WorldWideScience

Sample records for prices storage import

  1. Linepack storage valuation under price uncertainty

    International Nuclear Information System (INIS)

    Arvesen, Ø.; Medbø, V.; Fleten, S.-E.; Tomasgard, A.; Westgaard, S.

    2013-01-01

    Natural gas flows in pipelines as a consequence of the pressure difference at the inlet and outlet. Adjusting these pressures makes it possible to inject natural gas at one rate and withdraw at a different rate, hence using the pipeline as storage as well as transport. We study the value of using the so called pipeline linepack as a short-term gas storage and how this functionality may offset the discrepancy between the low flexibility in take-or-pay contracts and the high inherent flexibility of a gas-fired power plant. To value the storage option, we consider a cycling power plant facing volatile power prices while purchasing gas on a take-or-pay contract. We estimate a Markov regime-switching model for power prices and a mean reverting jump diffusion model for gas prices. Applying Least Squares Monte Carlo simulation to the operation of the linepack storage, we find that the storage option indeed has significant value for the plant, enabling it to better exploit the sometimes extreme price fluctuations. Finally, we show how power price volatility and jump frequency are the main value drivers, and that the size of the storage increases the value up to a point where no additional flexibility is used. - Highlights: ► Linepack, i.e., storage of natural gas en route in long pipelines, is valued for the first time. ► We find significant storage value for a North Sea case and a German gas-fired power plant. ► Power and natural gas prices are modelled realistically, as related stochastic processes with mean reversion and spikes. ► Storage operation is valued under uncertainty yielding close to exact values, without heuristics

  2. Food Prices and Climate Extremes: A Model of Global Grain Price Variability with Storage

    Science.gov (United States)

    Otto, C.; Schewe, J.; Frieler, K.

    2015-12-01

    Extreme climate events such as droughts, floods, or heat waves affect agricultural production in major cropping regions and therefore impact the world market prices of staple crops. In the last decade, crop prices exhibited two very prominent price peaks in 2007-2008 and 2010-2011, threatening food security especially for poorer countries that are net importers of grain. There is evidence that these spikes in grain prices were at least partly triggered by actual supply shortages and the expectation of bad harvests. However, the response of the market to supply shocks is nonlinear and depends on complex and interlinked processes such as warehousing, speculation, and trade policies. Quantifying the contributions of such different factors to short-term price variability remains difficult, not least because many existing models ignore the role of storage which becomes important on short timescales. This in turn impedes the assessment of future climate change impacts on food prices. Here, we present a simple model of annual world grain prices that integrates grain stocks into the supply and demand functions. This firstly allows us to model explicitly the effect of storage strategies on world market price, and thus, for the first time, to quantify the potential contribution of trade policies to price variability in a simple global framework. Driven only by reported production and by long--term demand trends of the past ca. 40 years, the model reproduces observed variations in both the global storage volume and price of wheat. We demonstrate how recent price peaks can be reproduced by accounting for documented changes in storage strategies and trade policies, contrasting and complementing previous explanations based on different mechanisms such as speculation. Secondly, we show how the integration of storage allows long-term projections of grain price variability under climate change, based on existing crop yield scenarios.

  3. Pricing and Application of Electric Storage

    Science.gov (United States)

    Zhao, Jialin

    Electric storage provides a vehicle to store power for future use. It contributes to the grids in multiple aspects. For instance, electric storage is a more effective approach to provide electricity ancillary services than conventional methods. Additionally, electric storage, especially fast-responding units, allows owners to implement high-frequency power transactions in settings such as the 5-min real-time trading market. Such high-frequency power trades were limited in the past. However, as technology advances, the power markets have evolved. For instance, the California Independent System Operator now supports the 5-min real-time trading and the hourly day-ahead ancillary services bidding. Existing valuation models of electric storage were not designed to accommodate these recent market developments. To fill this gap, I focus on the fast-responding grid-level electric storage that provides both the real-time trading and the day-ahead ancillary services bidding. To evaluate such an asset, I propose a Monte Carlo Simulation-based valuation model. The foundation of my model is simulations of power prices. This study develops a new simulation model of electric prices. It is worth noting that, unlike existing models, my proposed simulation model captures the dependency of the real-time markets on the day-ahead markets. Upon such simulations, this study investigates the pricing and the application of electric storage at a 5-min granularity. Essentially, my model is a Dynamic Programming system with both endogenous variables (i.e., the State-of-Charge of electric storage) and exogenous variables (i.e., power prices). My first numerical example is the valuation of a fictitious 4MWh battery. Similarly, my second example evaluates the application of two units of 2MWh batteries. By comparing these two experiments, I investigate the issues related to battery configurations, such as the impacts of splitting storage capability on the valuation of electric storage.

  4. Tergiversating the price of nuclear waste storage

    International Nuclear Information System (INIS)

    Mills, R.L.

    1984-01-01

    Tergiversation, the evasion of straightforward action of clearcut statement of position, was a characteristic of high-level nuclear waste disposal until the US Congress passed the Nuclear Waste Policy Act of 1982. How the price of waste storage is administered will affect the design requirements of monitored retrievable storage (MRS) facilities as well as repositories. Those decisions, in part, are internal to the Department of Energy. From the utility's viewpoint, the options are few but clearer. Reprocessing, as performed in Europe, is not a perfect substitute for MRS. The European reprocess-repository sequence will not yield the same nuclear resource base as the American MRS-repository scheme. For the future price of the energy resource represented by nuclear waste, the author notes that tergiversation continues. 3 references

  5. The role of storage dynamics in annual wheat prices

    Science.gov (United States)

    Schewe, Jacob; Otto, Christian; Frieler, Katja

    2017-05-01

    Identifying the drivers of global crop price fluctuations is essential for estimating the risks of unexpected weather-induced production shortfalls and for designing optimal response measures. Here we show that with a consistent representation of storage dynamics, a simple supply-demand model can explain most of the observed variations in wheat prices over the last 40 yr solely based on time series of annual production and long term demand trends. Even the most recent price peaks in 2007/08 and 2010/11 can be explained by additionally accounting for documented changes in countries’ trade policies and storage strategies, without the need for external drivers such as oil prices or speculation across different commodity or stock markets. This underlines the critical sensitivity of global prices to fluctuations in production. The consistent inclusion of storage into a dynamic supply-demand model closes an important gap when it comes to exploring potential responses to future crop yield variability under climate and land-use change.

  6. Entropy, pricing and productivity of pumped-storage

    Science.gov (United States)

    Karakatsanis, Georgios; Tyralis, Hristos; Tzouka, Katerina

    2016-04-01

    Pumped-storage constitutes today a mature method of bulk electricity storage in the form of hydropower. This bulk electricity storability upgrades the economic value of hydropower as it may mitigate -or even neutralize- stochastic effects deriving from various geophysical and socioeconomic factors, which produce numerous load balance inefficiencies due to increased uncertainty. Pumped-storage further holds a key role for unifying intermittent renewable (i.e. wind, solar) units with controllable non-renewable (i.e. nuclear, coal) fuel electricity generation plants into integrated energy systems. We develop a set of indicators for the measurement of performance of pumped-storage, in terms of the latter's energy and financial contribution to the energy system. More specifically, we use the concept of entropy in order to examine: (1) the statistical features -and correlations- of the energy system's intermittent components and (2) the statistical features of electricity demand prediction deviations. In this way, the macroeconomics of pumped-storage emerges naturally from its statistical features (Karakatsanis et al. 2014). In addition, these findings are combined to actual daily loads. Hence, not only the amount of energy harvested from the pumped-storage component is expected to be important, but the harvesting time as well, as the intraday price of electricity varies significantly. Additionally, the structure of the pumped-storage market proves to be a significant factor as well for the system's energy and financial performance (Paine et al. 2014). According to the above, we aim at postulating a set of general rules on the productivity of pumped-storage for (integrated) energy systems. Keywords: pumped-storage, storability, economic value of hydropower, stochastic effects, uncertainty, energy systems, entropy, intraday electricity price, productivity References 1. Karakatsanis, Georgios et al. (2014), Entropy, pricing and macroeconomics of pumped-storage systems

  7. Oil price, capital mobility and oil importers

    International Nuclear Information System (INIS)

    Gonzalez-Romero, A.

    1992-01-01

    A three-region, three-commodity general equilibrium model is constructed to explore the impact of OPEC's pricing policies on major macro variables of importer economies. The aim of this paper is to explore general macro characteristics of the trading economies to aid understanding of the world economy response after OPEC I and OPEC II in terms of the evolution of North - South terms of trade, rates of profit and output levels. We support the view of a world economy in a three regions setting, North - South - OPEC. The analysis increases our understanding of why regions respond differently to the same external shock and how from different regimes of capital mobility we should derive alternative policy implications. With the current rise in oil prices, the topic promises to be relevant for some time, although the direction of the shocks has been reserved. (Author)

  8. Separated influence of crude oil prices on regional natural gas import prices

    International Nuclear Information System (INIS)

    Ji, Qiang; Geng, Jiang-Bo; Fan, Ying

    2014-01-01

    This paper analyses the impact of global economic activity and international crude oil prices on natural gas import prices in three major natural gas markets using the panel cointegration model. It also investigates the shock impacts of the volatility and the increase and decrease of oil prices on regional natural gas import prices. The results show that both global economic activity and international crude oil prices have significant long-term positive effects on regional natural gas import prices. The volatility of international crude oil prices has a negative impact on regional natural gas import prices. The shock impact is weak in North America, lags in Europe and is most significant in Asia, which is mainly determined by different regional policies for price formation. In addition, the response of natural gas import prices to increases and decreases in international crude oil prices shows an asymmetrical mechanism, of which the decrease impact is relatively stronger. - Highlights: • Impacts of world economy and oil prices on regional natural gas prices are analysed • North American natural gas prices are mainly affected by world economy • Asian and European natural gas prices are mainly affected by oil prices • The volatility of oil prices has a negative impact on regional natural gas prices • The response of natural gas import prices to oil prices up and down shows asymmetry

  9. Entropy, pricing and macroeconomics of pumped-storage systems

    Science.gov (United States)

    Karakatsanis, Georgios; Mamassis, Nikos; Koutsoyiannis, Demetris; Efstratiadis, Andreas

    2014-05-01

    We propose a pricing scheme for the enhancement of macroeconomic performance of pumped-storage systems, based on the statistical properties of both geophysical and economic variables. The main argument consists in the need of a context of economic values concerning the hub energy resource; defined as the resource that comprises the reference energy currency for all involved renewable energy sources (RES) and discounts all related uncertainty. In the case of pumped-storage systems the hub resource is the reservoir's water, as a benchmark for all connected intermittent RES. The uncertainty of all involved natural and economic processes is statistically quantifiable by entropy. It is the relation between the entropies of all involved RES that shapes the macroeconomic state of the integrated pumped-storage system. Consequently, there must be consideration on the entropy of wind, solar and precipitation patterns, as well as on the entropy of economic processes -such as demand preferences on either current energy use or storage for future availability. For pumped-storage macroeconomics, a price on the reservoir's capacity scarcity should also be imposed in order to shape a pricing field with upper and lower limits for the long-term stability of the pricing range and positive net energy benefits, which is the primary issue of the generalized deployment of pumped-storage technology. Keywords: Entropy, uncertainty, pricing, hub energy resource, RES, energy storage, capacity scarcity, macroeconomics

  10. Estimating the Competitive Storage Model with Trending Commodity Prices

    OpenAIRE

    Gouel , Christophe; LEGRAND , Nicolas

    2017-01-01

    We present a method to estimate jointly the parameters of a standard commodity storage model and the parameters characterizing the trend in commodity prices. This procedure allows the influence of a possible trend to be removed without restricting the model specification, and allows model and trend selection based on statistical criteria. The trend is modeled deterministically using linear or cubic spline functions of time. The results show that storage models with trend are always preferred ...

  11. Parallel Imports, Drag Price Control and Pharmaceutical Innovation

    OpenAIRE

    Ken Tabata; Testuya Shinkai; Satoru Tanaka; Makoto Okamura

    2005-01-01

    This paper examines how parallel importation influences pharmaceutical innovation and the welfare of the economy, when crossnational drug price differentials occur not only because of demand elasticity based factors, but also governmental drug price control based factors. By explicitly considering the governmental drug price control baaed factors, this paper shows that parallel importation may enhance pharmaceutical innovation, when the bargaining power of a foreign government is strong and t...

  12. Economics of National Waste Terminal Storage Spent Fuel Pricing Study

    International Nuclear Information System (INIS)

    1978-05-01

    The methodology for equitably pricing commercial nuclear spent fuel management is developed, and the results of four sample calculations are presented. The spent fuel management program analyzed places encapsulated spent fuel in bedded salt while maintaining long-term retrievability. System design was reasonable but not optimum. When required, privately-owned Away From Reactor (AFR) storage is provided and the spent fuel placed in AFR storage is eventually transported to final storage. Applicable Research and Development and Government Overhead are included. The cost of each component by year was estimated from the most recent applicable data source available. These costs were input to the pricing methodology to establish a one-time charge whose present value exactly recovered the present value of the expenditure flow. The four cases exercised were combinations of a high and a low quantity of spent fuel managed, with a single repository (venture) or a multiple repository (campaign) approach to system financial structure. The price for spent fuel management calculated ranged from 116 to 152 dollars (1978) per kilogram charged initially to the reactor. The effect of spent fuel receiving rate on price is illustrated by the fact that the extremes of price did not coincide with the cases having the extremes of undiscounted cost. These prices for spent fuel management are comparable in magnitude to other fuel cycle costs. The range of variation is small because of compensating effects, i.e., additional costs for high early deliveries (AFR and transportation) versus lower present value of future revenue for later delivery cases. The methodology contains numerous conservative assumptions, provisions for contingencies, and covers the complete set of spent fuel management expenses

  13. Optimal Offering and Operating Strategy for a Large Wind-Storage System as a Price Maker

    DEFF Research Database (Denmark)

    Ding, Huajie; Pinson, Pierre; Hu, Zechun

    2017-01-01

    Wind farms and energy storage systems are playing increasingly more important roles in power systems, which makes their offering non-negligible in some markets. From the perspective of wind farm-energy storage systems (WF-ESS), this paper proposes an integrated strategy of day-ahead offering...... and real-time operation policies to maximize their overall profit. As participants with large capacity in electricity markets can influence cleared prices by strategic offering, a large scaled WFESS is assumed to be a price maker in day-ahead markets. Correspondingly, the strategy considers influence...

  14. Exchange rate movement and import price of Machineries in Nigeria ...

    African Journals Online (AJOL)

    The empirical estimates reveal that one lag variability of import price, exchange rate, foreign cost, domestic competitors price and demand pressure proxied by GDP impact it in the long-run. However, the ECM coefficient is properly signed with -0.549. By implication, approximately 54% of the discrepancy from long run ...

  15. Pass-Through to Import Prices: Evidence from Developing Countries

    OpenAIRE

    Miguel Fuentes

    2007-01-01

    In this paper I study the pass-through of nominal exchange rate changes to the price of imported goods in four developing countries. The results indicate that 75% of changes in the exchange rate are passed-through to the domestic currency price of imported goods within one quarter. Complete pass-through is attained within one year. There is no evidence that exchange rate pass-through to the price of imported goods has declined over time even in those countries that have managed to reduce infl...

  16. Oil price shocks and long run price and import demand behavior

    International Nuclear Information System (INIS)

    Kleibergen, F.; Van Dijk, H.K.; Urbain, J.P.

    1997-01-01

    The effect which the oil price time series has on the long run properties of Vector AutoRegressive (VAR) models for price levels and import demand is investigated. As the oil price variable is assumed to be weakly exogenous for the long run parameters, a cointegration testing procedure allowing for weakly exogenous variables is developed using a LU decomposition of the long run multiplier matrix. The likelihood based cointegration test statistics, Wald, Likelihood Ratio and Lagrange Multiplier, are constructed and their limiting distributions derived. Using these tests, we find that incorporating the oil price in a model for the domestic or import price level of seven industrialized countries decreases the long run memory of the inflation rate. Second, we find that the results for import demand can be classified with respect to the oil importing or exporting status of the specific country. The result for Japan is typical as its import price is not influenced by gnp in the long run, which is the case for all other countries. 31 refs

  17. Imports, exports, and Alberta's transmission system impact on price fluctuation

    International Nuclear Information System (INIS)

    Johnson, K.

    2002-01-01

    The roles, responsibilities and objectives of ESBI, a private for-profit company, appointed by the Alberta Government to be the Independent Transmission Administrator in the province, is sketched, prior to a discussion of price volatility in electricity, Alberta interconnections, intertie issues, the economic theory and the reality impact on prices. Given that imports and exports constitute a relatively small proportion of total generation or load in Alberta, price volatility is considered to have been only minimally affected by imports/exports. In contrast, transmission constraints, i.e. the limits on physical capacity of the existing transmission system to accommodate all desired transactions, have significant impact on imports/exports. Factors underlying constraints and price volatility such as uncertainty of generation dispatch, leading to reduced interest to invest, which in turn leads to scarce capacity for imports/exports, and the actions required to reduce uncertainty and address other issues such as congestion management, tariff design and the creation of regional transmission organizations, are also discussed to provide further clarification of the issues. It is suggested that these and other related issues need to be resolved to provide the clarity around transmission access and the tools required to manage price fluctuations

  18. On the value and price-responsiveness of ramp-constrained storage

    International Nuclear Information System (INIS)

    Faghih, Ali; Roozbehani, Mardavij; Dahleh, Munther A.

    2013-01-01

    Highlights: • Derived the optimal policy and value function for ramp-constrained storage. • Gave analytic bound on long-term value, and explicit formulas for policy thresholds. • Value of storage saturates as capacity increases, regardless of price volatility. • In expectation, storage can induce high price elasticity near the mean price. • The buy/sell phase transition region in the price-state plane is steep. - Abstract: The primary concerns of this paper are twofold: understanding the value of storage in the presence of ramp constraints and exogenous energy prices, and understanding the implications of the associated optimal storage management policy for qualitative and quantitative characteristics of storage response to real-time prices. The optimal policy, along with the associated finite-horizon time-averaged value of storage, are analytically characterized in this paper. An analytical upper bound on the infinite-horizon time-averaged value of storage is also derived. This bound is valid for any achievable realization of prices when the support of the distribution is fixed, and highlights the dependence of the value of storage on ramp constraints and storage capacity. It is shown that while the value of storage is a non-decreasing function of price volatility, due to the finite ramp rate, the value of storage saturates quickly as the capacity increases, regardless of volatility. To study the implications of the optimal policy, computational experiments are presented that suggest optimal utilization of storage can, in expectation, induce a considerable amount of price elasticity near the average price. Then, a computational framework is presented for characterization of the behavior of storage as a function of price and the state of charge, which illustrates a steep buy/sell phase transition in the price-state plane

  19. Petroleum’s Price Transmission and Imported Demand for Crude Oil in Thailand

    OpenAIRE

    Papusson Chaiwat; Nantarat Tangvitoontham

    2014-01-01

    The study of the petroleum price structures in Thailand reveals that diesel is the important fuel because it influences inflation and productions’ costs. Government wants to keep diesel’s price stability; meanwhile, it is less control in gasohol and petrol prices. These prices are normally higher than diesel’s price in order to support the renewable energy and reduce the consumption behaviors. Real price elasticity of imported crude oil in short run is insignificant but in long run is about 0...

  20. The importance of time cost in pricing outpatient care.

    Science.gov (United States)

    Heshmat, S

    1988-01-01

    The purpose of this article is to discuss the component of the full price charged to patients using outpatient care. The full price of a visit to a physician is equal to out-of-pocket payment (money price), and time costs. In particular, the article discusses the concept of time price (marginal value of time for a patient), and presents a specific example to illustrate the concept of time price elasticity. The concepts and information presented in this article can help marketing managers in setting pricing strategy that would explicitly consider time price.

  1. A New Pricing Scheme for Controlling Energy Storage Devices in Future Smart Grid

    OpenAIRE

    Zhu, Jingwei; Chen, Michael Z. Q.; Du, Baozhu

    2014-01-01

    Improvement of the overall efficiency of energy infrastructure is one of the main anticipated benefits of the deployment of smart grid technology. Advancement in energy storage technology and two-way communication in the electric network are indispensable components to achieve such a vision, while efficient pricing schemes and appropriate storage management are also essential. In this paper, we propose a universal pricing scheme which permits one to indirectly control the energy storage devic...

  2. Leveraging the benefits of storage as a risk management tool : strategies to offset price volatility

    International Nuclear Information System (INIS)

    Ledene, B.

    2002-01-01

    The Storage and Hub Services of the Alberta Energy Company provides the largest independent gas storage and operation in North America. It has grown from one facility in 1988 in Canada to 4 facilities and 2 leases with total storage capacity of 133 billion cubic feet in Canada and the United States. It established the AECO C Hub in Alberta, the major pricing point for gas in the western Canadian supply basin. It was also the first company to use, and continue to use, horizontal well technology in natural gas storage. AEC Storage has played a leading role in regulatory proceedings regarding the interconnect of its facilities and transmission systems. It also established the first independent gas storage facility in California, where it promoted true competition in the natural gas market. In October 2001, natural gas storage inventories in Canada and the United States were at a near record level of 3.56 Tcf. The only other time inventories were that full was at the end of October 1998. The paper illustrated how prices behaved during the winters of 98/99 and beyond. It was noted that low natural gas prices will have a strong impact on production levels since drilling is closely linked to the price of natural gas. Drilling activity is declining even in price sensitive areas such as in the Shallow Water Gulf of Mexico and the Permian Basin. These production declines will not affect the storage situation because storage levels are currently high. Natural gas prices may rebound with significant storage withdrawals by March 2003 if the US economy recovers and if the winter is normal. Field data suggests that supplies are not keeping up with demand. The average decline rate for all active wells in western Canada is about 23 per cent. This drilling activity will have to be maintained or we will see stronger gas prices. The paper described how industry participants use storage to take advantage of price volatility with information on how to focus on storage assets, develop a

  3. On the Importance of Sales for Aggregate Price Flexibility

    OpenAIRE

    Nicolas Vincent; Oleksiy Kryvtsov

    2015-01-01

    Macroeconomists have traditionally ignored the behavior of temporary price markdowns ("sales") by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out. We challenge this view. First, using the 1996 - 2012 data set of the U.K. CPI monthly price quotes, we document a roughly twofold increase in the frequency of sales during the Great Recession. We also present evidence of countercyclical sales in the...

  4. IMPORTANCE OF DELIVERY CONDITIONS IN THE EXTERNAL PRICE CALCULATION

    Directory of Open Access Journals (Sweden)

    Violeta ISAI

    2005-01-01

    Full Text Available The delivery conditions of the merchandise at export, established by the rules INCOTERMS2000, influence the external price structure. There are some conditions in which the external priceincludes only the value of the merchandise and other conditions in which, besides the value of themerchandise, the price includes also the external transport and insurance. In the case of the exportson commercial credit, when it appears the notion of external interest, this one may be included in theprice or may be invoiced separately, thus defining gross external prices and net external prices.

  5. A New Pricing Scheme for Controlling Energy Storage Devices in Future Smart Grid

    Directory of Open Access Journals (Sweden)

    Jingwei Zhu

    2014-01-01

    Full Text Available Improvement of the overall efficiency of energy infrastructure is one of the main anticipated benefits of the deployment of smart grid technology. Advancement in energy storage technology and two-way communication in the electric network are indispensable components to achieve such a vision, while efficient pricing schemes and appropriate storage management are also essential. In this paper, we propose a universal pricing scheme which permits one to indirectly control the energy storage devices in the grid to achieve a more desirable aggregate demand profile that meets a particular target of the grid operator such as energy generation cost minimization and carbon emission reduction. Such a pricing scheme can potentially be applied to control the behavior of energy storage devices installed for integration of intermittent renewable energy sources that have permission to grid connection and will have broader applications as an increasing number of novel and low-cost energy storage technologies emerge.

  6. Importance of Electricity Transport Pricing in Liberalised Energy Markets

    International Nuclear Information System (INIS)

    Wohlgemuth, N.

    2001-01-01

    Electricity has traditionally been supplied by vertically integrated companies providing generation, transmission and distribution services. Consumers have purchased a bundled commodity - delivered electricity - and there has been no need to price the components individually. This is no longer the case in competitive and unbundled electricity markets. One of the outstanding issues in the restructuring of the electricity markets is the way in which transmission costs are translated into tariffs. The efforts to create a single European electricity market are difficult to reconcile due to different national network pricing approaches. The European Commission's draft regulation on conditions for access to the network for cross-border exchanges of electricity sets general principles for the pricing of international electricity exchanges. Nodal pricing provides incentives for an efficient use of generation and transmission assets. Experience shows that nodal pricing is workable, and its use may be expected to increase progressively. Postage stamp pricing does not generally provide adequate incentives for efficiency. However, inefficiencies may be small under certain conditions, and postage stamp pricing has the advantage of being relatively transparent and easy to implement. This paper presents an overview of objectives related to an effective design of transmission pricing approaches, of transmission pricing models and presents recent developments in Europe in this respect. Due to the great number of institutional designs of electricity market organisations, it will be difficult to design and implement a model of cross-border transmission pricing that results in a high degree of non-discriminatory international competition in electricity markets, a key objective of the Electricity Directive.(author)

  7. The importance of price for the sale of ecological products

    DEFF Research Database (Denmark)

    Hansen, Jesper Kirkeby; Sørensen, Hans Christian

    1993-01-01

    Executive summary: 1. A high price has been considered as one of the main reasons for consumers' unwillingness to buy ecological products in spite of often positive attitudes towards this category of products. The study reported in this paper had the purpose to find out whether the present price ...... are characterised by low consumer involvement: few alternatives are compared, not very many product attributes are used, and in the decision making, consumers resort to the application of simple choice tactics....... level for ecological products is indeed a decisive obstacle to the sale of ecological prducts. 2. The survey indicated that the market share for ecological products cannot be increased at the present price level. Hence, there is good reason to focus on the price parameter. 3. An experiment with price...... reductions produced considerable changes in customer choices and hence in the estimated market share. The change for tomatoes entails a doubling of the market share at a price reduction of DKK 2.00. For potatoes one could observe a 10% increase per DKK 1.30 price reduction. The ecological market share...

  8. Practical operation strategies for pumped hydroelectric energy storage (PHES) utilising electricity price arbitrage

    DEFF Research Database (Denmark)

    Connolly, David; Lund, Henrik; Finn, P.

    2011-01-01

    In this paper, three practical operation strategies (24Optimal, 24Prognostic, and 24Hsitrocial) are compared to the optimum profit feasible for a PHES facility with a 360 MW pump, 300 MW turbine, and a 2 GWh storage utilising price arbitrage on 13 electricity spot markets. The results indicate...... that almost all (not, vert, similar97%) of the profits can be obtained by a PHES facility when it is optimised using the 24Optimal strategy developed, which optimises the energy storage based on the day-ahead electricity prices. However, to maximise profits with the 24Optimal strategy, the day......-ahead electricity prices must be the actual prices which the PHES facility is charged or the PHES operator must have very accurate price predictions. Otherwise, the predicted profit could be significantly reduced and even become a loss. Finally, using the 24Optimal strategy, the PHES profit can surpass the annual...

  9. North American natural gas storage, market and price outlook

    International Nuclear Information System (INIS)

    George, R.

    1999-01-01

    A series of overhead viewgraphs accompanied this presentation which dealt with the fundamental factors and short-term considerations that will impact Canadian and U.S. natural gas pricing. The short-term pricing outlook and some transportation issues were also highlighted. The major transportation issues for 1999/2000 are: (1) Nova tolling, (2) incentive tolling and negotiations, (3) decontracting, (4) pipeline project schedules, and (5) land use and environmental considerations. The major supply issues are: (1) impact of oil prices on gas drilling and production, (2) impact of merger and acquisition activity, and (3) land use and environmental considerations. The major demand issues for the same time period are: (1) greenhouse gas emissions, (2) electricity restructuring, and (3) new end-use technologies. 3 tabs., 21 figs

  10. Optimal operation strategy of battery energy storage system to real-time electricity price in Denmark

    DEFF Research Database (Denmark)

    Hu, Weihao; Chen, Zhe; Bak-Jensen, Birgitte

    2010-01-01

    markets in some ways, is chosen as the studied power system in this paper. Two kinds of BESS, based on polysulfide-bromine (PSB) and vanadium redox (VRB) battery technologies, are studies in the paper. Simulation results show, that the proposed optimal operation strategy is an effective measure to achieve......Since the hourly spot market price is available one day ahead, the price could be transferred to the consumers and they may have some motivations to install an energy storage system in order to save their energy costs. This paper presents an optimal operation strategy for a battery energy storage...

  11. The Price Stability-Important Lever within the Economy

    Directory of Open Access Journals (Sweden)

    Maria Mirabela Florea Ianc

    2016-01-01

    Full Text Available One of the biggest problems that have confronted the authorities, whether fiscal, monetary, either along the time is represented by the generalised increase in prices (inflation, which is why it is not considered good at the level of an economy, because it is presented as a nominal increase of PIB, namely the erosion of the economy as a whole, not least, to generate macroeconomic imbalances The inflation creates pressure not only on monetary plan, and the plan as general economic, political and social. This, in addition to generating a sharp decline in savings, discourages investment and favors moving the capital in assets that generate real revenue.

  12. Optimal price/performance for energy storage systems. Doing more with less

    International Nuclear Information System (INIS)

    Broekhuizen, H.J.

    2004-01-01

    This article discusses the possibility of improving the price-performance ratio for thermal energy storage systems. It recommends restricting the source flow rate by a variety of measures, and trying to achieve equal maximum flow rates in summer and winter. Also recommended are the maximum deployment of sustainable system components and their use for various functions [nl

  13. Panorama 2014 - The importance of underground storage in the security of European gas supplies

    International Nuclear Information System (INIS)

    Cornot-Gandolphe, Sylvie

    2013-12-01

    While European capacity for underground gas storage has increased by 16% over the last three years, levels of stock at the beginning of the 2013/2014 winter, in relation to capacity, are the lowest that have been seen since 2010; they represent only 84% of storage capacity. The suppliers of gas have no incentive to reserve storage capacity, for which the cost is considered too high in relation to the spread, currently very low, between the price of gas in winter and in summer. They also rely on sufficient gas supply thanks to other sources of flexibility available on the market: flexibility of production or imports, spot LNG purchases, purchases in the spot market... or even use of the storage capacities of neighbouring countries via European network interconnections. Yet, the 2013/2014 winter is beginning in a gas supply context in Europe that is more difficult: imports of LNG, which had already dropped sharply in 2012, have continued to contract, faced with increased competition from Asian buyers on the international LNG market. Gas imports from Norway are also declining following production limits in that country. Only Russia has strongly increased its exports to Europe in 2013. However, the dispute between Ukraine and Russia about the price of Russian gas delivered to Ukraine still raises the spectre of a threat to the European supply of Russian gas, nearly 60% of which transits via Ukraine. Under these circumstances, as demonstrated by the gas crises of 2006 and 2009 and the cold conditions of February 2012 and March/April 2013, storage is the most efficient means of securing the supply of gas providing, of course, that the storage sites are filled at the beginning of winter. (author)

  14. Pricing Scheme of Ocean Carrier for Inbound Container Storage for Assistance of Container Supply Chain Finance

    Directory of Open Access Journals (Sweden)

    Mingzhu Yu

    2014-01-01

    Full Text Available The aim of this paper is to investigate the pricing scheme of ocean carrier for inbound container storage so as to assist container supply chain finance. In this paper, how an ocean carrier should set price of inbound container storage to the customer while facing the contract from the container terminal operator is first analyzed. Then, two different contract systems, the free-time contract system which is widely used in practice and the free-space contract system which is newly developed recently, are considered. In the two different contract systems, inbound container storage pricing models are constructed, and accordingly optimal solution approaches for the ocean carrier are provided. For comparison purpose, some numerical experiments for the two different contract systems are conducted to investigate the effects of the container terminal operator’s decision on the system outcomes. Numerical experiments show that (1 the carrier is more flexible in the free-space contract system and can receive more profit by using the free-storage-space as a pooling storage system and (2 the free-space contract system benefits both the carrier in profit and the busy terminal in traffic control.

  15. Indirect Load Control for Energy Storage Systems Using Incentive Pricing under Time-of-Use Tariff

    Directory of Open Access Journals (Sweden)

    Mu-Gu Jeong

    2016-07-01

    Full Text Available Indirect load control (ILC is a method by which the customer determines load reduction of electricity by using a price signal. One of the ILCs is a time-of-use (TOU tariff, which is the most commonly used time-varying retail pricing. Under the TOU tariff, the customer can reduce the energy cost through an energy storage system (ESS. However, because this tariff is fixed for several months, the ESS operation does not truly reflect the wholesale market price, which could widely fluctuate. To overcome this limitation, this paper proposes an incentive pricing method in which the load-serving entity (LSE gives the incentive pricing signal to the customers with ESSs. Because the ESS charging schedule is determined by the customer through ILC, a bilevel optimization problem that includes the customer optimization problem is utilized to determine the incentive pricing signal. Further, the bilevel optimization problem is reformulated into a one-level problem to be solved by an interior point method. In the proposed incentive scheme: (1 the social welfare increases and (2 the increased social welfare can be equitably divided between the LSE and the customer; and (3 the proposed incentive scheme leads the customer to voluntarily follow the pricing signal.

  16. Transfer prices and the excess cost of Canadian oil imports: New evidence on Bertrand versus Rugman

    International Nuclear Information System (INIS)

    Bernard, J.-T.; Weiner, R.J.

    1992-01-01

    Transfer pricing can be a source for contention between governments and multinational corporations, with suspicion that transfer prices are set so as to report higher income in countries where corporations are taxed more lightly. The first systematic empirical evidence on transfer pricing in multinational corporations is presented, through examination of the Canadian petroleum industry, which is dominated by foreign multinationals. The data cover the period 1974-84 and allow analysis of the allegation of excess cost paid by Canada for crude oil imports. After taking into account crude oil quality indicators, transaction characteristics, and countries of export, the merging of a comparable set of U.S. and Canadian data demonstrates evidence of transfer-price setting at levels significantly different from arm's-length prices for crude oil imports to Canada from 1974-84. However, the evidence runs contrary to Bertrand's assessment: the crude oil prices for affiliate transactions were found to be, in general, lower than comparable prices for third-party transactions. As to transport costs, the converse was found to be the case, however, the effect is much less important than transfer pricing. The overall result is that transfer prices have worked in Canada's favour. 15 refs., 7 tabs

  17. Flexible LNG supply, storage and price formation in a global natural gas market

    Science.gov (United States)

    Hayes, Mark Hanley

    The body of work included in this dissertation explores the interaction of the growing, flexible liquefied natural gas (LNG) trade with the fundamentals of pipeline gas supply, gas storage, and gas consumption. By nature of its uses---largely for residential heating and electric power generation---the consumption of natural gas is highly variable both seasonally and on less predictable daily and weekly timescales. Flexible LNG trade will interconnect previously isolated regional gas markets, each with non-correlated variability in gas demand, differing gas storage costs, and heterogeneous institutional structures. The dissertation employs a series of analytical models to address key issues that will affect the expansion of the LNG trade and the implications for gas prices, investment and energy policy. First, I employ an optimization model to evaluate the fundamentals of seasonal LNG swing between markets with non-correlated gas demand (the U.S. and Europe). The model provides insights about the interaction of LNG trade with gas storage and price formation in interconnected regional markets. I then explore how random (stochastic) variability in gas demand will drive spot cargo movements and covariation in regional gas prices. Finally, I analyze the different institutional structures of the gas markets in the U.S. and Europe and consider how managed gas markets in Europe---without a competitive wholesale gas market---may effectively "export" supply and price volatility to countries with more competitive gas markets, such as the U.S.

  18. Ice Storage Air-Conditioning System Simulation with Dynamic Electricity Pricing: A Demand Response Study

    Directory of Open Access Journals (Sweden)

    Chi-Chun Lo

    2016-02-01

    Full Text Available This paper presents an optimal dispatch model of an ice storage air-conditioning system for participants to quickly and accurately perform energy saving and demand response, and to avoid the over contact with electricity price peak. The schedule planning for an ice storage air-conditioning system of demand response is mainly to transfer energy consumption from the peak load to the partial-peak or off-peak load. Least Squares Regression (LSR is used to obtain the polynomial function for the cooling capacity and the cost of power consumption with a real ice storage air-conditioning system. Based on the dynamic electricity pricing, the requirements of cooling loads, and all technical constraints, the dispatch model of the ice-storage air-conditioning system is formulated to minimize the operation cost. The Improved Ripple Bee Swarm Optimization (IRBSO algorithm is proposed to solve the dispatch model of the ice storage air-conditioning system in a daily schedule on summer. Simulation results indicate that reasonable solutions provide a practical and flexible framework allowing the demand response of ice storage air-conditioning systems to demonstrate the optimization of its energy savings and operational efficiency and offering greater energy efficiency.

  19. Practical operation strategies for pumped hydroelectric energy storage (PHES) utilising electricity price arbitrage

    International Nuclear Information System (INIS)

    Connolly, D.; Lund, H.; Finn, P.; Mathiesen, B.V.; Leahy, M.

    2011-01-01

    In this paper, three practical operation strategies (24Optimal, 24Prognostic, and 24Hsitrocial) are compared to the optimum profit feasible for a PHES facility with a 360 MW pump, 300 MW turbine, and a 2 GWh storage utilising price arbitrage on 13 electricity spot markets. The results indicate that almost all (∼97%) of the profits can be obtained by a PHES facility when it is optimised using the 24Optimal strategy developed, which optimises the energy storage based on the day-ahead electricity prices. However, to maximise profits with the 24Optimal strategy, the day-ahead electricity prices must be the actual prices which the PHES facility is charged or the PHES operator must have very accurate price predictions. Otherwise, the predicted profit could be significantly reduced and even become a loss. Finally, using the 24Optimal strategy, the PHES profit can surpass the annual investment repayments required. However, over the 5-year period investigated (2005-2009) the annual profit from the PHES facility varied by more than 50% on five out of six electricity markets considered. Considering the 40-year lifetime of PHES, even with low investment costs, a low interest rate, and a suitable electricity market, PHES is a risky investment without a more predictable profit. - Highlights: → Electricity generators typically operate on a market, including energy storage. → This paper assesses how energy storage can maximise its profits on a market. → Four operating strategies are assessed on 13 markets using a case study.→ One operating strategy achieves 97% of the profits feasible.→ However, the profit varies a lot depending on the market and capital costs.

  20. THE POLICY OF PRICES AN IMPORTANT ELEMENT IN SUBSTANTIATION OF PENETRATION STRATEGY IN NEW MARKET SEGMENTS

    Directory of Open Access Journals (Sweden)

    Hlaciuc Elena

    2009-05-01

    Full Text Available Pricing policy aims to determine the price of goods and services sold by the organization. These figures have an impact over the turnover that must be higher to the total expenses for the enterprise to make profits. Therefore, it is important to know the

  1. THE POLICY OF PRICES AN IMPORTANT ELEMENT IN SUBSTANTIATION OF PENETRATION STRATEGY IN NEW MARKET SEGMENTS

    OpenAIRE

    Hlaciuc Elena; Boghean Camen; Danila Morosan Lucia; Boghean Florin

    2009-01-01

    Pricing policy aims to determine the price of goods and services sold by the organization. These figures have an impact over the turnover that must be higher to the total expenses for the enterprise to make profits. Therefore, it is important to know the

  2. Electricity storages - optimised operation based on spot market prices; Stromspeicher. Optimierte Fahrweise auf Basis der Spotmarktpreise

    Energy Technology Data Exchange (ETDEWEB)

    Bernhard, Dominik; Roon, Serafin von [FfE Forschungsstelle fuer Energiewirtschaft e.V., Muenchen (Germany)

    2010-06-15

    With its integrated energy and climate package the last federal government set itself ambitious goals for the improvement of energy efficiency and growth of renewable energy production. These goals were confirmed by the new government in its coalition agreement. However, they can only be realised if the supply of electricity from fluctuating renewable sources can be made to coincide with electricity demand. Electricity storages are therefore an indispensable component of the future energy supply system. This article studies the optimised operation of an electricity storage based on spot market prices and the influence of wind power production up to the year 2020.

  3. Important variables in explaining real-time peak price in the independent power market of Ontario

    International Nuclear Information System (INIS)

    Rueda, I.E.A.; Marathe, A.

    2005-01-01

    This paper uses support vector machines (SVM) based learning algorithm to select important variables that help explain the real-time peak electricity price in the Ontario market. The Ontario market was opened to competition only in May 2002. Due to the limited number of observations available, finding a set of variables that can explain the independent power market of Ontario (IMO) real-time peak price is a significant challenge for the traders and analysts. The kernel regressions of the explanatory variables on the IMO real-time average peak price show that non-linear dependencies exist between the explanatory variables and the IMO price. This non-linear relationship combined with the low variable-observation ratio rule out conventional statistical analysis. Hence, we use an alternative machine learning technique to find the important explanatory variables for the IMO real-time average peak price. SVM sensitivity analysis based results find that the IMO's predispatch average peak price, the actual import peak volume, the peak load of the Ontario market and the net available supply after accounting for load (energy excess) are some of the most important variables in explaining the real-time average peak price in the Ontario electricity market. (author)

  4. Price and income elasticities of crude oil import demand in South Africa. A cointegration analysis

    Energy Technology Data Exchange (ETDEWEB)

    Ziramba, Emmanuel [Department of Economics, University of South Africa, P.O Box 392, Unisa 0003 (South Africa)

    2010-12-15

    This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. (author)

  5. The Pass-Through of Exchange Rate Changes to Import Prices

    OpenAIRE

    Ketelsen, Uwe; Kortelainen, Mika

    1996-01-01

    In this paper we analyze the empirical relevance of exchange rate pass-through for Finland, Sweden and Denmark during the period 1980–1994. Further, we attempt to determine if there has been a structural change in the pass-through relationship in the1990s. We find that about half the changes in exchange rates and world prices are passed through to import prices within one year, and three-quarters of such changes are passed through to import prices in two years. Moreover, there are no major di...

  6. Prices and availability of locally produced and imported medicines in Ethiopia and Tanzania.

    Science.gov (United States)

    Ewen, M; Kaplan, W; Gedif, T; Justin-Temu, M; Vialle-Valentin, C; Mirza, Z; Regeer, B; Zweekhorst, M; Laing, R

    2017-01-01

    To assess the effect of policies supporting local medicine production to improve access to medicines. We adapted the WHO/HAI instruments measuring medicines availability and prices to differentiate local from imported products, then pilot tested in Ethiopia and Tanzania. In each outlet, prices were recorded for all products in stock for medicines on a country-specific list. Government procurement prices were also collected. Prices were compared to an international reference and expressed as median price ratios (MPR). The Ethiopian government paid more for local products (median MPR = 1.20) than for imports (median MPR = 0.84). Eight of nine medicines procured as both local and imported products were cheaper when imported. Availability was better for local products compared to imports, in the public (48% vs. 19%, respectively) and private (54% vs. 35%, respectively) sectors. Patient prices were lower for imports in the public sector (median MPR = 1.18[imported] vs. 1.44[local]) and higher in the private sector (median MPR = 5.42[imported] vs. 1.85[local]). In the public sector, patients paid 17% and 53% more than the government procurement price for local and imported products, respectively. The Tanzanian government paid less for local products (median MPR = 0.69) than imports (median MPR = 1.34). In the public sector, availability of local and imported products was 21% and 32% respectively, with patients paying slightly more for local products (median MPR = 1.35[imported] vs. 1.44[local]). In the private sector, local products were less available (21%) than imports (70%) but prices were similar (median MPR = 2.29[imported] vs. 2.27[local]). In the public sector, patients paid 135% and 65% more than the government procurement price for local and imported products, respectively. Our results show how local production can affect availability and prices, and how it can be influenced by preferential purchasing and mark-ups in the public

  7. Parallel imports of hospital pharmaceuticals: An empirical analysis of price effects from parallel imports and the design of procurement procedures in the Danish hospital sector

    OpenAIRE

    Hostenkamp, Gisela; Kronborg, Christian; Arendt, Jacob Nielsen

    2012-01-01

    We analyse pharmaceutical imports in the Danish hospital sector. In this market medicines are publicly tendered using first-price sealed-bid procurement auctions. We analyse whether parallel imports have an effect on pharmaceutical prices and whether the way tenders were organised matters for the competitive effect of parallel imports on prices. Our theoretical analysis shows that the design of the procurement rules affects both market structure and pharmaceutical prices. Parallel imports may...

  8. Revisiting the impacts of oil price increases on monetary policy implementation in the largest oil importers

    Directory of Open Access Journals (Sweden)

    Nurtac Yildirim

    2015-06-01

    Full Text Available The aim of this paper is to test the impacts of oil price increases on monetary policy implementation in the largest oil importers. For that purpose, we estimate structural vector error correction (SVEC models to show the impacts of oil price increases on industrial production, consumer prices and immediate interest rates which are the elements of Taylor rule for the four largest oil importers (the USA, the EU, China and Japan. Our results indicate that oil price increases transmit to output and inflation and lead to fluctuations in industrial production, consumer prices and immediate interest rates which in turn influence the monetary policy stance in the following periods. The basic conclusion of research is that the channels through which oil prices affect output, inflation and interest rates should be identified by the monetary policy authorities of the USA, the EU, China and Japan. We also emphasize the importance of the determination of the optimal monetary policy framework to eliminate the negative consequences of oil price increases.

  9. The Future of Hydropower: Assessing the Impacts of Climate Change, Energy Prices and New Storage Technologies

    Science.gov (United States)

    Gaudard, Ludovic; Madani, Kaveh; Romerio, Franco

    2016-04-01

    The future of hydropower depends on various drivers, and in particular on climate change, electricity market evolution and innovation in new storage technologies. Their impacts on the power plants' profitability can widely differ in regards of scale, timing, and probability of occurrence. In this respect, the risk should not be expressed only in terms of expected revenue, but also of uncertainty. These two aspects must be considered to assess the future of hydropower. This presentation discusses the impacts of climate change, electricity market volatility and competing energy storage's technologies and quantifies them in terms of annual revenue. Our simulations integrate a glacio-hydrological model (GERM) with various electricity market data and models (mean reversion and jump diffusion). The medium (2020-50) and long-term (2070-2100) are considered thanks to various greenhouse gas scenarios (A1B, A2 and RCP3PD) and the stochastic approach for the electricity prices. An algorithm named "threshold acceptance" is used to optimize the reservoir operations. The impacts' scale, and the related uncertainties are presented for Mauvoisin, which is a storage-hydropower plant situated in the Swiss Alps, and two generic pure pumped-storage installations, which are assessed with the prices of 17 European electricity markets. The discussion will highlight the key differences between the impacts brought about by the drivers.

  10. Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis

    Energy Technology Data Exchange (ETDEWEB)

    Ziramba, Emmanuel, E-mail: zirame@unisa.ac.z [Department of Economics, University of South Africa, P.O Box 392, Unisa 0003 (South Africa)

    2010-12-15

    This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. - Research Highlights: {yields}The paper examines the demand for imported crude oil in South Africa over the period 1980-2006. {yields} The estimated long-run price and income elasticities are -0.147 and 0.429, respectively. {yields} There is evidence of unidirectional long-run causality running from real GDP to crude oil imports.

  11. Price and income elasticities of crude oil import demand in South Africa: A cointegration analysis

    International Nuclear Information System (INIS)

    Ziramba, Emmanuel

    2010-01-01

    This paper examines the demand for imported crude oil in South Africa as a function of real income and the price of crude oil over the period 1980-2006. We carried out the Johansen co integration multivariate analysis to determine the long-run income and price elasticities. A unique long-run cointegration relationship exists between crude oil imports and the explanatory variables. The short-run dynamics are estimated by specifying a general error correction model. The estimated long-run price and income elasticities of -0.147 and 0.429 suggest that import demand for crude oil is price and income inelastic. There is also evidence of unidirectional long-run causality running from real GDP to crude oil imports. - Research Highlights: →The paper examines the demand for imported crude oil in South Africa over the period 1980-2006. → The estimated long-run price and income elasticities are -0.147 and 0.429, respectively. → There is evidence of unidirectional long-run causality running from real GDP to crude oil imports.

