apply as from Monday, June 30, 2003.

  17. RESTAURANT NO. 3: PRICE INCREASES

    CERN Multimedia

    2003-01-01

    'AVENANCE', the concession holder of Restaurant no. 3 (bldg. 866 - Prévessin site), has submitted to the Restaurant Supervisory Committee a request to increase its prices. After close examination, the Committee has established that the proposed increases are compatible with the relevant price indexing mechanisms and other contractual conditions. The new prices will apply as from Monday, June 2, 2003.

  18. China’s Pricing Prowess

    Institute of Scientific and Technical Information of China (English)

    2009-01-01

    China adheres to a more flexible oil pricing mechanismBy ordering a hefty 9-percent price increase in gasoline and diesel, China is lending credibility to its pledges of a more market-oriented pricing system. The decision, announced by the National Development and Reform Commission

  19. Higher prices in Jamaica.

    Science.gov (United States)

    1982-03-01

    Price increases in the Jamaica CSM program went into effect on August 31, 1981. The program began in 1975. While the need for higher prices has been under discussion for the past 3 years, this is the 1st time the requisite approval from the Jamaica Price Commission has been obtained. The Jamaica National Family Planning Board (JNFPB) reports that the Panther 3-pack (condom) is up US$0.15 to US$0.30. Each Perle package (oral contraceptive) was increased by US$0.20. Single cycle Perle now sells for US$0.50, and 3-pack Perle sells for US$1.10. The 6-year price stagnation experienced by the CSM program resulted in a decreasing operational budget as program costs continued to rise. Marketing costs alone during this period escalated by 100-300%. For example, Panther pop-up display cartons cost the project US 16U each in 1975. By 1979 the same product cost US 49U. Newspaper advertisements have increased from the 1975 cost of US$68.00 to nearly $200.00 per placement. The overall inflation rate in Jamaica during the last 5 years has averaged more than 20% annually. In the face of these rising costs, outlet expansion for Perle has been prevented, wholesaler margins have been unavailable, and new retailer training has been discontinued. It is projected that the new prices will result in an annual increased revenues of US$80,000 which will be used to reinstate these essential marketing activities. The JNFPB is also planning to introduce a Panther 12-pack and Panther strips to the CSM product line. According to Marketing Manager Aston Evans, "We believe the public is now ready for this type of packaging" which is scheduled to be available soon. Panther is presently only available in a 3-pack, but annual sales have been steady. The new 12-pack will be stocked on supermarket shelves to provide higher product visibility and wider distribution. The selling price has been set as US$1.20 and is expected to yield a 25% increase in sales during the 1st year. A complete sales promotion

  20. Patients' views on price shopping and price transparency.

    Science.gov (United States)

    Semigran, Hannah L; Gourevitch, Rebecca; Sinaiko, Anna D; Cowling, David; Mehrotra, Ateev

    2017-06-01

    Driven by the growth of high deductibles and price transparency initiatives, patients are being encouraged to search for prices before seeking care, yet few do so. To understand why this is the case, we interviewed individuals who were offered access to a widely used price transparency website through their employer. Qualitative interviews. We interviewed individuals enrolled in a preferred provider organization product through their health plan about their experience using the price transparency tool (if they had done so), their past medical experiences, and their opinions on shopping for care. All interviews were transcribed and manually coded using a thematic coding guide. In general, respondents expressed frustration with healthcare costs and had a positive opinion of the idea of price shopping in theory, but 2 sets of barriers limited their ability to do so in reality. The first was the salience of searching for price information. For example, respondents recognized that due to their health plan benefits design, they would not save money by switching to a lower-cost provider. Second, other factors were more important than price for respondents when choosing a provider, including quality and loyalty to current providers. We found a disconnect between respondents' enthusiasm for price shopping and their reported use of a price transparency tool to shop for care. However, many did find the tool useful for other purposes, including checking their claims history. Addressing the barriers to price shopping identified by respondents can help inform ongoing and future price transparency initiatives.

  1. 26 CFR 1.994-1 - Inter-company pricing rules for DISC's.

    Science.gov (United States)

    2010-04-01

    ... further adjustments to transfer prices are set forth in paragraph (e)(4) of this section. Export promotion... material, the excess of such costs over such price is an export promotion expense. For rules relating to... this section, section 994 permits a person related to a DISC to determine the allowable transfer...

  2. The process of short- and long-term price integration in the Benin maize market.

    NARCIS (Netherlands)

    Lutz, C.; Tilburg, van A.; Kamp, van der B.J.

    1995-01-01

    This paper reviews the methodology used to study the price integration process in spatially separated spot markets, and applies it to the Benin maize market. An autoregressive distributed lag model is derived to take into account the sluggishness of price adjustments. Hypothesis testing concerns sta

  3. Parallel Binomial American Option Pricing with (and without) Transaction Costs

    CERN Document Server

    Zhang, Nan; Zastawniak, Tomasz

    2011-01-01

    We present a parallel algorithm that computes the ask and bid prices of an American option when proportional transaction costs apply to the trading of the underlying asset. The algorithm computes the prices on recombining binomial trees, and is designed for modern multi-core processors. Although parallel option pricing has been well studied, none of the existing approaches takes transaction costs into consideration. The algorithm that we propose partitions a binomial tree into blocks. In any round of computation a block is further partitioned into regions which are assigned to distinct processors. To minimise load imbalance the assignment of nodes to processors is dynamically adjusted before each new round starts. Synchronisation is required both within a round and between two successive rounds. The parallel speedup of the algorithm is proportional to the number of processors used. The parallel algorithm was implemented in C/C++ via POSIX Threads, and was tested on a machine with 8 processors. In the pricing ...

  4. EXPLANATORY MODEL OF SPOT PRICE OF IRON ORE

    Directory of Open Access Journals (Sweden)

    Juan Enrique Villalva A.

    2015-11-01

    Full Text Available The objective of this study was to construct an explanatory model of the spot price of iron ore in the international market. For this, the method of multiple linear regressions was used. As a dependent variable, the spot price of iron ore (62% Fe China Tianjin port was taken, between 2010 and 2013. As independents variables were taken seven variables of international iron ore market. The resulting model includes variables: Iron ore inventory in Chinese ports, Baltic Dry Index (BDI, Iron ore exports from Brazil & Australia and Chinese Rebar Steel Price, as explanatory variables of the behavior of the spot price of iron ore in the international market. The model has an adjusted coefficient of determination R2 of 0.90, and was validated by comparing its predictions vs. known values of 2014.

  5. Energy price uncertainty, energy intensity and firm investment

    Energy Technology Data Exchange (ETDEWEB)

    Yoon, Kyung Hwan; Ratti, Ronald A. [Western Sydney Univ., NSW (Australia). School of Economics and Finance

    2011-01-15

    This paper examines the effect of energy price uncertainty on firm-level investment. An error correction model of capital stock adjustment is estimated with data on U.S. manufacturing firms. Higher energy price uncertainty is found to make firms more cautious by reducing the responsiveness of investment to sales growth. The result is robust to consideration of energy intensity by industry. The effect is greater for high growth firms. It must be emphasized that the direct effect of uncertainty is not estimated. Conditional variance of energy price is obtained from a GARCH model. Findings suggest that stability in energy prices would be conducive to greater stability in firm-level investment. (author)

  6. Option Pricing with Stochastic Volatility and Jump Diffusion Processes

    Directory of Open Access Journals (Sweden)

    Radu Lupu

    2006-05-01

    Full Text Available Option pricing by the use of Black Scholes Merton (BSM model is based on the assumption that asset prices have a lognormal distribution. In spite of the use of these models on a large scale, both by practioners and academics, the assumption of lognormality is rejected by the history of returns. The objective of this article is to present the methods that developed after the Black Scholes Merton environment and deals with the option pricing model adjustment to the empirical properties of asset returns. The main models that appeared after BSM allowed for special changes of the returns that materialized in jump-diffusion and stochastic volatility processes. The article presents the foundations of risk neutral options evaluation and the empirical evidence that fed the amendment of the lognormal assumption in the first part and shows the evaluation procedure under the assumption of stock prices following the jump-diffusion process and the stochastic volatility process.

