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Sample records for pricing theory apt

  1. The APT model as reduced-rank regression

    NARCIS (Netherlands)

    Bekker, P.A.; Dobbelstein, P.; Wansbeek, T.J.

    Integrating the two steps of an arbitrage pricing theory (APT) model leads to a reduced-rank regression (RRR) model. So the results on RRR can be used to estimate APT models, making estimation very simple. We give a succinct derivation of estimation of RRR, derive the asymptotic variance of RRR

  2. Non-equilibrium price theories

    Science.gov (United States)

    Helbing, Dirk; Kern, Daniel

    2000-11-01

    We propose two theories for the formation of stock prices under the condition that the number of available stocks is fixed. Both theories consider the balance equations for cash and several kinds of stocks. They also take into account interest rates, dividends, and transaction costs. The proposed theories have the advantage that they do not require iterative procedures to determine the price, which would be inefficient for simulations with many agents.

  3. Statistical field theory of futures commodity prices

    Science.gov (United States)

    Baaquie, Belal E.; Yu, Miao

    2018-02-01

    The statistical theory of commodity prices has been formulated by Baaquie (2013). Further empirical studies of single (Baaquie et al., 2015) and multiple commodity prices (Baaquie et al., 2016) have provided strong evidence in support the primary assumptions of the statistical formulation. In this paper, the model for spot prices (Baaquie, 2013) is extended to model futures commodity prices using a statistical field theory of futures commodity prices. The futures prices are modeled as a two dimensional statistical field and a nonlinear Lagrangian is postulated. Empirical studies provide clear evidence in support of the model, with many nontrivial features of the model finding unexpected support from market data.

  4. Testing APT Model upon a BVB Stocks’ Portfolio

    Directory of Open Access Journals (Sweden)

    Alexandra BONTAŞ

    2011-01-01

    Full Text Available Applying the Arbitrage Pricing Theory model (APT, there can be identified the major factors of influence for a BVB’ portfolio stocks' trend. There were taken into consideration two of the APT theory models, establishing influences upon portfolio's yield: given to macroeconomic environment and to some stochastic factors. The researchs results certify that, on the long term, what influences the stocks’ movement in the stock market is mostly the action of specific short-term factors, without general covering, like the ones that are classified in the research area of behavioral finance (investors’ preference towards risk and towards time.

  5. Hedonic price theory: Concept and applications

    International Nuclear Information System (INIS)

    Metz, W.C.; Lowry, J.; Morey, M.

    1990-01-01

    Direct and indirect techniques are being used to estimate economic consequences of proximity to existing or proposed public facilities. The hedonic price theory, an indirect technique, is the most logically suited, especially for capturing the shadow or implicit price of a characteristic such as proximity in the real estate market. While the theory is increasingly being used, there is also a growing tendency to draw inferences from the study of one or more hazards and situations and transfer the conclusions to a very different hazard and situation. The use of the hedonic price theory and the issue of transferability to radioactive waste facilities are addressed in this paper. 12 refs

  6. 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.

  7. Regret Theory and Equilibrium Asset Prices

    Directory of Open Access Journals (Sweden)

    Jiliang Sheng

    2014-01-01

    Full Text Available Regret theory is a behavioral approach to decision making under uncertainty. In this paper we assume that there are two representative investors in a frictionless market, a representative active investor who selects his optimal portfolio based on regret theory and a representative passive investor who invests only in the benchmark portfolio. In a partial equilibrium setting, the objective of the representative active investor is modeled as minimization of the regret about final wealth relative to the benchmark portfolio. In equilibrium this optimal strategy gives rise to a behavioral asset priciting model. We show that the market beta and the benchmark beta that is related to the investor’s regret are the determinants of equilibrium asset prices. We also extend our model to a market with multibenchmark portfolios. Empirical tests using stock price data from Shanghai Stock Exchange show strong support to the asset pricing model based on regret theory.

  8. Industrial Pricing: Theory and Managerial Practice

    OpenAIRE

    Peter M. Noble; Thomas S. Gruca

    1999-01-01

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

  9. Marketing Theory Applied to Price Discrimination in Journals.

    Science.gov (United States)

    Talaga, James; Haley, Jean Walstrom

    1991-01-01

    Discussion of discriminatory pricing by journal publishers and its effects on libraries focuses on six prerequisites for successful discriminatory pricing that are based on marketing theory. Strategies to eliminate some of these prerequisites--and therefore eliminate discriminatory pricing--are suggested, including the need to change the attitudes…

  10. PENERAPAN MODEL ARBITRAGE PRICING THEORY DENGAN PENDEKATAN VECTOR AUTOREGRESSION DALAM MENGESTIMASI EXPECTED RETURN SAHAM (Studi Kasus: Saham-Saham Kompas100 Periode 2010-2013

    Directory of Open Access Journals (Sweden)

    VIAN RISKA AYUNING TYAS

    2014-01-01

    Full Text Available The Arbitrage Pricing Theory (APT is an alternative model to estimate the price of securities based of arbitrage concept. In APT, the returns of securities are affected by several factors. This research is aimed to estimate the expected returns of securities using APT model and Vector Autoregressive model. There are ten stocks incorporated in Kompas100 index and four macroeconomic variables, these are inflation, exchange rates, the amountof circulate money (JUB, and theinterest rateof Bank Indonesia(SBI are applied in this research. The first step in using VAR is to test the stationary of the data using colerogram and the results indicate that all data are stationary. The second step is to select the optimal lag based on the smallest value of AIC. The Granger causality test shows that the LPKR stock is affected by the inflation and the exchange rate while the nine other stocks do not show the existence of the expected causality. The results of causality test are then estimated by the VAR models in order to obtain expected returnof macroeconomic factors. The expected return of macroeconomic factors obtained is used in the APT model, then the expected return stock LPKR is calculated. It shows that the expected return of LPKR is 3,340%

  11. PENERAPAN MODEL ARBITRAGE PRICING THEORY DENGAN PENDEKATAN VECTOR AUTOREGRESSION DALAM MENGESTIMASI EXPECTED RETURN SAHAM (Studi Kasus: Saham-Saham Kompas100 Periode 2010-2013

    Directory of Open Access Journals (Sweden)

    VIAN RISKA AYUNING TYAS

    2014-08-01

    Full Text Available The Arbitrage Pricing Theory (APT is an alternative model to estimate the price of securities based of arbitrage concept. In APT, the returns of securities are affected by several factors. This research is aimed to estimate the expected returns of securities using APT model and Vector Autoregressive model. There are ten stocks incorporated in Kompas100 index and four macroeconomic variables, these are inflation, exchange rates, the amountof circulate money (JUB, and theinterest rateof Bank Indonesia(SBI are applied in this research. The first step in using VAR is to test the stationary of the data using colerogram and the results indicate that all data are stationary. The second step is to select the optimal lag based on the smallest value of AIC. The Granger causality test shows that the LPKR stock is affected by the inflation and the exchange rate while the nine other stocks do not show the existence of the expected causality. The results of causality test are then estimated by the VAR models in order to obtain expected returnof macroeconomic factors. The expected return of macroeconomic factors obtained is used in the APT model, then the expected return stock LPKR is calculated. It shows that the expected return of LPKR is 3,340%

  12. A utility theory approach for insurance pricing

    Directory of Open Access Journals (Sweden)

    Mohsen Gharakhani

    2015-11-01

    Full Text Available Providing insurance contract with “deductible” is beneficial for both insurer and insured. In this paper, we provide a utility modeling approach to handle insurance pricing and evaluate the tradeoff between discount benefit and deductible level. We analyze four different pricing problems of no insurance, full insurance coverage, insurance with β% deductible and insurance with D-dollar deductible based on a given utility function. A numerical example is also used to illustrate some interesting results.

  13. Predicting Malaysian palm oil price using Extreme Value Theory

    OpenAIRE

    Chuangchid, K; Sriboonchitta, S; Rahman, S; Wiboonpongse, A

    2013-01-01

    This paper uses the extreme value theory (EVT) to predict extreme price events of Malaysian palm oil in the future, based on monthly futures price data for a 25 year period (mid-1986 to mid-2011). Model diagnostic has confirmed non-normal distribution of palm oil price data, thereby justifying the use of EVT. Two principal approaches to model extreme values – the Block Maxima (BM) and Peak-Over- Threshold (POT) models – were used. Both models revealed that the palm oil price will peak at ...

  14. Apte, Dr Shree Kumar

    Indian Academy of Sciences (India)

    Elected: 2008 Section: General Biology. Apte, Dr Shree Kumar Ph.D. (Gujarat), FNA, FNASc, FNAAS. Date of birth: 18 October 1952. Specialization: Molecular Biology & Biotechnology, Physiology and Stress Biology of Bacteria & Plants Address: Emeritus Professor, Homi Bhabha National Institute, Anushakti Nagar, ...

  15. APT: Aperture Photometry Tool

    Science.gov (United States)

    Laher, Russ

    2012-08-01

    Aperture Photometry Tool (APT) is software for astronomers and students interested in manually exploring the photometric qualities of astronomical images. It has a graphical user interface (GUI) which allows the image data associated with aperture photometry calculations for point and extended sources to be visualized and, therefore, more effectively analyzed. Mouse-clicking on a source in the displayed image draws a circular or elliptical aperture and sky annulus around the source and computes the source intensity and its uncertainty, along with several commonly used measures of the local sky background and its variability. The results are displayed and can be optionally saved to an aperture-photometry-table file and plotted on graphs in various ways using functions available in the software. APT is geared toward processing sources in a small number of images and is not suitable for bulk processing a large number of images, unlike other aperture photometry packages (e.g., SExtractor). However, APT does have a convenient source-list tool that enables calculations for a large number of detections in a given image. The source-list tool can be run either in automatic mode to generate an aperture photometry table quickly or in manual mode to permit inspection and adjustment of the calculation for each individual detection. APT displays a variety of useful graphs, including image histogram, and aperture slices, source scatter plot, sky scatter plot, sky histogram, radial profile, curve of growth, and aperture-photometry-table scatter plots and histograms. APT has functions for customizing calculations, including outlier rejection, pixel “picking” and “zapping,” and a selection of source and sky models. The radial-profile-interpolation source model, accessed via the radial-profile-plot panel, allows recovery of source intensity from pixels with missing data and can be especially beneficial in crowded fields.

  16. Valuating Privacy with Option Pricing Theory

    Science.gov (United States)

    Berthold, Stefan; Böhme, Rainer

    One of the key challenges in the information society is responsible handling of personal data. An often-cited reason why people fail to make rational decisions regarding their own informational privacy is the high uncertainty about future consequences of information disclosures today. This chapter builds an analogy to financial options and draws on principles of option pricing to account for this uncertainty in the valuation of privacy. For this purpose, the development of a data subject's personal attributes over time and the development of the attribute distribution in the population are modeled as two stochastic processes, which fit into the Binomial Option Pricing Model (BOPM). Possible applications of such valuation methods to guide decision support in future privacy-enhancing technologies (PETs) are sketched.

  17. The Price Equation, Gradient Dynamics, and Continuous Trait Game Theory.

    Science.gov (United States)

    Lehtonen, Jussi

    2018-01-01

    A recent article convincingly nominated the Price equation as the fundamental theorem of evolution and used it as a foundation to derive several other theorems. A major section of evolutionary theory that was not addressed is that of game theory and gradient dynamics of continuous traits with frequency-dependent fitness. Deriving fundamental results in these fields under the unifying framework of the Price equation illuminates similarities and differences between approaches and allows a simple, unified view of game-theoretical and dynamic concepts. Using Taylor polynomials and the Price equation, I derive a dynamic measure of evolutionary change, a condition for singular points, the convergence stability criterion, and an alternative interpretation of evolutionary stability. Furthermore, by applying the Price equation to a multivariable Taylor polynomial, the direct fitness approach to kin selection emerges. Finally, I compare these results to the mean gradient equation of quantitative genetics and the canonical equation of adaptive dynamics.

  18. APT accelerator. Topical report

    International Nuclear Information System (INIS)

    Lawrence, G.; Rusthoi, D.

    1995-03-01

    The Accelerator Production of Tritium (APT) project, sponsored by Department of Energy Defense Programs (DOE/DP), involves the preconceptual design of an accelerator system to produce tritium for the nation's stockpile of nuclear weapons. Tritium is an isotope of hydrogen used in nuclear weapons, and must be replenished because of radioactive decay (its half-life is approximately 12 years). Because the annual production requirements for tritium has greatly decreased since the end of the Cold War, an alternative approach to reactors for tritium production, based on a linear accelerator, is now being seriously considered. The annual tritium requirement at the time this study was undertaken (1992-1993) was 3/8 that of the 1988 goal, usually stated as 3/8-Goal. Continued reduction in the number of weapons in the stockpile has led to a revised (lower) production requirement today (March, 1995). The production requirement needed to maintain the reduced stockpile, as stated in the recent Nuclear Posture Review (summer 1994) is approximately 3/16-Goal, half the previous level. The Nuclear Posture Review also requires that the production plant be designed to accomodate a production increase (surge) to 3/8-Goal capability within five years, to allow recovery from a possible extended outage of the tritium plant. A multi-laboratory team, collaborating with several industrial partners, has developed a preconceptual APT design for the 3/8-Goal, operating at 75% capacity. The team has presented APT as a promising alternative to the reactor concepts proposed for Complex-21. Given the requirements of a reduced weapons stockpile, APT offers both significant safety, environmental, and production-fexibility advantages in comparison with reactor systems, and the prospect of successful development in time to meet the US defense requirements of the 21st Century

  19. APT accelerator. Topical report

    Energy Technology Data Exchange (ETDEWEB)

    Lawrence, G.; Rusthoi, D. [comp.] [ed.

    1995-03-01

    The Accelerator Production of Tritium (APT) project, sponsored by Department of Energy Defense Programs (DOE/DP), involves the preconceptual design of an accelerator system to produce tritium for the nation`s stockpile of nuclear weapons. Tritium is an isotope of hydrogen used in nuclear weapons, and must be replenished because of radioactive decay (its half-life is approximately 12 years). Because the annual production requirements for tritium has greatly decreased since the end of the Cold War, an alternative approach to reactors for tritium production, based on a linear accelerator, is now being seriously considered. The annual tritium requirement at the time this study was undertaken (1992-1993) was 3/8 that of the 1988 goal, usually stated as 3/8-Goal. Continued reduction in the number of weapons in the stockpile has led to a revised (lower) production requirement today (March, 1995). The production requirement needed to maintain the reduced stockpile, as stated in the recent Nuclear Posture Review (summer 1994) is approximately 3/16-Goal, half the previous level. The Nuclear Posture Review also requires that the production plant be designed to accomodate a production increase (surge) to 3/8-Goal capability within five years, to allow recovery from a possible extended outage of the tritium plant. A multi-laboratory team, collaborating with several industrial partners, has developed a preconceptual APT design for the 3/8-Goal, operating at 75% capacity. The team has presented APT as a promising alternative to the reactor concepts proposed for Complex-21. Given the requirements of a reduced weapons stockpile, APT offers both significant safety, environmental, and production-fexibility advantages in comparison with reactor systems, and the prospect of successful development in time to meet the US defense requirements of the 21st Century.

  20. Price Theory and Money Coupled: some Remarks on the Ayres-Martinás Theory

    Directory of Open Access Journals (Sweden)

    Zsolt Gilanyi

    2013-01-01

    Full Text Available The main concern of economic science is to explain the Wealth of Nations. This tradition implies on the one hand, that wealth must be evaluated i.e.: economic science must elaborate a price theory; on the other hand, money should be integrated in economic theories because prices are expressed in monetary terms. Mainstream economic theory succeeds in price determination (with some limits but fails on money integration, while non-mainstream monetary models succeed on money integration but fail on price determination. In this paper I argue that the Ayres-Martinás theoretical framework is a promising tentative to cope with this challenge of economic science.

  1. Heterodox surplus approach: production, prices, and value theory

    OpenAIRE

    Lee, Frederic

    2011-01-01

    In this paper I argue that that there is a heterodox social surplus approach that has its own account of output-employment and prices, and its own value theory which draws upon various heterodox traditions. Starting with the Sraffian technical definition of the social surplus and then working with a Sraffa-Leontief input-output framework, the particular distinguishing feature of the heterodox approach is the role of agency in determining prices, the social surplus, and total social product a...

  2. Los Modelos CAPM y APT para la valuacion de empresas de Telecomunicaciones con parametros operativos

    Directory of Open Access Journals (Sweden)

    Saldaña, J.

    2007-07-01

    Full Text Available One of the most important research topics in the financial area during de the last years has been the capital assets appraisal or the appraise of shares. This seeks two determine the explanatory factor of the rate of return for a specific portfolio. The CAPM (Capital Asset Pricing Model and the APT (Arbitrage Pricing Theory, both capital asset evaluation models, are hereby presented. The main characteristics of both models are the essential assumptions for their for there development, their statement and the practical test on the telecommunications portfolio using operational, financial and macroeconomics variable, and carried on with the purpose to be compare with reality.

  3. From price theory to marketing management

    DEFF Research Database (Denmark)

    Madsen, Erik Kloppenborg; Pedersen, Kurt

    2013-01-01

    Historical School, an essential precondition for the Copenhagen approach was the second wave of microeconomic theory of the 1930s. The article argues that it was a marketing management school, and that it offered early contributions to the development of marketing theory. Originality/value – Relatively......Purpose – The purpose of this article is to show how a particular marketing paradigm developed in Denmark from the 1920s through the 1960s. It peaked in the mid-1950s and faded out with one major publication in the early 1970s. The article provides a relatively detailed study of the initial phases...... of the school and its key ideas. Design/methodology/approach – The study is based on primary sources, i.e. the writings of the scholars who shaped and developed the school. A significant part of the sources are available in Danish only. Findings – While American marketing theory developed from the German...

  4. Prospect theory: An application to European option pricing

    OpenAIRE

    Martina Nardon; Paolo Pianca

    2012-01-01

    Empirical studies on quoted options highlight deviations from the theoretical model of Black and Scholes; this is due to different causes, such as assumptions regarding the price dynamics, markets frictions and investors' attitude toward risk. In this contribution, we focus on this latter issue and study how to value European options within the continuous cumulative prospect theory. According to prospect theory, individuals do not always take their decisions consistently with the maximization...

  5. APT accelerator technology

    International Nuclear Information System (INIS)

    Schneider, J. David

    1996-01-01

    The proposed accelerator production of tritium (APT) project requires an accelerator that provides a cw proton beam of 100 m A at 1300 MeV. Since the majority of the technical risk of a high-current cw (continuous-wave, 100% DF) accelerator resides in the low-energy section, Los Alamos is building a 20 MeV duplicate of the accelerator front end to confirm design codes, beam performance, and demonstrate operational reliability. We report on design details of this low-energy demonstration accelerator (LEDA) and discuss the integrated design of the full accelerator for the APT plant. LEDA's proton injector is under test and has produced more than 130 mA at 75 keV. Fabrication is proceeding on a 6.7- MeV, 8-meter-long RFQ, and detailed design is underway on coupled-cavity drift-tube linac (CCDTL) structures. In addition, detailed design and technology experiments are underway on medium-beta superconducting cavities to assess the feasibility of replacing the conventional (room-temperature copper) high-energy linac with a linac made of niobium superconducting RF cavities. (author)

  6. Price competition, level-k theory and communication

    DEFF Research Database (Denmark)

    Wengström, Erik Roland

    2008-01-01

    This paper analyzes communication in a price competition game using the level-$k$ theory of bounded rationality. The level-k analysis predicts prices to be higher with communication than without. Our experimental evidence lends support to the view that communication affects subjects in a way...... that is compatible with the level-k model, indicating that people lie in order to fool other players that they believe do less thinking. Moreover, the results indicate that the predictive power of the level-k model does crucially depend on the possibility for high level players to form homogenous beliefs about...

  7. Theory of Financial Risk and Derivative Pricing - 2nd Edition

    Science.gov (United States)

    Bouchaud, Jean-Philippe; Potters, Marc

    2003-12-01

    Foreword; Preface; 1. Probability theory: basic notions; 2. Maximum and addition of random variables; 3. Continuous time limit, Ito calculus and path integrals; 4. Analysis of empirical data; 5. Financial products and financial markets; 6. Statistics of real prices: basic results; 7. Non-linear correlations and volatility fluctuations; 8. Skewness and price-volatility correlations; 9. Cross-correlations; 10. Risk measures; 11. Extreme correlations and variety; 12. Optimal portfolios; 13. Futures and options: fundamental concepts; 14. Options: hedging and residual risk; 15. Options: the role of drift and correlations; 16. Options: the Black and Scholes model; 17. Options: some more specific problems; 18. Options: minimum variance Monte-Carlo; 19. The yield curve; 20. Simple mechanisms for anomalous price statistics; Index of most important symbols; Index.

  8. The capital-asset-pricing model and arbitrage pricing theory: A unification

    Science.gov (United States)

    Khan, M. Ali; Sun, Yeneng

    1997-01-01

    We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset’s return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen–Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting. PMID:11038614

  9. The capital-asset-pricing model and arbitrage pricing theory: a unification.

    Science.gov (United States)

    Ali Khan, M; Sun, Y

    1997-04-15

    We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset's return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen-Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting.

  10. An empirical test of reference price theories using a semiparametric approach

    DEFF Research Database (Denmark)

    Boztug, Yasemin; Hildebrandt, Lutz

      In this paper we estimate and empirically test different behavioral theories of consumer reference price formation. Two major theories are proposed to model the reference price reaction: assimilation contrast theory and prospect theory. We assume that different consumer segments will use...

  11. Differentiating Bullish from Bearish Factors in the Arbitrage Pricing Theory

    Science.gov (United States)

    Cheng, Joseph M.

    2010-01-01

    This is a teaching note on a proposed approach that will correct a common flaw in the way the return-generating process within the APT framework is illustrated in textbooks. The problem can be resolved by dichotomizing the risk factors into two kinds. Based on this approach, the author eliminated the main source of confusion and developed an…

  12. Understanding Price Controls and Non-Price Competition with Matching Theory

    OpenAIRE

    Hatfield, John William; Plott, Charles R.; Tanaka, Tomomi

    2012-01-01

    We develop a quality competition model to understand how price controls affect market outcomes in buyer-seller markets with discrete goods of varying quality. While competitive equilibria do not necessarily exist in such markets when price controls are imposed, we show that stable outcomes do exist and characterize the set of stable outcomes in the presence of price restrictions. In particular, we show that price controls induce non-price competition: price floors induce the trade of ineffici...

  13. Product price control using game theory: A case study of a fish price in the state of Terengganu

    Science.gov (United States)

    Safiih, L. Muhamad; Afiq, R. Mohd Noor

    2014-07-01

    The increase in the price of goods is often a concern among the community. This is caused by factors that beyond of controlled such as a natural disaster, and others that cause the demand exceed the current supply. However, what is more concerning is the increase in price of goods due to the individual who raises the price in order to earn higher profits. Therefore, to overcome this problem, a method of price controls using Game Theory is considered. The Game Theory realizing a form of observational on the action and effects that occur by an individual or group to maximize the utilization under certain circumstances. The study was conducted on prices of 14 fish commodities in the state of Terengganu and also to see the cooperation effect between players of commodity prices. Data were analysed by using the software Gambit. The result shows that there is significant increase due to the influence of middlemen. The findings also shows that the price controls are applied at a set time, then it was applied to other times, prices are more stable and profitable returns to all parties can be maximized.

  14. Optimal execution with price impact under Cumulative Prospect Theory

    Science.gov (United States)

    Zhao, Jingdong; Zhu, Hongliang; Li, Xindan

    2018-01-01

    Optimal execution of a stock (or portfolio) has been widely studied in academia and in practice over the past decade, and minimizing transaction costs is a critical point. However, few researchers consider the psychological factors for the traders. What are traders truly concerned with - buying low in the paper accounts or buying lower compared to others? We consider the optimal trading strategies in terms of the price impact and Cumulative Prospect Theory and identify some specific properties. Our analyses indicate that a large proportion of the execution volume is distributed at both ends of the transaction time. But the trader's optimal strategies may not be implemented at the same transaction size and speed in different market environments.

  15. Pricing medicines: theory and practice, challenges and opportunities.

    Science.gov (United States)

    Gregson, Nigel; Sparrowhawk, Keiron; Mauskopf, Josephine; Paul, John

    2005-02-01

    The pricing of medicines has become one of the most hotly debated topics of recent times, with the pharmaceutical industry seemingly being attacked from all quarters. From a company perspective, determining the price for each new product is more crucial than ever, given the present dearth of new drug introductions. But how are pricing strategies developed in practice? What is value-based pricing and how are financial models of return on investment constructed? What are the challenges faced in setting the price for a particular product, and how will scientific and environmental trends provide future pricing challenges or opportunities?

  16. Commentary on “Industrial Pricing: Theory and Mangerial Practice”

    OpenAIRE

    George E. Cressman , Jr.

    1999-01-01

    Noble and Gruca (1999, this issue) provide useful insights into the pricing practices managers employ. Their findings indicate managerial pricing practices are heavily dominated by internal, cost-based approaches. Particularly relevant is the absence of value-based pricing practices. Noble and Gruca's findings indicate that the emerging market orientation work has not connected to pricing practice. This work poses a significant challenge for marketing theoreticians and educators: How can mana...

  17. The fiscal theory of the price level: a narrow theory for non-fiat money

    OpenAIRE

    Óscar J. Arce

    2005-01-01

    I examine the postulates of the Fiscal Theory of the Price Level (FTPL) under a nominal interest rate peg. First, I show that the usual definition of a non-Ricardian plan involves a number of government's non-credible policy commitments, thus confuting the interpretation of the FTPL as a policy-based equilibrium selection device. The main novelty of this criticism is that it is based on the same core assumptions maintained by this theory: there is a positive stock of governmentissued assets a...

  18. Amtrak performance tracking (APT) system : methodology summary

    Science.gov (United States)

    2017-09-15

    The Volpe Center collaborated with Amtrak and the Federal Railroad Administration (FRA) to develop a cost accounting system named Amtrak Performance Tracking (APT) used by Amtrak to manage, allocate, and report its costs. APTs initial development ...

  19. Waste management plan for the APT

    International Nuclear Information System (INIS)

    England, J.L.

    1997-01-01

    This revision of the APT Waste Management Plan details the waste management requirements and issues specific to the APT plant for design considerations, construction, and operation. The APT Waste Management Plan is by its nature a living document and will be reviewed at least annually and revised as required

  20. Bridging the gap between theory and practice of transmission pricing

    International Nuclear Information System (INIS)

    Hughes, W.R.; Felak, R.

    1996-01-01

    The authors describe some strategies for pricing transmission service. Traditionally, wheeling prices have been postage stamp rates based on the level of megawatt demand; a related approach would assign grid costs to customers based on their respective shares of overall megawatt-miles. Innovative regulators have recently approved transmission rates based on opportunity cost of foregone capacity and the incremental costs of additional capacity needed to enable delivery. Others determined prices designed to reflect short-run congestion costs on the grid. The authors assess these pricing approaches and their effects on the distribution of wealth and economic efficiency for both firm and interruptible services. 3 refs

  1. The aptness of knowledge related metaphors: a research agenda

    NARCIS (Netherlands)

    Dr. Daan Andriessen

    2010-01-01

    Metaphors are common phenomena intellectual capital and knowledge management theories and practice. An important question to ask is: what are the ‗best‘ metaphors we can use in our theorizing on intellectual capital and knowledge management? This paper addresses the question of the aptness of

  2. Basic economic principles of road pricing: From theory to applications

    NARCIS (Netherlands)

    Rouwendal, J.; Verhoef, E.T.

    2006-01-01

    This paper presents, a non-technical introduction to the economic principles relevant for transport pricing design and analysis. We provide the basic rationale behind pricing of externalities, discuss why simple Pigouvian tax rules that equate charges to marginal external costs are not optimal in

  3. Priced Timed Automata:  Theory and Tools

    DEFF Research Database (Denmark)

    Larsen, Kim Guldstrand

    2009-01-01

    Priced timed automata are emerging as useful formalisms for modeling and analysing a broad range of resource allocation problems. In this extended abstract, we highlight recent (un)deci\\-dability results related to priced timed automata as well as point to a number of open problems....

  4. Innovations in pricing of transportation systems : theory and practice.

    Science.gov (United States)

    2011-08-15

    This report summarizes results from the conference titled Innovations in Pricing of : Transportation Systems on May 12 14, 2010 at the Royal Plaza Hotel in Orlando, Florida. : The primary objective of the conference is to bring together pra...

  5. The Q theory of investment, the capital asset pricing model, and asset valuation: a synthesis.

    Science.gov (United States)

    McDonald, John F

    2004-05-01

    The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

  6. Capital Market Theories: Market Efficiency Versus Investor Prospects

    OpenAIRE

    Kathleen Hodnett; Heng-Hsing Hsieh

    2012-01-01

    This paper reviews the development of capital market theories based on the assumption of capital market efficiency, which includes the efficient market hypothesis (EMH), modern portfolio theory (MPT), the capital asset pricing model (CAPM), the implications of MPT in asset allocation decisions, criticisms regarding the market portfolio and the development of the arbitrage pricing theory (APT). An alternative school of thought proposes that investors are irrational and that their trading behav...

  7. Automated prototyping tool-kit (APT)

    OpenAIRE

    Nada, Nader; Shing, M.; Berzins, V.; Luqi

    2002-01-01

    Automated prototyping tool-kit (APT) is an integrated set of software tools that generate source programs directly from real-time requirements. The APT system uses a fifth-generation prototyping language to model the communication structure, timing constraints, 1/0 control, and data buffering that comprise the requirements for an embedded software system. The language supports the specification of hard real-time systems with reusable components from domain specific component libraries. APT ha...

  8. Statistical microeconomics and commodity prices: theory and empirical results.

    Science.gov (United States)

    Baaquie, Belal E

    2016-01-13

    A review is made of the statistical generalization of microeconomics by Baaquie (Baaquie 2013 Phys. A 392, 4400-4416. (doi:10.1016/j.physa.2013.05.008)), where the market price of every traded commodity, at each instant of time, is considered to be an independent random variable. The dynamics of commodity market prices is given by the unequal time correlation function and is modelled by the Feynman path integral based on an action functional. The correlation functions of the model are defined using the path integral. The existence of the action functional for commodity prices that was postulated to exist in Baaquie (Baaquie 2013 Phys. A 392, 4400-4416. (doi:10.1016/j.physa.2013.05.008)) has been empirically ascertained in Baaquie et al. (Baaquie et al. 2015 Phys. A 428, 19-37. (doi:10.1016/j.physa.2015.02.030)). The model's action functionals for different commodities has been empirically determined and calibrated using the unequal time correlation functions of the market commodity prices using a perturbation expansion (Baaquie et al. 2015 Phys. A 428, 19-37. (doi:10.1016/j.physa.2015.02.030)). Nine commodities drawn from the energy, metal and grain sectors are empirically studied and their auto-correlation for up to 300 days is described by the model to an accuracy of R(2)>0.90-using only six parameters. © 2015 The Author(s).

  9. Test of arbitrage pricing theory using macroeconomic variables

    African Journals Online (AJOL)

    Eyerusalem

    variables; namely, exchange rate, an index of industrial production, nominal money supply ... Key Words: Arbitrage Pricing, Macroeconomic variables, Stock Market ... or theoretical market indices, where sensitivity to changes in each factor is represented ... Ethiopian Journal of Economics, Volume XXI, No 1, April 2012. 3.

  10. Consumption-based macroeconomic models of asset pricing theory

    Directory of Open Access Journals (Sweden)

    Đorđević Marija

    2016-01-01

    Full Text Available The family of consumptionbased asset pricing models yields a stochastic discount factor proportional to the marginal rate of intertemporal substitution of consumption. In examining the empirical performance of this class of models, several puzzles are discovered. In this literature review we present the canonical model, the corresponding empirical tests, and different extensions to this model that propose a resolution of these puzzles.

  11. EVT in electricity price modeling : extreme value theory not only on the extreme events

    International Nuclear Information System (INIS)

    Marossy, Z.

    2007-01-01

    The extreme value theory (EVT) is commonly used in electricity and financial risk modeling. In this study, EVT was used to model the distribution of electricity prices. The model was built on the price formation in electricity auction markets. This paper reviewed the 3 main modeling approaches used to describe the distribution of electricity prices. The first approach is based on a stochastic model of the electricity price time series and uses this stochastic model to generate the given distribution. The second approach involves electricity supply and demand factors that determine the price distribution. The third approach involves agent-based models which use simulation techniques to write down the price distribution. A fourth modeling approach was then proposed to describe the distribution of electricity prices. The new approach determines the distribution of electricity prices directly without knowing anything about the data generating process or market driving forces. Empirical data confirmed that the distribution of electricity prices have a generalized extreme value (GEV) distribution. 8 refs., 2 tabs., 5 figs

  12. OPEC's production under fluctuating oil prices. Further test of the target revenue theory

    International Nuclear Information System (INIS)

    Ramcharran, H.

    2001-01-01

    Oil production cutbacks in recent years by OPEC members to stabilize price and to increase revenues warrant further empirical verification of the target revenue theory (TRT). We estimate a modified version of Griffin (1985) target revenue model using data from 1973 to 2000. The sample period, unlike previous investigations, includes phases of both price increase (1970s) and price decrease (1980s-1990s), thus providing a better framework for examining production behavior. The results, like the earlier study, are not supportive of the strict version of the TRT, however, evidence (negative and significant elasticity of supply) of the partial version are substantiated. Further empirical estimates do not support the competitive pricing model, hypothesizing a positive elasticity of supply. OPEC's loss of market share and the drop in the share of oil-based energy should signal an adjustment in pricing and production strategies

  13. ON PRICE-MAKING CONTRACTS AND ECONOMIC THEORY: RETHINKING BERTRAND AND EDGEWORTH

    OpenAIRE

    Robert R. Routledge

    2012-01-01

    A problematic issue in economic theory is the study of price determination. Two distinct approaches to this difficult topic have been taken: (i) in Bertrand competition it is assumed sellers enter the market with a commitment to supply all demand forthcoming from buyers (ii) in Edgeworth competition sellers quote prices with no commitment to supply more than their competitive supply. Both these types of market contract struggle to provide credible pricemaking foundations for perfect competiti...

  14. A Game Theory Analysis of the OPEC's Influence on World Oil Price

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Most studies concerning OPEC's behavior were based on traditional market microstructure. However, the assumptions about oil market structure are either very rigorous or rather fuzzy. This paper demonstrates the rationality and necessity of OPEC's price band policy by using the game theory. We conclude that OPEC has the incentive to limit its price within a specific range if the game period is sufficiently long. This incentive comes either from preference for long-term interest or from future expectations. In such a way, OPEC tries its best to maximize its profit with the quotaprice dual policy and plays a price stabilizing role in the future world oil market.

  15. Technical memorandum: instrumentation for APT and LTPP

    CSIR Research Space (South Africa)

    Steyn, WJvdM

    2006-01-01

    Full Text Available . In these phases, the parameters to be monitored on APT and LTPP sections have been identified, appropriate instruments and sensors for monitoring these parameters have been identified, and recommendations made regarding new developments, required upgrading...

  16. The Prediction Performance of Asset Pricing Models and Their Capability of Capturing the Effects of Economic Crises: The Case of Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Erol Muzır

    2010-09-01

    Full Text Available This paper is prepared to test the common opinion that the multifactor asset pricing models produce superior predictions as compared to the single factor models and to evaluate the performance of Arbitrage Pricing Theory (APT and Capital Asset Pricing Model (CAPM. For this purpose, the monthly return data from January 1996 and December 2004 of the stocks of 45 firms listed at Istanbul Stock Exchange were used. Our factor analysis results show that 68,3 % of the return variation can be explained by five factors. Although the APT model has generated a low coefficient of determination, 28,3 %, it proves to be more competent in explaining stock return changes when compared to CAPM which has an inferior explanation power, 5,4 %. Furthermore, we have observed that APT is more robust also in capturing the effects of any economic crisis on return variations.