  12. Working Paper - WP/12/08- Exchange Rate Pass-through to Import Prices, and Monetary Policy in South Africa

    OpenAIRE

    Janine Aron; Greg Farrell; John Muellbauer; Peter Sinclair

    2012-01-01

    Understanding how import prices adjust to exchange rates helps anticipate inflation effects and monetary policy responses. This paper examines exchange rate pass-through to the monthly import price index in South Africa during 1980–2009. Various short-run pass-through estimates are calculated simply without recourse to a full structural model, yet without neglecting the long-run relationships between prices or the effects of previous import price changes, and controlling for domestic and fore...

  13. THE IMPORTANCE OF PRICE IN THE POSITIONING OF FOOD BRANDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Ghassan SHAKHSHIR

    2014-11-01

    Full Text Available In the food industry, price is an influential and a key factor in product brand positioning. This importance is even greater as the market analyzed is that of Romania. Since it is at the beginning of its relations with foreign markets compared to other countries, whether they are in the European Union or in Northern America, until a few years ago by Romanian consumers used to choose food products only based on the price and generally just buy the cheapest product, without taking into account other selection criteria. Now the market has developed, however, and there were many changes in behavior. This paper is a theoretical analysis on the influence of prices in the food market, the evolution of its importance due to the effects of the recession, the repercussions of changes in price and variation in behavior due to promotions. Preliminary results show that price is the main benefit by which consumers position food in their mind and that price promotions have an impact on positioning.

  14. EXCHANGE RATE PASS-THROUGH, IMPORT PRICES AND INFLATION UNDER STRUCTURAL BREAKS

    Directory of Open Access Journals (Sweden)

    Arintoko Arintoko

    2011-09-01

    Full Text Available This research estimates the exchange rate pass-through (ERPT into import prices by applying an extension of the basic model of ERPT on Indonesia. It estimates models of cointegration and error-correction mechanism (ECM, with and without structural breaks. It uses the techniques of Zivot-Andrews and of Gregory-Hansen to test for structural breaks and cointegration with the structural breaks, respectively. The results show that with the control variables, inflation affects import prices and lower the pass-through for short term, in a condition of free floating exchange rate. In the short term, with the inclusion of structural breaks, significant inflation affects import prices and lowers the ERPT coefficient.  Keywords:    Exchange rate pass-through, inflation, structural breaks, cointegration, error-correction mechanismJEL classification numbers: C22, C32, E31, F41

  15. A Simple Operating Strategy of Small-Scale Battery Energy Storages for Energy Arbitrage under Dynamic Pricing Tariffs

    Directory of Open Access Journals (Sweden)

    Enrico Telaretti

    2015-12-01

    Full Text Available Price arbitrage involves taking advantage of an electricity price difference, storing electricity during low-prices times, and selling it back to the grid during high-prices periods. This strategy can be exploited by customers in presence of dynamic pricing schemes, such as hourly electricity prices, where the customer electricity cost may vary at any hour of day, and power consumption can be managed in a more flexible and economical manner, taking advantage of the price differential. Instead of modifying their energy consumption, customers can install storage systems to reduce their electricity bill, shifting the energy consumption from on-peak to off-peak hours. This paper develops a detailed storage model linking together technical, economic and electricity market parameters. The proposed operating strategy aims to maximize the profit of the storage owner (electricity customer under simplifying assumptions, by determining the optimal charge/discharge schedule. The model can be applied to several kinds of storages, although the simulations refer to three kinds of batteries: lead-acid, lithium-ion (Li-ion and sodium-sulfur (NaS batteries. Unlike literature reviews, often requiring an estimate of the end-user load profile, the proposed operation strategy is able to properly identify the battery-charging schedule, relying only on the hourly price profile, regardless of the specific facility’s consumption, thanks to some simplifying assumptions in the sizing and the operation of the battery. This could be particularly useful when the customer load profile cannot be scheduled with sufficient reliability, because of the uncertainty inherent in load forecasting. The motivation behind this research is that storage devices can help to lower the average electricity prices, increasing flexibility and fostering the integration of renewable sources into the power system.

  16. Policy options for alcohol price regulation: the importance of modelling population heterogeneity.

    Science.gov (United States)

    Meier, Petra Sylvia; Purshouse, Robin; Brennan, Alan

    2010-03-01

    Context and aims Internationally, the repertoire of alcohol pricing policies has expanded to include targeted taxation, inflation-linked taxation, taxation based on alcohol-by-volume (ABV), minimum pricing policies (general or targeted), bans of below-cost selling and restricting price-based promotions. Policy makers clearly need to consider how options compare in reducing harms at the population level, but are also required to demonstrate proportionality of their actions, which necessitates a detailed understanding of policy effects on different population subgroups. This paper presents selected findings from a policy appraisal for the UK government and discusses the importance of accounting for population heterogeneity in such analyses. Method We have built a causal, deterministic, epidemiological model which takes account of differential preferences by population subgroups defined by age, gender and level of drinking (moderate, hazardous, harmful). We consider purchasing preferences in terms of the types and volumes of alcoholic beverages, prices paid and the balance between bars, clubs and restaurants as opposed to supermarkets and off-licenses. Results Age, sex and level of drinking fundamentally affect beverage preferences, drinking location, prices paid, price sensitivity and tendency to substitute for other beverage types. Pricing policies vary in their impact on different product types, price points and venues, thus having distinctly different effects on subgroups. Because population subgroups also have substantially different risk profiles for harms, policies are differentially effective in reducing health, crime, work-place absence and unemployment harms. Conclusion Policy appraisals must account for population heterogeneity and complexity if resulting interventions are to be well considered, proportionate, effective and cost-effective.

  17. PRICE AND PRICING STRATEGIES

    OpenAIRE

    SUCIU Titus

    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...

  18. On the importance of commodity and energy price shocks for the macroeconomy

    Science.gov (United States)

    Edelstein, Paul S.

    Although higher commodity prices are commonly thought to presage higher rates of inflation, the existing literature suggests that the predictive power of commodity prices for inflation has waned since the 1980s. In the first chapter, I show that this result can be overturned using state-of-the-art forecast combination methods. Moreover, commodity prices are shown to contain predictive information not contained in the leading principal components of a broad set of macroeconomic and financial variables. These improved inflation forecasts are of little value, however, for predicting actual Fed policy decisions. The remaining two chapters study the effect of energy price shocks on U.S. consumer and business expenditures. In the second chapter, I show that there is no statistical support for the presence of asymmetries in the response of real consumption to energy price increases and decreases. This finding has important implications for empirical and theoretical models of the transmission of energy price shocks. I then quantify the direct effect on real consumption of (1) unanticipated changes in discretionary income, (2) shifts in precautionary savings, and (3) changes in the operating cost of energy-using durables. Finally, I trace the declining importance of energy price shocks relative to the 1970s to changes in the composition of U.S. automobile production and the declining overall importance of the U.S. automobile sector. An alternative source of asymmetry is the response of nonresidential fixed investment to energy price shocks. In the third chapter, I show that the apparent asymmetry in the estimated responses of business fixed investment in equipment and structures is largely an artifact (1) of the aggregation of mining-related expenditures by the oil, natural gas, and coal mining industry and all other expenditures, and (2) of ignoring an exogenous shift in investment caused by the 1986 Tax Reform Act. Once symmetry is imposed and miningrelated expenditures

  19. Prices and availability of locally produced and imported medicines in Ethiopia and Tanzania

    NARCIS (Netherlands)

    Ewen, M.; Kaplan, W.; Gedif, T.; Justin-Temu, M.; Vialle-Valentin, C.; Mirza, Z.; Regeer, B.; Zweekhorst, M.; Laing, Richard

    2017-01-01

    Background: To assess the effect of policies supporting local medicine production to improve access to medicines. Methods: We adapted the WHO/HAI instruments measuring medicines availability and prices to differentiate local from imported products, then pilot tested in Ethiopia and Tanzania. In each

  20. Immunomodulating effect of blood transfusion: is storage time important?

    DEFF Research Database (Denmark)

    Mynster, T; Dybkjoer, E; Kronborg, Gitte

    1998-01-01

    in stimulating TNF-alpha and IL-2 release in an ex vivo assay. METHODS: Supernatants of 10 units of whole blood and 10 units of SAGM blood were collected after 1, 21 and 35 days of standard blood bank storage. Heparinized blood from 20 healthy volunteers (as 'recipients'), corresponding in ABO and Rh type......OBJECTIVES: TNF-alpha and IL-2 are important cytokines in macrophage and T-lymphocyte activity against infection and dissemination of malignant cells. We studied the influence of supernatants from stored whole blood and buffy-coat-depleted SAGM (saline, adenine, glucose and mannitol) blood...... to the stored blood, were used in a culture system with LPS and PHA as stimulators of TNF-alpha and IL-2 release. The effect of added supernatants, from either stored whole blood or SAGM blood, on cytokine release was evaluated compared to saline as control. TNF-alpha concentration was analyzed by ELISA after...

  1. Estimating the system price of redox flow batteries for grid storage

    Science.gov (United States)

    Ha, Seungbum; Gallagher, Kevin G.

    2015-11-01

    Low-cost energy storage systems are required to support extensive deployment of intermittent renewable energy on the electricity grid. Redox flow batteries have potential advantages to meet the stringent cost target for grid applications as compared to more traditional batteries based on an enclosed architecture. However, the manufacturing process and therefore potential high-volume production price of redox flow batteries is largely unquantified. We present a comprehensive assessment of a prospective production process for aqueous all vanadium flow battery and nonaqueous lithium polysulfide flow battery. The estimated investment and variable costs are translated to fixed expenses, profit, and warranty as a function of production volume. When compared to lithium-ion batteries, redox flow batteries are estimated to exhibit lower costs of manufacture, here calculated as the unit price less materials costs, owing to their simpler reactor (cell) design, lower required area, and thus simpler manufacturing process. Redox flow batteries are also projected to achieve the majority of manufacturing scale benefits at lower production volumes as compared to lithium-ion. However, this advantage is offset due to the dramatically lower present production volume of flow batteries compared to competitive technologies such as lithium-ion.

  2. Determining consumer purchase intentions: the importance of dry matter, size, and price of kiwifruit.

    Science.gov (United States)

    Jaeger, Sara R; Harker, Roger; Triggs, Chris M; Gunson, Anne; Campbell, Rachel L; Jackman, Richard; Requejo-Jackman, Cecilia

    2011-04-01

    Knowledge of the relative importance of food quality attributes in determining consumer purchase intention is critical for robust assessment of economic opportunities for industry growth. The aim of this study is to demonstrate how conjoint analysis methodology that incorporates tasting of fruit can be used to collect such information. Three hundred Japanese consumers took part in research designed to measure the importance of dry matter (DM), size, and price of kiwifruit (Actinidia deliciosa "Hayward" and Actinidia chinensis "Hort16A") for purchase intention. Measurement of consumer liking for kiwifruit of different DM content was a key first step. Liking increased as DM increased and was accompanied by increased purchase likelihood/choice probability for kiwifruit. The size of kiwifruit presented to consumers varied from "small" to "extra large." Consumers liked "mid-sized" kiwifruit over "small" or "extra-large" kiwifruit. Despite these differences in liking, size was of little importance in determining purchase likelihood/choice probability for kiwifruit. Price was a very important factor in determining purchase likelihood/choice probability but was less important than DM content. As price increased, purchase likelihood/choice probability decreased. Beneath these general findings, heterogeneity existed. Some consumers placed more/less importance on the focal purchase drivers than suggested by the aggregate model. Overall, the results suggest that incentive schemes already implemented by industry should consider rewarding high-DM fruit more than fruit size.   This research has contributed to the New Zealand kiwifruit industry gaining a better understanding of the relative importance consumers place on DM, size, and price of kiwifruit and has resulted in changes to grower incentive schemes. The research approach presented forces consumer to tradeoff attributes of kiwifruit against each other and decide on how important two key quality attributes-DM and

  3. Price

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    The price terms in wheeling contracts very substantially, reflecting the differing conditions affecting the parties contracting for the service. These terms differ in the manner in which rates are calculated, the formulas used, and the philosophy underlying the accord. For example, and EEI study found that firm wheeling rates ranged from 20 cents to $1.612 per kilowatt per month. Nonfirm rates ranged from .15 mills to 5.25 mills per kilowatt-hour. The focus in this chapter is on cost-based rates, reflecting the fact that the vast majority of existing contracts are based on rate designs reflecting embedded costs. This situation may change in the future, but, for now, this fact can't be ignored

  4. Short‑Term and Long‑Term Relationships Between Prices of Imported Oil and Fuel Products in the U. S.

    Directory of Open Access Journals (Sweden)

    Václav Adamec

    2016-01-01

    Full Text Available In this study, we analyzed a system of five monthly time series integrated I(1: average price of crude oil imported to the U.S. from OPEC countries (Opec, imported oil price from other than OPEC countries (NonOpec in USD per barrel, average price of regular gasoline in the U.S. (Regular, premium quality gasoline price (Premium and kerosene price (Kerosene in U.S. cents per gallon. Cointegration was established by EG test and the series were analyzed by VECM model with lag selected via BIC criterion. Cointegration rank was determined by the Johansen procedure. According to VECM coefficients, prices of oil from OPEC countries and beyond OPEC exert influence upon all commodity prices in the system, but in a contradictory manner. Responses to innovation shocks in Opec and NonOpec stabilized within 8 to 10 months upon a nonzero shift and further became permanent. Innovation shock in both types of gasoline and Kerosene had only short-term significant impact upon the system. Forecast error variance in all variables is explained mainly by variation in oil prices, especially Opec, which persists with increased horizon. For a short horizon h = 1, FEVDs in gasoline and kerosene prices are primarily made of variation in the respective fuel prices.

  5. Implementation of Equilibrium-Price Model to the Estimation of Import Inflation

    Directory of Open Access Journals (Sweden)

    Yadulla Hasanli

    2015-04-01

    Full Text Available This study aims at investigating the the import inflationary processes as a result of feedbacks of mutual economic relations of World countries. It is used Equilibrium Price Model to estimate the import inflationary processes in CIS countries. The study investigates the further results regarding the import inflationary processes in the CIS countries on the scenario of increasing the Value Added norm in Russia. As well as by standpoint of economic growth and price stability, the recent revaluation of US dollar in the World and its impacts to total output of other countries have been investigated in details. In other words due to revaluation of the US dollar, if the final product decreases in USA, this decreasing impact how to be transmitted to the world countries have been estimated by the Input-Output Table in this study as well. The work is fulfilled on the Input-Output data for the year 2011. This study assumes theoretical and practical importance in defining the monetary policy.

  6. Gold mining in the Peruvian Amazon: global prices, deforestation, and mercury imports.

    Directory of Open Access Journals (Sweden)

    Jennifer J Swenson

    Full Text Available Many factors such as poverty, ineffective institutions and environmental regulations may prevent developing countries from managing how natural resources are extracted to meet a strong market demand. Extraction for some resources has reached such proportions that evidence is measurable from space. We present recent evidence of the global demand for a single commodity and the ecosystem destruction resulting from commodity extraction, recorded by satellites for one of the most biodiverse areas of the world. We find that since 2003, recent mining deforestation in Madre de Dios, Peru is increasing nonlinearly alongside a constant annual rate of increase in international gold price (∼18%/yr. We detect that the new pattern of mining deforestation (1915 ha/year, 2006-2009 is outpacing that of nearby settlement deforestation. We show that gold price is linked with exponential increases in Peruvian national mercury imports over time (R(2 = 0.93, p = 0.04, 2003-2009. Given the past rates of increase we predict that mercury imports may more than double for 2011 (∼500 t/year. Virtually all of Peru's mercury imports are used in artisanal gold mining. Much of the mining increase is unregulated/artisanal in nature, lacking environmental impact analysis or miner education. As a result, large quantities of mercury are being released into the atmosphere, sediments and waterways. Other developing countries endowed with gold deposits are likely experiencing similar environmental destruction in response to recent record high gold prices. The increasing availability of satellite imagery ought to evoke further studies linking economic variables with land use and cover changes on the ground.

  7. Gold mining in the Peruvian Amazon: global prices, deforestation, and mercury imports.

    Science.gov (United States)

    Swenson, Jennifer J; Carter, Catherine E; Domec, Jean-Christophe; Delgado, Cesar I

    2011-04-19

    Many factors such as poverty, ineffective institutions and environmental regulations may prevent developing countries from managing how natural resources are extracted to meet a strong market demand. Extraction for some resources has reached such proportions that evidence is measurable from space. We present recent evidence of the global demand for a single commodity and the ecosystem destruction resulting from commodity extraction, recorded by satellites for one of the most biodiverse areas of the world. We find that since 2003, recent mining deforestation in Madre de Dios, Peru is increasing nonlinearly alongside a constant annual rate of increase in international gold price (∼18%/yr). We detect that the new pattern of mining deforestation (1915 ha/year, 2006-2009) is outpacing that of nearby settlement deforestation. We show that gold price is linked with exponential increases in Peruvian national mercury imports over time (R(2) = 0.93, p = 0.04, 2003-2009). Given the past rates of increase we predict that mercury imports may more than double for 2011 (∼500 t/year). Virtually all of Peru's mercury imports are used in artisanal gold mining. Much of the mining increase is unregulated/artisanal in nature, lacking environmental impact analysis or miner education. As a result, large quantities of mercury are being released into the atmosphere, sediments and waterways. Other developing countries endowed with gold deposits are likely experiencing similar environmental destruction in response to recent record high gold prices. The increasing availability of satellite imagery ought to evoke further studies linking economic variables with land use and cover changes on the ground.

  8. The importance of marginal cost electricity pricing to the success of greenhouse gas reduction programs

    International Nuclear Information System (INIS)

    Friedman, Lee S.

    2011-01-01

    The efficient reduction of GHG emissions requires appropriate retail pricing of off-peak electricity. However, off-peak electricity for residential consumers is priced at 331% above its marginal cost in the United States as a whole (June 2009). Even for the 1% of residences that are on some form of time-of-use (TOU) rate schedule, the off-peak rate is almost three times higher than the marginal cost. A barrier to marginal-cost based TOU rates is that less than 9% of U.S. households have the 'smart' meters in place that can measure and record the time of consumption. Policies should be put in place to achieve full deployment. Another important barrier is consumer concern about TOU rate design. Two TOU rate designs (baseline and two-part tariff) are described that utilize marginal-cost based rates, ensure appropriate cost recovery, and minimize bill changes from current rate structures. A final barrier is to get residences on to these rates. Should a marginal-cost based TOU rate design remain an alternative for which residences could 'opt-in,' or become the default choice, or become mandatory? Time-invariant rates are a historical anachronism that subsidize very costly peak-period consumption and penalize off-peak usage to our environmental detriment. They should be phased out. - Highlights: → Off-peak electricity for residences is priced at 331% above marginal cost in the US. → This inefficiently deters vehicle electrification that could reduce GHG emissions. → 9% of U.S. households have the 'smart' meters necessary for time-of-use rates. → Time-invariant rates cause substantial environmental harm and should be phased out.

  9. Effect of heat storage and fuel price on energy management and economics of micro CCHP cogeneration systems

    Energy Technology Data Exchange (ETDEWEB)

    Askari, I. Baniasad [University of Zabol, Zabol (Iran, Islamic Republic of); Sadegh, M. Oukati [University of Sistan and Baluchestan, Zahedan (Iran, Islamic Republic of); Ameri, M. [Shahid Bahonar University, Kerman (Iran, Islamic Republic of)

    2014-05-15

    In the present work, a typical combined cooling, heating and power (CCHP) system comprised of boiler, flat solar collectors, absorption chiller and heat storage tank was investigated. The described system was considered to supply the given electricity, cooling and heating demand of a residential building; with heating and cooling needs of 100 and 50 kW, respectively. To find the optimum hybrid configurations with high reliability, low costs, low fuel consumption and emissions, a computer program was provided by authors in FORTRAN language. Different fuel prices were considered in the present work. The results indicated that the optimal operation strategy changes with Boiler and NGG fuel prices while it also changes with increasing the number of solar collectors, heat storage capacity and consequently decreasing total annual emission.

  10. Modeling Residential Water Consumption in Amman: The Role of Intermittency, Storage, and Pricing for Piped and Tanker Water

    Directory of Open Access Journals (Sweden)

    Christian Klassert

    2015-07-01

    Full Text Available Jordan faces an archetypal combination of high water scarcity, with a per capita water availability of around 150 m3 per year significantly below the absolute scarcity threshold of 500 m3, and strong population growth, especially due to the Syrian refugee crisis. A transition to more sustainable water consumption patterns will likely require Jordan’s water authorities to rely more strongly on water demand management in the future. We conduct a case study of the effects of pricing policies, using an agent-based model of household water consumption in Jordan’s capital Amman, in order to analyze the distribution of burdens imposed by demand-side policies across society. Amman’s households face highly intermittent piped water supply, leading them to supplement it with water from storage tanks and informal private tanker operators. Using a detailed data set of the distribution of supply durations across Amman, our model can derive the demand for additional tanker water. We find that integrating these different supply sources into our model causes demand-side policies to have strongly heterogeneous effects across districts and income groups. This highlights the importance of a disaggregated perspective on water policy impacts in order to identify and potentially mitigate excessive burdens.

  11. Scenario-based stochastic optimal operation of wind, photovoltaic, pump-storage hybrid system in frequency- based pricing

    International Nuclear Information System (INIS)

    Zare Oskouei, Morteza; Sadeghi Yazdankhah, Ahmad

    2015-01-01

    Highlights: • Two-stage objective function is proposed for optimization problem. • Hourly-based optimal contractual agreement is calculated. • Scenario-based stochastic optimization problem is solved. • Improvement of system frequency by utilizing PSH unit. - Abstract: This paper proposes the operating strategy of a micro grid connected wind farm, photovoltaic and pump-storage hybrid system. The strategy consists of two stages. In the first stage, the optimal hourly contractual agreement is determined. The second stage corresponds to maximizing its profit by adapting energy management strategy of wind and photovoltaic in coordination with optimum operating schedule of storage device under frequency based pricing for a day ahead electricity market. The pump-storage hydro plant is utilized to minimize unscheduled interchange flow and maximize the system benefit by participating in frequency control based on energy price. Because of uncertainties in power generation of renewable sources and market prices, generation scheduling is modeled by a stochastic optimization problem. Uncertainties of parameters are modeled by scenario generation and scenario reduction method. A powerful optimization algorithm is proposed using by General Algebraic Modeling System (GAMS)/CPLEX. In order to verify the efficiency of the method, the algorithm is applied to various scenarios with different wind and photovoltaic power productions in a day ahead electricity market. The numerical results demonstrate the effectiveness of the proposed approach.

  12. Comparison of control systems for the optimisation of ice storage in a dynamic real time electricity pricing environment

    International Nuclear Information System (INIS)

    Murphy, M.D.; O’Mahony, M.J.; Upton, J.

    2015-01-01

    Highlights: • A cold thermal energy storage system model was created and validated. • Pseudo real time electricity pricing was derived to represent the smart grid. • A demand side management optimisation algorithm was developed. • Demand side management algorithm performance was compared to a standard controller. • Overall the demand side management algorithm produced modest cost savings. - Abstract: The objective of this study was to assess the benefits of introducing a demand side management optimisation controller to a cold thermal storage ice bank. This controller consisted of an ice bank model, an air temperature forecast model and an optimisation algorithm. The financial and grid utilisation benefits produced by implementation of this controller over the current state of the art in ice bank load shifting control was tested in a day ahead real time electricity pricing forecast environment. This hypothetical real time electricity price was based on the cost of electricity in the Irish wholesale market. Multiple ice bank charge levels were simulated in order to quantify the performance of two control methods for varying operating conditions. First, the “standard controller” was based on the current modus operandi for ice bank systems where ice was generated for food cooling at night when the off-peak electricity tariff is available (00:00–08:00 h). Second, the “upgraded controller” was developed as a bespoke Demand Side Management control system for food refrigeration in a future electricity pricing environment. It consisted of a dual function load shifting optimisation algorithm, an ice bank model, and a predictive air temperature model. A preliminary study was also carried out to test the robustness of the controller’s performance in an uncertain real time electricity pricing forecast scenario. Both economic and grid management benefits were found by simulating the operation of the cold thermal storage load shifting controller in a

  13. Immunomodulating effect of blood transfusion: is storage time important?

    DEFF Research Database (Denmark)

    Mynster, T; Dybkjoer, E; Kronborg, Gitte

    1998-01-01

    OBJECTIVES: TNF-alpha and IL-2 are important cytokines in macrophage and T-lymphocyte activity against infection and dissemination of malignant cells. We studied the influence of supernatants from stored whole blood and buffy-coat-depleted SAGM (saline, adenine, glucose and mannitol) blood in sti...

  14. Valuation of storage under zonal pricing market structure. Case study: Italy

    Energy Technology Data Exchange (ETDEWEB)

    Oprescu, Bogdan [CentraleSupelec, Gif-sur-Yvette (France). Joint Research Centre; Quoilin, Sylvain [Liege Univ. (Belgium). Joint Research Centre

    2016-07-01

    The European Commission has proposed to reduce the greenhouse gas emissions to 80-95% below 1990 levels by 2050. Intermediately there is a binding legislation regarding the climate and energy targets for 2020. These targets, known as the ''20-20-20'' targets, set three key objectives for 2020: a 20% reduction in EU greenhouse gas emissions from 1990 levels, raising the share of EU energy consumption produced from renewable resources to 20% and a 20% improvement in the EU's energy efficiency. This policy is to be followed by the actions proposed in a policy framework for climate and energy in the period from 2020 to 2030: a new reduction target for domestic GHG emissions of 40% compared to 1990 for the year 2030, a target at European level for renewable energy of at least 27% for the year 2030 and a proposal for a 30% energy savings target for 2030. The 2020 targets for Italy translate into a 17% share of gross final energy consumption being delivered by Electricity from Renewable Energy Sources (RES-E). Various studies consider the integration of energy storage at the same time as RES-E as a solution to provide more flexibility in the energy system. Even though some studies model the electricity in higher detail, the case of Italy is rarely covered as an individual country. The goal of this paper is to evaluate the impact of adding storage in the Italian power system under different assumptions. The base case is the simplified assumption of a copper plate system where no transmission constraints are considered. This is then compared to the zonal dispatch which considers a simplified grid to underline the importance of locational signals for storage.

  15. Valuation of storage under zonal pricing market structure. Case study: Italy

    International Nuclear Information System (INIS)

    Oprescu, Bogdan; Quoilin, Sylvain

    2016-01-01

    The European Commission has proposed to reduce the greenhouse gas emissions to 80-95% below 1990 levels by 2050. Intermediately there is a binding legislation regarding the climate and energy targets for 2020. These targets, known as the ''20-20-20'' targets, set three key objectives for 2020: a 20% reduction in EU greenhouse gas emissions from 1990 levels, raising the share of EU energy consumption produced from renewable resources to 20% and a 20% improvement in the EU's energy efficiency. This policy is to be followed by the actions proposed in a policy framework for climate and energy in the period from 2020 to 2030: a new reduction target for domestic GHG emissions of 40% compared to 1990 for the year 2030, a target at European level for renewable energy of at least 27% for the year 2030 and a proposal for a 30% energy savings target for 2030. The 2020 targets for Italy translate into a 17% share of gross final energy consumption being delivered by Electricity from Renewable Energy Sources (RES-E). Various studies consider the integration of energy storage at the same time as RES-E as a solution to provide more flexibility in the energy system. Even though some studies model the electricity in higher detail, the case of Italy is rarely covered as an individual country. The goal of this paper is to evaluate the impact of adding storage in the Italian power system under different assumptions. The base case is the simplified assumption of a copper plate system where no transmission constraints are considered. This is then compared to the zonal dispatch which considers a simplified grid to underline the importance of locational signals for storage.

  16. A Three-Part Electricity Price Mechanism for Photovoltaic-Battery Energy Storage Power Plants Considering the Power Quality and Ancillary Service

    Directory of Open Access Journals (Sweden)

    Yajing Gao

    2017-08-01

    Full Text Available To solve the problem of solar abandoning, which is accompanied by the rapid development of photovoltaic (PV power generation, a demonstration of a photovoltaic-battery energy storage system (PV-BESS power plant has been constructed in Qinghai province in China. However, it is difficult for the PV-BESS power plant to survive and develop with the current electricity price mechanism and subsidy policy. In this paper, a three-part electricity price mechanism is proposed based on a deep analysis of the construction and operation costs and economic income. The on-grid electricity price is divided into three parts: the capacity price, graded electricity price, and ancillary service price. First, to ensure that the investment of the PV-BESS power plant would achieve the industry benchmark income, the capacity price and benchmark electricity price are calculated using the discounted cash flow method. Then, the graded electricity price is calculated according to the grade of the quality of grid-connected power. Finally, the ancillary service price is calculated based on the graded electricity price and ancillary service compensation. The case studies verify the validity of the three-part electricity price mechanism. The verification shows that the three-part electricity price mechanism can help PV-BESS power plants to obtain good economic returns, which can promote the development of PV-BESS power plants.

  17. Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries

    OpenAIRE

    Filis, George; Degiannakis, S.; Floros, C.

    2011-01-01

    The paper investigates the time-varying correlation between stock market prices and oil prices for oil-importing and oil-exporting countries. A DCC-GARCH-GJR approach is employed to test the above hypothesis based on data from six countries; Oil-exporting: Canada, Mexico, Brazil and Oil-importing: USA, Germany, Netherlands. The contemporaneous correlation results show that i) although time-varying correlation does not differ for oil-importing and oil-exporting economies, ii) the correlation i...

  18. The importance of peer effects, cigarette prices and tobacco control policies for youth smoking behavior.

    Science.gov (United States)

    Powell, Lisa M; Tauras, John A; Ross, Hana

    2005-09-01

    This paper expands the youth cigarette demand literature by undertaking an examination of the determinants of smoking among high school students incorporating the importance of peer effects and allowing cigarette prices (taxes) and tobacco control policies to have a direct effect and an indirect effect (via the peer effect) on smoking behavior. To control for the potential endogeneity of our school-based peer measure we implement a two-stage generalized least squares estimator for a dichotomous dependent variable and implement a series of diagnostic tests. The key finding is that peer effects play a significant role in youth smoking decisions: moving a high-school student from a school where no children smoke to a school where one quarter of the youths smoke is found to increase the probability that the youth smokes by about 14.5 percentage points. The results suggest that there is a potential for social multiplier effects with respect to any exogenous change in cigarette taxes or tobacco control policies.

  19. A Study of Demand Response Effect of Thermal Storage Air-Conditioning Systems in Consideration of Electricity Market Prices

    Science.gov (United States)

    Omagari, Yuko; Sugihara, Hideharu; Tsuji, Kiichiro

    This paper evaluates the economic impact of the introduction of customer-owned Thermal Storage Air-conditioning (TSA) systems, in an electricity market, from the viewpoint of the load service entity. We perform simulations on the condition that several thousand customers install TSA systems and shift peak demand in an electricity market by one percent. Our numerical results indicate that the purchase cost of the LSE was reduced through load management of customers with TSA systems. The introduction of TSA systems also reduced the volatility of market clearing price and reduced the whole-trade cost in an electricity market.

  20. Estimating core inflation : the role of oil price shocks and imported inflation

    OpenAIRE

    Bjørnland, Hilde Christiane

    1997-01-01

    This paper calculates core inflation, by imposing long run restrictions on a structural vector autoregression (VAR) model containing the growth rate of output, inflation and oil prices. Core inflation is identified as that component in inflation that has no long run effect on output. No restrictions are placed on the response of output and inflation to the oil price shocks. The analysis is applied to Norway and the United Kingdom, both oil producing OECD countries. A model that ...

  1. Optimal operation strategies of compressed air energy storage (CAES) on electricity spot markets with fluctuating prices

    DEFF Research Database (Denmark)

    Lund, Henrik; Salgi, Georges; Elmegaard, Brian

    2009-01-01

    on electricity spot markets by storing energy when electricity prices are low and producing electricity when prices are high. In order to make a profit on such markets, CAES plant operators have to identify proper strategies to decide when to sell and when to buy electricity. This paper describes three...... plants will not be able to achieve such optimal operation, since the fluctuations of spot market prices in the coming hours and days are not known. Consequently, two simple practical strategies have been identified and compared to the results of the optimal strategy. This comparison shows that...... independent computer-based methodologies which may be used for identifying the optimal operation strategy for a given CAES plant, on a given spot market and in a given year. The optimal strategy is identified as the one which provides the best business-economic net earnings for the plant. In practice, CAES...

  2. Classification of transportation packaging and dry spent fuel storage system components according to importance to safety

    International Nuclear Information System (INIS)

    Tyacke, M.J.; McConnell, J.W. Jr.; Ayers, A.L. Jr.; O'Connor, S.C.; Jankovich, J.P.

    1996-01-01

    The Idaho National Engineering Laboratory prepared a technical report for the Office of Nuclear Material Safety and Safeguards of the US Nuclear Regulatory Commission, entitled Classification of Transportation Packaging and Dry Spent Fuel Storage System Components According to Importance to Safety, NUREG/CR-6407. This paper provides the results of that report. It also presents the graded approach for classification of components used in transportation packagings and dry spent fuel storage systems. This approach provides a method for identifying the classification of components according to importance to safety within transportation packagings and dry spent fuel storage systems. Record retention requirements are discussed to identify the documentation necessary to validate that the individual components were fabricated in accordance with their assigned classification. A review of the existing regulations pertaining to transportation packagings and dry storage systems was performed to identify current requirements. The general types of transportation packagings and dry storage systems are identified. The methodology used in this paper is based on Regulatory Guide 7.10, Establishing Quality Assurance Programs for Packaging Used in the Transport of Radioactive Material. This paper also includes a list of generic components for each of the general types of transportation packagings and spent fuel storage systems, with a classification category assigned to each component. Several examples concerning the safety importance of components are presented

  3. Classification of transportation packaging and dry spent fuel storage system components according to importance to safety

    International Nuclear Information System (INIS)

    McConnell, J.W., Jr; Ayers, A.L. Jr; Tyacke, M.J.

    1996-02-01

    This report provides a graded approach for classification of components used in transportation packaging and dry spent fuel storage systems. This approach provides a method for identifying, the classification of components according to importance to safety within transportation packagings and dry spent fuel storage systems. Record retention requirements are discussed to identify the documentation necessary to validate that the individual components were fabricated in accordance with their assigned classification. A review of the existing regulations pertaining to transportation packagings and dry storage systems was performed to identify current requirements The general types of transportation packagings and dry storage systems were identified. Discussions were held with suppliers and fabricators of packagings and storage systems to determine current practices. The methodology used in this report is based on Regulatory Guide 7.10, Establishing Quality Assurance Programs for Packaging Used in the Transport of Radioactive Material. This report also includes a list of generic components for each of the general types of transportation packagings and spent fuel storage systems. The safety importance of each component is discussed, and a classification category is assigned

  4. Do emerging markets matter in the world oil pricing system? Evidence of imported crude by China and India

    International Nuclear Information System (INIS)

    Hong Li; Lin Xiaowen, Sharon

    2011-01-01

    This paper provides empirical evidence on the changing structure of world oil price system by identifying an additional driver-emerging market factor. We choose China and India as a representative of emerging markets to examine if the quantity of crude oil imported by China and India is significant in the existing oil pricing system (. Our data starts from January 2002 and ends in March 2010, which includes the oil shock of 2007-2008. We utilize cointegration and error correction model framework developed by and in the analysis. Our results indicate that demand from emerging markets has become a significant factor in the world oil pricing system since 2003. This result is significant as it lends empirical support to the widely held conjecture that the oil shock of 2007-2008 is a demand-led shock (). Our result also has significant policy implications that go beyond the oil shock. The emerging market factor is there to stay and reflects the changing power between emerging and developed economies in the world economic system as a result of decades of fast economic development in the former. It will certainly influence policy issues related to oil and beyond. - Highlights: → We test the existing oil price modelling with data from 2002-2010. → We find evidence of structural breaks in the world oil pricing model. → We find that emerging market factor is a new driver in the world oil pricing system since 2003. → The emerging market factor lends empirical support to 'consumption-led' conjecture of oil shock. → New factor reflects significant changes of oil demand landscape following shifting economic power.

  5. The importance of vehicle costs, fuel prices, and fuel efficiency to HEV market success.

    Energy Technology Data Exchange (ETDEWEB)

    Santini, D. J.; Patterson, P. D.; Vyas, A. D.

    1999-12-08

    Toyota's introduction of a hybrid electric vehicle (HEV) named ''Prius'' in Japan and Honda's proposed introduction of an HEV in the United States have generated considerable interest in the long-term viability of such fuel-efficient vehicles. A performance and cost projection model developed entirely at Argonne National Laboratory (ANL) is used here to estimate costs. ANL staff developed fuel economy estimates by extending conventional vehicle (CV) modeling done primarily under the National Cooperative Highway Research Program. Together, these estimates are employed to analyze dollar costs vs. benefits of two of many possible HEV technologies. We project incremental costs and fuel savings for a Prius-type low-performance hybrid (14.3 seconds zero to 60 mph acceleration, 260 time) and a higher-performance ''mild'' hybrid vehicle, or MHV (11 seconds 260 time). Each HEV is compared to a U.S. Toyota Corolla with automatic transmission (11 seconds 260 time). The base incremental retail price range, projected a decade hence, is $3,200-$3,750, before considering battery replacement cost. Historical data are analyzed to evaluate the effect of fuel price on consumer preferences for vehicle fuel economy, performance, and size. The relationship between fuel price, the level of change in fuel price, and consumer attitude toward higher fuel efficiency is also evaluated. A recent survey on the value of higher fuel efficiency is presented and U.S. commercial viability of the hybrids is evaluated using discount rates of 2090 and 870. Our analysis, with our current HEV cost estimates and current fuel savings estimates, implies that the U.S. market for such HEVS would be quite limited.

  6. 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.

  7. Carbon Capture and Storage Investment and Management in an Environment of Technological and Price Uncertainties

    Energy Technology Data Exchange (ETDEWEB)

    Geske, Joachim; Herold, Johannes [Forschungszentrum Juelich and TU Dresden (Germany)

    2009-07-01

    In this paper we use a real options approach to analyze investment in a CCS postcombustion technology. Uncertainties in the development of efficiency and certificate prices are taken into account. We therefore propose a bounded monotone stochastic process to model energy efficiency development which is in line with thermodynamic limitations. The option not to employ the technology is allowed for. Parameter values are selected carefully. Numerical analysis shows plausible qualitative features. Furthermore there exist investment barriers for each uncertain parameter alone which reduce if interaction of the independent processes is permitted.

  8. Consumer preferences towards beef cattle in Chile : Importance of country of origin, cut, packaging, brand and price

    OpenAIRE

    Schnettler, Berta; Sepúlveda, Néstor; Sepúlveda, José; Orellana, Ligia; Miranda, Horacio; Lobos, Germán; Mora, Marcos

    2014-01-01

    A study was carried out to evaluate preferences for two cuts, four countries of origin, two forms of presentation, brand and different prices of beef cattle among supermarket buyers in southern Chile, and to distinguish the existence of different market segments, through a survey of 800 people. Using a fractional factorial design for conjoint analysis, it was determined overall that the origin was more important (...

  9. Role of Exchange Rate Volatility in Exchange Rate Pass-Through to Import Prices: Some Evidence from Japan

    OpenAIRE

    Guneratne Banda Wickremasinghe; Param Silvapulle

    2004-01-01

    This paper investigates the effect of exchange rate volatility on the degree of exchange rate pass-through in Japan for the period January 1975 to June 1997. Although several studies put forward theoretical arguments for the volatility-domestic import price relationship, only a very few studies produced empirical evidence. The volatility of contractual currency based exchange rate index returns was modelled using GARCH-type processes with skewed student t-distribution, capturing the typical n...

  10. EXCHANGE RATE PASS-THROUGH INTO IMPORT PRICES:EVIDENCE FROM CENTRAL ASIA

    Directory of Open Access Journals (Sweden)

    Gulnara Moldasheva

    2013-01-01

    Full Text Available This paper estimates the degree of exchange rate pass-through (ERPT intoimport prices for Central Asiacountries over period 1995q11-2012q11 years.The additional study was done for Kazakhstan to determine the impact ofmoney regulating policy into short-run and long-run ERPT. The study ofERPT was done by employing cointegration analysis across five central Asiacountries: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.The paper analyzes three opportunities ofthe transmission of the export costinto ERPT using production price indices(PPI of three major trading partnersof Central Asia countries: PPI of Russia, PPI of Turkey and PPI of China.In case with PPI of Russia the resultsshowed, that ERPT is extended beyondof 1 for Kazakhstan and Kyrgyzstan.Incomplete ERPT is indicated forTajikistan and Turkmenistan, and zero ERPT is indicated for Uzbekistan. Incase with PPI of Turkey, the elasticitiesof extent ERPT intoimport prices aremore higher then in case with PPI ofRussia, and elasticities for all CentralAsia countries are negative and significant. In case with PPI of China,incomplete ERPT is indicated for all Central Asia countries, except theKyrgyzstan, which has extended ERPT. In all cases this study showed thesignificance of ERPT, except only two cases for Kazakhstan and Tajikistanwith PPI of China. Also interesting, those elasticities ofERPT with PPI ofChina are lower comparing with othercases. In the special study of moneyregulation policy only for Kazakhstan theshort-run and long-run elasticities ofERPT are incomplete with PPI of Russia and PPI of Turkey, and they areextended with PPI of China.

  11. Optimal allocation of industrial PV-storage micro-grid considering important load

    Science.gov (United States)

    He, Shaohua; Ju, Rong; Yang, Yang; Xu, Shuai; Liang, Lei

    2018-03-01

    At present, the industrial PV-storage micro-grid has been widely used. This paper presents an optimal allocation model of PV-storage micro-grid capacity considering the important load of industrial users. A multi-objective optimization model is established to promote the local extinction of PV power generation and the maximum investment income of the enterprise as the objective function. Particle swarm optimization (PSO) is used to solve the case of a city in Jiangsu Province, the results are analyzed economically.

  12. Optimal LNG (liquefied natural gas) regasification scheduling for import terminals with storage

    International Nuclear Information System (INIS)

    Trotter, Ian M.; Gomes, Marília Fernandes Maciel; Braga, Marcelo José; Brochmann, Bjørn; Lie, Ole Nikolai

    2016-01-01

    We describe a stochastic dynamic programming model for maximising the revenue generated by regasification of LNG (liquefied natural gas) from storage tanks at importation terminals in relation to a natural gas spot market. We present three numerical resolution strategies: a posterior optimal strategy, a rolling intrinsic strategy and a full option strategy based on a least-squares Monte Carlo algorithm. We then compare model simulation results to the observed behaviour of three LNG importation terminals in the UK for the period April 2011 to April 2012, and find that there was low correlation between the observed regasification decisions of the operators and those suggested by the three simulated strategies. However, the actions suggested by the model simulations would have generated significantly higher revenues, suggesting that the facilities might have been operated sub-optimally. A further numerical experiment shows that increasing the storage and regasification capacities of a facility can significantly increase the achievable revenue, even without altering the amount of LNG received, by allowing operators more flexibility to defer regasification. - Highlights: • We present a revenue maximisation model for LNG (liquefied natural gas) storage tanks at import terminals. • Three resolution strategies: posterior optimal, rolling intrinsic and full option. • The full option strategy is based on a least-squares Monte Carlo algorithm. • Model simulations show potential for higher revenue in three UK LNG terminals. • Numerical experiments show how storage and regasification capacities affect revenue.

  13. The importance of mines for ultimate storage at Deilmann-Haniel Shaft Sinking

    International Nuclear Information System (INIS)

    Greinacher, Jochen; Oellers, Thomas; Ahlbrecht, Thomas

    2011-01-01

    Deilmann-Haniel Shaft Sinking GmbH and its predecessor and associate companies have been involved in projects for underground ultimate storage in Germany, Europe and America for over 45 years. The field of activities previously comprised surveying, planning and sinking of shafts, repair and conversion work, design of underground sealing structures, planning of conveyors and support of the BfS in planning approval procedures. Following discontinuation of activities in the German coal mining industry the use of mines for ultimate storage is an important support for German specialist mining companies. The use of mines for ultimate storage ensures that the existing mining know how in Germany is maintained, because training of the younger generation on the commercial and engineering side of the companies is made possible by the imminent major projects.

  14. Underground storage of imported water in the San Gorgonio Pass area, southern California

    Science.gov (United States)

    Bloyd, Richard M.

    1971-01-01

    The San Gorgonio Pass ground-water basin is divided into the Beaumont, Banning, Cabazon, San Timoteo, South Beaumont, Banning Bench, and Singleton storage units. The Beaumont storage unit, centrally located in the agency area, is the largest in volume of the storage units. Estimated long-term average annual precipitation in the San Gorgonio Pass Water Agency drainage area is 332,000 acre-feet, and estimated average annual recoverable water is 24,000 acre-feet, less than 10 percent of the total precipitation. Estimated average annual surface outflow is 1,700 acre-feet, and estimated average annual ground-water recharge is 22,000 acre-feet. Projecting tack to probable steady-state conditions, of the 22.000 acre-feet of recharge, 16,003 acre-feet per year became subsurface outflow into Coachella Valley, 6,000 acre-feet into the Redlands area, and 220 acre-feet into Potrero Canyon. After extensive development, estimated subsurface outflow from the area in 1967 was 6,000 acre-feet into the Redlands area, 220 acre-feet into Potrero Canyon, and 800 acre-feet into the fault systems south of the Banning storage unit, unwatered during construction of a tunnel. Subsurface outflow into Coachella Valley in 1967 is probably less than 50 percent of the steady-state flow. An anticipated 17,000 .acre-feet of water per year will be imported by 1980. Information developed in this study indicates it is technically feasible to store imported water in the eastern part of the Beaumont storage unit without causing waterlogging in the storage area and without losing any significant quantity of stored water.

  15. Importância das características na precificação de veículos nacionais Importance of characteristics in pricing national vehicles

    Directory of Open Access Journals (Sweden)

    Camilo Brandão de Resende

    2009-01-01

    Full Text Available O mercado de bens de consumo é constituído por produtos heterogêneos que podem ser vistos como uma união de atributos ou características. Quantificar o valor dessas características pode auxiliar na criação de uma regra de precificação que permita, por exemplo, precificar um produto não existente, auxiliando na sua previsão de demanda. O objetivo deste trabalho é utilizar a teoria do preço hedônico para determinar empiricamente o valor e a importância relativa das características na precificação de veículos nacionais brasileiros. O modelo de previsão foi obtido utilizando-se uma função hedônica linear, cujos coeficientes foram estimados através de mínimos quadrados ordinários. Pode-se concluir que a potência é o fator de maior impacto no preço de um veículo, seguido pelo grau de luxo e marca.The market of consumer goods is consisted of heterogeneous products which can be viewed as a union of attributes or characteristics. Quantifying the value of these characteristics can help in the creation of a pricing rule, allowing, for example, pricing a product which is not available, and helping in the estimates of its demand. The purpose of this work is to use the theory of hedonic price to determine empirically the value of characteristics, as well as their relative importance, in the price of Brazilian vehicles. The model was obtained using data regarding 150 national vehicles and a linear hedonic function, which coefficients were estimated by ordinary least squares. It can be concluded that the engine power is the factor which has the greatest impact on a vehicle price, followed by the luxury level and the brand.