  7. Option Pricing with Stochastic Volatility and Jump Diffusion Processes

    Directory of Open Access Journals (Sweden)

    Radu Lupu

    2006-03-01

    Full Text Available Option pricing by the use of Black Scholes Merton (BSM model is based on the assumption that asset prices have a lognormal distribution. In spite of the use of these models on a large scale, both by practioners and academics, the assumption of lognormality is rejected by the history of returns. The objective of this article is to present the methods that developed after the Black Scholes Merton environment and deals with the option pricing model adjustment to the empirical properties of asset returns. The main models that appeared after BSM allowed for special changes of the returns that materialized in jump-diffusion and stochastic volatility processes. The article presents the foundations of risk neutral options evaluation and the empirical evidence that fed the amendment of the lognormal assumption in the first part and shows the evaluation procedure under the assumption of stock prices following the jump-diffusion process and the stochastic volatility process.

  8. Multi-band asymmetric acoustic transmission in a bended waveguide with multiple mechanisms

    Science.gov (United States)

    Huang, Yu-lei; Sun, Hong-xiang; Xia, Jian-ping; Yuan, Shou-qi; Ding, Xin-lei

    2016-07-01

    We report the realization of a multi-band device of the asymmetric acoustic transmission by placing a phononic crystal inside a bended waveguide immersed in water, as determined both experimentally and numerically. The asymmetric acoustic transmission exists in three frequency bands below 500 kHz induced by multiple mechanisms. Besides the band gap of the phononic crystal, we also introduce the deaf mode and interaction between the phononic crystal and waveguide. More importantly, this asymmetric transmission can be systematically controlled by mechanically rotating the square rods of the phononic crystal. The device has the advantages of multiple band, broader bandwidth, and adjustable property, showing promising applications in ultrasonic devices.

  9. Tomographic imaging of asymmetric molecular orbitals with a two-color multicycle laser field

    CERN Document Server

    Qin, Meiyan; Zhang, Qingbin; Lu, Peixiang

    2013-01-01

    We theoretically demonstrate a scheme for tomographic reconstruction of asymmetric molecular orbitals based on high-order harmonic generation with a two-color multicycle laser field. It is shown that by adjusting the relative phase of the two fields, the returning electrons can be forced to recollide from one direction for all the orientations of molecules. Thus the reconstruction of the asymmetric orbitals can be carried out with multicycle laser field. This releases the stringent requirement of a single-cycle pulse with a stabilized and controllable carrier-envelop phase for the tomographic imaging of asymmetric molecular orbitals.

  10. Price and Income Elasticities of Fuel Demand in Kosova

    Directory of Open Access Journals (Sweden)

    Valon Kastrati

    2015-02-01

    Full Text Available Gasoline and diesel are the main sources of fuel required for modern life and transportation, and the adjustment of gasoline and diesel prices has become a major public issue. The drastic fluctuations in recent international oil prices have affected retail gasoline and diesel prices also in the Western Balkan countries and prompted public opinion to question the pricing behaviors of oil companies. Kosova, in the period of 17 years, has gone from a post-conflict  environment  into a state which is considered to be under transition. It has passed the reconstruction period by orienting itself toward the economic development  and European Integrations.  Price and income elasticities of gasoline demand show whether the price policy, pursued by the Kosova government, can decrease the high gasoline consumption sufficiently or not. The high deficit of the current account of balance of payments is also a concern for the Kosova’s economy; which is estimated up to 17.3% of the GDP after the foreign intervention.   The deficit of current account is being considered is related to the energy dependency. Therefore, in order to overcome such problems, control over the gasoline demand is needed to control the deficit of current accounts.Keywords:  oil price, economic development, imports, trade deficit.

  11. Duopoly price competition on markets with agricultural products

    Directory of Open Access Journals (Sweden)

    Marie Prášilová

    2011-01-01

    Full Text Available A situation, in which two firms compete, is in the economic theory described by duopoly models. Market equilibrium on the duopoly market is formed in a reciprocal adjustment process of market prices and materialized market opportunities. The goal of the analysis is to find out whether the agricultural products market is significantly influenced by appearance of duopolies, what form they have and if they can fundamentally influence the price level of food. That food chain stores endeavour to mutually adapt food product prices is generally known; it is set especially by the inelastic demand for the mentioned goods on the side of consumers, i.e., by the need to demand basic food. Duopoly reactions to price competition in food chain stores are particularly strong in the case of commodities of milk and tomatoes, where the reactions and approximation of prices can be clearly seen. Based on statistical research it is obvious that the reactions are most reflected on sales of the food chain stores Billa and Albert. To identify specific reactions of price duopoly at retail chains the ANOVA statistical method was used. The firm’s duopoly behaviour as such on the food market need not be a subject for applying punishment from the antimonopoly bureau, if it does not have the cartel agreement character. An example can be the identical potato prices inquiry in the supermarkets of food chain stores.

  12. Endogenous Market-Clearing Prices and Reference Point Adaptation

    Science.gov (United States)

    Dragicevic, Arnaud Z.

    When prices depend on the submitted bids, i.e. with endogenous market-clearing prices in repeated-round auction mechanisms, the assumption of independent private values that underlines the property of incentive-compatibility is to be brought into question; even if these mechanisms provide active involvement and market learning. In its orthodox view, adaptive bidding behavior imperils incentive-compatibility. We relax the assumption of private values' independence in the repeated-round auctions, when the market-clearing prices are made public at the end of each round. Instead of using game-theory learning models, we introduce a behavioral model that shows that bidders bid according to the anchoring-and-adjustment heuristic, which neither ignores the rationality and incentive-compatibility constraints, nor rejects the posted prices issued from others' bids. Bidders simply weight information at their disposal and adjust their discovered value using reference points encoded in the sequential price weighting function. Our model says that bidders and offerers are sincere boundedly rational utility maximizers. It lies between evolutionary dynamics and adaptive heuristics and we model the concept of inertia as high weighting of the anchor, which stands for truthful bidding and high regard to freshly discovered preferences. Adjustment means adaptive rule based on adaptation of the reference point in the direction of the posted price. It helps a bidder to maximize her expected payoff, which is after all the only purpose that matters to rationality. The two components simply suggest that sincere bidders are boundedly rational. Furthermore, by deviating from their anchor in the direction of the public signal, bidders operate in a correlated equilibrium. The correlation between bids comes from the commonly observed history of play and each bidder's actions are determined by the history. Bidders are sincere if they have limited memory and confine their reference point adaptation

  13. The effect of asymmetry of posture on anticipatory postural adjustments.

    Science.gov (United States)

    Aruin, Alexander S

    2006-06-19

    The study investigates the effect of body asymmetry on anticipatory postural adjustments (APAs). Subjects performed a task involving a standard load release induced by a shoulder abduction movement while standing symmetrically or in an asymmetrical stance with either their right or left leg in 45 degrees of external rotation. EMG activities of trunk and leg muscles were recorded during the postural perturbation and were quantified within the time intervals typical of APAs. Anticipatory postural adjustments were observed in all experimental conditions. It was found that asymmetrical body positioning was associated with significant asymmetrical patterns of APAs seen in the right and left distal muscles. These APA asymmetries were dependant upon the side in which the body asymmetry was induced: reduced APAs were observed in the leg muscles on the side of leg rotation, while increased APAs were seen in the muscles on the contralateral side. These findings stress the important role that body asymmetries play in the control of upright posture.

  14. The Consumer Price Index and Salary Negotiations. Research Reports.

    Science.gov (United States)

    Mitchell, Carolyn S.

    1975-01-01

    This report discusses use of the Consumer Price Index (CPI) to compute cost-of-living adjustments for wages and salaries in general and teachers' salaries in particular. A number of tables and graphs compare average annual salary increases for Connecticut teachers in 1967-74 with annual increases in the national CPI, the Boston area CPI, the New…

  15. 76 FR 7114 - International Mail: Mailing Services Price Change

    Science.gov (United States)

    2011-02-09

    ... From the Federal Register Online via the Government Publishing Office POSTAL SERVICE 39 CFR Part 20 International Mail: Mailing Services Price Change AGENCY: Postal Service TM ACTION: Final rule... adjustments with the Postal Regulatory Commission to be effective on April 17, 2011. This final rule provides...

  16. A Price Earnings Index for the Danish Stock Market

    DEFF Research Database (Denmark)

    Risager, Ole

    2004-01-01

    Price-earnings ratios are part of the toolkit that is used for assessing the valuation ofindividual firms on the stock market as well as the entire market itself. This paperpresents consistent P/E series for the liquid Danish shares adjusted for share buybacks.The results show that over the period...

  17. Standard errors as weights in multilateral price indexes

    NARCIS (Netherlands)

    Hill, R.; Timmer, M.P.