  17. 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

  18. The Price Is Right, but Are the Bids? An Investigation of Rational Decision Theory.

    OpenAIRE

    Berk, Jonathan B; Hughson, Eric; Vandezande, Kirk

    1996-01-01

    The television game show The Price Is Right is used as a laboratory to conduct a preference-free test of rational decision theory in an environment with substantial economic incentives. It is found that contestants' strategies are transparently suboptimal. In response to this evidence, simple rules of thumb are developed that are shown to explain observed bidding patterns better than rational decision theory. Further, learning during the show reduces the frequency of strategic errors. This is...

  19. The application of option pricing theory to the evaluation of mining investment

    Institute of Scientific and Technical Information of China (English)

    ZHANG Neng-fu(张能福); CAI Si-jing(蔡嗣经); LIU Chao-ma(刘朝马); TANG Rui(唐瑞)

    2003-01-01

    A rational evaluation on an investment project forms the basis of a right investment decision-making. The discounted cash flow (DCF for short) method is usually used as a traditional evaluation method for a project investment. However, as the mining investment is influenced by many uncertainties, DCF method cannot take into account these uncertainties and often underestimates the value of an investment project. Based on the option pricing theory of the modern financial assets, the characteristics of a real project investment are discussed, and the management option of mine managers and its pricing method are described.

  20. A new look at some basic concepts in arbitrage pricing theory

    Institute of Scientific and Technical Information of China (English)

    XIA; Jianming(夏建明); YAN; Jia'an(严加安)

    2003-01-01

    The notion of No Free Lunch with Vanishing Risk (or NFLVR in short) w.r.t. admissible strategies depends on the choice of numeraire. Yan introduced the notion of allowable strategy and showed that condition of NFLVR w.r.t. allowable strategies is independent of the choice of numeraire and is equivalent to the existence of an equivalent martingale measure for the deflated price process. In this paper we establish a version of the Kramkov's optional decomposition theorem in the setting of equivalent martingale measures. Based on this theorem, we have a new look at some basic concepts in arbitrage pricing theory: superhedging, fair price,attainable contingent claims, complete markets and etc.

  1. Game theory approach to use of non-commercial power plants under time-of-use pricing

    International Nuclear Information System (INIS)

    Maeda, A.; Kaya, Y.

    1992-01-01

    There has been much research done on pricing theories for electric power utilities study. This paper employs the game theory approach for evaluating the impact of the introduction of customer owned NCP upon the pricing process when TOUP is used. We have derived various interesting results from this analysis some of which are; the conflict between NCP customers and the supplier forces the supplier to reduce the price for NCP customers, also perception of the situation in which they are involved plays an important role in this conflict. The game model analysis presented in this paper provides us detailed quantitative information on electricity prices and on the ways of using NCP

  2. Interrogation of duplicitous stars with an APT

    Science.gov (United States)

    Bopp, Bernard W.

    1992-01-01

    Preliminary results from intensive spectroscopic and APT monitoring of two interacting binary systems are presented. Both V644 Mon (Be + K:) and HD 37453 (F5 II + B) show complex, composite, and variable spectral. APT observations extending over three years show both stars to vary by 0.1-0.2 mag in V. The photometric variability of V644 Mon appears to be irregular, though there is some evidence for periodic behavior in the 50-60 day range. HD 37453 has an orbital period of 66.75 days; the best-fit photometric period is not quite half this value, indicating the star is an ellipsoidal variable.

  3. A game theory model for stabilizing price of chili: A case study

    Science.gov (United States)

    Wardayanti, Ari; Aviv, Afgan Suffan; Sutopo, Wahyudi; Hisjam, Muh.

    2017-11-01

    Chili is one of the important agricultural commodity in Indonesia because of its widely consumption by the Indonesian. Chili becomes one of the commodities that experience price fluctuations and important cause of yearly inflation in Indonesia. The unstable price of chili is affected by the scarcity of the commodity in some months and the difference of the harvest season. This study proposes a model to solve the problem by considering the substitution of fresh chilies with dried chili. We propose the cooperative of chili's farmer as entities that process fresh chili into dry ones. The existence of substitution products is expected to maintain the price stability chili. This research was conducted by taking a case study on chili commodity markets in Surakarta which consists of 19 traditional markets. This study aims to create a price stabilization scheme with product substitution using a game theory model. There are 4 strategies proposed in game theory model to describe the relationship between producers and consumers. In this case, the producers are the farmers and the consumers are the trade market. A mixed strategy of was chosen to determine the optimal value among 4 strategies. From the calculation results obtained optimal value when doing a mixed strategy of IDR 201,188,829,000.

  4. Theories of the price and quantity of physician services. A synthesis and critique.

    Science.gov (United States)

    Farley, P J

    1986-12-01

    In the traditional neoclassical model of supply and demand, prices determine the allocation of economic resources. The difficulty in applying this model to physician services is the rationing of resources directly by physicians themselves, eliminating the allocative function of prices. Welfare consequences are appropriately judged in terms of efficiency and equity, not departures from the structural relationships implied by supply and demand. As interpreted here, both competitive theories and target-income theories of this market imply that physicians consider both their own welfare and the welfare of their patients in their decision-making. All consumer benefits and all producer costs are internalized by physicians. They consequently have an incentive to obtain the maximum possible social benefit from the resources at their disposal, to the extent that they are (implicitly) allowed to share in the resulting social gains. The distribution of gains between patients and physicians is determined by professional ethics within bounds imposed by competitive forces.

  5. Clustered Pricing in the Corporate Loan Market: Theory and Empirical Evidence

    OpenAIRE

    Bajoori, Elnaz; Nandeibam, Shasikanta; Chaudhry, Sajid Mukhtar

    2016-01-01

    Existing theories explaining security price clustering as well as clustering in the retail depositand mortgage markets are incompatible with the clustering in the corporate loan market. Wedevelop a new theoretical argument that the attitude of the lender toward the uncertaintyabout the quality of the borrower leads to the clustering of spreads. Our empirical resultssupport these arguments and we find that clustering increases with the degree of uncertaintybetween the lender and the borrower. ...

  6. APT and CEST Techniques for Clinical MRI

    NARCIS (Netherlands)

    Keupp, J.

    2011-01-01

    Chemical exchange saturation transfer (CEST) based in vivo detectionand quantification of endogenous macro-molecules (i.e., amide proton transfer, APT) or exogenous contrast agents is a highly sensitivemolecular MRI technique bearing a substantial clinical potential forexample in oncology or for

  7. Financial markets theory equilibrium, efficiency and information

    CERN Document Server

    Barucci, Emilio

    2017-01-01

    This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-c...

  8. Comparative Study between Capital Asset Pricing Model and Arbitrage Pricing Theory in Indonesian Capital Market during Period 2008-2012

    Directory of Open Access Journals (Sweden)

    Leo Julianto

    2015-09-01

    Full Text Available For decades, there were many models explaining the returns earned emerged in order to fulfil the curiosity had by human. Since then, various studies and empirical findings in many countries’ stock market showedthat the empirical findings of market return explanation and the return of assets meet the different results in both clarify of model and identification of significant determinant variables.Therefore, many comparative studies between models were accomplished. In this study, the author attempts to do comparative study between two models, APT and CAPM, in Indonesian Capital Market during period 2008 until 2012.  Besides, the author also attempts to find how much inflation, interest rate, and exchange rate describe the returns earned in each sector existed in Indonesia Capital Market. As the result, the author find out that CAPM has bigger explanation power than APT in Indonesian Capital Market during period 2008-2012. Besides, the author also found that among macroeconomic factors, there are only two macroeconomic factors that can affect certain samples significantly.  They are change in BI rate, which affect AALI, ANTM, ASII, TLKM, UNTR, and change in exchange rate, which affect INDF and TLKM significantly.

  9. APT - NASA ENHANCED VERSION OF AUTOMATICALLY PROGRAMMED TOOL SOFTWARE - STAND-ALONE VERSION

    Science.gov (United States)

    Premo, D. A.

    1994-01-01

    enhancements for this version of APT were last updated in June, 1989. The NASA adaptation, with enhancements, of the public domain version of the APT IV/SSX8 software to the DEC VAX-11/780 is available by license for a period of ten (10) years to approved licensees. The licensed program product delivered includes the APT IV/SSX8 system source code, object code, executable images, and command procedures and one set of supporting documentation. Additional copies of the supporting documentation may be purchased at any time at the price indicated below.

  10. A queueing theory description of fat-tailed price returns in imperfect financial markets

    Science.gov (United States)

    Lamba, H.

    2010-09-01

    In a financial market, for agents with long investment horizons or at times of severe market stress, it is often changes in the asset price that act as the trigger for transactions or shifts in investment position. This suggests the use of price thresholds to simulate agent behavior over much longer timescales than are currently used in models of order-books. We show that many phenomena, routinely ignored in efficient market theory, can be systematically introduced into an otherwise efficient market, resulting in models that robustly replicate the most important stylized facts. We then demonstrate a close link between such threshold models and queueing theory, with large price changes corresponding to the busy periods of a single-server queue. The distribution of the busy periods is known to have excess kurtosis and non-exponential decay under various assumptions on the queue parameters. Such an approach may prove useful in the development of mathematical models for rapid deleveraging and panics in financial markets, and the stress-testing of financial institutions.

  11. Lessons from game theory about healthcare system price inflation: evidence from a community-level case study.

    Science.gov (United States)

    Agee, Mark D; Gates, Zane

    2013-02-01

    Game theory is useful for identifying conditions under which individual stakeholders in a collective action problem interact in ways that are more cooperative and in the best interest of the collective. The literature applying game theory to healthcare markets predicts that when providers set prices for services autonomously and in a noncooperative fashion, the market will be susceptible to ongoing price inflation. We compare the traditional fee-for-service pricing framework with an alternative framework involving modified doctor, hospital and insurer pricing and incentive strategies. While the fee-for-service framework generally allows providers to set prices autonomously, the alternative framework constrains providers to interact more cooperatively. We use community-level provider and insurer data to compare provider and insurer costs and patient wellness under the traditional and modified pricing frameworks. The alternative pricing framework assumes (i) providers agree to manage all outpatient claims; (ii) the insurer agrees to manage all inpatient clams; and (iii) insurance premiums are tied to patients' healthy behaviours. Consistent with game theory predictions, the more cooperative alternative pricing framework benefits all parties by producing substantially lower administrative costs along with higher profit margins for the providers and the insurer. With insurance premiums tied to consumers' risk-reducing behaviours, the cost of insurance likewise decreases for both the consumer and the insurer.

  12. A dual theory of price and value in a meso-scale economic model with stochastic profit rate

    Science.gov (United States)

    Greenblatt, R. E.

    2014-12-01

    The problem of commodity price determination in a market-based, capitalist economy has a long and contentious history. Neoclassical microeconomic theories are based typically on marginal utility assumptions, while classical macroeconomic theories tend to be value-based. In the current work, I study a simplified meso-scale model of a commodity capitalist economy. The production/exchange model is represented by a network whose nodes are firms, workers, capitalists, and markets, and whose directed edges represent physical or monetary flows. A pair of multivariate linear equations with stochastic input parameters represent physical (supply/demand) and monetary (income/expense) balance. The input parameters yield a non-degenerate profit rate distribution across firms. Labor time and price are found to be eigenvector solutions to the respective balance equations. A simple relation is derived relating the expected value of commodity price to commodity labor content. Results of Monte Carlo simulations are consistent with the stochastic price/labor content relation.

  13. Becker's rational addiction theory: An empirical test with price elasticities for distilled spirits in Denmark 1911-31.

    Science.gov (United States)

    Skog, Ole-Jørgen; Melberg, Hans Olav

    2006-10-01

    To test an implication of Becker's rational addiction theory, namely that price changes will lead both to simultaneous consumption changes as well as lagged changes (and potentially also immediate changes if future changes in prices are anticipated). Time-series analysis, first of aggregate sales of distilled spirits and prices, controlled for gross national product (GNP), and secondly of deaths from delirium tremens. Denmark 1911-31. Price changes were very large in the period 1916-18 due to shortages during World War I, and the Danish case can be conceived as a natural experiment. No evidence for lagged price effects in the expected direction was found. On the contrary, the evidence pointed in the opposite direction. The immediate reduction in sales following rising prices are, to some degree, counteracted by an adjustment in the opposite direction the following year. The delirium tremens data confirm this pattern. Becker's theory is not confirmed. Several possible explanations are discussed. If the pattern observed in these data is representative of a more general mechanism, current price elasticity estimates may be too high, by ignoring lagged compensatory effects.

  14. Superconducting cavities for the APT accelerator

    International Nuclear Information System (INIS)

    Krawczyk, F.L.; Gentzlinger, R.C.; Haynes, B.; Montoya, D.I.; Rusnak, B.; Shapiro, A.H.

    1997-01-01

    The design of an Accelerator Production of Tritium (APT) facility being investigated at Los Alamos includes a linear accelerator using superconducting rf-cavities for the acceleration of a high-current cw proton beam. For electron accelerators with particles moving at the speed of light (β ∼ 1.0), resonators with a rounded shape, consisting of ellipsoidal and cylindrical sections, are well established. They are referred to as elliptical cavities. For the APT-design, this shape has been adapted for much slower proton beams with β ranging from 0.60 to 0.94. This is a new energy range, in which resonators of an elliptical type have never been used before. Simulations with the well-proven electromagnetic modeling tools MAFIA and SUPERFISH were performed. The structures have been optimized for their rf and mechanical properties as well as for beam dynamics requirements. The TRAK-RF simulation code is used to investigate potential multipacting in these structures. All the simulations will be put to a final test in experiments performed on single cell cavities that have started in the structures laboratory

  15. Using the Theory of Games to Modelling the Equipment and Prices of Car Parking

    Science.gov (United States)

    Parkitny, Waldemar

    2017-10-01

    In large cities there are two serious problems connected with increasing number of cars. The first problem is the congestion of vehicles’ movement. The second one is too small of car parks, especially in centres of the cities. Authorities of cities and management of municipal streets introduce limitations in vehicles’ movement and reduce the number of car parks to minimalize streets crowd. That acting seems logical, but this is only the one point of view. From the other point of view municipal governments should aim to improve the level of the occupants’ life and assure the financial incomes, which enable to cover indispensable expenses. From this point of view, the municipal car parks are needed and bringing the profits element of municipal infrastructure. Cracow, which is one of the largest cities in Poland (about 760 thousands of occupants, and Cracovian agglomeration is about 1.4 million persons), was chosen as the object of the investigations. The zone of paid parking in Cracow, administered by the company belonging to city, has possessed 28837 parking places in 28.01.2016. In the zone there are assigned car parks or parking places near to the curbs and on pavements. The zone operates from Monday to Friday, from 10.00 to 20.00. Assuming using car parks only in 50% and fare of about 0.7 euro per hour, we receive incomes figuring out about 740000 euro/month. The purpose of the investigations was the identification of technical parameters of car parks being preferred by drivers. The investigations had been executed by method of questionnaires. Next the mathematical model of competition was made. The model was executed basing on the theory of games. Strategies of “Player 1” were prices and technical equipment of car parks and parking places lying in the zone of paid parking, administered by municipal company. Strategies of “Player 2” were prices and technical equipment of car parks belonging to private owners and two commercial centres in the city

  16. A prospect theory explanation of the disposition to trade losing investments for less than market price.

    Science.gov (United States)

    Johnstone, D J

    2002-06-01

    Investors have a proven general reluctance to realize losses. The theory of "mental accounting" suggests that losses are easier to accept when mentally integrated with either preceding losses or with compensatory gains. Mental integration is made easier when a failed asset is exchanged against a new, apparently profitable, acquisition. The alternative is to sell the existing asset on the open market before re-investing the proceeds as desired. This is emotionally less appealing than "rolling over" a losing investment into a new venture by way of an asset trade. The psychological benefits of exchanging rather than selling a failed asset come at a cost. It is typical of trade-in arrangements, e.g., where one trades an old car against a new one, that the effective sale price of the existing asset is less than current market value. Acceptance of this low price adds to the investor's total monetary loss on the existing asset but is essential to an overall package deal apart from which that asset would often remain belatedly unsold.

  17. Conceptual Design of an APT Reusable Spaceplane

    Science.gov (United States)

    Corpino, S.; Viola, N.

    This paper concerns the conceptual design of an Aerial Propellant Transfer reusable spaceplane carried out during our PhD course under the supervision of prof. Chiesa. The new conceptual design methodology employed in order to develop the APT concept and the main characteristics of the spaceplane itself will be presented and discussed. The methodology for conceptual design has been worked out during the last three years. It was originally thought for atmospheric vehicle design but, thanks to its modular structure which makes it very flexible, it has been possible to convert it to space transportation systems design by adding and/or modifying a few modules. One of the major improvements has been for example the conception and development of the mission simulation and trajectory optimisation module. The methodology includes as main characteristics and innovations the latest techniques of geometric modelling and logistic, operational and cost aspects since the first stages of the project. Computer aided design techniques are used to obtain a better definition of the product at the end of the conceptual design phase and virtual reality concepts are employed to visualise three-dimensional installation and operational aspects, at least in part replacing full-scale mock- ups. The introduction of parametric three-dimensional CAD software integrated into the conceptual design methodology represents a great improvement because it allows to carry out different layouts and to assess them immediately. It is also possible to link the CAD system to a digital prototyping software which combines 3D visualisation and assembly analysis, useful to define the so-called Digital Mock-Up at Conceptual Level (DMUCL) which studies the integration between the on board systems, sized with simulation algorithms, and the airframe. DMUCL represents a very good means to integrate the conceptual design with a methodology turned towards dealing with Reliability, Availability, Maintainability and

  18. Calculating the Price for Derivative Financial Assets of Bessel Processes Using the Sturm-Liouville Theory

    Directory of Open Access Journals (Sweden)

    Burtnyak Ivan V.

    2017-06-01

    Full Text Available In the paper we apply the spectral theory to find the price for derivatives of financial assets assuming that the processes described are Markov processes and such that can be considered in the Hilbert space L^2 using the Sturm-Liouville theory. Bessel diffusion processes are used in studying Asian options. We consider the financial flows generated by the Bessel diffusions by expressing them in terms of the system of Bessel functions of the first kind, provided that they take into account the linear combination of the flow and its spatial derivative. Such expression enables calculating the size of the market portfolio and provides a measure of the amount of internal volatility in the market at any given moment, allows investigating the dynamics of the equity market. The expansion of the Green function in terms of the system of Bessel functions is expressed by an analytic formula that is convenient in calculating the volume of financial flows. All assumptions are natural, result in analytic formulas that are consistent with the empirical data and, when applied in practice, adequately reflect the processes in equity markets.

  19. Inflation and House Prices: Theory and Evidence from 35 Major Cities in China

    OpenAIRE

    Weida Kuang; Peng Liu

    2015-01-01

    In recent years, housing prices and inflation have been growing constantly in China. Higher house prices and higher inflation affect both household consumption and economic growth. We have developed a four-sector general equilibrium model of consumers, developers, firms, and the central bank to illustrate the relationship of house prices with inflation. The theoretical model demonstrates that house prices and inflation are positively correlated and endogenously determined. By using panel data...

  20. Simulation of temperature conditions on APT of HMA mixes

    CSIR Research Space (South Africa)

    Steyn, WJVDM

    2008-10-01

    Full Text Available between these APT data and practical application of the outcomes of the tests. The paper starts with general background on the effect of temperature on the loading conditions and response of HMA materials, methods to manage it during APT testing...

  1. Feynman perturbation expansion for the price of coupon bond options and swaptions in quantum finance. I. Theory.

    Science.gov (United States)

    Baaquie, Belal E

    2007-01-01

    European options on coupon bonds are studied in a quantum field theory model of forward interest rates. Swaptions are briefly reviewed. An approximation scheme for the coupon bond option price is developed based on the fact that the volatility of the forward interest rates is a small quantity. The field theory for the forward interest rates is Gaussian, but when the payoff function for the coupon bond option is included it makes the field theory nonlocal and nonlinear. A perturbation expansion using Feynman diagrams gives a closed form approximation for the price of coupon bond option. A special case of the approximate bond option is shown to yield the industry standard one-factor HJM formula with exponential volatility.

  2. Price movement in the Brazilian land market (1994-2010: an analysis in the light of post-Keynesian theory

    Directory of Open Access Journals (Sweden)

    TIAGO SANTOS TELLES

    2016-03-01

    Full Text Available ABSTRACT The present study aims to evaluate crop, pasture and forest land prices in Brazil, between 1994 and 2010, in the light of Post-Keynesian theory. The results provide evidence that land, more than just a simple factor of production, must be conceived of as an economic asset. In fact, the price of rural land is determined not only by the expected profitability deriving from agricultural activities but also by the agents' expectations about its future appreciation and liquidity in an economic environment permeated with uncertainty. In this context, as an object of speculation, land has been particularly important as a store of value.

  3. The theory of Homo comperiens, the firm’s market price, and the implication for a firm’s profitability

    OpenAIRE

    Landström, Joachim

    2007-01-01

    This thesis proposes a theory of inefficient markets that uses limited rational choice as a central trait and I call it the theory of Homo comperiens. The theory limits the alternatives and states that the subjects are aware of and only allow them to have rational preference relations on the limited action set and state set, i.e. limited rationality is introduced. With limited rational choice, I drive a wedge between the market price and the intrinsic value and thus create an arbitrage market...

  4. APT LLRF control system functionality and architecture

    International Nuclear Information System (INIS)

    Regan, A.H.; Rohlev, A.S.; Ziomek, C.D.

    1996-01-01

    1% amplitude and l degree phase. The feedback control system requires a phase-stable RF reference subsystem signal to correctly phase each cavity. Also, instead of a single klystron RF source for individual accelerating cavities, multiple klystrons will drive a string of resonantly coupled cavities, based on input from a single LLRF feedback control system. To achieve maximum source efficiency, we will be employing single fast feedback controls around individual klystrons such that the gain and phase characteristics of each will be ''identical.'' In addition, resonance control is performed by providing a proper drive signal to structure cooling water valves in order to keep the cavity resonant during operation. To quickly respond to RF shutdowns, and hence rapid accelerating cavity cool- down, due to RF fault conditions, drive frequency agility in the main feedback control subsystem will also be incorporated. Top level block diagrams will be presented and described for each of the aforementioned subsystems as they will first be developed and demonstrated on the Low Energy Demonstrator Accelerator (LEDA) The low-level RF (LLRF) control system for the Accelerator Production of Tritium (APT) will perform various functions. Foremost is the feedback control of the accelerating fields within the cavity in order to maintain field stability within

  5. APT LLRF control system functionality and architecture

    International Nuclear Information System (INIS)

    Regan, A.H.; Rohlev, A.S.; Ziomek, C.D.

    1996-01-01

    The low-level RF (LLRF) control system for the Accelerator Production of Tritium (APT) will perform various functions. Foremost is the feedback control of the accelerating fields within the cavity in order to maintain field stability within ± 1% amplitude and 1 degree phase. The feedback control system requires a phase-stable RF reference subsystem signal to correctly phase each cavity. Also, instead of a single klystron RF source for individual accelerating cavities, multiple klystrons will drive a string of resonantly coupled cavities, based on input from a single LLRF feedback control system. To achieve maximum source efficiency, we will be employing single fast feedback controls around individual klystrons such that the gain and phase characteristics of each will be 'identical'. In addition, the resonance condition of the cavities is monitored and maintained. To quickly respond to RF shutdowns, and hence rapid accelerating cavity cool-down, due to RF fault conditions, drive frequency agility in the main feedback control subsystem will also be incorporated. Top level block diagrams will be presented and described as they will first be developed and demonstrated on the Low Energy Demonstrator Accelerator (LEDA). (author)

  6. Derivative pricing with liquidity risk : Theory and evidence from the credit default swap market

    NARCIS (Netherlands)

    Bongaerts, D.; de Jong, F.C.J.M.; Driessen, J.J.A.G.

    2011-01-01

    We derive an equilibrium asset pricing model incorporating liquidity risk, derivatives, and short-selling due to hedging of nontraded risk. We show that illiquid assets can have lower expected returns if the short-sellers have more wealth, lower risk aversion, or shorter horizon. The pricing of

  7. The Demand for Child Care Quality. An Hedonic Price Theory Approach.

    Science.gov (United States)

    Hagy, Alison P.

    1998-01-01

    An implicit price for child care staff-to-child ratio was used to study demand for child care quality. Direct purchase-of-service contracts or vouchers, which subsidize only providers meeting state regulations, effectively lower implicit price and have little influence on the demand for quality. (Author/SK)

  8. 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...

  9. Assessment of Alternative RF Linac Structures for APT

    Energy Technology Data Exchange (ETDEWEB)

    None

    1997-03-26

    The APT program has been examining both normal and superconducting variants of the APT linac for the past two years. A decision on which of the two will be the selected technology will depend upon several considerations including the results of ongoing feasibility experiments, the performance and overall attractiveness of each of the design concepts, and an assessment of the system-level features of both alternatives. The primary objective of the Assessment of Alternative RF Linac Structures for APT study reported herein was to assess and compare, at the system-level, the performance, capital and life cycle costs, reliability/availability/maintainability (RAM) and manufacturing schedules of APT RF linear accelerators based upon both superconducting and normal conducting technologies. A secondary objective was to perform trade studies to explore opportunities for system optimization, technology substitution and alternative growth pathways and to identify sensitivities to design uncertainties.

  10. Assessment of Alternative RF Linac Structures for APT

    International Nuclear Information System (INIS)

    None

    1997-01-01

    The APT program has been examining both normal and superconducting variants of the APT linac for the past two years. A decision on which of the two will be the selected technology will depend upon several considerations including the results of ongoing feasibility experiments, the performance and overall attractiveness of each of the design concepts, and an assessment of the system-level features of both alternatives. The primary objective of the Assessment of Alternative RF Linac Structures for APT study reported herein was to assess and compare, at the system-level, the performance, capital and life cycle costs, reliability/availability/maintainability (RAM) and manufacturing schedules of APT RF linear accelerators based upon both superconducting and normal conducting technologies. A secondary objective was to perform trade studies to explore opportunities for system optimization, technology substitution and alternative growth pathways and to identify sensitivities to design uncertainties

  11. ASEAN plus Three (APT) As a Socializing Environment

    DEFF Research Database (Denmark)

    Zhang, Jiuan

    2012-01-01

    In East Asia, several formal and informal regional institutions have been established in the last several decades to promote regional integration. However, it is difficult to identify which is the dominant institution and determine how it is working. ASEAN Plus Three (APT), representing the first...... institutionalized effort to combine Northeast and Southeast Asia and further promote integration in this institutionally undeveloped region, is central to the regionalist view of international relations. 1 Moreover, China’ s approach to the establishment of APT and changes in its regional behavior have attracted...... scholarly attention. This article combines an empirical analysis of China’s approach to APT with a theoretical discussion of APT’ s institutional design in order to illustrate how APT is working as an environment of socialization in the context of regional integration....

  12. Confinement and Tritium Stripping Systems for APT Tritium Processing

    Energy Technology Data Exchange (ETDEWEB)

    Hsu, R.H. [Westinghouse Savannah River Company, AIKEN, SC (United States); Heung, L.K.

    1997-10-20

    This report identifies functions and requirements for the tritium process confinement and clean-up system (PCCS) and provides supporting technical information for the selection and design of tritium confinement, clean-up (stripping) and recovery technologies for new tritium processing facilities in the Accelerator for the Production of Tritium (APT). The results of a survey of tritium confinement and clean-up systems for large-scale tritium handling facilities and recommendations for the APT are also presented.

  13. Confinement and Tritium Stripping Systems for APT Tritium Processing

    International Nuclear Information System (INIS)

    Hsu, R.H.; Heung, L.K.

    1997-01-01

    This report identifies functions and requirements for the tritium process confinement and clean-up system (PCCS) and provides supporting technical information for the selection and design of tritium confinement, clean-up (stripping) and recovery technologies for new tritium processing facilities in the Accelerator for the Production of Tritium (APT). The results of a survey of tritium confinement and clean-up systems for large-scale tritium handling facilities and recommendations for the APT are also presented

  14. The energy price equivalence of carbon taxes and emissions trading—Theory and evidence

    International Nuclear Information System (INIS)

    Chiu, Fan-Ping; Kuo, Hsiao-I.; Chen, Chi-Chung; Hsu, Chia-Sheng

    2015-01-01

    Highlights: • The price equivalence of carbon taxes and emissions trading from theoretical and empirical models are developed. • The theoretical findings show that the price effects of these two schemes depend on the market structures. • Energy prices under a carbon tax is lower than an issions trading in an imperfectly competitive market. • A case study from Taiwan gasoline market is applied here. - Abstract: The main purpose of this study is to estimate the energy price equivalence of carbon taxes and emissions trading in an energy market. To this end, both the carbon tax and emissions trading systems are designed in the theoretical model, while alternative market structures are taken into consideration. The theoretical findings show that the economic effects of these two schemes on energy prices depend on the market structures. Energy prices are equivalent between these two schemes given the same amount of greenhouse gas emissions (GHGE) reduction when the market structure is characterized by perfect competition. However, energy prices will be lower when a carbon tax is introduced than when emissions trading is implemented in an imperfectly competitive market, which implies that the price effects of a carbon tax and emissions trading depend on the energy market structure. Such a theoretical basis is applied to the market for gasoline in Taiwan. The empirical results indicate that the gasoline prices under a carbon tax are lower than under emissions trading. This implies that the structure of the energy market needs to be examined when a country seeks to reduce its GHGE through the implementation of either a carbon tax or emissions trading.

  15. 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.

  16. A Model for Cooperative Advertising and Pricing Decisions in Manufacturer-Retailer Supply Chain with Discount: A Game Theory Approach

    Directory of Open Access Journals (Sweden)

    Abolfazl Kazemi

    2016-02-01

    Full Text Available Coordinating the supply chain is among the most important subjects that is extensively addressed in the related literature. If a supply chain is to be coordinated, it is equivalent to say that we must solve a problem related to competition and cooperation. The game theory is obviously one of the most effective methods to solve such problems, in which the players of the supply chain are assumed to engage in cooperative and non-cooperative games. The current study aims to coordinate a two-level supply chain consisting of a manufacturer and a retailer. This will be achieved using cooperative advertisement along with pricing decisions such that the manufacturer offers a price discount to the retailer and the demand is affected by pricing and advertisement. Cooperative advertisement is a coordinated effort made by all the members of the supply chain to increase the customer demand, in which the retailer does the local advertisement and the manufacturer pays for a portion or all the costs of the retailer advertisement. We consider two models for manufacturer-retailer relation using the game theory: the manufacturer-Stackelberg and the retailer-Stackelberg games with asymmetric power distribution.

  17. A theory of price-fixing/market-sharing rings as applied to OPEC behavior since march 1982

    International Nuclear Information System (INIS)

    Kazushi Uemura

    1992-01-01

    In the past, OPEC has been analyzed as a cartel, but usually without a formal theoretical framework. Don Patinkin's cartel model was occasionally used, but was turned down for being 'too strict' to explain OPEC behavior. One of the most serious short-comings of Patinkin's model is its prediction that high-cost producers would first shut down for the survival of a cartel. In OPEC agreements, it has been seen many times that Saudi Arabia (a low-cost producer) reduced its production for the survival of the cartel. A new and promising cartel theory, A theory of price-fixing/market-sharing rings, has been introduced ('CMT model'). In this paper, it is going to use CMT model's structure and model OPEC's major price-fixing/market-sharing agreements and a period without such an agreement since March, 1982 when OPEC, for the first time in its history, reached a price-fixing/market-sharing agreement. 3 refs., 2 figs., 2 tabs

  18. Associated Particle Tagging (APT) in Magnetic Spectrometers

    Energy Technology Data Exchange (ETDEWEB)

    Jordan, David V.; Baciak, James E.; Stave, Sean C.; Chichester, David; Dale, Daniel; Kim, Yujong; Harmon, Frank

    2012-10-16

    Summary In Brief The Associated Particle Tagging (APT) project, a collaboration of Pacific Northwest National Laboratory (PNNL), Idaho National Laboratory (INL) and the Idaho State University (ISU)/Idaho Accelerator Center (IAC), has completed an exploratory study to assess the role of magnetic spectrometers as the linchpin technology in next-generation tagged-neutron and tagged-photon active interrogation (AI). The computational study considered two principle concepts: (1) the application of a solenoidal alpha-particle spectrometer to a next-generation, large-emittance neutron generator for use in the associated particle imaging technique, and (2) the application of tagged photon beams to the detection of fissile material via active interrogation. In both cases, a magnetic spectrometer momentum-analyzes charged particles (in the neutron case, alpha particles accompanying neutron generation in the D-T reaction; in the tagged photon case, post-bremsstrahlung electrons) to define kinematic properties of the relevant neutral interrogation probe particle (i.e. neutron or photon). The main conclusions of the study can be briefly summarized as follows: Neutron generator: • For the solenoidal spectrometer concept, magnetic field strengths of order 1 Tesla or greater are required to keep the transverse size of the spectrometer smaller than 1 meter. The notional magnetic spectrometer design evaluated in this feasibility study uses a 5-T magnetic field and a borehole radius of 18 cm. • The design shows a potential for 4.5 Sr tagged neutron solid angle, a factor of 4.5 larger than achievable with current API neutron-generator designs. • The potential angular resolution for such a tagged neutron beam can be less than 0.5o for modest Si-detector position resolution (3 mm). Further improvement in angular resolution can be made by using Si-detectors with better position resolution. • The report documents several features of a notional generator design incorporating the

  19. Basic Knowledge for Market Principle: Approaches to the Price Coordination Mechanism by Using Optimization Theory and Algorithm

    Science.gov (United States)

    Aiyoshi, Eitaro; Masuda, Kazuaki

    On the basis of market fundamentalism, new types of social systems with the market mechanism such as electricity trading markets and carbon dioxide (CO2) emission trading markets have been developed. However, there are few textbooks in science and technology which present the explanation that Lagrange multipliers can be interpreted as market prices. This tutorial paper explains that (1) the steepest descent method for dual problems in optimization, and (2) Gauss-Seidel method for solving the stationary conditions of Lagrange problems with market principles, can formulate the mechanism of market pricing, which works even in the information-oriented modern society. The authors expect readers to acquire basic knowledge on optimization theory and algorithms related to economics and to utilize them for designing the mechanism of more complicated markets.

  20. Why do we price electricity the way we do? Canadian policy in the light of political-economic theories of governmental behaviour

    International Nuclear Information System (INIS)

    Cairns, R.D.; Heyes, A.G.

    1993-01-01

    In the past few decades, Canadian crown electrical utilities have exhausted available economies of scale. At marginal cost prices, the utilities could recover costs and even a rent. Yet the available rents have not been collected through economically efficient pricing, but distributed to consumers through low prices. An economically preferred pricing method, known as second-best pricing, is formulated in which there are rents to the hydro resource but these rents are distributed to consumers through the pricing of the product rather than collected by the crown owner of the resource. The model assumes three types of demand: households with different annual incomes which are dependent on the profits of the other two types; small industrial or commercial firms; and large industrial firms. Revenues from the different demand classes are assumed to take the form of two-part tariffs. The pricing policies of crown utilities are discussed, with an emphasis on Hydro-Quebec, and the results of the model are used as informal tests of various theories of public decisionmaking. Most theories provide a partial explanation, but no theory provides a complete explanation of pricing behavior. 24 refs

  1. Real options theory to the pricing of allowances contract to carbon emission

    International Nuclear Information System (INIS)

    Horii, Leticia Takahashi; Parente, Virginia; Goldemberg, Jose

    2010-01-01

    The objective of this work is to develop a pricing model contract for allowances to emit carbon through Real Options. Emissions allowances are equivalent tons of carbon traded between Annex I countries from companies that have the ability to reduce their emissions beyond what is assigned to it. The surplus of emission reductions produced by these companies may be sold in the emissions market. Thus, this work can contribute to improving the management of contractual risk and enable companies estimated the price at which a contract can be signed. Properly evaluate the contracts that the market environment is a challenge for companies. The historic low of information and randomness in the price of carbon allowances in the spot market suggest extreme caution in its use. (author)

  2. Derivative pricing with liquidity risk: Theory and evidence from the credit default swap market

    NARCIS (Netherlands)

    Bongaerts, D.; de Jong, F.; Driessen, J.