  16. Battery Energy Storage Sizing When Time of Use Pricing Is Applied

    Science.gov (United States)

    Khormali, Shahab

    2014-01-01

    Battery energy storage systems (BESSs) are considered a key device to be introduced to actuate the smart grid paradigm. However, the most critical aspect related to the use of such device is its economic feasibility as it is a still developing technology characterized by high costs and limited life duration. Particularly, the sizing of BESSs must be performed in an optimized way in order to maximize the benefits related to their use. This paper presents a simple and quick closed form procedure for the sizing of BESSs in residential and industrial applications when time-of-use tariff schemes are applied. A sensitivity analysis is also performed to consider different perspectives in terms of life span and future costs. PMID:25295309

  17. Battery Energy Storage Sizing When Time of Use Pricing Is Applied

    Directory of Open Access Journals (Sweden)

    Guido Carpinelli

    2014-01-01

    Full Text Available Battery energy storage systems (BESSs are considered a key device to be introduced to actuate the smart grid paradigm. However, the most critical aspect related to the use of such device is its economic feasibility as it is a still developing technology characterized by high costs and limited life duration. Particularly, the sizing of BESSs must be performed in an optimized way in order to maximize the benefits related to their use. This paper presents a simple and quick closed form procedure for the sizing of BESSs in residential and industrial applications when time-of-use tariff schemes are applied. A sensitivity analysis is also performed to consider different perspectives in terms of life span and future costs.

  18. Weighty data: importance information influences estimated weight of digital information storage devices.

    Directory of Open Access Journals (Sweden)

    Iris eSchneider

    2015-01-01

    Full Text Available Previous work has suggested that perceived importance of an object influences estimates of its weight. Specifically, important books were estimated to be heavier than non-important books. However, the experimental set-up of these studies may have suffered from a potential confound and findings may be confined to books only. Addressing this, we investigate the effect of importance on weight estimates by examining whether the importance of information stored on a data storage device (USB-stick or portable hard drive can alter weight estimates. Results show that people thinking a USB-stick holds important tax information (vs. expired vs. no information estimate it to be heavier (Experiment 1 compared to people who do not. Similarly, people who are told a portable hard-drive holds personally relevant information (vs. irrelevant, also estimate the drive to be heavier (Experiment 2a and 2b. The current work shows that importance influences weight perceptions beyond specific objects.

  19. Analysis of Price and Product Competition from Imports in the Preserved Mushrooms Market in Australia

    OpenAIRE

    Rodgers, Trudi; Fleming, Euan M.; Villano, Renato A.

    2006-01-01

    The Australian preserved mushrooms industry is one of a number of industries in the horticultural sector that is under threat from cheaper imported products. The Australian Customs Service is currently investigating the alleged dumping of Chinese imported cans of preserved mushrooms that feature prominently on supermarket shelves. Evidence exists that cheaper imported Chinese products have incurred injury in the Australian market. These Chinese imports have penetrated the Australian preserved...

  20. PECAN PRODUCTION AND PRICE TRENDS 1979-1995

    OpenAIRE

    Shafer, Carl E.

    1996-01-01

    Pecan production, stocks, trade and prices are described. Data on tree nuts believed to compete with pecans are also presented. Pecan production and prices became more volatile in the early 1990's. Prices reached exceptionally high levels during five of the six years 1990-1995. US pecan imports have increased significantly since the mid-1980's and clearly exceed exports. Production, cold storage stocks, and inflation explained most of the year-to-year changes in season average pecan price lev...

  1. Energy prices and taxes

    International Nuclear Information System (INIS)

    2004-01-01

    Energy Prices and Taxes contains a major international compilation of energy prices at all market levels: import prices, industry prices and consumer prices. The statistics cover main petroleum products, gas, coal and electricity, giving for imported products an average price both for importing country and country of origin. Every issue includes full notes on sources and methods and a description of price mechanisms in each country

  2. Diligence is more important than low prices. Photovoltaic power plants; Sorgfalt geht vor Niedrigpreis. Photovoltaikanlagen

    Energy Technology Data Exchange (ETDEWEB)

    Anon.

    2012-07-01

    In all likeliness, photovoltaic power plants will have good returns. But beware: Also mini-returns or losses are possible at bad locations or in case of quality deficiencies. Good standards in the technology and assembly are important. The authors of the contribution under consideration say what aspects have to be considered by the reader of this contribution.

  3. The impacts of oil price fluctuations on the economy of sub-Saharan African countries, importers of oil products

    International Nuclear Information System (INIS)

    Sacko, I.

    1997-01-01

    This work comprises three parts. The first part aims at presenting the energy situation of sub-Saharan African (SSA) countries grouped in five regions. Because of the demographic pressure and of the petroleum shocks, the commercial energy consumption is growing up rapidly and the energy prices are high for the end-users (because the energy is imported and paid in dollars, and the fiscality share is increased by governments in the case of prices drop in the international market). The important problem of wood fuel is considered, together with the energy-economic growth relations and the determining factors of the energy demand in SSA. Some econometric relations are tested. The second part analyzes the mechanisms generated by petroleum shocks and counter-shocks, and stresses first on the transfers induced by these fluctuations. Then, it presents some macro-economical models which try to integrate the effects of a petroleum shock and makes some calculations based on a decomposition of imports and exports global and partial coefficients. Some important conclusions are inferred from this study: 1 - the second petroleum shock strikes more seriously the oil importing SSA countries because they do not benefit from a favorable international context, like during the first shock (also because the second shock is accompanied by a dollar shock); 2 - the absence of symmetry in oil shocks-counter-shocks; 3 - the crisis of SSA countries is not only of petroleum origin but is also linked with the drop of the export incomes (which itself is partially explained by the impact of petroleum shocks on the industrialized economies), with their bad insertion in the world economy, and with unsuitable domestic economies. The third part proposes some solutions to attenuate the energy and economical difficulties of these countries. It is necessary to implement an energy planning mainly based on the mastery of the demand and on a better management of local resources. The policies of

  4. Important accounting issues for carbon dioxide capture and storage projects under the UNFCCC

    International Nuclear Information System (INIS)

    Haefeli, S.; Bosi, M.; Philibert, C.

    2005-01-01

    Carbon dioxide capture and storage (CCS) provides options for making continued use of fossil fuels more compatible with pollution abatement policies. This paper evaluated policy issues related to CCS, with particular focus on the geological sequestration of carbon dioxide (CO 2 ) into geological storage sites. Before any carbon dioxide (CO 2 ) CCS activities can be included in the portfolio of climate change mitigation activities, several issues need to be resolved such as the development of appropriate accounting and baselines rules and monitoring modalities. Guidance and policies on baselines and the accounting of emission reductions are critical to ensure that CCS projects can benefit from CO 2 markets and are recognized under various mitigation schemes. This paper examined the major issues that should considered along with changes to current accounting approaches. Issues that need to be addressed in order to prepare national inventories for the inclusion of CCS under the United Nations Framework Convention on Climate Change (UNFCCC) and emission reduction schemes such as the European greenhouse gas emissions trading scheme were first presented, followed by an examination of CCS issues under project-based mechanisms such as the Kyoto Protocol's Clean Development Mechanism. The importance of clear definitions and monitoring guidelines for the proper accounting of CCS were also highlighted. 12 refs., 2 figs

  5. Safe storage of pesticides in Sri Lanka - identifying important design features influencing community acceptance and use of safe storage devices

    DEFF Research Database (Denmark)

    Weerasinghe, Manjula; Pieris, Ravi; Eddleston, Michael

    2008-01-01

    BACKGROUND: Self-poisoning with pesticides is the cause of an estimated 300,000 deaths annually in rural Asia. The great majority of these deaths are from impulsive acts of self-harm using pesticides that are readily available in the home. The secure storage of pesticides under lock has been...

  6. The study of importance of the storage method of the space foods

    Science.gov (United States)

    Katayama, Naomi; Yamashita, Masamichi; Space Agriculture Task Force, J.

    Providing foods to space crew is the important requirements to support long term manned space exploration. Foods fill not only physiological requirements to sustain life, but psychological needs for refreshment and joy during the long and hard mission to extraterrestrial planets. In the space stay of the long term, the storage technology of the food is important. Surplus food and the establishment of a safe save method of the food are essential. However, in Moon and Mars base or spaceship, there are limited spaces. We need to think about how to use the storage food when we have the time of emergency. The fundamental composition of our recipe is unpolished rice, barley, soybean, sweat potato and green-yellow vegetables. Supplement food materials to fulfill the nutritional requirements we chose are loach, silkworm pupa, termite, snail, mud snail, bee, cassava and quinoa. The pupa of the silkworm becomes the important nourishment source as protein and lipid. The silk thread uses it as clothing and cosmetics and medical supplies. However, we can use the silk thread as food as protein. The silk thread is mad of sericin and fibroin. The sericin is used for cosmetics mainly, but can make sheet food by mixing it with rice flour. We can make Japanese rolled sushi with this product. In addition, we can make spring roll and gyoza and shao-mai. As for the fibroin which is the subject of the silk thread, is to extract it high pressure heat; of the protein can powder it, and can use it as food. Even if there is the silk thread in this way after having made it clothes once, we can do it to food again. We can reuse the cotton thread as carbohydrates equally, too. We can use the wood as carbohydrates, also. Based upon the foregoing, we use the pupa of the silkworm as protein and lipid, and the silk thread as protein, and the cotton thread and wood as carbohydrates. It is recommended as healthy meal balance; Protein: Lipid: Carbohydrate ratio equal 15We succeeded to develop joyful

  7. Economically important species dominate aboveground carbon storage in forests of southwestern Amazonia

    Directory of Open Access Journals (Sweden)

    N. Galia Selaya

    2017-06-01

    Full Text Available Tree species in tropical forests provide economically important goods and ecosystem services. In submontane forests of southwestern Amazonia, we investigated the degree to which tree species important for subsistence and trade contribute to aboveground carbon storage (AGC. We used 41 1-hectare plots to determine the species abundance, basal area, and AGC of stems > 10 cm diameter at breast height (dbh. Economically important taxa were classified using ethnobotanical studies and according to their stem density. These taxa (n = 263 accounted for 45% of total stems, 53% of total basal area, and 56% of total AGC, significantly more than taxa with minor or unknown uses (Welch test at p 40 cm and few stems in regeneration classes of dbh < 10 to 20 cm (e.g., Bertholletia excelsa, Cariniana spp., Cedrelinga spp., Ceiba spp., Dipteryx spp., whereas dominant Tetragastris spp., and Pseudolmedia spp. had most stems in low diameter classes and a median diameter of < 30 cm. Bertholletia excelsa, with 1.5 stems per hectare, showed the highest basal area of any species and accounted for 9% of AGC (11 Mg/ha, twice that of the second-ranking species. Our study shows that economic importance and carbon stocks in trees are closely linked in southwestern Amazonia. Unplanned harvests can disrupt synergistic dual roles altering carbon stocks temporally or permanently. Precautionary measures based on species ecology, demography, and regeneration traits should be at the forefront of REDD+ to reconcile maximum harvesting limits, biodiversity conservation, and sustainable forest management.

  8. MARKET ECONOMICS PRICING PARTICULARS

    Directory of Open Access Journals (Sweden)

    V. I. Parshin

    2011-01-01

    Full Text Available The price performs several economic functions: accounting, stimulation, distribution, demand and offer balancing, serving as production site rational choice criterion, information. Most important pricing principles are: price scientific and purpose-aimed substantiation, single pricing and price control process. Pricing process factors are external, internal, basic (independent on money-market, market-determined and controlling. Different pricing methods and models are to be examined, recommendations on practical application of those chosen are to be written.

  9. The Role of the Sheffield Model on the Minimum Unit Pricing of Alcohol Debate: The Importance of a Rhetorical Perspective

    Science.gov (United States)

    Katikireddi, Srinivasa Vittal; Hilton, Shona; Bond, Lyndal

    2016-01-01

    The minimum unit pricing (MUP) alcohol policy debate has been informed by the Sheffield model, a study which predicts impacts of different alcohol pricing policies. This paper explores the Sheffield model's influences on the policy debate by drawing on 36 semi-structured interviews with policy actors who were involved in the policy debate.…

  10. 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...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers‟ performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...

  11. 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.

  12. Effects of storage on microbial loads of two commercially important shellfish species, Crassostrea virginica and Mercenaria campechiensis.

    OpenAIRE

    Hood, M A; Ness, G E; Rodrick, G E; Blake, N J

    1983-01-01

    The effects of storage on the microbial load in two commercially important species of shellfish were examined. Oysters (Crassostrea virginica) were stored as shellstock, shucked meats, and fully processed meats at four temperatures for up to 21 days, and clams (Mercenaria campechiensis) were stored only as shellstock. The concentrations of most microbiological groups of organisms increased with the duration and temperature of storage in both shellfish species, although the increases were sign...

  13. Energy prices will play an important role in determining global land use in the twenty first century

    International Nuclear Information System (INIS)

    Steinbuks, Jevgenijs; Hertel, Thomas W

    2013-01-01

    Global land use research to date has focused on quantifying uncertainty effects of three major drivers affecting competition for land: the uncertainty in energy and climate policies affecting competition between food and biofuels, the uncertainty of climate impacts on agriculture and forestry, and the uncertainty in the underlying technological progress driving efficiency of food, bioenergy and timber production. The market uncertainty in fossil fuel prices has received relatively less attention in the global land use literature. Petroleum and natural gas prices affect both the competitiveness of biofuels and the cost of nitrogen fertilizers. High prices put significant pressure on global land supply and greenhouse gas emissions from terrestrial systems, while low prices can moderate demands for cropland. The goal of this letter is to assess and compare the effects of these core uncertainties on the optimal profile for global land use and land-based GHG emissions over the coming century. The model that we develop integrates distinct strands of agronomic, biophysical and economic literature into a single, intertemporally consistent, analytical framework, at global scale. Our analysis accounts for the value of land-based services in the production of food, first- and second-generation biofuels, timber, forest carbon and biodiversity. We find that long-term uncertainty in energy prices dominates the climate impacts and climate policy uncertainties emphasized in prior research on global land use. (letter)

  14. Energy prices will play an important role in determining global land use in the twenty first century

    Science.gov (United States)

    Steinbuks, Jevgenijs; Hertel, Thomas W.

    2013-03-01

    Global land use research to date has focused on quantifying uncertainty effects of three major drivers affecting competition for land: the uncertainty in energy and climate policies affecting competition between food and biofuels, the uncertainty of climate impacts on agriculture and forestry, and the uncertainty in the underlying technological progress driving efficiency of food, bioenergy and timber production. The market uncertainty in fossil fuel prices has received relatively less attention in the global land use literature. Petroleum and natural gas prices affect both the competitiveness of biofuels and the cost of nitrogen fertilizers. High prices put significant pressure on global land supply and greenhouse gas emissions from terrestrial systems, while low prices can moderate demands for cropland. The goal of this letter is to assess and compare the effects of these core uncertainties on the optimal profile for global land use and land-based GHG emissions over the coming century. The model that we develop integrates distinct strands of agronomic, biophysical and economic literature into a single, intertemporally consistent, analytical framework, at global scale. Our analysis accounts for the value of land-based services in the production of food, first- and second-generation biofuels, timber, forest carbon and biodiversity. We find that long-term uncertainty in energy prices dominates the climate impacts and climate policy uncertainties emphasized in prior research on global land use.

  15. IMPORTANCE OF STORAGE CONDITIONS AND SEED TREATMENT FOR SUNFLOWER HYBRIDS SEEDS GERMINATION

    Directory of Open Access Journals (Sweden)

    Goran Krizmanić

    2014-12-01

    Full Text Available In this research we have determined germination energy and germination of seeds of sunflower hybrids ‘Luka’ and ‘Apolon’, at the beginning of storage and 6, 12 and 18 months after of storage period (2011-2012 in the floor concrete storage at two different air temperatures and humidity (S-1: air temperature 15-18°C and relative air humidity 65-70% as well as in climate chamber (S-2: air temperature 10-12°C and relative air humidity 60-65%, stored in four treatments (Control: processed-untreated seed; T-1: treated with A.I. metalaxyl-M; T-2: treated with A.I. metalaxyl-M + A.I. imidacloprid and T-3: treated with A.I. metalaxyl-M + A.I. clothianidin. Based on the obtained results we have determined that sunflower hybrid ‘Luka’, compared to hybrid ‘Apolon’, in the given storage conditions and with the same seed treatment has 5-8% higher germination energy and seed germination and that in climate chamber both hybrids have 5-7% higher germination energy. Seed treatment of both sunflower hybrids with A.I. imidacloprid maximally reduced initial germination energy and seed germination in all tested periods and conditions of storage. On the average, natural seed, after 18 months of storage did not have better seed quality compared to seed treated with A.I. metalaxyl-M while other treatments had more significant influence on reduction of germination energy and seed germination, 6-15%. On the average, compared to other variants, seeds treated with A.I. metalaxyl-M after 18 months of storage in both storage conditions had higher germination energy by 4-15%, and seed germination by 2-12%.

  16. On the importance of the long-term seasonal component in day-ahead electricity price forecasting

    International Nuclear Information System (INIS)

    Nowotarski, Jakub; Weron, Rafał

    2016-01-01

    In day-ahead electricity price forecasting (EPF) the daily and weekly seasonalities are always taken into account, but the long-term seasonal component (LTSC) is believed to add unnecessary complexity to the already parameter-rich models and is generally ignored. Conducting an extensive empirical study involving state-of-the-art time series models we show that (i) decomposing a series of electricity prices into a LTSC and a stochastic component, (ii) modeling them independently and (iii) combining their forecasts can bring – contrary to a common belief – an accuracy gain compared to an approach in which a given time series model is calibrated to the prices themselves. - Highlights: • A new class of Seasonal Component AutoRegressive (SCAR) models is introduced. • Electricity prices are decomposed into a trend-seasonal and a stochastic component. • Both components are modeled independently, their forecasts are combined. • Significant accuracy gains can be achieved compared to commonly used approaches.

  17. Importance of storage time in mesophilic anaerobic digestion of food waste.

    Science.gov (United States)

    Lü, Fan; Xu, Xian; Shao, Liming; He, Pinjing

    2016-07-01

    Storage was used as a pretreatment to enhance the methanization performance of mesophilic anaerobic digestion of food waste. Food wastes were separately stored for 0, 1, 2, 3, 4, 5, 7, and 12days, and then fed into a methanogenic reactor for a biochemical methane potential (BMP) test lasting up to 60days. Relative to the methane production of food waste stored for 0-1day (285-308mL/g-added volatile solids (VSadded)), that after 2-4days and after 5-12days of storage increased to 418-530 and 618-696mL/g-VSadded, respectively. The efficiency of hydrolysis and acidification of pre-stored food waste in the methanization reactors increased with storage time. The characteristics of stored waste suggest that methane production was not correlated with the total hydrolysis efficiency of organics in pre-stored food waste but was positively correlated with the storage time and acidification level of the waste. From the results, we recommend 5-7days of storage of food waste in anaerobic digestion treatment plants. Copyright © 2016. Published by Elsevier B.V.

  18. Gamma radiation in the control of important storage pests of three grain legumes

    International Nuclear Information System (INIS)

    Roy, M.K.; Prasad, H.H.

    1993-01-01

    A dose of 1 kGy of gamma radiation completely killed adult pulse beetle (Callosobruchus chinensis Linn) within a week, but the dose of 0.5 kGy required two weeks to achieve the same level of mortality. For six month storage, 1.0 kGy dose was effective for control of natural infestation of mung beans and gram by C. Chinensis alone. The dose was also sufficient for the management of weevilling in gram and lentil, which were additionally infested with C. chinensis, rust red flour beetle (Tribolium castaneum Herbst), and lesser grain borer (Rhizopertha dominica Fabricius). For short (one and half months) storage of mung bean and lentil, a dose of 0.25 kGy was adequate. The test of significance for doses of radiation, storage periods and their interactions, however, indicated that 1.0 kGy is the preferred dose for the control of weevilling during storage upto 6 months. (author). 13 refs., 4 tabs

  19. Gas storage - Estimation of the economic value

    International Nuclear Information System (INIS)

    1997-05-01

    The main purpose of the project is to investigate the economic benefits of underground gas storage used for seasonal smoothing and a strategical security of supply. The benefits from the storage have to be decided based on the costs of alternative have to be ways of securing the energy supply, including evaluation of: demand-dependent prices on natural gas and other fuels (both domestic and foreign markets); interruptible supply; establishment of extra production and transportation capacity from the North Sea; establishment of new connecting systems to neighbouring countries (i.a. German, Poland, Latvia); establishment for import or production and LNG; contracting of storage capacity abroad (Germany, Czech Republic, Slovakia, Latvia). In order to control the estimated costs of storage of natural gas a comparison with market prices for storage capacity and spot prices of natural gas is carried out. The market prices were estimated through a statistical analysis of seasonal variations in gas prices on the American natural gas market. Due to permanent energy taxes, the energy prices only partially reflect the demand and the price elasticity hence is very small, resulting in a need for e.g. gas storage. One purpose of the project is to investigate this system error and to present alternative suggestions for the tax structure. Additionally, the consequences of differentiating production taxes will be addressed. (EG)

  20. Gas storages - Estimation of the economic value

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-05-01

    The main purpose of the project is to investigate the economic benefits of underground gas storage used for seasonal smoothing and a strategical security of supply. The benefits from the storage have to be decided based on the costs of alternative have to be ways of securing the energy supply, including evaluation of: demand-dependent prices on natural gas and other fuels (both domestic and foreign markets); interruptible supply; establishment of extra production and transportation capacity from the North Sea; establishment of new connecting systems to neighbouring countries (i.a. German, Poland, Latvia); establishment for import or production and LNG; contracting of storage capacity abroad (Germany, Czech Republic, Slovakia, Latvia). In order to control the estimated costs of storage of natural gas a comparison with market prices for storage capacity and spot prices of natural gas is carried out. The market prices were estimated through a statistical analysis of seasonal variations in gas prices on the American natural gas market. Due to permanent energy taxes, the energy prices only partially reflect the demand and the price elasticity hence is very small, resulting in a need for e.g. gas storage. One purpose of the project is to investigate this system error and to present alternative suggestions for the tax structure. Additionally, the consequences of differentiating production taxes will be addressed. (EG)

  1. Offering strategy of a price-maker energy storage system in day-ahead and balancing markets

    DEFF Research Database (Denmark)

    Vespermann, Niklas Peter René Erich; Delikaraoglou, Stefanos; Pinson, Pierre

    2017-01-01

    . The offering strategy of a price-maker ESS operator is formulated as a bilevel model, where the upper-level problem represents the profit maximization of the ESS operator and the lower-level problem simulates the market-clearing outcome. This methodological framework can be used either to assess market...... efficiency distortion or as a trading strategy from the perspective of the ESS operator. Our analysis shows that adopting strategic behavior may improve ESS expected profit but reduces social welfare, especially for high ESS energy-to-power ratios....

  2. Rab32 is important for autophagy and lipid storage in Drosophila.

    Directory of Open Access Journals (Sweden)

    Chao Wang

    Full Text Available Lipids are essential components of all organisms. Within cells, lipids are mainly stored in a specific type of organelle, called the lipid droplet. The molecular mechanisms governing the dynamics of lipid droplets have been little explored. The protein composition of lipid droplets has been analyzed in numerous proteomic studies, and a large number of lipid droplet-associated proteins have been identified, including Rab small GTPases. Rab proteins are known to participate in many intracellular membranous events; however, their exact role in lipid droplets is largely unexplored. Here we systematically investigate the roles of Drosophila Rab family proteins in lipid storage in the larval adipose tissue, fat body. Rab32 and several other Rabs were found to affect the size of lipid droplets as well as lipid levels. Further studies showed that Rab32 and Rab32 GEF/Claret may be involved in autophagy, consequently affecting lipid storage. Loss-of-function mutants of several components in the autophagy pathway result in similar effects on lipid storage. These results highlight the potential functions of Rabs in regulating lipid metabolism.

  3. Stationarity changes in long-run energy commodity prices

    International Nuclear Information System (INIS)

    Zaklan, Aleksandar; Abrell, Jan; Neumann, Anne

    2016-01-01

    Situated at the intersection of the literatures on speculative storage and non-renewable commodity scarcity, this paper considers whether changes in persistence have occurred in long-run U.S. prices of the energy commodities crude oil, natural gas and bituminous coal. We allow for a structural break when testing for a break in persistence to avoid a change in the stochastic properties of prices being confounded by an unaccounted-for deterministic shift in the price series. We find that coal prices are trend stationary throughout their evolution and that oil prices change from stationarity to non-stationarity in the decade between the late 1960s to late 1970s. The result on gas prices is ambiguous. Our results demonstrate the importance of accounting for a possible structural shift when testing for breaks in persistence, while being robust to the exact date of the structural break. Based on our analysis we caution against viewing long-run energy commodity prices as being non-stationary and conclude in favor of modeling commodity market fundamentals as stationary, meaning that speculative storage will tend to have a dampening effect on prices. We also cannot reject that long-run prices of coal and, with some hesitation, gas follow a Hotelling-type rule. In contrast, we reject the Hotelling rule for oil prices since the late 1960s/early 1970s. - Highlights: • This paper contributes to the literatures on speculative storage and scarcity. • We test if long-run U.S. coal, oil and gas prices became non-stationary. • We pre-test for structural breaks when testing for changes in persistence. • Coal prices are found to be trend stationary, oil prices become non-stationary. • We caution against modeling commodity market fundamentals as non-stationary.

  4. A price and performance comparison of three different storage architectures for data in cloud-based systems

    Science.gov (United States)

    Gallagher, J. H. R.; Jelenak, A.; Potter, N.; Fulker, D. W.; Habermann, T.

    2017-12-01

    Providing data services based on cloud computing technology that is equivalent to those developed for traditional computing and storage systems is critical for successful migration to cloud-based architectures for data production, scientific analysis and storage. OPeNDAP Web-service capabilities (comprising the Data Access Protocol (DAP) specification plus open-source software for realizing DAP in servers and clients) are among the most widely deployed means for achieving data-as-service functionality in the Earth sciences. OPeNDAP services are especially common in traditional data center environments where servers offer access to datasets stored in (very large) file systems, and a preponderance of the source data for these services is being stored in the Hierarchical Data Format Version 5 (HDF5). Three candidate architectures for serving NASA satellite Earth Science HDF5 data via Hyrax running on Amazon Web Services (AWS) were developed and their performance examined for a set of representative use cases. The performance was based both on runtime and incurred cost. The three architectures differ in how HDF5 files are stored in the Amazon Simple Storage Service (S3) and how the Hyrax server (as an EC2 instance) retrieves their data. The results for both the serial and parallel access to HDF5 data in the S3 will be presented. While the study focused on HDF5 data, OPeNDAP and the Hyrax data server, the architectures are generic and the analysis can be extrapolated to many different data formats, web APIs, and data servers.

  5. The Importance of Bank Storage in Supplying Baseflow to Rivers Flowing Through Compartmentalized, Alluvial Aquifers

    Science.gov (United States)

    Rhodes, Kimberly A.; Proffitt, Tiffany; Rowley, Taylor; Knappett, Peter S. K.; Montiel, Daniel; Dimova, Natasha; Tebo, Daniel; Miller, Gretchen R.

    2017-12-01

    As water grows scarcer in semiarid and arid regions around the world, new tools are needed to quantify fluxes of water and chemicals between aquifers and rivers. In this study, we quantify the volumetric flux of subsurface water to a 24 km reach of the Brazos River, a lowland river that meanders through the Brazos River Alluvium Aquifer (BRAA), with 8 months of high-frequency differential gaging measurements using fixed gaging stations. Subsurface discharge sources were determined using natural tracers and End-Member Mixing Analysis (EMMA). During a 4 month river stage recession following a high stage event, subsurface discharge decreased from 50 m3/s to 0, releasing a total of 1.0 × 108 m3 of water. Subsurface discharge dried up even as the groundwater table at two locations in the BRAA located 300-500 m from the river remained ˜4 m higher than the river stage. Less than 4% of the water discharged from the subsurface during the prolonged recession period resembled the chemical fingerprint of the alluvial aquifer. Instead, the chemistry of this discharged water closely resembled high stage "event" river water. Together, these findings suggest that the river is well connected to rechargeable bank storage reservoirs but disconnected from the broader alluvial aquifer. The average width of discrete bank storage zones on each side of the river, identified with Electrical Resistivity Tomography (ERT), was approximately 1.5 km. In such highly compartmentalized aquifers, groundwater pumping is unlikely to impact the exchange between the river and the alluvium.

  6. The importance of anabolism in microbial control over soil carbon storage

    Energy Technology Data Exchange (ETDEWEB)

    Liang, Chao; Schimel, Joshua P.; Jastrow, Julie D.

    2017-07-25

    Studies of the decomposition, transformation and stabilization of soil organic matter (SOM) have dramatically increased in recent years owing to growing interest in studying the global carbon (C) cycle as it pertains to climate change. While it is readily accepted that the magnitude of the organic C reservoir in soils depends upon microbial involvement, as soil C dynamics are ultimately the consequence of microbial growth and activity, it remains largely unknown how these microorganism-mediated processes lead to soil C stabilization. Here, we define two pathways—ex vivo modification and in vivo turnover—which jointly explain soil C dynamics driven by microbial catabolism and/or anabolism. Accordingly, we use the conceptual framework of the soil ‘microbial carbon pump’ (MCP) to demonstrate how microorganisms are an active player in soil C storage. The MCP couples microbial production of a set of organic compounds to their further stabilization, which we define as the entombing effect. This integration captures the cumulative long-term legacy of microbial assimilation on SOM formation, with mechanisms (whether via physical protection or a lack of activation energy due to chemical composition) that ultimately enable the entombment of microbial-derived C in soils. We propose a need for increased efforts and seek to inspire new studies that utilize the soil MCP as a conceptual guideline for improving mechanistic understandings of the contributions of soil C dynamics to the responses of the terrestrial C cycle under global change.

  7. JOINTS AND SYN-SEDIMENTARY FAULTS NETWORKS IN MARINE CLAYS AND MUDSTONES. Importance for Radwaste storage

    Science.gov (United States)

    Arnould, M.

    2009-12-01

    material with rather small throws are difficult to identify. Their number increases wifh accuracy of geophysical research. Conclusions for underground storage of radioactive waste . There are four underground laboratories on duty in mudstones and clays in Western Europe. No natural discontinuities, joints or faults have been observed during their excavation rapidly followed by lining.This draw some people to the imprudent conclusion that there were no natural discontinuities. In accordance to the very low permeabilities measured by in situ tests all natural discontinuities are closed up at depth by the stresss field. They are sealed but not healed because the temperature of diagenesis remained below 50°C. They can reopen by relaxation of stresses and by desiccation, as in Tournemire tunnel /URL in toarcian mudstones and at Mont Terri URL in Opalinus Clay. Open fissures visible in non lined parts of galleries appear weeks or months after the excavation. After the change of concept from burial to storage and retrievability the problem should not be underestimated. References : Arnould M (2006) Discontinuity networks in mudstones : a geological approach. Bull Eng Geol Environ. Springer ed 65:413-422 Skempton & al (1969) Joints and fissures in the London Clay at Wraysbury and Edgware Geotechnique 19 : 205-217.

  8. Export pricing objectives and factors influencing them

    OpenAIRE

    Snieškienė, Gabrielė; Pridotkienė, Jūratė

    2010-01-01

    Pricing is recognized as one of the most important tools to achieve a successful export operation. The starting point in every pricing effort is the process of creating pricing objectives. Pricing objectives are the strategic and economic goals desired by management in pricing the product. Pricing objectives constitute the basis on which pricing methods and policies are formulated. Therefore, a better understanding of the pricing objectives should direct the company’s overall pricing process....

  9. Book Trade Research and Statistics. Prices of U.S. and Foreign Published Materials; Book Title Output and Average Prices: 2000 Final and 2001 Preliminary Figures; Book Sales Statistics, 2001: AAP Preliminary Estimates; U.S. Book Exports and Imports: 2001; Number of Book Outlets in the United States and Canada; Review Media Statistics.

    Science.gov (United States)

    Sullivan, Sharon G.; Barr, Catherine; Grabois, Andrew

    2002-01-01

    Includes six articles that report on prices of U.S. and foreign published materials; book title output and average prices; book sales statistics; book exports and imports; book outlets in the U.S. and Canada; and review media statistics. (LRW)

  10. Book Trade Research and Statistics. Prices of U.S. and Foreign Published Materials; Book Title Output and Average Prices: 2001 Final and 2002 Preliminary Figures; Book Sales Statistics, 2002: AAP Preliminary Estimates; U.S. Book Exports and Imports:2002; Number of Book Outlets in the United States and Canada; Review Media Statistics.

    Science.gov (United States)

    Sullivan, Sharon G.; Grabois, Andrew; Greco, Albert N.

    2003-01-01

    Includes six reports related to book trade statistics, including prices of U.S. and foreign materials; book title output and average prices; book sales statistics; book exports and imports; book outlets in the U.S. and Canada; and numbers of books and other media reviewed by major reviewing publications. (LRW)

  11. The importance of quality, access and price to health care consumers in Bulgaria: A self-explicated approach'

    NARCIS (Netherlands)

    Pavlova, M.; Groot, W.J.N.; van Merode, F.

    2003-01-01

    One approach to the problem of low patient satisfaction in Bulgaria is to identify attributes of health care services that the consumers value most and to focus on their improvement. Based on data from a household survey, this paper examines the importance that health care consumers attach to

  12. The role of smart metering and decentralized electricity storage for smart grids: The importance of positive externalities

    International Nuclear Information System (INIS)

    Römer, Benedikt; Reichhart, Philipp; Kranz, Johann; Picot, Arnold

    2012-01-01

    Because of its fluctuating nature, the feed-in of renewable energy sources into low-voltage distribution grids complicates the balancing of demand and supply. This carries the risk of grid instabilities causing damage to electronic devices and power outages, which eventually lead to deadweight losses. In principle, the problems arising from fluctuating feed-in can be solved by increasing demand elasticity or decoupling generation and consumption; for the first, an advanced metering infrastructure and, for the second, decentralized electricity storage are considered core enablers. However, to date, the diffusion of these future smart grids’ core components is low. The present study provides new insights for understanding and overcoming diffusion barriers. For this purpose, a qualitative research approach was chosen. The most important stakeholders as well as related private costs and benefits are identified. The findings show that both of these smart grid components are widely considered beneficial to society by experts. However, because the numerous private benefits are widely distributed among distinct players, socially desired investments are hampered by positive externalities. The importance of well-designed and consistent regulatory and legal frameworks that provide economic incentives to involved stakeholders is highlighted in the results. - Highlights: ► Smart meters and decentralized storages are important components of smart grids. ► Both components are widely seen as beneficial to society. ► Identification of the most important stakeholders and their investment incentives. ► Omission of societal desirable actions due to positive externalities. ► Measures to foster diffusion of smart grid key components.

  13. The Effect of Sugar Price Policy on U.S. Imports of Processed Sugar-containing foods

    OpenAIRE

    Jabara, Cathy L.

    1988-01-01

    This paper examines the effects of sugar protection, as well as the effects of these other factors, on U.S. demand for imports of sugar-containing products. The paper also addresses two main issues: (1) whether substitution of alternative sweeteners has allowed U.S. food manufactures to reduce the competitive advantage provided to foreign manufactures by U.S. sugar policies, and (2) which countries -- developed or developing -- have been able to increase their exports of sugar-containing prod...

  14. 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.

  15. Natural gas pricing

    International Nuclear Information System (INIS)

    Freedenthal, C.

    1993-01-01

    Natural gas pricing is the heart and soul of the gas business. Price specifically affects every phase of the industry. Too low a price will result in short supplies as seen in the mid-1970s when natural gas was scarce and in tight supply. To fully understand the pricing of this energy commodity, it is important to understand the total energy picture. In addition, the effect and impact of world and US economies, and economics in general are crucial to understanding natural gas pricing. The purpose of this presentation will be to show the parameters going into US natural gas pricing including the influence of the many outside industry factors like crude oil and coal pricing, market drivers pushing the gas industry, supply/demand parameters, risk management for buyers and sellers, and other elements involved in pricing analysis

  16. Storage in Europe

    International Nuclear Information System (INIS)

    Cabanes, J.M.; Rottenberg, J.; Abiad, A.; Caudron, S.; Girault, Ph.

    2007-01-01

    Storage represents one of the key elements among the different modulation tools. How the problem of storage is put forward in Europe in front of the increasing uncertainty of the gas demand and prices? What are the policies implemented by storage facility operators? To what extend storage can amortize gas prices volatility or allow the market actors to take the best profit of this volatility? These are the questions debated at this workshop by four specialists of this domain. (J.S.)

  17. Bundle Pricing Decisions for Fresh Products with Quality Deterioration

    OpenAIRE

    Fang, Yan; Jiang, Yiping; Han, Xingxing

    2018-01-01

    How to sell fresh products quickly to decrease the storage cost and to meet customer quality requirement is of vital importance in the food supply chain. Bundling fresh products is an efficient strategy to promote sales and reduce storage pressure of retailers. In this paper, we consider the bundle pricing decisions for homogeneous fresh products with quality deterioration. The value of fresh products with quality deterioration is approximated as an exponential function based on which custome...

  18. Canadian natural gas price debate : TCGS view

    International Nuclear Information System (INIS)

    Johnson, J.

    1998-01-01

    Issues regarding the Alberta supply of natural gas were debated. Factors considered include pipeline expansions, storage and foreign exchange. The influence of NYMEX was also cited as an important determinant of gas pricing. Currently, the Western Canada Sedimentary Basin's (WCSB) market share is 22 per cent of the North American demand. The WCSB extends through Alberta, British Columbia, Saskatchewan, the Northwest Territories and the Yukon. The Basin's estimated reserves at the end of 1996 were 65 TCF. tabs., figs

  19. Effects of storage on microbial loads of two commercially important shellfish species, Crassostrea virginica and Mercenaria campechiensis.

    Science.gov (United States)

    Hood, M A; Ness, G E; Rodrick, G E; Blake, N J

    1983-04-01

    The effects of storage on the microbial load in two commercially important species of shellfish were examined. Oysters (Crassostrea virginica) were stored as shellstock, shucked meats, and fully processed meats at four temperatures for up to 21 days, and clams (Mercenaria campechiensis) were stored only as shellstock. The concentrations of most microbiological groups of organisms increased with the duration and temperature of storage in both shellfish species, although the increases were significantly lower in claims. Concentrations of Vibrio cholerae rose by approximately 1 log in oysters stored as shellstock after 7 days at 2 degrees C, and Lac+ vibrios increased 2 logs at 8 degrees C. Total counts of bacteria, fungi, coliforms, fecal streptococci, Aeromonas hydrophila, and clostridia were significantly higher in shucked oysters than in those stored as shellstock. Fecal coliforms were statistically the same, but V. cholerae, Vibrio parahaemolyticus, and the Lac+ vibrios were higher in oysters stored as shellstock. The concentrations of all microbial groups were higher in fully processed oysters than in shucked meats, with the exception of the vibrios, which showed no significant difference among the treatments. The results showed that although traditional methods of storing shellfish resulted in an overall increase in the microbial load, vibrio levels increased only in oysters stored as shellstock. Although fecal coliform and total bacterial counts did not correlate with those for vibrios in fresh oysters, strong correlations were observed in oysters stored for 7 days, suggesting that these indicators may be useful in monitoring oyster quality when meats are stored for a limited time as shellstock.

  20. Canadian natural gas market dynamics and pricing : an update

    International Nuclear Information System (INIS)

    2002-10-01

    This energy market assessment (EMA) report discusses natural gas price formation and describes the current functioning of regional gas markets in Canada. This EMA also describes the factors affecting the price of natural gas in Canada and examines natural gas markets on a region-by region basis. It is shown that as part of an integrated North American market, prices of natural gas in Canada reflect supply and demand factors in both Canada and the United States. During the low oil price period of 1997/1998, high demand for natural gas outpaced the supply because of low drilling and production activity by producers. In response to the increased demand and lower levels of supply, the price of natural gas increased significantly in 1999 and 2000. This was followed by a period of market adjustment. The importance of electronic trading systems for enhancing price discovery was also discussed with reference to how spot and futures markets allow market participants to manage price volatility. It was determined that Canadians have had access to natural gas on terms and conditions equal to export customers, and at equal pricing. In early November 2000, natural gas prices in North American began to rise due to low levels of natural gas in storage. The price shocks were felt unevenly across the North American market. In response to the high prices, consumers conserved energy use, and many industrial users switched to cheaper fuels. By the spring 2001, demand continued to decrease at a time when production was high. These factors contributed to the downward pressure on gas prices. This EMA discusses the structure of market transactions and market adjustment mechanisms. It is presented in the context of the approaching 2002/2003 winter season where the tightening between natural gas supply and demand is expected to result in price volatility. 28 figs

  1. Price fairness

    OpenAIRE

    Diller, Hermann

    2013-01-01

    Purpose – The purpose of this article is to integrate the various strands of fair price research into a concise conceptual model. Design/methodology/approach – The proposed price fairness model is based on a review of the fair pricing literature, incorporating research reported in not only English but also German. Findings – The proposed fair price model depicts seven components of a fair price: distributive fairness, consistent behaviour, personal respect and regard for the partner, fair dea...

  2. Rational Asset Pricing Bubbles Revisited

    OpenAIRE

    Jan Werner

    2012-01-01

    Price bubble arises when the price of an asset exceeds the asset's fundamental value, that is, the present value of future dividend payments. The important result of Santos and Woodford (1997) says that price bubbles cannot exist in equilibrium in the standard dynamic asset pricing model with rational agents as long as assets are in strictly positive supply and the present value of total future resources is finite. This paper explores the possibility of asset price bubbles when either one of ...

  3. Natural gas prices and the end of gradual change

    International Nuclear Information System (INIS)

    Osten, J.A.

    1998-01-01

    Natural gas price predictions for the years 1998, 1999-2001, 2000-2005 are provided. In general, prices are predicted to decrease with increase in storage. Some other factors that will influence the price of natural gas and, therefore, should receive consideration in price predictions, include growth in demand, natural gas production, deliverability, new pipelines, and the Alberta price basis. tabs., figs

  4. Dynamic Pricing

    DEFF Research Database (Denmark)

    Sharifi, Reza; Anvari-Moghaddam, Amjad; Fathi, S. Hamid

    2017-01-01

    Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes h...... of dynamic pricing can lead to increased willingness of consumers to participate in DR programs which in turn improve the operation of liberalized electricity markets.......Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes...

  5. Investigation of Nuclide Importance to Functional Requirements Related to Transport and Long-Term Storage of LWR Spent Fuel

    Energy Technology Data Exchange (ETDEWEB)

    Broadhead, B.L.

    1995-01-01

    The radionuclide characteristics of light-water-reactor (LWR) spent fuel play key roles in the design and licensing activities for radioactive waste transportation systems, interim storage facilities, and the final repository site. Several areas of analysis require detailed information concerning the time-dependent behavior of radioactive nuclides including (1) neutron/gamma-ray sources for shielding studies, (2) fissile/absorber concentrations for criticality safety determinations, (3) residual decay heat predictions for thermal considerations, and (4) curie and/or radiological toxicity levels for materials assumed to be released into the ground/environment after long periods of time. The crucial nature of the radionuclide predictions over both short and long periods of time has resulted in an increased emphasis on thorough validation for radionuclide generation/depletion codes. Current radionuclide generation/depletion codes have the capability to follow the evolution of some 1600 isotopes during both irradiation and decay time periods. Of these, typically only 10 to 20 nuclides dominate contributions to each analysis area. Thus a quantitative ranking of nuclides over various time periods is desired for each of the analysis areas of shielding, criticality, heat transfer, and environmental dose (radiological toxicity). These rankings should allow for validation and data improvement efforts to be focused only on the most important nuclides. This study investigates the relative importances of the various actinide, fission-product, and light-element isotopes associated with LWR spent fuel with respect to five analysis areas: criticality safety (absorption fractions), shielding (dose rate fractions), curies (fractional curies levels), decay heat (fraction of total watts), and radiological toxicity (fraction of potential committed effective dose equivalent). These rankings are presented for up to six different burnup/enrichment scenarios and at decay times from 2 to

  6. FY 1998 annual report on the survey on promotion of overseas coal importation bases. Prospects of future export prices of steam coal; 1998 nendo kaigaitan yunyu kiban seibi sokushin chosa. Ippantan yushutsu kakaku no kongo no tenbo

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-03-01

    This survey was conducted to analyze the future trends of export prices of steam coal and thereby to contribute to security of stable supply of coal by collecting overseas information from relevant organizations, e.g., history of coal futures transactions in USA, and backgrounds, trends and evaluation thereof; and correspondence of the Australia's government and coal industry to depressed coal prices, actual situations of the country's mining industry and coal production, and their opinions on coal transaction contracts. Australia is the most important and hence influential coal supplier for Japan, and the country's coal industry is now in shaky conditions of reorganization. Chapter 1 describes shift from benchmark transactions to individual negotiations to determine steam coal prices since FY 1998, Chapter 2 takes up trends of coal futures transactions the US markets are adopting, Chapter 3 analyzes trends of steam coal prices in Australia, and Chapter 4 prospects future trends of steam coal markets and prices in Australia. The future coal prices will fluctuate periodically, but will be generally subjected to downward pressure in the medium term. (NEDO)

  7. 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...

  8. Gold prices

    OpenAIRE

    Joseph G. Haubrich

    1998-01-01

    The price of gold commands attention because it serves as an indicator of general price stability or inflation. But gold is also a commodity, used in jewelry and by industry, so demand and supply affect its pricing and need to be considered when gold is a factor in monetary policy decisions.

  9. Assessing Asset Pricing Anomalies

    NARCIS (Netherlands)

    W.A. de Groot (Wilma)

    2017-01-01

    markdownabstractOne of the most important challenges in the field of asset pricing is to understand anomalies: empirical patterns in asset returns that cannot be explained by standard asset pricing models. Currently, there is no consensus in the academic literature on the underlying causes of

  10. AN EMPIRICAL ANALYSIS OF VARIETY PRICE PREMIUM ...

    African Journals Online (AJOL)

    Location price difference was inversely related to distance from the central commodity market, and the seasonal price difference was attributed to storage technique. These show imperfect competitive market behaviour. Peu/drum with characteristics of brown colour, rough skin and large grain size had a price premium than ...

  11. Pricing objectives in nonprofit hospitals.

    OpenAIRE

    Bauerschmidt, A D; Jacobs, P

    1985-01-01

    This article reports on a survey of 60 financial managers of nonprofit hospitals in the eastern United States relating to the importance of a number of factors which influence their pricing decisions and the pricing objectives which they pursue. Among the results uncovered by the responses: that trustees are the single most important body in the price-setting process (doctors play a relatively unimportant role); that hospital pricing goals are more related to target net revenue than profit ma...