    2006-01-01

    Various multilateral methods for computing price indexes use bilateral comparisons as their basic building blocks. Some give greater weight to those bilateral comparisons deemed more reliable. However, none of the existing reliability measures adjusts for gaps in the data. We show how the standard e

  18. 22 CFR 201.63 - Maximum prices for commodities.

    Science.gov (United States)

    2010-04-01

    ...-financing under the foregoing provisions of this § 201.63: plus (ii) Transportation cost calculated on the... the time of purchase, adjusted for differences in the transportation cost: Provided, however, That if there are no such comparable export sales, then the purchase price, excluding transportation cost, may...

  19. 48 CFR 52.243-1 - Changes-Fixed-Price.

    Science.gov (United States)

    2010-10-01

    ... cost of, or the time required for, performance of any part of the work under this contract, whether or..., etc.). (3) Place of performance of the services. (4) Drawings, designs, or specifications when the... Officer shall make an equitable adjustment in (1) the contract price, the time of performance, or...

  20. The Dynamics of Food Price Convergence in Ethiopia

    African Journals Online (AJOL)

    Optiplex 7010 Pro

    Co-integration analysis is useful because estimated ... dynamics of price adjustments, give time ordering of marketing events, and enable to solve ... are assumed to be serially auto correlated, with different serial correlation properties and ... The ADF regressions can be computed for each unit, and a standardized statistic3 ...

  1. Energy Price Reform in China

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Market-based reform of energy prices is the most effective approach to enhancing energy efficiency. The policies of energy conservation and enhancing energy efficiency in the 1 lth Five-year Plan period (2006-2010) work directly to set up a series of reform measures related to energy pricing by market mechanism. Energy price reform will deeply influence China's industrial interest pattern, and its development in the next five years and even 10 or 20 years.This paper analyzes the significance, timing, present status and problems related to energy price reform, and discusses the goal, principle and measures of coal, electricity, oil and gas price reform separately.

  2. Industrial Pricing: Theory and Managerial Practice

    OpenAIRE

    Peter M. Noble; Gruca, Thomas S.

    1999-01-01

    We organize the existing theoretical pricing research into a new two-level framework for industrial goods pricing. The first level consists of four pricing situations: New Product, Competitive, Product Line, and Cost-based. The second level consists of the pricing strategies appropriate for a given situation. For example, within the new product pricing situation, there are three alternative pricing strategies: Skim, Penetration, and Experience Curve pricing. There are a total of ten pricing s...

  3. Albania Residential Prices

    Directory of Open Access Journals (Sweden)

    Luciana Koprencka

    2016-04-01

    Full Text Available The real estate market is complex and influenced by too many factors. Real Estate market in Albania has experienced a boom after the 1990. We have inherited from the communist system a very poor market of housing. The number of dwellings in 1990 in Albania was 219 dwellings per 1000 inhabitants and the useful floor space was 5 m² per person, but in Bulgaria number of dwellings per 1,000 people varies 465 and in Romania average useful floor space per person was 37 sq. The data used in this study are derived from the database of the World Bank, the Institute of Statistics, reports of Bank of Albania also from information provided individually on the ground and different sources. In this study is analyzed the relationship that exists between economic growth, remittances and the price of dwellings in Albania. The dependent variable is the average price of housing in major cities of Albania. Independent variables in the model are GDP per capita and the remittances. The Econometric model is a Linear Regress equation and the period are the years from 1998 to 2013. The model used is the statistical program EViews 6.0. Unfortunately the information let the desired, so we do not have an official detailed information on prices of Albanian real estate market. In Albania few researchers have been studying real estate market in Albania.

  4. Joan Robinson Was Almost Right: Output under Third-Degree Price Discrimination

    OpenAIRE

    Aguirre Pérez, Iñaki

    2009-01-01

    In this paper, we show that in order for third-degree price discrimination to increase total output, the demands of the strong markets should be, as conjectured by Robinson (1933), more concave than the demands of the weak markets. By making the distinction between adjusted concavity of the inverse demand and adjusted concavity of the direct demand, we are able to state necessary conditions and sufficient conditions for third-degree price discrimination to increase total output.

  5. Trading Network Predicts Stock Price

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-01

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  6. Trading network predicts stock price.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-16

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  7. Association of Cigarette Price Differentials With Infant Mortality in 23 European Union Countries.

    Science.gov (United States)

    Filippidis, Filippos T; Laverty, Anthony A; Hone, Thomas; Been, Jasper V; Millett, Christopher

    2017-09-18

    Raising the price of cigarettes by increasing taxation has been associated with improved perinatal and child health outcomes. Transnational tobacco companies have sought to undermine tobacco tax policy by adopting pricing strategies that maintain the availability of budget cigarettes. To assess associations between median cigarette prices, cigarette price differentials, and infant mortality across the European Union. A longitudinal, ecological study was conducted from January 1, 2004, to December 31, 2014, of infant populations in 23 countries (comprising 276 subnational regions) within the European Union. Median cigarette prices and the differential between these and minimum cigarette prices were obtained from Euromonitor International. Pricing differentials were calculated as the proportions (%) obtained by dividing the difference between median and minimum cigarette price by median price. Prices were adjusted for inflation. Annual infant mortality rates. Associations were assessed using linear fixed-effect panel regression models adjusted for smoke-free policies, gross domestic product, unemployment rate, education, maternal age, and underlining temporal trends. Among the 53 704 641 live births during the study period, an increase of €1 (US $1.18) per pack in the median cigarette price was associated with a decline of 0.23 deaths per 1000 live births in the same year (95% CI, -0.37 to -0.09) and a decline of 0.16 deaths per 1000 live births the following year (95% CI, -0.30 to -0.03). An increase of 10% in the price differential between median-priced and minimum-priced cigarettes was associated with an increase of 0.07 deaths per 1000 live births (95% CI, 0.01-0.13) the following year. Cigarette price increases across 23 European countries between 2004 and 2014 were associated with 9208 (95% CI, 8601-9814) fewer infant deaths; 3195 (95% CI, 3017-3372) infant deaths could have been avoided had there been no cost differential between the median-priced and

  8. Investors’ risk attitudes and stock price fluctuation asymmetry

    Science.gov (United States)

    Zhang, Yu; Li, Honggang

    2011-05-01

    Price rise/fall asymmetry, which indicates enduring but modest rises and sudden short-term falls, is a ubiquitous phenomenon in stock markets throughout the world. Instead of the widely used time series method, we adopt inverse statistics from turbulence to analyze this asymmetry. To explore its underlying mechanism, we build a multi-agent model with two kinds of investors, which are specifically referred to as fundamentalists and chartists. Inspired by Kahneman and Tversky’s claim regarding peoples’ asymmetric psychological responses to the equivalent levels of gains and losses, we assume that investors take different risk attitudes to gains and losses and adopt different trading strategies. The simulation results of the model developed herein are consistent with empirical work, which may support our conjecture that investors’ asymmetric risk attitudes might be one origin of rise/fall asymmetry.

  9. Service quality and asymmetric information in the regulation of monopolies: The Chilean electricity distribution industry

    Science.gov (United States)

    Melo, Oscar Alfredo

    This study is an enquiry about the role that service quality, asymmetric information, scope of regulation and regulator's preferences play in the regulation of monopolies, with an application to the case of the Chilean electricity distribution industry. In Chapter 1, I present the problem of regulating a monopolist and introduce the special conditions that the electricity sector has. Later I discuss the main characteristics of the electricity system that operates in Chile. The literature on regulation is reviewed in Chapter 2. A special emphasis is given to the problems of quality and information, and the lack of its proper joint treatment. In Chapter 3, I develop four theoretical models of regulation that explicitly consider the regulation of price and quality versus price-only regulation, and a symmetric versus asymmetric information structure where only the regulator knows its true costs. In these models, I also consider the effect of a regulator that may have a preference between consumers and the regulated monopolistic firms. I conclude that with symmetric information and independent of the scope of regulation, having a regulator that prefers consumers or producers does not affect the efficiency of the outcome. I also show that the regulator's inability to set quality, thus regulating only price, leads to an inefficient outcome, away from the first best solution that can be achieved by regulating both price and quality, even with asymmetric information, as long as the regulator does not have a "biased" preference for consumers or the monopolistic producers. If the regulator has a "bias," then the equilibrium will be inefficient with asymmetric information. But the effect on equilibrium price and quality depends on the direction of the effect of quality on the marginal effect of price in demand. More importantly, no closed-form solution can be derived unless drastic simplifications are made. To further investigate the outcome of the models, I use numerical

  10. Asymmetric distances for binary embeddings.

    Science.gov (United States)

    Gordo, Albert; Perronnin, Florent; Gong, Yunchao; Lazebnik, Svetlana

    2014-01-01

    In large-scale query-by-example retrieval, embedding image signatures in a binary space offers two benefits: data compression and search efficiency. While most embedding algorithms binarize both query and database signatures, it has been noted that this is not strictly a requirement. Indeed, asymmetric schemes that binarize the database signatures but not the query still enjoy the same two benefits but may provide superior accuracy. In this work, we propose two general asymmetric distances that are applicable to a wide variety of embedding techniques including locality sensitive hashing (LSH), locality sensitive binary codes (LSBC), spectral hashing (SH), PCA embedding (PCAE), PCAE with random rotations (PCAE-RR), and PCAE with iterative quantization (PCAE-ITQ). We experiment on four public benchmarks containing up to 1M images and show that the proposed asymmetric distances consistently lead to large improvements over the symmetric Hamming distance for all binary embedding techniques.