    2008-01-01

    We derive a theoretical asset-pricing model for derivative contracts that allows for expected liquidity and liquidity risk, and estimate this model for the market of credit default swaps (CDS). Our model extends the LCAPM of Acharya and Pedersen (2005) to a setting with derivative instruments and

  3. Pricing Policies in Managing Water Resources in Agriculture: An Application of Contract Theory to Unmetered Water

    Directory of Open Access Journals (Sweden)

    Davide Viaggi

    2013-09-01

    Full Text Available The paper explores how agricultural water pricing could contribute to lowering water demand when uses are unobserved (asymmetric information. The topic of the paper is justified by the fact that most water authorities worldwide do not control water uses at the farm scale. The study draws inspiration from the pricing policies of a Reclamation and Irrigation Board in Northern Italy. It analyses the optimal design of current tariff strategies with respect both to the actual regulator’s goals and the cost recovery objective of an ideal regulator driven by European Water Framework Directive principles and having full information. The analysis is based on the logic of a Principal-Agent model implemented as a mathematical non-linear programming model. Given the current pricing structure and assuming zero transaction costs, the results show a relevant increase in net benefits for the ideal scenario with respect to the actual one as water use costs increase. Benefits differences between the two scenarios mark a limit in value below which mechanisms able to solve the existing asymmetries between the principal and the agents are economically desirable. The study concludes by showing that the current regulator’s discriminatory strategy (pricing structure would be better justified with higher levels of cost for water use. However, the existence of non-zero transaction costs related to the control of water uses points to the need for further research in order to analyze incentive mechanisms in the absence of water metering.

  4. Radiation damage calculations for the APT materials test program

    International Nuclear Information System (INIS)

    Corzine, R.K.; Wechsler, M.S.; Dudziak, D.J.; Ferguson, P.D.; James, M.R.

    1999-01-01

    A materials irradiation was performed at the Los Alamos Neutron Science Center (LANSCE) in the fall of 1996 and spring of 1997 in support of the Accelerator Production of Tritium (APT) program. Testing of the irradiated materials is underway. In the proposed APT design, materials in the target and blanket are to be exposed to protons and neutrons over a wide range of energies. The irradiation and testing program was undertaken to enlarge the very limited direct knowledge presently available of the effects of medium-energy protons (∼1 GeV) on the properties of engineering materials. APT candidate materials were placed in or near the LANSCE accelerator 800-MeV, 1-mA proton beam and received roughly the same proton current density in the center of the beam as would be the case for the APT facility. As a result, the proton fluences achieved in the irradiation were expected to approach the APT prototypic full-power-year values. To predict accurately the performance of materials in APT, radiation damage parameters for the materials experiment must be determined. By modeling the experiment, calculations for atomic displacement, helium and hydrogen cross sections and for proton and neutron fluences were done for representative samples in the 17A, 18A, and 18C areas. The LAHET code system (LCS) was used to model the irradiation program, LAHET 2.82 within LCS transports protons > 1 MeV, and neutrons >20 MeV. A modified version of MCNP for use in LCS, HMCNP 4A, was employed to tally neutrons of energies <20 MeV

  5. 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...

  6. Prices and Price Setting

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2010-01-01

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

  7. Identifying APT Malware Domain Based on Mobile DNS Logging

    Directory of Open Access Journals (Sweden)

    Weina Niu

    2017-01-01

    Full Text Available Advanced Persistent Threat (APT is a serious threat against sensitive information. Current detection approaches are time-consuming since they detect APT attack by in-depth analysis of massive amounts of data after data breaches. Specifically, APT attackers make use of DNS to locate their command and control (C&C servers and victims’ machines. In this paper, we propose an efficient approach to detect APT malware C&C domain with high accuracy by analyzing DNS logs. We first extract 15 features from DNS logs of mobile devices. According to Alexa ranking and the VirusTotal’s judgement result, we give each domain a score. Then, we select the most normal domains by the score metric. Finally, we utilize our anomaly detection algorithm, called Global Abnormal Forest (GAF, to identify malware C&C domains. We conduct a performance analysis to demonstrate that our approach is more efficient than other existing works in terms of calculation efficiency and recognition accuracy. Compared with Local Outlier Factor (LOF, k-Nearest Neighbor (KNN, and Isolation Forest (iForest, our approach obtains more than 99% F-M and R for the detection of C&C domains. Our approach not only can reduce data volume that needs to be recorded and analyzed but also can be applicable to unsupervised learning.

  8. 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)

  9. Towards Understanding Tyre-Pavement Contact in APT Research on Flexible Pavements

    CSIR Research Space (South Africa)

    De Beer, Morris

    2016-09-01

    Full Text Available An important element of Accelerated Pavement Testing (APT) is the selection of appropriate test tyre(s) to be used for APT testing. By far the majority of full scale (or scaled) APT devices uses pneumatic rubber tyres. Tyres differ not only in size...

  10. APT/LEDA RFQ and support frame structural analysis

    International Nuclear Information System (INIS)

    Ellis, S.

    1997-01-01

    This report documents structural analysis of the Accelerator Production of Tritium Low Energy Demonstration Accelerator (APT/LEDA) Radio Frequency Quadrupole (RFQ) accelerator structure and its associated support frame. This work was conducted for the Department of Energy in support of the APT/LEDA. Structural analysis of the RFQ was performed to quantify stress levels and deflections due to both vacuum loading and gravity loading. This analysis also verified the proposed support scheme geometry and quantified interface loads. This analysis also determined the necessary stiffness and strength requirements of the RFQ support frame verifying the conceptual design geometry and allowing specification of individual frame elements. Complete structural analysis of the frame was completed subsequently. This report details structural analysis of the RFQ assembly with regard to gravity and vacuum loads only. Thermally induced stresses from the Radio Frequency (RF) surface resistance heating were not considered

  11. Miniaturization of the atmospheric laser communication APT system

    Science.gov (United States)

    Sun, Wei; Ai, Yong; Yang, Jinling; Huang, Haibo

    2003-09-01

    The paper presents a scheme of the miniaturization of APT system and the design of the system based on the investigation of status in quo. It deals with the infrared image of the other terminal's beacon from the Charge Coupled Device (CCD) by the Complex Programmable Logic Device (CPLD). The result of the transaction is delivered to Single Chip Microcomputer (SCM), which controls the micro-servomotor. Subsequently, the precision drive system drives the optical system that uses only one light axis for signal beam and beacon to finish the acquisition, pointing, and tracking of the communication terminals. The anlayses of the APT system's error indicate that the tracking error limits in 70uRad with the weight of the system lighter than 8-kilogram.

  12. ALTERNATIVES, FRAMES, AND RELATIVE PRICES - A BROADER VIEW OF RATIONAL CHOICE THEORY

    NARCIS (Netherlands)

    LINDENBERG, S; FREY, BS

    One important consequence of the increasing convergence between sociology and economics is that sociologists make increasingly more use of rational choice theories for the explanation of social action. This shift opens up the possibility that sociologists make use of what must be considered to be

  13. Development of a commissioning plan for the APT linac

    International Nuclear Information System (INIS)

    Funk, L.W.; Crandall, K.R.; Gilpatrick, J.D.; Gray, E.R.; Regan, A.H.; Rohlev, A.; Rybarcyk, L.J.; Wangler, T.P.

    1998-01-01

    The Accelerator Production of Tritium (APT) facility is based on a linac which incorporates both normal-conducting and superconducting RF technology and accelerates a 100-mA cw proton beam to an energy of 1,030 MeV or higher, depending on the desired production rate. Commissioning plans to achieve full power operation with minimum beam-induced activation of components have been evolving. This paper presents the main issues and the basic approaches that are now being discussed

  14. Thermal analysis of the APT materials irradiation samples

    International Nuclear Information System (INIS)

    Maloy, S.A.; Willcutt, G.J.; James, M.R.; Teague, J.; Diebe, D.A.; Sommer, W.F.; Ferguson, P.D.

    1998-01-01

    The accelerator production of tritium (APT) project proposes to use a 1.7 GeV, 100 mA proton beam to produce neutrons from an Inconel 718 clad tungsten target. The neutrons are multiplied and moderated in a lead/water blanket before being captured in He 3 to form tritium. In this process, the materials in the target and blanket region are exposed to a wide range of different fluxes comprised of protons and neutrons with energies into the GeV range. To investigate the effect of irradiation on the mechanical properties of candidate APT materials (Inconel 718, 316L stainless steel, Al 6061-T6, Mod 9Cr-1Mo, 304L stainless steel and Al5052-0), the APT Engineering Design and Development group fielded an extensive materials irradiation using the LANSCE (Los Alamos Neutron Science Center) accelerator, which operates at an energy of 800 MeV and a current of 1 mA. The test set-up was designed to place mechanical test specimens in locations in and near the proton beam where the environment of proton and neutron fluxes and temperatures are prototypic to those expected in the APT target/blanket (50--170 C). After irradiating for about 3,600 hours, the maximum achieved proton fluence was 4--5 x 10 21 p/cm 2 for the materials in the center of the beam. To obtain relevant data on the change in the mechanical properties with fluence, it is essential to know the temperature at which the materials were irradiated. This paper explains the method of determining the specimen temperature and reports some specific examples

  15. Investigation and Prediction of RF Window Performance in APT Accelerators

    International Nuclear Information System (INIS)

    Humphries, S. Jr.

    1997-01-01

    The work described in this report was performed between November 1996 and May 1997 in support of the APT (Accelerator Production of Tritium) Program at Los Alamos National Laboratory. The goal was to write and to test computer programs for charged particle orbits in RF fields. The well-documented programs were written in portable form and compiled for standard personal computers for easy distribution to LANL researchers. They will be used in several APT applications including the following. Minimization of multipactor effects in the moderate β superconducting linac cavities under design for the APT accelerator. Investigation of suppression techniques for electron multipactoring in high-power RF feedthroughs. Modeling of the response of electron detectors for the protection of high power RF vacuum windows. In the contract period two new codes, Trak-RF and WaveSim, were completed and several critical benchmark etests were carried out. Trak-RF numerically tracks charged particle orbits in combined electrostatic, magnetostatic and electromagnetic fields. WaveSim determines frequency-domain RF field solutions and provides a key input to Trak-RF. The two-dimensional programs handle planar or cylindrical geometries. They have several unique characteristics

  16. Atom probe tomography simulations and density functional theory calculations of bonding energies in Cu3Au

    KAUST Repository

    Boll, Torben; Zhu, Zhiyong; Al-Kassab, Talaat; Schwingenschlö gl, Udo

    2012-01-01

    In this article the Cu-Au binding energy in Cu3Au is determined by comparing experimental atom probe tomography (APT) results to simulations. The resulting bonding energy is supported by density functional theory calculations. The APT simulations

  17. Game theory application to operation control and pricing in deregulated power systems

    International Nuclear Information System (INIS)

    Yokoyama, G.R.

    2000-01-01

    Rapid move to a market-based electric power industry will significantly change electric utility operations. In this paper, we consider economic load dispatching rules in power systems under competitive environment when independent power producers (IPPs) are introduced and analyze their economic consequences by using game theory. An electric utility and IPPs are included in the model as players of the game where IPPs enter into the game firstly as a group, and secondly as individually. The utility and IPPs intend to maximize their own profit. We mainly use the Stackelberg strategy game theory and Nash equilibrium solution to analyze the negotiation process between the electric utility and IPPS, since it is widely recognized as rational decisions for competitive markets in terms of axiom. (author)

  18. 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

  19. 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...

  20. The role of price and enforcement in water allocation: insights from Game Theory

    Science.gov (United States)

    Souza Filho, F.; Lall, U.; Porto, R.

    2007-12-01

    As many countries are moving towards water sector reforms, practical issues of how water management institutions can better effect allocation, regulation and enforcement of water rights have emerged. The uncertainty associated with water that is available at a particular diversion point becomes a parameter that is likely to influence the behavior of water users as to their application for water licenses, as well as their willingness to pay for licensed use. The ability of a water agency to reduce this uncertainty through effective water rights enforcement is related to the fiscal ability of the agency to sustain the enforcement effort. In this paper, this interplay across the users and the agency is explored, considering the hydraulic structure or sequence of water use, and parameters that define the users and the agency's economics. The potential for free rider behavior by the users, as well as their proposals for licensed use are derived conditional on this setting. The analyses presented are developed in the framework of the theory of "Law and Economics", with user interactions modeled as a game theoretic enterprise. The state of Ceara, Brazil is used loosely as an example setting, with parameter values for the experiments indexed to be approximately those relevant for current decisions. The potential for using the ideas in participatory decision making is discussed.

  1. APT, The Phase I tool for HST Cycle 12

    Science.gov (United States)

    Blacker, Brett S.; Bertch, Maria; Curtis, Gary; Douglas, Robert E., Jr.; Krueger, Anthony P.

    2002-12-01

    In the continuing effort to streamline our systems and improve service to the science community, the Space Telescope Science Institute (STScI) is developing and releasing, APT The Astronomer’s Proposal Tool as the new interface for Hubble Space Telescope (HST) Phase I and Phase II proposal submissions for HST Cycle 12. APT, was formerly called the Scientist’s Expert Assistant (SEA), which started as a prototype effort to try and bring state of the art technology, more visual tools and power into the hands of proposers so that they can optimize the scientific return of their programs as well as HST. Proposing for HST and other missions, consists of requesting observing time and/or archival research funding. This step is called Phase I, where the scientific merit of a proposal is considered by a community based peer-review process. Accepted proposals then proceed thru Phase II, where the observations are specified in sufficient detail to enable scheduling on the telescope. In this paper, we will present our concept and implementation plans for our Phase I development and submission tool, APT. More importantly, we will go behind the scenes and discuss why it’s important for the Science Policies Division (SPD) and other groups at the STScI to have a new submission tool and submission output products. This paper is an update of the status of the HST Phase I Proposal Processing System that was described in the published paper “A New Era for HST Phase I Development and Submission.”

  2. Role of price and enforcement in water allocation: Insights from Game Theory

    Science.gov (United States)

    Souza Filho, Francisco Assis; Lall, Upmanu; Porto, Rubem La Laina

    2008-12-01

    As many countries are moving toward water sector reforms, practical issues of how water management institutions can better effect allocation, regulation, and enforcement of water rights have emerged. The problem of nonavailability of water to tailenders on an irrigation system in developing countries, due to unlicensed upstream diversions is well documented. The reliability of access or equivalently the uncertainty associated with water availability at their diversion point becomes a parameter that is likely to influence the application by users for water licenses, as well as their willingness to pay for licensed use. The ability of a water agency to reduce this uncertainty through effective water rights enforcement is related to the fiscal ability of the agency to monitor and enforce licensed use. In this paper, this interplay across the users and the agency is explored, considering the hydraulic structure or sequence of water use and parameters that define the users and the agency's economics. The potential for free rider behavior by the users, as well as their proposals for licensed use are derived conditional on this setting. The analyses presented are developed in the framework of the theory of "Law and Economics," with user interactions modeled as a game theoretic enterprise. The state of Ceara, Brazil, is used loosely as an example setting, with parameter values for the experiments indexed to be approximately those relevant for current decisions. The potential for using the ideas in participatory decision making is discussed. This paper is an initial attempt to develop a conceptual framework for analyzing such situations but with a focus on the reservoir-canal system water rights enforcement.

  3. 'Be nice, unless it pays to fight' : a new theory of price determination with implications for competition policy

    OpenAIRE

    Boone, Jan

    2002-01-01

    This paper introduces a simple extensive form pricing game where firms can react to each others’ price changes before the customers arrive. The Bertrand outcome is a Nash equilibrium outcome in this game, but it is not necessarily subgame perfect. The subgame perfect equilibrium outcome features the following comparative static properties. The more similar firms are, the higher the equilibrium price. Further, a new firm that enters the industry or an existing firm that becomes more efficient ...

  4. Defining clusters in APT reconstructions of ODS steels.

    Science.gov (United States)

    Williams, Ceri A; Haley, Daniel; Marquis, Emmanuelle A; Smith, George D W; Moody, Michael P

    2013-09-01

    Oxide nanoclusters in a consolidated Fe-14Cr-2W-0.3Ti-0.3Y₂O₃ ODS steel and in the alloy powder after mechanical alloying (but before consolidation) are investigated by atom probe tomography (APT). The maximum separation method is a standard method to define and characterise clusters from within APT data, but this work shows that the extent of clustering between the two materials is sufficiently different that the nanoclusters in the mechanically alloyed powder and in the consolidated material cannot be compared directly using the same cluster selection parameters. As the cluster selection parameters influence the size and composition of the clusters significantly, a procedure to optimise the input parameters for the maximum separation method is proposed by sweeping the d(max) and N(min) parameter space. By applying this method of cluster parameter selection combined with a 'matrix correction' to account for trajectory aberrations, differences in the oxide nanoclusters can then be reliably quantified. Copyright © 2012 Elsevier B.V. All rights reserved.

  5. Constructing APT Attack Scenarios Based on Intrusion Kill Chain and Fuzzy Clustering

    Directory of Open Access Journals (Sweden)

    Ru Zhang

    2017-01-01

    Full Text Available The APT attack on the Internet is becoming more serious, and most of intrusion detection systems can only generate alarms to some steps of APT attack and cannot identify the pattern of the APT attack. To detect APT attack, many researchers established attack models and then correlated IDS logs with the attack models. However, the accuracy of detection deeply relied on the integrity of models. In this paper, we propose a new method to construct APT attack scenarios by mining IDS security logs. These APT attack scenarios can be further used for the APT detection. First, we classify all the attack events by purpose of phase of the intrusion kill chain. Then we add the attack event dimension to fuzzy clustering, correlate IDS alarm logs with fuzzy clustering, and generate the attack sequence set. Next, we delete the bug attack sequences to clean the set. Finally, we use the nonaftereffect property of probability transfer matrix to construct attack scenarios by mining the attack sequence set. Experiments show that the proposed method can construct the APT attack scenarios by mining IDS alarm logs, and the constructed scenarios match the actual situation so that they can be used for APT attack detection.

  6. The APT program plan: Providing an assured tritium production capability

    International Nuclear Information System (INIS)

    Lisowski, P.W.; Anderson, J.L.; Bishop, W.P.; Boggs, B.; Hall, K.

    1996-01-01

    Tritium is a radioactive hydrogen isotope used in all U.S. nuclear weapons. Because the half-life of tritium is short, 12.3 yr, it must be periodically replenished. To provide a new source, the U.S. Department of Energy (DOE) is sponsoring conceptual design and engineering development and demonstration activities for a plant that will use a high-power proton linear accelerator to produce tritium and will go on-line no later than 2007. The APT project is in the process of completing the conceptual design for a tritium production plant. In addition, there are several important areas under engineering development and demonstration that will ensure an efficient, cost-effective plant design and provide an adequate margin of tritium production. Information provided from this work will be used by the DOE in its 1998 choice of production technology implementation

  7. Micah 1, an apt introduction to power talks

    Directory of Open Access Journals (Sweden)

    W.J. Wessels

    1998-08-01

    Full Text Available Power and the abuse of it, is often an integral part of discussions in any society. The prophets of the Old Testament felt strongly about this issue and often spoke out against the abuse of power and the suffering caused by it. Micah particularly addresses this issue in chapters 2 and 3. He blames the leaders in society, who should look out for the ordinary people, that they in particular are guilty of this transgression. In chapter 1 Micah proclaims Yahweh as the sovereign power who they should take note off. On the very basis of Yahweh's sovereign power he then proclaims oracles of judgment on the people of Judah. Micah 1 seems to form an apt introduction to the talks of the abuse of power in the society of Judah.

  8. Potassium hydroxide: an alternative reagent to perform the modified apt test.

    Science.gov (United States)

    Chicaiza, Henry; Hellstrand, Karl; Lerer, Trudy; Smith, Sharon; Sylvester, Francisco

    2014-09-01

    We tested the performance of potassium hydroxide (KOH) in the modified Apt test under different experimental conditions using sodium hydroxide as a positive control. Like sodium hydroxide, KOH differentiated fresh fetal and adult blood stains on a cloth but not dried blood. KOH may be used to perform the Apt test at the bedside. Copyright © 2014 Elsevier Inc. All rights reserved.

  9. The Value of Renewable Energy as a Hedge Against Fuel Price Risk: Analytic Contributions from Economic and Finance Theory

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark A; Wiser, Ryan

    2008-09-15

    For better or worse, natural gas has become the fuel of choice for new power plants being built across the United States. According to the Energy Information Administration (EIA), natural gas-fired units account for nearly 90% of the total generating capacity added in the U.S. between 1999 and 2005 (EIA 2006b), bringing the nationwide market share of gas-fired generation to 19%. Looking ahead over the next decade, the EIA expects this trend to continue, increasing the market share of gas-fired generation to 22% by 2015 (EIA 2007a). Though these numbers are specific to the US, natural gas-fired generation is making similar advances in many other countries as well. A large percentage of the total cost of gas-fired generation is attributable to fuel costs--i.e., natural gas prices. For example, at current spot prices of around $7/MMBtu, fuel costs account for more than 75% of the levelized cost of energy from a new combined cycle gas turbine, and more than 90% of its operating costs (EIA 2007a). Furthermore, given that gas-fired plants are often the marginal supply units that set the market-clearing price for all generators in a competitive wholesale market, there is a direct link between natural gas prices and wholesale electricity prices. In this light, the dramatic increase in natural gas prices since the 1990s should be a cause for ratepayer concern. Figure 1 shows the daily price history of the 'first-nearby' (i.e., closest to expiration) NYMEX natural gas futures contract (black line) at Henry Hub, along with the futures strip (i.e., the full series of futures contracts) from August 22, 2007 (red line). First, nearby prices, which closely track spot prices, have recently been trading within a $7-9/MMBtu range in the United States and, as shown by the futures strip, are expected to remain there through 2012. These price levels are $6/MMBtu higher than the $1-3/MMBtu range seen throughout most of the 1990s, demonstrating significant price escalation for

  10. A Simple Model of Pharmaceutical Price Dynamics

    OpenAIRE

    Bhattacharya, Jayanta; Vogt, William B

    2003-01-01

    Branded pharmaceutical firms use price and promotional strategy to manage public knowledge about their drugs. We propose a dynamic theory of pharmaceutical pricing and conduct an exploratory empirical analysis inspired by the theory. Our theory predicts a pattern of increasing prices and decreasing promotional activities over a drug's life cycle. Prices are kept low and advertising levels high early in the life cycle in order to build public knowledge about the drug. As knowledge grows, price...

  11. Evaluation of long-term natural gas marketing agreements: An application of commodity forward and option pricing theory

    International Nuclear Information System (INIS)

    Salahor, G.S.; Laughton, D.G.

    1993-01-01

    Methods that have been empirically validated in the analysis of short-term traded securities are adapted to evaluate long-term natural gas direct-sale contracts. A sample contract is examined from the perspective of the producer, and analyzed as a series of forward and option contracts. The assessment of contract value is based on the gas price forecast, the volatility in that forecast, and the valuation of risk caused by that volatility. The method presented allows the gas producer to quantify these elements, and to evaluate the variety of terms encountered in direct-sale natural gas agreements, including features such as load factors and penalty charges. The analysis uses as inputs a probabilistic price forecast and a determination of a price of risk for gas prices. Once the forecast volatility is derived from the probabilistic forecast, the forward contracts imbedded in the long-term gas contract can be valued with a risk-discounting model, and optional aspects can be evaluated using the Black-Scholes option pricing method. 10 refs., 3 figs., 2 tabs

  12. Design of 250-MW CW RF system for APT

    International Nuclear Information System (INIS)

    Rees, D.

    1997-01-01

    The design for the RF systems for the APT (Accelerator Production of Tritium) proton linac will be presented. The linac produces a continuous beam power of 130 MW at 1300 MeV with the installed capability to produce up to a 170 MW beam at 1700 MeV. The linac is comprised of a 350 MHz RFQ to 7 MeV followed in sequence by a 700 MHz coupled-cavity drift tube linac, coupled-cavity linac, and superconducting (SC) linac to 1700 MeV. At the 1700 MeV, 100 mA level the linac requires 213 MW of continuous-wave (CW) RF power. This power will be supplied by klystrons with a nominal output power of 1.0 MW. 237 kystrons are required with all but three of these klystrons operating at 700 MHz. The klystron count includes redundancy provisions that will be described which allow the RF systems to meet an operational availability in excess of 95 percent. The approach to achieve this redundancy will be presented for both the normal conducting (NC) and SC accelerators. Because of the large amount of CW RF power required for the APT linac, efficiency is very important to minimize operating cost. Operation and the RF system design, including in-progress advanced technology developments which improve efficiency, will be discussed. RF system performance will also be predicted. Because of the simultaneous pressures to increase RF system reliability, reduce tunnel envelope, and minimize RF system cost, the design of the RF vacuum windows has become an important issue. The power from a klystron will be divided into four equal parts to minimize the stress on the RF vacuum windows. Even with this reduction, the RF power level at the window is at the upper boundary of the power levels employed at other CW accelerator facilities. The design of a 350 MHz, coaxial vacuum window will be presented as well as test results and high power conditioning profiles. The transmission of 950 kW, CW, power through this window has been demonstrated with only minimal high power conditioning

  13. Advanced buck converter power supply ABCPS for APT

    International Nuclear Information System (INIS)

    Street, R.; Overett, T.; Bowles, E.

    1998-01-01

    The United States Department of Energy (DOE) is planning to fabricate an Accelerator for the Production of Tritium (APT) at their Savannah River Site, to provide Tritium for national defense. The 1700 million electron volt (MeV) proton beam accelerator will be powered by radio frequency (RF) klystrons. A direct current (DC) power supply is required for each of the approximately two hundred and fifty 1-megawatt (MW) continuous wave klystrons in the RF power system. The requirements are that the power supply meet output performance specifications, provide fault protection for the klystron, have high efficiency, high reliability, good maintainability, and be readily manufacturable. As the power supplies are one of the largest cost elements in the accelerator, a technology review was made to determine the most economical approach to satisfy the requirements. A switch-mode power supply employing a buck-regulator was identified as being potentially the lowest cost approach. As the switch represents a certain development risk, a small-scale prototype has been constructed for evaluation, and has resulted in the decision to fabricate a full-scale prototype power supply. A description of the hardware will be presented

  14. Development of the SCRF Power Coupler for the APT Accelerator

    Energy Technology Data Exchange (ETDEWEB)

    Schmierer, E.N.; Lujan, R.E.; Rusnak, B.; Smith, B.; Haynes, W.B.; Gautier, C.; Waynert, J.A.; Krawczyk, F.; Gioia, J.

    1999-03-01

    The team responsible for the design of the Accelerator Production of Tritium (APT) superconducting (SC) radio frequency (RF) power coupler has developed two 700-MHz, helium gas-cooled power couplers. One has a fixed inner conductor and the other has an adjustable inner conductor (gamma prototype and alpha prototype). The power couplers will be performance tested in the near future. This paper discusses the mechanical design and fabrication techniques employed in the development of each power coupler. This includes material selection, copper coating, assembly sequences, and metal joining procedures, as well as the engineering analyses performed to determine the dynamic response of the inner conductors due to environmental excitations. A bellows is used in both prototype inner conductors in the area near the ceramic RF window, to compensate for thermal expansion and mechanical tolerance build-up. In addition, a bellows is used near the tip of the inner conductor of the alpha prototype for running the power coupler after it is installed on the accelerator. Extensive analytical work has been performed to determine the static loads transmitted by the bellows due to thermally induced expansion on the inner conductor and on the RF window. This paper also discusses this analysis, as well as the mechanical analysis performed to determine the final geometric shape of the bellows. Finally, a discussion of the electromagnetic analysis used to optimize the performance of the power couplers is included.

  15. 'Be Nice Unless it Pays to Fight' : A New Theory of Price Determination with Implications for Competition Policy

    NARCIS (Netherlands)

    Boone, J.

    2002-01-01

    This paper introduces a simple extensive form pricing game.The Bertrand outcome is a Nash equilibrium outcome in this game, but it is not necessarily subgame perfect.The subgame perfect equilibrium outcome features the following comparative static properties.The more similar firms are, the higher

  16. Basis for low beam loss in the high-current APT linac

    International Nuclear Information System (INIS)

    Wangler, T.P.; Gray, E.R.; Krawczyk, F.L.; Kurennoy, S.S.; Lawrence, G.P.; Ryne, R.D.; Crandall, K.R.

    1998-01-01

    The present evidence that the APT proton linac design will meet its goal of low beam loss operation. The conclusion has three main bases: (1) extrapolation from the understanding of the performance of the 800-MeV LANSCE proton linac at Los Alamos, (2) the theoretical understanding of the dominant halo-forming mechanism in the APT accelerator from physics models and multiparticle simulations, and (3) the conservative approach and key principles underlying the design of the APT linac, which are aimed at minimizing beam halo and providing large apertures to reduce beam loss to a very low value

  17. Simulation of dynamic traffic loading based on accelerated pavement testing (APT)

    CSIR Research Space (South Africa)

    Steyn, WJvdM

    2004-03-01

    Full Text Available The objective of this paper is to introduce the latest Heavy Vehicle Simulator (HVS) technology as part of the South African Accelerated Pavement Testing (APT) efforts, its capabilities and expected impact on road pavement analysis....

  18. Brand the Pricing: Critical Critique

    OpenAIRE

    Alam Kazmi, Syed Hasnain

    2015-01-01

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

  19. 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...

  20. Testing VBN theory in Japan: Relationships between values, beliefs, norms, and acceptability and expected effects of a car pricing policy

    NARCIS (Netherlands)

    Hiratsuka, Jiro; Perlaviciute, Goda; Steg, Linda

    The VBN (value-belief-norm) theory of environmentalism postulates that values influence pro-environmental behaviour via pro-environmental beliefs and personal norms. A few studies provided support for the theory in explaining pro-environmental behaviour in Europe and Latin America. Beyond these

  1. 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...

  2. 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...

  3. 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.

  4. Real-Time Pricing Decision Making for Retailer-Wholesaler in Smart Grid Based on Game Theory

    Directory of Open Access Journals (Sweden)

    Yeming Dai

    2014-01-01

    Full Text Available Real-time pricing DSM (demand side management is widely used to dynamically change or shift the electricity consumption in the smart grid. In this paper, a game decision making scheme is proposed in the smart grid with DSM. The interaction between two retailers and their wholesaler is modeled as a two-stage game model. Considering the competition between two retailers, two different game models are developed in terms of the different action order between retailers and their wholesaler. Through analyzing the equilibrium revenues of the retailers for different situations we find that although the wholesaler expects to decentralize certain management powers to the retailers, it has retained the right to change the rules of the game and frequently reneged on the promises. More specifically, the law should ensure that any change of the revenue-sharing formula must go through certain legal procedures. Imposing legal restrictions on the wholesaler’s discretionary policy suggests that the time-inconsistency problem is mitigated. Numerical simulation shows the effectiveness of proposed scheme.

  5. A joint estimation of price-cost margins and sunk capital. Theory and evidence from the European electricity industry

    International Nuclear Information System (INIS)

    Roeger, W.; Warzynski, F.

    2004-01-01

    In this paper, we propose a new methodology to jointly estimate market power and the importance of sunk capital extending the work of Hall (1988) and Roeger (1995). Wc then apply this new technique to the European electricity industry using firm level data for the period 1994-1999, and analyze the impact of the 1996 European directive to liberalize electricity markets. We find that the average price cost margin has declined from 0.29 in 1994 to 0.22 in 1999. Moreover, the magnitude of the decline is linked to firm size: the largest firms have experienced a larger percentage fall. The variable cost parameter has increased from 0.36 in 1994 to 0.56 in 1999. The main reason of the change is the switch of the relationship between real labor productivity and the share of variable capital. Our results therefore document a more competitive electricity market and a more flexible and more efficient use of capital. (au)

  6. Evaluation of medical isotope production with the accelerator production of tritium (APT) facility

    International Nuclear Information System (INIS)

    Benjamin, R.W.; Frey, G.D.; McLean, D.C., Jr; Spicer, K.M.; Davis, S.E.; Baron, S.; Frysinger, J.R.; Blanpied, G.; Adcock, D.

    1997-01-01

    The accelerator production of tritium (APT) facility, with its high beam current and high beam energy, would be an ideal supplier of radioisotopes for medical research, imaging, and therapy. By-product radioisotopes will be produced in the APT window and target cooling systems and in the tungsten target through spallation, neutron, and proton interactions. High intensity proton fluxes are potentially available at three different energies for the production of proton- rich radioisotopes. Isotope production targets can be inserted into the blanket for production of neutron-rich isotopes. Currently, the major production sources of radioisotopes are either aging or abroad, or both. The use of radionuclides in nuclear medicine is growing and changing, both in terms of the number of nuclear medicine procedures being performed and in the rapidly expanding range of procedures and radioisotopes used. A large and varied demand is forecast, and the APT would be an ideal facility to satisfy that demand

  7. Study of surface functionalization on IDE by using 3-aminopropyl triethoxysilane (APTES) for cervical cancer detection

    Science.gov (United States)

    Raqeema, S.; Hashim, U.; Azizah, N.

    2016-07-01

    This paper presented the study of surface functionalization on IDE by using 3-Aminopropyl triethoxysilane (APTES). The DNA nanochip based interdigitated (IDE) has been proposed to optimized the sensitivity of the device due to the cervical cancer detection. The DNA nanochip will be more efficient using surface modification of TiO2 nanoparticles with 3-Aminopropyl triethoxysilane (APTES). Furthermore, APTES gain the better functionalization of the adsorption mechanism on IDE. The combination of the DNA probe and the HPV target will produce more sensitivity and speed of the DNA nanochip due to their properties. The IDE has been characterized using current-voltage (IV) measurement. This functionalization of the surface would be applicable, sensitive, selective and low cost for cervical cancer detection.

  8. A Reconsideration of Full-Cost Pricing

    OpenAIRE

    Nubbemeyer, Elmar

    2010-01-01

    The wide use of full-cost pricing techniques remains an explanandum in both economics and management accounting theory. This work surveys and develops possible theoretical explanations of this industrial pricing behaviour and analyses some of its implications. By recognition of the widespread use of imperfect cost-plus pricing heuristics, observable pricing behaviour, as well as empirical market-level phenomena, can be explained. Furthermore, methodological aspects of marginalist price the...

  9. The Analysis of Income Per Capita Convergence on ASEAN Plus Three (APT) Countries

    OpenAIRE

    Fatiwetunusa, Any; Syamsurijal, Syamsurijal; Yuliana, Sa’adah

    2017-01-01

    The main objective of this study is to test the convergence of income per capita in APT countries through three models: absolute convergence, conditional convergence and sigma convergence. Regression analysis of panel data from 13 APT countries during the period of 2001-2014 is used to analysed to study problem. In absolute convergence model, the growth of real GDP per capita and initial real GDP are used as the variables, meanwhile, 8 variables such as the growth of real GPD per capita, init...

  10. A Model for Cooperative Advertising and Pricing Decisions in Manufacturer-Retailer Supply Chain with Discount: A Game Theory Approach

    OpenAIRE

    Abolfazl Kazemi; Zohreh SaeedMohammadi

    2016-01-01

    Coordinating the supply chain is among the most important subjects that is extensively addressed in the related literature. If a supply chain is to be coordinated, it is equivalent to say that we must solve a problem related to competition and cooperation. The game theory is obviously one of the most effective methods to solve such problems, in which the players of the supply chain are assumed to engage in cooperative and non-cooperative games. The current study aims to coordinate a two-level...

  11. 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...

  12. 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.