  12. Genes involved in sex pheromone biosynthesis of Ephestia cautella, an important food storage pest, are determined by transcriptome sequencing

    KAUST Repository

    Antony, Binu

    2015-07-18

    Background Insects use pheromones, chemical signals that underlie all animal behaviors, for communication and for attracting mates. Synthetic pheromones are widely used in pest control strategies because they are environmentally safe. The production of insect pheromones in transgenic plants, which could be more economical and effective in producing isomerically pure compounds, has recently been successfully demonstrated. This research requires information regarding the pheromone biosynthetic pathways and the characterization of pheromone biosynthetic enzymes (PBEs). We used Illumina sequencing to characterize the pheromone gland (PG) transcriptome of the Pyralid moth, Ephestia cautella, a destructive storage pest, to reveal putative candidate genes involved in pheromone biosynthesis, release, transport and degradation. Results We isolated the E. cautella pheromone compound as (Z,E)-9,12-tetradecadienyl acetate, and the major pheromone precursors 16:acyl, 14:acyl, E14-16:acyl, E12-14:acyl and Z9,E12-14:acyl. Based on the abundance of precursors, two possible pheromone biosynthetic pathways are proposed. Both pathways initiate from C16:acyl-CoA, with one involving ∆14 and ∆9 desaturation to generate Z9,E12-14:acyl, and the other involving the chain shortening of C16:acyl-CoA to C14:acyl-CoA, followed by ∆12 and ∆9 desaturation to generate Z9,E12-14:acyl-CoA. Then, a final reduction and acetylation generates Z9,E12-14:OAc. Illumina sequencing yielded 83,792 transcripts, and we obtained a PG transcriptome of ~49.5 Mb. A total of 191 PBE transcripts, which included pheromone biosynthesis activating neuropeptides, fatty acid transport proteins, acetyl-CoA carboxylases, fatty acid synthases, desaturases, β-oxidation enzymes, fatty acyl-CoA reductases (FARs) and fatty acetyltransferases (FATs), were selected from the dataset. A comparison of the E. cautella transcriptome data with three other Lepidoptera PG datasets revealed that 45 % of the sequences were shared

  13. 1988 coal price negotiation

    Energy Technology Data Exchange (ETDEWEB)

    Senmura, Akira

    1988-12-01

    In the negotiation on raw coal price for 1988, which began at the end of 1987, Australia requested price rise of 4 - 5 dollars for the reason of rise of Australian dollars, conditions of mines, price drop in the past five years, and world supply/demand of coal. Japan insisted to maintain the price of preceding year. The talk ended in a dead lock which could last a long time. Negotiation on the Canadian coal price also encountered difficulties but an agreement was obtained in March as Japan accepted the increased price. After which, Japan and Australia agreed to raise the price by 2.90 dollars and an increase over last year. Producing countries also requested a wide price rise as 7.50 dollars for general coal, making in this area very difficult to progress. Finally, they agreed to raise the price by 6.30 dollars and the electric power utility in Japan responded by importing of U.S. coal, which has a lower heat output but is also cheaper. It depends on Australia for 70% of coal supply but started to diversify the source. 3 tabs.

  14. How working memory relates to children's reading comprehension: The importance of domain-specificity in storage and processing

    NARCIS (Netherlands)

    Nouwens, S.; Groen, M.A.; Verhoeven, L.T.W.

    2017-01-01

    Working memory is considered a well-established predictor of individual variation in reading comprehension in children and adults. However, how storage and processing capacities of working memory in both the phonological and semantic domain relate to reading comprehension is still unclear. In the

  15. How Working Memory Relates to Children's Reading Comprehension: The Importance of Domain-Specificity in Storage and Processing

    Science.gov (United States)

    Nouwens, Suzan; Groen, Margriet A.; Verhoeven, Ludo

    2017-01-01

    Working memory is considered a well-established predictor of individual variation in reading comprehension in children and adults. However, how storage and processing capacities of working memory in both the phonological and semantic domain relate to reading comprehension is still unclear. In the current study, we investigated the contribution of…

  16. New empirical generalizations on the determinants of price elasticity

    NARCIS (Netherlands)

    Bijmolt, THA; Van Heerde, HJ; Pieters, RGM

    The importance of pricing decisions for firms has fueled an extensive stream of research on price elasticities. In an influential meta-analytical study, Tellis (1988) summarized price elasticity research findings until 1986. However, empirical generalizations on price elasticity require

  17. Assessing storage adequacy

    International Nuclear Information System (INIS)

    Amirault, P.

    2004-01-01

    Government policy encourages the use of natural gas. It is expected that liquefied natural gas (LNG) and Arctic gas will make up 20 to 25 per cent of supply. This presentation provided an outlook of storage value based on a technical analysis by the National Petroleum Counsel (NPC) report. A moderately robust growth is expected in the residential and commercial load which may be partially offset by robust growth in electricity. The net result is an increase in storage requirements. It was concluded that there is a strong case for growth in storage demand but a lack of good sites for additional capacity. This will lead to higher storage values. The NPC sees the need for 1 Tcf more storage use by 2025, of which 700 Bcf will need to come from new storage. In particular, current storage levels may not be sufficient to meet a colder than normal winter, and deliverability is affected by field inventory. Most storage capacity was built before 1985, mostly by regulated entities. It is expected that only 250 to 400 Bcf will be added over the next 25 years in North America. If storage becomes scarce, prices will move to the marginal cost of new additions, and the upper limit on price will be determined by salt cavern storage. An increase of $1.00 in the price of leasing storage would add about $0.11 to the average price of consumed gas. tabs., figs

  18. 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)

  19. Pricing of Asian temperature risk

    OpenAIRE

    Benth, Fred; Härdle, Wolfgang Karl; López Cabrera, Brenda

    2009-01-01

    Weather derivatives (WD) are different from most financial derivatives because the underlying weather cannot be traded and therefore cannot be replicated by other financial instruments. The market price of risk (MPR) is an important parameter of the associated equivalent martingale measures used to price and hedge weather futures/options in the market. The majority of papers so far have priced non-tradable assets assuming zero MPR, but this assumption underestimates WD prices. We study the MP...

  20. Forward curves, scarcity and price volatility in oil and natural gas markets

    International Nuclear Information System (INIS)

    Geman, Helyette; Ohana, Steve

    2009-01-01

    The role of inventory in explaining the shape of the forward curve and spot price volatility in commodity markets is central in the theory of storage developed by Kaldor [Kaldor, N. (1939) ''Speculation and Economic Stability'', The Review of Economic Studies 7, 1-27] and Working [Working, H. (1949) ''The theory of the price of storage'', American Economic Review, 39, 1254-1262] and has since been documented in a vast body of financial literature, including the reference paper by Fama and French [Fama, E.F. and K.R. French (1987) ''Commodity futures prices: some evidence on forecast power, premiums and the theory of storage'', Journal of Business 60, 55-73] on metals. The goal of this paper is twofold: 1. validate in the case of oil and natural gas the use of the slope of the forward curve as a proxy for inventory (the slope being defined in a way that filters out seasonality); 2. analyze directly for these two major commodities the relationship between inventory and price volatility. In agreement with the theory of storage, we find that: 1. the negative correlation between price volatility and inventory is globally significant for crude oil; 2. this negative correlation prevails only during those periods of scarcity when the inventory is below the historical average and increases importantly during the winter periods for natural gas. Our results are illustrated by the analysis of a 15 year-database of US oil and natural gas prices and inventory. (author)

  1. The Effect of Food Prices on Inflation in the Republic of Serbia

    Directory of Open Access Journals (Sweden)

    Radukić Snežana

    2015-05-01

    Full Text Available In the Republic of Serbia, food accounts for a significant share in the consumer price index through which the inflation is statistically expressed. Therefore, in considerations of the basic factors of increase in the general price level, a special emphasis is placed on the specific features of the market of agricultural-food products. The aim of this research is to peruse the effect of the characteristics of the food market in Serbia on the inflation rate. High volatility of food prices is present because of the instability of this market, mainly due to seasonal fluctuations of supply and the effect of natural factors. Bearing in mind that the increase in food prices is the main determinant of the increase in the inflation rate, the indirect state control is very important so as to maintain price stability. Special importance is attached to the following instruments of economic policy: commodity reserves, storage policy, and fiscal and foreign trade policy.

  2. Petroleum price

    International Nuclear Information System (INIS)

    Chevallier, B.

    2009-01-01

    The 'AFTP' conference on 'petroleum prices' organized by Total last March, tries to explain the different aspects of the crisis we undergo for July 2007 and its consequential effects on the petroleum markets (supply, demand evolvements, impacts on reserves, prices, refining...). (O.M.)

  3. variances in consumers prices of selected food items among ...

    African Journals Online (AJOL)

    Admin

    the consumer prices of rice, beans and garri in the three markets; rice and garri had insignificant differences in ... and inappropriate response by farmers to price ... supply or demand side or both). .... road network, storage facilities, subsidized.

  4. Essays on Derivatives Pricing

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    . 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...... financial models, and most importantly, to be aware of their limitations. Following that belief, this thesis consists of three independent and self-contained papers, all dealing with topics in derivatives pricing. The first paper considers the pricing of traffic light options, which are appropriate...... the market for multivariate credit instruments, we take a step back and focus on single-name default modeling and introduce two new model classes for modeling of the default time of a company. Finally, in the third paper we propose a consistent pricing model for index and volatility derivatives...

  5. Gas prices and price process

    International Nuclear Information System (INIS)

    Groenewegen, G.G.

    1992-01-01

    On a conference (Gas for Europe in the 1990's) during the Gasexpo '91 the author held a speech of which the Dutch text is presented here. Attention is paid to the current European pricing methods (prices based on the costs of buying, transporting and distributing the natural gas and prices based on the market value, which is deducted from the prices of alternative fuels), and the transparency of the prices (lack of information on the way the prices are determined). Also attention is paid to the market signal transparency and gas-gas competition, which means a more or less free market of gas distribution. The risks of gas-to-gas competition for a long term price stability, investment policies and security of supply are discussed. Opposition against the Third Party Access (TPA), which is the program to implement gas-to-gas competition, is caused by the fear of natural gas companies for lower gas prices and lower profits. Finally attention is paid to government regulation and the activities of the European Commission (EC) in this matter. 1 fig., 6 ills., 1 tab

  6. Gas Storage Valuation and Hedging: A Quantification of Model Risk

    Directory of Open Access Journals (Sweden)

    Patrick Hénaff

    2018-03-01

    Full Text Available This paper focuses on the valuation and hedging of gas storage facilities, using a spot-based valuation framework coupled with a financial hedging strategy implemented with futures contracts. The contributions of this paper are two-fold. Firstly, we propose a model that unifies the dynamics of the futures curve and spot price, and accounts for the main stylized facts of the US natural gas market such as seasonality and the presence of price spikes in the spot market. Secondly, we evaluate the associated model risk, and show not only that the valuation is strongly dependent upon the dynamics of the spot price, but more importantly that the hedging strategy commonly used in the industry leaves the storage operator with significant residual price risk.

  7. Energy storage

    International Nuclear Information System (INIS)

    2012-01-01

    After having outlined the importance of energy storage in the present context, this document outlines that it is an answer to economic, environmental and technological issues. It proposes a brief overview of the various techniques of energy storage: under the form of chemical energy (hydrocarbons, biomass, hydrogen production), thermal energy (sensitive or latent heat storage), mechanical energy (potential energy by hydraulic or compressed air storage, kinetic energy with flywheels), electrochemical energy (in batteries), electric energy (super-capacitors, superconductor magnetic energy storage). Perspectives are briefly evoked

  8. Price and inventory dynamics in petroleum product markets

    International Nuclear Information System (INIS)

    Considine, T.J.; Heo, Eunnyeong

    2000-01-01

    Unlike many studies of commodity inventory behavior, this paper estimates a model with endogenous spot and forward prices, inventories, production, and net imports. Our application involves markets for refined petroleum products in the United States. Our model is built around the supply and demand for storage. We estimate the model using Generalized Method of Moments and perform dynamic, simultaneous simulations to estimate the impacts of supply and demand shocks. Supply curves for the industry are inelastic and upward sloping. High inventory levels depress prices. Inventories fall in response to higher sales, consistent with production smoothing. Under higher input prices, refiners reduce their stocks of crude oil but increase their product inventories, consistent with cost smoothing. In some cases, imports of products are more variable than production or inventories. 25 refs

  9. 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.

  10. 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.

  11. Gas Price Formation, Structure and Dynamics

    Energy Technology Data Exchange (ETDEWEB)

    Davoust, R.

    2008-07-01

    Our study, focused on gas prices in importing economies, describes wholesale prices and retail prices, their evolution for the last one or two decades, the economic mechanisms of price formation. While an international market for oil has developed thanks to moderate storage and transportation charges, these costs are much higher in the case of natural gas, which involves that this energy is still traded inside continental markets. There are three regional gas markets around the world: North America (the United States, importing mainly from Canada and Mexico), Europe (importing mainly from Russia, Algeria and Norway) and Asia (Japan, Korea, Taiwan, China and India, importing mainly from Indonesia, Malaysia and Australia). A market for gas has also developed in South America, but it will not be covered by our paper. In Europe and the US, due to large domestic resources and strong grids, natural gas is purchased mostly through pipelines. In Northeast Asia, there is a lack of such infrastructures, so imported gas takes mainly the form of Liquefied Natural Gas (LNG), shipped on maritime tankers. Currently, the LNG market is divided into two zones: the Atlantic Basin (Europe and US) and the Pacific Basin (Asia and the Western Coast of America). For the past few years, the Middle East and Africa have tended to be crucial suppliers for both LNG zones. Gas price formation varies deeply between regional markets, depending on several structural factors (regulation, contracting practises, existence of a spot market, liquidity, share of imports). Empirically, the degree of market opening (which corresponds to the seniority in the liberalization process) seems to be the primary determinant of pricing patterns. North America has the most liberalized and well-performing natural gas industry in the world. Gas pricing is highly competitive and is based on supply/demand balances. Spot and futures markets are developed. The British gas sector is also deregulated and thus follows a

  12. Gas Price Formation, Structure and Dynamics

    International Nuclear Information System (INIS)

    Davoust, R.

    2008-01-01

    Our study, focused on gas prices in importing economies, describes wholesale prices and retail prices, their evolution for the last one or two decades, the economic mechanisms of price formation. While an international market for oil has developed thanks to moderate storage and transportation charges, these costs are much higher in the case of natural gas, which involves that this energy is still traded inside continental markets. There are three regional gas markets around the world: North America (the United States, importing mainly from Canada and Mexico), Europe (importing mainly from Russia, Algeria and Norway) and Asia (Japan, Korea, Taiwan, China and India, importing mainly from Indonesia, Malaysia and Australia). A market for gas has also developed in South America, but it will not be covered by our paper. In Europe and the US, due to large domestic resources and strong grids, natural gas is purchased mostly through pipelines. In Northeast Asia, there is a lack of such infrastructures, so imported gas takes mainly the form of Liquefied Natural Gas (LNG), shipped on maritime tankers. Currently, the LNG market is divided into two zones: the Atlantic Basin (Europe and US) and the Pacific Basin (Asia and the Western Coast of America). For the past few years, the Middle East and Africa have tended to be crucial suppliers for both LNG zones. Gas price formation varies deeply between regional markets, depending on several structural factors (regulation, contracting practises, existence of a spot market, liquidity, share of imports). Empirically, the degree of market opening (which corresponds to the seniority in the liberalization process) seems to be the primary determinant of pricing patterns. North America has the most liberalized and well-performing natural gas industry in the world. Gas pricing is highly competitive and is based on supply/demand balances. Spot and futures markets are developed. The British gas sector is also deregulated and thus follows a

  13. Thermoeconomic evaluation of air conditioning system with chilled water storage

    International Nuclear Information System (INIS)

    Lin, Hu; Li, Xin-hong; Cheng, Peng-sheng; Xu, Bu-gong

    2014-01-01

    Highlights: • A new thermoeconomic evaluation methodology has been presented. • The relationship between thermodynamic and economic performances has been revealed. • A key point for thermal storage technology further application is discovered. • A system has been analyzed via the new method and EUD method. - Abstract: As a good load shifting technology for power grid, chilled energy storage has been paid more and more attention, but it always consumes more energy than traditional air conditioning system, and the performance analysis is mostly from the viewpoint of peak-valley power price to get cost saving. The paper presents a thermoeconomic evaluation methodology for the system with chilled energy storage, by which thermodynamic performance influence on cost saving has been revealed. And a system with chilled storage has been analyzed, which can save more than 15% of power cost with no energy consumption increment, and just certain difference between peak and valley power prices can make the technology for good economic application. The results show that difference between peak and valley power prices is not the only factor on economic performance, thermodynamic performance of the storage system is the more important factor, and too big price difference is a barrier for its application, instead of for more cost saving. All of these give a new direction for thermal storage technology application

  14. 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.

  15. Pricing of new vaccines

    Science.gov (United States)

    McGlone, Sarah M

    2010-01-01

    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 eleven 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. PMID:20861678

  16. PRICING STRATEGY FOR DIGITAL PRODUCTS

    Directory of Open Access Journals (Sweden)

    MARIA MAGDALENA CRIVEANU

    2018-02-01

    Full Text Available The current society imposes an alert pace on companies that need to adapt to change, become more flexible and adopt new strategies to maintain market share. Digital marketing is a useful tool for promoting products, as customers can access a range of product information at any time and from anywhere. At the same time, another advantage on the part of companies is the lower promotion costs as compared to traditional promotional methods, as well as the establishment of a connection and a communication bridge with each client. The most important component in the process of purchasing a product is inevitably the price. It communicates a series of information about the product and the customer so that the price can be an important element of persuasion in relation to other marketing strategies. Most of the time, the smallest price is the most important factor in making a decision about buying a product, and digital marketing offers the posibility to compare prices. In this sense, digital marketing can provide both an advantage and a disadvantage for traders, as the small price may invalidate other marketing strategies or product features. In this sense, pricing is a challenge for marketing departments because the pricing strategy is deferring from the sterile formula of pricing which meant covering costs and making profit. This paper aims to analyze the extent to which price is an important element in purchasing a product, as well as highlighting a variety of methods and techniques used in pricing. Quantitative research is based on a questionnaire applied to 100 respondents in order to identify the correct pricing strategy. Research results communicate an important message to merchants who have to adjust the price of each buyer individually, so that the buyer profile is particularly important in setting the price.

  17. Canadian natural gas price forecast

    International Nuclear Information System (INIS)

    Jones, D.

    1998-01-01

    The basic factors that influenced NYMEX gas prices during the winter of 1997/1998 - warm temperatures, low fuel prices, new production in the Gulf of Mexico, and the fact that forecasters had predicted a mild spring due to El Nino - were reviewed. However, it was noted that for the last 18 months the basic factors had less of an impact on market direction because of an increase in Fund and technical trader participation. Overall, gas prices were strong through most of the year. For the winter of 1998-1999 the prediction was that NYMEX gas prices will remain below $2.00 through to the end of October 1998 because of high U.S. storage levels and moderate temperatures. NYMEX gas prices are expected to peak in January 1999 at $3.25. AECO natural gas prices were predicted to decrease in the short term because of increasing levels of Canadian storage, and because of delays in Northern Border pipeline expansions. It was also predicted that AECO prices will peak in January 1999 and will remain relatively strong through the summer of 1999. tabs., figs

  18. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

    Firms commonly run field experiments to improve their freemium pricing schemes. However, they often lack a framework for analysis that goes beyond directly measurable outcomes and focuses on longer term profit. We aim to fill this gap by structuring existing knowledge on freemium pricing...... into a stylized framework. We apply the proposed framework in the analysis of a field experiment that contrasts three variations of a freemium pricing scheme and comprises about 300,000 users of a software application. Our findings indicate that a reduction of free product features increases conversion as well...... as viral activity, but reduces usage – which is in line with the framework’s predictions. Additional back-of-the-envelope profit estimations suggest that managers were overly optimistic about positive externalities from usage and viral activity in their choice of pricing scheme, leading them to give too...

  19. Incorporating solid state drives into distributed storage systems

    OpenAIRE

    Wacha, Rosie

    2012-01-01

    Big data stores are becoming increasingly important in a variety of domains including scientific computing, internet applications, and business applications. For price and performance reasons, such storage is comprised of magnetic hard drives. To achieve the necessary degree of performance and reliability, the drives are configured into storage subsystems based on RAID (Redundant Array of Independent Disks). Because of their mechanical nature, hard drives are relatively power-hungry and slow ...

  20. Petroleum price

    International Nuclear Information System (INIS)

    Maurice, J.

    2001-01-01

    The oil market is the most volatile of all markets, with the exception of the Nasdaq. It is also the biggest commodity market in the world. Therefore one cannot avoid forecasting oil prices, nor can one expect to avoid the forecasting errors that have been made in the past. In his report, Joel Maurice draws a distinction between the short term and the medium-long term in analysing the outlook for oil prices. (author)

  1. The impact of electricity price changes on industrial prices and the general price level in Korea

    International Nuclear Information System (INIS)

    Lim, Seul-Ye; Yoo, Seung-Hoon

    2013-01-01

    Electricity has played an important role in the economic development of Korea and, thus, has become a critical factor in sustaining the well-being of the Korean people. This study attempts to investigate the impact of electricity price changes on industrial prices and the general price level using input–output (I–O) analysis. To this end, we apply the I–O price model to the 2011 I–O table recently produced by the Bank of Korea, paying particular attention to the electricity sector by considering it as exogenous and then investigating its impacts. The impacts of the electricity price changes on each industrial sector's prices and the general price level are quantitatively derived. For example, the overall impact of a 10% increase in electricity price on the Korean national economy is estimated to be 0.4367%. We also report the results from the model with the electricity sector endogenous and the model with endogenous electricity and labor sectors. This information can be usefully utilized in decision-making regarding price management for electricity. - Highlights: • We investigate the impact of electricity price changes on the Korean economy. • We use the input–output (I–O) analysis specifying the electricity sector as exogenous. • We apply the I–O price model to 2010 I–O table produced by the Bank of Korea. • The impact of a 10% increase in electricity price on the Korean economy is 0.2176%

  2. The composite barrel of retail prices and its relationship to crude oil prices

    International Nuclear Information System (INIS)

    Balabanoff, S.

    1993-01-01

    This paper challenges assumptions about the relationship between refinery gate prices, retail prices paid by consumers and crude oil prices. The analysis presented here considers their relationship within the context of the Organization of Petroleum Exporting Countries' (OPEC's) composite barrel statistics, which includes taxes and other government policy effects on prices. Speed of adjustment and retail price response to taxes are analysed with respect to crude import prices. OPEC's composite barrel is explained and evaluated. Test results are summarized. (UK)

  3. 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.

  4. 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.

  5. Another look on the relationships between oil prices and energy prices

    International Nuclear Information System (INIS)

    Lahiani, Amine; Miloudi, Anthony; Benkraiem, Ramzi; Shahbaz, Muhammad

    2017-01-01

    This paper employs the Quantile Autoregressive Distributed Lags (QARDL) model developed recently by Cho et al. (2015) to investigate the pass-through of oil prices to a set of energy prices. This approach allows analyzing simultaneously short-term connections and long-run cointegrating relationships across a range of quantiles. It also provides insights on the short-run predictive power of oil prices in predicting energy prices while accounting for the cointegration between oil prices and each of the considered energy prices in low, medium and high quantiles. Two key findings emerge from this paper. First, all considered energy prices are shown to be cointegrated with oil price across quantiles meaning that a stationaryequilibriumrelationship exists between single energy price and oil price. Second, we find evidence that oil price is a significant predictor of individual petroleum products prices and natural gas in the short run. This paper has important policy implications for forecasters, energy policy-makers and portfolio managers. - Highlights: • The pass-through of oil prices to a set of energy prices is investigated for US economy. • All considered energy prices are shown to be cointegrated with oil price across quantiles. • Oil price is a significant predictor of individual petroleum products prices in the short run. • Oil price also predicts natural gas prices in the short run.

  6. 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.

  7. Marketplace pricing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    As discussed in this chapter, interest in marketplace pricing has been increasing in recent years, reflecting the societal trend toward substituting competition for regulation where appropriate. Competition is valuable because it encourages utilities to make efficient decisions with a minimum of regulatory intervention. It enhances efficiency through the incentive for innovation by the regulated companies and by increasing the likelihood they will come forward with proposals for better services, lower prices or both. Ultimately, consumers are beneficiaries. Marketplace pricing is emblematic of the view that the degree of regulation should reflect the degree of market power, that workably competitive markets should be allowed to operate with as little regulatory interference as possible. The Edison Electric Institute has made perhaps the most detailed proposal on marketplace pricing. It and others perceive numerous benefits from this method of pricing transmission services. Given the undeniable market power resulting from line ownership, FERC has emphasized the need to find a workably competitive market before approving such proposals. The ability to make this distinction without a full-blown antitrust review for every transaction is questionable, and FERC has yet to provide generic guidance. Finally, FERC's legal ability to depart from cost-based standards is questionable

  8. Genes involved in sex pheromone biosynthesis of Ephestia cautella, an important food storage pest, are determined by transcriptome sequencing

    KAUST Repository

    Antony, Binu; Soffan, Alan; Jakše, Jernej; Alfaifi, Sulieman; Sutanto, Koko D.; Aldosari, Saleh A.; Aldawood, Abdulrahman S.; Pain, Arnab

    2015-01-01

    Our study provides important background information on the enzymes involved in pheromone biosynthesis. This information will be useful for the in vitro production of E. cautella sex pheromones and may provide potential targets for disrupting the pheromone-based communication system of E. cautella to prevent infestations.

  9. World coal prices and future energy demand

    International Nuclear Information System (INIS)

    Bennett, J.

    1992-01-01

    The Clean Air Act Amendments will create some important changes in the US domestic steam coal market, including price increases for compliance coal by the year 2000 and price decreases for high-sulfur coal. In the international market, there is likely to be a continuing oversupply which will put a damper on price increases. The paper examines several forecasts for domestic and international coal prices and notes a range of predictions for future oil prices

  10. Investigation of nuclide importance to functional requirements related to transport and long-term storage of LWR spent fuel

    International Nuclear Information System (INIS)

    Broadhead, B.L.; DeHart, M.D.; Ryman, J.C.; Tang, J.S.; Parks, C.V.

    1995-06-01

    This study investigates the relative importances of the various actinide, fission-product, and light-element isotopes associated with LWR spent fuel with respect to five analysis areas: criticality safety (absorption fractions), shielding (dose rate fractions), curies (fractional curies levels), decay heat (fraction of total watts), and radiological toxicity (fraction of potential committed effective dose equivalent). These rankings are presented for up to six different burnup/enrichment scenarios and at decay times from 2 to 100,000 years. Ranking plots for each of these analysis areas are given in an Appendix for completeness, as well as summary tables in the main body of the report. Summary rankings are presented in terms of high (greater than 10% contribution to the total), medium (between 1% and 10% contribution), and low (less than 1% contribution) for both short- and long-term cooling. When compared with the expected measurement accuracies, these rankings show that most of the important isotopes can be characterized sufficiently for the purpose of radionuclide generation/depletion code validation in each of the analysis areas. Because the main focus of this work is on the relative importances of isotopes associated with L at sign spent fuel, some conclusions may not be applicable to similar areas such as high-level waste (HLW) and nonfuel-bearing components (NFBC)

  11. North American natural gas price outlook

    International Nuclear Information System (INIS)

    Denhardt, R.

    1998-01-01

    Issues regarding future natural gas prices for North America were discussed. Various aspects of the issue including the relationship between storage, weather and prices, received attention. It was noted that strong demand-growth will be needed to support near-term Canadian export increases without price declines. The issue of Gulf Coast production was also discussed. Power generation using natural gas as fuel is expected to support strong growth in the demand for natural gas. tabs., figs

  12. United Kingdom: 'competition can force prices up'

    International Nuclear Information System (INIS)

    Powe, I.

    1992-01-01

    The increased demand for natural gas and price considerations are examined. The recent undertaking of British Gas to place storage and transmission in a separate regulated division with transparent accounts is reported, and the possible rise in the price of gas when British Gas has to pay commercial rates to the separate division is considered. (UK)

  13. Business cycles and natural gas prices

    International Nuclear Information System (INIS)

    Apostolos, S.; Asghar, S.

    2005-01-01

    This paper investigates the basic stylised facts of natural gas price movements using data for the period that natural gas has been traded on an organised exchange and the methodology suggested by Kydland and Prescott (1990). Our results indicate that natural gas prices are procyclical and lag the cycle of industrial production. Moreover, natural gas prices are positively contemporaneously correlated with United States consumer prices and lead the cycle of consumer prices, raising the possibility that natural gas prices might be a useful guide for US monetary policy, like crude oil prices are, possibly serving as an important indicator variable. (author)

  14. Electricity pricing

    International Nuclear Information System (INIS)

    Wijayatunga, P.D.C.

    1994-01-01

    Electricity pricing in most countries, especially in the developing world, has been determined by traditional accounting criteria where it raises revenue requirements to cover the operating costs and a return on past and future capital investments in possible power systems. The use of economic principles to improve the total economic efficiency in the electricity industry is discussed. Basic marginal cost theory, long run marginal costing (LRMC) cost categories and rating periods, marginal capacity costs, marginal energy costs, consumer costs, short run marginal costing (SRMC), marginal cost of fuel, marginal cost of network losses, market clearing price, value of unserved energy and network quality of supply cost are discussed

  15. Demand Uncertainty and Price Stabilization

    OpenAIRE

    E. Kwan Choi; Stanley R. Johnson

    1987-01-01

    Price stabilization is an important policy goal of government intervention in competitive markets. These policies are primarily directed at raising producer income and stabilizing market prices at levels acceptable to consumers and producers (Fox 1956, Turnovsky 1978, Newbery and Stiglitz 1979). Many of the stabilization policy results have been developed from the study of agricultural commodity markets. In these markets, prices tend to be highly variable due to uncertain and inelastic supply...

  16. The importance of hygiene in the domestic kitchen: implications for preparation and storage of food and infant formula.

    Science.gov (United States)

    Redmond, Elizabeth C; Griffith, Christopher J

    2009-03-01

    Public concerns relating to food safety remain high with most attention focused on manufactured foods and those served in catering operations. However, previous data have suggested that the home may be the main location for cases of food-borne disease. The aim of this paper is to review the microbiological risks associated with hygiene in the domestic kitchen related to food and infant formula safety. Compared to other food sectors, research on consumer food hygiene, domestic food-handling and preparation of infant formula is relatively understudied. Behavioural and microbiological studies of consumer hygiene and the domestic kitchen have been reviewed to incorporate research relating to the safety of infant formula. Incidence data identify the home as an important location for acquiring food-borne disease. The domestic kitchen can be used for a variety of purposes and is often contaminated with potentially harmful micro-organisms such as Campylobacter and Salmonella. Consumer hygiene habits have frequently been found to be inadequate and relate both to microbial growth, survival and cross-contamination. Due to the reduced immune response of infants, the activities associated with the preparation of infant formula and associated bottles and equipment are of particular concern. Cumulatively, the data suggest that more effort should be made to educate the consumer in food hygiene, especially when the kitchen is used to reconstitute infant formula. This information needs to be provided in a form appropriate for use by consumers.

  17. Long-term projections for electricity and gas prices

    International Nuclear Information System (INIS)

    Borggrefe, Frieder; Lochner, Stefan

    2009-01-01

    The article analyses potential developments of wholesale electricity prices in Germany until 2030. The relevant determinants and their effects on prices are shown. Several projections demonstrate the impact of future fuel prices taking the political framework into account. The importance of carbon and gas prices - and the latter's relationship to oil prices - are discussed extensively. Although forecasting electricity prices is associated with great uncertainties, the article illustrates the relative impacts of the various price determinants and their interactions. (orig.)

  18. Impacts of changing hardwood lumber consumption and price on stumpage and sawlog prices in Ohio

    Science.gov (United States)

    William Luppold; Matthew Bumgardner; T. Eric. McConnell

    2014-01-01

    In the early 2000s, increasing US furniture imports preceded declining US hardwood lumber demand and price. In the summer of 2002, however, hardwood lumber prices started to increase as demand by construction industries increased. By the mid-2000s, hardwood lumber prices hit all-time highs. Lumber prices hit all-time highs for red oak (Quercus spp...

  19. Biofuel and Food-Commodity Prices

    Directory of Open Access Journals (Sweden)

    David Zilberman

    2012-09-01

    Full Text Available The paper summarizes key findings of alternative lines of research on the relationship between food and fuel markets, and identifies gaps between two bodies of literature: one that investigates the relationship between food and fuel prices, and another that investigates the impact of the introduction of biofuels on commodity-food prices. The former body of literature suggests that biofuel prices do not affect food-commodity prices, but the latter suggests it does. We try to explain this gap, and then show that although biofuel was an important contributor to the recent food-price inflation of 2001–2008, its effect on food-commodity prices declined after the recession of 2008/09. We also show that the introduction of cross-price elasticity is important when explaining soybean price, but less so when explaining corn prices.

  20. 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.

  1. The price of crude oil

    International Nuclear Information System (INIS)

    Bakhtiari, A.M.S.

    1999-01-01

    The price of crude oil is among the most important prices quoted daily across the world - which is not surprising, since crude oil is the most widely used source of energy worldwide, as well as being a unique commodity. When petroleum burst onto the world stage in 1859, its price first went through some initial gyrations (1860-70), before settling in the $1.00 - 2.00 per barrel range (barring a few exceptions) for a full century. Then, the price underwent two 'shocks' (1973 and 1980), followed by the 'counter-shock' of 1986. Thereafter, the price entered the relative stability of the $15 - 20 /b consensus, where it lingered until recently. Some day, there is bound to be a fresh paradigm of 'insufficient oil reserves', thus ushering in a new era for oil prices. Taking into consideration available data on reserves and expert analysis, it would seem that that day may be years rather than decades away

  2. Higher prices at Canadian gas pumps: international crude oil prices or local market concentration? An empirical investigation

    International Nuclear Information System (INIS)

    Anindya Sen

    2003-01-01

    There is little consensus on whether higher retail gasoline prices in Canada are the result of international crude oil price fluctuations or local market power exercised by large vertically-integrated firms. I find that although both increasing local market concentration and higher average monthly wholesale prices are positively and significantly associated with higher retail prices, wholesale prices are more important than local market concentration. Similarly, crude oil prices are more important than the number of local wholesalers in determining wholesale prices. These results suggest that movements in gasoline prices are largely the result of input price fluctuations rather than local market structure. (author)

  3. The role of price elastic demand in market power in the Nordic electricity markets

    International Nuclear Information System (INIS)

    Ravn, H.F.

    2004-01-01

    The paper discusses the modelling and analysis of market power and price elastic demand in the Nordic electricity spot market, Nordpool. The modelling of market power in the electricity sector must take into account a number of features that are specific to the electricity sector. First, electricity cannot be stored, but must be produced simultaneously with consumption. This aspect is, however, modified by the possibility of using hydro reservoirs as an indirect electricity storage. Second, the electricity transmission network plays an important role by breaking the market into several geographically separate sub-markets with different prices. Moreover, the specific bottlenecks may differ from hour to hour, according to the balance between supply and demand in each sub-market. Third, the demand side is presently characterised by very limited experience with hour to-hour-changes in electricity prices and very limited experience with short time adjustments of electricity consumption in response to changes in the electricity price. In the present paper three basic models for supply side competition on the Nordpool spot market will be presented, viz., perfect competition, Cournot competition and Supply Function Equilibrium. The models represent price and quantity settlement, including determination of price areas (bottle necks), in accordance with the way the Nordpool market functions. The models will incorporate electricity demand which is responsive to the electricity price. The paper describes the role of demand response for the determination of the electricity prices in each of the three supply side competition models. (au)

  4. Consumer food choices: the role of price and pricing strategies.

    Science.gov (United States)

    Steenhuis, Ingrid H M; Waterlander, Wilma E; de Mul, Anika

    2011-12-01

    To study differences in the role of price and value in food choice between low-income and higher-income consumers and to study the perception of consumers about pricing strategies that are of relevance during grocery shopping. A cross-sectional study was conducted using structured, written questionnaires. Food choice motives as well as price perceptions and opinion on pricing strategies were measured. The study was carried out in point-of-purchase settings, i.e. supermarkets, fast-food restaurants and sports canteens. Adults (n 159) visiting a point-of-purchase setting were included. Price is an important factor in food choice, especially for low-income consumers. Low-income consumers were significantly more conscious of value and price than higher-income consumers. The most attractive strategies, according to the consumers, were discounting healthy food more often and applying a lower VAT (Value Added Tax) rate on healthy food. Low-income consumers differ in their preferences for pricing strategies. Since price is more important for low-income consumers we recommend mainly focusing on their preferences and needs.

  5. [A consideration on the import of Chinese crude drugs of general use in the 2nd half of Taisho era (7): especially on the change of import volume and price of rhubarb].

    Science.gov (United States)

    Harima, S; Tanaka, Y

    1991-01-01

    Since most of the crude drug rhubarb was imported in the Taisho era, similarly to the Meiji era, it was possible to refer to the government statistic data by investigating and elucidating the import volume of the same in the treaty ports at that time. Upon examining the import status in the period from the late part of the Taisho era to the early part of Showa era (around 1920 to 1930), the following transitions were observed. 1) In 1923 (Taisho 12), the Kantoh earthquake happened and it attacked Yokohama where the function as main trade port was almost totally destroyed. ... 2) The earthquake happened just at the time when the tariff protectionism was increasingly promoted in every country. ... 3) Since the port of Yokohama, as trade port, was damaged by the earthquake at that time and the government import statistic data were limited to a partial summing-up, our investigation was referred to the statistic data at the ports of Osaka and Kobe. ...

  6. Immigrant language barriers and house prices

    OpenAIRE

    Fischer, Andreas M.

    2011-01-01

    Are language skills important in explaining the nexus between house prices and immigrant inflows? The language barrier hypothesis says immigrants from a non common language country value amenities more than immigrants from common language countries.> ; In turn, immigrants from non common language countries are less price sensitive to house price changes than immigrants from a common language country. Tests of the language barrier hypothesis with Swiss house prices show that an immigration inf...

  7. Commodity Price Fluctuations: A Century of Analysis

    OpenAIRE

    Walter Labys

    2005-01-01

    Commodity prices again! The twentieth century has only been the latest spectator to the impacts and importance of commodity price fluctuations. It is reasonably well known that commodity price records have come down to us from the ancient civilizations of India, Mesopotamia, Egypt, Greece and Rome. Earlier in the century, formal research began on the relationships between agricultural demand, supply and prices in a market context. This research not only evolved in sophistication but extended ...

  8. Marketing approach to pricing of rail freight

    OpenAIRE

    Savitska, G.

    2015-01-01

    Price the is essence of the economic interests the participants of the transport market, which manifests itself in maintaining or increasing of the main price component revenue. Pricing for transportation of cargoes railway transport in a market economy is the most important management decisions affecting traffic volumes, profitability and competitiveness in the transport market. The market pricing for transportation of cargoes railway transport is a concentrated expression of market conditio...

  9. Canadian natural gas price debate

    International Nuclear Information System (INIS)

    Wight, G.

    1998-01-01

    Sunoco Inc. is a subsidiary of Suncor Energy, one of Canada's largest integrated energy companies having total assets of $2.8 billion. As one of the major energy suppliers in the country, Sunoco Inc has a substantial stake in the emerging trends in the natural gas industry, including the Canadian natural gas price debate. Traditionally, natural gas prices have been determined by the number of pipeline expansions, weather, energy supply and demand, and storage levels. In addition to all these traditional factors which still apply today, the present day natural gas industry also has to deal with deregulation, open competition and the global energy situation, all of which also have an impact on prices. How to face up to these challenges is the subject of this discourse. tabs., figs

  10. Forward curves, scarcity and price volatility in oil and natural gas markets

    Energy Technology Data Exchange (ETDEWEB)

    Geman, Helyette [Birkbeck, University of London (United Kingdom); ESCP-EAP (France); Ohana, Steve [ESCP-EAP (France)

    2009-07-15

    The role of inventory in explaining the shape of the forward curve and spot price volatility in commodity markets is central in the theory of storage developed by Kaldor [Kaldor, N. (1939) ''Speculation and Economic Stability'', The Review of Economic Studies 7, 1-27] and Working [Working, H. (1949) ''The theory of the price of storage'', American Economic Review, 39, 1254-1262] and has since been documented in a vast body of financial literature, including the reference paper by Fama and French [Fama, E.F. and K.R. French (1987) ''Commodity futures prices: some evidence on forecast power, premiums and the theory of storage'', Journal of Business 60, 55-73] on metals. The goal of this paper is twofold: 1. validate in the case of oil and natural gas the use of the slope of the forward curve as a proxy for inventory (the slope being defined in a way that filters out seasonality); 2. analyze directly for these two major commodities the relationship between inventory and price volatility. In agreement with the theory of storage, we find that: 1. the negative correlation between price volatility and inventory is globally significant for crude oil; 2. this negative correlation prevails only during those periods of scarcity when the inventory is below the historical average and increases importantly during the winter periods for natural gas. Our results are illustrated by the analysis of a 15 year-database of US oil and natural gas prices and inventory. (author)

  11. Energy storage

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This chapter discusses the role that energy storage may have on the energy future of the US. The topics discussed in the chapter include historical aspects of energy storage, thermal energy storage including sensible heat storage, latent heat storage, thermochemical heat storage, and seasonal heat storage, electricity storage including batteries, pumped hydroelectric storage, compressed air energy storage, and superconducting magnetic energy storage, and production and combustion of hydrogen as an energy storage option

  12. The analysis of pricing principles at domestic industrial enterprises

    OpenAIRE

    I.M. Rjabchenko; V.V. Bozhkova

    2013-01-01

    The analysis of pricing principles at domestic industrial enterprisesTheoretical and methodological aspects of marketing pricing formation are investigated in the article. The aim of this research is systematization of marketing pricing principles and formation of corresponding offers concerning perfection of a domestic industrial enterprises pricing policy.The results of the analysis. The authors note that pricing principles are important element of pricing methodology which form basic posit...

  13. Price satisfaction and producer loyalty

    DEFF Research Database (Denmark)

    Mutonyi, Sarah; Beukel, Karin; Gyau, Amos

    2016-01-01

    Purpose The purpose of this paper is to investigate which dimensions of price satisfaction influence producers’ trust in buyers and assess the mediating role of such trust in the relationship between price satisfaction and producer loyalty in fresh fruit supply chains. Design/methodology/approach......Purpose The purpose of this paper is to investigate which dimensions of price satisfaction influence producers’ trust in buyers and assess the mediating role of such trust in the relationship between price satisfaction and producer loyalty in fresh fruit supply chains. Design...... reliability, and relative price are dimensions of price satisfaction that affect producers’ trust in the buyer. Moreover, trust between the producer and the buyer is found to be a strong mediator between price satisfaction and producer loyalty. The findings support recent studies about trust and its mediating...... between the multi-dimensional nature of price satisfaction and producer loyalty with trust as a mediating variable in the business-to-business (B2B) context. Although B2B relationships have been shown to be of great importance for smallholders in enhancing business performance with their buyers, little...

  14. Identification of Shewanella baltica as the most important H2S-producing species during iced storage of Danish marine fish.

    Science.gov (United States)

    Fonnesbech Vogel, Birte; Venkateswaran, Kasthuri; Satomi, Masataka; Gram, Lone

    2005-11-01

    Shewanella putrefaciens has been considered the main spoilage bacteria of low-temperature stored marine seafood. However, psychrotropic Shewanella have been reclassified during recent years, and the purpose of the present study was to determine whether any of the new Shewanella species are important in fish spoilage. More than 500 H2S-producing strains were isolated from iced stored marine fish (cod, plaice, and flounder) caught in the Baltic Sea during winter or summer time. All strains were identified as Shewanella species by phenotypic tests. Different Shewanella species were present on newly caught fish. During the warm summer months the mesophilic human pathogenic S. algae dominated the H2S-producing bacterial population. After iced storage, a shift in the Shewanella species was found, and most of the H2S-producing strains were identified as S. baltica. The 16S rRNA gene sequence analysis confirmed the identification of these two major groups. Several isolates could only be identified to the genus Shewanella level and were separated into two subgroups with low (44%) and high (47%) G+C mol%. The low G+C% group was isolated during winter months, whereas the high G+C% group was isolated on fish caught during summer and only during the first few days of iced storage. Phenotypically, these strains were different from the type strains of S. putrefaciens, S. oneidensis, S. colwelliana, and S. affinis, but the high G+C% group clustered close to S. colwelliana by 16S rRNA gene sequence comparison. The low G+C% group may constitute a new species. S. baltica, and the low G+C% group of Shewanella spp. strains grew well in cod juice at 0 degrees C, but three high G+C Shewanella spp. were unable to grow at 0 degrees C. In conclusion, the spoilage reactions of iced Danish marine fish remain unchanged (i.e., trimethylamine-N-oxide reduction and H2S production); however, the main H2S-producing organism was identified as S. baltica.

  15. Dynamic cyclical comovements of oil prices with industrial production, consumer prices, unemployment, and stock prices

    International Nuclear Information System (INIS)

    Ewing, Bradley T.; Thompson, Mark A.

    2007-01-01

    This paper examines the empirical relationship between oil prices and several key macroeconomic variables. In particular, we investigate the cyclical comovements of crude oil prices with output, consumer prices, unemployment, and stock prices. The methodology involves the use of the Hodrick-Prescott [Hodrick, R.J., Prescott, E.C., 1980. Post-War US Business Cycles: An Empirical Investigation. Working Paper, Carnegie Mellon University] and Baxter-King [Baxter, M., King, R.G., 1999. Measuring business cycles: approximate band-pass filters for economic time series. Review of Economics and Statistics 81, 575-593] filters, as well as the recently developed full-sample asymmetric Christiano-Fitzgerald [Christiano, L.J., Fitzgerald, T.J., 2003. The band pass filter. International Economic Review 44, 435-465] band-pass filter. Contemporaneous and cross-correlation estimates are made using the stationary cyclical components of the time series to make inference about the degree to which oil prices move with the cycle. Besides documenting a number of important cyclical relationships using three different time series filtering methods, the results suggest that crude oil prices are procyclical and lag industrial production. Additionally, we find that oil prices lead consumer prices. (author)

  16. Beyond the sticker price: including and excluding time in comparing food prices.

    Science.gov (United States)

    Yang, Yanliang; Davis, George C; Muth, Mary K

    2015-07-01

    An ongoing debate in the literature is how to measure the price of food. Most analyses have not considered the value of time in measuring the price of food. Whether or not the value of time is included in measuring the price of a food may have important implications for classifying foods based on their relative cost. The purpose of this article is to compare prices that exclude time (time-exclusive price) with prices that include time (time-inclusive price) for 2 types of home foods: home foods using basic ingredients (home recipes) vs. home foods using more processed ingredients (processed recipes). The time-inclusive and time-exclusive prices are compared to determine whether the time-exclusive prices in isolation may mislead in drawing inferences regarding the relative prices of foods. We calculated the time-exclusive price and time-inclusive price of 100 home recipes and 143 processed recipes and then categorized them into 5 standard food groups: grains, proteins, vegetables, fruit, and dairy. We then examined the relation between the time-exclusive prices and the time-inclusive prices and dietary recommendations. For any food group, the processed food time-inclusive price was always less than the home recipe time-inclusive price, even if the processed food's time-exclusive price was more expensive. Time-inclusive prices for home recipes were especially higher for the more time-intensive food groups, such as grains, vegetables, and fruit, which are generally underconsumed relative to the guidelines. Focusing only on the sticker price of a food and ignoring the time cost may lead to different conclusions about relative prices and policy recommendations than when the time cost is included. © 2015 American Society for Nutrition.

  17. Oil price prospects

    International Nuclear Information System (INIS)

    Toalster, J.

    1992-01-01

    In this paper, four different, popular approaches to the analysis of oil price movements will be considered and an alternative method will be proposed. Whilst we await the development of a rigorous theoretical framework within which to evaluate the phenomenon of oil price movements some progress may be effected by an amalgam of approaches, with the traditional supply and demand model being supplemented by observations regarding political and social developments in particular countries or regions, together with an assessment of emerging and prospective technological achievements. In this way it should be possible to identify the critical influences at work, from which it should also be possible to select either the single most important variable or combination of variables, affecting the oil price. Moreover, it is my belief that the crucial variables influencing the oil price almost certainly, are more likely to be political and social, rather than economic. In this context and notwithstanding the fact that there is only a minimal level of surplus productive capacity in the world oil industry at present (perhaps 1-2 million b/d albeit rising rapidly), it is reasonable to conclude that oil prices will average around $18-19 a barrel for North Sea Brent in 1992 and 1993, with oscillations of $2-4 a barrel either side, rising slightly in 1994 to $19-20 a barrel and to $20-21 a barrel in 1995. Thereafter, the most likely outcome is for a rise in line with inflation (say $ a barrel/annum) with no prospect of an upward spike, because demand will be weaker than most commentators expect up to the year 2000, whilst OPEC oil supplies will be substantially higher than the consensus forecast. (author)

  18. Higher fuel and food prices

    DEFF Research Database (Denmark)

    Arndt, Channing; Benfica, Rui; Maximiano, Nelson

    2008-01-01

    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...... 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...