  11. Nonlinear effects in asymmetric catalysis.

    Science.gov (United States)

    Satyanarayana, Tummanapalli; Abraham, Susan; Kagan, Henri B

    2009-01-01

    There is a need for the preparation of enantiomerically pure compounds for various applications. An efficient approach to achieve this goal is asymmetric catalysis. The chiral catalyst is usually prepared from a chiral auxiliary, which itself is derived from a natural product or by resolution of a racemic precursor. The use of non-enantiopure chiral auxiliaries in asymmetric catalysis seems unattractive to preparative chemists, since the anticipated enantiomeric excess (ee) of the reaction product should be proportional to the ee value of the chiral auxiliary (linearity). In fact, some deviation from linearity may arise. Such nonlinear effects can be rich in mechanistic information and can be synthetically useful (asymmetric amplification). This Review documents the advances made during the last decade in the use of nonlinear effects in the area of organometallic and organic catalysis.

  12. Option Pricing when the Regime-Switching Risk is Priced

    Institute of Scientific and Technical Information of China (English)

    Tak Kuen Siu; Hailiang Yang

    2009-01-01

    We study the pricing of an option when the price dynamic of the underlying risky asset is governed by a Markov-modulated geometric Brownian motion. We suppose that the drift and volatility of the underlying risky asset are modulated by an observable continuous-time, finite-state Markov chain. We develop a twostage pricing model which can price both the diffusion risk and the regime-switching risk based on the Esscher transform and the minimization of the maximum entropy between an equivalent martingale measure and the real-world probability measure over different states. Numerical experiments are conducted and their results reveal that the impact of pricing regime-switching risk on the option prices is significant.

  13. Asymmetric Synthesis via Chiral Aziridines

    DEFF Research Database (Denmark)

    Tanner, David Ackland; Harden, Adrian; Wyatt, Paul

    1996-01-01

    A series of chiral bis(aziridines) has been synthesised and evaluated as chelating ligands for a variety of asymmetric transformations mediated by metals [Os (dihydroxylation), Pd (allylic alkylation) Cu (cyclopropanation and aziridination, Li (1,2-addition of organolithiums to imines)]. In the b......A series of chiral bis(aziridines) has been synthesised and evaluated as chelating ligands for a variety of asymmetric transformations mediated by metals [Os (dihydroxylation), Pd (allylic alkylation) Cu (cyclopropanation and aziridination, Li (1,2-addition of organolithiums to imines...

  14. Ideal 3D asymmetric concentrator

    Energy Technology Data Exchange (ETDEWEB)

    Garcia-Botella, Angel [Departamento Fisica Aplicada a los Recursos Naturales, Universidad Politecnica de Madrid, E.T.S.I. de Montes, Ciudad Universitaria s/n, 28040 Madrid (Spain); Fernandez-Balbuena, Antonio Alvarez; Vazquez, Daniel; Bernabeu, Eusebio [Departamento de Optica, Universidad Complutense de Madrid, Fac. CC. Fisicas, Ciudad Universitaria s/n, 28040 Madrid (Spain)

    2009-01-15

    Nonimaging optics is a field devoted to the design of optical components for applications such as solar concentration or illumination. In this field, many different techniques have been used for producing reflective and refractive optical devices, including reverse engineering techniques. In this paper we apply photometric field theory and elliptic ray bundles method to study 3D asymmetric - without rotational or translational symmetry - concentrators, which can be useful components for nontracking solar applications. We study the one-sheet hyperbolic concentrator and we demonstrate its behaviour as ideal 3D asymmetric concentrator. (author)

  15. The Analysis of the Potential Environmental Benefits by Investigating the Hedonistic Price

    Directory of Open Access Journals (Sweden)

    Giani Gradinaru

    2008-07-01

    Full Text Available Consumers get some usefulness from the attributes of heterogeneous products and they adjust their acquisitions as a response to the existing differences. Producers or vendors confront with varying prices depending on the scale of attributes provided. A plan for balancing the prices is developed as a consequence of the market interaction between the consumers and suppliers (by analogy it happens in the case of the interaction between employees and employers on the labour market. Taking into consideration the late concepts regarding hedonistic price, the article presents a way of analysis of potential benefits that environment may offer to human communities by hedonistic price investigation, using regression as instrument.

  16. Pricing Strategy versus Heterogeneous Shopping Behavior under Market Price Dispersion

    Directory of Open Access Journals (Sweden)

    Francisco Álvarez

    2016-01-01

    Full Text Available We consider the ubiquitous problem of a seller competing in a market of a product with dispersed prices and having limited information about both his competitors’ prices and the shopping behavior of his potential customers. Given the distribution of market prices, the distribution of consumers’ shopping behavior, and the seller’s cost as inputs, we find the computational solution for the pricing strategy that maximizes his expected profits. We analyze the seller’s solution with respect to different exogenous perturbations of parametric and functional inputs. For that purpose, we produce synthetic price data using the family of Generalized Error Distributions that includes normal and quasiuniform distributions as particular cases, and we also generate consumers’ shopping data from different behavioral assumptions. Our analysis shows that, beyond price mean and dispersion, the shape of the price distribution plays a significant role in the seller’s pricing solution. We focus on the seller’s response to an increasing diversity in consumers’ shopping behavior. We show that increasing heterogeneity in the shopping distribution typically lowers seller’s prices and expected profits.

  17. Strategic pricing: hitting the mark with pricing strategies. Part 1.

    Science.gov (United States)

    Porn, L; Manning, M

    1988-01-01

    Efforts by government and business to reduce healthcare expenditures by fostering competition and reducing utilization have combined to redefine the basic economic structure of the healthcare delivery system. Increased competition among providers has prompted an increased awareness of strategic pricing as a means of achieving institutional goals and objectives. In this article, the first in a three-part series on strategic pricing, the authors examine some of the key theoretical considerations related to pricing strategies for healthcare providers. Future articles will examine practical applications as they relate to package pricing, discounting, per diem systems, and capitation arrangements.

  18. Effects of coal prices on merchandise prices in China

    Institute of Scientific and Technical Information of China (English)

    Ding Zhihua; Zhou Meihua; Liu Yan

    2011-01-01

    Coal is the principal form of energy used in China.Hence,coal price variations are expected to have some influence on merchandise prices.Monthly data from January,2002,to October,2010,were used to construct a varying-parameter state space model,and an error correction model,to estimate the influence of coal prices on Chinese merchandise prices.The time lag and the dynamic relationship were determined from the data.A long term equilibrium relationship between coal price and the PPI,and the CPI,can be observed.The long term influence of coal price fluctuations on the PPI is 0.263%.The corresponding value for the CPI is 0.157%.The PPI shows an influence from coal price change in the first period of observation:by eight periods the influence is obvious,after which it diminishes.The effect of coal price change on the CPI is rather weak and has no long term memory.Analysis of variance shows a similar situation.The elasticity coefficient of coal prices on the CPI,or the PPI,fluctuates over the 2002-2004 period.From 2002 to 2007 the influence elasticity on the CPI declined and subsequently levelled off after 2009.