  13. Modification of silicon nitride surfaces with GOPES and APTES for antibody immobilization: computational and experimental studies

    International Nuclear Information System (INIS)

    To, Thien Dien; Nguyen, Anh Tuan; Phan, Khoa Nhat Thanh; Truong, An Thu Thi; Doan, Tin Chanh Duc; Dang, Chien Mau

    2015-01-01

    Chemical modification of silicon nitride (SiN) surfaces by silanization has been widely studied especially with 3-(aminopropyl)triethoxysilane (APTES) and 3-(glycidyloxypropyl) dimethylethoxysilane (GOPES). However few reports performed the experimental and computational studies together. In this study, surface modification of SiN surfaces with GOPES and APTES covalently bound with glutaraldehyde (GTA) was investigated for antibody immobilization. The monoclonal anti-cytokeratin-FITC (MACF) antibody was immobilized on the modified SiN surfaces. The modified surfaces were characterized by water contact angle measurements, atomic force microscopy and fluorescence microscopy. The FITC-fluorescent label indicated the existence of MACF antibody on the SiN surfaces and the efficiency of the silanization reaction. Absorption of APTES and GOPES on the oxidized SiN surfaces was computationally modeled and calculated by Materials Studio software. The computational and experimental results showed that modification of the SiN surfaces with APTES and GTA was more effective than the modification with GOPES. (paper)

  14. Amide Proton Transfer (APT) MR imaging and Magnetization Transfer (MT) MR imaging of pediatric brain development

    International Nuclear Information System (INIS)

    Zhang, Hong; Kang, Huiying; Peng, Yun; Zhao, Xuna; Jiang, Shanshan; Zhang, Yi; Zhou, Jinyuan

    2016-01-01

    To quantify the brain maturation process during childhood using combined amide proton transfer (APT) and conventional magnetization transfer (MT) imaging at 3 Tesla. Eighty-two neurodevelopmentally normal children (44 males and 38 females; age range, 2-190 months) were imaged using an APT/MT imaging protocol with multiple saturation frequency offsets. The APT-weighted (APTW) and MT ratio (MTR) signals were quantitatively analyzed in multiple brain areas. Age-related changes in MTR and APTW were evaluated with a non-linear regression analysis. The APTW signals followed a decreasing exponential curve with age in all brain regions measured (R"2 = 0.7-0.8 for the corpus callosum, frontal and occipital white matter, and centrum semiovale). The most significant changes appeared within the first year. At maturation, larger decreases in APTW and lower APTW values were found in the white matter. On the contrary, the MTR signals followed an increasing exponential curve with age in the same brain regions measured, with the most significant changes appearing within the initial 2 years. There was an inverse correlation between the MTR and APTW signal intensities during brain maturation. Together with MT imaging, protein-based APT imaging can provide additional information in assessing brain myelination in the paediatric population. (orig.)

  15. Medical Isotope Production With The Accelerator Production of Tritium (APT) Facility

    International Nuclear Information System (INIS)

    Buckner, M.; Cappiello, M.; Pitcher, E.; O'Brien, H.

    1998-01-01

    In order to meet US tritium needs to maintain the nuclear weapons deterrent, the Department of Energy (DOE) is pursuing a dual track program to provide a new tritium source. A record of decision is planned for late in 1998 to select either the Accelerator Production of Tritium (APT) or the Commercial Light Water Reactor (CLWR) as the technology for new tritium production in the next century. To support this decision, an APT Project was undertaken to develop an accelerator design capable of producing 3 kg of tritium per year by 2007 (START I requirements). The Los Alamos National Laboratory (LANL) was selected to lead this effort with Burns and Roe Enterprises, Inc. (BREI) / General Atomics (GA) as the prime contractor for design, construction, and commissioning of the facility. If chosen in the downselect, the facility will be built at the Savannah River Site (SRS) and operated by the SRS Maintenance and Operations (M ampersand O) contractor, the Westinghouse Savannah River Company (WSRC), with long-term technology support from LANL. These three organizations (LANL, BREI/GA, and WSRC) are working together under the direction of the APT National Project Office which reports directly to the DOE Office of Accelerator Production which has program authority and responsibility for the APT Project

  16. Amide Proton Transfer (APT) MR imaging and Magnetization Transfer (MT) MR imaging of pediatric brain development

    Energy Technology Data Exchange (ETDEWEB)

    Zhang, Hong; Kang, Huiying; Peng, Yun [Beijing Children' s Hospital, Capital Medical University, Imaging Center, Department of Radiology, Beijing (China); Zhao, Xuna [Philips Healthcare, Beijing (China); Jiang, Shanshan; Zhang, Yi; Zhou, Jinyuan [Johns Hopkins University, Division of MR Research, Department of Radiology, Baltimore, MD (United States)

    2016-10-15

    To quantify the brain maturation process during childhood using combined amide proton transfer (APT) and conventional magnetization transfer (MT) imaging at 3 Tesla. Eighty-two neurodevelopmentally normal children (44 males and 38 females; age range, 2-190 months) were imaged using an APT/MT imaging protocol with multiple saturation frequency offsets. The APT-weighted (APTW) and MT ratio (MTR) signals were quantitatively analyzed in multiple brain areas. Age-related changes in MTR and APTW were evaluated with a non-linear regression analysis. The APTW signals followed a decreasing exponential curve with age in all brain regions measured (R{sup 2} = 0.7-0.8 for the corpus callosum, frontal and occipital white matter, and centrum semiovale). The most significant changes appeared within the first year. At maturation, larger decreases in APTW and lower APTW values were found in the white matter. On the contrary, the MTR signals followed an increasing exponential curve with age in the same brain regions measured, with the most significant changes appearing within the initial 2 years. There was an inverse correlation between the MTR and APTW signal intensities during brain maturation. Together with MT imaging, protein-based APT imaging can provide additional information in assessing brain myelination in the paediatric population. (orig.)

  17. 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.)

  18. APT Blanket Detailed Bin Model Based on Initial Plate-Type Design -3D FLOWTRAN-TF Model

    International Nuclear Information System (INIS)

    Hamm, L.L.

    1998-01-01

    This report provides background information for a series of reports documenting accident scenario simulations for the Accelerator Production of Tritium (APT) blanket heat removal systems. The simulations were performed in support of the Preliminary Safety Analysis Report for the APT. This report gives a brief description of the FLOWTRAN-TF code which was used for detailed blanket bin modeling

  19. Update on the methodology for Amtrak cost accounting Amtrak performance tracking (APT) : volume 2, appendices A-F.

    Science.gov (United States)

    2016-04-22

    Each table below represents the list of Cost Centers associated with each APT Subfamily at the time the data for this report was gathered from APT in April 2016. The #701 Capital Family is not included as it does not have Cost Centers in a traditiona...

  20. Amide proton transfer (APT) imaging of brain tumors at 7 T : The role of tissue water T1 -Relaxation properties

    NARCIS (Netherlands)

    Khlebnikov, V; Polders, Daniel; Hendrikse, J; Robe, Pierre A.; Voormolen, Eduard H; Luijten, Peter R; Klomp, DWJ; Hoogduin, Hans

    PURPOSE: To provide insight into the effect of water T1 relaxation (T1wat ) on amide proton transfer (APT) contrast in tumors. Three different metrics of APT contrast-magnetization transfer ratio (MTRRex ), relaxation-compensated MTRRex (AREX), and traditional asymmetry (MTRasym )-were compared in

  1. Acquisition by Processing Theory: A Theory of Everything?

    Science.gov (United States)

    Carroll, Susanne E.

    2004-01-01

    Truscott and Sharwood Smith (henceforth T&SS) propose a novel theory of language acquisition, "Acquisition by Processing Theory" (APT), designed to account for both first and second language acquisition, monolingual and bilingual speech perception and parsing, and speech production. This is a tall order. Like any theoretically ambitious…

  2. 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

  3. 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.

  4. 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.

  5. Wireless network pricing

    CERN Document Server

    Huang, Jianwei

    2013-01-01

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

  6. 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...

  7. Impact of European pharmaceutical price regulation on generic price competition: a review.

    Science.gov (United States)

    Puig-Junoy, Jaume

    2010-01-01

    Although economic theory indicates that it should not be necessary to intervene in the generic drug market through price regulation, most EU countries intervene in this market, both by regulating the maximum sale price of generics (price cap) and by setting the maximum reimbursement rate, especially by means of reference pricing systems. We analyse current knowledge of the impact of direct price-cap regulation of generic drugs and the implementation of systems regulating the reimbursement rate, particularly through reference pricing and similar tools, on dynamic price competition between generic competitors in Europe. A literature search was carried out in the EconLit and PubMed databases, and on Google Scholar. The search included papers published in English or Spanish between January 2000 and July 2009. Inclusion criteria included that studies had to present empirical results of a quantitative nature for EU countries of the impact of price capping and/or regulation of the reimbursement rate (reference pricing or similar systems) on price dynamics, corresponding to pharmacy sales, in the generic drug market. The available evidence indicates that price-cap regulation leads to a levelling off of generic prices at a higher level than would occur in the absence of this regulation. Reference pricing systems cause an obvious and almost compulsory reduction in the consumer price of all pharmaceuticals subject to this system, to a varying degree in different countries and periods, the reduction being greater for originator-branded drugs than for generics. In several countries with a reference pricing system, it was observed that generics with a consumer price lower than the reference price do not undergo price reductions until the reference price is reduced, even when there are other lower-priced generics on the market (absence of price competition below the reference price). Beyond the price reduction forced by the price-cap and/or reference pricing regulation itself

  8. 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)

  9. Strategy for the expansion of renewable energies. An investigation of the pricing strategy of the Renewable Energy Law from the viewpoint of an evolutionary cybernetic theory of economic policy

    International Nuclear Information System (INIS)

    Schlueter, Fabian

    2015-01-01

    This publication reports on how the steadily increasing costs caused by the Renewable Energy Law (EEG) have brought the German strategy for the expansion of renewable energies under criticism. According to theories of regulatory economic policy, which state that politico-economic incentives of this kind must necessarily result in an inefficient allocation of scarce resources, this cost increase can be interpreted as a direct consequence of the price intervention. The present publication takes a critical stance on this viewpoint, developing for its purpose a new position on regulatory policy referred to as the evolutionary cybernetic theory of economic policy. It starts out from the works of F.A. von Hayek, which it then takes a significant step further however. The author argues that price interventions can be meaningful strategies of economic policy as long as they are aimed at a temporary initiation of market development towards sustainability and efficiency. Based on this model conception of a shrewd pricing strategy the publication undertakes an analysis from the perspective of regulatory policy of the German subsidisation of renewable energies. In the process it not only reveals errors in design of the EEG but also makes a proposal for an amendment that could be effective in cutting through the present price dynamics. In presenting its recommendation of a self-steering expansion policy the publication not only contributes to the further development of an evolutionary cybernetic theory of economic policy but addresses the urgent problem of how to wisely use regulatory policy to create pricing strategies which serve the expansion of renewable energies.

  10. Molecular layer deposition of APTES on silicon nanowire biosensors: Surface characterization, stability and pH response

    International Nuclear Information System (INIS)

    Liang, Yuchen; Huang, Jie; Zang, Pengyuan; Kim, Jiyoung; Hu, Walter

    2014-01-01

    Graphical abstract: - Abstract: We report the use of molecular layer deposition (MLD) for depositing 3-aminopropyltriethoxysilane (APTES) on a silicon dioxide surface. The APTES monolayer was characterized using spectroscopic ellipsometry, contact angle goniometry, and atomic force microscopy. Effects of reaction time of repeating pulses and simultaneous feeding of water vapor with APTES were tested. The results indicate that the synergistic effects of water vapor and reaction time are significant for the formation of a stable monolayer. Additionally, increasing the number of repeating pulses improved the APTES surface coverage but led to saturation after 10 pulses. In comparing MLD with solution-phase deposition, the APTES surface coverage and the surface quality were nearly equivalent. The hydrolytic stability of the resulting films was also studied. The results confirmed that the hydrolysis process was necessary for MLD to obtain stable surface chemistry. Furthermore, we compared the pH sensing results of Si nanowire field effect transistors (Si NWFETs) modified by both the MLD and solution methods. The highly repeatable pH sensing results reflected the stability of APTES monolayers. The results also showed an improved pH response of the sensor prepared by MLD compared to the one prepared by the solution treatment, which indicated higher surface coverage of APTES

  11. Molecular layer deposition of APTES on silicon nanowire biosensors: Surface characterization, stability and pH response

    Science.gov (United States)

    Liang, Yuchen; Huang, Jie; Zang, Pengyuan; Kim, Jiyoung; Hu, Walter

    2014-12-01

    We report the use of molecular layer deposition (MLD) for depositing 3-aminopropyltriethoxysilane (APTES) on a silicon dioxide surface. The APTES monolayer was characterized using spectroscopic ellipsometry, contact angle goniometry, and atomic force microscopy. Effects of reaction time of repeating pulses and simultaneous feeding of water vapor with APTES were tested. The results indicate that the synergistic effects of water vapor and reaction time are significant for the formation of a stable monolayer. Additionally, increasing the number of repeating pulses improved the APTES surface coverage but led to saturation after 10 pulses. In comparing MLD with solution-phase deposition, the APTES surface coverage and the surface quality were nearly equivalent. The hydrolytic stability of the resulting films was also studied. The results confirmed that the hydrolysis process was necessary for MLD to obtain stable surface chemistry. Furthermore, we compared the pH sensing results of Si nanowire field effect transistors (Si NWFETs) modified by both the MLD and solution methods. The highly repeatable pH sensing results reflected the stability of APTES monolayers. The results also showed an improved pH response of the sensor prepared by MLD compared to the one prepared by the solution treatment, which indicated higher surface coverage of APTES.

  12. A study of Canadian retail gasoline prices

    International Nuclear Information System (INIS)

    Eckert, A.L.

    1999-05-01

    Retail gasoline pricing in Canadian markets was examined to demonstrate why retail prices tend to follow one of two distinct patterns and that neither pattern is observable in the wholesale price. In many cities, retail prices are more rigid than wholesale prices, while in other markets, retail prices follow a cyclic pattern not seen in wholesale prices. This study examined why constant prices are observed in some cities, while other cities have cyclic prices. Theoretical justification was given to the argument that prices will remain constant only in markets in which there are only few gasoline companies with a small number of stations, but a large per-station capacity. It was shown that when one firm operates significantly more stations than its rival, a constant cost equilibrium cannot be maintained. However, a cycle equilibrium can be constructed in this case, and also when the two companies are similarly sized. An initial examination of available price, cost and market structure data shows that there is a positive correlation between price stability and concentration. The response of retail prices to wholesale price movements in the presence of a retail price cycle was also examined through the use of a simple model based on the predictions of the above theory. Data for the city of Windsor, Ontario was used for the modelling approach. A new cycle is created by an increase in price whenever the distance between the previous retail price and the current wholesale prices is very small. Retail prices are more responsive to wholesale prices over the increasing portion of the cycle. It was shown that when the asymmetric error correction model of Borenstein, Cameron and Gilbert is estimated, it indicates a more rapid response to wholesale price increases than to decreases. 72 refs., 22 tabs., 8 figs

  13. Kinetics of (3-aminopropyl)triethoxylsilane (APTES) silanization of superparamagnetic iron oxide nanoparticles.

    Science.gov (United States)

    Liu, Yue; Li, Yueming; Li, Xue-Mei; He, Tao

    2013-12-10

    Silanization of magnetic ironoxide nanoparticles with (3-aminopropyl)triethoxylsilane (APTES) is reported. The kinetics of silanization toward saturation was investigated using different solvents including water, water/ethanol (1/1), and toluene/methanol (1/1) at different reaction temperature with different APTES loading. The nanoparticles were characterized by Fourier transform infrared spectroscopy, vibrating sample magnetometry, transmission electron microscopy, and thermal gravimetric analysis (TGA). Grafting density data based on TGA were used for the kinetic modeling. It is shown that initial silanization takes place very fast but the progress toward saturation is very slow, and the mechanism may involve adsorption, chemical sorption, and chemical diffusion processes. The highest equilibrium grafting density of 301 mg/g was yielded when using toluene/methanol mixture as the solvent at a reaction temperature of 70 °C.

  14. APT cost scaling: Preliminary indications from a Parametric Costing Model (PCM)

    International Nuclear Information System (INIS)

    Krakowski, R.A.

    1995-01-01

    A Parametric Costing Model has been created and evaluate as a first step in quantitatively understanding important design options for the Accelerator Production of Tritium (APT) concept. This model couples key economic and technical elements of APT in a two-parameter search of beam energy and beam power that minimizes costs within a range of operating constraints. The costing and engineering depth of the Parametric Costing Model is minimal at the present open-quotes entry levelclose quotes, and is intended only to demonstrate a potential for a more-detailed, cost-based integrating design tool. After describing the present basis of the Parametric Costing Model and giving an example of a single parametric scaling run derived therefrom, the impacts of choices related to resistive versus superconducting accelerator structures and cost of electricity versus plant availability (open-quotes load curveclose quotes) are reported. Areas of further development and application are suggested

  15. A functional screen implicates microRNA-138-dependent regulation of the depalmitoylation enzyme APT1 in dendritic spine morphogenesis

    DEFF Research Database (Denmark)

    Siegel, Gabriele; Obernosterer, Gregor; Fiore, Roberto

    2009-01-01

    of acyl protein thioesterase 1 (APT1), an enzyme regulating the palmitoylation status of proteins that are known to function at the synapse, including the alpha(13) subunits of G proteins (Galpha(13)). RNA-interference-mediated knockdown of APT1 and the expression of membrane-localized Galpha(13) both...... suppress spine enlargement caused by inhibition of miR-138, suggesting that APT1-regulated depalmitoylation of Galpha(13) might be an important downstream event of miR-138 function. Our results uncover a previously unknown miRNA-dependent mechanism in neurons and demonstrate a previously unrecognized...

  16. The Analysis of Income per Capita Convergence on ASEAN Plus Three (APT Countries

    Directory of Open Access Journals (Sweden)

    Any Fatiwetunusa

    2017-09-01

    Full Text Available The main objective of this study is to test the convergence of income per capita in APT countries through three models: absolute convergence, conditional convergence and sigma convergence. Regression analysis of panel data from 13 APT countries during the period of 2001-2014 is used to analysed to study problem. In absolute convergence model, the growth of real GDP per capita and initial real GDP are used as the variables, meanwhile, 8 variables such as the growth of real GPD per capita, initial real GDP per capita, labor force ratio, value added in agricultural sector, value added in industrial sector, terms of trade, foreign direct investment and internet users ratio are analyzed in conditional convergence model. According to the Solow model, the economies of the countries will converge in which the growth of income per capita of developing countries will be higher than those of developed countries. The economies will be convergent if the countries tend to move to a similar steady state resulting in smaller gap between the countries. Based on the results of absolute convergence and conditional convergence models, APT countries is converging with the rate of 2% and 2.2%. This is consistent with the results of sigma convergence model that shows a declining trend in the dispersion of real GDP per capita in APT regions. The growth of real GDP per capita is influenced by initial GDP per capita, labor force ratio, value added in agricultural sector, value added in industrial sector, terms of trade, foreign direct investment and internet users ratio. Developed countries such as Singapore, Brunei Darussalam and South Korea experience the impact of high real GDP per capita growth. On the contrary, Indonesia, Laos, Vietnam and The Phillipines undergo the impact of low GDP per capita growth.

  17. The mediation as an apt tool for the prevention of crime as result of gender violence

    OpenAIRE

    Yaíma Águila Gutiérrez; Marileydis Pino Rosa

    2017-01-01

    Violence based in gender is an actual, social, historical and cultural matter. It affects to million persons around the world in the personal, familiar and social ambit. Violence based in gender could damage relationships and also could become in a crime. Mediation is an apt tool to use before the intervention of law for solving gender violence´s conflicts which could need the intervention of criminal law. Those reasons show that is necessary the prevention of gender violence so is important ...

  18. Scientific and engineering services for the LANCE/ER accelerator production of tritium (APT) project

    International Nuclear Information System (INIS)

    1994-01-01

    The APT project office is conducting a preconceptual design study for an accelerator driven concept to produce tritium. The facility will require new technology in many areas, since the scale of this accelerator is significantly larger then any in operation to date. The facility is composed of four subsystems: accelerator, target ampersand blanket, balance of plant, and tritium purification system (TPS). New physics realms will be entered in order for the concept to be feasible; for example, extremely high energy levels of the entering protons that induce (multiplicative) spallation of the neutrons from the high Z target will occur. These are complex and require advance codes (MCNP) to predict the physics interactions and as well as deleterious material effects in the surrounding structures. Other issues include component cooling and complex thermal-hydraulics effects within the blanket and the beam open-quotes window.close quotes In order to support a DOE mandated fast ROD schedule, Los Alamos APT staff will be provided with senior, engineering technical support staff with direct APT technology experience and whom are open-quotes on siteclose quotes. This report contains resumes of the staff

  19. 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

  20. Carbon price volatility: Evidence from EU ETS

    International Nuclear Information System (INIS)

    Feng, Zhen-Hua; Zou, Le-Le; Wei, Yi-Ming

    2011-01-01

    This paper examines carbon price volatility using data from the European Union Emission Trading Scheme from a nonlinear dynamics point of view. First, we use a random walk model, including serial correlation and variance ratio tests, to determine whether carbon price history information is fully reflected in current carbon price. The empirical research results show that carbon price is not a random walk: the price history information is not fully reflected in current carbon price. Second, use R/S, modified R/S and ARFIMA to analyse the memory of carbon price history. For the period April 2005-December 2008, the modified Hurst index of the carbon price is 0.4859 and the d value of ARFIMA is -0.1191, indicating short-term memory of the carbon price. Third, we use chaos theory to analyse the influence of the carbon market internal mechanism on carbon price, i.e., the market's positive and negative feedback mechanism and the heterogeneous environment. Chaos theory proves that the correlation dimension of carbon price increases. The maximal Lyapunov exponent is positive and large. There is no obvious complex endogenous phenomenon of nonlinear dynamics the carbon price fluctuation. The carbon market is mildly chaotic, showing both market and fractal market characteristics. Price fluctuation is not only influenced by the internal market mechanism, but is also impacted by the heterogeneous environment. Finally, we provide suggestions for regulation and development of carbon market.

  1. On cost-informed pricing and customer value: a resource-advantage perspective on industrial innovation pricing practices

    OpenAIRE

    Ingenbleek, Paul; Debruyne, Marion; Frambach, Ruud T.

    2001-01-01

    By empirically testing a framework of pricing strategies and their determinants in an industrial setting, Noble and Gruca (1999a) help to overcome the lack of empirical validation of pricing theory. In a commentary to the article, Cressman (1999) (1) expresses worries about the high percentage of firms that engages in cost-based pricing; (2) raises a definition question on value-based pricing; and (3) stresses that empirical pricing literature does not provide ideas on successful pricing prac...

  2. Quantitative description of proton exchange processes between water and endogenous and exogenous agents for WEX, CEST, and APT experiments.

    Science.gov (United States)

    Zhou, Jinyuan; Wilson, David A; Sun, Phillip Zhe; Klaus, Judith A; Van Zijl, Peter C M

    2004-05-01

    The proton exchange processes between water and solutes containing exchangeable protons have recently become of interest for monitoring pH effects, detecting cellular mobile proteins and peptides, and enhancing the detection sensitivity of various low-concentration endogenous and exogenous species. In this work, the analytic expressions for water exchange (WEX) filter spectroscopy, chemical exchange-dependent saturation transfer (CEST), and amide proton transfer (APT) experiments are derived by the use of Bloch equations with exchange terms. The effects of the initial states for the system, the difference between a steady state and a saturation state, and the relative contributions of the forward and backward exchange processes are discussed. The theory, in combination with numerical calculations, provides a useful tool for designing experimental schemes and assessing magnetization transfer (MT) processes between water protons and solvent-exchangeable protons. As an example, the case of endogenous amide proton exchange in the rat brain at 4.7 T is analyzed in detail. Copyright 2004 Wiley-Liss, Inc.

  3. Biomedical applications of SPION@APTES@PEG-folic acid@carboxylated quercetin nanodrug on various cancer cells

    International Nuclear Information System (INIS)

    Akal, Z.Ü.; Alpsoy, L.; Baykal, A.

    2016-01-01

    Highlights: • SPION has been synthesized via Reflux synthesis route. • SPION@APTES@FA-PEG@CQ nanodrug has super paramagnetic property. • SPION@APTES@FA-PEG@CQ nanodrug has cytotoxic, apoptotic and necrotic effects on HeLa and MCF-7 cells. • SPION@APTES@FA-PEG@CQ nanodrug can be potentially used for the delivery of quercetin to cervical and breast cancer cells. - Abstract: In this study, carboxylated quercetin (CQ) was conjugated to superparamagnetic iron oxide nanoparticles (SPIONs) which were modified by (3-aminopropyl) triethoxysilane (APTES), Folic acid (FA) and carboxylated Polyethylene glycol (PEG); (SPION@APTES@FA-PEG@CQ), nanodrug has been synthesized via polyol and accompanying by various chemical synthesis routes. The characterization of the final product was done via X-ray powder diffraction (XRD), Fourier transform infrared spectroscopy (FT-IR), Thermal gravimetric analysis (TGA), Transmission electron spectroscopy (TEM) and Vibrating sample magnetometer (VSM). Its cytotoxic and apoptotic activities on over expressed folic acid receptor (FR + ) (MCF-7, HeLa) and none expressed folic acid receptor (FR-) (A549) cancer cell lines were determined by using MTT assay, Real-Time Cell Analysis, TUNEL assay, Annexin assay and RT-PCR analysis for Caspase3/7 respectively. SPION@APTES@FA-PEG@CQ nanodrug showed higher cytotoxicity against HeLa and MCF-7 cell lines as compared with A549 cell line. Moreover, SPION@APTES@FA-PEG@CQ nanodrug also caused higher apoptotic and necrotic effects in 100 μg/mL HeLa and MCF-7 cells than A549 cells. The findings showed that SPION@APTES@FA-PEG@CQ nanodrug has cytotoxic, apoptotic and necrotic effects on HeLa and MCF-7 which are FR over expressed cell lines and can be potentially used for the delivery of quercetin to cervical and breast cancer cells.

  4. Biomedical applications of SPION@APTES@PEG-folic acid@carboxylated quercetin nanodrug on various cancer cells

    Energy Technology Data Exchange (ETDEWEB)

    Akal, Z.Ü., E-mail: zulker@fatih.edu.tr [Department of Biology, 34500 Büyükçekmece, Istanbul (Turkey); Alpsoy, L. [Department of Biology, 34500 Büyükçekmece, Istanbul (Turkey); Department of Medical Biology, 34500 Büyükçekmece, Istanbul (Turkey); Baykal, A. [Department of Chemistry, Fatih University, 34500 Büyükçekmece, Istanbul (Turkey)

    2016-08-15

    Highlights: • SPION has been synthesized via Reflux synthesis route. • SPION@APTES@FA-PEG@CQ nanodrug has super paramagnetic property. • SPION@APTES@FA-PEG@CQ nanodrug has cytotoxic, apoptotic and necrotic effects on HeLa and MCF-7 cells. • SPION@APTES@FA-PEG@CQ nanodrug can be potentially used for the delivery of quercetin to cervical and breast cancer cells. - Abstract: In this study, carboxylated quercetin (CQ) was conjugated to superparamagnetic iron oxide nanoparticles (SPIONs) which were modified by (3-aminopropyl) triethoxysilane (APTES), Folic acid (FA) and carboxylated Polyethylene glycol (PEG); (SPION@APTES@FA-PEG@CQ), nanodrug has been synthesized via polyol and accompanying by various chemical synthesis routes. The characterization of the final product was done via X-ray powder diffraction (XRD), Fourier transform infrared spectroscopy (FT-IR), Thermal gravimetric analysis (TGA), Transmission electron spectroscopy (TEM) and Vibrating sample magnetometer (VSM). Its cytotoxic and apoptotic activities on over expressed folic acid receptor (FR + ) (MCF-7, HeLa) and none expressed folic acid receptor (FR-) (A549) cancer cell lines were determined by using MTT assay, Real-Time Cell Analysis, TUNEL assay, Annexin assay and RT-PCR analysis for Caspase3/7 respectively. SPION@APTES@FA-PEG@CQ nanodrug showed higher cytotoxicity against HeLa and MCF-7 cell lines as compared with A549 cell line. Moreover, SPION@APTES@FA-PEG@CQ nanodrug also caused higher apoptotic and necrotic effects in 100 μg/mL HeLa and MCF-7 cells than A549 cells. The findings showed that SPION@APTES@FA-PEG@CQ nanodrug has cytotoxic, apoptotic and necrotic effects on HeLa and MCF-7 which are FR over expressed cell lines and can be potentially used for the delivery of quercetin to cervical and breast cancer cells.

  5. Spot Pricing When Lagrange Multipliers Are Not Unique

    DEFF Research Database (Denmark)

    Feng, Donghan; Xu, Zhao; Zhong, Jin

    2012-01-01

    Classical spot pricing theory is based on multipliers of the primal problem of an optimal market dispatch, i.e., the solution of the dual problem. However, the dual problem of market dispatch may yield multiple solutions. In these circumstances, spot pricing or any standard pricing practice based...... on a strict extension of the principles of spot pricing and surplus allocation, we propose a new pricing methodology that can yield unique, impartial, and robust solution. The new method has been analyzed and compared with other pricing approaches in accordance with spot pricing theory. Case studies support...

  6. Pricing decision-making units

    OpenAIRE

    R F&aauml;re; S Grosskopf; D Margaritis

    2013-01-01

    In this note we extend the standard DEA paradigm to address the question of how one can price DMUs (decision-making units). To do this we use an adjoint transformation to the technology generated by these DMUs which links to traditional linear programming theory of the firm and is similar to pricing portfolios in financial markets. We also provide a numerical example illustrating the practicality of the proposed method.

  7. Pricing effects on food choices.

    Science.gov (United States)

    French, Simone A

    2003-03-01

    Individual dietary choices are primarily influenced by such considerations as taste, cost, convenience and nutritional value of foods. The current obesity epidemic has been linked to excessive consumption of added sugars and fat, as well as to sedentary lifestyles. Fat and sugar provide dietary energy at very low cost. Food pricing and marketing practices are therefore an essential component of the eating environment. Recent studies have applied economic theories to changing dietary behavior. Price reduction strategies promote the choice of targeted foods by lowering their cost relative to alternative food choices. Two community-based intervention studies used price reductions to promote the increased purchase of targeted foods. The first study examined lower prices and point-of-purchase promotion on sales of lower fat vending machine snacks in 12 work sites and 12 secondary schools. Price reductions of 10%, 25% and 50% on lower fat snacks resulted in an increase in sales of 9%, 39% and 93%, respectively, compared with usual price conditions. The second study examined the impact of a 50% price reduction on fresh fruit and baby carrots in two secondary school cafeterias. Compared with usual price conditions, price reductions resulted in a four-fold increase in fresh fruit sales and a two-fold increase in baby carrot sales. Both studies demonstrate that price reductions are an effective strategy to increase the purchase of more healthful foods in community-based settings such as work sites and schools. Results were generalizable across various food types and populations. Reducing prices on healthful foods is a public health strategy that should be implemented through policy initiatives and industry collaborations.

  8. Real options theory to the pricing of allowances contract to carbon emission; Teoria de opcoes reais para a precificacao de contrato de permissoes de emissao de carbono

    Energy Technology Data Exchange (ETDEWEB)

    Horii, Leticia Takahashi; Parente, Virginia; Goldemberg, Jose [Universidade de Sao Paulo (IEE/USP), SP (Brazil). Inst. de Eletrotecnica e Energia

    2010-07-01

    The objective of this work is to develop a pricing model contract for allowances to emit carbon through Real Options. Emissions allowances are equivalent tons of carbon traded between Annex I countries from companies that have the ability to reduce their emissions beyond what is assigned to it. The surplus of emission reductions produced by these companies may be sold in the emissions market. Thus, this work can contribute to improving the management of contractual risk and enable companies estimated the price at which a contract can be signed. Properly evaluate the contracts that the market environment is a challenge for companies. The historic low of information and randomness in the price of carbon allowances in the spot market suggest extreme caution in its use. (author)

  9. The mediation as an apt tool for the prevention of crime as result of gender violence

    Directory of Open Access Journals (Sweden)

    Yaíma Águila Gutiérrez

    2017-07-01

    Full Text Available Violence based in gender is an actual, social, historical and cultural matter. It affects to million persons around the world in the personal, familiar and social ambit. Violence based in gender could damage relationships and also could become in a crime. Mediation is an apt tool to use before the intervention of law for solving gender violence´s conflicts which could need the intervention of criminal law. Those reasons show that is necessary the prevention of gender violence so is important the intervention of criminology.

  10. 中国移动通信产品定价问题评述%Prospect the Pricing Theory of China Mobile Communications Products

    Institute of Scientific and Technical Information of China (English)

    任国强; 蒋春辉

    2012-01-01

    移动通信市场竞争愈加激烈,价格策略作为各个竞争主体经常采用的竞争策略一直备受关注。分析移动通信产品定价问题,提出适合中国移动通信产品定价问题的定价方法和定价策略,无论是消费者、移动通信运营商还是政府,都会成为受益者。%Competifion in the market of the mobile communicafions will grow increasingly fierle.Pricing strategy as a competitive strategy often used by competitors to get more and more attention.Analysis of pricing of mobile communications products,and to propose suitable pricing methods and pricing strategies for China——s mobile communication products,such behavior is good for consumers,mobile operators and government.

  11. 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...

  12. Development of a RAMI model for LANSCE and high power APT accelerators

    International Nuclear Information System (INIS)

    Tallerico, P.J.

    1994-01-01

    Assessment of the reliability, availability, maintainability and inspectability (RAMI) of all high power, high cost systems is important to justify and improve the cost effectiveness of these systems. For the very large (over 100 MW) accelerator systems associated with APT, a RAMI model is very valuable in guiding the design and allocation of resources. A RAMI model of an existing machine is also valuable, since machine improvement funds must be allocated to increase the availability by the largest amount. The authors have developed a RAMI model using the critical subsystems of the LANSCE accelerator and beam delivery complex as an example and to evaluate the effectiveness for estimating reliability and beam availability. LAMPF and LANSCE together provide most of the features required for the accelerator and beam delivery part of a high-power APT machine, but LANSCE is pulsed, rather than CW. This complex is capable of a 1-MW average power H - beam, and it is the most powerful proton accelerator in the US built to date

  13. APT analyses of deuterium-loaded Fe/V multi-layered films

    KAUST Repository

    Gemma, R.

    2009-04-01

    Interaction of hydrogen with metallic multi-layered thin films remains as a hot topic in recent days Detailed knowledge on such chemically modulated systems is required if they are desired for application in hydrogen energy system as storage media. In this study, the deuterium concentration profile of Fe/V multi-layer was investigated by atom probe tomography (APT) at 60 and 30 K. It is firstly shown that deuterium-loaded sample can easily react with oxygen at the Pd capping layer on Fe/V and therefore, it is highly desired to avoid any oxygen exposure after D(2) loading before APT analysis. The analysis temperature also has an impact on D concentration profile. The result taken at 60 K shows clear traces of surface segregation of D atoms towards analysis surface. The observed diffusion profile of D allows us to estimate an apparent diffusion coefficient D. The calculated D at 60 K is in the order of 10(-17) cm(2)/s, deviating 6 orders of magnitude from an extrapolated value. This was interpreted with alloying, D-trapping at defects and effects of the large extension to which the extrapolation was done. A D concentration profile taken at 30 K shows nosegregation anymore and a homogeneous distribution at C(D) = 0.05(2) D/Me, which is in good accordance with that measured in the corresponding pressure-composition isotherm. (C) 2008 Elsevier B.V. All rights reserved.

  14. APT analyses of deuterium-loaded Fe/V multi-layered films

    KAUST Repository

    Gemma, R.; Al-Kassab, Talaat; Kirchheim, R.; Pundt, A.

    2009-01-01

    Interaction of hydrogen with metallic multi-layered thin films remains as a hot topic in recent days Detailed knowledge on such chemically modulated systems is required if they are desired for application in hydrogen energy system as storage media. In this study, the deuterium concentration profile of Fe/V multi-layer was investigated by atom probe tomography (APT) at 60 and 30 K. It is firstly shown that deuterium-loaded sample can easily react with oxygen at the Pd capping layer on Fe/V and therefore, it is highly desired to avoid any oxygen exposure after D(2) loading before APT analysis. The analysis temperature also has an impact on D concentration profile. The result taken at 60 K shows clear traces of surface segregation of D atoms towards analysis surface. The observed diffusion profile of D allows us to estimate an apparent diffusion coefficient D. The calculated D at 60 K is in the order of 10(-17) cm(2)/s, deviating 6 orders of magnitude from an extrapolated value. This was interpreted with alloying, D-trapping at defects and effects of the large extension to which the extrapolation was done. A D concentration profile taken at 30 K shows nosegregation anymore and a homogeneous distribution at C(D) = 0.05(2) D/Me, which is in good accordance with that measured in the corresponding pressure-composition isotherm. (C) 2008 Elsevier B.V. All rights reserved.