  19. Spatial peak-load pricing

    International Nuclear Information System (INIS)

    Arellano, M. Soledad; Serra, Pablo

    2007-01-01

    This article extends the traditional electricity peak-load pricing model to include transmission costs. In the context of a two-node, two-technology electric power system, where suppliers face inelastic demand, we show that when the marginal plant is located at the energy-importing center, generators located away from that center should pay the marginal capacity transmission cost; otherwise, consumers should bear this cost through capacity payments. Since electric power transmission is a natural monopoly, marginal-cost pricing does not fully cover costs. We propose distributing the revenue deficit among users in proportion to the surplus they derive from the service priced at marginal cost. (Author)

  20. Oil Prices and Venezuela's Economy

    OpenAIRE

    Mark Weisbrot; Rebecca Ray

    2008-01-01

    This paper looks at Venezuela’s export revenue, imports, and trade and current account balances under a range of oil price outcomes for the next two years. It finds that Venezuela would run large current account surpluses for prices between $60-90 per barrel, and would even run a small surplus with prices at $50 per barrel. (Most oil industry estimates for the next two years are in the range of $80-90 per barrel). The authors conclude that Venezuela is unlikely to run into foreign exchange co...

  1. Gas prices: realities and probabilities

    International Nuclear Information System (INIS)

    Broadfoot, M.

    2000-01-01

    An assessment of price trends suggests continuing rise in 2001, with some easing of upward price movement in 2002 and 2003. Storage levels as of Nov. 1, 2000 are expected to be at 2.77 Tcf, but if the winter of 2000/2001 proves to be more severe than usual, inventory levels could sink as low as 500 Bcf by April 1, 2001. With increasing demand for natural gas for non-utility electric power generation the major challenge will be to achieve significant supply growth, which means increased developmental drilling and inventory draw-downs, as well as more exploratory drilling in deepwater and frontier regions. Absence of a significant supply response by next summer will affect both growth in demand and in price levels, and the increased demand for electric generation in the summer will create a flatter consumption profile, erasing the traditional summer/winter spread in consumption, further intensifying price volatility. Managing price fluctuations is the second biggest challenge (after potential supply problems) facing the industry

  2. Energy prices, equalization and federalism

    Energy Technology Data Exchange (ETDEWEB)

    Courchene, T.J. [Queen' s Univ., Kingston, ON (Canada). School of Policy Studies

    2005-10-01

    A rise in oil prices over the last 30 years has shaped the debate on the equalization formula as well as the nature of fiscal federalism. The oil shocks of 1973 and 1979 contributed to the creation of the National Energy Program (NEP) in 1980 and the Energy Pricing and Taxation Agreement (EPTA) between Ottawa and Alberta in 1981. The current surge in oil prices, to recent highs of $70 a barrel has resulted in a new debate on energy pricing, equalization and fiscal frameworks. This article presented a review of the history of oil and federalism, and proposed a remedy to the horizontal fiscal imbalance by allocating the fixed equalization pool in accordance with fiscal capacity disparities relating to non-resource revenues. An interprovincial revenue-sharing pool was suggested for resource revenues, agreed to and operated by the provinces. It was suggested that after the price spike in 1973 in which the price of oil tripled, a key part of the rationale for imposing export taxes on oil equal to the difference between domestic and world prices was that the federal government could subsidize oil imports into eastern Canada and maintain a uniform domestic price across the country. By continuing to subsidize imports and maintaining a domestic price below the world price, the government has been diverting potential energy revenues from energy-rich provinces and transferring them directly to Canadians in terms of subsidized energy prices. It was noted that energy price surges cannot send equalization payments soaring as they did before because of the 2004 Framework Agreement, in which the overall equalization will be increased to $10.9 billion. A 2-tier approach to equalization was presented, in which it was suggested that the $10.9 billion pool should be allocated with fiscal capacity disparities relating to non-resource revenues. The creation of a revenue sharing pool for resource revenues was recommended. It was suggested that the 2 approaches will result in a strategic

  3. Energy prices, equalization and federalism

    International Nuclear Information System (INIS)

    Courchene, T.J.

    2005-01-01

    A rise in oil prices over the last 30 years has shaped the debate on the equalization formula as well as the nature of fiscal federalism. The oil shocks of 1973 and 1979 contributed to the creation of the National Energy Program (NEP) in 1980 and the Energy Pricing and Taxation Agreement (EPTA) between Ottawa and Alberta in 1981. The current surge in oil prices, to recent highs of $70 a barrel has resulted in a new debate on energy pricing, equalization and fiscal frameworks. This article presented a review of the history of oil and federalism, and proposed a remedy to the horizontal fiscal imbalance by allocating the fixed equalization pool in accordance with fiscal capacity disparities relating to non-resource revenues. An interprovincial revenue-sharing pool was suggested for resource revenues, agreed to and operated by the provinces. It was suggested that after the price spike in 1973 in which the price of oil tripled, a key part of the rationale for imposing export taxes on oil equal to the difference between domestic and world prices was that the federal government could subsidize oil imports into eastern Canada and maintain a uniform domestic price across the country. By continuing to subsidize imports and maintaining a domestic price below the world price, the government has been diverting potential energy revenues from energy-rich provinces and transferring them directly to Canadians in terms of subsidized energy prices. It was noted that energy price surges cannot send equalization payments soaring as they did before because of the 2004 Framework Agreement, in which the overall equalization will be increased to $10.9 billion. A 2-tier approach to equalization was presented, in which it was suggested that the $10.9 billion pool should be allocated with fiscal capacity disparities relating to non-resource revenues. The creation of a revenue sharing pool for resource revenues was recommended. It was suggested that the 2 approaches will result in a strategic

  4. Optimizing Wellfield Operation in a Variable Power Price Regime

    DEFF Research Database (Denmark)

    Bauer-Gottwein, Peter; Schneider, Raphael; Davidsen, Claus

    2016-01-01

    Wellfield management is a multiobjective optimization problem. One important objective has been energy efficiency in terms of minimizing the energy footprint (EFP) of delivered water (MWh/m3). However, power systems in most countries are moving in the direction of deregulated markets and price...... itself. We estimated EFP of pumped water as a function of wellfield pumping rate (EFP-Q relationship) for a wellfield in Denmark using a coupled well and pipe network model. This EFP-Q relationship was subsequently used in a Stochastic Dynamic Programming (SDP) framework to minimize total cost...... of operating the combined wellfield-storage-demand system over the course of a 2-year planning period based on a time series of observed price on the Danish power market and a deterministic, time-varying hourly water demand. In the SDP setup, hourly pumping rates are the decision variables. Constraints include...

  5. Pricing and Trust

    DEFF Research Database (Denmark)

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

    -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......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...

  6. 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 described...

  7. Competitive Pricing by a Price Leader

    OpenAIRE

    Abhik Roy; Dominique M. Hanssens; Jagmohan S. Raju

    1994-01-01

    We examine the problem of pricing in a market where one brand acts as a price leader. We develop a procedure to estimate a leader's price rule, which is optimal given a sales target objective, and allows for the inclusion of demand forecasts. We illustrate our estimation procedure by calibrating this optimal price rule for both the leader and the follower using data on past sales and prices from the mid-size sedan segment of the U.S. automobile market. Our results suggest that a leader-follow...

  8. 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.

  9. EMPIRICAL GENERALIZATIONS ABOUT THE IMPACT OF ADVERTISING ON PRICE SENSITIVITY AND PRICE

    NARCIS (Netherlands)

    KAUL, A; WITTINK, DR

    1995-01-01

    Consumers' sensitivities to price changes are an important input to strategic and tactical decisions. It has been argued that price sensitivities depend on factors such as advertising Prior studies on the effect of advertising on consumer price sensitivity have found seemingly conflicting results.

  10. What Factors Affect the Prices of Low-Priced U.S. Solar PV Systems?

    Energy Technology Data Exchange (ETDEWEB)

    Nemet, Gregory F. [Univ. of Wisconsin, Madison, WI (United States); Mercator Research Inst. on Global Commons and Climate Change, Berlin (Germany); O' Shaughnessy, Eric [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Darghouth, Naïm R. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Gillingham, Ken [Yale Univ., New Haven, CT (United States); Rai, Varun [Univ. of Texas, Austin, TX (United States)

    2016-08-01

    The price of solar PV systems has declined rapidly, yet there are some much lower-priced systems than others. This study explores the factors leading some systems to be so much lower priced than others. Using a data set of 42,611 residential-scale PV systems installed in the U.S. in 2013, we use quantile regressions to estimate the importance of factors affecting the installed prices for low-priced (LP) systems (those at the 10th percentile) in comparison to median-priced systems. We find that the value of solar to consumers–a variable that accounts for subsidies, electric rates, and PV generation levels–is associated with lower prices for LP systems but higher prices for median priced systems. Conversely, systems installed in new home construction are associated with lower prices at the median but higher prices for LP. Other variables have larger cost-reducing effects on LP than on median priced systems: systems installed in Arizona and Florida, as well as commercial and thin film systems. In contrast, the following have a smaller effect on prices for LP systems than median priced systems: tracking systems, self-installations, systems installed in Massachusetts, the system size, and installer experience. These results highlight the complex factors at play that lead to LP systems and shed light into how such LP systems can come about.

  11. Effect of oil price on Nigeria’s food price volatility

    Directory of Open Access Journals (Sweden)

    Ijeoma C. Nwoko

    2016-12-01

    Full Text Available This study examines the effect of oil price on the volatility of food price in Nigeria. It specifically considers the long-run, short-run, and causal relationship between these variables. Annual data on oil price and individual prices of maize, rice, sorghum, soya beans, and wheat spanning from 2000 to 2013 were used. The price volatility for each crop was obtained using Generalized Autoregressive Conditional Heteroskedascity (GARCH (1, 1 model. Our measure of oil price is the Refiner acquisition cost of imported crude oil. The Augmented Dickey–Fuller and Phillip–Perron unit root tests show that all the variables are integrated of order one, I (1. Therefore, we use the Johansen co-integration test to examine the long-run relationship. Our results show that there is no long-run relationship between oil price and any of the individual food price volatility. Thus, we implement a VAR instead of a VECM to investigate the short-run relationship. The VAR model result revealed a positive and significant short-run relationship between oil price and each of the selected food price volatility with exception of that of rice and wheat price volatility. These results were further confirmed by the impulse response functions. The Granger causality test result indicates a unidirectional causality from oil price to maize, soya bean, and sorghum price volatilities but does not show such relationship for rice and wheat price volatilities. We draw some policy implications of these findings.

  12. EFFECTIVE ANNUAL INTEREST SIGNIFIANCE ON BANKING PRODUCTS PRICE STRUCTURE

    Directory of Open Access Journals (Sweden)

    Medar Lucian-Ion

    2011-06-01

    Full Text Available The importance of the products and services prices can be found in the reference price, that customer must compare it with the price of the last made acquisition. The price of the banking product, that includes the effective annual intrest rate (EAI, is a guide price including all the cost elements related to banking products and services. The price of the products promoted through lending activities, is affected by the exchange rate of national and foreign currency, available on the money market. The role of the banking fee is very important in the specific services and bank products price formation.

  13. Price volatility and banking in green certificate markets

    DEFF Research Database (Denmark)

    Amundsen, Eirik Schrøder; Baldursson, Fridrik M.; Mortensen, Jørgen Birk

    2006-01-01

    the paper shows that the introduction of banking of GCs may reduce price volatility considerably and lead to increased social surplus. Banking lowers average prices and is therefore not necessarily to the benefit of 'green producers'. Prooposed price bounds on GC-prices will reduce the importance of banking...

  14. Simultaneously learning and optimizing using controlled variance pricing

    NARCIS (Netherlands)

    Boer, den A.V.; Zwart, B.

    2014-01-01

    Price experimentation is an important tool for firms to find the optimal selling price of their products. It should be conducted properly, since experimenting with selling prices can be costly. A firm, therefore, needs to find a pricing policy that optimally balances between learning the optimal

  15. The Triggers, Timing and Speed of New Product Price Landings

    NARCIS (Netherlands)

    C. Hernández-Mireles (Carlos); D. Fok (Dennis); Ph.H.B.F. Franses (Philip Hans)

    2008-01-01

    textabstractMany high-tech products and durable goods exhibit exactly one significant price cut some time after their launch. We call this sudden transition from high to low prices the price landing. In this paper we present a new model that describes two important features of price landings: their

  16. Drawing a Roadmap for Oil Pricing Reform

    OpenAIRE

    Kojima, Masami

    2013-01-01

    In 2011, the median oil imports rose to 5 percent of gross domestic product for net importers. In the past several years, many governments have not passed through the world oil price increases to consumers fully. As a sign of divergent pricing policies, the retail prices of gasoline, diesel, and cooking gas in January 2013 varied by a factor of 190, 250, and 70, respectively, across develo...

  17. Liver Storage

    African Journals Online (AJOL)

    1971-10-23

    Oct 23, 1971 ... The need for whole-organ preservation has become in- cre.asingly important ... ideally fulfil the same purpose as the circulation of blood through the body, ... Hepatic hypothermia produced by the introduction of cold electrolyte ... Recently, we reported successful hypothermic immersion storage for up to 8 ...

  18. Energy storage reinforces competitive business practices

    International Nuclear Information System (INIS)

    Makansi, J.

    1994-01-01

    This article examines how the ability to ''store'' electricity can pay handsome dividends in a competitive environment. Priorities change when industries are deregulated. Indeed, new priorities are being established for electric generation--low cost, efficiency, product distinction for marketing purposes, etc. are all more critical today. Perhaps not so obvious is the fundamental role of energy storage in a fully competitive marketplace. In fact, rarely do a technology development and a changing business climate play off against each other so nicely. Consider the function of the emerging electricity broker, or power marketer. Imagine the premium that broker could command with access to a large increment of electricity--purchased at a low price--and supplied at a moment's notice for a substantially higher price. Storage of electricity would mean that the investment in excess available generation capacity to supply so-called peak demand could be avoided. It also means that electricity could be brokered like other commodities--that is purchased, stockpiled, and sold to reflect market conditions across a wider geographical region and time spain. Benefits accrue to transmission and distribution, in addition to generation. Energy storage helps to manage the increasing stress placed on the grid as a result of intermittent sources of power and large numbers of cogenerators and small power producers. On the customer side, any ratepayer large or small could, theoretically, play the spot market in electric supply with a reserve to tap in emergencies. For a parallel in other deregulated markets, recall how storage has become an important factor in natural-gas contracting. Quality of electricity also can be improved by applying storage to stabilize the grid, especially along the distribution system at substations. And the opening of vast markets for electricity consumption, such as electric vehicles, depends in large measure on electric storage

  19. Survey of the energy market in Germany in 2000. Primary energy consumption - carbon dioxide emissions - mineral oil - lignite - coal - natural gas - electricity - energy prices - import bill; Deutscher Energiemarkt 2000. Primaerenergie - Treibhausgas-Emissionen - Mineraloel - Braunkohle - Steinkohle - Erdgas - Elektrizitaet - Energiepreise - Importrechnung

    Energy Technology Data Exchange (ETDEWEB)

    Schiffer, H.W. [RWE Rheinbraun AG, Koeln (Germany)

    2001-03-01

    Primary energy consumption in Germany in 2000 amounted to 483.6m tonnes of coal equivalent and thus decreased by 0.2%, as compared to 1999. The comprehensive survey consists of tabulated data and explanatory comments relating to the developments linked to the various energy sources, change of energy mix, generation technologies and systems, demand factors and consumer behavior, carbon dioxide emissions, renewable energies and cogeneration and the government policies, imports and prices. (orig./CB) [German] Der Primaerenergieverbrauch in der Bundesrepublik Deutschland belief sich im Jahr 2000 auf 483,6 Millionen Tonnen Steinkohleneinheiten (Mio. t SKE), d.h. er war 0,2% niedriger als im Vorjahr. Hinsichtlich der Entwicklung in 2000 im Vergleich zu 1999 wurden u.a. folgende Tendenzen festgestellt: 1. Wandel im Energiemix. 2. Rueckgang der CO2-Emissionen, ausser im Verkehrssektor. 3. Gestiegenes Mineraloelaufkommen, aber veraenderte Zusammensetzung. 4. Anstieg bei Gewinnung und Einsatz von Braunkohle, Verringerung bei Steinkohle. Die Daten werden erlaeutert, wobei auch auf geaenderte rechtliche Rahmenbedingungen und die neuere Energiepolitik hingewiesen wird. (orig./CB)

  20. TRANSFER PRICES IN ROMANIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    ANDREEA-LAVINIA CAZACU (NEAMTU

    2016-10-01

    Full Text Available Transfer prices are a delicate subject and of major importance in jurisdictions to which they belong, as they are often used as a means of exploiting tax legislation. In proceedings of tax inspection and financial control carried out by the tax authorities, a special place is occupied by the transactions between affiliated entities with Romanian companies. The purpose of the tax inspection is: combating tax evasion and tracking these transactions to be carried out at market prices. The article aims to present how transfer prices affect the value of an enterprise, but also the methodological aspects relating to tax inspection and the necessary documents in order to deciphering the mode of transfer pricing in Romania.

  1. Experimental Evidence on Transfer Pricing

    Directory of Open Access Journals (Sweden)

    Tran Quoc H.

    2016-06-01

    Full Text Available We use incentivized economics experiments to test both the point predictions and comparative static predictions of optimal transfer pricing models, comparing behavior under varying conditions, including wholly versus partially-owned subsidiaries and different tariff and tax rates. As predicted, we find that transfer prices are responsive to relative tax and tariff rates as well as ownership proportions. Additionally, we examine convergence and learning in this setting. While individuals do not choose optimal transfer prices, their choices converge to optimal levels with experience. This paper thus makes two important contributions. First, by comparing behavior with theoretical predictions it provides evidence of whether (and when individuals set transfer prices optimally. Second, by comparing behavior under conditions of full and partial ownership it provides evidence on the impact of policy interventions (like regulating ownership proportions by MNEs on tax revenues.

  2. PRICE ON THE ORGANIC FOOD MARKET

    Directory of Open Access Journals (Sweden)

    GEORGE ATANASOAIE

    2012-12-01

    Full Text Available The main objective of this paper is to present prices on PAE market (PAE- organic foods market. Prices are analyzed in terms of importance and the main factors that contribute to their establishment (quality of products, distribution channels, certification and eco-labeling system, customer segments and market development stage. This paper is based on the investigation of secondary sources, of specialized literature related to PAE consumers. The paper shows that are used three strategic options of prices: prices with high rigidity located in a low or high level and fluctuating prices, characterized by variations on short periods of time. Price is a very important barrier to market development but this importance can be mitigated through appropriate communication policies with the market, which are essential especially for markets in early stages of development.

  3. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

    An economy with agents having constant yet heterogeneous degrees of relative risk aversion prices assets as though there were a single decreasing relative risk aversion pricing representative agent. The pricing kernel has fat tails and option prices do not conform to the Black-Scholes formula.

  4. Energy Storage.

    Science.gov (United States)

    Eaton, William W.

    Described are technological considerations affecting storage of energy, particularly electrical energy. The background and present status of energy storage by batteries, water storage, compressed air storage, flywheels, magnetic storage, hydrogen storage, and thermal storage are discussed followed by a review of development trends. Included are…

  5. Pharmaceutical pricing, price controls, and their effects on pharmaceutical sales and research and development expenditures in the European Union.

    Science.gov (United States)

    Vogel, Ronald J

    2004-08-01

    Each country in the European Union (EU) currently employs direct price controls or permutations of direct price controls, such as reference pricing or limitations on returns to capital. Some countries also use volume controls. A new proposal that is being discussed would have all of the countries in the EU adopt uniform pricing for each pharmaceutical. This paper analyzes the economic effects of free-market pricing individual-country price controls, and uniform EU price controls. Microeconomic and mathematical models were used to simulate and predict probable economic outcomes in a comparative static setting. Price controls may be in the form of price ceilings or price floors. Both forms of price control generate deadweight economic losses in the short run and long run. A uniform EU price for each pharmaceutical sold there would have elements of a price ceiling in some of the countries and of a price floor in other countries. The deadweight loss incurred would be a function of the level at which the uniform price was set by the EU and the price elasticity of demand for each pharmaceutical in each country. Economic efficiency is maximized in both the short run and long run when prices are set in freely competitive markets. An additional important dimension of Ramsey pricing within a competitive context is that it generates funds for investment in pharmaceutical research and development, which enhances economic efficiency in the long run.

  6. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    On April 1, 2005, Denmark changed the way references prices, a main determinant of reimbursements for pharmaceutical purchases, are calculated. The previous reference prices, which were based on average EU prices, were substituted to minimum domestic prices. Novel to the literature, we estimate...... 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...

  7. Optimizing wellfield operation in a variable power price regime

    DEFF Research Database (Denmark)

    Bauer-Gottwein, Peter; Schneider, Raphael; Davidsen, Claus

    Wellfield management is a multi-objective optimization problem. One important management objective has been energy efficiency in terms of minimizing the energy footprint (EFP) of delivered water (MWh/m3). However, power systems in most countries are moving in the direction of deregulated power...... use itself. We estimated energy footprint as a function of wellfield pumping rate (EFP-Q relationship) for a wellfield in Denmark using a coupled well and pipe network model. This EFP-Q relationship was subsequently used in a stochastic dynamic programming framework to minimize total cost of operating...... the combined wellfield-storage-demand system over the course of a 2-year planning period based on a time series of observed price on the Danish power market and a deterministic, time-varying hourly water demand. In the SDP setup, hourly pumping rates are the decision variables. Constraints include storage...

  8. From tariffs to prices

    International Nuclear Information System (INIS)

    Baena, D. Eduardo Martin

    1998-01-01

    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)

  9. The atmospheric corrosion: an important technical-economic and nuclear safety factor during storage in the construction of nuclear power plants

    International Nuclear Information System (INIS)

    Rodriguez, R.; Rodriguez, J.; Diaz, J.; Gomez, J.; Galeano, N.

    1993-01-01

    The purpose of this work is to show the results of the research performed to determine the atmospheric corrosion in the region of Juragua nuclear power plant and to offer some practical recommendations to increase the efficiency during the storage of materials, considering technical-economic and nuclear safety aspects

  10. One TV, One Price?

    OpenAIRE

    Jean Imbs; Haroon Mumtaz; Morten O. Ravn; Hélène Rey

    2009-01-01

    We use a unique dataset on television prices across European countries and regions to investigate the sources of differences in price levels. Our findings are as follows: (i) Quality is a crucial determinant of price differences. Even in an integrated economic zone as Europe, rich economies tend to consume higher quality goods. This effect accounts for the lion’s share of international price dispersion. (ii) Sizable international price differentials subsist even for the same television sets. ...

  11. Value-based pricing

    OpenAIRE

    Netseva-Porcheva Tatyana

    2010-01-01

    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. .

  12. Taking the mystery out of gasoline prices

    International Nuclear Information System (INIS)

    Anon.

    2000-01-01

    Gasoline price variations in different markets of Canada are primarily driven by market forces, not necessarily by costs, according to a petroleum valuation consultant of the Newfoundland Department of Mines and Energy. Market forces include wholesale prices, the number and efficiency of stations in an area, companies' marketing strategies and customer buying preferences. Prices can be affected by any one of these forces at any time. The prediction is that wholesale prices will continue to be volatile in the next few months as the market adjusts to the changes in crude oil prices determined by OPEC as well as the summer season for gasoline. Changes in crude oil prices are usually reflected in the price of gasoline at the pump, although they do not necessarily move together. Demand which is an important factor in price, is cyclical in both the US and Canada, being lowest in the first quarter of the year, picking up during the second and third quarters with increased driving during good weather, and usually declining again in the fourth quarter with the onset of colder weather. Taxes are also a very significant component of the retail price of gasoline; in July 1998 the combined federal and provincial taxes accounted for 54 per cent of the average retail price of regular unleaded gasoline in Canada. Refining and marketing costs, the distance gasoline has to be transported to market, also influence prices at the pump

  13. Spatial Data Web Services Pricing Model Infrastructure

    Science.gov (United States)

    Ozmus, L.; Erkek, B.; Colak, S.; Cankurt, I.; Bakıcı, S.

    2013-08-01

    most important law with related NSDI is the establishment of General Directorate of Geographic Information System under the Ministry of Environment and Urbanism. due to; to do or to have do works and activities with related to the establishment of National Geographic Information Systems (NGIS), usage of NGIS and improvements of NGIS. Outputs of these projects are served to not only public administration but also to Turkish society. Today for example, TAKBIS data (cadastre services) are shared more than 50 institutions by Web services, Tusaga-Aktif system has more than 3800 users who are having real-time GPS data correction, Orthophoto WMS services has been started for two years as a charge of free. Today there is great discussion about data pricing among the institutions. Some of them think that the pricing is storage of the data. Some of them think that the pricing is value of data itself. There is no certain rule about pricing. On this paper firstly, pricing of data storage and later on spatial data pricing models in different countries are investigated to improve institutional understanding in Turkey.

  14. Optimizing Wellfield Operation in a Variable Power Price Regime.

    Science.gov (United States)

    Bauer-Gottwein, Peter; Schneider, Raphael; Davidsen, Claus

    2016-01-01

    Wellfield management is a multiobjective optimization problem. One important objective has been energy efficiency in terms of minimizing the energy footprint (EFP) of delivered water (MWh/m(3) ). However, power systems in most countries are moving in the direction of deregulated markets and price variability is increasing in many markets because of increased penetration of intermittent renewable power sources. In this context the relevant management objective becomes minimizing the cost of electric energy used for pumping and distribution of groundwater from wells rather than minimizing energy use itself. We estimated EFP of pumped water as a function of wellfield pumping rate (EFP-Q relationship) for a wellfield in Denmark using a coupled well and pipe network model. This EFP-Q relationship was subsequently used in a Stochastic Dynamic Programming (SDP) framework to minimize total cost of operating the combined wellfield-storage-demand system over the course of a 2-year planning period based on a time series of observed price on the Danish power market and a deterministic, time-varying hourly water demand. In the SDP setup, hourly pumping rates are the decision variables. Constraints include storage capacity and hourly water demand fulfilment. The SDP was solved for a baseline situation and for five scenario runs representing different EFP-Q relationships and different maximum wellfield pumping rates. Savings were quantified as differences in total cost between the scenario and a constant-rate pumping benchmark. Minor savings up to 10% were found in the baseline scenario, while the scenario with constant EFP and unlimited pumping rate resulted in savings up to 40%. Key factors determining potential cost savings obtained by flexible wellfield operation under a variable power price regime are the shape of the EFP-Q relationship, the maximum feasible pumping rate and the capacity of available storage facilities. © 2015 The Authors. Groundwater published by Wiley

  15. 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...

  16. Strategic pricing possibilities of grocery retailers : an empirical study

    OpenAIRE

    Länsiluoto, Aapo; Back, Barbro; Vanharanta, Hannu

    2007-01-01

    The right pricing of products is one of the most important issues concerning the development of companies’ financial performance. Prices should be low enough to attract customers and at the same time high enough to cover all the emerged costs and expected profits. This research illustrates how self-organizing maps (SOM) can be used for pricing purposes. We show how changes in a company’s pricing policies would affect the company’s pricing position. The study illustrates clearly that companies...

  17. Southern company energy storage study :

    Energy Technology Data Exchange (ETDEWEB)

    Ellison, James; Bhatnagar, Dhruv; Black, Clifton; Jenkins, Kip

    2013-03-01

    This study evaluates the business case for additional bulk electric energy storage in the Southern Company service territory for the year 2020. The model was used to examine how system operations are likely to change as additional storage is added. The storage resources were allowed to provide energy time shift, regulation reserve, and spinning reserve services. Several storage facilities, including pumped hydroelectric systems, flywheels, and bulk-scale batteries, were considered. These scenarios were tested against a range of sensitivities: three different natural gas price assumptions, a 15% decrease in coal-fired generation capacity, and a high renewable penetration (10% of total generation from wind energy). Only in the elevated natural gas price sensitivities did some of the additional bulk-scale storage projects appear justifiable on the basis of projected production cost savings. Enabling existing peak shaving hydroelectric plants to provide regulation and spinning reserve, however, is likely to provide savings that justify the project cost even at anticipated natural gas price levels. Transmission and distribution applications of storage were not examined in this study. Allowing new storage facilities to serve both bulk grid and transmission/distribution-level needs may provide for increased benefit streams, and thus make a stronger business case for additional storage.

  18. [International reference prices and cost minimization analysis for the regulation of medicine prices in Colombia].

    Science.gov (United States)

    Vacca, Caludia; Acosta, Angela; Rodriguez, Ivan

    2011-01-01

    To suggest a scheme of decision making on pricing for medicines that are part of Free Regulated Regime, a regulation way of the pharmaceutical pricing policy in Colombia. It includes two regulation tools: international reference prices and a cost minimization analysis methodology. Following the current pricing policy, international reference prices were built with data from five countries for selected medicines, which are under Free Regulated Regime. The cost minimization analysis methodology includes selection of those medicines under Free Regulated Regime with possible comparable medicines, selection of comparable medicines, and treatment costs evaluation. As a result of the estimate of International Reference Prices, four medicines showed in the domestic pharmaceutical market a bigger price than the Reference Price. A scheme of decision-making was design containing two possible regulation tools for medicines that are part of Free Regulated Regime: estimate of international reference prices and cost minimization analysis methodology. This diagram would be useful to assist the pricing regulation of Free Regulated Regime in Colombia. As present results shows, international reference prices make clear when domestic prices are higher than those of reference countries. In the current regulation of pharmaceutical prices in Colombia, the international reference price has been applied for four medicines. Would be suitable to extend this methodology to other medicines of high impact on the pharmaceutical expenditure, in particular those covered by public funding. The availability of primary sources about treatment costs in Colombia needs to be improved as a requirement to develop pharmaco-economic evidence. SISMED is an official database that represents an important primary source of medicines prices in Colombia. Nevertheless, having into account that SISMED represents an important advantage of transparency in medicines prices, it needs to be improved in quality and data

  19. THE PRICE ON THE ORGANIC PRODUCT MARKET

    Directory of Open Access Journals (Sweden)

    ATĂNĂSOAIE GEORGE SEBASTIAN

    2013-08-01

    Full Text Available The main objective of this paper is to present prices on PAE market (PAE- organic foods market. Prices areanalyzed in terms of importance and the main factors that contribute to their establishment (quality of products,distribution channels, certification and eco-labeling system, customer segments and market development stage.The paper shows that are used three strategic options of prices: prices with high rigidity located in a low or highlevel and fluctuating prices, characterized by variations on short periods of time. Price is a very importantbarrier to market development but this importance can be mitigated through appropriate communicationpolicies with the market, which are essential especially for markets in early stages of development

  20. Customer perspectives on district heating price models

    Directory of Open Access Journals (Sweden)

    Kerstin Sernhed

    2017-01-01

    Full Text Available In Sweden there has been a move towards more cost reflective price models for district heating in order to reduce economic risks that comes with variable heat demand and high shares of fixed assets. The keywords in the new price models are higher shares of fixed cost, seasonal energy prices and charging for capacity. Also components that are meant to serve as incentives to affect behaviour are introduced, for example peak load components and flow components. In this study customer responses to these more complex price models have been investigated through focus group interviews and through interviews with companies that have changed their price models. The results show that several important customer requirements are suffering with the new price models. The most important ones are when energy savings do not provide financial savings, when costs are hard to predict and are perceived to be out of control.

  1. The Opec basket price at $21/b

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    The increase of petroleum prices are explained by speculative buying for a part, others reasons have to be emphasized: the tension between China and Taiwan, the Usa implication in this area and the conflicts risks have increased market excitability. The petroleum demand stays dynamic in Usa, due to a rigorous winter when the petroleum storage has been at the lowest level for twenty years, refiners and distributors being used to work with low storage. Recent declarations of the United Nations secretary, Mister Boutros Boutros-Gali, according to which a lot of problems are still to solve before concluding an agreement with Iraq, have taken the Damocles sword away from petroleum prices. Certainly the petroleum prices are going to decrease but the principle question is to know at which level they will be stabilized. (N.C.). 1 tab

  2. Bulk energy storage increases United States electricity system emissions.

    Science.gov (United States)

    Hittinger, Eric S; Azevedo, Inês M L

    2015-03-03

    Bulk energy storage is generally considered an important contributor for the transition toward a more flexible and sustainable electricity system. Although economically valuable, storage is not fundamentally a "green" technology, leading to reductions in emissions. We model the economic and emissions effects of bulk energy storage providing an energy arbitrage service. We calculate the profits under two scenarios (perfect and imperfect information about future electricity prices), and estimate the effect of bulk storage on net emissions of CO2, SO2, and NOx for 20 eGRID subregions in the United States. We find that net system CO2 emissions resulting from storage operation are nontrivial when compared to the emissions from electricity generation, ranging from 104 to 407 kg/MWh of delivered energy depending on location, storage operation mode, and assumptions regarding carbon intensity. Net NOx emissions range from -0.16 (i.e., producing net savings) to 0.49 kg/MWh, and are generally small when compared to average generation-related emissions. Net SO2 emissions from storage operation range from -0.01 to 1.7 kg/MWh, depending on location and storage operation mode.

  3. Energy storage, to make the wager to believe

    International Nuclear Information System (INIS)

    Signoret, Stephane; Guilhem, Jean; De Santis, Audrey; Kim, Caroline; Petitot, Pauline; Mary, Olivier

    2016-01-01

    After having evoked some examples and studies (an assessment of the costs of energy storage, an industrial perspective for sodium-ion batteries, the development of an energy recovery system for road transport), a first article discusses the importance of a right definition of energy storage, of its functions and development framework (how to store, where to store, at which price, in which context). A second article evokes the installation of Forsee Power (a leader in battery assembly) in France. A third article discusses how to couple renewable energies and local energy storage. While evoking the example of the LMP battery by Bollore, a fourth article outline the common benefits of high capacity batteries used in electric vehicles as well as in domestic applications or renewable energy supply schemes. The fifth article proposes an overview of researches for the improvement of energy storage solutions (study of battery ageing, use of super-capacitors, thermal storage in industry, a hybrid storage of renewable energy in overseas districts, use of nano-silicon to improve anodes, improvement of oxygen supply in fuel cells, development of very porous silicon layers for anodes). The sixth article discusses the development of a process by Babcok and the Cnim Group for a massive storage of energy by thermal accumulation for electric or thermal energy producers. The seventh and last article notices that the IRENA (International renewable energy Agency) outlined the role of energy storage for the development of rural areas and of islands which are disconnected from the grid

  4. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

    This paper provides new evidence on manufacturing firms' output prices: in Denmark, on average, exported varieties are sold at a lower price (i.e. a negative exporter price premium) relative to only domestically sold varieties. This finding stands in sharp contrast to previous studies, which have...... found positive exporter price premia. We also document that the exporter price premium varies substantially across products (both in terms of sign and magnitude). We show that in a standard heterogeneous firms model with heterogeneity in quality as well as production efficiency there is indeed no clear......-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...

  5. 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.

  6. Market fundamentals, competition and natural-gas prices

    International Nuclear Information System (INIS)

    Hulshof, Daan; Maat, Jan-Pieter van der; Mulder, Machiel

    2016-01-01

    After the liberalisation of the gas industry, trading hubs have emerged in Europe. Although these hubs appear to be liquid market places fostering gas-to-gas competition, the efficiency of the gas market remains a topic of interest as a fair share of gas is still traded through long-term contracts with prices linked to the oil price while the number of gas suppliers to the European market is limited. In order to assess the efficiency of the gas market, we analyse the day-ahead spot price at the Dutch gas hub over the period 2011–2014. We find that the oil price had a small positive impact on the gas price. Changes in the concentration on the supply side did not affect the movement in gas prices. The availability of gas in storages and the outside temperature negatively influenced the gas price. We also find that the gas price was related to the production of wind electricity. Overall, we conclude that the day-ahead gas prices are predominantly determined by gas-market fundamentals. Policies to further integrate gas markets within Europe may extend this gas-to-gas competition to a larger region. - Highlights: •We analyse the development of the day-ahead spot price at TTF over 2011–2014. •The oil price had a small impact on the gas price, while the coal price had no effect. •Changes in the concentration on the supply side did not affect the gas prices. •The gas prices are predominantly determined by weather and storage availability. •Policies to integrate gas markets foster gas-to-gas competition.

  7. Pricing and tariffs

    International Nuclear Information System (INIS)

    Dyrelund, A.

    1993-01-01

    Danish suppliers of electricity and district heating are with a few exceptions either public utilities or cooperatives owned by consumers. The basic tariff regulations for electricity and heat in Denmark state that the tariff has to cover all costs and that only a reasonable interest of invested capital may be included in the tariff. Consequently, all profit has to be used to lower prices. For municipality-owned utilities the consumer prices would be the same if the consumers were the owners. It is typical for the district heating and electricity sector that the technical system, the organizations involved and the tariff levels show the same structure: Plants - transmission - distribution - consumer. E.g. the price of energy from the transmission system includes costs of plants and transmission, but not costs of distribution. Concerning energy saving measures in buildings it is important to note that energy saving measures should not be evaluated on the basis of saved GJ (Giga Joule) thermal energy and GJ electricity because the fuel energy consumption and the share of variable costs depend on the supply system. To find least-cost solutions to satisfy the basic demand for energy services, it is necessary to be aware of the whole chain of elements from fuel to services: fuel - plant - network - consumer installations - building envelope - services. The consumer tariff is the most important link between the supply systems and the buildings. A reasonably designed incentive tariff may work for least-cost solutions, whereas other tariffs may encourage a waste of resources, either waste of fuel energy or waste of investments. (AB)

  8. Coordinating Channels Under Price and Nonprice Competition

    OpenAIRE

    Ganesh Iyer

    1998-01-01

    This paper analyzes how manufacturers should coordinate distribution channels when retailers compete in price as well as important nonprice factors such as the provision of product information, free repair, faster check-out, or after-sales service. Differentiation among retailers in price and nonprice service factors is a central feature of markets ranging from automobiles and appliances to gasoline and is especially observed in the coexistence of high-service retailers and lower price discou...

  9. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    of creating political markets, and political prices, here understood as market distortion. This paper studies the ‘politics’ of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several...... 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...

  10. Gasoline prices and the public interest

    International Nuclear Information System (INIS)

    1997-12-01

    The concerns that have been raised about gasoline prices in Newfoundland were addressed and the reasons why they differ significantly from one part of Newfoundland to another were examined. A research and investigation program was established to identify the factors contributing to the price of, and price variation in gasoline sold in the province. Companies directly involved in the gasoline retail business in the province were invited to answer an extensive questionnaire which asked detailed, confidential information concerning the company's operations. This report contains the results of the analysis of the responses, and provides a comprehensive picture of the operation of the petroleum industry. It also contains a series of recommendations for the government with respect to monitoring price fluctuations, gathering data about the industry, and constructing an independently owned and operated terminal storage facility. The report recommends against direct regulation. tabs., figs

  11. Wine prices in the Nordic countries: Are they lower than in the region of origin?

    OpenAIRE

    Jan Bentzen; Valdemar Smith

    2002-01-01

    The aim of this paper is to analyse the retail prices on wine in different countries. In general, country-specific price differences on identical wines are expected to reflect differences in taxes, import prices, transportation and other costs. Also the competitive conditions on the retail markets in the relevant countries are important. Accordingly, lack of competition at the retail level, high import prices and high duties on wine all contribute to increase wine prices. Next, consumer price...

  12. Gas pricing in Europe. Pt. 1. Wholesale markets

    International Nuclear Information System (INIS)

    Donath, R.

    1996-01-01

    The article investigates gas pricing in the European procurement market and the wholesale markets of the most important EU consumer markets. It demonstrates that value-oriented pricing principles override cost-oriented pricing principles. For one thing, and independently of pricing principles, two- or three-part demand price systems or basic price systems are common. For another, the frequently encountered opportunities for the differentiation of prices show that as long as there is merely substitution competition instead of direct competition, gas suppliers have a certain degree of freedom in fixing their prices. By contrast, the introduction of direct competition in Great Britain has reduced suppliers' individual price fixing margins, because short-term supply and demand variations in the now created spot market are decisive for gas pricing. (orig.) [de

  13. Economic evaluation of innovative storage technologies in energy systems with a high share of renewable energies

    International Nuclear Information System (INIS)

    Kondziella, Hendrik

    2017-01-01

    This work addresses the question of whether the ongoing transformation to a low-carbon energy system in Germany will also create market opportunities for innovative market participants, in particular for storage operators. The economic effects that occur in energy systems with high levels of variable renewable energy (vEE) can be measured by their integration costs. Scientific research into the additional storage and flexibility needs of such an energy system often addresses imbalances in the system balance sheet. The respective methods are, however, based on different assumptions and framework conditions, so that the results can only be compared with one another to a limited extent. The hourly fluctuating wholesale price on the electricity exchange is an important indicator to signal the need for flexibility. Many analyzes use historical or predicted pricing time series to evaluate storage options. However, while the feedback of the operation of an energy storage on the market prices is left out. Therefore, a method is developed in this work to estimate the impact of an increasing market volume of storage and other flexibility options on spot market prices. The influence of storage use on electricity demand and spot market prices in 2020 and 2030 is examined. The scenarios to be defined for the electricity market are model-based and evaluated. To answer the question, techno-economic models, e.g. The MICOES power market model for power plant deployment planning, the DeSiflex model for smoothing residual load through integrated flexibility options and the Arturflex model for estimating arbitrage gains through the use of flexibility options on the spot market. [de

  14. Asymmetric and nonlinear pass-through of crude oil prices to gasoline and natural gas prices

    International Nuclear Information System (INIS)

    Atil, Ahmed; Lahiani, Amine; Nguyen, Duc Khuong

    2014-01-01

    In this article, we use the recently developed nonlinear autoregressive distributed lags (NARDL) model to examine the pass-through of crude oil prices into gasoline and natural gas prices. Our approach allows us to simultaneously test the short- and long-run nonlinearities through positive and negative partial sum decompositions of the predetermined explanatory variables. It also offers the possibility to quantify the respective responses of gasoline and natural gas prices to positive and negative oil price shocks from the asymmetric dynamic multipliers. The obtained results indicate that oil prices affect gasoline prices and natural gas prices in an asymmetric and nonlinear manner, but the price transmission mechanism is not the same. Important policy implications can be learned from the empirical findings. - Highlights: • The pass-through of crude oil prices into gasoline and natural gas prices is examined. • We use a NARDL model to test for the long-run and short-run asymmetric reactions. • Both gasoline and natural gas prices significantly adjust to changes in the price of oil. • Negative oil shocks have greater effects than positive oil shocks. • Policy implications are discussed

  15. A Case Study of Pharmaceutical Pricing in China: Setting the Price for Off-Patent Originators.

    Science.gov (United States)

    Hu, Shanlian; Zhang, Yabing; He, Jiangjiang; Du, Lixia; Xu, Mingfei; Xie, Chunyan; Peng, Ying; Wang, Linan

    2015-08-01

    This article aims to define a value-based approach to pricing and reimbursement for off-patent originators using a multiple criteria decision analysis (MCDA) approach centered on a systematic analysis of current pricing and reimbursement policies in China. A drug price policy review was combined with a quantitative analysis of China's drug purchasing database. Policy preferences were identified through a MCDA performed by interviewing well-known academic experts and industry stakeholders. The study findings indicate that the current Chinese price policy includes cost-based pricing and the establishment of maximum retail prices and premiums for off-patent originators, whereas reference pricing may be adopted in the future. The literature review revealed significant differences in the dissolution profiles between originators and generics; therefore, dissolution profiles need to be improved. Market data analysis showed that the overall price ratio of generics and off-patent originators was around 0.54-0.59 in 2002-2011, with a 40% price difference, on average. Ten differentiating value attributes were identified and MCDA was applied to test the impact of three pricing policy scenarios. With the condition of implementing quality consistency regulations and controls, a reduction in the price gap between high-quality off-patent products (including originator and generics) seemed to be the preferred policy. Patents of many drugs will expire within the next 10 years; thus, pricing will be an issue of importance for off-patent originators and generic alternatives.

  16. Which way for Europe's gas storage market?

    International Nuclear Information System (INIS)

    Hureau, Geoffroy; Cornot-Gandolphe, Sylvie

    2013-06-01

    This slide show presents in a first part the 2013 Situation of the European gas storage market (Capacity, Gas Demand vs. Gas Storage, Spreads and Volatility, LNG effect, Storage Price, Utilization of Storage Facilities, Security of supply). The future of European Gas Demand and Supply are presented in a second part (Demand and Supply Factors, Market Liberalization, Estimates of European UGS Needs by 2030, Planned Working Gas Capacities in Europe)

  17. Optimal Operation and Value Evaluation of Pumped Storage Power Plants Considering Spot Market Trading and Uncertainty of Bilateral Demand

    Science.gov (United States)

    Takahashi, Kenta; Hara, Ryoichi; Kita, Hiroyuki; Hasegawa, Jun

    In recent years, as the deregulation in electric power industry has advanced in many countries, a spot market trading of electricity has been done. Generation companies are allowed to purchase the electricity through the electric power market and supply electric power for their bilateral customers. Under this circumstance, it is important for the generation companies to procure the required electricity with cheaper cost to increase their profit. The market price is volatile since it is determined by bidding between buyer and seller. The pumped storage power plant, one of the storage facilities is promising against such volatile market price since it can produce a profit by purchasing electricity with lower-price and selling it with higher-price. This paper discusses the optimal operation of the pumped storage power plants considering bidding strategy to an uncertain spot market. The volatilities in market price and demand are represented by the Vasicek model in our estimation. This paper also discusses the allocation of operational reserve to the pumped storage power plant.

  18. PRICES IN COMPETITIVE SYSTEM

    Directory of Open Access Journals (Sweden)

    VADUVA MARIA

    2017-08-01

    Full Text Available Regularities of competitive market determine rules for determining prices and their dynamics. Orientation prices to competition (competitive pricing is the strategy most frequently used in countries with market economies and especially for exports. Moreover, in an economy dominated by market competition it cannot be ignored without certain risks the prices resulting from competition between products bidders. Companies that use this type of strategy seek to maintain a level of prices linked to that charged by other competitors (or exporting producers generally no longer covering production costs or demand, relying on the assumption that the average market price is a reasonable basis of costs. But the way how practical guidance and reporting to the competition in every price strategy, will be determined by the company's market position, by the available power and enjoyed prestige, objectives and prospects of its market share etc. according to these elements, there may be several versions of pricing strategies oriented to competitors.

  19. Retail Price Model

    Science.gov (United States)

    The Retail Price Model is a tool to estimate the average retail electricity prices - under both competitive and regulated market structures - using power sector projections and assumptions from the Energy Information Administration.

  20. 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...... for patients and the health insurance system. We also estimated an increase in consumer welfare but the size effect depends on whether or not perceived quality differences between branded and other drugs are taken into account....

  1. Regional Price Levels in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Petr Musil

    2017-06-01

    Full Text Available International comparison belongs to statistical topics which attracts either experts or general public. Official statistics provides estimates of national price levels only. Therefore, official regional analysis is based on national price levels and does not take into account potential differences in prices among regions within a country. Fortunately, researchers have been dealing with them and estimates for several countries are available. The topic is also important in the Czech Republic even two papers focused on regional price levels were published in Statistika journal in 2016. The aim of the paper is to compare both approaches from various perspectives.

  2. PRICE FAIRNESS PERCEPTION ON ASIATIC MARKETS

    OpenAIRE

    Elisabeta Ioanăș

    2012-01-01

    The purpose of this paper is to show the perception of the price fairness in the literature. I made a small comparison between the European and the Asiatic markets. Price is an important key of the marketing mix. On the daily basis, the price fairness is perceived differently from one user to another. Also other researchers states that the price has a great influence on the perceived value and on buying intentions for a product and through this paper can be seen that the culture influences th...