  19. Comparison of United States and Canadian Glaucoma Medication Costs and Price Change from 2006 to 2013

    Directory of Open Access Journals (Sweden)

    Matthew B. Schlenker

    2015-01-01

    Full Text Available Objective. Compare glaucoma medication costs between the United States (USA and Canada. Methods. We modelled glaucoma brand name and generic medication annual costs in the USA and Canada based on October 2013 Costco prices and previously reported bottle overfill rates, drops per mL, and wastage adjustment. We also calculated real wholesale price changes from 2006 to 2013 based on the Average Wholesale Price (USA and the Ontario Drug Benefit Price (Canada. Results. US brand name medication costs were on average 4x more than Canadian medication costs (range: 1.9x–6.9x, averaging a cost difference of $859 annually. US generic costs were on average the same as Canadian costs, though variation exists. US brand name wholesale prices increased from 2006 to 2013 more than Canadian prices (US range: 29%–349%; Canadian range: 9%–16%. US generic wholesale prices increased modestly (US range: −23%–58%, and Canadian wholesale prices decreased (Canadian range: −38%–0%. Conclusions. US brand name glaucoma medications are more expensive than Canadian medications, though generic costs are similar (with some variation. The real prices of brand name medications increased more in the USA than in Canada. Generic price changes were more modest, with real prices actually decreasing in Canada.

  20. Essays on Derivatives Pricing

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    The field of quantitative finance has been criticized in the mainstream media lately and been accused of being one of the causes of the financial crisis. Convenient as this explanation may be, my belief is that a part of the solution to the crisis is to use more (and not less) sophisticated....... With the existence of a liquid market for derivatives with variance as underlying, such as VIX options, VIX futures and a well-developed over-the-counter market for options on variance swaps, it is important to consider models that are able to fit these markets while consistently pricing vanilla options...

  1. Prices and species diversity

    DEFF Research Database (Denmark)

    Sauer, Johannes

    of biodiversity and the appropriate incorporation in stochastic fron-tier models to achieve more realistic measures of production efficiency. We use the empirical example of tobacco production drawing from as well as affecting species diversity in the surrounding forests. We apply a shadow profit distance....... Based on a biologically defined species diver-sity index we incorporate biodiversity either as a desirable output or biodiversity loss as a detrimental input. Beside quantitative shadow price measures the main contribu-tion of the work is the evidence that parametric scores of environmental efficiency...

  2. Prices and species diversity

    DEFF Research Database (Denmark)

    Sauer, Johannes

    . Based on a biologically defined species diver-sity index we incorporate biodiversity either as a desirable output or biodiversity loss as a detrimental input. Beside quantitative shadow price measures the main contribu-tion of the work is the evidence that parametric scores of environmental efficiency...... of biodiversity and the appropriate incorporation in stochastic fron-tier models to achieve more realistic measures of production efficiency. We use the empirical example of tobacco production drawing from as well as affecting species diversity in the surrounding forests. We apply a shadow profit distance...

  3. Endogenous price leadership

    OpenAIRE

    van Damme, E.E.C.; Hurkens, S.

    1998-01-01

    We consider a linear price setting duopoly game with di®erentiated products and determine endogenously which of the players will lead and which will follow. While the follower role is most attractive for each firm, we show that waiting is more risky for the low cost firm so that, consequently, risk dominance considerations, as in Harsanyi and Selten (1988), allow the conclusion that only the high cost firm will choose to wait. Hence, the low cost firm will emerge as the end...

  4. Prices versus Quantities

    DEFF Research Database (Denmark)

    Hansen, Lars Gårn; Jensen, Frank

    Weitzman (2002) studies the regulation of a fishery characterised by constant marginal harvest costs and shows that price regulation performs better than quantity regulation when the regulator is uncertain about the biological reproduction function (ecological uncertainty). Here, we initially...... uncertainty. We find that the gain from eliminating compliance uncertainty may be up to 5% of gross profit while the gain from eliminating ecological uncertainty is minimal. Under landing fee regulation, the entire gain from eliminating both types of uncertainty is captured, even if the regulator’s stock...

  5. Priced Timed Automata

    DEFF Research Database (Denmark)

    Behrmann, Gerd; Larsen, Kim Guldstrand; Rasmussen, Jacob Illum

    2004-01-01

    This contribution reports on the considerable effort made recently towards extending and applying well-established timed automata technology to optimal scheduling and planning problems. The effort of the authors in this direction has to a large extent been carried out as part of the European proj...... projects VHS [22] and AMETIST [17] and are available in the recently released UPPAAL CORA [12], a variant of the real-time verification tool UPPAAL [20,5] specialized for cost-optimal reachability for the extended model of priced timed automata....

  6. PERMINTAAN BERAS DI PROVINSI JAMBI (Penerapan Partial Adjustment Model

    Directory of Open Access Journals (Sweden)

    Wasi Riyanto

    2013-07-01

    Full Text Available The purpose of this study is to determine the effect of price of rice, flour prices, population, income of population and demand of rice for a year earlier on rice demand, demand rice elasticity and rice demand prediction in Jambi Province. This study uses secondary data, including time series data for 22 years from 1988 until 2009. The study used some variables, consist of rice demand (Qdt, the price of rice (Hb, the price of wheat flour (Hg, population (Jp, the income of the population (PDRB and demand for rice the previous year (Qdt-1. The make of this study are multiple regression and dynamic analysis a Partial Adjustment Model, where the demand for rice is the dependent variable and the price of rice, flour prices, population, income population and demand of rice last year was the independent variable. Partial Adjustment Model analysis results showed that the effect of changes in prices of rice and flour are not significant to changes in demand for rice. The population and demand of rice the previous year has positive and significant impact on demand for rice, while revenues have negative and significant population of rice demand. Variable price of rice, earning population and the price of flour is inelastic the demand of rice, because rice is not a normal good but as a necessity so that there is no substitution of goods (replacement of rice with other commodities in Jambi Province. Based on the analysis, it is recommended to the government to be able to control the rate of population increase given the variable number of people as one of the factors that affect demand for rice.It is expected that the government also began to socialize in a lifestyle of non-rice food consumption to control the increasing amount of demand for rice. Last suggestion, the government developed a diversification of staple foods other than rice.

  7. Association of Hospital Prices for Coronary Artery Bypass Grafting With Hospital Quality and Reimbursement.

    Science.gov (United States)

    Giacomino, Bria D; Cram, Peter; Vaughan-Sarrazin, Mary; Zhou, Yunshu; Girotra, Saket

    2016-04-01

    Although prices for medical services are known to vary markedly between hospitals, it remains unknown whether variation in hospital prices is explained by differences in hospital quality or reimbursement from major insurers. We obtained "out-of-pocket" price estimates for coronary artery bypass grafting (CABG) from a random sample of US hospitals for a hypothetical patient without medical insurance. We compared hospital CABG price to (1) "fair price" estimate from Healthcare Bluebook data using each hospital's zip code and (2) Society of Thoracic Surgeons composite CABG quality score and risk-adjusted mortality rate. Of 101 study hospitals, 53 (52.5%) were able to provide a complete price estimate for CABG. The mean price for CABG was $151,271 and ranged from $44,824 to $448,038. Except for geographic census region, which was weakly associated with price, hospital CABG price was not associated with other structural characteristics or CABG volume (p >0.10 for all). Likewise, there was no association between a hospital's price for CABG with average reimbursement from major insurers within the same zip code (ρ = 0.07, p value = 0.6), Society of Thoracic Surgeoncomposite quality score (ρ = 0.08, p value = 0.71), or risk-adjusted CABG mortality (ρ = -0.03 p value = 0.89). In conclusion, the price of CABG varied more than 10-fold across US hospitals. There was no correlation between price information obtained from hospitals and the average reimbursement from major insurers in the same market. We also found no evidence to suggest that hospitals that charge higher prices provide better quality of care.