  15. Multi-factor energy price models and exotic derivatives pricing

    Science.gov (United States)

    Hikspoors, Samuel

    The high pace at which many of the world's energy markets have gradually been opened to competition have generated a significant amount of new financial activity. Both academicians and practitioners alike recently started to develop the tools of energy derivatives pricing/hedging as a quantitative topic of its own. The energy contract structures as well as their underlying asset properties set the energy risk management industry apart from its more standard equity and fixed income counterparts. This thesis naturally contributes to these broad market developments in participating to the advances of the mathematical tools aiming at a better theory of energy contingent claim pricing/hedging. We propose many realistic two-factor and three-factor models for spot and forward price processes that generalize some well known and standard modeling assumptions. We develop the associated pricing methodologies and propose stable calibration algorithms that motivate the application of the relevant modeling schemes.

  16. Strategy for the expansion of renewable energies. An investigation of the pricing strategy of the Renewable Energy Law from the viewpoint of an evolutionary cybernetic theory of economic policy; Die Strategie des Ausbaus erneuerbarer Energien. Eine Untersuchung der Preissetzungsstrategie des EEGs aus Sicht einer evolutorisch-kybernetischen Theorie der Wirtschaftspolitik

    Energy Technology Data Exchange (ETDEWEB)

    Schlueter, Fabian

    2015-11-01

    This publication reports on how the steadily increasing costs caused by the Renewable Energy Law (EEG) have brought the German strategy for the expansion of renewable energies under criticism. According to theories of regulatory economic policy, which state that politico-economic incentives of this kind must necessarily result in an inefficient allocation of scarce resources, this cost increase can be interpreted as a direct consequence of the price intervention. The present publication takes a critical stance on this viewpoint, developing for its purpose a new position on regulatory policy referred to as the evolutionary cybernetic theory of economic policy. It starts out from the works of F.A. von Hayek, which it then takes a significant step further however. The author argues that price interventions can be meaningful strategies of economic policy as long as they are aimed at a temporary initiation of market development towards sustainability and efficiency. Based on this model conception of a shrewd pricing strategy the publication undertakes an analysis from the perspective of regulatory policy of the German subsidisation of renewable energies. In the process it not only reveals errors in design of the EEG but also makes a proposal for an amendment that could be effective in cutting through the present price dynamics. In presenting its recommendation of a self-steering expansion policy the publication not only contributes to the further development of an evolutionary cybernetic theory of economic policy but addresses the urgent problem of how to wisely use regulatory policy to create pricing strategies which serve the expansion of renewable energies.

  17. RAMI modeling of selected balance of plant systems for the proposed Accelerator Production of Tritium (APT) project

    International Nuclear Information System (INIS)

    Radder, J.A.; Cramer, D.S.

    1997-01-01

    In order to meet Department of Energy (DOE) Defense Program requirements for tritium in the 2005-2007 time frame, new production capability must be made available. The Accelerator Production of Tritium (APT) Plant is being considered as an alternative to nuclear reactor production of tritium, which has been the preferred method in the past. The proposed APT plant will use a high-power proton accelerator to generate thermal neutrons that will be captured in 3 He to produce tritium (3H). It is expected that the APT Plant will be built and operated at the DOE's Savannah River Site (SRS) in Aiken, South Carolina. Discussion is focused on Reliability, Availability, Maintainability, and Inspectability (RAMI) modeling of recent conceptual designs for balance of plant (BOP) systems in the proposed APT Plant. In the conceptual designs for balance of plant (BOP) systems in the proposed APT Plant. In the conceptual design phase, system RAMI estimates are necessary to identify the best possible system alternative and to provide a valid picture of the cost effectiveness of the proposed system for comparison with other system alternatives. RAMI estimates in the phase must necessarily be based on generic data. The objective of the RAMI analyses at the conceptual design stage is to assist the designers in achieving an optimum design which balances the reliability and maintainability requirements among the subsystems and components

  18. Aptámeros: agentes diagnósticos y terapéuticos = Aptamers: diagnostic and therapeutic agents

    Directory of Open Access Journals (Sweden)

    Frank J Hernandez

    2012-04-01

    Full Text Available Los aptámeros son ácidos nucleicos de cadena sencilla, ADN o ARN, que reconocen una gran variedad de moléculas. Cada aptámero posee una estructura tridimensional particular que le permite unirse con afinidad y especificidad altas a la molécula diana. Los aptámeros tienen propiedades de reconocimiento equiparables a las de los anticuerpos; sin embargo, por la naturaleza de su composición tienen ventajas significativas en cuanto a su tamaño, producción y modificación. Estas características los hacen excelentes candidatos para el desarrollo de nuevas plataformas biotecnológicas. Se han identificado aptámeros con propiedades terapéuticas que han sido evaluados exitosamente en modelos animales; entre ellos, algunos se encuentran en fase clínica y uno ya fue aprobado para tratamiento por la FDA (Food and Drug Administration. Todos estos avances ocurridos durante las dos últimas décadas permiten anticipar el protagonismo que tendrán los aptámeros como agentes diagnósticos y terapéuticos en un futuro cercano.

  19. 99 cent: Price Points in E-Commerce

    OpenAIRE

    Franz Hackl; Michael E. Kummer; Rudolf Winter-Ebmer

    2010-01-01

    Basu (2006) argues that the prevalence of 99 cent prices in shops can be explained with rational consumers who disregard the rightmost digits of the price. This bounded rational behaviour leads to a Bertrand equi- librium with positive markups. We use data from an Austrian price com- parison site and find results highly compatible with Basu's theory. We can show that price points - in particular prices ending in 9 - are preva- lent and have significant impact on consumer demand. Moreover, the...

  20. Dynamic Oligopoly Pricing: Evidence from the Airline Industry

    OpenAIRE

    Siegert, Caspar; Ulbricht, Robert

    2014-01-01

    We explore how pricing dynamics in the European airline industry vary with the competitive environment. Our results highlight substantial variations in pricing dynamics that are consistent with a theory of intertemporal price discrimination. First, the rate at which prices increase towards the scheduled travel date is decreasing in competition, supporting the idea that competition restrains the ability of airlines to price-discriminate. Second, the sensitivity to competition is substantially ...

  1. Tariff rebalancing and price structure in privatised utilities

    International Nuclear Information System (INIS)

    Weyman-Jones, T.; Burns, P.

    1996-01-01

    The document contains the end of award report on research into re-balancing and price structure in privatised utilities, funded by the Economic and Social Science Research Council (ESRC). Ramsey pricing ideas in United Kingdom utilities were modelled under different forms of regulation and cost/price relationships measured. Alternative forms of regulation that permit Ramsey pricing were also evaluated. Option price theory is shown to be central to an understanding of incentive mechanisms and their relationship to regulatory options. (UK)

  2. The value of price transparency in residential solar photovoltaic markets

    Energy Technology Data Exchange (ETDEWEB)

    O’Shaughnessy, Eric; Margolis, Robert

    2018-06-01

    Installed prices for residential solar photovoltaic (PV) systems have declined significantly in recent years. However price dispersion and limited customer access to PV quotes prevents some prospective customers from obtaining low price offers. This study shows that improved customer access to prices - also known as price transparency - is a potential policy lever for further PV price reductions. We use customer search and strategic pricing theory to show that PV installation companies face incentives to offer lower prices in markets with more price transparency. We test this theoretical framework using a unique residential PV quote dataset. Our results show that installers offer lower prices to customers that are expected to receive more quotes. Our study provides a rationale for policies to improve price transparency in residential PV markets.

  3. The European electricity market. What are the effects of market power on prices and the environment? Keywords: Electricity market; liberalisation; market power; game theory; environmental impacts; Northwestern Europe

    International Nuclear Information System (INIS)

    Lise, W.

    2005-07-01

    This paper presents a static computational game theoretic COMPETES model. This model is used to study the economic and environmental effects of the liberalisation of the European electricity market. The COMPETES model takes strategic interaction into account. The model is calibrated to four European countries: Belgium, France, Germany and the Netherlands. To analyse the impact of emission trading, a fixed permit price per tonne CO2 emissions is introduced. The effects are studied under different market structures depending on the ability of firms to exercise market power. The results indicate that the effects of liberalisation depend on the resulting market structure, while a reduction in market power of large producers may be beneficial for the consumer (i.e. lower prices), this is not necessarily true for the environment (i.e. lower reduction in CO2 emissions)

  4. Asset price bubbles in the perspective of New Keynesian theory. Summary: Varade hinnamullid ja reaalkurss majanduskoolkondade lähenemiste valguses

    Directory of Open Access Journals (Sweden)

    Meelis Angerma

    2013-09-01

    Full Text Available Developments in the real world depends on human reaction to economic events which is also determined by dominating economic thought. Dominance of neoliberal and monetarist thinking was the main cause of ignoring asset price bubbles and their effects on real economy. New keynesian economic thinking provides an alternative. Hyman Minsky’s model of financial instability was more effectively able to explain super-bubbles in US economy and subsequent ‚Great Recession’. Ignorance of momentum-bias of traders and banks contributed to this crises. Emerging markets and Baltic countries were strongly influenced by credit oversupply in US. Instabilities were so sizeable that IMF approved using capital control and proposal for tax on financial transactions was made. Policymakers and individuals should abandon ignorance of speculative asset price bubbles and improve their analytical skills to recognize bubbles and change their behaviour

  5. Nonlinear Pricing in Markets with Interdependent Demand

    OpenAIRE

    Shmuel S. Oren; Stephen A. Smith; Robert B. Wilson

    1982-01-01

    This paper provides a mathematical framework for modeling demand and determining optimal price schedules in markets which have demand externalities and can sustain nonlinear pricing. These fundamental economic concepts appear in the marketplace in the form of mutual buyers' benefits and quantity discounts. The theory addressing these aspects is relevant to a wide variety of goods and services. Examples include tariffs for electronic communications services, pricing of franchises, and royalty ...

  6. Which are the risk factors in the pricing of Personal Pension Plans in Spain?

    Directory of Open Access Journals (Sweden)

    Yaiza García Padrón

    2006-06-01

    Full Text Available The aim of this paper is to analyse if the Arbirtrage Pricing Theory or the model suggested by Chen et al. (1986 can efficiently explain the variability of the cross-sectional returns on the Personal Pension Plans in Spain between 1995-2003, as well as to find their sources of risks. To test both models we have followed the traditional two-step cross-sectional regressions by Fama and MacBeth (1973. The results of our analysis show two significant risk factors derived from the fixed-income market: nonanticipated changes in the interest rate term structure and the default risk premium.Este artigo analisa se o modelo APT ou o modelo sugerido por Chen et al. (1986 podem explicar de maneira eficiente a variabilidade dos rendimentos de seção cruzada dos Planos de Pensões do Sistema Individual em Espanha durante 1995-2003, bem como determina quais são seus fatores de risco. A metodologia de contraste utilizada foi a proposta por Fama and MacBeth (1973 na versão de múltiplas variáveis explicativas. Os resultados da análise mostram dois fatores de risco relevantes derivados do mercado de renda fixa: mudanças não antecipadas na estrutura temporária da taxa de juros e prima por risco de insolvência.

  7. 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

  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. Corrosion measurements on apt prototypic materials in the Lansce high-power proton beam and applicability to other systems

    International Nuclear Information System (INIS)

    Lillard, R.S.; Gac, F.D.; James, M.R.; Maloy, S.A.; Paciotti, M.A.; Waters, L.S.; Willcutt, G.J.; Chandler, G.T.; Ferguson, P.D.

    2003-01-01

    The corrosion rates of several corrosion resistant materials behave in a similar manner even under the intense radiation of the LANSCE high-power beam. A second observation was made, showing that the corrosion rates saturated under high instantaneous radiation intensity in corrosion experiments conducted for the accelerator production of tritium (APT) programme. The LANSCE H + beam is not prototypic of the proposed APT production plant in several respects. The instantaneous proton flux in the APT production plant beam is about 10 times that of the LANSCE beam. The small transverse APT beam spot is rastered to spread the power density over the area of the target, and as the beam rasters, it creates a pulsed character to the beam at a specific location. In order to develop correlations that would enable extrapolation of the corrosion data to the proposed APT production plant, the experimental programme included measurements over a range of average beam currents, measurements at high and low instantaneous beam current, and measurements at various combinations of pulse width and repetition rate. The correlations that were developed are based on an approximately linear dependence of corrosion rate on average beam current (average radiation intensity) and the saturation effect observed at high instantaneous radiation intensity. For a given transverse beam profile and for the same average beam current, the correlations predict the highest corrosion rate in a do beam and the lowest corrosion rate in the lowest duty cycle beams. In the case of the APT extrapolation, the predicted corrosion rates were a factor of 5 lower than for a do beam depositing the same average power density. The measured corrosion rates and the formulated extrapolations are applicable to water-cooled targets and components in proton beams. (authors)

  10. House Price, House Quality and Economic Growth

    NARCIS (Netherlands)

    De Vries, P.; Boelhouwer, P.J.

    2010-01-01

    The literature on housing markets suggest that periods of economic growth are characterised by a demand for better housing quality and increasing prices. The basic principles of the theory are that the short-run price fluctuations occur due to market imperfection, while over the long term, causality

  11. Vertical price leadership : a cointegration analysis

    NARCIS (Netherlands)

    Kuiper, W.E.; Meulenberg, M.T.G.

    2002-01-01

    Here we detail a method to test whether or not retailers allow suppliers to set the wholesale price not only on the basis of the costs faced by the suppliers but also on the basis of consumer demand. Using standard theory, long-run price relationships between the stages in the channel are derived.

  12. Price transmission between products at different stages of manufacturing in forest industries

    Science.gov (United States)

    Mo Zhou; Joseph Buongiorno

    2005-01-01

    The theory of demand and supply implies a positive relationship, or "price transmission" between the prices of products at different stages of manufacturing, This relationship was investigated with quarterly prices of softwood stumpage in the US South, and national prices of forest products, from 1977 to 2002. All prices, net of inflation, were found to be...

  13. Development of a raster electronics system for expanding the APT proton beam

    Energy Technology Data Exchange (ETDEWEB)

    Chapelle, S.; Hubbard, E.L.; Smith, T.L. [General Atomics, San Diego, CA (United States); Schulze, M.E.; Shafer, R.E. [General Atomics, Los Alamos, NM (United States)

    1998-12-31

    A 1700 MeV, 100 mA proton linear accelerator is being designed for Accelerator Production of Tritium (APT). A beam expansion system is required to uniformly irradiate a 19 x 190 cm tritium production target. This paper describes a beam expansion system consisting of eight ferrite dipole magnets to raster the beam in the x- and y-planes and also describes the salient features of the design of the electronics that are unique to the expander. Eight Insulated Gate Bipolar Transistor (IGBT)-based modulators drive the raster magnets with triangular current waveforms that are synchronized using phase-locked loops (PLLs) and voltage controlled crystal oscillators (VCXOs). Fault detection circuitry shuts down the beam before the target can be damaged by a failure of the raster system. Test data are presented for the prototype system.

  14. Beam dynamics design of the 211 MeV APT normal conducting linac

    International Nuclear Information System (INIS)

    Young, L.M.; Billen, J.H.; Takeda, H.; Wood, R.L.

    1998-01-01

    This paper describes the normal conducting linac design that is part of the Accelerator for Production of Tritium (APT) project. The new version of PARMILA designed this linac. This linac accepts the beam from the 6.7 MeV radio frequency quadrupole without a separate matching section. At about 10 MeV, it has a smooth transition in the length of period from 8βλ to 9βλ in quadrupole focusing lattice. This adjustment of the period was needed to provide sufficient space for the quadrupole focusing magnets and beam diagnostic equipment. The linac consists of the coupled cavity drift tube linac up to 97 MeV and coupled cavity linac above 97 MeV

  15. Overview of the APT high-energy beam transport and beam expanders

    International Nuclear Information System (INIS)

    Shafer, R.E.; Blind, B.; Gray, E.R.

    1997-01-01

    The APT high energy beam transport (HEBT) and beam expanders convey the 1700-MeV, 100-mA cw proton beam from the linac to the tritium target/blanket assembly, or a tuning beam stop. The HEBT includes extensive beam diagnostics, collimators, and beam jitter correction, to monitor and control the 170-MW beam prior to expansion. A zero-degree beamline conveys the beam to the beam stop, and an achromatic bend conveys the beam to the tritium production target. Nonlinear beam expanders make use of higher-order multipole magnets and dithering dipoles to expand the beam to a uniform-density, 16-cm wide by 160-cm high rectangular profile on the tritium-production target. The overall optics design will be reviewed, and beam simulations will be presented

  16. Study of different 3-aminopropyl triethoxysilane (APTES) concentration on TiO2 particles based IDE for cervical cancer detection

    Science.gov (United States)

    Raqeema, S.; Hashim, U.; Azizah, N.; Nadzirah, Sh.; Arshad, M. K. Md; Ruslinda, A. R.; Gopinath, Subash C. B.

    2017-03-01

    HPV that also called Human Papillomaviruses is the major cause of the cervical cancer. HPV 16 and HPV 18 are the two types of HPV are the most HPV-associated cancers and responsible as a high-risk HPV. Cervical cancer taken about 70 percent of all cases due HPV infections. Cervical malignancy for the most part development on a lady's cervix and its was developed slowly as cancer disease. TiO2 particles give better performance and low cost of the biosensor. The used of 3-aminopropyl triethoxysilane (APTES) will be more efficient for DNA nanochip. APTES used as absorption reaction to immobilize organic biomolecules on the inorganic surface. Besides, APTES give better functionalization of the adsorption mechanism on IDE. The surface functionalized for immobilizing the DNA, which is the combination of the DNA probe and the HPV target produce high sensitivity andfast detection of the IDE. The Current-Voltage (IV) characteristic proved the sensitivity of the DNA nanochip increase as the concentration varied from 0% concentration to 24% of APTES concentration.

  17. CNET and APT : a comparison of two methods for measuring mental representations underlying activity-travel choices

    NARCIS (Netherlands)

    Horeni, O.; Arentze, T.A.; Dellaert, B.G.C.; Timmermans, H.J.P.

    2010-01-01

    This paper presents and compares the potential of online versions of two interview techniques (APT and CNET) which have been developed for measuring mental representations underlying activity-travel choices. The comparison is based on the results of a first online survey administered in the

  18. 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...

  19. 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...

  20. El problema de la variación de los precios: Los límites de la teoría Walrasiana The problem of price change: the Limits of the Walrasian theory

    Directory of Open Access Journals (Sweden)

    Benetti Carlo

    2001-12-01

    Full Text Available Este artículo propone un modelo de equilibrio general idéntico en todo al modelo walrasiano, salvo que incorpora un mecanismo endógeno de variación de los precios. Este modelo permite eliminar al subastador walrasiano, lo que resuelve el problema de K. Arrow sin que sea necesario introducir la competencia imperfecta. Muestra también que la regla simple y de terminista de variación de los precios según la ley de la oferta y la demanda, exógena en la teoría estándar, está lógicamente relacionada con la noción walrasiana de agentes tomadores de precio. Estas dos propiedades del modelo walrasiano sólo se verifican en condiciones particulares, exageradamente restrictivas.

    This paper propases a general equilibrium model in all respects identical to the Walrasian one, except that it includes a mechanism by which prices change endogeneously. In this model the Walrasian auctioneer is eliminated and, consequently the problem put forward by K. Arrow is sol ved without introducing imperfect competition. This model also shows that the simple and deterministic rule of price change according to the law of supply and demand, which is exogeneous in the standard general equilibrium theory, is logically related to the Walrasian price taker individual behaviour. These two properties of the Walrasian model depend on particular and very restrictive conditions.

  1. 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...

  2. 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.

  3. Operation Valuation: Teaching Pricing Concepts in an Experiential Environment

    Science.gov (United States)

    Mills, Adam J.; Treen, Emily

    2016-01-01

    Although marketing education has seen a dramatic shift toward hands-on, experiential learning in recent years, the teaching of pricing has fallen behind complementary elements of the marketing mix in pedagogical execution. Although the teaching of pricing has shifted focus from economic-based models to value-based pricing in theory, available…

  4. Pushing Economies (and Students) outside the Factor Price Equalization Zone

    Science.gov (United States)

    Oslington, Paul; Towers, Isaac

    2009-01-01

    Despite overwhelming empirical evidence of the failure of factor price equalization, most teaching of international trade theory (even at the graduate level) assumes that economies are incompletely specialized and that factor price equalization holds. The behavior of trading economies in the absence of factor price equalization is not well…

  5. Numeraire Invariance and application to Option Pricing and Hedging

    NARCIS (Netherlands)

    Jamshidian, F.; Vanmaele, Michèle; Deelstra, Griselda; De Schepper, Ann; Dhaene, Jan; Reynaerts, Huguette; Schoutens, Wim; Van Goethem, Paul

    2008-01-01

    Numeraire invariance is a well-known technique in option pricing and hedging theory. It takes a convenient asset as the numeraire, as if it were the medium of exchange, and expresses all other asset and option prices in units of this numeraire. Since the price of the numeraire relative to itself is

  6. Price promotions and products with low consumer ratings

    OpenAIRE

    Kuo, H. C.; Kuo, H. C.; Nakhata, C.; Nakhata, C.

    2016-01-01

    Previous research indicates the aversive effect of low consumer ratings on consumers’ purchasing decisions. This paper aims to apply decision justifiability theory to investigate how price promotions – price discount and price bundling – can reduce this effect. 517-527.

  7. Psychological prices of branded foods and price rigidity : evidence from German scanner data

    OpenAIRE

    Herrmann, Roland; Möser, Anke

    2004-01-01

    There is increasing evidence from scanner data that branded foods in the grocery retailing sector contain a substantial amount of price rigidity (HERRMANN/MÖSER 2003). One of the many alternative explanations for price rigidity is the existence of psychological pricing points. The economic literature has been most hesitant against this theory and, in a survey, BLINDER et al. (1998) found no confirmation at all based on the views of business managers. In that study, however, retail trade is un...

  8. Arthropod pattern theory and Cambrian trilobites

    NARCIS (Netherlands)

    Sundberg, Frederick A.

    1995-01-01

    An analysis of duplomere (= segment) distribution within the cephalon, thorax, and pygidium of Cambrian trilobites was undertaken to determine if the Arthropod Pattern Theory (APT) proposed by Schram & Emerson (1991) applies to Cambrian trilobites. The boundary of the cephalon/thorax occurs within

  9. 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.

  10. 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...

  11. The substitution bias of the consumer price index

    OpenAIRE

    Frenger, Petter

    2006-01-01

    Abstract: The paper uses elementary consumer theory to propose an inflation independent ratio definition of the substitution bias of the Laspeyres consumer price index, and derives an approximate substitution bias which depends on the size of the price change as measured by a norm in the Laspeyres plane and on the elasticity of substitution in the direction of the price change. This norm or distance measure can be interpreted as a price substitution index which yields useful in...

  12. Surface modification of TiO2 nanotubes by grafting with APTS coupling agents

    Science.gov (United States)

    Phan Duong, Hong; Le, Minh Duc; Dao, Hung Cuong; Chen, Chia-Yun

    2017-10-01

    Titanium dioxide nanotubes (TNTs) have been considered the promising nanostructures employed for many practical applications such as biomedical, photonic and optoelectronic devices. Nevertheless, strong aggregation of TNTs within various aqueous media significantly hindered their practical utilizations and the capability of dispersing TNTs in the desired solvents are urgent to be improved. Therefore, in this study, the methodic investigations have been performed on the grafted modification of 3-aminopropyl triethoxysilane (APTS) on the surfaces of synthesized TNTs. A preliminary study was carried out to evaluate the influences of key parameters, including the concentrations of coupling agents, temperatures and the reaction durations, on the grafting efficiency of the aminosilane using Statistical design of experiments (DoE) methodology. TNTs with approximately 10-20 nm in diameter were prepared with the controlled hydrothermal treatment of commercialized P25 particles. The obtained products were revealed by the modern physicochemical systems including x-ray diffraction (XRD), transmission electron microscopy (TEM) and Brunauer-Emmett-Teller (BET) analysis. The additions of silane agent, reaction temperature and time have been adjusted to reveal the influences of the grafting efficiency (from 2.5 to 7.8 wt %) by thermal gravimetric analysis (TGA). Analysis of Fourier transform infrared spectroscopy (FTIR) has confirmed the successful link of Ti-O-Si chemical bonds on the grafted TNTs.

  13. Thermal-hydraulic criteria for the APT tungsten neutron source design

    International Nuclear Information System (INIS)

    Pasamehmetoglu, K.

    1998-03-01

    This report presents the thermal-hydraulic design criteria (THDC) developed for the tungsten neutron source (TNS). The THDC are developed for the normal operations, operational transients, and design-basis accidents. The requirements of the safety analyses are incorporated into the design criteria, consistent with the integrated safety management and the safety-by-design philosophy implemented throughout the APT design process. The phenomenology limiting the thermal-hydraulic design and the confidence level requirements for each limit are discussed. The overall philosophy of the uncertainty analyses and the confidence level requirements also are presented. Different sets of criteria are developed for normal operations, operational transients, anticipated accidents, unlikely accidents, extremely unlikely accidents, and accidents during TNS replacement. In general, the philosophy is to use the strictest criteria for the high-frequency events. The criteria is relaxed as the event frequencies become smaller. The THDC must be considered as a guide for the design philosophy and not as a hard limit. When achievable, design margins greater than those required by the THDC must be used. However, if a specific event sequence cannot meet the THDC, expensive design changes are not necessary if the single event sequence results in sufficient margin to safety criteria and does not challenge the plant availability or investment protection considerations

  14. Micah 7:8-20: An apt conclusion to the book of Micah

    Directory of Open Access Journals (Sweden)

    W J Wessels

    2003-10-01

    Full Text Available It is argued in this article that Micah 7:8-20 forms an apt conclusion to the book of Micah. As was the case with Micah 1, the concluding section also focusses on Yahweh and his dealings with the people of the earth. There is a universal tendency to be detected in this section as well. An important aspect to notice� is� the liturgical nature of chapters six and seven, especially 7:8-20. There is a vagueness, almost a timelessness, imbuing this section. This could be intended allowing later generations of believers to apply these words to� their� own� circumstances. With Micah 7:8-20 as the concluding section of the book, one is left with a sense of well-roundedness, of completeness. The collection of oracles attributed� to Micah in general has a sombre tone. For this very reason Micah� 7:8-20� seems� to� change� the mood. It breathes hope into a negative atmosphere of judgment. It ends with a strong emphasis on the power of Yahweh, the power of forgiveness.

  15. Market Structure and Price Transmission of Eggs Commodity

    Directory of Open Access Journals (Sweden)

    Abdul Aziz Ahmad

    2016-10-01

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

  16. The influence of price endings on consumer behavior: An application of the psychology of perception

    OpenAIRE

    Asamoah, Emmanuel Selase; Chovancová, Miloslava

    2011-01-01

    Price ending is an important pricing strategy that has been used by retailers over the years. The trend seems to be effective considering how consumers react especially to products with odd price endings. This review is aimed at providing an understanding of the psychological influences of price ending on buyers, using the theory of perception. It analysis theories and existing literature on the topic and brings out augmentative pricing strategies that retailers can adopt in consumer markets....

  17. The influence of price endings on consumer behaviour: an application of the psychology of perception

    OpenAIRE

    Emmanuel Selase Asamoah; Miloslava Chovancová

    2011-01-01

    Price ending is an important pricing strategy that has been used by retailers over the years. The trend seems to be effective considering how consumers react especially to products with odd price endings. This review is aimed at providing an understanding of the psychological influences of price ending on buyers, using the theory of perception. It analysis theories and existing literature on the topic and brings out augmentative pricing strategies that retailers can adopt in consumer markets....

  18. 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. ...

  19. 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. .

  20. Why fuel prices differ

    International Nuclear Information System (INIS)

    Rietveld, P.; Woudenberg, S. van

    2005-01-01

    Fuel taxes differ largely between countries. This paper reviews a number of considerations from the theory of public finance that may explain these differences. Based on a multiple regression model, we find for tax competition in Europe that small countries tend to be more aggressive than large countries by charging lower fuel taxes to attract customers from neighbouring countries. There is strong evidence that fuel is just considered as one of the many sources for government expenditure: as the share of government expenditure in GDP is higher, the fuel tax tends to be higher. No support is found for the hypothesis that fuel taxes are higher in countries where externality problems are more severe (proxied by car density of the country). In this respect, the normative literature on pricing externalities has found little support in the realities of transport policy. (author)

  1. 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...

  2. Is Accelerated Partner Therapy (APT) a cost-effective alternative to routine patient referral partner notification in the UK? Preliminary cost-consequence analysis of an exploratory trial.

    Science.gov (United States)

    Roberts, Tracy E; Tsourapas, Angelos; Sutcliffe, Lorna; Cassell, Jackie; Estcourt, Claudia

    2012-02-01

    To undertake a cost-consequence analysis to assess two new models of partner notification (PN), known as Accelerated Partner Therapy (APT Hotline and APT Pharmacy), as compared with routine patient referral PN, for sex partners of people with chlamydia, gonorrhoea and non-gonococcal urethritis. Comparison of costs and outcomes alongside an exploratory trial involving two genitourinary medicine clinics and six community pharmacies. Index patients selected the PN method (APT Hotline, APT Pharmacy or routine PN) for their partners. Clinics and pharmacies recorded cost and resource use data including duration of consultation and uptake of treatment pack. Cost data were collected prospectively for two out of three interventions, and data were synthesised and compared in terms of effectiveness and costs. Routine PN had the lowest average cost per partner treated (approximately £46) compared with either APT Hotline (approximately £54) or APT Pharmacy (approximately £53) strategies. The cost-consequence analysis revealed that APT strategies were more costly but also more effective at treating partners compared to routine PN. The hotline strategy costs more than both the alternative PN strategies. If we accept that strategies which identify and treat partners the fastest are likely to be the most effective in reducing reinfection and onward transmission, then APT Hotline appears an effective PN strategy by treating the highest number of partners in the shortest duration. Whether the additional benefit is worth the additional cost cannot be determined in this preliminary analysis. These data will be useful for informing development of future randomised controlled trials of APT.

  3. High density gold nanoparticles immobilized on surface via plasma deposited APTES film for decomposing organic compounds in microchannels

    Science.gov (United States)

    Rao, Xi; Guyon, Cédric; Ognier, Stephanie; Da Silva, Bradley; Chu, Chenglin; Tatoulian, Michaël; Hassan, Ali Abou

    2018-05-01

    Immobilization of colloidal particles (e.g. gold nanoparticles (AuNps)) on the inner surface of micro-/nano- channels has received a great interest for catalysis. A novel catalytic ozonation setup using a gold-immobilized microchannel reactor was developed in this work. To anchor AuNps, (3-aminopropyl) triethoxysilane (APTES) with functional amine groups was deposited using plasma enhanced chemical vapor deposition (PECVD) process. The results clearly evidenced that PECVD processing exhibited relatively high efficiency for grafting amine groups and further immobilizing AuNPs. The catalytic activity of gold immobilized microchannel was evaluated by pyruvic acid ozonation. The decomposition rate calculated from High Performance Liquid Chromatography (HPLC) indicated a much better catalytic performance of gold in microchannel than that in batch. The results confirmed immobilizing gold nanoparticles on plasma deposited APTES for preparing catalytic microreactors is promising for the wastewater treatment in the future.

  4. New tests to detect antiphospholipid antibodies: antiprothrombin (aPT) and anti-phosphatidylserine/prothrombin (aPS/PT) antibodies.

    Science.gov (United States)

    Sciascia, Savino; Khamashta, Munther A; Bertolaccini, Maria Laura

    2014-05-01

    Antiprothrombin antibodies have been proposed as potential new biomarkers for thrombosis and/or pregnancy morbidity in the setting of the antiphospholipid syndrome (APS). Antiprothrombin antibodies are commonly detected by ELISA, using prothrombin coated onto irradiated plates (aPT), or prothrombin in complex with phosphatidylserine (aPS/PT), as antigen. Although these antibodies can co-exist in the same patient, aPT and aPS/PT seem to belong to different populations of autoantibodies. Early research explored the role of antibodies to prothrombin as potential antigenic targets for the lupus anticoagulant (LA). To date their clinical significance is being investigated and their potential role in identifying patients at higher risk of developing thrombotic events or pregnancy morbidity is being probed.

  5. Radiation protection system installation for the accelerator production of tritium/low energy demonstration accelerator project (APT/LEDA)

    CERN Document Server

    Wilmarth, J E; Tomei, T L

    2000-01-01

    The APT/LEDA personnel radiation protection system installation was accomplished using a flexible, modular proven system which satisfied regulatory orders, project design criteria, operational modes, and facility requirements. The goal of providing exclusion and safe access of personnel to areas where prompt radiation in the LEDA facility is produced was achieved with the installation of a DOE-approved Personnel Access Control System (PACS). To satisfy the facility configuration design, the PACS, a major component of the overall radiation safety system, conveniently provided five independent areas of personnel access control. Because of its flexibility and adaptability the Los-Alamos Neutron- Science-Center-(LANSCE)-designed Radiation Security System (RSS) was efficiently configured to provide the desired operational modes and satisfy the APT/LEDA project design criteria. The Backbone Beam Enable (BBE) system based on the LANSCE RSS provided the accelerator beam control functions with redundant, hardwired, ta...

  6. 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...

  7. 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.

  8. 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...

  9. Chemotherapy-related amenorrhea after adjuvant paclitaxel-trastuzumab (APT trial).

    Science.gov (United States)

    Ruddy, Kathryn J; Guo, Hao; Barry, William; Dang, Chau T; Yardley, Denise A; Moy, Beverly; Marcom, P Kelly; Albain, Kathy S; Rugo, Hope S; Ellis, Matthew J; Shapira, Iuliana; Wolff, Antonio C; Carey, Lisa A; Overmoyer, Beth A; Hudis, Clifford; Krop, Ian E; Burstein, Harold J; Winer, Eric P; Partridge, Ann H; Tolaney, Sara M

    2015-06-01

    Chemotherapy-related amenorrhea (CRA) is associated with infertility and menopausal symptoms. Learning how frequently paclitaxel and trastuzumab cause amenorrhea is important. Most other adjuvant breast cancer therapies induce CRA in approximately 50 % of all premenopausal recipients [1]. 410 patients enrolled on the APT Trial, a single-arm phase 2 adjuvant study of 12 weeks of paclitaxel and trastuzumab followed by nine months of trastuzumab monotherapy. Eligible patients had ≤3 cm node-negative HER2 + breast cancers. Premenopausal enrollees were asked to complete menstrual surveys every 3-12 months for 72 months. Women who responded to at least one survey at least 15 months after chemotherapy initiation (and who did not undergo hysterectomy and/or bilateral oophorectomy or receive ovarian suppressing medications prior to 15 months) were included in this analysis. A participant was defined as having amenorrhea in follow-up if her self-reported last menstrual period at last follow-up was greater than 12 months prior to the survey. Among the 64 women in the evaluable population (median age at study entry 44 years, range 27-52 years), the median time between chemotherapy initiation and last menstrual survey was 51 months (range 16-79). 18 of 64 women (28 %, 95 % CI 18-41 %) were amenorrheic at that time point. Amenorrhea rates among premenopausal women treated with adjuvant paclitaxel and trastuzumab for early stage breast cancer appear lower than those seen historically with standard alkylator-based breast cancer regimens. Future studies are needed to understand the impact of this regimen on related issues of fertility and menopausal symptoms.

  10. Compound Option Pricing under Fuzzy Environment

    Directory of Open Access Journals (Sweden)

    Xiandong Wang

    2014-01-01

    Full Text Available Considering the uncertainty of a financial market includes two aspects: risk and vagueness; in this paper, fuzzy sets theory is applied to model the imprecise input parameters (interest rate and volatility. We present the fuzzy price of compound option by fuzzing the interest and volatility in Geske’s compound option pricing formula. For each α, the α-level set of fuzzy prices is obtained according to the fuzzy arithmetics and the definition of fuzzy-valued function. We apply a defuzzification method based on crisp possibilistic mean values of the fuzzy interest rate and fuzzy volatility to obtain the crisp possibilistic mean value of compound option price. Finally, we present a numerical analysis to illustrate the compound option pricing under fuzzy environment.