  3. Electricity prices differences between France and Germany

    International Nuclear Information System (INIS)

    Hensing, I.; Nolden, A.; Riechmann, Ch.; Schulz, W.

    1998-01-01

    High electricity prices in Germany especially as compared to France have played an important role in the electricity liberalization debate in Germany. The price differences can largely be explained by cost differences in electricity generation, the electricity grids, personnel cost and local taxes. Further analysis suggests that efficiency improvements upon market liberalization will only partly remove these price and cost differentials. Parts of the cost differentials are attributable to politically-motivated regulations and the (future) regulation of network functions. This implies that Germany can only expect to arrive at internationally comparable electricity prices if it advances with a reform of political and monopoly regulations alongside liberalizing electricity generation and trade. (author)

  4. Improving and optimising road pricing in Copenhagen

    DEFF Research Database (Denmark)

    Nielsen, Otto Anker; Larsen, Marie Karen

    2008-01-01

    though quite a number of proposed charging systems have been examined only a few pricing strategies have been investigated. This paper deals with the optimisation of different designs for a road pricing system in the Greater Copenhagen area with respect to temporal and spatial differentiation......The question whether to introduce toll rings or road pricing in Copenhagen has been discussed intensively during the last 10 years. The main results of previous analyses are that none of the systems would make a positive contribution at present, when considered from a socio-economic view. Even...... of the pricing levels. A detailed transport model was used to describe the demand effects. The model was based on data from a real test of road pricing on 500 car drivers. The paper compares the price systems with regard to traffic effects and generalised costs for users and society. It is shown how important...

  5. A propane price spike nails users

    International Nuclear Information System (INIS)

    Milke, M.

    1997-01-01

    The increase in price for propane was discussed. In 1993, propane cost about 5 cents per litre; by December 1996, the price has risen to 27 cents wholesale, while retail prices for auto propane reached 40 cents per litre. As a result, farmers and fleet operators are considering switching to an alternative energy supply. The five factors which may have played a role in the propane price spike were described. These included a cold winter which lowered inventories, a Pemex gas plant in Mexico which had been damaged by fire, forcing Mexico to import natural gas and natural gas liquids from the USA, the failure of propane distributors to restock during the summer months in the hope of lower prices, and increased cost of competing fuels in the face of increased demand. It was noted that these factors are transitory, which could mean better prices this summer

  6. Pricing of natural gas in Kazakhstan

    International Nuclear Information System (INIS)

    Zhapargaliev, I.K.

    1996-01-01

    Two state companies are in charge of natural gas supply in Kazakhstan. They buy, transport and sell natural gas and have monopolized the industry and provoked increase of gas prices. Ministry of Oil and gas Industry proposed demonopolization. The restructuring that took place caused new distribution of tasks in the gas industry. A more competitive environment was created leading to normalization of the natural gas prices. All economic subjects were granted the right to acquire gas regardless the type of ownership. Measures implemented for reorganization of gas companies contributed to the reduction of gas transport costs and prices by 50% and to decrease of gas prices in the southern regions by 50%. Despite these measures gas prices for household sector are still unchanged and are below the import prices, the main reason being the low average household income

  7. BUDGET NORMALIZATION AND PRICING FEATURES IN CONSTRUCTION

    Directory of Open Access Journals (Sweden)

    M. I. Gadzhieva

    2016-01-01

    Full Text Available It is proved that the pricing of the construction is different from the pricing system in the industry and other branches of economy, because it has different methodological and organizational approaches. It has been determined that the cost of construction is set on the stage of its design, in the process of concluding investment contracts (construction contracts, as well as directly during construction, major repairs of objects of capital construction, reconstruction and the implementation of certain types of construction and installation works. It has been found that the pricing mechanism in construction is based on the detailed legal and reference documents regulating material consumption rates and prices, taking into account sectoral, territorial and seasonal features of building production. It has been found that under inflation conditions the price index calculation of construction products for investment purposes is of great importance. Mandatory approval of all stakeholders of the construction production method for determining the price of the construction site is proposed.

  8. Oil price fluctuations and the Nigerian economy

    International Nuclear Information System (INIS)

    Ayadi, O.F.

    2005-01-01

    The single most important issue confronting a growing number of world economies today is the price of oil and its attendant consequences on economic output. Several studies have taken the approach of Hamilton (1983) in investigating the effect of oil price shocks on levels of gross domestic product. The focus of this paper is primarily on the relationship between oil price changes and economic development via industrial production. A vector auto regression model is employed on some macroeconomic variables from 1980 through 2004. The results indicate that oil price changes affect real exchange rates, which, in turn, affect industrial production. However, this indirect effect of oil prices on industrial production is not statistically significant. Therefore, the implication of the results presented in this paper is that an increase in oil prices does not lead to an increase in industrial production in Nigeria. (author)

  9. NUKEM adjusts price definitions

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    This article is the October-November 1994 market report, providing trading volume and prices in the Uranium market. During this period, there were five deals in the spot concentrates market, five deals in the medium and long-term market, one deal in the conversion market, and two deals in the enrichment market. Restricted prices strengthened while unrestricted prices held steady. Price re-definitions were also announced

  10. Delegating Pricing Decisions

    OpenAIRE

    Pradeep Bhardwaj

    2001-01-01

    An outstanding problem in marketing is why some firms in a competitive market delegate pricing decisions to agents and other firms do not. This paper analyzes the impact of competition on the delegation decision and, in turn, the impact of delegation on prices and incentives. The theory builds on the simplest framework of competition in two dimensions: prices and (sales agents') effort. Specifically, we are interested in answering the following questions: (1) Does competition affect the price...

  11. Gamma-hydroxybutyric acid endogenous production and post-mortem behaviour - the importance of different biological matrices, cut-off reference values, sample collection and storage conditions.

    Science.gov (United States)

    Castro, André L; Dias, Mário; Reis, Flávio; Teixeira, Helena M

    2014-10-01

    Gamma-Hydroxybutyric Acid (GHB) is an endogenous compound with a story of clinical use, since the 1960's. However, due to its secondary effects, it has become a controlled substance, entering the illicit market for recreational and "dance club scene" use, muscle enhancement purposes and drug-facilitated sexual assaults. Its endogenous context can bring some difficulties when interpreting, in a forensic context, the analytical values achieved in biological samples. This manuscript reviewed several crucial aspects related to GHB forensic toxicology evaluation, such as its post-mortem behaviour in biological samples; endogenous production values, whether in in vivo and in post-mortem samples; sampling and storage conditions (including stability tests); and cut-off reference values evaluation for different biological samples, such as whole blood, plasma, serum, urine, saliva, bile, vitreous humour and hair. This revision highlights the need of specific sampling care, storage conditions, and cut-off reference values interpretation in different biological samples, essential for proper practical application in forensic toxicology. Copyright © 2014 Elsevier Ltd and Faculty of Forensic and Legal Medicine. All rights reserved.

  12. The charcoal storage disaster. The Lusaka charcoal supply stabilization project

    International Nuclear Information System (INIS)

    Kalumiana, O.S.; Hibajene, S.H.; Ellegaard, A.

    1998-01-01

    The aims of the project were to study the charcoal price development and market structure, assess the possibility to purchase 'excess' charcoal during the dry season and finally to implement an experimental storage facility. While the experimental storage could never be large enough to actually affect the charcoal price structure other than very locally, several important aspects of charcoal storage could be learnt, for example: the structure of the market in which charcoal producers and traders operate; logistics of charcoal storage; commercial risks of charcoal storage; the role of government in charcoal storage; an update of the charcoal price structure and development in Lusaka; and an indication of daily charcoal trade in Lusaka's different markets. The experimental storage showed that there are several practical problems associated with storing charcoal. Storage involves more handling of the charcoal than common trade, which reduces the quality. Termites attacks the bags. Exposure to the sun and the (slight) rains that fell caused covering and packaging material to disintegrate, and the charcoal to become soft and friable. This type of charcoal was not in demand by the traders and urban consumers. Almost half of the charcoal stored was unsellable, causing the project to be a commercial disaster. Marketing costs were underestimated. The absence of a retail organization forced the project to sell to retailers to a large extent. These obviously needed a profit margin visavis the final customers, and so charcoal had to be sold below cost. Distribution of charcoal directly to the consumers in residential areas was tried but proved to be too costly. From the commercial point of view charcoal storage does not appear to be an activity which can attract free entrepreneurs, due to the impossibility of predicting the rains and thus the supply situation. This suggests that the only feasible actor to venture into storage would be the government, with the argument that the

  13. The charcoal storage disaster. The Lusaka charcoal supply stabilization project

    Energy Technology Data Exchange (ETDEWEB)

    Kalumiana, O.S. [Department of Energy (Zambia); Hibajene, S.H. [Ministry of Energy and Water Development (Zambia); Ellegaard, A. [Stockholm Environment Inst. (Sweden)

    1998-12-31

    The aims of the project were to study the charcoal price development and market structure, assess the possibility to purchase `excess` charcoal during the dry season and finally to implement an experimental storage facility. While the experimental storage could never be large enough to actually affect the charcoal price structure other than very locally, several important aspects of charcoal storage could be learnt, for example: the structure of the market in which charcoal producers and traders operate; logistics of charcoal storage; commercial risks of charcoal storage; the role of government in charcoal storage; an update of the charcoal price structure and development in Lusaka; and an indication of daily charcoal trade in Lusaka`s different markets. The experimental storage showed that there are several practical problems associated with storing charcoal. Storage involves more handling of the charcoal than common trade, which reduces the quality. Termites attacks the bags. Exposure to the sun and the (slight) rains that fell caused covering and packaging material to disintegrate, and the charcoal to become soft and friable. This type of charcoal was not in demand by the traders and urban consumers. Almost half of the charcoal stored was unsellable, causing the project to be a commercial disaster. Marketing costs were underestimated. The absence of a retail organization forced the project to sell to retailers to a large extent. These obviously needed a profit margin visavis the final customers, and so charcoal had to be sold below cost. Distribution of charcoal directly to the consumers in residential areas was tried but proved to be too costly. From the commercial point of view charcoal storage does not appear to be an activity which can attract free entrepreneurs, due to the impossibility of predicting the rains and thus the supply situation. This suggests that the only feasible actor to venture into storage would be the government, with the argument that the

  14. Hedging electricity price volatility using nuclear power

    International Nuclear Information System (INIS)

    Mari, Carlo

    2014-01-01

    Highlights: • Nuclear power is an important asset to reduce the volatility of electricity prices. • Unpredictability of fossil fuels and carbon prices makes power prices very volatile. • The dynamics of fossil fuels and carbon prices is described by Brownian motions. • LCOE values, volatilities and correlations are obtained via Monte Carlo simulations. • Optimal portfolios of generating technologies are get using a mean–variance approach. - Abstract: The analysis presented in this paper aims to put in some evidence the role of nuclear power as hedging asset against the volatility of electricity prices. The unpredictability of natural gas and coal market prices as well as the uncertainty in environmental policies may affect power generating costs, thus enhancing volatility in electricity market prices. The nuclear option, allowing to generate electricity without carbon emissions, offers the possibility to reduce the volatility of electricity prices through optimal diversification of power generating technologies. This paper provides a methodological scheme to plan well diversified “portfolios” of generating capacity that minimize the electricity price risk induced by random movements of fossil fuels market prices and by unpredictable fluctuations of carbon credits prices. The analysis is developed within a stochastic environment in which the dynamics of fuel prices as well as the dynamics of carbon credits prices is assumed to evolve in time according to well defined Brownian processes. Starting from market data and using Monte Carlo techniques to simulate generating cost values, the hedging argument is developed by selecting optimal portfolio of power generating technologies using a mean–variance approach

  15. Optimal operation and forecasting policy for pump storage plants in day-ahead markets

    International Nuclear Information System (INIS)

    Muche, Thomas

    2014-01-01

    Highlights: • We investigate unit commitment deploying stochastic and deterministic approaches. • We consider day-ahead markets, its forecast and weekly price based unit commitment. • Stochastic and deterministic unit commitment are identical for the first planning day. • Unit commitment and bidding policy can be based on the deterministic approach. • Robust forecasting models should be estimated based on the whole planning horizon. - Abstract: Pump storage plants are an important electricity storage technology at present. Investments in this technology are expected to increase. The necessary investment valuation often includes expected cash flows from future price-based unit commitment policies. A price-based unit commitment policy has to consider market price uncertainty and the information revealing nature of electricity markets. For this environment stochastic programming models are suggested to derive the optimal unit commitment policy. For the considered day-ahead price electricity market stochastic and deterministic unit commitment policies are comparable suggesting an application of easier implementable deterministic models. In order to identify suitable unit commitment and forecasting policies, deterministic unit commitment models are applied to actual day-ahead electricity prices of a whole year. As a result, a robust forecasting model should consider the unit commitment planning period. This robust forecasting models result in expected cash flows similar to realized ones allowing a reliable investment valuation

  16. Price competition on graphs

    NARCIS (Netherlands)

    Soetevent, A.R.

    2010-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial

  17. Press point on prices

    International Nuclear Information System (INIS)

    Schilansky, J.L.

    2005-06-01

    This document presents information and statistical data on the prices of the crude oils, refining and petroleum products, at the date of the 28 June 2005: evolution of the barrel price, supply and demand, geo-policy, consumption, diesel and gasoline, prices at the service station. (A.L.B.)

  18. 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.

  19. Simulating Price-Taking

    Science.gov (United States)

    Engelhardt, Lucas M.

    2015-01-01

    In this article, the author presents a price-takers' market simulation geared toward principles-level students. This simulation demonstrates that price-taking behavior is a natural result of the conditions that create perfect competition. In trials, there is a significant degree of price convergence in just three or four rounds. Students find this…

  20. 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

  1. FUEL PRICES AND CAR SALES

    OpenAIRE

    Vlad Cârstea

    2008-01-01

    Automotive industry is a very important economic sector that is highly responsive to changes in the world economy. The fuel price is the biggest enemy of car manufacturers. This is a compared analysis between Europe and Romania regarding new car registrations.

  2. Understanding retail gasoline pricing : An empirical approach

    NARCIS (Netherlands)

    Bruzikas, Tadas

    2017-01-01

    Retail gasoline markets offer an abundance of price data at the daily and, more recently, hourly level. Firms in this industry use sophisticated price strategies. Moreover, there have been a number of important recent market developments. All this makes retail gasoline a promising industry to study

  3. Pricing Policy and the College Choice Process.

    Science.gov (United States)

    Chapman, Randall G.

    1979-01-01

    A marketing management paradigm for academe is discussed along with aspects of the pricing policy process. The two most important factors affecting the college choice process are shown to be college quality and price-related considerations. Implications for marketing are discussed. (Author/LBH)

  4. Opportunities for electricity storage in deregulating markets

    International Nuclear Information System (INIS)

    Graves, F.; Jenkin, T.; Murphy, D.

    1999-01-01

    This article addresses the value of electricity storage and its ability to take advantage of emerging energy arbitrage opportunities: buying power when it is inexpensive, and reselling it at a higher price. The focus of this article is on electricity markets and the opportunities they present for a merchant storage device, rather than on storage technologies themselves. There are a number of existing and emerging storage technologies: pumped hydro, various batteries, compressed air energy storage (CAES), superconducting magnetic energy storage (SMES), flywheels--even conventional hydro has storage-like properties. However, all these technologies operated on the same basic principle of exploiting short-term differentials in electricity prices: buy low, sell high (a strategy that is actually meaningful in electricity markets, unlike in financial markets). The object of this article is to develop and demonstrate a means for assessing the potential value of storage in different electricity markets, rather than to attempt to assess the prospects of a particular technology. The approach taken here is to look at price data from a number of actual electricity markets to determine what opportunities they might offer to a generic storage device. A storage technology is described here by its basic performance parameters--charge and generate capacity, energy inventory limits, and efficiency--which are sufficient to assess the basic economic potential of storage in a given market. The authors look primarily at US markets, but also compare and contrast findings with the situation in foreign markets in the U.K., Norway, Canada, and Australia, and discuss how market structure can influence the value of storage. Moreover, the authors use empirically observed relationships between hourly and 5 x 16 blocked prices to infer a rule for adjusting the value of storage assets in regions where only blocked price information is available

  5. Analyzing the effects of past prices on reference price formation

    OpenAIRE

    van Oest, R.D.; Paap, R.

    2004-01-01

    textabstractWe propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process with an absorbing state to model unobserved price recall of households. Reference prices result from the prices households are able to remember. Our model can be used to learn how many prices observed in the past are used for reference price formation. Furthermore, we learn to what extent households have sufficient price knowledge to form an internal reference price...

  6. Energy pricing and implications for the Nigerian environment

    International Nuclear Information System (INIS)

    Iwayemi, A.

    1999-01-01

    Energy pricing has been shown to have direct impact on energy demand and hence on energy efficiency. Regulated pricing which is below actual production price encourages inefficient use of energy with sometimes associated environmental problems. The important consideration presently being given to development of energy in an environmentally safe and economically prosperous society implies that energy pricing an play an important role in achieving these objectives

  7. The Impact of Oil Prices on Irish Inflation

    OpenAIRE

    O'Brien, Derry; Weymes, Laura

    2010-01-01

    Oil prices have been characterised by large fluctuations in recent years. Strong volatility in oil prices has important implications for the Irish economy as Ireland has a relatively poor fuel endowment and relies heavily on imported oil. Energy price increases have been one of the principal drivers behind HICP inflation rates in Ireland in recent years. This article highlights the distinctive features of the Irish energy market which render the impact of oil price changes on Irish inflation ...

  8. Retail Price Levels and Concentrations of Wholesalers, Retailers and Hypermarkets

    OpenAIRE

    Asplund, Marcus; Friberg, Richard

    1999-01-01

    This paper examines retail grocery price levels with a very large (unbalanced) panel of stores that operate in well-defined local markets. We explain price variation across grocery retailers by the concentration of wholesalers and retailers, and the market share of hypermarkets (and control for a number of store and region specific factors). Our most important result is that concentration at the wholesale level is an important determinant of retail prices. The price effect of retail concentra...

  9. The transition to open-access storage in U.S. natural gas markets

    International Nuclear Information System (INIS)

    Schell, L.S.; Schlesinger, B.

    1990-01-01

    In their traditional role as merchants, interstate natural gas pipelines in the U.S. sold natural gas at an aggregate price that incorporated all gathering, storage, transmission, and gas costs in a bundled service. As a result of movements toward deregulation, U.S. gas users now enjoy open-access transportation on most interstate pipeline systems as an unbundled service at a relatively unbundled price, allowing them to contract for their own gas supplies, separate and apart from the system sales gas of traditional pipeline supplier(s). Open-access storage has been slower than open-access transportation service in evolving; its limited availability is a major factor limiting the comparability of service between transportation gas and system sales gas. Open access to storage offers gas users an important tool in managing gas costs, timing of gas purchases, and deliverability imbalances

  10. Price expectations and petroleum development

    International Nuclear Information System (INIS)

    Pollio, G.; Marian, W.S.

    1991-01-01

    In the first section of this paper, the authors present a highly stylized model of the world oil market that explicitly incorporates both expectative and financial effects. The model generates the extremely interesting result that actual future price outcomes are inversely related to prevailing price expectations, owing to fluctuation in the level and timing of industry investment expenditure. Given the importance of price expectations, it is surprising that the topic has received such scant attention. The authors therefore present in the second section of selective survey of the various measures that have been proposed and used in the literature, as well as an assessment of the value of potentially new indices and market prices for existing hydrocarbon reserves, for example. In the final section of the paper, we discuss the extent to which financial innovation, in the form of commodity-linked products-such as swaps, caps, collars, and so forth-are transforming the oil market, enabling all market segments to manage price uncertainty far more effectively than was ever possible in the past

  11. Analysis of Cryptocurrencies Price Development

    Directory of Open Access Journals (Sweden)

    Jan Lansky

    2016-12-01

    Full Text Available Cryptocurrencies are a type of digital currencies based on cryptography principles. Cryptocurrencies are a unique combination of three characteristics: they provide anonymity, they are independent of central authority and they provide protection from double spending attack. The aim of this paper is to capture trends in the area of significant cryptocurrencies price developments and to explain their causes. The current research in this area is exclusively limited to an analysis of the price developments of the most important Bitcoin cryptocurrency; our research is the first to focus on other cryptocurrencies too. The economic perspective on cryptocurrencies is based on IT knowledge regarding the principles of their functioning. We have created a database of prices of 1278 cryptocurrencies from 2013 to 2016. This database is publicly available. To analyse the data, SQL query language was used.

  12. 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

  13. 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. .

  14. Effect of the accuracy of price forecasting on profit in a Price Based Unit Commitment

    International Nuclear Information System (INIS)

    Delarue, Erik; Van Den Bosch, Pieterjan; D'haeseleer, William

    2010-01-01

    This paper discusses and quantifies the so-called loss of profit (i.e., the sub-optimality of profit) that can be expected in a Price Based Unit Commitment (PBUC), when incorrect price forecasts are used. For this purpose, a PBUC model has been developed and utilized, using Mixed Integer Linear Programming (MILP). Simulations are used to determine the relationship between the Mean Absolute Percentage Error (MAPE) of a certain price forecast and the loss of profit, for four different types of power plants. A Combined Cycle (CC) power plant and a pumped storage unit show highest sensitivity to incorrect forecasts. A price forecast with a MAPE of 15%, on average, yields 13.8% and 12.1% profit loss, respectively. A classic thermal power plant (coal fired) and cascade hydro unit are less affected by incorrect forecasts, with only 2.4% and 2.0% profit loss, respectively, at the same price forecast MAPE. This paper further demonstrates that if price forecasts show an average bias (upward or downward), using the MAPE as measure of the price forecast might not be sufficient to quantify profit loss properly. Profit loss in this case has been determined as a function of both shift and MAPE of the price forecast. (author)

  15. The Effects of High and Volatile Oil Prices

    International Nuclear Information System (INIS)

    Artus, Patrick; Autume, Antoine d'; Chalmin, Philippe; Chevalier, Jean-Marie; Coeure, Benoit; Kalantizs, Yannick; Klein, Caroline; Guesnerie, Roger; Callonnec, Gael; Gaudin, Thomas; Moisan, Francois; Lescaroux, Francois; Clerc, Marie; Marcus, Vincent; Lalanne, Guy; Pouliquen, Erwan; Simon, Olivier; Mignon, Valerie

    2010-01-01

    Forecasting work carried out by a number of institutions shows how difficult it is to accurately predict trends in oil prices. The authors of this report do not carry out this forecasting exercise, but they share the same conclusions about the main features of oil price trends in the near and medium term: a rise in oil prices is inevitable, and will be accompanied by significant volatility. This expectation is based on detailed analysis of oil price determinants, their past variations and forecasts as to their future trends. On the supply side, like with all goods, the price of oil reflects production costs: extraction, transport and refining costs. Alongside this essentially technological component, more specific determinants are at play: the noncompetitive economic rent, which largely stems from OPEC's hold on the market, the scarcity rent on all non-renewable natural resources (this rent increases at a rate equal to the real interest rate according to Hotelling's rule), various taxes (mainly the TIPP domestic tax on oil products in France) and a new component that is set to gain importance in the years ahead, namely the implicit price of carbon emissions (which may take the form of a carbon tax or the cost of emission permits). It is difficult to isolate these different components and even more difficult to quantify them, but the authors' detailed analysis shows that most predictable supply-side developments will concur to bring about a rise in oil prices. On the demand side, too, forecasts and projections converge towards a rise in oil prices. Demand trends depend on crude oil prices, taxes, economic growth and energy and environmental policies. In most developed countries, the trend is towards a slowdown in demand growth and some countries are even seeing a decline in demand. In addition to the economic crisis, two explanations are put forward. The levels reached by crude oil and fuel prices in July 2008 clearly brought the price-elasticity of

  16. Inflation impact of food prices: Case of Serbia

    Directory of Open Access Journals (Sweden)

    Šoškić Dejan

    2015-01-01

    Full Text Available Food prices traditionally have an impact on inflation around the world. Movements in these prices are coming more from the supply side, then from the demand side. If treated as a supply shock, monetary policy should not react. However, food prices are part of headline inflation that is an official target for most central banks. Serbia conducts Inflation targeting and faces serious challenges with food price volatility. Food price volatility in Serbia hampers inflation forecasting, and may have a negative influence on inflationary expectations and public confidence in (i.e. credibility of the Central bank, all of crucial importance for success of Inflation targeting. There are several important possible improvements that may decrease volatility of food prices but also limit negative impact of food price volatility on Consumer Price Index (CPI as a measure of inflation. These improvements are very important for success of Inflation targeting in Serbia.

  17. Pricing Strategy for the Marine Supplies Industry

    DEFF Research Database (Denmark)

    Jiang, Liping; Hansen, Carsten Ørts

    What Is the Issue? Sustaining long-term growth requires marine suppliers to define their pricing strategies in a holistic fashion. However, pricing is an under-managed activity in many companies. Especially when moving towards servitization, services or integrated solutions are frequently...... underpriced or promised at performance levels that cannot be delivered profitably. Why Is It Important? Pricing is one of the most important elements for all business and everything in the business works to justify the input value for a price and turn it into a profit. It therefore has a dramatic...... but frequently underappreciated effort on achieving profitability and keeping business thriving. What Can Be Done? The marine supplies industry needs radical change in pricing by thinking about customer’s needs and aligning the incentives between suppliers and customers for long-term relationship. Value...

  18. Price (slump) forecast : the potential impact on pipelines, producers and marketers

    International Nuclear Information System (INIS)

    Duncan, J.

    2002-01-01

    Throughout this presentation, the speaker answers three basic questions: (1) why are the prices of natural gas so high?, (2) why were the prices of natural gas so high? and (3) will prices for natural gas ever go that high again? The evolution of gas supply and demand including the Canadian supply picture is briefly reviewed. The winter of 2000 and the paradox it presented was discussed, providing a history lesson of an industry taken for granted. The cold winter of 2000 saw industry players scrambling to determine where they would get gas, and the winter of 2001 witnessed them wondering where to put this gas. The new character of the market and the players is discussed, looking at the producer, pipeline expansion projects, and the end user. Neglected investment in the sector and its consequences are dealt with in the next stage of the presentation. The synthetic supply and demand theory are examined. The author concludes the presentation by discussing the factors affecting the market today, such as storage inventory creating volatility, decrease in production and imports due to lag in time when prices are depressed, increased participation by speculators due to increased uncertainty in the stock market, recent weather questions that magnify price movements, and the environment. figs

  19. Transfer pricing rules in EU member states

    Directory of Open Access Journals (Sweden)

    Veronika Solilová

    2010-01-01

    Full Text Available One of the important area of international taxes is transfer pricing. Transfer price is a price set by a taxpayer when selling to, buying from, or sharing resources with a related (associated person. The tran­sac­tions between these persons should be assessed at their arm’s length price in according the arm’s length principle – international accepted standard – as the price which would have been agreed between unrelated parties in free market conditions. This paper is focused on the tranfer pricing rules used in particular EU Member States so as if EU Member States apply the arm’s length principle, define the related persons, apply recommendations of the OECD Guidelines, use the transfer pricing methods, require TP Documentation, exercise specific transfer pricing audit or impose specific penalties and apply APAs. Transfer pricing rules should prevent taxpayers from shifting income to related person organized in tax havens or in countries where they enjoy some special tax benefit.

  20. Pricing products: juxtaposing affordability with quality appeal.

    Science.gov (United States)

    1984-01-01

    Choosing appropriate product prices is 1 of the most crucial steps in creating an effective contraceptive social marketing (CSM) sales campaign. The Social Marketing Forum conducted an informal survey of social marketing project managers, international contractors, and marketing consultants to determine how CSM programs cope with pricing problems and ways to circumvent some obstacles. According to Diana Altman, a family planning consultant, low prices that make products available to needy individuals are more important than the program's self sufficiency, yet if prices are too low, consumers think the products were unusable in the US and thus were dumped on local markets. Other key factors include commercial competition, spiraling inflation rates, and problems with rising prices and retailer/distributor margins. A sampling of per capita gross national products indicates the poverty level of most CSM projects' target market. Consequently, CSM projects must set low pices, regardless of program operating costs. The goal often is to increase the demand and availability for contraceptives. The fact that social marketing products must pass through retail networks to reach consumers complicates the pricing equation. To deal with the problem, India's Nirodh program gives a 25% margin to distributors/wholesalers, compared to 6% offered on most other goods. Retailers also receive a 25% margin, more than double the commercial rate. Once prices are set, increases pose hazards. Local government approval often is a prerequisite and can require lengthy negotiations. Market studies remain a valuable approach to effective pricing, according to PNA's Mallamad and other research consultants. They cite such effective research strategies as test marketing products and asking consumers how prices affect buying habits. Further, CSM projects can jump over some pricing hurdles through creative marketing. An effective pricing strategy alone cannot produce a successful CSM program. Pricing

  1. Effects of the uncertainty of energy price and water availability forecasts on the operation of Alpine hydropower reservoir systems

    Science.gov (United States)

    Anghileri, D.; Castelletti, A.; Burlando, P.

    2016-12-01

    European energy markets have experienced dramatic changes in the last years because of the massive introduction of Variable Renewable Sources (VRSs), such as wind and solar power sources, in the generation portfolios in many countries. VRSs i) are intermittent, i.e., their production is highly variable and only partially predictable, ii) are characterized by no correlation between production and demand, iii) have negligible costs of production, and iv) have been largely subsidized. These features result in lower energy prices, but, at the same time, in increased price volatility, and in network stability issues, which pose a threat to traditional power sources because of smaller incomes and higher maintenance costs associated to a more flexible operation of power systems. Storage hydropower systems play an important role in compensating production peaks, both in term of excess and shortage of energy. Traditionally, most of the research effort in hydropower reservoir operation has focused on modeling and forecasting reservoir inflow as well as designing reservoir operation accordingly. Nowadays, price variability may be the largest source of uncertainty in the context of hydropower systems, especially when considering medium-to-large reservoirs, whose storage can easily buffer small inflow fluctuations. In this work, we compare the effects of uncertain inflow and energy price forecasts on hydropower production and profitability. By adding noise to historic inflow and price trajectories, we build a set of synthetic forecasts corresponding to different levels of predictability and assess their impact on reservoir operating policies and performances. The study is conducted on different hydropower systems, including storage systems and pumped-storage systems, with different characteristics, e.g., different inflow-capacity ratios. The analysis focuses on Alpine hydropower systems where the hydrological regime ranges from purely ice and snow-melt dominated to mixed snow

  2. Coal Price Forecasting and Structural Analysis in China

    Directory of Open Access Journals (Sweden)

    Xiaopeng Guo

    2016-01-01

    Full Text Available Coal plays an important role in China’s energy structure and its price has been continuously decreasing since the second half of 2012. Constant low price of coal affected the profits of coal enterprises and the coal use of its downstream firms; the precision of coal price provides a reference for these enterprises making their management strategy. Based on the historical data of coal price and related factors such as port stocks, sales volume, futures prices, Producer Price Index (PPI, and crude oil price rate from November 2013 to June 2016, this study aims to forecast coal price using vector autoregression (VAR model and portray the dynamic correlations between coal price and variables by the impulse response function and variance decomposition. Comparing predicted and actual values, the root mean square error (RMSE was small which indicated good precision of this model. Thus this short period prediction can help these enterprises make the right business decisions.

  3. Three essays on access pricing

    Science.gov (United States)

    Sydee, Ahmed Nasim

    In the first essay, a theoretical model is developed to determine the time path of optimal access price in the telecommunications industry. Determining the optimal access price is an important issue in the economics of telecommunications. Setting a high access price discourages potential entrants; a low access price, on the other hand, amounts to confiscation of private property because the infrastructure already built by the incumbent is sunk. Furthermore, a low access price does not give the incumbent incentives to maintain the current network and to invest in new infrastructures. Much of the existing literature on access pricing suffers either from the limitations of a static framework or from the assumption that all costs are avoidable. The telecommunications industry is subject to high stranded costs and, therefore, to address this issue a dynamic model is imperative. This essay presents a dynamic model of one-way access pricing in which the compensation involved in deregulatory taking is formalized and then analyzed. The short run adjustment after deregulatory taking has occurred is carried out and discussed. The long run equilibrium is also analyzed. A time path for the Ramsey price is shown as the correct dynamic price of access. In the second essay, a theoretical model is developed to determine the time path of optimal access price for an infrastructure that is characterized by congestion and lumpy investment. Much of the theoretical literature on access pricing of infrastructure prescribes that the access price be set at the marginal cost of the infrastructure. In proposing this rule of access pricing, the conventional analysis assumes that infrastructure investments are infinitely divisible so that it makes sense to talk about the marginal cost of investment. Often it is the case that investments in infrastructure are lumpy and can only be made in large chunks, and this renders the marginal cost concept meaningless. In this essay, we formalize a model of

  4. The oil barrel price

    International Nuclear Information System (INIS)

    Blondy, J.; Papon, P.

    2009-01-01

    This paper proposes an overview and a prospective glance on the oil barrel price. It indicates the relevant indicators: Brent quotation, euro/dollar parity, economic activity indicators, world oil consumption distribution, crude oil production, refining capacity. It briefly presents the involved stake holders: crude oil producers, oil refiners, refined product dealers, and the OPEC. It discusses the major retrospective trends: evolution in relationship with geopolitical events and energy policies, strong correlation between oil demand and economic growth, prevalence of OPEC, growing importance of national oil companies. An emerging trend is noticed: growing role of emerging countries on the crude market. Some prospective issues are discussed: duration and intensity of economic recession, separation between economic growth and energy consumption, pace and ambition level of policies of struggle against climate change, exploitable resources, and geopolitical hazards. Four evolution hypotheses are discussed

  5. Storage Rings

    International Nuclear Information System (INIS)

    Fischer, W.

    2010-01-01

    . Storage rings have instrumentation to monitor the electrical and mechanical systems, and the beam quality. Computers are used to control the operation. Large storage rings have millions of control points from all systems. The time dependent beam intensity I(t) can often be approximated by an exponential function I(t) = I(0) exp(-t/τ) (1) where the decay time τ and, correspondingly, the store time ranges from a few turns to 10 days (ISR). τ can be dominated by a variety of effects including lattice nonlinearities, beam-beam, space charge, intrabeam and Touschek scattering, interaction with the residual gas or target, or the lifetime of the stored particle. In this case, the beam lifetime measurement itself can be the purpose of a storage ring experiment. The main consideration in the design of a storage ring is the preservation of the beam quality over the store length. The beam size and momentum spread can be reduced through cooling, often leading to an increase in the store time. For long store times vacuum considerations are important since the interaction rate of the stored particles with the residual gas molecules is proportional to the pressure, and an ultra-high vacuum system may be needed. Distributed pumping with warm activated NEG surfaces or cold surfaces in machines with superconducting magnets are ways to provide large pumping speeds and achieve low pressures even under conditions with dynamic gas loads. The largest application of storage rings today are synchrotron light sources, of which about 50 exist world wide. In experiments where the beam collides with an internal target or another beam, a storage ring allows to re-use the accelerated beam many times if the interaction with the target is sufficiently small. In hadron collider and ion storage rings store times of many hours or even days are realized, corresponding to up to 1011 turns and thereby target passages. Ref. (3) is the first proposal for a collider storage ring. A number of storage rings

  6. Pricing Strategy and the Formation and Evolution of Reference Price Perceptions in New Product Categories

    OpenAIRE

    Lowe, Ben; Alpert, Frank

    2010-01-01

    This study examines the formation and evolution of reference price perceptions in new product categories. It contributes to our understanding of pricing new products by integrating two important research streams in marketing-reference price theory and the theory of pioneer brand advantage. Prior research has focused solely on products in existing or incrementally new categories, and has typically examined fast-moving consumer goods. Using a cross-sectional experiment to study the formation of...

  7. 7 CFR 1131.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1131.53 Section 1131.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  8. 7 CFR 1005.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1005.53 Section 1005.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  9. 7 CFR 1124.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1124.53 Section 1124.53 Agriculture Regulations of the Department of Agriculture... Announcement of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  10. 7 CFR 1126.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1126.53 Section 1126.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  11. 7 CFR 1032.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1032.53 Section 1032.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  12. 7 CFR 1030.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1030.53 Section 1030.53 Agriculture Regulations of the Department of Agriculture... of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  13. 7 CFR 1033.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1033.53 Section 1033.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  14. 7 CFR 1001.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1001.53 Section 1001.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  15. 7 CFR 1007.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1007.53 Section 1007.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  16. 7 CFR 1006.53 - Announcement of 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 Announcement of class prices, component prices, and advanced pricing factors. 1006.53 Section 1006.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  17. Potential impacts of electricity price changes on price formation in the economy: a social accounting matrix price modeling analysis for Turkey

    International Nuclear Information System (INIS)

    Akkemik, K. Ali

    2011-01-01

    Recent reforms in the Turkish electricity sector since 2001 aim to introduce a tariff system that reflects costs. This is expected to affect the production and consumer prices of electricity. The changes in electricity prices are then reflected in production costs in other segments of the economy. Subsequently, producer and consumer prices will be affected. The potential impact of the changes in electricity prices that the ongoing electricity reforms in Turkey will bring about may have important implications on the price formation in economic activities and the cost of living for households. This paper evaluates the potential impacts of changes in electricity prices from a social accounting matrix (SAM) price modeling perspective. It is found that based on the estimated price multipliers that prices in the energy-producing sectors, mining, and iron and steel manufacturing sectors would be affected more severely than the remaining sectors of the economy. Consumer prices are affected slightly less than producer prices. - Research Highlights: → The impact of electricity generation costs on prices in other sectors is modeled. → A micro-SAM emphasizing electricity supply is constructed using 2002 I-O tables. → Energy, mining, and steel sectors are more responsive to electricity costs. → Living costs are less responsive to electricity cost changes than producer prices.

  18. Uranium price formation. Final report

    International Nuclear Information System (INIS)

    1977-10-01

    The modern uranium industry came into existence in 1946. Until 1966, its sole customer was the Atomic Energy Commission, whose needs for U 3 O 8 relative to industry capacity declined over the years. The development of the commercial market after 1965 coincided with a period of excess capacity and falling nominal and real prices. Gradually in 1973 and dramatically thereafter, market conditions changed and prices rose as utilities sought larger quantities of U 3 O 8 and longer term contracts. Questions about availability of long-run supplies were raised, given the known reserve base. The response of the supply of U 3 O 8 to incentives offered first by the AEC and later by the utilities in the context of new and developing market conventions is examined. The methodology used is microeconomic analysis, qualitatively applied to the history of price formation in the market. Because the study emphasizes the implications of the history of uranium price formation for forecasting supply response, the study presents many different kinds of data and evaluates their quality and appropriateness for forecasting. A simple, very-useful framework for analyzing the history of the market for U 3 O 8 was developed and used to describe supply responses in selected important periods of the industry's development. It is concluded that the response of supply of U 3 O 8 to rising prices or to expectations of demand growth has been impressively strong. The potential reserve inventory is large enough to meet the needs for nuclear power generation through the end of this century. The price necessary to induce producers to find and produce these reserves is uncertain, partly because of problems inherent in estimating long-run supply curves and partly because recent inflation has created major uncertainties about the cost of future supplies

  19. Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets

    OpenAIRE

    Louise M. Arthur; Colin A. Carter; Fay Abizadeh

    1988-01-01

    A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...

  20. 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.

  1. Explaining crude oil prices using fundamental measures

    International Nuclear Information System (INIS)

    Coleman, Les

    2012-01-01

    Oil is the world's most important commodity, and improving the understanding of drivers of its price is a longstanding research objective. This article analyses real oil prices during 1984–2007 using a monthly dataset of fundamental and market parameters that cover financial markets, global economic growth, demand and supply of oil, and geopolitical measures. The innovation is to incorporate proxies for speculative and terrorist activity and dummies for major industry events, and quantify price impacts of each. New findings are positive links between oil prices and speculative activity, bond yields, an interaction term incorporating OPEC market share and OECD import dependence, and the number of US troops and frequency of terrorist attacks in the Middle East. Shocks also prove significant with a $6–18 per barrel impact on price for several months. - Highlights: ► Article introduces new variables to the study of oil prices. ► New variables are terrorist incidents and military activity, and oil futures market size. ► Shocks prove important affecting prices by $6–18 per barrel for several months. ► OPEC market influence rises with OECD import dependence.

  2. Space-time modeling of electricity spot prices

    DEFF Research Database (Denmark)

    Abate, Girum Dagnachew; Haldrup, Niels

    In this paper we derive a space-time model for electricity spot prices. A general spatial Durbin model that incorporates the temporal as well as spatial lags of spot prices is presented. Joint modeling of space-time effects is necessarily important when prices and loads are determined in a network...... in the spot price dynamics. Estimation of the spatial Durbin model show that the spatial lag variable is as important as the temporal lag variable in describing the spot price dynamics. We use the partial derivatives impact approach to decompose the price impacts into direct and indirect effects and we show...... that price effects transmit to neighboring markets and decline with distance. In order to examine the evolution of the spatial correlation over time, a time varying parameters spot price spatial Durbin model is estimated using recursive estimation. It is found that the spatial correlation within the Nord...

  3. Promotional Frames' Influence on Price Perceptions of Two Apparel Products.

    Science.gov (United States)

    Stanforth, Nancy; Lennon, Sharron; Shin, Jung Im

    2001-01-01

    A study explored the differences in price perceptions of two apparel products when promotions were framed as either a price discount or a gift-with-purchase. The majority preferred the discount. Results illustrate the importance of promotional framing in forming consumer price perceptions. (Contains 30 references.) (Author/JOW)

  4. The Drivers of E-tailers' Price Levels

    NARCIS (Netherlands)

    Sotgiu, Francesca; Ancarani, Fabio

    2005-01-01

    One of the most important topics in online pricing is understanding the drivers of online price levels for different types of retailers, in order to better understand competition across retail channels. We developed a conceptual framework and conducted an empirical analysis on price levels in the

  5. STS pricing policy

    Science.gov (United States)

    Lee, C. M.; Stone, B.

    1982-01-01

    In 1977 NASA published Shuttle Reimbursement Policies for Civil U.S. Government, DOD and Commercial and Foreign Users. These policies were based on the principle of total cost recovery over a period of time with a fixed flat price for initial period to time to enhance transition. This fixed period was to be followed with annual adjustments thereafter, NASA is establishing a new price for 1986 and beyond. In order to recover costs, that price must be higher than the initial fixed price through FY 1985. NASA intends to remain competitive. Competitive posture includes not only price, but other factors such as assured launch, reliability, and unique services. NASA's pricing policy considers all these factors.

  6. 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.

  7. Pricing of new vaccines

    OpenAIRE

    Lee, Bruce Y; McGlone, Sarah M

    2010-01-01

    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 eleven components: (1) Conduct a target population analysis; (2) Map potential competitors and alternatives; (3) Construct a vaccine targe...

  8. Land Prices and Fundamentals

    OpenAIRE

    Koji Nakamura; Yumi Saita

    2007-01-01

    This paper examines the long-term relationship between macro economic fundamentals and the weighted-average land price indicators, which are supposed to be more appropriate than the official land price indicators when analyzing their impacts on the macro economy. In many cases, we find the cointegrating relationships between the weighted-average land price indicators and the discounted present value of land calculated based on the macro economic fundamentals indicators. We also find that the ...

  9. Introduction to pricing issues

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    This chapter provides an overview of pricing issues the proper pricing of transmission services is essential to efficient operation of the grid. Wheeling rights have little meaning if capacity on existing lines is scarce and there is no incentive to build new lines. Depending on the type of transmission pricing policies FERC adopts, the Commission may be able to encourage more voluntary wheeling service, and to influence decisions to build or upgrade the supply of facilities

  10. Cost and Price Collaboration

    Science.gov (United States)

    2016-04-30

    described below which relies on questionnaires administered to subject matter experts in both cost analysis and price analysis to determine the value of...additional reports or data that the price analyst used in determining their final negotiated position. The cost analyst section of the questionnaire...an analysis at the individual element level rather than at a total price level to determine the major changes from the awarded contract to the new

  11. Arbitrage free pricing of forward and futures in the energy market

    International Nuclear Information System (INIS)

    Kloster, Kristian

    2003-01-01

    This thesis will describe a method for an arbitrage-free evaluation of forward and futures contracts in the Nordic electricity market. This is a market where it is not possible to hedge using the underlying asset which one normally would do. The electricity market is a relatively new market, and is less developed than the financial markets. The pricing of energy and energy derivatives are depending on factors like production, transport, storage etc. There are different approaches when pricing a forward contract in an energy market. With motivation from interest rate theory, one could model the forward prices directly in the risk neutral world. Another approach is to start out with a model for the spot prices in the physical world, and then derive theoretical forward prices, which then are fitted to observed forward prices. These and other approaches are described by Clewlow and Strickland in their book, Energy derivatives. This thesis uses the approach where I start out with a model for the spot price, and then derive theoretical forward prices. I use a generalization of the multifactor Schwartz model with seasonal trends and Ornstein Uhlenbeck processes to model the spot prices for electricity. This continuous-time model also incorporates mean-reversion, which is an important aspect of energy prices. Historical data for the spot prices is used to estimate my variables in the multi-factor Schwartz model. Then one can specify arbitrage-free prices for forward and futures based on the Schwartz model. The result from this procedure is a joint spot and forward price model in both the risk neutral and physical market, together with knowledge of the equivalent martingale measure chosen by the market. This measure can be interpreted as the market price of risk, which is of interest for risk management. In this setup both futures and forward contracts will have the same pricing dynamics, as the only difference between the two types of contracts is how the payment for the

  12. Are internet prices sticky?

    OpenAIRE

    Lünnemann, Patrick; Wintr, Ladislav

    2006-01-01

    This paper studies the behaviour of Internet prices. It compares price rigidities on the Internet and in traditional brick-and-mortar stores and provides a cross-country perspective. The data set covers a broad range of items typically sold over the Internet. It includes more than 5 million daily price quotes downloaded from price comparison web sites in France, Germany, Italy, the UK and the US. The following results emerge from our analysis. First, and contrary to the recent findings for co...

  13. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    2014-01-01

    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...

  14. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    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. Alternative pricing methodologies

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

    With the increased interest in competitive market forces and growing recognition of the deficiencies in current practices, FERC and others are exploring alternatives to embedded cost pricing. A number of these alternatives are discussed in this chapter. Marketplace pricing, discussed briefly here, is the subject of the next chapter. Obviously, the pricing formula may combine several of these methodologies. One utility of which the authors are aware is seeking a price equal to the sum of embedded costs, opportunity costs, line losses, value of service, FERC's percentage adder formula and a contract service charge

  16. Anticipation, Tax Avoidance, and the Price Elasticity of Gasoline Demand

    OpenAIRE

    Coglianese, John; Davis, Lucas W; Kilian, Lutz; Stock, James H

    2015-01-01

    Traditional least squares estimates of the responsiveness of gasoline consumption to changes in gasoline prices are biased toward zero, given the endogeneity of gasoline prices. A seemingly natural solution to this problem is to instrument for gasoline prices using gasoline taxes, but this approach tends to yield implausibly large price elasticities. We demonstrate that anticipatory behavior provides an important explanation for this result. We provide evidence that gasoline buyers increase g...

  17. Pricing and Reimbursement in U.S. Pharmaceutical Markets

    OpenAIRE

    Newhouse, Joseph Paul; Berndt, Ernst R.

    2010-01-01

    In this survey chapter on pricing and reimbursement in U.S. pharmaceutical markets, we first provide background information on important federal legislation, institutional details regarding distribution channel logistics, definitions of alternative price measures, related historical developments, and reasons why price discrimination is highly prevalent among branded pharmaceuticals. We then present a theoretical framework for the pricing of branded pharmaceuticals, without and then in the pre...

  18. Tritium storage

    International Nuclear Information System (INIS)

    Hircq, B.