  8. Territorial differentiation of incomes adjusted for inflation

    Directory of Open Access Journals (Sweden)

    Marina Valeryevna, Moroshkina

    2017-06-01

    Full Text Available Objective to analyze and evaluate the regional disparities of socioeconomic development of the Russian regions in terms of income differentiation adjusted for the level of inflation. Methods indicator by which to measure the level of regional growth heterogeneity is Gini coefficient allowing to determine the degree of the Russian regionsrsquo deviation from absolute equality. The unique feature of the authorrsquos approach is the calculation and analysis of the Gini coefficient not only in current prices but also in comparable prices of 1991. Thus the comparison of the Gini coefficient in terms of quotper capita incomequot in the period from 1991 to 2013 in comparable and current prices allows to estimate the impact of changes in the prices level on the dynamics of regional development. Results the article states that the regions differentiation by the level of economic development determines the necessity of considering this factor in economic policy areas. In these circumstances the analysis of income differentiation of the Russian regions has to take the impact of inflation into account. The article reviews the Russian and foreign research in the sphere of the income differentiation. Significant scientific interest to the problem of regional inequality is obvious over the past several decades. Approaches and methods of assessing the level of regional disparities are systematized as well as its key performance indicators. To assess the level of differentiation of Russian regions we used the Gini coefficient which was calculated not only by current but also by comparable prices. The calculation was carried out basing on the recalculation of the per capita income using the consumer price index. In the framework of the analysis the calculated Gini coefficient for per capita income by current and integrated prices allowed to observe the differential behavior of this indicator. In terms of quotper capita incomequot by current prices there is a

  9. A Multiperiod Equilibrium Pricing Model

    Directory of Open Access Journals (Sweden)

    Minsuk Kwak

    2014-01-01

    Full Text Available We propose an equilibrium pricing model in a dynamic multiperiod stochastic framework with uncertain income. There are one tradable risky asset (stock/commodity, one nontradable underlying (temperature, and also a contingent claim (weather derivative written on the tradable risky asset and the nontradable underlying in the market. The price of the contingent claim is priced in equilibrium by optimal strategies of representative agent and market clearing condition. The risk preferences are of exponential type with a stochastic coefficient of risk aversion. Both subgame perfect strategy and naive strategy are considered and the corresponding equilibrium prices are derived. From the numerical result we examine how the equilibrium prices vary in response to changes in model parameters and highlight the importance of our equilibrium pricing principle.

  10. Common knowledge of rationality and market clearing in economies with asymmetric information

    OpenAIRE

    Ben-Porath, Elchanan; Heifetz, Aviad

    2010-01-01

    Consider an exchange economy with asymmetric information. What is the set of outcomes that are consistent with common knowledge of rationality and market clearing? To address this question we define an epistemic model for the economy that provides a complete description not only of the beliefs of each agent on the relationship between states of nature and prices but also of the whole system of interactive beliefs. The main result, theorem 1, provides a characterization of outcomes that are co...

  11. Exploring Impacts of Taxes and Hospitality Bans on Cigarette Prices and Smoking Prevalence Using a Large Dataset of Cigarette Prices at Stores 2001–2011, USA

    Directory of Open Access Journals (Sweden)

    Lance S. Ballester

    2017-03-01

    Full Text Available In the USA, little is known about local variation in retail cigarette prices; price variation explained by taxes, bans, and area-level socio-demographics, and whether taxes and hospitality bans have synergistic effects on smoking prevalence. Cigarette prices 2001–2011 from chain supermarkets and drug stores (n = 2973 were linked to state taxes (n = 41, state and county bar/restaurant smoking bans, and census block group socio-demographics. Hierarchical models explored effects of taxes and bans on retail cigarette prices as well as county smoking prevalence (daily, non-daily. There was wide variation in store-level cigarette prices in part due to differences in state excise taxes. Excise taxes were only partially passed onto consumers (after adjustment, $1 tax associated with $0.90 increase in price, p < 0.0001 and the pass-through was slightly higher in areas that had bans but did not differ by area-level socio-demographics. Bans were associated with a slight increase in cigarette price (after adjustment, $0.09 per-pack, p < 0.0001. Taxes and bans were associated with reduction in smoking prevalence and taxes had a stronger association when combined with bans, suggesting a synergistic effect. Given wide variation in store-level prices, and uneven state/county implementation of taxes and bans, more federal policies should be considered.

  12. Exploring Impacts of Taxes and Hospitality Bans on Cigarette Prices and Smoking Prevalence Using a Large Dataset of Cigarette Prices at Stores 2001-2011, USA.

    Science.gov (United States)

    Ballester, Lance S; Auchincloss, Amy H; Robinson, Lucy F; Mayne, Stephanie L

    2017-03-20

    In the USA, little is known about local variation in retail cigarette prices; price variation explained by taxes, bans, and area-level socio-demographics, and whether taxes and hospitality bans have synergistic effects on smoking prevalence. Cigarette prices 2001-2011 from chain supermarkets and drug stores (n = 2973) were linked to state taxes (n = 41), state and county bar/restaurant smoking bans, and census block group socio-demographics. Hierarchical models explored effects of taxes and bans on retail cigarette prices as well as county smoking prevalence (daily, non-daily). There was wide variation in store-level cigarette prices in part due to differences in state excise taxes. Excise taxes were only partially passed onto consumers (after adjustment, $1 tax associated with $0.90 increase in price, p < 0.0001) and the pass-through was slightly higher in areas that had bans but did not differ by area-level socio-demographics. Bans were associated with a slight increase in cigarette price (after adjustment, $0.09 per-pack, p < 0.0001). Taxes and bans were associated with reduction in smoking prevalence and taxes had a stronger association when combined with bans, suggesting a synergistic effect. Given wide variation in store-level prices, and uneven state/county implementation of taxes and bans, more federal policies should be considered.

  13. Exploring Impacts of Taxes and Hospitality Bans on Cigarette Prices and Smoking Prevalence Using a Large Dataset of Cigarette Prices at Stores 2001–2011, USA

    Science.gov (United States)

    Ballester, Lance S.; Auchincloss, Amy H.; Robinson, Lucy F.; Mayne, Stephanie L.

    2017-01-01

    In the USA, little is known about local variation in retail cigarette prices; price variation explained by taxes, bans, and area-level socio-demographics, and whether taxes and hospitality bans have synergistic effects on smoking prevalence. Cigarette prices 2001–2011 from chain supermarkets and drug stores (n = 2973) were linked to state taxes (n = 41), state and county bar/restaurant smoking bans, and census block group socio-demographics. Hierarchical models explored effects of taxes and bans on retail cigarette prices as well as county smoking prevalence (daily, non-daily). There was wide variation in store-level cigarette prices in part due to differences in state excise taxes. Excise taxes were only partially passed onto consumers (after adjustment, $1 tax associated with $0.90 increase in price, p < 0.0001) and the pass-through was slightly higher in areas that had bans but did not differ by area-level socio-demographics. Bans were associated with a slight increase in cigarette price (after adjustment, $0.09 per-pack, p < 0.0001). Taxes and bans were associated with reduction in smoking prevalence and taxes had a stronger association when combined with bans, suggesting a synergistic effect. Given wide variation in store-level prices, and uneven state/county implementation of taxes and bans, more federal policies should be considered. PMID:28335533

  14. Price and consumption of tobacco

    OpenAIRE

    Virendra Singh; Bharat Bhushan Sharma; Puneet Saxena; Hardayal Meena; Daya Krishan Mangal

    2012-01-01

    Background: It is thought that price increase in tobacco products leads to reduced consumption. Though many studies have substantiated this concept, it has not been well studied in India. Recently, price of tobacco products was increased due to ban on plastic sachets of chewing tobacco and increased tax in Rajasthan. This study was designed to evaluate the effect of price rise on overall consumption of tobacco in Jaipur city, Rajasthan. Materials and Methods: This study was carried out in Jai...

  15. Cost minimization and asset pricing

    OpenAIRE

    Robert G. Chambers; John Quiggin

    2005-01-01

    A cost-based approach to asset-pricing equilibrium relationships is developed. A cost function induces a stochastic discount factor (pricing kernel) that is a function of random output, prices, and capital stockt. By eliminating opportunities for arbitrage between financial markets and the production technology, firms minimize the current cost of future consumption. The first-order conditions for this cost minimization problem generate the stochastic discount factor. The cost-based approach i...

  16. Essays in Empirical Asset Pricing

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

    This thesis consists of three essays investigating financial and real estate markets and identifying a relationship between them. A 2008 financial crises provides a perfect example of sizeable interactions between US housing market and equity prices, where a negative shock to house prices trigger...... a word-wide recession. Therefore, understanding forces driving investors behaviour and preferences, which in turn affect asset prices in both equity and housing market are of great interest....