  11. Reference Pricing with Endogenous or Exogenous Payment Limits: Impacts on Insurer and Consumer Spending.

    Science.gov (United States)

    Brown, Timothy T; Robinson, James C

    2016-06-01

    Reference pricing (RP) theories predict different outcomes when reference prices are fixed (exogenous) versus being a function of market prices (MPs) (endogenous). Exogenous RP results in MPs at both high-price and low-price firms converging towards the reference price from above and below, respectively. Endogenous RP results in MPs at both high-price and low-price firms decreasing, with low-price firms acting strategically to decrease the reference price in order to gain market share. We extend these models to a hospital context focusing on insurer and consumer payments. Under exogenous RP, insurer and consumer payments to low-price hospitals increase, and insurer payments to high-price hospitals decrease, but predictions regarding consumer payments are ambiguous for high-price hospitals. Under endogenous RP, insurer payments to high-price and low-price hospitals decrease, and consumer payments to low-price hospitals decrease, but predictions regarding consumer payments are ambiguous for high-price hospitals. We test these predictions with difference-in-differences specifications using 2008-2013 data on patients undergoing joint replacement. For 2 years following RP implementation, insurer payments to high-price and low-price hospitals moved downward, consistent with endogenous RP. However, when the reference price was not reset to account for changes in MPs, insurer payments to low-price hospitals reverted to pre-implementation levels, consistent with exogenous RP. Copyright © 2015 John Wiley & Sons, Ltd. Copyright © 2015 John Wiley & Sons, Ltd.

  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. Price Changes, Resource Adjustments and Rational Expectations

    DEFF Research Database (Denmark)

    Hoffmann, Kira

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

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

    International Nuclear Information System (INIS)

    Adrangi, B.; Chatrath, A.; Raffiee, K.; Ripple, R.

    2001-01-01

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

  15. 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.

  16. 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.

  17. 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

  18. 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....

  19. APT Blanket System Loss-of-Flow Accident (LOFA) Analysis Based on Initial Conceptual Design - Case 1: with Beam Shutdown and Active RHR

    International Nuclear Information System (INIS)

    Hamm, L.L.

    1998-01-01

    This report is one of a series of reports that document normal operation and accident simulations for the Accelerator Production of Tritium (APT) blanket heat removal system. These simulations were performed for the Preliminary Safety Analysis Report

  20. 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

  1. Nonlinear Pricing in Energy and Environmental Markets

    Science.gov (United States)

    Ito, Koichiro

    This dissertation consists of three empirical studies on nonlinear pricing in energy and environmental markets. The first investigates how consumers respond to multi-tier nonlinear price schedules for residential electricity. Chapter 2 asks a similar research question for residential water pricing. Finally, I examine the effect of nonlinear financial rewards for energy conservation by applying a regression discontinuity design to a large-scale electricity rebate program that was implemented in California. Economic theory generally assumes that consumers respond to marginal prices when making economic decisions, but this assumption may not hold for complex price schedules. The chapter "Do Consumers Respond to Marginal or Average Price? Evidence from Nonlinear Electricity Pricing" provides empirical evidence that consumers respond to average price rather than marginal price when faced with nonlinear electricity price schedules. Nonlinear price schedules, such as progressive income tax rates and multi-tier electricity prices, complicate economic decisions by creating multiple marginal prices for the same good. Evidence from laboratory experiments suggests that consumers facing such price schedules may respond to average price as a heuristic. I empirically test this prediction using field data by exploiting price variation across a spatial discontinuity in electric utility service areas. The territory border of two electric utilities lies within several city boundaries in southern California. As a result, nearly identical households experience substantially different nonlinear electricity price schedules. Using monthly household-level panel data from 1999 to 2008, I find strong evidence that consumers respond to average price rather than marginal or expected marginal price. I show that even though this sub-optimizing behavior has a minimal impact on individual welfare, it can critically alter the policy implications of nonlinear pricing. The second chapter " How Do

  2. 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

  3. 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.)

  4. 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.

  5. 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…

  6. Dutch house price fundamentals

    NARCIS (Netherlands)

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

    2009-01-01

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

  7. Anti-prothrombin (aPT) and anti-phosphatidylserine/prothrombin (aPS/PT) antibodies and the risk of thrombosis in the antiphospholipid syndrome. A systematic review.

    Science.gov (United States)

    Sciascia, Savino; Sanna, Giovanni; Murru, Veronica; Roccatello, Dario; Khamashta, Munther A; Bertolaccini, Maria Laura

    2014-02-01

    Antibodies to prothrombin are detected by directly coating prothrombin on irradiated ELISA plates (aPT) or by using the phosphatidylserine/prothrombin complex as antigen (aPS/PT). Although these antibodies have both been associated with antiphospholipid syndrome (APS) and a correlation between the two assays have been reported, it seems that aPT and aPS/PT belong to different populations of autoantibodies. It was our objective to systematically review the available evidence on aPT and aPS/PT antibodies and the risk of thrombosis in APS. Medline-reports published between 1988 and 2013 investigating aPT and aPS/PT as a risk factor for thrombosis were included. Whenever possible, antibody isotype(s) and site of thrombosis were analysed. This systematic review is based on available data from more than 7,000 patients and controls from 38 studies analysing aPT and 10 aPS/PT. Antibodies to prothrombin (both aPT and aPS/PT) increased the risk of thrombosis (odds ratio [OR] 2.3; 95% confidence interval [CI] 1.72-3.5). aPS/PT seemed to represent a stronger risk factor for thrombosis, both arterial and/or venous than aPT (OR 5.11; 95%CI 4.2-6.3 and OR 1.82; 95%CI 1.44-2.75, respectively). In conclusion, routine measurement of aPS/PT (but not aPT) might be useful in establishing the thrombotic risk of patients with previous thrombosis and/or systemic lupus erythematosus. Their inclusion as laboratory criteria for the APS should be indisputably further explored.

  8. 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...

  9. Defending Against Advanced Persistent Threats Using Game-Theory.

    Science.gov (United States)

    Rass, Stefan; König, Sandra; Schauer, Stefan

    2017-01-01

    Advanced persistent threats (APT) combine a variety of different attack forms ranging from social engineering to technical exploits. The diversity and usual stealthiness of APT turns them into a central problem of contemporary practical system security, since information on attacks, the current system status or the attacker's incentives is often vague, uncertain and in many cases even unavailable. Game theory is a natural approach to model the conflict between the attacker and the defender, and this work investigates a generalized class of matrix games as a risk mitigation tool for an advanced persistent threat (APT) defense. Unlike standard game and decision theory, our model is tailored to capture and handle the full uncertainty that is immanent to APTs, such as disagreement among qualitative expert risk assessments, unknown adversarial incentives and uncertainty about the current system state (in terms of how deeply the attacker may have penetrated into the system's protective shells already). Practically, game-theoretic APT models can be derived straightforwardly from topological vulnerability analysis, together with risk assessments as they are done in common risk management standards like the ISO 31000 family. Theoretically, these models come with different properties than classical game theoretic models, whose technical solution presented in this work may be of independent interest.

  10. 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

  11. 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. .

  12. AptRank: an adaptive PageRank model for protein function prediction on   bi-relational graphs.

    Science.gov (United States)

    Jiang, Biaobin; Kloster, Kyle; Gleich, David F; Gribskov, Michael

    2017-06-15

    Diffusion-based network models are widely used for protein function prediction using protein network data and have been shown to outperform neighborhood-based and module-based methods. Recent studies have shown that integrating the hierarchical structure of the Gene Ontology (GO) data dramatically improves prediction accuracy. However, previous methods usually either used the GO hierarchy to refine the prediction results of multiple classifiers, or flattened the hierarchy into a function-function similarity kernel. No study has taken the GO hierarchy into account together with the protein network as a two-layer network model. We first construct a Bi-relational graph (Birg) model comprised of both protein-protein association and function-function hierarchical networks. We then propose two diffusion-based methods, BirgRank and AptRank, both of which use PageRank to diffuse information on this two-layer graph model. BirgRank is a direct application of traditional PageRank with fixed decay parameters. In contrast, AptRank utilizes an adaptive diffusion mechanism to improve the performance of BirgRank. We evaluate the ability of both methods to predict protein function on yeast, fly and human protein datasets, and compare with four previous methods: GeneMANIA, TMC, ProteinRank and clusDCA. We design four different validation strategies: missing function prediction, de novo function prediction, guided function prediction and newly discovered function prediction to comprehensively evaluate predictability of all six methods. We find that both BirgRank and AptRank outperform the previous methods, especially in missing function prediction when using only 10% of the data for training. The MATLAB code is available at https://github.rcac.purdue.edu/mgribsko/aptrank . gribskov@purdue.edu. Supplementary data are available at Bioinformatics online. © The Author 2017. Published by Oxford University Press. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com

  13. 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. ...

  14. 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. ...

  15. 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. ...

  16. 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. ...

  17. 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. ...

  18. 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. ...

  19. 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. ...

  20. 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. ...

  1. 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. ...

  2. 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. ...

  3. Can we improve partner notification rates through expedited partner therapy in the UK? Findings from an exploratory trial of Accelerated Partner Therapy (APT).

    Science.gov (United States)

    Estcourt, Claudia; Sutcliffe, Lorna; Cassell, Jackie; Mercer, Catherine H; Copas, Andrew; James, Laura; Low, Nicola; Horner, Patrick; Clarke, Michael; Symonds, Merle; Roberts, Tracy; Tsourapas, Angelos; Johnson, Anne M

    2012-02-01

    To develop two new models of expedited partner therapy for the UK, and evaluate them for feasibility, acceptability and preliminary outcome estimates to inform the design of a randomised controlled trial (RCT). Two models of expedited partner therapy (APTHotline and APTPharmacy), known as 'Accelerated Partner Therapy' (APT) were developed. A non-randomised comparative study was conducted of the two APT models and routine partner notification (PN), in which the index patient chose the PN option for his/her partner(s) in two contrasting clinics. The proportion of contactable partners treated when routine PN was chosen was 42/117 (36%) and was significantly higher if either APT option was chosen: APTHotline 80/135 (59%), p=0.003; APTPharmacy 29/44 (66%) p=0.001. However, partner treatment was often achieved through other routes. Although 40-60% of partners in APT groups returned urine samples for sexually transmitted infection (STI) testing, almost none accessed HIV and syphilis testing. APT options appear to facilitate faster treatment of sex partners than routine PN. Preferences and recruitment rates varied between sites, related to staff satisfaction with existing routine PN; approach to consent; and possibly, characteristics of local populations. Both methods of APT were feasible and acceptable to many patients and led to higher rates of partner treatment than routine PN. Preferences and recruitment rates varied greatly between settings, suggesting that organisational and cultural factors may have an important impact on the feasibility of an RCT and on outcomes. Mindful of these factors, it is proposed that APT should now be evaluated in a cluster RCT.

  4. 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.

  5. Establishment of Grain Farmers' Supply Response Model and Empirical Analysis under Minimum Grain Purchase Price Policy

    OpenAIRE

    Zhang, Shuang

    2012-01-01

    Based on farmers' supply behavior theory and price expectations theory, this paper establishes grain farmers' supply response model of two major grain varieties (early indica rice and mixed wheat) in the major producing areas, to test whether the minimum grain purchase price policy can have price-oriented effect on grain production and supply in the major producing areas. Empirical analysis shows that the minimum purchase price published annually by the government has significant positive imp...

  6. A uniform price auction with locational price adjustments for competitive electricity markets

    International Nuclear Information System (INIS)

    Ethier, R.; Mount, T.; Schulze, W.; Zimmerman, R.; Thomas, R.

    1999-01-01

    Competitive electricity markets which rely on centralized dispatch require a mechanism to solicit offers from competing generators. Ideally, such an auction mechanism, provides incentives to submit offers equal to the marginal cost of generation for each generator. Economic theory suggests that the Uniform Price auction is an appropriate institution. However, an efficient implementation of this auction in an electricity context requires that the offers used in the auction reflect the appropriate locational price adjustments for transmission losses and congestion. This paper describes a uniform price auction that incorporates locational price adjustments on a Web-based platform suitable for experimentation. Preliminary results show dramatically different price and revenue results when compared with a simple continuous Discriminative auction. (author)

  7. Pricing Vulnerable Options with Market Prices of Common Jump Risks under Regime-Switching Models

    Directory of Open Access Journals (Sweden)

    Miao Han

    2018-01-01

    Full Text Available This paper investigates the valuation of vulnerable European options considering the market prices of common systematic jump risks under regime-switching jump-diffusion models. The way of regime-switching Esscher transform is adopted to identify an equivalent martingale measure for pricing vulnerable European options. Explicit analytical pricing formulae for vulnerable European options are derived by risk-neutral pricing theory. For comparison, the other two cases are also considered separately. The first case considers all jump risks as unsystematic risks while the second one assumes all jumps risks to be systematic risks. Numerical examples for the valuation of vulnerable European options are provided to illustrate our results and indicate the influence of the market prices of jump risks on the valuation of vulnerable European options.

  8. 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.

  9. 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.

  10. Pricing of Contracts for Difference in the Nordic market

    International Nuclear Information System (INIS)

    Kristiansen, T.

    2004-01-01

    The purpose of this paper is to give an introduction to, and a pricing analysis of a new forward locational price differential product, Contracts for Difference (CfD), introduced the 17th of November 2000 at Nord Pool - the Nordic electricity exchange. To our knowledge there is no literature available of how the Nordic CfDs are priced. The CfD is a forward market product with reference to the difference between the future seasonal Area Price and System Price. By using available historical trading prices and spot prices for four seasonal contracts and one yearly contract, we analyze the relationships between the contract prices and the value of the underlying asset. For the first four seasonal contracts it appears that CfDs traded at Nord Pool are mostly over-priced relative to the underlying asset. Pricing theory for forward contracts explains this by the presence of a majority of risk-averse consumers who are willing to pay a risk premium for receiving the future price differential. We utilize statistical analysis with regard to the contract prices and the underlying asset, and find some interesting relationships. The analysis is preliminary due to the fact that the CfD market is relatively new. (Author)

  11. 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...

  12. 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 ...

  13. 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

  14. 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

  15. Stochastic arbitrage return and its implications for option pricing

    OpenAIRE

    Fedotov, Sergei; Panayides, Stephanos

    2004-01-01

    The purpose of this work is to explore the role that arbitrage opportunities play in pricing financial derivatives. We use a non-equilibrium model to set up a stochastic portfolio, and for the random arbitrage return, we choose a stationary ergodic random process rapidly varying in time. We exploit the fact that option price and random arbitrage returns change on different time scales which allows us to develop an asymptotic pricing theory involving the central limit theorem for random proces...

  16. THE EFFECTS OF CHANGING MARGIN LEVELS ON FUTURES OPTIONS PRICE

    Institute of Scientific and Technical Information of China (English)

    Yanling GU; Juan LI

    2006-01-01

    The paper studies the effects of changing margin levels on the price of futures options and how to organize a market maker's position. Black model (1976) becomes a special case of this paper.The paper prices futures options by duplicating them and adopting the theory of Backward Stochastic Differential Equations (BSDEs for short). Furthermore, the price of a futures option is the unique solution to a nonlinear BSDE.

  17. 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...

  18. 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.

  19. 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...

  20. 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...

  1. 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...

  2. 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

  3. Taxes, Regulations, and Asset Prices

    OpenAIRE

    Ellen R. McGrattan; Edward C. Prescott

    2001-01-01

    U.S. stock prices have increased much faster than gross domestic product (GDP) in the postwar period. Between 1962 and 2000, corporate equity value relative to GDP nearly doubled. In this paper, we determine what standard growth theory says the equity value should be in 1962 and 2000, the two years for which our steady-state assumption is a reasonable one. We find that the actual valuations were close to the theoretical predictions in both years. The reason for the large run-up in equity valu...

  4. Optimization and characterization of biomolecule immobilization on silicon substrates using (3-aminopropyl)triethoxysilane (APTES) and glutaraldehyde linker

    International Nuclear Information System (INIS)

    Gunda, Naga Siva Kumar; Singh, Minashree; Norman, Lana; Kaur, Kamaljit; Mitra, Sushanta K.

    2014-01-01

    In the present work, we developed and optimized a technique to produce a thin, stable silane layer on silicon substrate in a controlled environment using (3-aminopropyl)triethoxysilane (APTES). The effect of APTES concentration and silanization time on the formation of silane layer is studied using spectroscopic ellipsometry and Fourier transform infrared spectroscopy (FTIR). Biomolecules of interest are immobilized on optimized silane layer formed silicon substrates using glutaraldehyde linker. Surface analytical techniques such as ellipsometry, FTIR, contact angle measurement system, and atomic force microscopy are employed to characterize the bio-chemically modified silicon surfaces at each step of the biomolecule immobilization process. It is observed that a uniform, homogenous and highly dense layer of biomolecules are immobilized with optimized silane layer on the silicon substrate. The developed immobilization method is successfully implemented on different silicon substrates (flat and pillar). Also, different types of biomolecules such as anti-human IgG (rabbit monoclonal to human IgG), Listeria monocytogenes, myoglobin and dengue capture antibodies were successfully immobilized. Further, standard sandwich immunoassay (antibody–antigen–antibody) is employed on respective capture antibody coated silicon substrates. Fluorescence microscopy is used to detect the respective FITC tagged detection antibodies bound to the surface after immunoassay.

  5. Characteristics of Polysilicon Wire Glucose Sensors with a Surface Modified by Silica Nanoparticles/γ-APTES Nanocomposite

    Directory of Open Access Journals (Sweden)

    Jheng-Jia Jhuang

    2011-03-01

    Full Text Available This report investigates the sensing characteristics of polysilicon wire (PSW glucose biosensors, including thickness characteristics and line-width effects on detection limits, linear range and interference immunity with membranes coated by micropipette/spin-coating and focus-ion-beam (FIB processed capillary atomic-force-microscopy (C-AFM tip scan/coating methods. The PSW surface was modified with a mixture of 3-aminopropyl-triethoxysilane (γ-APTES and polydimethylsiloxane (PDMS-treated hydrophobic fumed silica nanoparticles (NPs. We found that the thickness of the γ-APTES+NPs nonocomposite could be controlled well at about 22 nm with small relative standard deviation (RSD with repeated C-AFM tip scan/coatings. The detection limit increased and linear range decreased with the line width of the PSW through the tip-coating process. Interestingly, the interference immunity ability improves as the line width increases. For a 500 nm-wide PSW, the percentage changes of the channel current density changes (ΔJ caused by acetaminophen (AP can be kept below 3.5% at an ultra-high AP-to-glucose concentration ratio of 600:1. Simulation results showed that the line width dependence of interference immunity was strongly correlated with the channel electrical field of the PSW biosensor.

  6. The RF system for the Accelerator Production of Tritium (APT) Low Energy Demonstration Accelerator (LEDA) at Los Alamos

    International Nuclear Information System (INIS)

    Lynch, M.T.; Rees, D.; Tallerico, P.; Regan, A.

    1996-01-01

    To develop and demonstrate the crucial front end of the APT accelerator and some of the critical components for APT, Los Alamos is building a CW proton accelerator (LEDA) to provide 100 mA at up to 40 MeV. LEDA will be installed where the SDI-sponsored Ground Test Accelerator was located. The first accelerating structure for LEDA is a 7-MeV RFQ operating at 350 MHz, followed by several stages of a coupled-cavity Drift Tube Linac (CCDTL) operating at 700 MHz. The first stage of LEDA will go to 12 MeV. Higher energies, up to 40 MeV, come later in the program. Three 1.2-MW CW RF systems will be used to power the RFQ. This paper describes the RF systems being assembled for LEDA, including the 350 and 700-MHz klystrons, the High Voltage Power Supplies, transmitters, RF transport, window/coupler assemblies, and controls. Some of the limitations imposed by the schedule and the building itself are addressed

  7. Optimization and characterization of biomolecule immobilization on silicon substrates using (3-aminopropyl)triethoxysilane (APTES) and glutaraldehyde linker

    Energy Technology Data Exchange (ETDEWEB)

    Gunda, Naga Siva Kumar [Department of Mechanical Engineering, University of Alberta, Edmonton, Canada T6G 2G8 (Canada); Singh, Minashree [Department of Pharmacy and Pharmaceutical Sciences, University of Alberta, Edmonton, Canada T6G 1C9 (Canada); Norman, Lana [Department of Chemical and Materials Engineering, University of Alberta, Edmonton, AB, Canada T6G 2V4 (Canada); Kaur, Kamaljit [Department of Pharmacy and Pharmaceutical Sciences, University of Alberta, Edmonton, Canada T6G 1C9 (Canada); Mitra, Sushanta K., E-mail: sushanta.mitra@ualberta.ca [Department of Mechanical Engineering, University of Alberta, Edmonton, Canada T6G 2G8 (Canada)

    2014-06-01

    In the present work, we developed and optimized a technique to produce a thin, stable silane layer on silicon substrate in a controlled environment using (3-aminopropyl)triethoxysilane (APTES). The effect of APTES concentration and silanization time on the formation of silane layer is studied using spectroscopic ellipsometry and Fourier transform infrared spectroscopy (FTIR). Biomolecules of interest are immobilized on optimized silane layer formed silicon substrates using glutaraldehyde linker. Surface analytical techniques such as ellipsometry, FTIR, contact angle measurement system, and atomic force microscopy are employed to characterize the bio-chemically modified silicon surfaces at each step of the biomolecule immobilization process. It is observed that a uniform, homogenous and highly dense layer of biomolecules are immobilized with optimized silane layer on the silicon substrate. The developed immobilization method is successfully implemented on different silicon substrates (flat and pillar). Also, different types of biomolecules such as anti-human IgG (rabbit monoclonal to human IgG), Listeria monocytogenes, myoglobin and dengue capture antibodies were successfully immobilized. Further, standard sandwich immunoassay (antibody–antigen–antibody) is employed on respective capture antibody coated silicon substrates. Fluorescence microscopy is used to detect the respective FITC tagged detection antibodies bound to the surface after immunoassay.

  8. 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...

  9. 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.

  10. Some Divergence Properties of Asset Price Models

    Directory of Open Access Journals (Sweden)

    Wolfgang Stummer

    2001-12-01

    Full Text Available Abstract: We consider asset price processes Xt which are weak solutions of one-dimensional stochastic differential equations of the form (equation (2 Such price models can be interpreted as non-lognormally-distributed generalizations of the geometric Brownian motion. We study properties of the Iα-divergence between the law of the solution Xt and the corresponding drift-less measure (the special case α=1 is the relative entropy. This will be applied to some context in statistical information theory as well as to arbitrage theory and contingent claim valuation. For instance, the seminal option pricing theorems of Black-Scholes and Merton appear as a special case.

  11. 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

  12. 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...

  13. Incorporating the value of changes in price volatility into cost-benefit analysis-an application to oil prices in the transport sector

    DEFF Research Database (Denmark)

    Jensen, Thomas Christian; Møller, Flemming

    2010-01-01

    in the policy assessment taking into account the most significant correlations between prices of alternative fuels and between fuel prices and consumption in general. In the present paper, a method of valuing changes in price volatility based on portfolio theory is applied to some very simple transport...

  14. Locational marginal prices with SVC in Indian electricity market ...

    African Journals Online (AJOL)

    Spot pricing based on short run marginal cost (SRMC) theory has the potential to provide the economic signals for the power system operation. Reactive power has gained importance as an ancillary service in competitive markets and its impact on nodal price can not be ignored. With the emergence of FACTS technology, ...

  15. 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....

  16. 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

  17. 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...

  18. 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

  19. 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

  20. 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)

  1. 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

  2. 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.

  3. New evidence on the asymmetry in gasoline price: volatility versus margin?

    International Nuclear Information System (INIS)

    Abosedra, S.; Radchenko, S.

    2006-01-01

    This paper examines recent evidence on the role that gasoline margins and volatility play in the asymmetric response of gasoline prices to changes in oil prices at different stages of distribution process. In a regression model with margins, we find that margins are statistically significant in explaining asymmetry between crude oil and spot gasoline prices, spot gasoline prices and wholesale gasoline prices, and wholesale gasoline prices and retail prices. In a regression model with input volatility, we find evidence that volatility is responsible for asymmetry between wholesale gasoline prices and retail gasoline prices. When both, gasoline margins and gasoline volatility are included in the regression, we find evidence supporting margins, the search theory, volatility, the oligopolistic coordination theory and an explanation of asymmetry. (author)

  4. 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

  5. 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)

  6. 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.

  7. 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)

  8. 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.

  9. The effect of costs and regulation on electricity prices

    International Nuclear Information System (INIS)

    Schlaf, E.P.

    1991-01-01

    Two distinct econometric tests were performed to determine if state price regulation of public utilities has had a measurable impact on retail electricity prices. The results of both tests agree that, during the 1971-1985 period, average national electricity prices in each of the three major consuming sectors and the four Census regions were below the level which would have been preferred by profit-maximizing monopolists. Electricity consumers received price benefits during the sample period as a result of regulation. The first test of the effectiveness of state price regulation used a 'revealed preference' approach by comparing the actual prices set by regulatory commissioners with prices and outcomes predicted by three competing theories of regulatory motivation. The second test of the effectiveness of price regulation combined traditional cost function inputs with regulatory variables in reduced-form price equations to determine whether the amount of regulatory intensity, as measured by the number of staff members per regulated utility, is associated with declining electricity prices and whether appointed commissioners allow higher prices than elected commissioners

  10. Quantitative analysis on the fluctuation of vegetable price in supermarket

    Directory of Open Access Journals (Sweden)

    Miranda Suci

    2018-01-01

    Full Text Available In this paper we analyze the variables affecting the determination of vegetable sale price in supermarket and investigate each amount considered into the formulation. We use the supermarket pricing strategies literatures, cost management theory, and any information obtained from suppliers and supermarket to investigate the variables influenced the sale price gap between supplier sale price and supermarket sale price. In order to obtain the supermarket sale price, it is required to understand the concept of costs. Supermarket as a merchandising firm has two components of costs called purchase costs and operating expenses which are computed to be Cost of Goods Sold (COGS. We found that supplier sale price is the purchase costs and plays has the main role in determining the supermarket sale price. The operating expenses considered is the holding cost. The vegetable characteristics and consumer behaviour have driven the contribution of amount of variables into the sale price at supermarket. Finally, we present the variables satisfying the vegetable sale price formulation and how they are calculated becoming the supermarket sale price.

  11. 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...

  12. Synthesis, characterization and catalytic activity of CoFe{sub 2}O{sub 4}-APTES-Pd magnetic recyclable catalyst

    Energy Technology Data Exchange (ETDEWEB)

    Demirelli, M. [Department of Chemistry, Faculty of Arts and Sciences, Yıldız Teknik University Davutpaşa Campus, Esenler, İstanbul (Turkey); Department of Chemistry, Faculty of Arts and Sciences, Fatih University, B. Cekmece, İstanbul 34500 (Turkey); Karaoğlu, E., E-mail: ebubekirkaraoglu@gmail.com [Department of Chemistry, Faculty of Arts and Sciences, Fatih University, B. Cekmece, İstanbul 34500 (Turkey); Department of Medical Biochemistry, Faculty of Medicine, Sakarya University, Korucuk, Sakarya (Turkey); Baykal, A. [Department of Chemistry, Faculty of Arts and Sciences, Fatih University, B. Cekmece, İstanbul 34500 (Turkey); Sözeri, H.; Uysal, E. [TUBITAK-UME, National Metrology Institute, PO Box 54, 41470 Gebze, Kocaeli (Turkey)

    2014-01-05

    Highlights: • CoFe{sub 2}O{sub 4}-APTES-Pd (0) nanocomposite, as effective catalysts for reduction reactions. • It could be reused several times without significant loss in hydrogenation reaction. • So far, CoFe{sub 2}O{sub 4}-APTES-Pd (0) nanocomposite have not been synthesized. • CoFe{sub 2}O{sub 4}-APTES-Pd (0) nanocomposite was confirmed by XRD, FT-IR. • Pd containing nanoparticles embedded in organic surfactant observed by TEM. -- Abstract: A new magnetically recyclable catalyst, CoFe{sub 2}O{sub 4}-APTES-Pd(0) nanocomposite, as highly effective catalysts for reduction reactions in liquid phase was fabricated and characterized. The reduction of Pd{sup 2+} was accomplished with sodium borohydride (NaBH{sub 4}). The chemical characterization of the product was done with X-ray diffractometry, infrared spectroscopy, transmission electron microscopy, UV–Vis spectroscopy and inductively coupled plasma. It was found that the combination of CoFe{sub 2}O{sub 4} and 3-aminopropyltriethoxysilane (APTES) could give rise to structurally stable catalytic sites. Furthermore, the high magnetization CoFe{sub 2}O{sub 4}-APTES-Pd(0) catalyst can be recovered by magnet and reused for ten runs for hydrogenation reaction of 4-nitro aniline, 1,3 dinitro and cyclohexanone. The catalyst was easily isolated from the reaction mixture by a magnetic bar and reused at least 10 times without significant degradation in the activity which shows the indicative of a potential applications of these catalysts in industry.

  13. Prevalence of antibodies to prothrombin in solid phase (aPT) and to phosphatidylserine-prothrombin complex (aPS/PT) in patients with and without lupus anticoagulant.

    Science.gov (United States)

    Bertolaccini, Maria Laura; Sciascia, Savino; Murru, Veronica; Garcia-Fernandez, Cesar; Sanna, Giovanni; Khamashta, Munther A

    2013-02-01

    Antibodies to prothrombin in solid phase (aPT) and those to phosphatidiyserine-prothrombin complex (aPS/PT) have been suggested to strongly correlate with the presence of lupus anticoagulant (LA). As their clinical diagnostic value and true relationship with the LA remains elusive, we designed this study to evaluate the prevalence and significance of aPT and aPS/PT in a large cohort of patients with and without LA. Samples from 257 patients were included. aPT and aPS/PT were tested by ELISA. LA was tested as per the current criteria from the ISTH Subcommittee on LA-Phospholipid-dependent antibodies. aPS/PT and aPT were found in 51% and 32% of LA-positive (LA+ve) patients and in 22% and 28% of LA-negative (LA-ve) patients, respectively. Thrombosis, particularly venous thrombosis was associated with IgG aPT in the LA+ve group (p=0.0006) and in the LA-ve group (p=0.017). Antibodies to phosphatidylserine-prothrombin, either IgG and IgM were associated with thrombosis in general (p=0.0003) in particularly with venous thrombosis in the LA+ve group (paPS/PT were independent risk factors for thrombosis and pregnancy loss. In conclusion, aPS/PT, but not aPT, are more frequently found in patients with LA. Their association with thrombosis seems to be independent of the presence of LA.

  14. 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. ...

  15. 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. ...

  16. 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...

  17. Why do oil prices jump (or fall)?

    International Nuclear Information System (INIS)

    Wirl, Franz

    2008-01-01

    This paper discusses theories that can explain the zig-zags of oil prices in general and in particular the recent jump. More precisely, the following explanations are discussed: Homo oeconomicus (pure profit maximization if demand is dynamic and convex), price reaction function (price increases and respectively declines depend on capacity utilization), cartelization contingent on output or revenues of which the latter can lead to backward bending supply segments and multiple equilibria, statistical descriptions (mean reversion), homo politicus, i.e., arguments for price hikes that are rational (Public Choice) despite the (long-run) economic loss. Finally two approaches are presented that emphasize demand uncertainty: one extending the above-mentioned dynamic demand framework and the other considers a dynamic game of non-competitive suppliers with lumpy investments. Summing up, a demand shock seems to be the most suitable explanation of today's high prices (indeed a shock given that International Energy Agency (IEA) and Department of Energy (DoE) were promising just a couple of years ago that we are going to have lots of oil at low prices), while others and in particular politics have surprisingly little or no explanatory power. (author)

  18. Domestic petroleum product pricing policy: Old issues in new perspective

    International Nuclear Information System (INIS)

    Bhattacharyya, S.C.

    1995-01-01

    It appears that the economic basis of domestic petroleum product pacing has, hitherto, received inadequate attention from economists. International comparisons of petroleum product pricing show that domestic markets are highly distorted This article argues that despite significant developments in theoretical and applied economics, economic theories do not provide any ready made solutions for energy pricing issues to the policy makers who have to deal with a large set of practical issues. As a result, it is not unusual to encounter gross misapplication of economic rules in petroleum pricing policies. This work also focuses on the possible effects of changing domestic market structure vis-a-vis pricing policies

  19. 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...

  20. 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.

  1. 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)

  2. 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

  3. 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)

  4. Pricing in health care organizations. A key component of the marketing mix.

    Science.gov (United States)

    Marlowe, D

    1989-01-01

    Pricing is one of the key components of a successful marketing mix. Pricing objectives, strategies, and tactics cannot stand alone, however. To be effective, price must work in harmony with other marketing and management activities. Despite its importance, use of pricing as a management tool is limited in health care compared to other industries. Many factors contribute to this situation, including the structure of the health-care exchange process, limited consumer knowledge, and a limited ability to measure costs. I will provide an overview of pricing information, both within and outside health care. Specifically, we will explore the definition of pricing, nonmonetary pricing, price elasticity, classical pricing theory, and the role of pricing in a health-care setting.

  5. 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...

  6. 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...

  7. 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....

  8. Electricity pricing: optimal operation and investment by industrial consumers

    Energy Technology Data Exchange (ETDEWEB)

    Outhred, H.R.; Kaye, R.J.; Sutanto, D.; Manimaran, R.; Bannister, C.H.; Lee, Y.B.

    1988-08-01

    Ongoing research in the areas of economically efficient electricity pricing and industrial consumer response is described. A new electricity pricing theory is described that incorporates future uncertainty and intertemporal linkages between decisions. It indicates that electricity prices should contain two terms - short-run marginal cost plus a term that reflects how each particular decision is likely to affect future global welfare. A practical implementation using spot prices and forward contracts plus financial instruments for risk sharing and decision coordination is explored, and a procedure for developing long-term pricing policy is considered. The operation of industrial plant has been investigated and models developed to optimize plant behaviour in response to spot prices and forward contracts for electricity. These models are described and results of simulation studies discussed. The economic efficiency and risk sharing advantages of this advanced tariff structure compared with a conventional time-of-use tariff are illustrated.

  9. Stochastic arbitrage return and its implication for option pricing

    Science.gov (United States)

    Fedotov, Sergei; Panayides, Stephanos

    2005-01-01

    The purpose of this work is to explore the role that random arbitrage opportunities play in pricing financial derivatives. We use a non-equilibrium model to set up a stochastic portfolio, and for the random arbitrage return, we choose a stationary ergodic random process rapidly varying in time. We exploit the fact that option price and random arbitrage returns change on different time scales which allows us to develop an asymptotic pricing theory involving the central limit theorem for random processes. We restrict ourselves to finding pricing bands for options rather than exact prices. The resulting pricing bands are shown to be independent of the detailed statistical characteristics of the arbitrage return. We find that the volatility “smile” can also be explained in terms of random arbitrage opportunities.

  10. 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 ...

  11. 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)

  12. AKRO: Standard Prices

    Data.gov (United States)

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

  13. 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

  14. 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)

  15. 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

  16. 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...

  17. 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....

  18. 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...

  19. Assessing Pricing and Aid Strategies: Rethinking Planning and Evaluation Practices. AIR 1994 Annual Forum Paper.

    Science.gov (United States)

    St. John, Edward P.

    This paper explores the need for a better understanding of the influences of prices and student aid on student enrollment and college budgets. The theory of net price has not been found to adequately explain changes in enrollment. Based on a critical review of recent research on student price response, this paper develops an alternative approach…

  20. The theoretical foundations of value-informed pricing in the service-dominant logic of marketing

    NARCIS (Netherlands)

    Ingenbleek, P.T.M.

    2014-01-01

    Purpose – In the mainstream normative pricing literature, value assessment is virtually non-existent. Although the resource-based literature recognizes that pricing is a competence, value-informed pricing practices are still weakly grounded in theory. The purpose of this paper is to strengthen the

  1. 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...

  2. 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)

  3. 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

  4. 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...

  5. 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

  6. 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/...