    1990-01-01

    This document represents a synthesis relative to tritium storage. After indicating the main storage particularities as regards tritium, storages under gaseous and solid form are after examined before establishing choices as a function of the main criteria. Finally, tritium storage is discussed regarding tritium devices associated to Fusion Reactors and regarding smaller devices [fr

  19. Factors affecting seasonal gas prices: Analysis of trends and R and D implications. Final report, November 1990-February 1992

    International Nuclear Information System (INIS)

    Denhardt, R.C.

    1992-02-01

    Three economic factors were identified which influence the seasonality of gas prices: fuel switching, storage, and utilization of wellhead deliverability. Also, contract structures will have an influence on the seasonality of natural gas prices. Increases in the utilization of wellhead deliverability tends to increase the seasonality of gas prices. Price-induced fuel switching capability is too small to significantly influence the seasonality of gas prices. If there is adequate deliverability, the cost of interruptible storage, including carry cost, will place a ceiling on the seasonability of gas prices. This cost is about $.70 per MMBtu. If deliverability tightens, then the cost of firm storage or producer shut-ins will place a ceiling on gas prices. The ceiling would range from $1.00 to $1.20 per MMBtu. There is concern about whether the current market structure will provide for a smooth return to full cycle pricing. The current premiums for new contracts are inadequate to achieve this objective

  20. Determinants of contractor pricing strategy

    OpenAIRE

    Moses, O. Douglas

    1988-01-01

    This paper investigates pricing strategies used by major defense contractors. Two pricing strategies are identified and discussed: penetration, which calls for a relatively low initial price followed by little reduction in price over time, and skimming, which calls for a relatively high initial price coupled with greater reduction in price over time. It is argued that contractor pricing strategy will depend on features of the defense program under consideration and featur...

  1. Customizing Prices in Online Markets

    OpenAIRE

    Werner Reinartz

    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.

  2. Crude oil price dynamics: A study on effects of market expectation and strategic supply on price movements

    Science.gov (United States)

    Jin, Xin

    Recent years have seen dramatic fluctuations in crude oil prices. This dissertation attempts to better understand price behavior. The first chapter studies the behavior of crude oil spot and futures prices. Oil prices, particularly spot and short-term futures prices, appear to have switched from I(0) to I(1) in early 2000s. To better understand this apparent change in persistence, a factor model of oil prices is proposed, where the prices are decomposed into long-term and short-term components. The change in the persistence behavior can be explained by changes in the relative volatility of the underlying components. Fitting the model to weekly data on WTI prices, the volatility of the persistent shocks increased substantially relative to other shocks. In addition, the risk premiums in futures prices have changed their signs and become more volatile. The estimated net marginal convenience yield using the model also shows changes in its behavior. These observations suggest that a dramatic fundamental change occurred in the period from 2002 to 2004 in the dynamics of the crude oil market. The second chapter explores the short-run price-inventory dynamics in the presence of different shocks. Classical competitive storage model states that inventory decision considers both current and future market condition, and thus interacts with spot and expected future spot prices. We study competitive storage holding in an equilibrium framework, focusing on the dynamic response of price and inventory to different shocks. We show that news shock generates response profile different from traditional contemporaneous shocks in price and inventory. The model is applied to world crude oil market, where the market expectation is estimated to experience a sharp change in early 2000s, together with a persisting constrained supply relative to demand. The expectation change has limited effect on crude oil spot price though. The world oil market structure has been studied extensively but no

  3. When the weather governs the price

    International Nuclear Information System (INIS)

    Braaten, Jan

    2003-01-01

    In the winter 2002-2003 the Nordic power market experienced a price shock: prices rose by a factor of eight during the autumn of 2002. This was caused above all by a record failure of the water influx to the entire Nordic hydropower system. But extreme cold and technical problems with import from the Continent aggravated the problem. The probability of so small influx in autumn is less than 0.5 per cent. The large variation in influx, in particular from one year to the next, create large price fluctuations which can be unpleasant for the consumers. At the same time the price mechanism is important for the proper balance between demand and supply. It was the high prices that last winter raised the import to Norway and Sweden and that caused idle fossil power stations to be restarted and the consumption to go down. A better energy balance in Norway and Sweden will increase the supply security, but in order to exploit the unstable hydropower resources well and to achieve an acceptable supply security in dry years flexibility is needed in production, consumption, and trade with the surrounding world. Most measures to increase the flexibility cost money, and it is probably impossible and economically undesirable to protect the consumers from all price shocks. It should be possible, however, for those who want stable expenses, to choose contracts with firm prices for the whole consumption or for part of it.

  4. Transfer Pricing: Is the Comparable Uncontrolled Price Method the Best Method in all Cases?

    Directory of Open Access Journals (Sweden)

    Pranvera Dalloshi

    2012-12-01

    Full Text Available The transfer price scope is becoming a very important issue for all companies that comprise from different departments or have a network of branches. These companies are obliged to present the way of price determination for transactions that they have with their branches or other relevant members of their network. The establishment of the multinational companies that develop their activities in various countries is being increased. It has increased the need to supervise their transactions and approval of laws and administrative orders that do not leave space for misuses. The paper is focused in the response to the question if the Comparable Uncontrolled Price Method is the best method to be used in all cases. It is presented through a concrete example that shows how the price of a product determined through the Comparable Uncontrolled Price Method or market price has an impact to the profit of the mother company and other subsidiaries.

  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

  6. Intranational Price Convergence and Price Stickiness

    DEFF Research Database (Denmark)

    Bergman, Ulf Michael; Heebøll, Christian; Hansen, Niels Lynggaard

    2017-01-01

    We show that estimates of the half-life of deviations from LOOP are biased when not taking into account the precision when aggregating over types of goods. Using a comprehensive dataset with monthly price data for 124 homogeneous products across regions in Denmark over the period 1997–2010 we find...... a large positive aggregation bias. On average, we find that the half-life is 8.4 months when taking the bias into account compared to 28.7 months when applying the standard method. The heterogeneity in estimated half-life can be explained by price stickiness, distance between regions and whether the good...

  7. 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)

  8. Underground storage tank program

    International Nuclear Information System (INIS)

    Lewis, M.W.

    1994-01-01

    Underground storage tanks, UST'S, have become a major component of the Louisville District's Environmental Support Program. The District's Geotechnical and Environmental Engineering Branch has spear-headed an innovative effort to streamline the time, effort and expense for removal, replacement, upgrade and associated cleanup of USTs at military and civil work installations. This program, called Yank-A-Tank, creates generic state-wide contracts for removal, remediation, installation and upgrade of storage tanks for which individual delivery orders are written under the basic contract. The idea is to create a ''JOC type'' contract containing all the components of work necessary to remove, reinstall or upgrade an underground or above ground tank. The contract documents contain a set of generic specifications and unit price books in addition to the standard ''boiler plate'' information. Each contract requires conformance to the specific regulations for the state in which it is issued. The contractor's bid consists of a bid factor which in the multiplier used with the prices in the unit price book. The solicitation is issued as a Request for Proposal (RPP) which allows the government to select a contractor based on technical qualification an well as bid factor. Once the basic contract is awarded individual delivery orders addressing specific areas of work are scoped, negotiated and awarded an modifications to the original contract. The delivery orders utilize the prepriced components and the contractor's factor to determine the value of the work

  9. Negotiation of coal price in 1987

    Energy Technology Data Exchange (ETDEWEB)

    Chimura, Akira

    1987-12-01

    Price and amount of coking coal for the fiscal year 1987 was announced. Contracted coals were 5 types with Australia and 4 types with Canada by end Jan, 1987. Average price came down from 47.72 US dollar/t to 43.57, i.e., 4.15 US dollar/t price decline to the previous year. In addition, the number of the branded coal are negotiated with Australia is 23 cases, 5 brands with Canada, 1 with South Australia, 2 with USSR, and 3 with China. General trend of the price is as follows: Coking coal price is influenced by the decrease of the Japanese steel production as well as the world-wide surplus of coal, and all import prices have gone down except semi-caking coal of USA. Price level is very high in USA and Canada, but is low in Australia and others. Recently, strikes are frequent in South Africa and Canada; profit of coal mines is coming down; US dollar rate is sinking; contract quantity is shrinking; these give an estimate that both general coal and coking coal prices will not so easily go down further. (10 tabs)

  10. Performance/price estimates for cortex-scale hardware: a design space exploration.

    Science.gov (United States)

    Zaveri, Mazad S; Hammerstrom, Dan

    2011-04-01

    In this paper, we revisit the concept of virtualization. Virtualization is useful for understanding and investigating the performance/price and other trade-offs related to the hardware design space. Moreover, it is perhaps the most important aspect of a hardware design space exploration. Such a design space exploration is a necessary part of the study of hardware architectures for large-scale computational models for intelligent computing, including AI, Bayesian, bio-inspired and neural models. A methodical exploration is needed to identify potentially interesting regions in the design space, and to assess the relative performance/price points of these implementations. As an example, in this paper we investigate the performance/price of (digital and mixed-signal) CMOS and hypothetical CMOL (nanogrid) technology based hardware implementations of human cortex-scale spiking neural systems. Through this analysis, and the resulting performance/price points, we demonstrate, in general, the importance of virtualization, and of doing these kinds of design space explorations. The specific results suggest that hybrid nanotechnology such as CMOL is a promising candidate to implement very large-scale spiking neural systems, providing a more efficient utilization of the density and storage benefits of emerging nano-scale technologies. In general, we believe that the study of such hypothetical designs/architectures will guide the neuromorphic hardware community towards building large-scale systems, and help guide research trends in intelligent computing, and computer engineering. Copyright © 2010 Elsevier Ltd. All rights reserved.

  11. What can price volatility tell us about market efficiency? Conditional heteroscedasticity in historical commodity price series

    NARCIS (Netherlands)

    Földvári, P.; van Leeuwen, B.

    2011-01-01

    The development in the working of markets has been an important topic in economic history for decades. The volatility of market prices is often used as an indicator of market efficiency in the broadest sense. Yet, the way in which volatility is estimated often makes it difficult to compare price

  12. Efficient pricing and investment in electricity markets with intermittent resources

    International Nuclear Information System (INIS)

    Chao, Hung-po

    2011-01-01

    Facing growing technological and environmental challenges, the electricity industry needs effective pricing mechanism to promote efficient risk management and investment decisions. In a restructured electricity market with competitive wholesale prices and traditionally regulated retail rates, however, there are technical and institutional barriers that prevent dynamic pricing with price responsive demand. In regions with limited energy storage capacity, intermittent renewable resources present special challenges. This could adversely affect the effectiveness of public policies causing inefficient investments in energy technologies. In this paper, we present an updated economic model of pricing and investment in restructured electricity market and use the model in a simulation study for an initial assessment of renewable energy strategy and alternative pricing mechanisms. A key objective of the study is to shed light on the policy issues so that effective decisions can be made to improve efficiency. - Highlights: → Renewable resources present special challenges in regions with limited energy storage capacity. → This paper presents an updated economic model of pricing and investment in restructured electricity market. → A simulation study assesses renewable energy strategy and alternative pricing mechanisms. → The study results inform policy decisions to improve efficient investments in energy technologies.

  13. Fuel switching? Demand destruction? Gas market responses to price spikes

    International Nuclear Information System (INIS)

    Lippe, D.

    2004-01-01

    This presentation defined fuel switching and addressed the issue regarding which consumers have the capability to switch fuels. In response to short term price aberrations, consumers with fuel switching capabilities reduce their use of one fuel and increase consumption of an alternative fuel. For example, natural gas consumption by some consumers declines in response to price spikes relative to prices of alternative fuels. This presentation also addressed the issue of differentiating between fuel switching and demand destruction. It also demonstrated how to compare gas prices versus alternative fuel prices and how to determine when consumers will likely switch fuels. Price spikes have implications for long term trends in natural gas demand, supply/demand balances and prices. The power generating sector represents a particular class of gas consumers that reduce operating rates of gas fired plants and increase operating rates of other plants. Some gas consumers even shut down plants until gas prices declines and relative economies improve. Some practical considerations for fuel switching include storage tank capacity, domestic refinery production, winter heating season, and decline in working gas storage. tabs., figs

  14. Opportunities in independent gas storage

    International Nuclear Information System (INIS)

    Daniel, R.

    1999-01-01

    The range of business opportunities currently available for the midstream oil and gas business were discussed with particular focus on storage opportunities. Alberta Energy Co. (AEC) Ltd.'s two midstream business units include AEC Pipelines and Gas Processing, and AEC Storage and Hub Services. These two businesses provide the company with good investment returns, stable cash flow, and some significant strategic synergies with their exploration and production businesses. In 1988, the AECO C Hub in southeastern Alberta was created as an outgrowth of AEC's gas production operations on the Suffield block, where they had depleted gas reservoirs with high rock quality suitable for high deliverability storage. With the AECO C Hub, AEC was able to offer firm storage contracts of from 1 to 20 years, and to introduce short term interruptible parking and lending services, title exchange, a spot price index for greater price discovery, and an electronic nomination system. AEC is currently completing construction of their second commercial storage facility, the Wild Goose project, in northern California. D ebottlenecking' the Western Canada supply basin should provide additional opportunities for further expansion not only for AEC but also for other midstream service providers. Opportunities are especially available in the areas of new storage facilities to serve location-specific needs, replacement of declining storage capacity, replacement of retiring facilities, technological optimization of existing facilities, more flexible, higher deliverability facilities and commercial optimization of existing facilities. A map of the hubs and market centres of North America are included. 5 figs

  15. Identification of Shewanella baltica as the most important H2S-producing species during iced storage of danish marine fish

    DEFF Research Database (Denmark)

    Vogel, Birte Fonnesbech; Venkateswaran, K.; Satomi, M.

    2005-01-01

    are important in fish spoilage. More than 500 H2S-producing strains were isolated from iced stored marine fish (cod, plaice, and flounder) caught in the Baltic Sea during winter or summer time. All strains were identified as Shewanella species by phenotypic tests. Different Shewanella species were present...... unchanged (i.e., trimethylamine-N-oxide reduction and H2S production); however, the main H2S-producing organism was identified as S. baltica....

  16. Solar cookers with and without thermal storage - A review

    International Nuclear Information System (INIS)

    Muthusivagami, R.M.; Velraj, R.; Sethumadhavan, R.

    2010-01-01

    The continuous increase in the level of green house gas emissions and the increase in fuel prices are the main driving forces behind efforts to more effectively utilize various sources of renewable energy. In many parts of the world, direct solar radiation is considered to be one of the most prospective sources of energy. Among the different energy end uses, energy for cooking is one of the basic and dominant end uses in developing countries. Energy requirement for cooking accounts for 36% of total primary energy consumption in India. Hence, there is a critical need for the development of alternative, appropriate, affordable mode of cooking for use in developing countries. However, the large scale utilization of this form of energy is possible only if the effective technology for its storage can be developed with acceptable capital and running costs. Thermal energy storage is essential whenever there is a mismatch between the supply and consumption of energy. Latent heat storage in a phase change material is very attractive because of its high storage density with small temperature swing. The choice of PCM plays an important role in addition to heat transfer mechanism in the PCM. In this present work a review has been made to study all the research and development work carried out in the field of solar cooker in particular the storage type solar cookers. A novel concept of PCM-based storage type solar cooker is also presented which is under experimental investigation. (author)

  17. The economics of energy storage in 14 deregulated power markets

    International Nuclear Information System (INIS)

    Figueiredo, F.C.; Flynn, P.C.; Cabral, E.A.

    2006-01-01

    In regulated power markets, electricity is stored to better utilize existing generation and to defer costly investment in generation. The justification is a reduction in the overall regulated price of power compared to the alternative investment in new primary generation. However, any storage of electrical power also involves a capital investment and incurs the cost of inefficiency. In deregulated energy markets, the sale of electricity or ancillary services from pumped storage can be evaluated based on each individual project. The economic basis for power storage is that power is purchased during periods of low price and resold during periods of high price. This study used historical power price data from 14 deregulated markets around the world to evaluate the economic incentive to use pumped storage for electrical energy. Each market was shown to have a unique average diurnal power price profile that results in a unique price spread for pumped storage. The diurnal price pattern and efficiency of storage was used to assess the net income potential from energy sales from pumped storage for each market. The markets were ranked in terms of the incentive to invest in pumped energy storage as well as on available revenue, and on potential return on investment. An optimal operating profile was illustrated in detail based on historical price patterns for one of the markets. The net income potential was then combined with the capital and operating cost of pumped storage. The adequacy of return on investment for pumped storage was analyzed by two different methods. The differences between markets stem from different diurnal power price patterns that reflect the generation mix, market design and participant behaviours. 17 refs., 7 tabs., 7 figs., 1 appendix

  18. Electricity Storage. Technology Brief

    Energy Technology Data Exchange (ETDEWEB)

    Simbolotti, G. [Italian National Agency for New Technologies, Energy and Sustainable Economic Development ENEA, Rome (Italy); Kempener, R. [International Renewable Energy Agency IRENA, Bonn (Germany)

    2012-04-15

    Electricity storage is a key technology for electricity systems with a high share of renewables as it allows electricity to be generated when renewable sources (i.e. wind, sunlight) are available and to be consumed on demand. It is expected that the increasing price of fossil fuels and peak-load electricity and the growing share of renewables will result in electricity storage to grow rapidly and become more cost effective. However, electricity storage is technically challenging because electricity can only be stored after conversion into other forms of energy, and this involves expensive equipment and energy losses. At present, the only commercial storage option is pumped hydro power where surplus electricity (e.g. electricity produced overnight by base-load coal or nuclear power) is used to pump water from a lower to an upper reservoir. The stored energy is then used to produce hydropower during daily high-demand periods. Pumped hydro plants are large-scale storage systems with a typical efficiency between 70% and 80%, which means that a quarter of the energy is lost in the process. Other storage technologies with different characteristics (i.e. storage process and capacity, conversion back to electricity and response to power demand, energy losses and costs) are currently in demonstration or pre-commercial stages and discussed in this brief report: Compressed air energy storage (CAES) systems, Flywheels; Electrical batteries; Supercapacitors; Superconducting magnetic storage; and Thermal energy storage. No single electricity storage technology scores high in all dimensions. The technology of choice often depends on the size of the system, the specific service, the electricity sources and the marginal cost of peak electricity. Pumped hydro currently accounts for 95% of the global storage capacity and still offers a considerable expansion potential but does not suit residential or small-size applications. CAES expansion is limited due to the lack of suitable

  19. 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....

  20. 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...

  1. 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

  2. Pricing transmission services

    International Nuclear Information System (INIS)

    Haaden, E.

    1995-01-01

    The price structure for transmission of electric power through the main lines in Sweden is analyzed. After deregulation of the electricity market, the main transmission lines are owned by a separate national company, with no interests from the power producers. Comparisons are made to ideal marginal price structures. 6 refs

  3. Selecting Lower Priced Items.

    Science.gov (United States)

    Kleinert, Harold L.; And Others

    1988-01-01

    A program used to teach moderately to severely mentally handicapped students to select the lower priced items in actual shopping activities is described. Through a five-phase process, students are taught to compare prices themselves as well as take into consideration variations in the sizes of containers and varying product weights. (VW)

  4. Petroleum: Price trends

    International Nuclear Information System (INIS)

    Babusiaux, Denis; Pierru, Axel

    2010-01-01

    The Organization of Petroleum-Exporting Countries (OPEC), some political leaders and financiers have mainly attributed the price spike of oil in 2008 - followed by a just as spectacular drop in prices - to the speculative moves made by financial investors on the futures market instead of to market fundamentals

  5. The role of internal reference prices in consumers' willingness to pay judgments: Thaler's Beer Pricing Task revisited.

    Science.gov (United States)

    Ranyard, R; Charlton, J P; Williamson, J

    2001-02-01

    Alternative reference prices, either displayed in the environment (external) or recalled from memory (internal) are known to influence consumer judgments and decisions. In one line of previous research, internal reference prices have been defined in terms of general price expectations. However, Thaler (Marketing Science 4 (1985) 199; Journal of Behavioral Decision Making 12 (1999) 183) defined them as fair prices expected from specific types of seller. Using a Beer Pricing Task, he found that seller context had a substantial effect on willingness to pay, and concluded that this was due to specific internal reference prices evoked by specific contexts. In a think aloud study using the same task (N = 48), we found only a marginal effect of seller context. In a second study using the Beer Pricing Task and seven analogous ones (N = 144), general internal reference prices were estimated by asking people what they normally paid for various commodities. Both general internal reference prices and seller context influenced willingness to pay, although the effect of the latter was again rather small. We conclude that general internal reference prices have a greater impact in these scenarios than specific ones, because of the lower cognitive load involved in their storage and retrieval.

  6. Smart Pricing for Smart Grid

    OpenAIRE

    Wang, Zhimin

    2014-01-01

    Flat-rate electricity tariffs in Great Britain, which have no price variation throughout a day or a year, have been ongoing for decades to recover the cost of energy production and delivery. However, this type of electricity tariff has little incentives to encourage customers to modify their demands to suit the condition of the power supply system. Hence, it is challenged in the new smart grid environment, where demand side responses have important roles to play to encourage conventional ener...

  7. Pricing Mechanism in Information Goods

    OpenAIRE

    Li, Xinming; Wang, Huaqing

    2018-01-01

    We study three pricing mechanisms' performance and their effects on the participants in the data industry from the data supply chain perspective. A win-win pricing strategy for the players in the data supply chain is proposed. We obtain analytical solutions in each pricing mechanism, including the decentralized and centralized pricing, Nash Bargaining pricing, and revenue sharing mechanism.

  8. 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

  9. How to Find the Price That's Right.

    Science.gov (United States)

    Crompton, John L.

    1981-01-01

    Five primary methods used by recreation and park agencies to establish a price are reviewed: (1) going-rate pricing; (2) demand oriented pricing; (3) variable cost pricing; (4) partial overhead pricing; and (5) average cost pricing. (CJ)

  10. Policy on energy pricing

    Energy Technology Data Exchange (ETDEWEB)

    Webb, M. G.

    1977-10-15

    Some economic principles of energy pricing in a market type economy in which there is consumer sovereignty are discussed. Thus resources will be allocated via the production processes in line with the preferences of consumers as revealed by their purchases of goods and services. Prices play the crucial role of coordinating instruments in this allocative process. It is assumed that all the energy industries are in the public sector. The following topics are discussed: the specification of objectives for the energy sector; marginal cost pricing; problems associated with the measurement of marginal costs; some aspects of the environmental costs associated with energy production and use, and some issues related to time differentiated tariffs; the modification of prices to achieve financial targets; and the use of energy prices to achieve income distribution objectives.

  11. Application of Markov Model in Crude Oil Price Forecasting

    Directory of Open Access Journals (Sweden)

    Nuhu Isah

    2017-08-01

    Full Text Available Crude oil is an important energy commodity to mankind. Several causes have made crude oil prices to be volatile. The fluctuation of crude oil prices has affected many related sectors and stock market indices. Hence, forecasting the crude oil prices is essential to avoid the future prices of the non-renewable natural resources to rise. In this study, daily crude oil prices data was obtained from WTI dated 2 January to 29 May 2015. We used Markov Model (MM approach in forecasting the crude oil prices. In this study, the analyses were done using EViews and Maple software where the potential of this software in forecasting daily crude oil prices time series data was explored. Based on the study, we concluded that MM model is able to produce accurate forecast based on a description of history patterns in crude oil prices.

  12. Electricity price and tariff problems and approaches to their solving

    International Nuclear Information System (INIS)

    Piha, M.

    1994-01-01

    The following problems are discussed: (i) integrity of the tariff system, price setting and price control in relation to the secondary market; (ii) long-term contracting relations between the subjects - primary and secondary market entities; (iii) the setting of electricity purchase prices from independent producers; (iv) international integration of national systems, including electricity import prices; (v) cross-subsidies within the system; (vi) identification of adverse environmental impacts and their remediation by incorporating the associated costs into electricity prices; (vii) the cost basis of prices; (viii) objectivization of the cost basis; (ix) unification/diversification of the price and tariff levels and the associated distribution rent problem; (x) rational structure of the tariff system with respect to its complexity and ties to the measuring and control instrumentation and their efficiency; and (xi) breakdown of the costs of heat and electricity cogeneration and a fair price setting. (J.B.)

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

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

    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)

  14. Mind your pricing cues.

    Science.gov (United States)

    Anderson, Eric; Simester, Duncan

    2003-09-01

    For most of the items they buy, consumers don't have an accurate sense of what the price should be. Ask them to guess how much a four-pack of 35-mm film costs, and you'll get a variety of wrong answers: Most people will underestimate; many will only shrug. Research shows that consumers' knowledge of the market is so far from perfect that it hardly deserves to be called knowledge at all. Yet people happily buy film and other products every day. Is this because they don't care what kind of deal they're getting? No. Remarkably, it's because they rely on retailers to tell them whether they're getting a good price. In subtle and not-so-subtle ways, retailers send signals to customers, telling them whether a given price is relatively high or low. In this article, the authors review several common pricing cues retailers use--"sale" signs, prices that end in 9, signpost items, and price-matching guarantees. They also offer some surprising facts about how--and how well--those cues work. For instance, the authors' tests with several mail-order catalogs reveal that including the word "sale" beside a price can increase demand by more than 50%. The practice of using a 9 at the end of a price to denote a bargain is so common, you'd think customers would be numb to it. Yet in a study the authors did involving a women's clothing catalog, they increased demand by a third just by changing the price of a dress from $34 to $39. Pricing cues are powerful tools for guiding customers' purchasing decisions, but they must be applied judiciously. Used inappropriately, the cues may breach customers' trust, reduce brand equity, and give rise to lawsuits.

  15. Benchmarking Cloud Storage Systems

    OpenAIRE

    Wang, Xing

    2014-01-01

    With the rise of cloud computing, many cloud storage systems like Dropbox, Google Drive and Mega have been built to provide decentralized and reliable file storage. It is thus of prime importance to know their features, performance, and the best way to make use of them. In this context, we introduce BenchCloud, a tool designed as part of this thesis to conveniently and efficiently benchmark any cloud storage system. First, we provide a study of six commonly-used cloud storage systems to ident...

  16. Value based pricing: the least valued pricing strategy

    OpenAIRE

    Hoenen, Bob

    2017-01-01

    Pricing has been one of the least researched topics in marketing, although within these pricing strategies: cost-plus pricing is considered as the leading pricing strategy worldwide. Why should companies use such an unprofitable strategy, where fighting for a higher market share due to low prices is more a rule than exception? VBP is one of the most underestimated strategies by organizations. The definition of VBP is: 'value pricing applies to products that have the potential of being differe...

  17. Pricing strategies and levels and their impact on corporate profitability

    Directory of Open Access Journals (Sweden)

    Deonir De Toni

    Full Text Available Abstract Price policy definition is one of the most important decisions in management as it affects corporate profitability and market competitiveness. Despite the importance that prices take in organizations, it appears that this element has not received proper attention by many academics and marketers since it represents, according to estimates, less than 2% of the papers on leading journals in the field. Thus, the aim of this study was to propose and test a theoretical model showing the impacts of pricing policy on corporate profitability. To this end, 150 companies in the metal-mechanic sector situated in the Northeast of Rio Grande do Sul State, Brazil were studied, integrating customer value-based pricing strategies, competition-based pricing strategies and cost-based pricing strategies with price levels (high and low and performance with respect to profitability. The results indicate that the profitability of the surveyed companies is positively affected by value-based pricing strategy and high price levels while it is negatively affected by low price levels. Such findings indicate that pricing policies influence the profitability of organizations and therefore, a more strategic look at the pricing process may constitute one aspect that cannot be overlooked by managers.

  18. High temperature storage loop :

    Energy Technology Data Exchange (ETDEWEB)

    Gill, David Dennis; Kolb, William J.

    2013-07-01

    A three year plan for thermal energy storage (TES) research was created at Sandia National Laboratories in the spring of 2012. This plan included a strategic goal of providing test capability for Sandia and for the nation in which to evaluate high temperature storage (>650ÀC) technology. The plan was to scope, design, and build a flow loop that would be compatible with a multitude of high temperature heat transfer/storage fluids. The High Temperature Storage Loop (HTSL) would be reconfigurable so that it was useful for not only storage testing, but also for high temperature receiver testing and high efficiency power cycle testing as well. In that way, HTSL was part of a much larger strategy for Sandia to provide a research and testing platform that would be integral for the evaluation of individual technologies funded under the SunShot program. DOEs SunShot program seeks to reduce the price of solar technologies to 6/kWhr to be cost competitive with carbon-based fuels. The HTSL project sought to provide evaluation capability for these SunShot supported technologies. This report includes the scoping, design, and budgetary costing aspects of this effort

  19. Hydropower generation and storage, transmission constraints and market power

    International Nuclear Information System (INIS)

    Johnsen, T.A.

    2001-01-01

    We study hydropower generation and storage in the presence of uncertainty about future inflows, market power and limited transmission capacity to neighboring regions. Within our simple two-period model, market power leads to too little storage. The monopolist finds it profitable to produce more than the competitive amount in the first period and thereby stores little water in the first of two periods in order to become import constrained in the second period. In addition, little storage reduces the probability of becoming export constrained in the second period, even if the second period exhibits large inflow. Empirical findings for an area in the western part of Norway with only hydropower and high ownership concentration at the supply side, fit well to our theoretical model. We apply a numerical model to examine various policies to reduce the inefficiencies created by the local monopoly. Transmission investments have two effects. First, the export possibilities in the first period increase. More export leads to lower storage in the first period. Second, larger import capacity reduces the market power problem in the second period. The two opposite effects of transmission investments in a case with market power may be unique to hydropower systems. Introducing financial transmission rights enhance the market power of the monopolist in our model. Price caps in both or in the second period only, reduce the strategic value of water storage. (Author)

  20. The impact of food prices on consumption: a systematic review of research on the price elasticity of demand for food.

    Science.gov (United States)

    Andreyeva, Tatiana; Long, Michael W; Brownell, Kelly D

    2010-02-01

    In light of proposals to improve diets by shifting food prices, it is important to understand how price changes affect demand for various foods. We reviewed 160 studies on the price elasticity of demand for major food categories to assess mean elasticities by food category and variations in estimates by study design. Price elasticities for foods and nonalcoholic beverages ranged from 0.27 to 0.81 (absolute values), with food away from home, soft drinks, juice, and meats being most responsive to price changes (0.7-0.8). As an example, a 10% increase in soft drink prices should reduce consumption by 8% to 10%. Studies estimating price effects on substitutions from unhealthy to healthy food and price responsiveness among at-risk populations are particularly needed.

  1. 7 CFR 1124.50 - 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. 1124.50 Section 1124.50 Agriculture Regulations of the Department of Agriculture (Continued... prices, and advanced pricing factors. See § 1000.50. ...

  2. 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. ...

  3. 7 CFR 1000.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... advanced pricing factors. 1000.53 Section 1000.53 Agriculture Regulations of the Department of Agriculture..., component prices, and advanced pricing factors. (a) On or before the 5th day of the month, the market... administrator for each Federal milk marketing order shall announce the following prices and pricing factors for...

  4. Steel: Price and Policy Issues

    National Research Council Canada - National Science Library

    Cooney, Stephen

    2006-01-01

    Steel prices remain at historically elevated levels. The rapid growth of steel production and demand in China is widely considered as a major cause of the increases in both steel prices and the prices of steelmaking inputs...

  5. Pricing American and Asian Options

    OpenAIRE

    Pat Muldowney

    2015-01-01

    An analytic method for pricing American call options is provided; followed by an empirical method for pricing Asian call options. The methodology is the pricing theory presented in "A Modern Theory of Random Variation", by Patrick Muldowney, 2012.

  6. Estimating the value of electricity storage in PJM. Arbitrage and some welfare effects

    International Nuclear Information System (INIS)

    Sioshansi, Ramteen; Denholm, Paul; Jenkin, Thomas; Weiss, Jurgen

    2009-01-01

    Significant increases in prices and price volatility of natural gas and electricity have raised interest in the potential economic opportunities for electricity storage. In this paper, we analyze the arbitrage value of a price-taking storage device in PJM (power transmission organization in the USA) during the six-year period from 2002 to 2007, to understand the impact of fuel prices, transmission constraints, efficiency, storage capacity, and fuel mix. The impact of load-shifting for larger amounts of storage, where reductions in arbitrage are offset by shifts in consumer and producer surplus as well as increases in social welfare from a variety of sources, is also considered. (author)

  7. Price changes in the gasoline market: Are Midwestern gasoline prices downward sticky?

    International Nuclear Information System (INIS)

    1999-03-01

    This report examines a recurring question about gasoline markets: why, especially in times of high price volatility, do retail gasoline prices seem to rise quickly but fall back more slowly? Do gasoline prices actually rise faster than they fall, or does this just appear to be the case because people tend to pay more attention to prices when they're rising? This question is more complex than it might appear to be initially, and it has been addressed by numerous analysts in government, academia and industry. The question is very important, because perceived problems with retail gasoline pricing have been used in arguments for government regulation of prices. The phenomenon of prices at different market levels tending to move differently relative to each other depending on direction is known as price asymmetry. This report summarizes the previous work on gasoline price asymmetry and provides a method for testing for asymmetry in a wide variety of situations. The major finding of this paper is that there is some amount of asymmetry and pattern asymmetry, especially at the retail level, in the Midwestern states that are the focus of the analysis. Nevertheless, both the amount asymmetry and pattern asymmetry are relatively small. In addition, much of the pattern asymmetry detected in this and previous studies could be a statistical artifact caused by the time lags between price changes at different points in the gasoline distribution system. In other words, retail gasoline prices do sometimes rise faster than they fall, but this is largely a lagged market response to an upward shock in the underlying wholesale gasoline or crude oil prices, followed by a return toward the previous baseline. After consistent time lags are factored out, most apparent asymmetry disappears

  8. Prospects for oil prices

    International Nuclear Information System (INIS)

    Stevens, P.

    1992-01-01

    The basic argument presented is that the oil price is set in an administrated market. The administration is undertaken by the controllers of excess capacity to produce crude oil. The extent to which the administrated price matches the market price is a function, first, of the strength and effectiveness of the market controller and, secondly, of the state of supply and demand and expectations in the market. Currently, the market is operating close to capacity, what limited excess capacity exists is located mainly in Saudi Arabia and the Saudi Arabians appear to be following a low price objective. While the Saudi Arabians pursue volume, the short term project, in the balance of a political upheaval, is that oil prices will remain below the $21 per barrel agreed in July 1990. There is a view that Saudi Arabia would take quick action to reverse a price collapse, but attention is drawn to previous miscalculations with respect to price collapse. Should political circumstances allow the return of Iraq to the oil market, then excess capacity within the Gulf members of OPEC will return and control will be much more difficult. (UK)

  9. Prospects for oil prices

    International Nuclear Information System (INIS)

    Caddy, P.

    1992-01-01

    It is argued that the wave in oil prices which occurred in 1991, although appearing to suggest price instability, in fact shows the opposite. Steady oscillation between a low price level that leads to new customers and a high price that encourages customers to switch to alternatives is a sign of a stable market. This relative stability was achieved against the background of the political upheaval in the USSR and Eastern Europe and its unpredictable consequences. Such political uncertainties to one side, the difficulties of assessing demand trends in the light of the imponderables of the state of the world economy and the weather are stressed. Despite these problems, the view is expressed that correct reading of signals up the supply chain by producers should ensure continued relative price stability. This is not to say that prices will stay exactly the same, just that they will be bound within a trading range set by anticipated consumer and producer responses to the fluctuating prices. (UK)

  10. Comparison of extended mean-reversion and time series models for electricity spot price simulation considering negative prices

    International Nuclear Information System (INIS)

    Keles, Dogan; Genoese, Massimo; Möst, Dominik; Fichtner, Wolf

    2012-01-01

    This paper evaluates different financial price and time series models, such as mean reversion, autoregressive moving average (ARMA), integrated ARMA (ARIMA) and general autoregressive conditional heteroscedasticity (GARCH) process, usually applied for electricity price simulations. However, as these models are developed to describe the stochastic behaviour of electricity prices, they are extended by a separate data treatment for the deterministic components (trend, daily, weekly and annual cycles) of electricity spot prices. Furthermore price jumps are considered and implemented within a regime-switching model. Since 2008 market design allows for negative prices at the European Energy Exchange, which also occurred for several hours in the last years. Up to now, only a few financial and time series approaches exist, which are able to capture negative prices. This paper presents a new approach incorporating negative prices. The evaluation of the different approaches presented points out that the mean reversion and the ARMA models deliver the lowest mean root square error between simulated and historical electricity spot prices gained from the European Energy Exchange. These models posses also lower mean average errors than GARCH models. Hence, they are more suitable to simulate well-fitting price paths. Furthermore it is shown that the daily structure of historical price curves is better captured applying ARMA or ARIMA processes instead of mean-reversion or GARCH models. Another important outcome of the paper is that the regime-switching approach and the consideration of negative prices via the new proposed approach lead to a significant improvement of the electricity price simulation. - Highlights: ► Considering negative prices improves the results of time-series and financial models for electricity prices. ► Regime-switching approach captures the jumps and base prices quite well. ► Removing and separate modelling of deterministic annual, weekly and daily

  11. Energy storage

    Science.gov (United States)

    Kaier, U.

    1981-04-01

    Developments in the area of energy storage are characterized, with respect to theory and laboratory, by an emergence of novel concepts and technologies for storing electric energy and heat. However, there are no new commercial devices on the market. New storage batteries as basis for a wider introduction of electric cars, and latent heat storage devices, as an aid for solar technology applications, with satisfactory performance standards are not yet commercially available. Devices for the intermediate storage of electric energy for solar electric-energy systems, and for satisfying peak-load current demands in the case of public utility companies are considered. In spite of many promising novel developments, there is yet no practical alternative to the lead-acid storage battery. Attention is given to central heat storage for systems transporting heat energy, small-scale heat storage installations, and large-scale technical energy-storage systems.

  12. The China price: Evidence and some implications

    OpenAIRE

    Álvarez, Roberto; Claro, Sebastián

    2006-01-01

    China´s import penetration in Chilean markets is higher in unskilled-labor intensive sectors as predicted by traditional endowment-based theories of comparative advantage. However, there is also evidence of within-industry specialization. In particular, high-income countries receive higher prices for its products, and Chinese products are not only cheaper in comparison to the world average but also relative to countries with similar income per capita. These price differences cannot account fo...

  13. Pricing Strategy Selection Using Fuzzy Linear Programming

    OpenAIRE

    Elif Alaybeyoğlu; Y. Esra Albayrak

    2013-01-01

    Marketing establishes a communication network between producers and consumers. Nowadays, marketing approach is customer-focused and products are directly oriented to meet customer needs. Marketing, which is a long process, needs organization and management. Therefore strategic marketing planning becomes more and more important in today’s competitive conditions. Main focus of this paper is to evaluate pricing strategies and select the best pricing strategy solution while considering internal a...

  14. Asset Pricing Implications of Firms' Financing Constraints

    OpenAIRE

    Gomes, Joao F; Yaron, Amir; Zhang, Lu

    2002-01-01

    We incorporate costly external finance in a production based asset pricing model and investigate whether financing frictions are quantitatively important for pricing a cross-section of expected returns. We show that the common assumptions about the nature of the financing frictions are captured by a simple ‘financing cost’ function, equal to the product of the financing premium and the amount of external finance. This approach provides a tractable framework to examine the role of financing fr...

  15. Transfer pricing and the Czech tax policy

    OpenAIRE

    Veronika Solilová; Veronika Sobotková

    2010-01-01

    The Czech Republic as a small open economy with an extensive network of the international tax treaties for the avoidance of the double taxation prevents from shifting the tax base of the associated enterprises to countries with preferential tax regime through transfer pricing rules. Transfer pricing as one of the important areas of international taxes determines how the profits of the multinational enterprises are split between the jurisdictions in which they operate and which countries get t...

  16. Forecasting Long-Run Electricity Prices

    International Nuclear Information System (INIS)

    Hamm, Gregory; Borison, Adam

    2006-01-01

    Estimation of long-run electricity prices is extremely important but it is also very difficult because of the many uncertainties that will determine future prices, and because of the lack of sufficient historical and forwards data. The difficulty is compounded when forecasters ignore part of the available information or unnecessarily limit their thinking about the future. The authors present a practical approach that addresses these problems. (author)

  17. Futures trading and the storage of North American natural gas

    Energy Technology Data Exchange (ETDEWEB)

    Serletis, Apostolos; Shahmoradi, Asghar [Calgary Univ., Dept. of Economics, Calgary, AB (Canada)

    2006-03-15

    This paper tests the theory of storage in North American natural gas markets, using the Fama and French (1988) indirect test. In particular, we test the theory's prediction that when inventory is high, large inventory responses to shocks imply roughly equal changes in spot and futures prices, whereas when inventory is low, smaller inventory responses to shocks imply larger changes in spot prices than in futures prices. Our tests on spot and futures North American natural gas prices confirm these predictions of the theory of storage. (Author)

  18. Price Competition on Graphs

    OpenAIRE

    Adriaan R. Soetevent

    2010-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. I propose an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. One feature of graph models of price competition is that spatial discontinuities in firm-level demand may occur. I show that the existence result of D'Aspremont et al. (1979) does not extend to simple star graphs. I conjecture that this non-existence result holds...

  19. Price Competition on Graphs

    OpenAIRE

    Pim Heijnen; Adriaan Soetevent

    2014-01-01

    This paper extends Hotelling's model of price competition with quadratic transportation costs from a line to graphs. We derive an algorithm to calculate firm-level demand for any given graph, conditional on prices and firm locations. These graph models of price competition may lead to spatial discontinuities in firm-level demand. We show that the existence result of D'Aspremont et al. (1979) does not extend to simple star graphs and conjecture that this non-existence result holds more general...

  20. 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...... capitalization from earlier studies. Furthermore, we find no effect of property taxes on house prices. We attribute this to the low levels of Danish municipal property tax rates compared to income tax rates....

  1. Energy storage financing :

    Energy Technology Data Exchange (ETDEWEB)

    Baxter, Richard

    2016-08-01

    Project financing is emerging as the linchpin for the future health, direction, and momentum of the energy storage industry. Market leaders have so far relied on selffunding or captive lending arrangements to fund projects. New lenders are proceeding hesitantly as they lack a full understanding of the technology, business, and credit risks involved in this rapidly changing market. The U.S. Department of Energy is poised to play a critical role in expanding access to capital by reducing the barriers to entry for new lenders, and providing trusted analytical benchmarks to better judge and price the risk in systematic ways.

  2. Stuck in a Price War?

    DEFF Research Database (Denmark)

    Poulsen, Søren Bolvig; Knutzen, Rikke; Christiansen, Lotte

    2010-01-01

    the more competitive you are. This is a natural business factor and the case for many industries. This situation, however, has proven to retain companies marked positions as the larger companies have the advantages of purchasing with remarkable discounts due to the considerable amount of products, which......The objective of this article is to illustrate how a service can develop into an important differentiator as strategic and competitive element for medium-sized companies in B2B relations. Within the building material sector the main competition is on price – the cheaper you can provide a product...... are bought. As a result larger suppliers can again sell the same products to a lower price at the marked for their customers leaving their small and medium sized competitors in a problematic situation. The branch is in general hampered by conservatism, but one way out of the sticky situation for a medium...

  3. Oxygenates to hike gasoline price

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that cost of achieving required US gasoline formulations this winter in Environmental Protection Agency carbon monoxide (CO) nonattainment areas could reach 3-5 cents/gal, an Energy Information Administration analysis has found. EIA says new winter demand for gasoline blending oxygenates such as methyl tertiary butyl ether (MTBE) or ethanol created by 190 amendments to the Clean Air Act (CAA) will exceed US oxygenate production by 140,000-220,000 b/d. The shortfall must be made up from inventory or imports. EIA estimates the cost of providing incremental oxygenate to meet expected gasoline blending demand likely will result in a price premium of about 20 cents/gal of MTBE equivalent over traditional gasoline blend octane value. That cost likely will be added to the price of oxygenated gasoline

  4. Optimization of joint energy micro-grid with cold storage

    Science.gov (United States)

    Xu, Bin; Luo, Simin; Tian, Yan; Chen, Xianda; Xiong, Botao; Zhou, Bowen

    2018-02-01

    To accommodate distributed photovoltaic (PV) curtailment, to make full use of the joint energy micro-grid with cold storage, and to reduce the high operating costs, the economic dispatch of joint energy micro-grid load is particularly important. Considering the different prices during the peak and valley durations, an optimization model is established, which takes the minimum production costs and PV curtailment fluctuations as the objectives. Linear weighted sum method and genetic-taboo Particle Swarm Optimization (PSO) algorithm are used to solve the optimization model, to obtain optimal power supply output. Taking the garlic market in Henan as an example, the simulation results show that considering distributed PV and different prices in different time durations, the optimization strategies are able to reduce the operating costs and accommodate PV power efficiently.

  5. Electricity prices and power derivatives: An affine jump diffusion approach with seasonal volatility and prices

    International Nuclear Information System (INIS)

    Nomikos, Nikos; Soldatos, Orestes; Tamvakis, Michael

    2005-01-01

    Deregulation and reforms in the electricity markets over the recent years have led to increasing volatility of electricity prices since prices in the market are now determined by the fundamental rules of supply and demand. The existence of price risk in the market leads to the increasing necessity of hedging using derivatives and the subsequent development of models to price and hedge electricity derivatives. However the non-storable nature of the market implies that ''traditional'' approaches for the pricing and hedging of commodity derivatives based on the theory of storage are not applicable to electricity markets. In this paper we propose a two-factor jump diffusion model with seasonal components in order to capture the systematic pattern in the forward curve and the volatility term structure. Our model is then calibrated for the spot and the financial contracts in the Nord Pool Exchange using Kalman filter techniques. The proposed model has several advantages. First it enables to select the risk neutral measure that best fits the term structure hence capturing the most significant distributional characteristics of both spot and forwards. Second, it explains the seasonal risk premium, and finally it provides a fit for the Volatility Term Structure. The resulting model is very promising, providing a very useful Financial Engineering tool to market participants for Risk Hedging and Derivatives Pricing in the highly volatile Power Markets. (Author)

  6. An investigation of the pricing attitudes and practices of Korean business

    OpenAIRE

    Hyun, Soeun

    1988-01-01

    The purpose of this study was to explore issues related to the development of pricing strategies. Important questions addressed included the importance of this topic and a description of how prices are set or why prices are set. Also, the concern of whether these issues are general across major types of pricing decisions, or specific to certain pricing decisions was investigated. Particularly, this study reviewed the descriptive survey research or case studies that have been do...

  7. Pricing of Marine Products and Services in the Modular Age

    DEFF Research Database (Denmark)

    Jiang, Liping; Al-Ajlouni, Omar

    WHAT IS THE ISSUE? Pricing can be a particular challenging issue for marine suppliers with multiple products and services especially when suppliers want to address specific customer needs and at the same time achieves the efficiency in pricing. WHY IS IT IMPORTANT? Appropriate pricing of products-and-services...... in the market. Lastly, customer satisfaction and loyalty will be increased accordingly. WHAT CAN BE DONE? The pricing challenge for multiple products and services can be overcome by applying the modular concept on pricing, where each product or service is offered as a module, so suppliers can either set...

  8. Price elasticity of petroleum products in selected African countries

    International Nuclear Information System (INIS)

    Kaul, S.

    1995-01-01

    In this paper, a fundamental understanding of the economic impact which is directly related to the price elasticity of petroleum products in six selected African countries is obtained by using the Jorgorson-Lian model for shares. Each kind of fuel price has a different impact on the share of oil products for the different countries. The price increase of one kind of fuel may increase or decrease the share of another fuel in the total oil products. In the oil importing African countries, the price of one product is relatively inelastic, whereas in the oil producing African countries, the price is elastic. (Author)

  9. Natural gas prices

    International Nuclear Information System (INIS)

    Johnson, W.A.