  17. RESTAURANT NO. 3 : PRICE INCREASES

    CERN Multimedia

    Restaurant Supervisory Committee

    2002-01-01

    'AVENANCE', the concession holder of Restaurant no. 3 (bldg. 866 - Prévessin site), has submitted to the Restaurant Supervisory Committee a request to increase its prices. After close examination, the Committee has established that the proposed increases are compatible with the relevant price indexing mechanisms and other contractual conditions. The new prices will apply as from Monday, June 3, 2002. Restaurant Supervisory Committee, tel. 77551

  18. Testing Monotonicity of Pricing Kernels

    OpenAIRE

    Timofeev, Roman

    2007-01-01

    In this master thesis a mechanism to test mononicity of empirical pricing kernels (EPK) is presented. By testing monotonicity of pricing kernel we can determine whether utility function is concave or not. Strictly decreasing pricing kernel corresponds to concave utility function while non-decreasing EPK means that utility function contains some non-concave regions. Risk averse behavior is usually described by concave utility function and considered to be a cornerstone of classical behavioral ...

  19. Essays in Empirical Asset Pricing

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

    This thesis consists of three essays investigating financial and real estate markets and identifying a relationship between them. A 2008 financial crises provides a perfect example of sizeable interactions between US housing market and equity prices, where a negative shock to house prices triggered...... a word-wide recession. Therefore, understanding forces driving investors behaviour and preferences, which in turn affect asset prices in both equity and housing market are of great interest....

  20. Corn prices and alcohol production

    Energy Technology Data Exchange (ETDEWEB)

    Wangsness, W.

    1979-09-01

    Corn has attracted the most attention as a feedstock for alcohol production. The economics are computed on the basis of fixed costs for labor, taxes, depreciation, heat, and enzymes. Changes in feedstock prices are shown to determine whether corn is used for energy or protein as cattle feed. Comparisons of gasoline refined from imported oil and gasohol are made for a range of prices per bushel and oil prices per barrel. (DCK)

  1. Adjustments to financial and social benefits

    CERN Multimedia

    HR Department

    2010-01-01

    In accordance with recommendations made by the Finance Committee in November 2009 and decisions taken by the Council in December 2009, certain financial benefits have been adjusted with effect from 1 January 2010. An increase of 1.6% has been applied to the scale of basic salaries and to stipends paid to Fellows (Annexes R A 5 and R A 6 of the Staff Rules and Regulations, respectively). The adjusted amounts are available from the HR Department intranet site or from departmental secretariats. As a result of the evolution of the Geneva consumer price index, no adjustments have been made to the subsistence allowances of Paid Associates and Students (Annex R A 7 of the Staff Rules and Regulations). The following social benefits also remain unchanged: Family, child and infant allowances (Annex R A 3 of the Staff Rules and Regulations). Payment ceilings of education fees (Annex R A 4 of the Staff Rules and Regulations). Tel. 70674 (Classification and Remuneration Service)

  2. Output filters for AC adjustable speed drives

    DEFF Research Database (Denmark)

    Blaabjerg, Frede; Hanigovszki, Norbert; Landkildehus, Jorn, Jorn

    2007-01-01

    -phase applications the occurrence of common-mode (CM) voltage is inherent due to asymmetrical output pulses [1]. Consequently, several secondary effects arise at the inverter's output: high-frequency conducted and radiated emissions, leakage current, motor insulation stress due to wave reflection [2], bearing stress......The standard industrial solution for adjustable speed drives (ASD) is the use of induction motors (IM) fed by voltage-source inverters (VSI). The inverter generates a pulsewidth modulated (PWM) voltage, with dv/dt values of about 6 kV/¿s or even more. In three-leg inverters for three...

  3. Synthesis of Asymmetric Propanetriol Analogues

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    From natural tartaric acid, (R)-2-benzyloxy-3-(2-tetrahydropyranyloxy) propanol 3 was designed and synthesized, and (R)-2-benzyloxy-3-(4-methoxybenzyloxy) propanol 7 was prepared in a new method. They can be used as chiral synthons of lysophosphatidic acid and other compounds with asymmetric propanetriol backbone.

  4. Catalytic Asymmetric Bromocyclization of Polyenes.

    Science.gov (United States)

    Samanta, Ramesh C; Yamamoto, Hisashi

    2017-02-01

    The first catalytic asymmetric bromonium ion-induced polyene cyclization has been achieved by using a chiral BINOL-derived thiophosphoramide catalyst and 1,3-dibromo-5,5-dimethylhydantoin as an electrophilic bromine source. Bromocyclization products are obtained in high yields, with good enantiomeric ratios and high diastereoselectivity, and are abundantly found as scaffolds in natural products.

  5. From tariffs to prices

    Energy Technology Data Exchange (ETDEWEB)

    Baena, D. Eduardo Martin [Endesa, Principe de Vergara 187, Madrid (Spain)

    1998-07-01

    It looks like that all over the World things are changing. Many countries, Spain among them, where electricity regulations were usual, are changing their regulatory mainframe. Since January 1, 1998, electricity production is a deregulated activity in Spain. There has to be open market competition. Prices that are very important for the time coming, have to cover the production cost plus some profits in order to maintain the company profitability. This cultural change applies to all our production facilities, including nuclear power plants. Taking into account this new situation and the nuclear competitiveness, it is important for all of us to understand this issue. As it is well known, nuclear energy is capital intensive, that means it has to compete as base load units due to their low operating costs and their large capital ones. For that reason it is important to reduce as much as possible the operating and maintenance cost as well as the fuel one, which will allow nuclear plants to compete in marginal costs with others units. Nuclear energy, in Spain, is not going to fix the pool price but it has to recover some depreciation through it, the remaining being recovered by the recognition of an important part of the stranded cost. (author)

  6. Pricing hazardous substance emissions

    Energy Technology Data Exchange (ETDEWEB)

    Staring, Knut; Vennemo, Haakon

    1997-12-31

    This report discusses pricing of emissions to air of several harmful substances. It combines ranking indices for environmentally harmful substances with economic valuation data to yield price estimates. The ranking methods are discussed and a relative index established. Given the relative ranking of the substances, they all become valued by assigning a value to one of them, the `anchor` substance, for which lead is selected. Valuations are provided for 19 hazardous substances that are often subject to environmental regulations. They include dioxins, TBT, etc. The study concludes with a discussion of other categories of substances as well as uncertainties and possible refinements. When the valuations are related to CO, NOx, SOx and PM 10, the index system undervalues these pollutants as compared to other studies. The scope is limited to the outdoor environment and does not include global warming and eutrophication. The indices are based on toxicity and so do not apply to CO{sub 2} or other substances that are biologically harmless. The index values are not necessarily valid for all countries and should be considered as preliminary. 18 refs., 6 tabs.

  7. TOURISM MARKET: PRICING ISSUES

    Directory of Open Access Journals (Sweden)

    Irina A. Kiseleva

    2016-01-01

    Full Text Available The article is devoted to the actual topic of our time - the development of tourism services. The development of tourism is the leading technology trend dynamics maroon economic caused social restructuring of modern society. Macroeconomic Financial Statistics conrms the minimum amplitude of cyclical uctuations in the service sector, which turns it into countercyclical tool. In the Russian Federation the economic problem of a state policy in the sphere of tourist services is defined - to having turned tourism in competitive, innovative, countercyclical, and highly protable sector of national business. In article pricing factors are dened and are dened key of them, responsible for the cost of a tourist product. This work answers such questions of travel company as: denition of optimum group, formation of a transport tariff, structure of a tourist product on the main and accompanying services and their range, ways of sale. A practical advice by calculation of expenses is given. Correlation and regression and cluster analyses acted as research tools when performing work. In article the conclusion is drawn that the main methods of marketing management of pricing in the market of tourist services are: transition to the unified technology of granting a service on the basis of ISO; intensication and integration of the sphere of production and services

  8. Price Responsiveness of Cigarette Demand in US: Retail Scanner Data (1994–2007

    Directory of Open Access Journals (Sweden)

    Bishwa B. Adhikari

    2012-01-01

    Full Text Available This paper investigates the changes in cigarette demand in response to the changes in cigarette prices; smokeless tobacco prices; adoption of clean indoor air laws (CIALs. We used an error-correction econometric method to estimate the cigarette sales adjustment path in response to changes in prices and CIAL coverage in the United States by utilizing scanner data from supermarkets. Finding from this study indicates that smokeless tobaccos are not perfect substitutes for cigarettes, but increases in the price of cigarettes are associated with an increase in smokeless tobacco sales. The error-correction econometric method suggest that the demand for cigarettes and smokeless tobacco is related to each other; a price increase in either product leads to an increase in demand for the other product. However, the adjustment paths are quite different; an increase in cigarette prices lowers cigarette sales in relatively faster rate than decreases in smokeless tobacco prices or adoption of smoke-free laws. Changes in cigarette demand in response to changes in cigarette prices occur relatively quickly; but the full effects of smokeless tobacco price change and the adoption of 100% smoke-free laws on cigarette demand take a longer time.