  7. 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

  8. 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,…

  9. 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

  10. Reserve price: Lessons learned from Brazilian electricity procurement auctions

    International Nuclear Information System (INIS)

    Rego, Erik Eduardo

    2013-01-01

    Auctions have been used in several formats in the electric energy industry. In general, regulators may be uncomfortable initiating a reverse auction at a higher-than-expected final price, fearing that participants may sell their energy at an excess profitability. Nevertheless, evidence from electricity procurement auctions conducted in Brazil supports the findings that these types of auctions have the opposite effect. By attracting a larger number of agents, these auctions can trigger stronger competition and lead to lower settlement pricing. Accordingly, the Brazilian cases examined in this article present significant evidence to support this directional theory. In fact, there are some cases of electricity procurement auctions that show that inadequate auction reserve pricing leads to inefficient outcomes and may also cause the auction to fail. On the other hand, auctions with adequate price caps have led to lower final clearing prices, thus contributing to reasonable final energy pricing. - Highlights: • Outcomes from Brazilian electricity procurement auctions were analyzed. • Cases of success and frustration after adopting (in)adequate reserve prices. • Setting different price caps per source is inefficient. • Higher-than-normal price cap is more effective than fine-tuning reserve prices

  11. 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)

  12. 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.

  13. APTES Functionalized Iron Oxide-Silver Magnetic Hetero-Nanocomposites for Selective Capture and Rapid Removal of Salmonella enteritidis from Aqueous Solution

    Science.gov (United States)

    Trang, Vu Thi; Dinh, Ngo Xuan; Lan, Hoang; Tam, Le Thi; Huy, Tran Quang; Tuan, Pham Anh; Phan, Vu Ngoc; Le, Anh-Tuan

    2018-02-01

    Magnetic nanomaterials, as a promising platform for the fast and sensitive detection of bacterial pathogens, have attracted increasing interest from researchers in recent years. In this work, by utilizing a two-step synthetic technique consisting of co-precipitation and subsequent hydrothermal reaction, followed by functionalization steps with (3-aminopropyl)triethoxysilane (APTES) and the antibody against Salmonella enteritidis, antibody-conjugated Fe3O4-Ag@APTES hetero-nanocomposites were successfully prepared. Due to the specific antibody, the developed Fe3O4-Ag@APTES@SE-Ab conjugates are capable of selectively capturing S. enteritidis at a low concentration of about 101 CFU/mL. Moreover, the prepared magnetic conjugates also revealed that the S. enteritidis could be rapidly removed from water solution in 20 min by using an external magnetic field with a removal efficiency obtained of ˜ 91.36%. These results indicated that the Fe3O4-Ag@APTES@SE-Ab conjugates are promising for the rapid selective capture and removal of bacterial pathogens from aqueous environments, and can be used for improving the detection quality of pathogens in water samples using immunosensor-based diagnostic tests.

  14. Revealed or hidden?: insights into ways of measuring mental representations online: A comparative study of APT and CNET applied to an online agent

    NARCIS (Netherlands)

    Horeni, O.; Arentze, T.A.; Dellaert, B.G.C.; Timmermans, H.J.P.

    2010-01-01

    This paper presents and compares newly developed interview techniques (APT and CNET) which were implemented and tested by an online agent in order to measure mental representations underlying activity-choices. The comparison is supported and completed by the results from a first online survey with

  15. Domestic and Foreign Effects on Prices in an Open Economy

    DEFF Research Database (Denmark)

    Juselius, Katarina

    1994-01-01

    Domestic price determination in Denmark is investigated using three kinds of macro-economic explanations: (1) internal labor mar­ ket theories describing the relation between price and wage inflation, (2) pure monetarist theories describing the effect of excess money on the inflation rate, and (3...... model. The results stand up as quite strong evidence against the Lucas critiqueDomestic price determination in Denmark is investigated using three kinds of macro-economic explanations: (1) internal labor mar­ ket theories describing the relation between price and wage inflation, (2) pure monetarist...... found to be the main determinants of the inflation rate. Among these, the domestic effects were small compared to the foreign effects. The em­ pirical results strongly favored a backward-looking behavioral model in terms of structurally stable parameters as opposed to a forward- looking expectations...

  16. Boosting Learning Algorithm for Stock Price Forecasting

    Science.gov (United States)

    Wang, Chengzhang; Bai, Xiaoming

    2018-03-01

    To tackle complexity and uncertainty of stock market behavior, more studies have introduced machine learning algorithms to forecast stock price. ANN (artificial neural network) is one of the most successful and promising applications. We propose a boosting-ANN model in this paper to predict the stock close price. On the basis of boosting theory, multiple weak predicting machines, i.e. ANNs, are assembled to build a stronger predictor, i.e. boosting-ANN model. New error criteria of the weak studying machine and rules of weights updating are adopted in this study. We select technical factors from financial markets as forecasting input variables. Final results demonstrate the boosting-ANN model works better than other ones for stock price forecasting.

  17. 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...

  18. 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 ...

  19. European Option Pricing with Transaction Costs in Lévy Jump Environment

    Directory of Open Access Journals (Sweden)

    Jiayin Li

    2014-01-01

    Full Text Available The European option pricing problem with transaction costs is investigated for a risky asset price model with Lévy jump. By the aid of arbitrage pricing theory and the generalized Itô formula (which includes Poisson jump, the explicit solution to the risk asset price model is given. According to arbitrage-free principle, we first discretize the continuous-time model. Then, in each small time interval, the transaction costs are introduced. By using the Δ-hedging strategy, the explicit solutions of the European options pricing formula with transaction costs are given for the risky asset price model with Lévy jump.

  20. 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

  1. 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. ...

  2. 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...

  3. Price schedules coordination for electricity pool markets

    Science.gov (United States)

    Legbedji, Alexis Motto

    2002-04-01

    We consider the optimal coordination of a class of mathematical programs with equilibrium constraints, which is formally interpreted as a resource-allocation problem. Many decomposition techniques were proposed to circumvent the difficulty of solving large systems with limited computer resources. The considerable improvement in computer architecture has allowed the solution of large-scale problems with increasing speed. Consequently, interest in decomposition techniques has waned. Nonetheless, there is an important class of applications for which decomposition techniques will still be relevant, among others, distributed systems---the Internet, perhaps, being the most conspicuous example---and competitive economic systems. Conceptually, a competitive economic system is a collection of agents that have similar or different objectives while sharing the same system resources. In theory, constructing a large-scale mathematical program and solving it centrally, using currently available computing power can optimize such systems of agents. In practice, however, because agents are self-interested and not willing to reveal some sensitive corporate data, one cannot solve these kinds of coordination problems by simply maximizing the sum of agent's objective functions with respect to their constraints. An iterative price decomposition or Lagrangian dual method is considered best suited because it can operate with limited information. A price-directed strategy, however, can only work successfully when coordinating or equilibrium prices exist, which is not generally the case when a weak duality is unavoidable. Showing when such prices exist and how to compute them is the main subject of this thesis. Among our results, we show that, if the Lagrangian function of a primal program is additively separable, price schedules coordination may be attained. The prices are Lagrange multipliers, and are also the decision variables of a dual program. In addition, we propose a new form of

  4. Marginal cost pricing of electricity

    International Nuclear Information System (INIS)

    Edsbaecker, G.

    1980-01-01

    The discipline is economics and the phenomenon is the power system. The purpose of this system is to produce, transmit and consume electricity in such a way that the sum of consumers and suppliers surplus in maximized. This is accomplished by the means of marginal cost pricing. The concepts of the power system and the relations prevailing between and among them are picked out, defined and analyzed in the frames of economic theory and operations research. Methods are developed aiming at efficient prices so that the short run function of the power system is managed in such a way that the sum of conumers and suppliers surplus is maximized within the framwork of this system, i.e. value of service of the power system is maximized. The task of developing such methods is accomplished subject to mixed production resources, transmission losses, periodic demand and also when there is lack of information concerning future and cost conditions. The main results are methods which take to account the conditions stated above. Methods not only allowing for traditional cost minimizing but also for maximation of value of service including a process of reaching optimum by gradual adaption when demand and cost curves are not known in advance. (author)

  5. Pricing by timing: innovating broadband data plans

    Science.gov (United States)

    Ha, Sangtae; Joe-Wong, Carlee; Sen, Soumya; Chiang, Mung

    2012-01-01

    Wireless Internet usage is doubling every year. Users are using more of high bandwidth data applications, and the heavy usage concentrates on several peak hours in a day, forcing ISPs to overprovision their networks accordingly. In order to remain profitable, ISPs have been using pricing as a congestion management tool. We review many of such pricing schemes in practice today and argue that they do not solve ISPs' problem of growing data traffic. We believe that dynamic, time-dependent usage pricing, which charges users based on when they access the Internet, can incentivize users to spread out their bandwidth consumption more evenly across different times of the day, thus helping ISPs to overcome the problem of peak congestion. Congestion pricing is not a new idea in itself, but the time for its implementation in data networks has finally arrived. Our key contribution lies in developing new analysis and a fully integrated system architecture, called TUBE (Time-dependent Usage-based Broadband price Engineering) that enables ISPs to implement the proposed TDP plan. The theory, simulation, and system implementation of TUBE system is further complemented with consumer surveys conducted in India and the US, along with preparations for a field trial that is currently underway.

  6. 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...

  7. 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 ...

  8. 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)

  9. "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.

  10. 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. ...

  11. 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. ...

  12. 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. ...

  13. 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. ...

  14. 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. ...

  15. 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. ...

  16. 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. ...

  17. 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. ...

  18. 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.

  19. Research on the pricing system of online nuclear power

    International Nuclear Information System (INIS)

    Xu Dan

    2010-01-01

    National Development and Reform Commission Issues 'Long-term Nuclear Power Development Plan (2005-2020)' in October, 2007. It is the milestone for great development of the nuclear power plant. By the end of the first half of 2009, the nuclear power companies, mainly leading by CNNC and CGNPC, are busy in expanding the new project investment scale of the nuclear power. They gradually initialize the enormous nuclear investment in Zhejiang, Liaoning, Shandong, Guangxi Province and some other place. Along with the development of the nuclear plant and the reformation of the electricity price, the online electricity price of the nuclear power plant will likely be revised. How long will the price policy of 'One to one price' for each type of plant be hold? How will the online electricity price be set in the future? What kind of theories will be followed in the new pricing policy? And what kind of influence will it have on the operating and constructing nuclear power plants? All these will be the problem to the nuclear power plant. There are a lot of uncertainties in front of the nuclear power enterprise in the future. The article analyzes the cost structure of the nuclear power enterprise. Based on the price theory of the market economy, and after benchmarking with the coal power and some other industries, the article studies the future pricing policy of the nuclear power enterprise. And the article analyzes the future management risk of the nuclear power enterprise after the pricing policy reformation. And through the management improvement, the nuclear power company could response effectively to the price regulation, and minimize the uncertainty caused by the pricing policy reformation to the enterprise operation and management. (author)

  20. Internal and external factors on firms? transfer pricing decisions: Insights from organization studies

    OpenAIRE

    Dan Li; Manuel Portugal Ferreira

    2007-01-01

    Well understood in economics, accounting, finance, and legal research, transfer pricing has rarely been comprehensively explored in organization management literature. This paper explores some theoretical explanations of transfer pricing within multidivisional firms drawing insights from various organizational theories – primarily institutional theory, transaction cost economics, and social networks – to develop a conceptual model of transfer pricing. This model focuses on the nature of multi...

  1. List prices vs. bargain prices: which solution to estimate consumer price indices?

    OpenAIRE

    Carlo De Gregorio

    2010-01-01

    Alternative approaches to CPI surveys are here evaluated, in markets where final prices are based on some sort of price listing. Three types of surveys are compared: local surveys (LOC), with small samples and a local price collection; list price surveys (LIS), with huge samples and centralised collection; mixed surveys (MXD), in which LOC and LIS are jointly used. Based on a multiplicative pricing model, some conditions are derived to establish the relative efficiency of these approaches. Th...

  2. Logistics: Price Rises Incurred by High Oil Price

    Institute of Scientific and Technical Information of China (English)

    Lai Zhihui

    2011-01-01

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

  3. Perturbation theory for water with an associating reference fluid

    Science.gov (United States)

    Marshall, Bennett D.

    2017-11-01

    The theoretical description of the thermodynamics of water is challenged by the structural transition towards tetrahedral symmetry at ambient conditions. As perturbation theories typically assume a spherically symmetric reference fluid, they are incapable of accurately describing the liquid properties of water at ambient conditions. In this paper we address this problem by introducing the concept of an associated reference perturbation theory (APT). In APT we treat the reference fluid as an associating hard sphere fluid which transitions to tetrahedral symmetry in the fully hydrogen bonded limit. We calculate this transition in a theoretically self-consistent manner without appealing to molecular simulations. This associated reference provides the reference fluid for a second order Barker-Henderson perturbative treatment of the long-range attractions. We demonstrate that this approach gives a significantly improved description of water as compared to standard perturbation theories.

  4. Pricing Volatility Referenced Assets

    Directory of Open Access Journals (Sweden)

    Alan De Genaro Dario

    2006-12-01

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

  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. Limits to oil pricing: scenario planning as a device to understand oil price developments

    International Nuclear Information System (INIS)

    Austvik, O.G.

    1992-01-01

    This paper underlines that the politicizing of the oil market makes economics, politics and even pure warfare important elements in the formation of the price of oil. The disagreement about which theory to use to analyze the market and the bad record of oil price forecasting indicates that conventional oil market models should be critically re-assessed. The scenario planning methodology presented in this paper may be one alternative approach. SP does not overthrow any other theories of the market. But it claims that no single discipline is able to tell the whole truth about the market. The SP approach stresses and clarifies the role of uncertainty in the development of oil prices and underlines the importance of the understanding of the functioning of the market. It argues that without a cross-disciplinary approach, with an adequate choice of parameters, at the right level of in-depth discussion, the analysis may lose essential input or drown in detail. As an example of the methodology, an analysis of development of oil prices in the nineties is presented. It is shown that lower (indicated as 15-20 S/bbl) and upper (indicated as 30-40 S/bbl) limits of the price in the long run can be constructed, based on economic, political and strategic reasoning. It is also argued that short run 'shocks' outside these limits may have become less likely, because: (1) the strategic petroleum reserves (SPR) will cut off the most extreme prices above the upper limit and (2) the existence of a supply side regulator, like OPEC, will prevent prices from dropping below the lower limit for any longer period of time. Sensitivity analysis tests the 'robustness' of the approach. 10 refs., 1 fig

  7. Price knowledge during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup; Grunert, Klaus G

    2014-01-01

    applying a multi-point, multi-measure approach, consumers appear to know more aboutprices than suggested by past research. Determinants of price knowledge are also examined and the results indicate that price knowledge buildsup not only because of active search but also due to accidental exposure to prices......Past research on consumer price knowledge has varied considerably partly due to differences in how and when price knowledge is measured.This paper applies a multi-point, multi-measure approach to reconcile differences in past price knowledge research by examining systematicrelationships between...... time of measurement and type of measures applied. Examination of consumer price knowledge before, during, and afterstore visit sheds light on what is measured at the individual points in time: episodic price knowledge and/or reference prices? With a between-subjects design interviewing 1...

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

    Directory of Open Access Journals (Sweden)

    Andrea Erika NYÁRÁDI

    2007-01-01

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

  9. Testing option pricing with the Edgeworth expansion

    Science.gov (United States)

    Balieiro Filho, Ruy Gabriel; Rosenfeld, Rogerio

    2004-12-01

    There is a well-developed framework, the Black-Scholes theory, for the pricing of contracts based on the future prices of certain assets, called options. This theory assumes that the probability distribution of the returns of the underlying asset is a Gaussian distribution. However, it is observed in the market that this hypothesis is flawed, leading to the introduction of a fudge factor, the so-called volatility smile. Therefore, it would be interesting to explore extensions of the Black-Scholes theory to non-Gaussian distributions. In this paper, we provide an explicit formula for the price of an option when the distributions of the returns of the underlying asset is parametrized by an Edgeworth expansion, which allows for the introduction of higher independent moments of the probability distribution, namely skewness and kurtosis. We test our formula with options in the Brazilian and American markets, showing that the volatility smile can be reduced. We also check whether our approach leads to more efficient hedging strategies of these instruments.

  10. Keynes, population, and equity prices.

    Science.gov (United States)

    Tarascio, V J

    1985-01-01

    Keynes in 1937 examined the phenomenon of the Great Depression from a longrun perspective in contradiction to the "General Theory," where the focus was on the shortrun. "Some Economic Consequences of a Declining Population," Keynes' article, reveals the context in which the "General Theory" was written. In the "General Theory," the focus is on short-term fluctuations, i.e., business cycles, but Keynes fails to provide any theoretical explanation as to why the depression of the 1930s was so severe and intractable. In the 1937 article, the depression is seen as the result of the combined effects of a decline in longrun growth due to population growth decline and a shortrun cyclical decline, together producing severe economic consequences. What is important for the purposes of this discussion is the implication, within the context of the 1937 article, that not only was the stock market crash of 1929 related to population change (with its accompanying collapse in expectations) but that, in general, changes in the rate of growth of population are accompanied by stock price movements in the same direction. The remainder of the discussion is devoted to a simple empirical test of this relationship. The data used are population size (POP), defined as the total residential population in the US from 1870-1979, and the Standard and Poor 500 Stock index (SP) for the corresponding 109-year period. In addition, a 3rd series was constructed, a price deflated Standard and Poor index (RSP) with a base period of 1870, to account for possible inflationary distortion of the index. The empirical results do not invalidate the hypothesis that population growth rates affect equity markets. In fact, there seems to be strong evidence that they are related in a manner suggestive of Keynes' intutition, namely, that the stock market crash of 1929 was due to factors more fundamental than those often perceived from a shortrun perspective. According to Keynes (1937), population is the most

  11. Nonlinear Pricing of Information Goods

    OpenAIRE

    Arun Sundararajan

    2003-01-01

    This paper analyzes optimal pricing for information goods under incomplete information, when both unlimited-usage (fixed-fee) pricing and usage-based pricing are feasible, and administering usage-based pricing may involve transaction costs. It is shown that offering fixed- fee pricing in addition to a non-linear usage-based pricing scheme is always profit-improving in the presence of any non-zero transaction costs, and there may be markets in which a pure fixed-fee is optimal. This implies th...

  12. Energy pricing policy in Iran

    International Nuclear Information System (INIS)

    Davood Manzoor

    1995-01-01

    Low energy prices in Iran do not reflect economic costs. Further distortions exist in the tariff structures of most energy sources and in their relative prices. Price reform is a key policy element for achieving increased energy conservation and economic substitution. Subsidies should be made transparent and explained by the Government, and, when eliminated, they could be compensated by target measures or direct subsidies for low income households. Price reforms are under way, with some caution though, because of possible political and inflationary consequences. In order to better understand the need for price reforms a brief analysis of the current energy pricing policy is provided there. (author)

  13. Pricing offshore wind power

    International Nuclear Information System (INIS)

    Levitt, Andrew C.; Kempton, Willett; Smith, Aaron P.; Musial, Walt; Firestone, Jeremy

    2011-01-01

    Offshore wind offers a very large clean power resource, but electricity from the first US offshore wind contracts is costlier than current regional wholesale electricity prices. To better understand the factors that drive these costs, we develop a pro-forma cash flow model to calculate two results: the levelized cost of energy, and the breakeven price required for financial viability. We then determine input values based on our analysis of capital markets and of 35 operating and planned projects in Europe, China, and the United States. The model is run for a range of inputs appropriate to US policies, electricity markets, and capital markets to assess how changes in policy incentives, project inputs, and financial structure affect the breakeven price of offshore wind power. The model and documentation are made publicly available. - Highlights: → We calculate the Breakeven Price (BP) required to deploy offshore wind plants. → We determine values for cost drivers and review incentives structures in the US. → We develop 3 scenarios using today's technology but varying in industry experience. → BP differs widely by Cost Scenario; relative policy effectiveness varies by stage. → The low-range BP is below regional market values in the Northeast United States.

  14. Carbon pricing comes clean

    International Nuclear Information System (INIS)

    De Wit, Elisa

    2011-01-01

    Together with the Clean Energy Bill, the implications of the Australian Federal Government's climate change legislative package are far reaching. Norton Rose gives business a heads-up in this breakdown of the draft legislation underpinning the carbon pricing and clean energy scheme. It is a summary of Norton Rose's full analysis.

  15. Road pricing policy implementation

    NARCIS (Netherlands)

    Vonk Noordegraaf, D.M.

    2016-01-01

    Urban areas suffer from the negative externalities of road transport like congested road networks, air pollution and road traffic accidents. A measure to reduce these negative externalities is road pricing, meaning policies that impose direct charges on road use (Jones and Hervik, 1992). Since the

  16. 2050: A Pricing Odyssey

    Energy Technology Data Exchange (ETDEWEB)

    Faruqui, Ahmad

    2006-10-15

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

  17. Pricing methodologies and approaches

    International Nuclear Information System (INIS)

    Petrov, K.

    2002-01-01

    The following topics are dealt with: Role of regulatory control in the electric power market; Price regulation; Market monitoring; Quality of supply regulation; Regulatory challenges in Central and Eastern Europe. The findings of these questions are summarized in the Summary. (R.P.)

  18. On Storekeepers' Pricing Behavior.

    NARCIS (Netherlands)

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

    1986-01-01

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

  19. Price of Prejudice

    DEFF Research Database (Denmark)

    Hedegaard, Morten; Tyran, Jean-Robert Karl

    2018-01-01

    We present a new type of field experiment to investigate ethnic prejudice in the workplace. Our design allows us to study how potential discriminators respond to changes in the cost of discrimination. We find that ethnic discrimination is common but highly responsive to the “price of prejudice”, i...

  20. Coal prices rise

    International Nuclear Information System (INIS)

    McLean, A.

    2001-01-01

    Coking and semi hard coking coal price agreements had been reached, but, strangely enough, the reaching of common ground on semi soft coking coal, ultra low volatile coal and thermal coal seemed some way off. More of this phenomenon later, but suffice to say that, traditionally, the semi soft and thermal coal prices have fallen into place as soon as the hard, or prime, coking coal prices have been determined. The rise and rise of the popularity of the ultra low volatile coals has seen demand for this type of coal grow almost exponentially. Perhaps one of the most interesting facets of the coking coal settlements announced to date is that the deals appear almost to have been preordained. The extraordinary thing is that the preordination has been at the prescience of the sellers. Traditionally, coking coal price fixing has been the prerogative of the Japanese Steel Mills (JSM) cartel (Nippon, NKK, Kawasaki, Kobe and Sumitomo) who presented a united front to a somewhat disorganised force of predominantly Australian and Canadian sellers. However, by the time JFY 2001 had come round, the rules of the game had changed

  1. Sentiment and art prices

    NARCIS (Netherlands)

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

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

  2. The Price Is Right?

    Science.gov (United States)

    Schaffhauser, Dian

    2012-01-01

    There's something about textbook prices that generates outrage in ways that other college expenses, such as housing and technology fees, don't. Maybe it's the shock felt by new students when faced with a $900 bill after getting their textbooks for free in K-12. Maybe it's the awful realization that $40,000 in tuition and board doesn't even cover…

  3. Option Pricing and Momentum

    NARCIS (Netherlands)

    Rodriguez, J.C.

    2007-01-01

    If managers are reluctant to fully adjust dividends to changes in earnings, stock returns and changes in the dividend yield will tend to be negatively correlated. When this is the case, stock returns will exhibit positive autocorrelation, or mo- mentum. This paper studies the pricing of options in

  4. Transfer Pricing Principles

    DEFF Research Database (Denmark)

    Jensen, Dennis Ramsdahl

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

  5. The Characteristics of Fibres within Coppiced and Non-Coppiced Rosewood (Pterocarpus erinaceus Poir. and their Aptness for Wood - and Paper - Based Products

    Directory of Open Access Journals (Sweden)

    Frederick ANTHONIO

    2017-06-01

    Full Text Available Rosewood (Pterocarpus erinaceus is highly priced for furniture, flooring and cabinetry for its rich hue and durability. Its coppiced wood augments the timber for regular supply and sustainable utilization. Fibre morphology from macerated slivers within its coppiced and non-coppiced stems and their utilization potential were assessed. Derived ratios for the fibres were also calculated. The axial positions (butt, middle, crown affected the fibre dimensions. Fibre length was greater for coppiced trees [i.e., 1663±11, 1488±5, 1511±10µm (for sapwood and 1498±10, 1486±9, 1394±4µm (for heartwood] than the non-coppiced [i.e., 1240±7, 1013±5, 1137±5µm (sapwood and 1094±8, 1002±2, 1041±9µm (heartwood]. In all, those for sapwoods were greater than heartwoods’. Significant differences (P˂0.05 existed between fibre lengths from the coppiced (1394±4-1663±11µm and non-coppiced trees (1002±2-1240±7µm. Fibre diameters for coppiced sapwood and heartwood were 23±1, 20±1, 22±0.8µm and 21.5±0.3, 20.7±0.5, 21.3±2µm and noncoppiced recorded 21±0.6, 20.7±0.3, 20.6±0.1µm and 21±0, 21±0.4, 21±0.8µm respectively. Their respective double wall thicknesses were 8.4±0.2, 7.2±0.2, 9.4±1µm and 8.2±0.2, 9±0.3, 9.1±0.4µm for coppiced wood, and 9.1±1, 7.8±0.1, 8.1±0.3µm and 8.5±0.3, 8±0.4, 8±1 for non-coppiced. Thus, radial stem position also influenced fibre morphology. The fibre indices [i.e., Runkel Ratio, Slenderness Ratio and Flexibility Coefficient for coppiced wood (0.6±0.06-0.85±0.06, 68±4-77±6, 56±4-64±2 respectively and non-coppiced (0.64±0.12-0.8±0, 49±1-58±4, 57±3-62±2 respectively] indicate the timber’s aptness for pulp and paper. Besides, the Wood Industry could exploit the fibre characteristics of coppiced wood also for engineering of fibre-based products and structural applications.

  6. Pricing Mining Concessions Based on Combined Multinomial Pricing Model

    Directory of Open Access Journals (Sweden)

    Chang Xiao

    2017-01-01

    Full Text Available A combined multinomial pricing model is proposed for pricing mining concession in which the annualized volatility of the price of mineral products follows a multinomial distribution. First, a combined multinomial pricing model is proposed which consists of binomial pricing models calculated according to different volatility values. Second, a method is provided to calculate the annualized volatility and the distribution. Third, the value of convenience yields is calculated based on the relationship between the futures price and the spot price. The notion of convenience yields is used to adjust our model as well. Based on an empirical study of a Chinese copper mine concession, we verify that our model is easy to use and better than the model with constant volatility when considering the changing annualized volatility of the price of the mineral product.

  7. Detecting Chaos from Agricultural Product Price Time Series

    Directory of Open Access Journals (Sweden)

    Xin Su

    2014-12-01

    Full Text Available Analysis of the characteristics of agricultural product price volatility and trend forecasting are necessary to formulate and implement agricultural price control policies. Taking wholesale cabbage prices as an example, a multiple test methodology has been adopted to identify the nonlinearity, fractality, and chaos of the data. The approaches used include the R/S analysis, the BDS test, the power spectra, the recurrence plot, the largest Lyapunov exponent, the Kolmogorov entropy, and the correlation dimension. The results show that there is chaos in agricultural wholesale price data, which provides a good theoretical basis for selecting reasonable forecasting models as prediction techniques based on chaos theory can be applied to forecasting agricultural prices.

  8. Rent dissipation through electricity prices of publicly owned utilities

    International Nuclear Information System (INIS)

    Bernard, J-T.; Roland, M.

    1997-01-01

    Pricing policies of Canadian public utilities were examined. It was shown that under the existing set of rules the prices established are frequently below the marginal cost. This appears to be particularly true in the case of provinces that rely principally on hydroelectric resources. Study recommendations to bring electricity prices in line with marginal costs have had little success to date despite overwhelming evidence of large economic losses associated with the current institutional arrangements. This situation remains at the same time that governments apply high tax rates on incomes. By putting together two strands of economic literature, public choice and the theory of public utility pricing, this paper develops a simple model that explains why the median consumer prefers a low electricity price and a high tax rate. Hydro-Quebec survey data is used to confirm that these conditions are satisfied in Quebec. 17 refs., 1 tab

  9. Does oil move equity prices? A global view

    International Nuclear Information System (INIS)

    Nandha, Mohan; Faff, Robert

    2008-01-01

    Many studies indicate that oil price shocks have an adverse effect on real output and, hence, an adverse effect on corporate profits where oil is used as a key input. The present study examines whether and to what extent the adverse effect of oil price shocks impacts stock market returns. To this end we, analyse 35 DataStream global industry indices for the period from April 1983 to September 2005. Our findings indicate that oil price rises have a negative impact on equity returns for all sectors except mining, and oil and gas industries. Generally, these results are consistent with economic theory and evidence provided by previous empirical studies. Little evidence of any asymmetry is detected in the oil price sensitivities. In light of our findings, we recommend that international portfolio investors consider hedging oil price risk. (author)

  10. 7 CFR 1000.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1000.54 Section 1000.54 Agriculture... Prices § 1000.54 Equivalent price. If for any reason a price or pricing constituent required for computing the prices described in § 1000.50 is not available, the market administrator shall use a price or...

  11. Consistent Estimation of Pricing Kernels from Noisy Price Data

    OpenAIRE

    Vladislav Kargin

    2003-01-01

    If pricing kernels are assumed non-negative then the inverse problem of finding the pricing kernel is well-posed. The constrained least squares method provides a consistent estimate of the pricing kernel. When the data are limited, a new method is suggested: relaxed maximization of the relative entropy. This estimator is also consistent. Keywords: $\\epsilon$-entropy, non-parametric estimation, pricing kernel, inverse problems.

  12. 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)

  13. Pricing Models of e-Books When Competing with p-Books

    Directory of Open Access Journals (Sweden)

    Yan Li

    2013-01-01

    Full Text Available With the rise in popularity of e-books, there is a growing need to reexamine the pricing strategy in the e-book supply chain. In this paper, we study two forms of pricing models widely used in the book industry: wholesale and agency pricing models. We first assume a stylized deterministic demand model in which the demand depends on the price, the degree of substitution, and the overall market potential. Subsequently, we employ the game theory to determine the price equilibriums and profit distribution under different pricing models. Finally, we explore the behavior of the publisher and the retailer under different preferences and degrees of substitution through a computational study. Our findings indicate that the e-book price will be lower under the agency pricing model than under the wholesale pricing model, which is counterintuitive. The publishers have higher incentives to adopt the agency pricing model than the wholesale pricing model. The agency pricing model benefits the whole system and can provide readers with books at lower prices. The degree of substitution between the two forms of books and the readers’ preference toward e-book will affect the books’ price and the profit distribution between the publisher and the retailers.

  14. THE CONCEPTUALISATION AND OPERATIONAL MEASUREMENT OF PRICE FAIRNESS PERCEPTION IN MASS SERVICE CONTEXT

    Directory of Open Access Journals (Sweden)

    Saowanee Srikanjanarak

    2009-01-01

    Full Text Available This paper aims to develop a measure of price fairness perception by extending price fairness conceptualisation to a multi-scale measure, thereby capturing its complexity in a mass service context. The service context is becoming increasingly competitive, particularly in the telecommunication industry, where a variety of service options is offered (e.g., mobile phone services. A review of price fairness perception literature usually focuses on the equity and social exchange theory and upon findings from exploratory research of the current market situation. In this article, the measure is conceptualised to entail a more extensive set of dimensions. These dimensions include the following: flexible price, reasonable price, acceptable price and superior price. Previous researchers have used actual price to focus on the structure and price comparison of competitors within the service industry. In contrast, this research has focused on the price comparison in terms of relative price. Additionally, we use a survey to elicit responses from 998 individual users of prepaid mobile phone services in Thailand. The results indicate a valid and reliable measure of price fairness perception, permitting us to understand how customers perceive that a price offered by service providers is fair. This understanding will help managers (and their respective organisations to design an appropriate price strategy that fits what their customer's wants and needs while fostering a long-term relationship with them.

  15. 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....

  16. Price performance following stock's IPO in different price limit systems

    Science.gov (United States)

    Wu, Ting; Wang, Yue; Li, Ming-Xia

    2018-01-01

    An IPO burst occurred in China's stock markets in 2015, while price limit trading rules usually help to reduce the short-term trading mania on individual stocks. It is interesting to make clear the function of the price limits after IPOs. We firstly make a statistical analysis based on all the IPO stocks listed from 1990 to 2015. A high dependency exists between the activities in stock's IPO and various market environment. We also focus on the price dynamics in the first 40 trading days after the stock listed. We find that price limit system will delay the price movement, especially for the up-trend movements, which may lead to longer continuous price limit hits. Similar to our previous work, many results such as ;W; shape can be also observed in the future daily return after the price limit open. At last, we find most IPO measures show evident correlations with the following price limit hits. IPO stocks with lower first-day turnover and earning per share will be followed with a longer continuous price limit hits and lower future daily return under the newest trading rules, which give us a good way to estimate the occurrence of price limit hits and the following price dynamics. Our analysis provides a better understanding of the price dynamics after IPO events and offers potential practical values for investors.

  17. Option pricing: Stock price, stock velocity and the acceleration Lagrangian

    Science.gov (United States)

    Baaquie, Belal E.; Du, Xin; Bhanap, Jitendra

    2014-12-01

    The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries part of the information that is provided by implied volatility, and with a few (time-independent) parameters required for a complete pricing formula. An option pricing formula is developed that is based on knowing the value of both the current price and rate of return of the underlying security which in physics is called velocity. Using an acceleration Lagrangian model based on the formalism of quantum mathematics, we derive the pricing formula for European call options. The implied volatility of the market can be generated by our pricing formula. Our option price is applied to foreign exchange rates and equities and the accuracy is compared with Black-Scholes pricing formula and with the market price.

  18. Technical Note—Delegating Pricing Responsibility to the Salesforce

    OpenAIRE

    Rajiv Lal

    1986-01-01

    In this paper, we use an agency theory framework to address the issue of delegating pricing responsibility to the salesperson. In this analysis, it is shown that delegating the pricing responsibility to the salesperson is as profitable as centralization when the salesperson and the sales manager have identical information about the selling environment; but delegation may be more profitable when the saleperson's information is superior to that of the sales manager's. It is also argued that thi...

  19. Digital piracy and the perception of price fairness

    OpenAIRE

    Michal Krawczyk; Anna Kukla-Gryz; Joanna Tyrowicz

    2015-01-01

    We focus on the relationship between pricing of cultural goods and willingness to download their unauthorized versions. Building on equity theory we propose that perceiving a price as overly high provides a self-justification for downloading content from unauthorized sources. In a large-scale online experiment on customers of a major e-book store we employ the Bayesian Truth Serum to induce truthful confessions of acquiring content from unauthorized sources. We confirm that self-reported down...

  20. Impact of Dividend Policy on Share Price Volatility: UK Evidence

    OpenAIRE

    ZHANG, YIDING

    2012-01-01

    This research attempts to shed light on the linkage between dividend policy and share price volatility in the context of UK. As a rework and extension of pervious research, the study is expected to reveal the potential impact of dividend change on the fluctuation of stock price, taking existing theoretical and empirical framework as basis. A snapshot of UK economy is provided after the preceding introductory section. The third chapter consists of a review of theories and empirical studies. Wi...

  1. Reducing the Burden of Price.

    Science.gov (United States)

    Hansen, Janet S.

    1984-01-01

    Setting prices for undergraduate education and assessing their effects on consumers and institutions is complicated by widespread price discounting. Student aid programs, credit, subsidized employment, and tax policy can reduce the actual costs paid by students and their families. (MSE)

  2. Pricing strategies for information goods

    Indian Academy of Sciences (India)

    R. Narasimhan (Krishtel eMaging) 1461 1996 Oct 15 13:05:22

    gaming, and education. ... Traditional cost-based pricing ... traditional optimisation models (for instance, the integer programming model described in ...... (1998), many of the key results that shaped modern reasoning about price and product ...

  3. Microradiographic investigations on experimentally provoked structural alterations in hard tooth tissues after sealing with plastic material in places where caries is apt to develop

    International Nuclear Information System (INIS)

    Falten, E.