    1990-01-01

    Since the 1970s, many electric utilities and industrial boiler fuel users have invested in dual fuel use capability which has allowed them to choose between natural gas, residual fuel oil, and in some instances, coal as boiler fuels. The immediate reason for this investment was the need for security of supply. Wellhead regulation of natural gas prices had resulted in shortages during the 1970s. Because many industrial users were given lowest priority in pipeline curtailments, these shortages affected most severely boiler fuel consumption of natural gas. In addition, foreign supply disruptions during the 1970s called into question the ready availability of oil. Many boiler fuel users of oil responded by increasing their ability to diversify to other sources of energy. Even though widespread investment in dual fuel use capability by boiler fuel users was initially motivated by a need for security of supply, perhaps the most important consequence of this investment was greater substitutability between natural gas and resid and a more competitive boiler fuel market. By the early 1980s, most boiler fuel users were able to switch from one fuel to another and often did for savings measured in pennies per MMBtu. Boiler fuel consumption became the marginal use of both natural gas and resid, with coal a looming threat on the horizon to both fuels

  10. MANAGERIAL ACCOUNTING AND PRICING FOR SALE OF GOODS AND PRODUCTS IN TRADE AND PUBLIC CATERING

    Directory of Open Access Journals (Sweden)

    TUHARI Tudor

    2017-06-01

    Full Text Available The most relevant problems of accounting and control in the sphere of commodity exchange are the reliable determination of the cost of mass goods and products during their storage and sale, as well as the operational orientation in pricing, taking into account the demand and supply in the interests of obtaining the necessary profit at an appropriate level of profitability. In the case of the sum stock accounting method for the goods in the retail trade and public catering, the especially important element of the accounting is the process of formation of retail sales prices and calculation of production cost of sales and profit of the enterprise. The article mainly focuses on the method of determining the retail sales prices for goods and products in the area of trade and public catering, respectively, through the use of trade mark-ups in percentage terms in relation not to the purchase, but to retail sales prices including VAT. Determining the cost of sales and its accounting is recommended to adjust only at the end of the month based on the calculation of the average percentage of trade mark-up (margin.

  11. Price discrimination in two-sided markets

    Directory of Open Access Journals (Sweden)

    Kai Zhang

    2016-03-01

    Full Text Available The use of a price discrimination strategy is an important tool in competition. It can hurt firms and benefit consumers in a one-sided market. However, in two-sided markets, its primary goal is to attract more agents or increase profits. Here, the performance of a second-degree price discrimination strategy in the context of duopoly two-sided platforms is analysed. Two exogenous variables, which include the discount rate and the price discrimination threshold, are used in order to examine whether the price discrimination strategy could help two-sided platforms achieve their objective, which is to maximise their market value. Three cases are considered, and we demonstrate that the price discrimination strategy cannot attract more agents and at the same time increase the profits; a lower price discrimination threshold cannot ensure larger markets shares; a higher discount rate is detrimental to the profit of a platform. However, this is good for its market shares. Moreover, discriminative pricing increases the competition.

  12. Model Calibration in Option Pricing

    Directory of Open Access Journals (Sweden)

    Andre Loerx

    2012-04-01

    Full Text Available We consider calibration problems for models of pricing derivatives which occur in mathematical finance. We discuss various approaches such as using stochastic differential equations or partial differential equations for the modeling process. We discuss the development in the past literature and give an outlook into modern approaches of modelling. Furthermore, we address important numerical issues in the valuation of options and likewise the calibration of these models. This leads to interesting problems in optimization, where, e.g., the use of adjoint equations or the choice of the parametrization for the model parameters play an important role.

  13. Edgeworth Price Cycles, Cost-Based Pricing, and Sticky Pricing in Retail Gasoline Markets

    OpenAIRE

    Michael D. Noel

    2007-01-01

    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 ...

  14. Uranium price reporting systems

    International Nuclear Information System (INIS)

    1987-09-01

    This report describes the systems for uranium price reporting currently available to the uranium industry. The report restricts itself to prices for U 3 O 8 natural uranium concentrates. Most purchases of natural uranium by utilities, and sales by producers, are conducted in this form. The bulk of uranium in electricity generation is enriched before use, and is converted to uranium hexafluoride, UF 6 , prior to enrichment. Some uranium is traded as UF 6 or as enriched uranium, particularly in the 'secondary' market. Prices for UF 6 and enriched uranium are not considered directly in this report. However, where transactions in UF 6 influence the reported price of U 3 O 8 this influence is taken into account. Unless otherwise indicated, the terms uranium and natural uranium used here refer exclusively to U 3 O 8 . (author)

  15. 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...

  16. Price of military uranium

    International Nuclear Information System (INIS)

    Klimenko, A.V.

    1998-01-01

    The theoretical results about optimum strategy of use of military uranium confirmed by systems approach accounts are received. The numerical value of the system approach price of the highly enriched military uranium also is given

  17. 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)

  18. The price of pollution

    International Nuclear Information System (INIS)

    Bleijenberg, A.N.; Davidson, M.D.; Wit, R.

    1998-06-01

    The market does not create a price for environmental pollution for the simple reason that there is no market for the environment. What can be done is to calculate shadow prices for environmental pollution, which is achieved by calculating the price that would arise if there would be a market for the environment. In applying this method, it generally proves to be necessary to base calculations on government environmental targets. Using available research data, the method is used to calculate shadow prices for a number of key pollutants. The present report is based on the CE studies 'Schaduwprijzen Prioriterings Methodiek (SPM)' (1997), commissioned by ICI Holland BV, and 'De prijs van Milieuvervuiling' (1997), commissioned by KNP BT Packaging

  19. Variable Pricing Feasibility Assessment

    National Research Council Canada - National Science Library

    2004-01-01

    ...) and Willard Bishop Consulting (Barrington, IL) to evaluate the practicality of using a variable pricing system within DeCA to maintain an average of 30 percent customer savings and lower appropriated fund costs...

  20. 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....

  1. A Distribution-class Locational Marginal Price (DLMP) Index for Enhanced Distribution Systems

    Science.gov (United States)

    Akinbode, Oluwaseyi Wemimo

    The smart grid initiative is the impetus behind changes that are expected to culminate into an enhanced distribution system with the communication and control infrastructure to support advanced distribution system applications and resources such as distributed generation, energy storage systems, and price responsive loads. This research proposes a distribution-class analog of the transmission LMP (DLMP) as an enabler of the advanced applications of the enhanced distribution system. The DLMP is envisioned as a control signal that can incentivize distribution system resources to behave optimally in a manner that benefits economic efficiency and system reliability and that can optimally couple the transmission and the distribution systems. The DLMP is calculated from a two-stage optimization problem; a transmission system OPF and a distribution system OPF. An iterative framework that ensures accurate representation of the distribution system's price sensitive resources for the transmission system problem and vice versa is developed and its convergence problem is discussed. As part of the DLMP calculation framework, a DCOPF formulation that endogenously captures the effect of real power losses is discussed. The formulation uses piecewise linear functions to approximate losses. This thesis explores, with theoretical proofs, the breakdown of the loss approximation technique when non-positive DLMPs/LMPs occur and discusses a mixed integer linear programming formulation that corrects the breakdown. The DLMP is numerically illustrated in traditional and enhanced distribution systems and its superiority to contemporary pricing mechanisms is demonstrated using price responsive loads. Results show that the impact of the inaccuracy of contemporary pricing schemes becomes significant as flexible resources increase. At high elasticity, aggregate load consumption deviated from the optimal consumption by up to about 45 percent when using a flat or time-of-use rate. Individual load

  2. Metal prices in the United States through 2010

    Science.gov (United States)

    ,

    2013-01-01

    This report, which updates and revises the U.S. Geological Survey (USGS) (1999) publication, “Metal Prices in the United States Through 1998,” presents an extended price history for a wide range of metals available in a single document. Such information can be useful for the analysis of mineral commodity issues, as well as for other purposes. The chapter for each mineral commodity includes a graph of annual current and constant dollar prices for 1970 through 2010, where available; a list of significant events that affected prices; a brief discussion of the metal and its history; and one or more tables that list current dollar prices. In some cases, the metal prices presented herein are for some alternative form of an element or, instead of a price, a value, such as the value for an import as appraised by the U.S. Customs Service. Also included are the prices for steel, steel scrap, and iron ore—steel because of its importance to the elements used to alloy with it, and steel scrap and iron ore because of their use in steelmaking. A few minor metals, such as calcium, potassium, sodium, strontium, and thorium, for which price histories were insufficient, were excluded. The annual prices given may be averages for the year, yearend prices, or some other price as appropriate for a particular commodity. Certain trade journals have been the source of much of this price information—American Metal Market, ICIS Chemical Business, Engineering and Mining Journal, Industrial Minerals, Metal Bulletin, Mining Journal, Platts Metals Week, Roskill Information Services Ltd. commodity reports, and Ryan’s Notes. Price information also is available in minerals information publications of the USGS (1880–1925, 1996–present) and the U.S. Bureau of Mines (1926–95), such as Mineral Commodity Summaries, Mineral Facts and Problems, Mineral Industry Surveys, and Minerals Yearbook. In addition to prices themselves, these journals and publications contain information relevant to

  3. COSTA RICAN MEAT VALUE CHAIN DESCRIPTION: PRICE TRANSMISSION AS A TOOL

    Directory of Open Access Journals (Sweden)

    Víctor Rodríguez Lizano

    2016-06-01

    Full Text Available Price transmission analysis is an increasing research topic, especially for price taking countries such as Costa Rica. We describe the beef supply chain and provide a numerical implementation of Vector Error Correction Model (VECM of price transmission for the meat market in order to observe the relationship between import prices of meat and their effects on national retail prices. To restore equilibrium, retail prices correct 8% of the error term monthly. Since the meat imports market of Costa Rica is complex, the analysis of others business partners as Nicaragua should be included in order to compare the influence of these in local retail prices

  4. The pass through of oil prices into euro area consumer liquid fuel prices in an environment of high and volatile oil prices

    Energy Technology Data Exchange (ETDEWEB)

    Meyler, Aidan [European Central Bank, Frankfurt am Main (Germany)

    2009-11-15

    Crude and refined oil prices have been relatively high and volatile on a sustained basis since 1999. This paper considers the pass through of oil prices into consumer liquid (i.e. petrol, diesel and heating) fuel prices in such an environment. The pass through of oil prices into consumer liquid fuel prices has already been addressed extensively in the literature. Nonetheless much of this literature has either focused on the United States or on a time period when oil prices were relatively stable, or has used monthly data. The main contribution of this paper is a comprehensive combination of many features that have been considered before but rarely jointly. These features include: (1) the analysis of the euro area as an aggregate and a large number of countries (the initial 12 member states); (2) the consideration of different time periods; (3) the modelling of the data in raw levels rather than in log levels. This turns out to have important implications for our findings; (4) the use of high frequency (weekly) data, which, as results will suggest, are the lowest frequency one should consider; (5) the investigation of the different stages of the production chain from crude oil prices to retail distribution - refining costs and margins, distribution and retailing costs and margins; (6) the examination of prices including and excluding taxes - excise and value-added; (7) the modelling of prices for three fuel types - passenger car petrol and diesel separately and home heating fuel oil; (8) lastly we also address the issue of possible asymmetries, allowing for the pass through to vary according to (a) whether price are increasing or decreasing and (b) whether price levels are above or below their equilibrium level. The main findings are as follows: First, as distribution and retailing costs and margins have been broadly stable on average, the modelling of the relationship between consumer prices excluding taxes and upstream prices in raw levels rather than in

  5. The pass through of oil prices into euro area consumer liquid fuel prices in an environment of high and volatile oil prices

    International Nuclear Information System (INIS)

    Meyler, Aidan

    2009-01-01

    Crude and refined oil prices have been relatively high and volatile on a sustained basis since 1999. This paper considers the pass through of oil prices into consumer liquid (i.e. petrol, diesel and heating) fuel prices in such an environment. The pass through of oil prices into consumer liquid fuel prices has already been addressed extensively in the literature. Nonetheless much of this literature has either focused on the United States or on a time period when oil prices were relatively stable, or has used monthly data. The main contribution of this paper is a comprehensive combination of many features that have been considered before but rarely jointly. These features include: (1) the analysis of the euro area as an aggregate and a large number of countries (the initial 12 member states); (2) the consideration of different time periods; (3) the modelling of the data in raw levels rather than in log levels. This turns out to have important implications for our findings; (4) the use of high frequency (weekly) data, which, as results will suggest, are the lowest frequency one should consider; (5) the investigation of the different stages of the production chain from crude oil prices to retail distribution - refining costs and margins, distribution and retailing costs and margins; (6) the examination of prices including and excluding taxes - excise and value-added; (7) the modelling of prices for three fuel types - passenger car petrol and diesel separately and home heating fuel oil; (8) lastly we also address the issue of possible asymmetries, allowing for the pass through to vary according to (a) whether price are increasing or decreasing and (b) whether price levels are above or below their equilibrium level. The main findings are as follows: First, as distribution and retailing costs and margins have been broadly stable on average, the modelling of the relationship between consumer prices excluding taxes and upstream prices in raw levels rather than in

  6. Midsouth Pulpwood Prices, 1991

    Science.gov (United States)

    Patrick E. Miller

    1993-01-01

    The average delivered price for a cord of Midsouth roundwood in 1991 was $56.39, an increase of 6.5 percent since 1990. Softwood roundwood averaged $58.24 and hardwoods, $50.48 per standard cord, up 2.8 and 7.9 percent, respectively. Chipped residue prices were $26.52 for softwood and $21.0l for hardwood per green ton. The expenditure for wood fiber in the Midsouth...

  7. Energy price risk management

    International Nuclear Information System (INIS)

    Evans, J.W.G.

    1998-01-01

    While long term, fixed price contracts for fuel procurement and export of excess power may lock in the economics of a CHP plant, these do not necessarily give the best pricing opportunities that may exist during the life of those contracts. A more prudent approach may be to vary the length of the contracts and markets are now developing in gas and electricity to assist in the management of such a portfolio. (Author)

  8. New product pricing

    International Nuclear Information System (INIS)

    Wilkinson, V.K.

    1981-01-01

    One of the most uncertain elements in budget planning is estimating production costs of items that have heretofore only been produced in prototype configurations and quantities. This paper examines the design and development of a mathematical model which computes appropriate prices for new and unique products. The resulting model offers a producer a fair return on his investment and the consumer a fair purchase price

  9. Corporate debt pricing I.

    OpenAIRE

    Ilya, Gikhman

    2007-01-01

    In this article we discuss fundamentals of the debt securities pricing. We begin with a generalization of the present value concept. Though the present value is the base valuation method in the modern finance we will illustrate that this concept does not sufficiently accurate in producing instrument pricing. The incompleteness of the unique present value approach stems from variability of the interest rates. Admitting variability of the interest rates we define two present values one for buye...

  10. The Implementation of Marginal External Cost Pricing in Road Transport

    OpenAIRE

    Verhoef, Erik T.

    1998-01-01

    This paper discusses a number of issues that will become increasingly important nowthat the concept of marginal external cost pricing becomes more likely to be implementedas a policy strategy in transport in reality. The first part of the paper deals with thelong-run efficiency of marginal external cost pricing. It is shown that such prices notonly optimize short-run mobility, given the shape and position of the relevant demandand cost curves, but even more importantly, also optimally affect ...

  11. Setting Fair Prices – Fundamental Principle Of Sustainable Marketing

    OpenAIRE

    Cătoiu, Iacob; Vrânceanu, Diana Maria; Filip, Alina

    2010-01-01

    In commercial area, the price has a major importance, being frequently considered among the main criteria used in buying decision process. Price fairness derives from equity theory and it is focused on assuring in a transaction a reasonable report between the customer’s sacrifice and the value offered by the seller. In three marketing experiments we have evaluated customers’ fairness perceptions of differential prices, this tactic being frequently used by sellers. One important finding was th...

  12. Oil price volatility and the asymmetric response of gasoline prices to oil price increases and decreases

    International Nuclear Information System (INIS)

    Radchenko, S.

    2005-01-01

    This paper analyzes the effect of volatility in oil prices on the degree of asymmetry in the response of gasoline prices to oil price increases and decreases. Several time series measures of the asymmetry between the responses of gasoline prices to oil price increases and decreases and several measures of the oil price volatility are constructed. In all models, the degree of asymmetry in gasoline prices declines with an increase in oil price volatility. The results support the oligopolistic coordination theory as a likely explanation of the observed asymmetry and are not consistent with the standard search theory and the search theory with Bayesian updating. (author)

  13. 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

  14. Why do stumpage prices increase more than lumber prices?

    Science.gov (United States)

    William G. Luppold; John E. Baumgras; John E. Baumgras

    1998-01-01

    Every sawmiller who has been in business more than 5 years realizes that hardwood stumpage prices tend to increase faster than lumber prices, decreasing the margin between these two prices. Although increases in stumpage versus lumber prices are readily apparent, the reason for the decrease in the margin is not. Recent research findings indicate that the stumpage/...

  15. Analyzing the effects of past prices on reference price formation

    NARCIS (Netherlands)

    R.D. van Oest (Rutger); R. Paap (Richard)

    2004-01-01

    textabstractWe propose a new reference price framework for brand choice. In this framework, we employ a Markov-switching process with an absorbing state to model unobserved price recall of households. Reference prices result from the prices households are able to remember. Our model can be used to

  16. Higher Education Prices and Price Indexes. 1976 Supplement.

    Science.gov (United States)

    Halstead, Kent D.

    The 1976 supplement presents higher education price index data for fiscal years 1971 through 1976. The basic study, "Higher Education Prices and Price Indexes" (ED 123 996) presents complete descriptions of the indexes together with index values and price data for fiscal years 1961 through 1974. Indexes are presented for research and development,…

  17. Forecasting Day-Ahead Electricity Prices : Utilizing Hourly Prices

    NARCIS (Netherlands)

    E. Raviv (Eran); K.E. Bouwman (Kees); D.J.C. van Dijk (Dick)

    2013-01-01

    textabstractThe daily average price of electricity represents the price of electricity to be delivered over the full next day and serves as a key reference price in the electricity market. It is an aggregate that equals the average of hourly prices for delivery during each of the 24 individual

  18. Estimating the commodity market price of risk for energy prices

    International Nuclear Information System (INIS)

    Kolos, Sergey P.; Ronn, Ehud I.

    2008-01-01

    The purpose of this paper is to estimate the ''market price of risk'' (MPR) for energy commodities, the ratio of expected return to standard deviation. The MPR sign determines whether energy forward prices are upward- or downward-biased predictors of expected spot prices. We estimate MPRs using spot and futures prices, while accounting for the Samuelson effect. We find long-term MPRs generally positive and short-term negative, consistent with positive energy betas and hedging, respectively. In spot electricity markets, MPRs in Day-Ahead Prices agree with short-dated futures. Our results relate risk premia to informed hedging decisions, and futures prices to forecast/expected prices. (author)

  19. Price, availability and affordability of medicines

    Directory of Open Access Journals (Sweden)

    Brenda S. Mhlanga

    2014-01-01

    Full Text Available Background: Medicines play an important role in healthcare, but prices can be a barrier to patient care. Few studies have looked at the prices of essential medicines in low- and middle-income countries in terms of patient affordability.Aim: To determine the prices, availability and affordability of medicines along the supply chain in Swaziland.Setting: Private- and public-sector facilities in Manzini, Swaziland.Methods: The standardised methodology designed by the World Health Organization and Health Action International was used to survey 16 chronic disease medicines. Data were collected in one administrative area in 10 private retail pharmacies and 10 public health facilities. Originator brand (OB and lowest-priced generic equivalent (LPG medicines were monitored and these prices were then compared with international reference prices (IRPs. Affordability was calculated in terms of the daily wage of the lowest-paid unskilled government worker.Results: Mean availability was 68% in the public sector. Private sector OB medicines were priced 32.4 times higher than IRPs, whilst LPGs were 7.32 times higher. OBs cost473% more than LPGs. The total cumulative mark-ups for individual medicines range from 190.99% – 440.27%. The largest contributor to add-on cost was the retail mark-up (31% – 53%. Standard treatment with originator brands cost more than a day’s wage.Conclusion: Various policy measures such as introducing price capping at all levels of the medicine supply chain, may increase the availability, whilst at the same time reducing the prices of essential medicines for the low income population.

  20. Price, availability and affordability of medicines

    Directory of Open Access Journals (Sweden)

    Brenda S. Mhlanga

    2014-06-01

    Full Text Available Background: Medicines play an important role in healthcare, but prices can be a barrier to patient care. Few studies have looked at the prices of essential medicines in low- and middle-income countries in terms of patient affordability. Aim: To determine the prices, availability and affordability of medicines along the supply chain in Swaziland. Setting: Private- and public-sector facilities in Manzini, Swaziland. Methods: The standardised methodology designed by the World Health Organization and Health Action International was used to survey 16 chronic disease medicines. Data were collected in one administrative area in 10 private retail pharmacies and 10 public health facilities. Originator brand (OB and lowest-priced generic equivalent (LPG medicines were monitored and these prices were then compared with international reference prices (IRPs. Affordability was calculated in terms of the daily wage of the lowest-paid unskilled government worker. Results: Mean availability was 68% in the public sector. Private sector OB medicines were priced 32.4 times higher than IRPs, whilst LPGs were 7.32 times higher. OBs cost473% more than LPGs. The total cumulative mark-ups for individual medicines range from 190.99% – 440.27%. The largest contributor to add-on cost was the retail mark-up (31% – 53%. Standard treatment with originator brands cost more than a day’s wage. Conclusion: Various policy measures such as introducing price capping at all levels of the medicine supply chain, may increase the availability, whilst at the same time reducing the prices of essential medicines for the low income population.

  1. Output Price Risk, Material Input Price Risk, and Price Margins: Evidence from the US Catfish Industry.

    Directory of Open Access Journals (Sweden)

    David Bouras

    2017-07-01

    Full Text Available Aim/purpose - To develop a conceptual model for analyzing the impact of output price risk and material input price risk on price margins. Design/methodology/approach - To analyze the combined effect of output price risk and material input risk on price margins, we use a series of comparative static analyses, GARCH models, and data ranging from 1990/01 to 2012/12. Findings - The theoretical results indicate that the impact of output price risk and the impact of material input price risk on price margins are ambiguous and, to a great extent, hinge on the correlation between output price and material input price. The empirical results show that whole frozen catfish price risk and live catfish price risk negatively affect the price margin for frozen catfish. The empirical results, however, indicate that the risk of the price of live catfish affects markedly the price margin for frozen whole catfish in contrast to the impact of the risk of the price of frozen whole catfish. Research implications/limitations - The empirical results have significant implications for managerial decision-making especially when crafting strategies for improving price margins. Accordingly, in order to beef up the price margin for frozen whole catfish, catfish processors may consider engaging in vertical integration. This paper has some limitations: first, it assumes that firms operate in competitive markets; second, it assumes that firms produce and sell a single product. Originality/value/contribution - Unlike earlier studies that focused solely on the effect of output price risk on price margins, this paper analyzes theoretically and empirically the impact of output price risk and material input price risk on price margins.

  2. The Impact of Price Comparison Service on Pricing Strategy in a Dual-Channel Supply Chain

    Directory of Open Access Journals (Sweden)

    Qi Xu

    2013-01-01

    Full Text Available Recently, price comparison service (PCS websites are more and more popular due to its features in facilitating transparent price and promoting rational purchase decision. Motivated by the industrial practices, in this study, we examine the pricing strategies of retailers and supplier in a dual-channel supply chain influenced by the signals of PCS. We categorize and discuss three situations according to the signal availability of PCS, under which the optimal pricing strategies are derived. Finally, we conduct a numerical study and find that in fact the retailers and supplier are all more willing to avoid the existence of PCS with the objective of profit maximization. When both of retailers are affected by the PCS, the supplier is more willing to reduce the availability of price information. Important managerial insights are discussed.

  3. Long memory in German energy price indices

    Energy Technology Data Exchange (ETDEWEB)

    Barros, Carlos P. [Lisbon Univ. (Portugal). Inst. Superior de Economia e Gestao; Caporale, Guglielmo Maria [Brunel Univ., London (United Kingdom). Centre for Empirical Finance; Gil-Alana, Luis A. [Navarra Univ., Pamplona (Spain). Faculty of Economics and Business Administration

    2012-09-15

    This study examines the long-memory properties of German energy price indices (specifically, import and export prices, as well as producer and consumer prices) for hard coal, lignite, mineral oil and natural gas adopting a fractional integration modelling framework. The analysis is undertaken using monthly data from January 2000 to August 2011. The results suggest nonstationary long memory in the series (with orders of integration equal to or higher than 1) when breaks are not allowed for. However, endogenous break tests indicate a single break in all series except for producer prices for lignite for which two breaks are detected. When such breaks are taken into account, and with autocorrelated disturbances, evidence of mean reversion is found in practically all cases.

  4. Transfer pricing and the Czech tax policy

    Directory of Open Access Journals (Sweden)

    Veronika Solilová

    2010-01-01

    Full Text Available The Czech Republic as a small open economy with an extensive network of the international tax treaties for the avoidance of the double taxation prevents from shifting the tax base of the associated enterprises to countries with preferential tax regime through transfer pricing rules. Transfer pricing as one of the important areas of international taxes determines how the profits of the multinational enterprises are split between the jurisdictions in which they operate and which countries get to tax those profits. This situation may affect the global budget of the multinational enterprises and the tax reve­nues of the jurisdictions. This paper is focused on the transfer pricing rules used in the Czech Republic and makes recommendations for the Czech tax policy in this area based on the analysis of the transfer pricing rules in the EU Member States.

  5. Electricity price forecasting through transfer function models

    International Nuclear Information System (INIS)

    Nogales, F.J.; Conejo, A.J.

    2006-01-01

    Forecasting electricity prices in present day competitive electricity markets is a must for both producers and consumers because both need price estimates to develop their respective market bidding strategies. This paper proposes a transfer function model to predict electricity prices based on both past electricity prices and demands, and discuss the rationale to build it. The importance of electricity demand information is assessed. Appropriate metrics to appraise prediction quality are identified and used. Realistic and extensive simulations based on data from the PJM Interconnection for year 2003 are conducted. The proposed model is compared with naive and other techniques. Journal of the Operational Research Society (2006) 57, 350-356.doi:10.1057/palgrave.jors.2601995; published online 18 May 2005. (author)

  6. Information pricing based on trusted system

    Science.gov (United States)

    Liu, Zehua; Zhang, Nan; Han, Hongfeng

    2018-05-01

    Personal information has become a valuable commodity in today's society. So our goal aims to develop a price point and a pricing system to be realistic. First of all, we improve the existing BLP system to prevent cascading incidents, design a 7-layer model. Through the cost of encryption in each layer, we develop PI price points. Besides, we use association rules mining algorithms in data mining algorithms to calculate the importance of information in order to optimize informational hierarchies of different attribute types when located within a multi-level trusted system. Finally, we use normal distribution model to predict encryption level distribution for users in different classes and then calculate information prices through a linear programming model with the help of encryption level distribution above.

  7. Religion and stock price crash risk: Evidence

    Directory of Open Access Journals (Sweden)

    Wenfei Li

    2016-09-01

    Full Text Available This paper investigates whether religious traditions influence firm-specific crash risk in China. Using a sample of A-share listed firms from 2003 to 2013, we provide evidence that the more intense the religious environment, the lower the stock price crash risk, implying that religion plays an important role in Chinese corporate governance. Further, we find that (1 religion affects stock price crash risk by reducing earnings management and the management perk problem; (2 different religions have different effects, and Taoism, in particular, is unrelated to crash risk; and (3 the effects of religion are more pronounced with higher quality corporate governance and a stronger legal environment. Religion constrains the management agency problem, thus reducing stock price crash risk in China. Our paper enriches the literature on stock price crash risk and religion, and on new economic geography.

  8. Derivative markets, speculation and oil prices

    International Nuclear Information System (INIS)

    Babusiaux, D.; Lasserre, F.; Pierru, A.

    2010-01-01

    Recent movements in oil prices have been ascribed by a number of analysts and political leaders not to market fundamentals but to the speculative positions taken by financial investors in derivatives markets. Various economists including Nobel Prize Paul Krugman believe however that the constitution of stocks is a necessary element for speculation, a feature that was not very evident during the sudden price increase in 2008; but these points of view are not entirely incompatible. Various explanations can be put forward, among which the most important is demand inertia. On the very short run, demand price elasticity is significantly lower than that usually calculated for the short term, which can significantly reduce the impact - on stocks - of a temporary price increase provoked by financial investors' behavior. (authors)

  9. Delivered Pricing, FOB Pricing, and Collusion in Spatial Markets

    OpenAIRE

    Maria Paz Espinosa

    1992-01-01

    This article examines price discrimination and collusion in spatial markets. The problem is analyzed in the context of a repeated duopoly game. I conclude that the prevailing pricing systems depend on the structural elements of the market. Delivered pricing systems emerge in equilibrium in highly monopolistic and highly competitive industries, while FOB is used in intermediate market structures. The fact driving this result is that delivered pricing policies allow spatial price discrimination...

  10. Forecasting Day-Ahead Electricity Prices: Utilizing Hourly Prices

    OpenAIRE

    Raviv, Eran; Bouwman, Kees E.; van Dijk, Dick

    2013-01-01

    This discussion paper led to a publication in 'Energy Economics' , 2015, 50, 227-239. The daily average price of electricity represents the price of electricity to be delivered over the full next day and serves as a key reference price in the electricity market. It is an aggregate that equals the average of hourly prices for delivery during each of the 24 individual hours. This paper demonstrates that the disaggregated hourly prices contain useful predictive information for the daily average ...

  11. Thermodynamic analysis of a liquid air energy storage system

    International Nuclear Information System (INIS)

    Guizzi, Giuseppe Leo; Manno, Michele; Tolomei, Ludovica Maria; Vitali, Ruggero Maria

    2015-01-01

    The rapid increase in the share of electricity generation from renewable energy sources is having a profound impact on the power sector; one of the most relevant effects of this trend is the increased importance of energy storage systems, which can be used to smooth out peaks and troughs of production from renewable energy sources. Besides their role in balancing the electric grid, energy storage systems may provide also several other useful services, such as price arbitrage, stabilizing conventional generation, etc.; therefore, it is not surprising that many research projects are under way in order to explore the potentials of new technologies for electric energy storage. This paper presents a thermodynamic analysis of a cryogenic energy storage system, based on air liquefaction and storage in an insulated vessel. This technology is attractive thanks to its independence from geographical constraints and because it can be scaled up easily to grid-scale ratings, but it is affected by a low round-trip efficiency due to the energy intensive process of air liquefaction. The present work aims to assess the efficiency of such a system and to identify if and how it can achieve an acceptable round-trip efficiency (in the order of 50–60%).

  12. Extended storage of spent fuel

    International Nuclear Information System (INIS)

    1992-10-01

    This document is the final report on the IAEA Co-ordinated Research Programme on the Behaviour of Spent Fuel and Storage Facility Components during Long Term Storage (BEFAST-II, 1986-1991). It contains the results on wet and dry spent fuel storage technologies obtained from 16 organizations representing 13 countries who participated in the co-ordinated research programme. Considerable quantities of spent fuel continue to arise and accumulate. Many countries are investigating the option of extended spent fuel storage prior to reprocessing or fuel disposal. Wet storage continues to predominate as an established technology with the construction of additional away-from-reactor storage pools. However, dry storage is increasingly used with most participants considering dry storage concepts for the longer term. Depending on the cladding type options of dry storage in air or inert gas are proposed. Dry storage is becoming widely used as a supplement to wet storage for zirconium alloy clad oxide fuels. Storage periods as long as under wet conditions appear to be feasible. Dry storage will also continue to be used for Al clad and Magnox type fuel. Enhancement of wet storage capacity will remain an important activity. Rod consolidation to increase wet storage capacity will continue in the UK and is being evaluated for LWR fuel in the USA, and may start in some other countries. High density storage racks have been successfully introduced in many existing pools and are planned for future facilities. For extremely long wet storage (≥50 years), there is a need to continue work on fuel integrity investigations and LWR fuel performance modelling. it might be that pool component performance in some cases could be more limiting than the FA storage performance. It is desirable to make concerted efforts in the field of corrosion monitoring and prediction of fuel cladding and poll component behaviour in order to maintain good experience of wet storage. Refs, figs and tabs

  13. Review of uranium market price

    International Nuclear Information System (INIS)

    Maragatham Kumar; Nik Arlina Nik Ali; Koh You Beng

    2007-01-01

    Uranium is used as an abundant source of concentrated energy and is the principal fuel for the generation of electricity by nuclear reactors. In nuclear reactors, the uranium fuel is assembled in such a way that a controlled fission chain reaction can be achieved. Since uranium is the main source of nuclear energy, demand prospects for uranium has increased dramatically with the renewed global interest in nuclear power generation in recent years. Although the global uranium market is relatively small worldwide, compared to other mineral and energy sources, it is a very important market as nuclear power generation accounts for about 18% of global electricity supply. After reaching historic lows in 1990s, uranium prices have risen substantially in recent years. The outlook for nuclear power has changed since 2000, with concerns over global warming, proven excellent safety record, competitive costs, progress on nuclear waste disposal issues and also continuing new nuclear plant construction around the world. These and various other influencing factors have resulted in the uranium market evolving from one that was driven by excess secondary supplies to that by primary production. This paper reviews the global market prices for the years 1987 until 2006 and the factors, which influence the changes in global uranium market prices. (Author)

  14. Petroleum product pricing in Asian developing countries: Lessons from the past and future issues

    International Nuclear Information System (INIS)

    Bhattacharyya, S.C.

    1997-01-01

    This paper looks at the pricing of petroleum products in ten Asian developing countries using a data series for 1973--1992. Prices of petroleum products are compared with international prices. Differential prices are measured with respect to diesel prices. It is found that energy prices are used as instruments for revenue earnings. Pricing policies vary widely among countries and neighbors have different fuel prices. Countries try to align the local prices of petroleum products in line with international prices but with a lag of 1--2 years. The wave of liberalization and privatization is sweeping many developing countries. Additionally, environmental issues are gaining importance even in developing countries. The paper also discusses these emerging issues that need to be taken into account in the petroleum product pricing

  15. Energy markets and price relations

    International Nuclear Information System (INIS)

    Bergendahl, P.A.

    1986-10-01

    The aim of the report is to elucidate the way and extent of the dependence of the price of different energy species of one another and particularly of crude oil prices. Oil, coal and natural gas can substitute each other at many applications. The prices are dependent on mining, processing and transporting. Forecasting of prices and future trends are discussed

  16. A Study on Rational Pricing System for Water Supply

    Energy Technology Data Exchange (ETDEWEB)

    Moon, H.J. [Korea Environment Institute, Seoul (Korea)

    2001-12-01

    Reasonable pricing of water can induce optimal water use by the public by relaying the considerable costs of water provision and plays an important role of providing a basic scheme for the reasonable management of water. This study provides a reasonable pricing scheme of water that reflects the economic and social values of water as a resource by investigating reasonable bulk-water pricing and retail-water pricing. For bulk pricing, the study discuss the range of costs to be covered, design of efficient pricing structures(differentiated by source quality, loss ratios and time year), and sharing efficient costs between beneficiaries (customer groups and regions). The study also addresses the adjustment of present charging schemes for bulk water such as charges for bulk water from dam, abstraction charges, and river charges etc. Factoring in demand and available resource characteristics, the differentiated pricing mechanism is also investigated. The study proposes a differentiated pricing mechanism based on season, where the pricing structure reflects the cost structure related to fluctuated demand. In addition, implementation methods and effects of introducing seasonal pricing scheme are discussed. Another seasonal pricing mechanism, the seasonally differentiated pricing scheme in bulk pricing reflects a cost structure related to resource availability, is also investigated. Increasing block rate as a reasonable pricing scheme for water conservation, and priority pricing as a tool socially desirable water allocation in the case water shortage are designed. for practical implementation of pricing scheme, several issues are discussed: identification and calculation of costs that should be covered and the structure of costs as a basis of differentiated pricing scheme, issue of forecasting, and practical that could be happen in the implementation of increasing block rate and seasonal pricing schemes, etc. Institutional systems that implement the proposed pricing schemes

  17. Distributed energy systems with wind power and energy storage

    Energy Technology Data Exchange (ETDEWEB)

    Korpaas, Magnus

    2004-07-01

    wind power prediction tools makes it possible to take advantage of varying electricity prices as well as reduce imbalance costs. Simulation results show that the imbalance costs of wind power and the electricity price variations must be relatively high to justify the installation of a costly energy storage system. Energy storage is beneficial for wind power integration in power systems with high-cost regulating units, as well as in areas with weak grid connection. Hydrogen can become an economically viable energy carrier and storage medium for wind energy if hydrogen is introduced into the transportation sector. It is emphasized that seasonal wind speed variations lead to high storage costs if compressed hydrogen tanks are used for long-term storage. Simulation results indicate that reductions in hydrogen storage costs are more important than obtaining low-cost and high-efficient fuel cells and electrolyzers. Furthermore, it will be important to make use of the flexibility that the hydrogen alternative offers regarding sizing, operation and possibly the utilization of oxygen and heat as by-products. The main scientific contributions from this thesis are the development of - a simulation model for estimating the cost and energy efficiency of wind-hydrogen systems, - a probabilistic model for predicting the performance of a grid connected wind power plant with energy storage, - optimization models for increasing the value of wind power in electricity markets by the use of hydrogen storage and other energy storage solutions and the system knowledge about wind energy and energy storage that has been obtained by the use of these models (author) (ml)

  18. THE PROBLEMS OF TRANSFER PRICING

    OpenAIRE

    Tursunova Nargiza

    2015-01-01

    Each item has a price, but not every company is able to independently set the price at which it wants to sell its goods. Firms need to have a streamlined method of setting prices for their goods, and their financial condition depends on it. When choosing a method of pricing, there must be considered and internal and external constraints. The paper discusses the stages of formation of prices in a continuous process of pricing, as well as methods of pricing, their advantages and disadvantages. ...

  19. Quantity precommitment and price matching

    DEFF Research Database (Denmark)

    Tumennasan, Norovsambuu

    We revisit the question of whether price matching is anti-competitive in a capacity constrained duopoly setting. We show that the effect of price matching depends on capacity. Specifically, price matching has no effect when capacity is relatively low, but it benefits the firms when capacity...... is relatively high. Interestingly, when capacity is in an intermediate range, price matching benefits only the small firm but does not affect the large firm in any way. Therefore, one has to consider capacity seriously when evaluating if price matching is anti-competitive. If the firms choose their capacities...... simultaneously before pricing decisions, then the effect of price matching is either pro-competitive or ambiguous. We show that if the cost of capacity is high, then price matching can only (weakly) decrease the market price. On the other hand, if the cost of capacity is low, then the effect of price matching...

  20. ARCH Models Efficiency Evaluation in Prediction and Poultry Price Process Formation

    Directory of Open Access Journals (Sweden)

    Behzad Fakari Sardehae

    2016-09-01

    fluctuate. When poultry imports decline, as well as the dependence of the poultry price to world prices declines therefore lower fluctuations of world prices are transmitted to domestic prices. Expanding poultry farms, cold storage and balance the raw materials market, would lead to less fluctuations in the poultry price industry and can be effective.

  1. The real-time price elasticity of electricity

    NARCIS (Netherlands)

    Lijesen, M.G.

    2007-01-01

    The real-time price elasticity of electricity contains important information on the demand response of consumers to the volatility of peak prices. Despite the importance, empirical estimates of the real-time elasticity are hardly available. This paper provides a quantification of the real-time

  2. Developments in Global Food Prices

    OpenAIRE

    Vanessa Rayner; Emily Laing; Jamie Hall

    2011-01-01

    Global food prices have increased significantly since the early 2000s, reversing the long-run trend decline in relative food prices over previous decades. A range of supply disruptions in key food-producing countries have contributed to higher food prices, along with strong demand from developing countries as per capita incomes rise and consumption patterns change. Rising commodity prices are leading to higher headline consumer price inflation in many countries though, at this stage, core mea...

  3. Correlation between Chinese and international energy prices based on a HP filter and time difference analysis

    International Nuclear Information System (INIS)

    He, Yongxiu; Wang, Bing; Wang, Jianhui; Xiong, Wei; Xia, Tian

    2013-01-01

    To establish a reasonable system and mechanism for Chinese energy prices, we use the Granger causality test, Hodrick–Prescott (HP) filter and time difference analysis to research the pricing relationship between Chinese and international energy prices. We find that Chinese and international crude oil prices changed synchronously while Chinese refined oil prices follow the changes of international oil prices with the time difference being about 1 month to 2 months. Further, Australian coal prices Granger causes Chinese coal prices, and there is a high correlation between them. The U.S. electricity price is influenced by the WTI crude oil price, the U.S. gasoline price and the HenryHub gas price. Due to the unreasonable price-setting mechanism and regulation from the central government, China′s terminal market prices for both electricity and natural gas do not reflect the real supply–demand situation. This paper provides quantitative results on the correlation between Chinese and international energy prices to better predict the impact of international energy price fluctuations on China′s domestic energy supply and guide the design of more efficient energy pricing policies. Moreover, it provides references for developing countries to improve their energy market systems and trading, and to coordinate domestic and international energy markets. -- Highlights: •The Hodrick-Prescott filter and time difference analysis are used to research the correlation among energy prices. •Our study finds that the U.S. and British refined oil prices Granger cause the Chinese refined oil price. •Both Chinese and the Australian coal prices play an important role in the international coal market. •The Chinese terminal electric power and terminal natural gas prices are not highly correlated. •The results are useful for guiding the design of more efficient energy pricing policies in China

  4. European CO2 prices and carbon capture investments

    International Nuclear Information System (INIS)

    Abadie, Luis M.; Chamorro, Jose M.

    2008-01-01

    We assess the option to install a carbon capture and storage (CCS) unit in a coal-fired power plant operating in a carbon-constrained environment. We consider two sources of risk, namely the price of emission allowance and the price of the electricity output. First we analyse the performance of the EU market for CO 2 emission allowances. Specifically, we focus on the contracts maturing in the Kyoto Protocol's first commitment period (2008 to 2012) and calibrate the underlying parameters of the allowance price process. Then we refer to the Spanish wholesale electricity market and calibrate the parameters of the electricity price process. We use a two-dimensional binomial lattice to derive the optimal investment rule. In particular, we obtain the trigger allowance prices above which it is optimal to install the capture unit immediately. We further analyse the effect of changes in several variables on these critical prices, among them allowance price volatility and a hypothetical government subsidy. We conclude that, at current permit prices, immediate installation does not seem justified from a financial point of view. This need not be the case, though, if carbon market parameters change dramatically, carbon capture technology undergoes significant improvements, and/or a specific governmental policy to promote these units is adopted. (author)

  5. The oil price

    International Nuclear Information System (INIS)

    Alba, P.

    2000-01-01

    Statistical analysis cannot, alone, provide an oil price forecast. So, one needs to understand the fundamental phenomena which control the past trends since the end of world war II After a first period during which oil, thanks to its abundance, was able to increase its market share at the expense of other energies, the first oil shock reflects the rarefaction of oil resource with the tilting of the US production curve from growth to decline. Since then, the new situation is that of a ''cohabitation'' between oil and the other energies with the oil price, extremely volatile, reflecting the trial and error adjustment of the market share left to the other energies. Such a context may explain the recent oil price surge but the analogy between the US oil situation at the time of the first shock and that existing today for the world outside Middle East suggest another possibility, that of a structural change with higher future oil prices. The authors examine these two possibilities, think that the oil price will reflect both as long as one or the other will not become proven, and conclude with a series of political recommendations. (authors)

  6. "Photographing money" task pricing

    Science.gov (United States)

    Jia, Zhongxiang

    2018-05-01

    "Photographing money" [1]is a self-service model under the mobile Internet. The task pricing is reasonable, related to the success of the commodity inspection. First of all, we analyzed the position of the mission and the membership, and introduced the factor of membership density, considering the influence of the number of members around the mission on the pricing. Multivariate regression of task location and membership density using MATLAB to establish the mathematical model of task pricing. At the same time, we can see from the life experience that membership reputation and the intensity of the task will also affect the pricing, and the data of the task success point is more reliable. Therefore, the successful point of the task is selected, and its reputation, task density, membership density and Multiple regression of task positions, according to which a nhew task pricing program. Finally, an objective evaluation is given of the advantages and disadvantages of the established model and solution method, and the improved method is pointed out.

  7. Neutron storage

    International Nuclear Information System (INIS)

    Strelkov, A.V.

    2004-01-01

    The report is devoted to neutron storage (NS) and describes the history of experiments on the NS development. Great attention is paid to ultracold neutron (UCN) storage. The experiments on the UCN generation, transport, spectroscopy, storage and detection are described. Experiments on searching the UCN electric-dipole moment and electric charge are continued. Possible using of UCN for studying the nanoparticles is discussed [ru

  8. Energy storage

    International Nuclear Information System (INIS)

    Odru, P.

    2010-01-01

    This book proposes a broad overview of the technologies developed in the domains of on-board electricity storage (batteries, super-capacitors, flywheels), stationary storage (hydraulic dams, compressed air, batteries and hydrogen), and heat storage (sensible, latent and sorption) together with their relative efficiency, their expected developments and what advantages they can offer. Eminent specialists of this domain have participated to the redaction of this book, all being members of the Tuck's Foundation 'IDees' think tank. (J.S.)

  9. Energy storage

    CERN Document Server

    Brunet, Yves

    2013-01-01

    Energy storage examines different applications such as electric power generation, transmission and distribution systems, pulsed systems, transportation, buildings and mobile applications. For each of these applications, proper energy storage technologies are foreseen, with their advantages, disadvantages and limits. As electricity cannot be stored cheaply in large quantities, energy has to be stored in another form (chemical, thermal, electromagnetic, mechanical) and then converted back into electric power and/or energy using conversion systems. Most of the storage technologies are examined: b

  10. Tritium storage

    International Nuclear Information System (INIS)

    Hircq, B.

    1989-01-01

    A general synthesis about tritium storage is achieved in this paper and a particular attention is given to practical application in the Fusion Technology Program. Tritium, storage under gaseous form and solid form are discussed (characteristics, advantages, disadvantages and equipments). The way of tritium storage is then discussed and a choice established as a function of a logic which takes into account the main working parameters

  11. 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. ...

  12. 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. ...

  13. 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. ...

  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 1126.50 - 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. 1126.50 Section 1126.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  16. 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. ...

  17. 7 CFR 1131.50 - 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. 1131.50 Section 1131.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  18. 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. ...

  19. 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.

  20. Water Storage: Quo Vadis?

    Science.gov (United States)

    Smakhtin, V.

    2017-12-01

    Humans stored water - in various forms - for ages, coping with water resources variability, and its extremes - floods and droughts. Storage per capita, and other storage-related indicators, have essentially become one way of reflecting the progress of economic development. Massive investments went into large surface water reservoirs that have become the characteristic feature of the earth's landscapes, bringing both benefits and controversy. As water variability progressively increases with changing climate, globally, on one hand, and the idea of sustainable development receives strong traction, on another - it may be worth the while to comprehensively examine current trends and future prospects for water storage development. The task is surely big, to say the least. The presentation will aim to initiate a structured discussion on this multi-facet issue and identify which aspects and trends of water storage development may be most important in the context of Sustainable Development Goals, Sendai Framework for Disaster Risk Reduction, Paris Agreement on Climate Change, and examine how, where and to what extent water storage planning can be improved. It will cover questions like i) aging of large water storage infrastructure, the current extent of this trend in various geographical regions, and possible impacts on water security and security of nations; ii) improved water storage development planning overall in the context of various water development alternatives and storage options themselves and well as their combinations iii) prospects for another "storage revolution" - speed increase in dam numbers, and where, if at all this is most likely iv) recent events in storage development, e.g. is dam decommissioning a trend that picks pace, or whether some developing economies in Asia can do without going through the period of water storage construction, with alternatives, or suggestions for alleviation of negative impacts v) the role of subsurface storage as an