  9. Reciprocity, World Prices and Welfare

    DEFF Research Database (Denmark)

    Raimondos-Møller, Pascalis; Woodland, Alan D.

    We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While...... it is possible to find tariff reforms that are consistent with both reciprocity and constant world prices, these reforms do not follow from the reciprocity condition, but rather from the requirement of unchanged world prices. We propose an alternative reciprocity rule that is guaranteed to raise the welfare...

  10. Transmission pricing: paradigms and methodologies

    Energy Technology Data Exchange (ETDEWEB)

    Shirmohammadi, Dariush [Pacific Gas and Electric Co., San Francisco, CA (United States); Vieira Filho, Xisto; Gorenstin, Boris [Centro de Pesquisas de Energia Eletrica (CEPEL), Rio de Janeiro, RJ (Brazil); Pereira, Mario V.P. [Power System Research, Rio de Janeiro, RJ (Brazil)

    1994-12-31

    In this paper we describe the principles of several paradigms and methodologies for pricing transmission services. The paper outlines some of the main characteristics of these paradigms and methodologies such as where they may be used for best results. Due to their popularity, power flow based MW-mile and short run marginal cost pricing methodologies will be covered in some detail. We conclude the paper with examples of the application of these two pricing methodologies for pricing transmission services in Brazil. (author) 25 refs., 2 tabs.

  11. Price transparency for medical devices.

    Science.gov (United States)

    Pauly, Mark V; Burns, Lawton R

    2008-01-01

    Hospital buyers of medical devices contract with manufacturers with market power that sell differentiated products. The medical staff strongly influences hospitals' choice of devices. Sellers have sought to limit disclosure of transaction prices. Policy-makers have proposed legislation mandating disclosure, in the interest of greater transparency. We discuss why a manufacturer might charge different prices to different hospitals, the role that secrecy plays, and the consequences of secrecy versus disclosure. We argue that hospital-physician relationships are key to understanding what manufacturers gain from price discrimination. Price disclosure can catalyze a restructuring of those relationships, which, in turn, can improve hospital bargaining.

  12. Artificial Shortages and Strategic Pricing

    Directory of Open Access Journals (Sweden)

    Partha Gangopadhyay

    2012-01-01

    Full Text Available Problem statement: We consider a monopolist who manipulates the market by artificially creating shortages that result in an increase in current price that, in turn, boosts demand for the product in subsequent periods. The approach is to develop an intertemporal model of pricing strategy for a monopolist. Approach: The postulated pricing strategy creates an incentive for producers to reduce current supply and raise current prices and sacrifice current profits in order to increase future profits. The main problem is to explain the precise mathematical conditions under which the pricing strategy will be chosen by a monopolist. Results: We derive the optimal pricing strategy to argue that the monopolist has an incentive to adopt simple market manipulation that calls forth a close examination of issues concerning deregulation. Conclusion: The paper examines two possible strategies for a typical monopolist-strategic pricing vis-a-vis a myopic pricing. The intuition is that the monopolist can manipulate the market by artificially creating shortages that result in an increase in current price that, in turn, boosts demand for the product in subsequent periods.

  13. Prices of RE Products Soaring

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    Prices of light rare earth products in Baotou rose on the full scale in July. Price of lanthana reached RMB 12,000 - 13,000/t, that of ceria RMB 12,000/t, praseodymia RMB 70,000 - 72,000/t, Pr-Nd oxides RMB 52,000/t, neodymia RMB 65,000/t. Despite the high price of Pr-Nd oxides and neodymia, no goods are available at hand. Price rising is attributed to enforcement of environmental protection policy and heightening project suspending of Baogang tailings dam. RE separation enterprises along Yellow River have ...

  14. Price Strategies in Banking Marketing

    Directory of Open Access Journals (Sweden)

    Iuliana Cetina

    2007-01-01

    Full Text Available All organizations must settle a price for the services they offer. The price for services is an important element of the marketing mix, being an important income source for the organization. The settlement of a correct price, both for the market and the competition, is a significant element for the sector of financial - banking services. Another important factor to take into consideration is the fact that the banks do not settle only the prices for individual services, but also coordinate their prices for service packages. As the competition in the financial - banking services has intensified, the settlement of correct prices has become an essential element for the marketing strategy. Nevertheless it is important to remind that the price is not a central element. There are other significant grounds, the price being only one of the elements of the marketing mix. Although in Romania many customers may be sensitive in present to the price, as the competition will increase, the quality of the services will become more important to the customers, and the demand will be complex.

  15. 32 CFR 269.4 - Cost of living adjustments of civil monetary penalties.

    Science.gov (United States)

    2010-07-01

    ... adjustment” means the percentage (if any) for each civil monetary penalty by which the Consumer Price Index for the month of June of the calendar year preceding the adjustment, exceeds the Consumer Price Index... Subsequent Offense 20,000 22,000 31 U.S.C. 1352 Use of Appropriated Funds to Influence Contract: Minimum...

  16. Selfhealing of asymmetric Bessel-like modes

    DEFF Research Database (Denmark)

    Israelsen, Stine Møller; Rishøj, Lars Søgaard; Rottwitt, Karsten

    2014-01-01

    We numerically investigate asymmetric Bessel-like modes in an aircladding fiber. The selfhealing ability of asymmetric Bessel-like modes is demonstrated and quantified including the angular dependency of this ability.......We numerically investigate asymmetric Bessel-like modes in an aircladding fiber. The selfhealing ability of asymmetric Bessel-like modes is demonstrated and quantified including the angular dependency of this ability....

  17. Asymmetric Exchange Rate Exposures: A Search for the Effect of Real Options

    DEFF Research Database (Denmark)

    Aabo, Tom

    2001-01-01

    Real options like the ability to reallocate production resources can lead to an asymmetric exchange rate exposure. Using a stock market approach in which the exchange rate exposure is derived from the information content in the stock prices this study examines the extra-market exchange rate...... exposures of a group of blue chip, industrial companies listed on the Copenhagen Stock Exchange. In these companies the existence of real options is an integrated part of the exchange rate exposure management process. The result of the stock market approach is mixed. Statistically significant asymmetric...... dependency in real options decision analysis partly disqualifies the stock market approach as a potent vehicle for identifying asymmetric exchange rate exposures caused by real options....

  18. Price returns efficiency of the Shanghai A-Shares

    Science.gov (United States)

    Long, Wang Jiang; Jaaman, Saiful Hafizah; Samsudin, Humaida Banu

    2014-06-01

    Beta measured from the capital asset pricing model (CAPM) is the most widely used risk to estimate expected return. In this paper factors that influence Shanghai A-share stock return based on CAPM are explored and investigated. Price data of 312 companies listed on Shanghai Stock Exchange (SSE) from the year 2000 to 2011 are investigated. This study employed the Fama-MacBeth cross-sectional method to avoid weakness of traditional CAPM. In addition, this study improves the model by adjusting missing data. Findings of this study justifies that systematic risk can explain the portfolios' returns of China SSE stock market.

  19. A Mean-Variance Portfolio Optimal Under Utility Pricing

    Directory of Open Access Journals (Sweden)

    Hürlimann Werner

    2006-01-01

    Full Text Available An expected utility model of asset choice, which takes into account asset pricing, is considered. The obtained portfolio selection problem under utility pricing is solved under several assumptions including quadratic utility, exponential utility and multivariate symmetric elliptical returns. The obtained unique solution, called optimal utility portfolio, is shown mean-variance efficient in the classical sense. Various questions, including conditions for complete diversification and the behavior of the optimal portfolio under univariate and multivariate ordering of risks as well as risk-adjusted performance measurement, are discussed.

  20. Modeling the Effect of Oil Price on Global Fertilizer Prices

    NARCIS (Netherlands)

    P-Y. Chen (Ping-Yu); C-L. Chang (Chia-Lin); C-C. Chen (Chi-Chung); M.J. McAleer (Michael)

    2010-01-01

    textabstractThe main purpose of this paper is to evaluate the effect of crude oil price on global fertilizer prices in both the mean and volatility. The endogenous structural breakpoint unit root test, the autoregressive distributed lag (ARDL) model, and alternative volatility models, including the