    1981-01-01

    The aim of the present investigation was, after sealing three areas in extracted human teeth: fissures, dental necksand approximate areas and subsequent exposure to experimentally produced cariogenous noxae, to establish possible alterations in the area of transition between sealed and unsealed dental enamal. This would provide a further decision-taking aid with regard to the question whether also the remaining parts where caries is apt to develop should be sealed. (orig./MG) [de

  4. 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...

  5. Immigration and Swiss House Prices

    OpenAIRE

    Kathrin Degen; Andreas M. Fischer

    2010-01-01

    This study examines the behavior of Swiss house prices to immigration flows for 85 districts from 2001 to 2006. The results show that the nexus between immigration and house prices holds even in an environment of low house price inflation, nationwide rent control, and modest immigration flows. An immigration inflow equal to 1% of an area's population is coincident with an increase in prices for single-family homes of about 2.7%: a result consistent with previous studies. The overall immigrati...

  6. Electric Cars and Oil Prices

    OpenAIRE

    Azar, Jose

    2009-01-01

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

  7. Strategic pricing of equity issues

    OpenAIRE

    Klaus Ritzberger; Frank Milne

    2002-01-01

    Consider a general equilibrium model where agents may behave strategically. Specifically, suppose some firm issues new shares. If the primary market price is controlled by the issuing institution and investors' expectations on future equity prices are constant in their share purchases, the share price on the primary market cannot exceed the secondary market share price. In certain cases this may imply strict underpricing of newly issued shares. If investors perceive an influence on future sha...

  8. 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...

  9. Atom probe tomography simulations and density functional theory calculations of bonding energies in Cu3Au

    KAUST Repository

    Boll, Torben

    2012-10-01

    In this article the Cu-Au binding energy in Cu3Au is determined by comparing experimental atom probe tomography (APT) results to simulations. The resulting bonding energy is supported by density functional theory calculations. The APT simulations are based on the Müller-Schottky equation, which is modified to include different atomic neighborhoods and their characteristic bonds. The local environment is considered up to the fifth next nearest neighbors. To compare the experimental with simulated APT data, the AtomVicinity algorithm, which provides statistical information about the positions of the neighboring atoms, is applied. The quality of this information is influenced by the field evaporation behavior of the different species, which is connected to the bonding energies. © Microscopy Society of America 2012.

  10. Adsorption of Pb(II) using silica gel composite from rice husk ash modified 3-aminopropyltriethoxysilane (APTES)-activated carbon from coconut shell

    Science.gov (United States)

    Yusmaniar, Purwanto, Agung; Putri, Elfriyana Awalita; Rosyidah, Dzakiyyatur

    2017-03-01

    Silica gel modified by 3-aminopropyltriethoxysilane (APTES) was synthesized from rice husk ash combined with activated carbon from coconut shell yielded the composite adsorbent. The composite was characterized by Fourier Transform Infra Red spectroscopy (FT-IR), Electron Dispersive X-Ray (EDX), Surface Area Analyzer (SAA) and adsorption test by Atomic Absorption Spectrometry (AAS). This composite adsorbent has been used moderately for the removal of lead ions from metal solutions and compared with silica gel modified APTES and activated carbon. The adsorption experiments of Pb -ions by adsorbents were performed at different pH and contact time with the same metal solutions concentration, volume solution, and adsorbent dosage. The optimum pH for the adsorption was found to be 5.0 and the equilibrium was achieved for Pb with 20 min of contact time. Pb ions adsorption by composite silica gel modified APTES-activated carbon followed by Langmuir isotherm model with qmax value of 46.9483 mg/g that proved an adsorbent mechanism consistent to the mechanism of monolayer formation.

  11. IN VITRO Cr(VI SPECIATION IN SYNTHETIC SALIVA AFTER RELEASING FROM ORTHODONTIC BRACKETS USING SILICA-APTES SEPARATION AND GF AAS DETERMINATION

    Directory of Open Access Journals (Sweden)

    Maciel S. Luz

    Full Text Available A method for Cr(VI speciation in synthetic saliva after releasing from orthodontic brackets, using silica nanoparticles organofunctionalized with (3-aminopropyltriethoxysilane (APTES for Cr(III/Cr(VI separation and GF AAS determination is proposed. Under the optimized conditions, Cr(VI speciation was performed using 150 mg of silica organofunctionalized with 2.0% (v v-1 of APTES at pH 8. It was observed different sensitivity when calibrations of GF AAS were performed using Cr(III or Cr(VI as standard solutions. Consequently, calibrations using stoichiometric mixtures (Cr(III + Cr(VI were used for total Cr determination and calibration using Cr(VI was used only for the determination of this specie. The reliability of the proposed silica-APTES separation procedure and GF AAS determination was checked by addition of both species in synthetic saliva. Recoveries ranging from 97 to 110% were obtained. The repeatability, based on the relative standard deviation (RSD inter days was less than 6%. A corrosion test was carried out on 20 orthodontic brackets from two different models, after immersion in synthetic saliva (pH=6.0 at 37 °C with agitation (125 rpm for 24 h. It was observed that about 40% of the total chromium released from the analyzed orthodontic brackets was Cr(VI.

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

    DEFF Research Database (Denmark)

    Boom, Anette

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

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

    DEFF Research Database (Denmark)

    Boom, Anette

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

  14. Price formation in electricity forward markets and the relevance of systematic forecast errors

    International Nuclear Information System (INIS)

    Redl, Christian; Haas, Reinhard; Huber, Claus; Boehm, Bernhard

    2009-01-01

    Since the liberalisation of the European electricity sector, forward and futures contracts have gained significant interest of market participants due to risk management reasons. For pricing of these contracts an important fact concerns the non-storability of electricity. In this case, according to economic theory, forward prices are related to the expected spot prices which are built on fundamental market expectations. In the following article the crucial impact parameters of forward electricity prices and the relationship between forward and future spot prices will be assessed by an empirical analysis of electricity prices at the European Energy Exchange and the Nord Pool Power Exchange. In fact, price formation in the considered markets is influenced by historic spot market prices yielding a biased forecasting power of long-term contracts. Although market and risk assessment measures of market participants and supply and demand shocks can partly explain the futures-spot bias inefficiencies in the analysed forward markets cannot be ruled out. (author)

  15. Asymmetric Price Effects of Competition

    NARCIS (Netherlands)

    Lach, S.; Moraga Gonzalez, J.L.

    2017-01-01

    When price dispersion is prevalent, a relevant question is what happens to the whole distribution of equilibrium prices when the number of firms changes. Using data from the gasoline market in the Netherlands, we find, first, that markets with N competitors have price distributions that first-order

  16. Price Discrimination: A Classroom Experiment

    Science.gov (United States)

    Aguiló, Paula; Sard, Maria; Tugores, Maria

    2016-01-01

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

  17. 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)

  18. Asymmetric price effects of competition

    NARCIS (Netherlands)

    Lach, S.; Moraga González, José

    2017-01-01

    When price dispersion is prevalent, a relevant question is what happens to the whole distribution of equilibrium prices when the number of firms changes. Using data from the gasoline market in the Netherlands, we find, first, that markets with N competitors have price distributions that first‐order

  19. Astrometry, Radial Velocity, and Photometry: The HD 128311 System Remixed with Data from HST, HET, and APT

    Science.gov (United States)

    McArthur, Barbara. E.; Benedict, G. Fritz; Henry, Gregory W.; Hatzes, Artie; Cochran, William D.; Harrison, Tom E.; Johns-Krull, Chris; Nelan, Ed

    2014-11-01

    We have used high-cadence radial velocity measurements from the Hobby-Eberly Telescope with published velocities from the Lick 3 m Shane Telescope, combined with astrometric data from the Hubble Space Telescope (HST) Fine Guidance Sensors to refine the orbital parameters of the HD 128311 system, and determine an inclination of 55.°95 ± 14.°55 and true mass of 3.789 +0.924 -0.432 M JUP for HD 128311 c. The combined radial velocity data also reveal a short period signal which could indicate a third planet in the system with an Msin i of 0.133 ± 0.005 M JUP or stellar phenomena. Photometry from the T12 0.8 m automatic photometric telescope at the Fairborn Observatory and HST are used to determine a photometric period close to, but not within the errors of the radial velocity signal. We performed a cross-correlation bisector analysis of the radial velocity data to look for correlations with the photometric period and found none. Dynamical integrations of the proposed system show long-term stability with the new orbital parameters of over 10 million years. Our new orbital elements do not support the claims of HD 128311 b and c being in mean motion resonance. Based on observations made with the NASA/ESA Hubble Space Telescope, obtained at the Space Telescope Science Institute, which is operated by the Association of Universities for Research in Astronomy, Inc., under NASA contract NAS5-26555. Based on observations obtained with the Hobby-Eberly Telescope, which is a joint project of the University of Texas at Austin, the Pennsylvania State University, Stanford University, Ludwig-Maximilians-Universität München, and Georg-August-Universität Göttingen, and observations with T12 0.8 m automatic photoelectric telescope (APT) at Fairborn Observatory.

  20. Uranium price forecasting methods

    International Nuclear Information System (INIS)

    Fuller, D.M.

    1994-01-01

    This article reviews a number of forecasting methods that have been applied to uranium prices and compares their relative strengths and weaknesses. The methods reviewed are: (1) judgemental methods, (2) technical analysis, (3) time-series methods, (4) fundamental analysis, and (5) econometric methods. Historically, none of these methods has performed very well, but a well-thought-out model is still useful as a basis from which to adjust to new circumstances and try again

  1. Albania Residential Prices

    Directory of Open Access Journals (Sweden)

    Luciana Koprencka

    2016-04-01

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

  2. Record prices [crude oil

    International Nuclear Information System (INIS)

    Anon

    2006-01-01

    Crude oil prices climbed to new record levels on fears of a future loss of supplies from Iran as Washington stepped up its efforts to persuade Tehran to abandon its programme to produce nuclear fuel. IPE's December Brent contract set a new record for the exchange by trading at $75.80/bbl on 21st April. On the same day October WTI reached an all-time high of $77.30/bbl on Nymex. US product prices gained as refiners struggled to produce sufficient middle distillate. Alarmed by the rising retail price of gasoline, the US Senate debated a reduction in the already low US tax rate on motor spirit. The House of Representatives passed a measure to prohibit overcharging for petrol, diesel and heating oil, but Democrats rejected a Republican proposal to speed-up the process for approving new refineries. President George W Bush announced a temporary easing of new gasoline and diesel specifications (see 'Focus', March 2006) to allow more fuel to be produced. He also agreed to delay the repayment of some 2.1 mn bbl of crude oil lent to companies after last year's hurricanes from the Strategic Petroleum Reserve. California announced an inquiry into alleged overcharging for fuel by oil companies operating in the state. (author)

  3. Price Competition or Tacit Collusion

    OpenAIRE

    Yano, Makoto; Komatsubara, Takashi

    2012-01-01

    Every now and then, we observe a fierce price war in a real world market, through which competing firms end up with a Bertrand-like price competition equilibrium. Despite this, very little has been known in the existing literature as to why a price competition market is formed. We address this question in the context of a choice between engaging in price competition and holding a price leader. Focusing on a duopoly market, we demonstrate that if supply is tight relative to demand, and if the ...

  4. Chaotic structure of oil prices

    Science.gov (United States)

    Bildirici, Melike; Sonustun, Fulya Ozaksoy

    2018-01-01

    The fluctuations in oil prices are very complicated and therefore, it is unable to predict its effects on economies. For modelling complex system of oil prices, linear economic models are not sufficient and efficient tools. Thus, in recent years, economists attached great attention to non-linear structure of oil prices. For analyzing this relationship, GARCH types of models were used in some papers. Distinctively from the other papers, in this study, we aimed to analyze chaotic pattern of oil prices. Thus, it was used the Lyapunov Exponents and Hennon Map to determine chaotic behavior of oil prices for the selected time period.

  5. 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%

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

    Science.gov (United States)

    Pauly, Mark V

    2017-02-01

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

  7. THE RELATIONSHIP BETWEEN SCARCITY OF NATURAL RESOURCES AND THEIR REAL PRICES

    Directory of Open Access Journals (Sweden)

    Roland Toth

    2011-01-01

    Full Text Available There has been a long running concern about resource depletion. Some argue this concern is misplaced, while others consider it to be an urgent problem requiring immediate action. Economists suggest that long term prices, adjusted for inflation (real prices, provide a useful and effective indicator of resource scarcity. This study tests this hypothesis in consideration of the accepted theory that traditional price deflators, such as the US consumer price index, overestimate inflation-, and accordingly-, are likely to underestimate long term commodity prices. To investigate the usefulness of real prices as an indicator of scarcity, a case study of two metals considered to be expensive (platinum and rhodium and two considered to be relatively inexpensive (copper and lead was used. Real long term price indices were constructed and econometric analysis used to determine the direction and significance of long-term price trends and whether real prices were correlated with other scarcity indicators such as the Reserves-toproduction ratio. The results show, when an appropriate adjustment is made to the deflator, long-run trends in real metal prices are all upward, and there is a significant relationship between the real prices and scarcity indicators, such as the reserves-to-production ratios, for platinum and rhodium, but not for copper and lead. These findings suggest that real prices of platinum and rhodium are more affected by their scarcity, while copper and lead prices are likely to be more dependent on other factors such as high substitutability with other virgin and recycled materials.

  8. Price floors for emissions trading

    International Nuclear Information System (INIS)

    Wood, Peter John; Jotzo, Frank

    2011-01-01

    Price floors in greenhouse gas emissions trading schemes can guarantee minimum abatement efforts if prices are lower than expected, and they can help manage cost uncertainty, possibly as complements to price ceilings. Provisions for price floors are found in several recent legislative proposals for emissions trading. Implementation however has potential pitfalls. Possible mechanisms are government commitments to buy back permits, a reserve price at auction, or an extra fee or tax on acquittal of emissions permits. Our analysis of these alternatives shows that the fee approach has budgetary advantages and is more compatible with international permit trading than the alternatives. It can also be used to implement more general hybrid approaches to emissions pricing. - Research highlights: → Price floors for emissions trading schemes guarantee a minimum carbon price. → Price floors mean that emissions can be less than specified by the ETS cap. → We examine how price floors can relate to different policy objectives. → We compare different mechanisms for implementing a price floor. → We find that a mechanism where there is an extra tax or fee has advantages.

  9. Overview of external reference pricing systems in Europe.

    Science.gov (United States)

    Rémuzat, Cécile; Urbinati, Duccio; Mzoughi, Olfa; El Hammi, Emna; Belgaied, Wael; Toumi, Mondher

    2015-01-01

    External reference pricing (ERP) is a price regulation tool widely used by policy makers in the European Union (EU) Member States (MS) to contain drug cost, although in theory, it may contribute to modulate prices up and down. The objective of this article was to summarise and discuss the main findings of part of a large project conducted for the European Commission ('External reference pricing of medicinal products: simulation-based considerations for cross-country coordination'; see www.ec.europa.eu/health/healthcare/docs/erp_reimbursement_medicinal_products_en.pdf) that aimed to provide an overview of ERP systems, both on processes and potential issues in 31 European countries (28 EU MS, Iceland, Norway, and Switzerland). A systematic structured literature review was conducted to identify and characterise the use of ERP in the selected countries, to describe its impact on the prices of pharmaceuticals, and to discuss the possible cross-country coordination issues in EU MS. This research was complemented with a consultation of competent authorities' and international organisations' representatives to address the main issues or uncertainties identified through the literature review. All selected countries applied ERP, except the United Kingdom and Sweden. Twenty-three countries used ERP as the main systematic criterion for pricing. In the majority of European countries, ERP was based on legislated pricing rules with different levels of accuracy. ERP was applied either for all marketed drugs or for specific categories of medicines; it was mainly used for publicly reimbursed medicines. The number of reference countries included in the basket varied from 1 to 31. There was a great variation in the calculation methods used to compute the price; 15 countries used the average price, 7 countries used the lowest price, and 7 countries used other calculation methods. Reported limitations of ERP application included the lack of reliable sources of price information, price

  10. 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.

  11. Reciprocity, World Prices and Welfare

    DEFF Research Database (Denmark)

    Raimondos-Møller, Pascalis; Woodland, Alan D.

    We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While it is possi...... of all countries, independently of whether world prices change and independently of the relative numbers of goods and countries.......We examine in detail the circumstances under which reciprocity, as defined in Bagwell and Staiger (1999), leads to fixed world prices. We show that a change of tariffs satisfying reciprocity does not necessarily imply constant world prices in a world of many goods and countries. While...... it is possible to find tariff reforms that are consistent with both reciprocity and constant world prices, these reforms do not follow from the reciprocity condition, but rather from the requirement of unchanged world prices. We propose an alternative reciprocity rule that is guaranteed to raise the welfare...

  12. Price setting in turbulent times

    DEFF Research Database (Denmark)

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

    This price setting survey among Icelandic firms aims to make two contributions to the literature. First, it studies price setting in an advanced economy within a more turbulent macroeconomic environment than has previously been done. The results indicate that price adjustments are to a larger...... extent driven by exchange rate fluctuations than in most other advanced countries. The median Icelandic firm reviews its prices every four months and changes them every six months. The main sources of price rigidity and the most commonly used price setting methods are the same as in most other countries....... A second contribution to the literature is our analysis of the nexus between price setting and exchange rate movements, a topic that has attracted surprisingly limited attention in this survey-based literature. A novel aspect of our approach is to base our analysis on a categorisation of firms...

  13. Oil price uncertainty in Canada

    Energy Technology Data Exchange (ETDEWEB)

    Elder, John [Department of Finance and Real Estate, 1272 Campus Delivery, Colorado State University, Fort Collins, CO 80523 (United States); Serletis, Apostolos [Department of Economics, University of Calgary, Calgary, Alberta (Canada)

    2009-11-15

    Bernanke [Bernanke, Ben S. Irreversibility, uncertainty, and cyclical investment. Quarterly Journal of Economics 98 (1983), 85-106.] shows how uncertainty about energy prices may induce optimizing firms to postpone investment decisions, thereby leading to a decline in aggregate output. Elder and Serletis [Elder, John and Serletis, Apostolos. Oil price uncertainty.] find empirical evidence that uncertainty about oil prices has tended to depress investment in the United States. In this paper we assess the robustness of these results by investigating the effects of oil price uncertainty in Canada. Our results are remarkably similar to existing results for the United States, providing additional evidence that uncertainty about oil prices may provide another explanation for why the sharp oil price declines of 1985 failed to produce rapid output growth. Impulse-response analysis suggests that uncertainty about oil prices may tend to reinforce the negative response of output to positive oil shocks. (author)

  14. Pricing and Remanufacturing Decisions of a Decentralized Fuzzy Supply Chain

    Directory of Open Access Journals (Sweden)

    Jing Zhao

    2013-01-01

    costs, and the collecting scaling parameters of the two retailers. The purpose of this paper is to explore how the manufacturer and the two retailers make their own decisions about wholesale price, retail prices, and the remanufacturing rates in the expected value model. Using game theory and fuzzy theory, we examine each firm’s strategy and explore the role of the manufacturer and the two retailers over three different game scenarios. We get some insights into the economic behavior of firms, which can serve as the basis for empirical study in the future.

  15. Domestic and foreign effects on prices in an open economy

    DEFF Research Database (Denmark)

    Juselius, Katarina

    1992-01-01

    Domestic price determination in Denmark is investigated using three kinds of macroeconomic explanations: (1) internal labor market theories describing the relation between price and wage inflation, (2) pure monetarist theories describing the effect of excess money on the inflation rate. and (3...... found to be the main determinants of the inflation rate. Among these, the domestic effects were small compared to the foreign effects. The empirical results strongly favored a backward-looking behavioral model in terms of structurally stable parameters as opposed to a forward-looking expectations model...

  16. The price of stress

    NARCIS (Netherlands)

    Groot, W.; Maassen, van den H.

    1999-01-01

    In this paper an economic approach is taken to the analysis of work-related stress. This economic approach not only allows us to infer the monetary equivalent of stress, it also enables us to test some of the psychological theories on stress, such as the demand/control theory. Evidence is found that

  17. Enhancing medicine price transparency through price information mechanisms.

    Science.gov (United States)

    Hinsch, Michael; Kaddar, Miloud; Schmitt, Sarah

    2014-05-08

    Medicine price information mechanisms provide an essential tool to countries that seek a better understanding of product availability, market prices and price compositions of individual medicines. To be effective and contribute to cost savings, these mechanisms need to consider prices in their particular contexts when comparing between countries. This article discusses in what ways medicine price information mechanisms can contribute to increased price transparency and how this may affect access to medicines for developing countries. We used data collected during the course of a WHO project focusing on the development of a vaccine price and procurement information mechanism. The project collected information from six medicine price information mechanisms and interviewed data managers and technical experts on key aspects as well as observed market effects of these mechanisms.The reviewed mechanisms were broken down into categories including objective and target audience, as well as the sources, types and volumes of data included. Information provided by the mechanisms was reviewed according to data available on medicine prices, product characteristics, and procurement modalities. We found indications of positive effects on access to medicines resulting from the utilization of the reviewed mechanisms. These include the uptake of higher quality medicines, more favorable results from contract negotiations, changes in national pricing policies, and the decrease of prices in certain segments for countries participating in or deriving data from the various mechanisms. The reviewed mechanisms avoid the methodological challenges observed for medicine price comparisons that only use national price databases. They work with high quality data and display prices in the appropriate context of procurement modalities as well as the peculiarities of purchasing countries. Medicine price information mechanisms respond to the need for increased medicine price transparency and have the

  18. Analytic perturbation theory in analyzing some QCD observables

    International Nuclear Information System (INIS)

    Shirkov, D.V.

    2001-01-01

    The paper is devoted to application of recently devised ghost-free Analytic Perturbation Theory (APT) for analysis of some QCD observables. We start with the discussion of the main problem of the perturbative QCD - ghost singularities and with the resume of this trouble solution within the APT. By a few examples in the various energy and momentum transfer regions (with the flavor number f = 3, 4 and 5) we demonstrate the effect of improved convergence of the APT modified perturbative QCD expansion. Our first observation is that in the APT analysis the three-loop contribution (of an order of α s 3 ) is as a rule numerically inessential. This raises hope for practical solving the well-known problem of asymptotic nature of common QFT perturbation series. The second conclusion is that a common perturbative analysis of time-like events with the big π 2 term in the π 2 coefficient is not adequate at s ≤ 2 GeV 2 . In particular, this relates to τ decay. Then, for the 'high' (f = 5) region it is shown that the common two-loop (NLO, NLLA) perturbation approximation widely used there (at 10 GeV ≤ √s ≤ 170 GeV) for analysis of shape/events data contains a systematic negative error of a 1 - 2 per cent level for the extracted α bar s (2) values. Our physical conclusion is that the α bar s (M Z 2 ) value averaged over the f = 5 data s (M Z 2 )> APT; f= 5 ≅ 0.124 appreciably differs from the currently accepted 'world average' (= 0.118)

  19. Ex-vessel Fish Price Database: Disaggregating Prices for Low-Priced Species from Reduction Fisheries

    Directory of Open Access Journals (Sweden)

    Travis C. Tai

    2017-11-01

    Full Text Available Ex-vessel fish prices are essential for comprehensive fisheries management and socioeconomic analyses for fisheries science. In this paper, we reconstructed a global ex-vessel price database with the following areas of improvement: (1 compiling reported prices explicitly listed as “for reduction to fishmeal and fish oil” to estimate prices separately for catches destined for fishmeal and fish oil production, and other non-direct human consumption purposes; (2 including 95% confidence limit estimates for each price estimation; and (3 increasing the number of input data and the number of price estimates to match the reconstructed Sea Around Us catch database. Our primary focus was to address this first area of improvement as ex-vessel prices for catches destined for non-direct human consumption purposes were substantially overestimated, notably in countries with large reduction fisheries. For example in Peru, 2010 landed values were estimated as 3.8 billion real 2010 USD when using separate prices for reduction fisheries, compared with 5.8 billion using previous methods with only one price for all end-products. This update of the price database has significant global and country-specific impacts on fisheries price and landed value trends over time.

  20. 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)

  1. Regulation of electricity prices?

    International Nuclear Information System (INIS)

    Mihok, P.

    2006-01-01

    In this paper author deals with the regulation of electricity prices in the Slovak Republic. Author contests the social policy of the government through doped prices of electricity. Two thirds of electricity is generated in nuclear power plants in Slovakia. Hence, it is necessary to focus on the solution of problem of nuclear waste. In 2004 Ministry of Economy stated, that the deficit in nuclear fund, from which the country have to fully cover the costs of liquidation and final disposal of nuclear waste, is estimated in the amount of around 89 billion Slovak crowns (≅ 3.7 billion $). From it, so called historical deficit, which originated because of late foundation of fund, represents officially 15 billion Slovak crowns (≅ 0.62 billion $). In Slovakia exists the real risk, that by maintenance of present state by creation and draw of the fund, it will be possible to ensure only 39 per cent of financial sources necessary for full financial handling of the back part of nuclear energetic. Even though the Ministry of Economy in connection with privatisation of Slovenske elektrarne designed to decrease the transfers of operators of nuclear power plants into nuclear fund. In 2006 the Parliament decreased by the law the level of gains of the fund from sale of nuclear electricity (the second from two components of the gains of the fund) from 6.8 to 5.95 per cent from annual revenues. So the tax of forced reduction of the price of nuclear electricity will be represented by loading of the further generations

  2. Meeting competition through negotiated pricing

    International Nuclear Information System (INIS)

    Keith, D.M.; Raper, J.W.

    1990-01-01

    A fundamental premise of negotiated pricing as a demand-side management (DSM) tool is that price determines cost. As the ultimate objective of energy efficiency is to increase electromotive work while conserving resources, negotiated prices can have a significant impact as a DSM tool to force costs down. Three examples are offered of the effect of negotiated pricing as a DSM tool. The examples are a small hydroelectric company and an electric utility authority owned, a utility-to-customer example of negotiated pricing with the Public Service Company of Oklahoma's (PSO) system, and a large paper mill on PSO's system. Some of the major problems associated with negotiated pricing, outside of the human effort of finding and training knowledgeable and skilled negotiators, are: obtaining enough information about the customer or potential customer to be able to determine that in negotiating prices the utility is not giving away more benefits than the utility will gain; developing a pricing plan that fits both the customer's and utility's existing and potential future mode of operation; assuring that other customers who cannot negotiate on their own behalf are not adversely affected by utility revenue shortfalls; making such negotiated prices available to all similarly situated customers, so as not to inadvertently create unfair competitive advantages among them; and defining the shared benefits before and after the fact as a result of having negotiated prices in the first place

  3. Understanding gasoline pricing in Canada

    International Nuclear Information System (INIS)

    2001-04-01

    This brochure is designed to help consumers understand how gasoline is priced and explained why prices increase, fluctuate and vary by location, city or region. The price of a litre of gasoline reflects the costs of crude oil, refining, retailing and taxes. Taxes are usually the largest single component of gasoline prices, averaging 40 to 50 per cent of the pump price. The cost of crude oil makes up another 35 to 45 per cent of the price. Refining costs make up 10 to 15 per cent while the remaining 5 to 10 per cent represents retail costs. Gasoline retailers make a profit of about 1 cent per litre. The latest network technology allows national and regional retail chains to constantly monitor price fluctuations to change their prices at gasoline stations at a moments notice to keep up with the competition and to protect their market shares. Several government studies, plus the Conference Board of Canada, have reported that competition is working in favour of Canadian motorists. This brochure also explained the drawbacks of regulating crude and pump prices with the reminder that crude prices were regulated in the 1970s with many negative consequences. 2 tabs., 1 fig

  4. Transfer Pricing - An Innovative Approach

    Directory of Open Access Journals (Sweden)

    Ramona MAXIM

    2017-06-01

    Full Text Available This paper presents transfer pricing and elements of drafting the transfer pricing file by the big companies. The transfer pricing procedure was founded based upon Order no. 442/2016 and the Fiscal Procedure Code and it represents a method upon which the tax base is transferred from a high tax country to a country with low taxation. This legislation outlines the conditions which companies must observe in order to draft the transfer pricing documentation and the significance thresholds. The purpose to draft a transfer pricing file is to reduce the differences between prices and market value and the actual results of company taxation. Economic double taxation occurs when tax authorities apply price adjustments because the company did not respect the principle of market value. Keeping records of transfer pricing and practicing a price aligned to market requirements contribute to an understanding of business development and the creation of appropriate tax planning. Taking into account all these aspects and the fact that any taxpayer is tempted to pay the lowest possible fees, tax havens become an option. In this context we can speak of a tax haven as a loophole in the use of the market price.

  5. Strong volume, stable prices

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    This article is the September-October 1993 market report, providing trading volume and prices in the Uranium market. Activity was brisk, with 15 deals concluded. Six were in the spot concentrates market, with four of the six deals involving U.S. utilities and approximately 1.8M pounds of U3O8 equivalent. There were five conversion deals announced, with four of the five deals involving U.S. utilities. Four deals were concluded in the enrichment market, and the deals involving U.S. utilities were approximately 327k SWUs. On the horizon, there are deals for approximately 4.1M SWU

  6. Priced Timed Automata

    DEFF Research Database (Denmark)

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

    2004-01-01

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

  7. Volatility in energy prices

    International Nuclear Information System (INIS)

    Duffie, D.

    1999-01-01

    This chapter with 58 references reviews the modelling and empirical behaviour of volatility in energy prices. Constant volatility and stochastic volatility are discussed. Markovian models of stochastic volatility are described and the different classes of Markovian stochastic volatility model are examined including auto-regressive volatility, option implied and forecasted volatility, Garch volatility, Egarch volatility, multivariate Garch volatility, and stochastic volatility and dynamic hedging policies. Other volatility models and option hedging are considered. The performance of several stochastic volatility models as applied to heating oil, light oil, natural gas, electricity and light crude oil are compared

  8. 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.

  9. Price sensitive demand with random sales price - a newsboy problem

    Science.gov (United States)

    Sankar Sana, Shib

    2012-03-01

    Up to now, many newsboy problems have been considered in the stochastic inventory literature. Some assume that stochastic demand is independent of selling price (p) and others consider the demand as a function of stochastic shock factor and deterministic sales price. This article introduces a price-dependent demand with stochastic selling price into the classical Newsboy problem. The proposed model analyses the expected average profit for a general distribution function of p and obtains an optimal order size. Finally, the model is discussed for various appropriate distribution functions of p and illustrated with numerical examples.

  10. Modelling the impact of oil prices on Vietnam's stock prices

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

    The goal of this paper is to model the impact of oil prices on Vietnam's stock prices. We use daily data for the period 2000-2008 and include the nominal exchange rate as an additional determinant of stock prices. We find that stock prices, oil prices and nominal exchange rates are cointegrated, and oil prices have a positive and statistically significant impact on stock prices. This result is inconsistent with theoretical expectations. The growth of the Vietnamese stock market was accompanied by rising oil prices. However, the boom of the stock market was marked by increasing foreign portfolio investment inflows which are estimated to have doubled from US$0.9 billion in 2005 to US$1.9 billion in 2006. There was also a change in preferences from holding foreign currencies and domestic bank deposits to stocks local market participants, and there was a rise in leveraged investment in stock as well as investments on behalf of relatives living abroad. It seems that the impact of these internal and domestic factors were more dominant than the oil price rise on the Vietnamese stock market. (author)

  11. Pricing hazardous substance emissions

    Energy Technology Data Exchange (ETDEWEB)

    Staring, Knut; Vennemo, Haakon

    1998-12-31

    This report discusses pricing of emissions to air of several harmful substances. It combines ranking indices for environmentally harmful substances with economic valuation data to yield price estimates. The ranking methods are discussed and a relative index established. Given the relative ranking of the substances, they all become valued by assigning a value to one of them, the `anchor` substance, for which lead is selected. Valuations are provided for 19 hazardous substances that are often subject to environmental regulations. They include dioxins, TBT, etc. The study concludes with a discussion of other categories of substances as well as uncertainties and possible refinements. When the valuations are related to CO, NOx, SOx and PM 10, the index system undervalues these pollutants as compared to other studies. The scope is limited to the outdoor environment and does not include global warming and eutrophication. The indices are based on toxicity and so do not apply to CO{sub 2} or other substances that are biologically harmless. The index values are not necessarily valid for all countries and should be considered as preliminary. 18 refs., 6 tabs.

  12. 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)

  13. Pricing hazardous substance emissions

    Energy Technology Data Exchange (ETDEWEB)

    Staring, Knut; Vennemo, Haakon

    1997-12-31

    This report discusses pricing of emissions to air of several harmful substances. It combines ranking indices for environmentally harmful substances with economic valuation data to yield price estimates. The ranking methods are discussed and a relative index established. Given the relative ranking of the substances, they all become valued by assigning a value to one of them, the `anchor` substance, for which lead is selected. Valuations are provided for 19 hazardous substances that are often subject to environmental regulations. They include dioxins, TBT, etc. The study concludes with a discussion of other categories of substances as well as uncertainties and possible refinements. When the valuations are related to CO, NOx, SOx and PM 10, the index system undervalues these pollutants as compared to other studies. The scope is limited to the outdoor environment and does not include global warming and eutrophication. The indices are based on toxicity and so do not apply to CO{sub 2} or other substances that are biologically harmless. The index values are not necessarily valid for all countries and should be considered as preliminary. 18 refs., 6 tabs.

  14. TOURISM MARKET: PRICING ISSUES

    Directory of Open Access Journals (Sweden)

    Irina A. Kiseleva

    2016-01-01

    Full Text Available Article retractedThe article is devoted to the actual topic of our time - the development of tourism services. The development of tourism is the leading technology trend dynamics maroon economic caused social restructuring of modern society. Macroeconomic Financial Statistics conrms the minimum amplitude of cyclical uctuations in the service sector, which turns it into countercyclical tool. In the Russian Federation the economic problem of a state policy in the sphere of tourist services is defined - to having turned tourism in competitive, innovative, countercyclical, and highly protable sector of national business. In article pricing factors are dened and are dened key of them, responsible for the cost of a tourist product. This work answers such questions of travel company as: denition of optimum group, formation of a transport tariff, structure of a tourist product on the main and accompanying services and their range, ways of sale. A practical advice by calculation of expenses is given. Correlation and regression and cluster analyses acted as research tools when performing work. In article the conclusion is drawn that the main methods of marketing management of pricing in the market of tourist services are: transition to the unified technology of granting a service on the basis of ISO; intensication and integration of the sphere of production and services

  15. Duopoly price competition on markets with agricultural products

    Directory of Open Access Journals (Sweden)

    Marie Prášilová

    2011-01-01

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

  16. 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.

  17. 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

  18. Projections of the energy prices

    International Nuclear Information System (INIS)

    Jankauskas, V.

    1996-01-01

    This article deals with the trends of the main fuel prices development in the Western European markets. There are two possible price development scenarios presented in the article. Transportation costs of various internationally traded fuels from various sources (Russia, Western Europe) are estimated and their most feasible values are considered. Fuel prices for the final big consumers are calculated adding the domestic distribution costs. Trends of heat and electricity price development in Lithuania during the period of 1991-1995 are analyzed. Forecasts of the electricity generation and supply costs are calculated according to various scenarios. Electricity prices will be lowest in the case of the further operation of the Ignalina NPP and low fuel prices in international markets. (author). 8 refs., 14 figs., 4 tabs

  19. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

    Is there a link between the stock market and business investment? Empirical evidence indicates that there is. A firm tends to invest more when its stock price increases, and it tends to invest less when the price falls. In “Stock Prices and Business Investment,” Yaron Leitner discusses existing research that explains this relationship. One question under consideration is whether the stock market actually improves investment decisions.

  20. Nonlinear Pricing to Produce Information

    OpenAIRE

    David J. Braden; Shmuel S. Oren

    1994-01-01

    We investigate the firm's dynamic nonlinear pricing problem when facing consumers whose tastes vary according to a scalar index. We relax the standard assumption that the firm knows the distribution of this index. In general the firm should determine its marginal price schedule as if it were myopic, and produce information by lowering the price schedule; “bunching” consumers at positive purchase levels should be avoided. As a special case we also consider a market characterized by homogeneous...