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.

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 ...

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 ...

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.

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

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.

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.

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...

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....

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.

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...

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.

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

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)

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...

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...

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

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, ...

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.

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...

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...

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

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)

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

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.

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...

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...

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.

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.

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...

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...

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.

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

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.

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

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.

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.

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

Institute of Scientific and Technical Information of China (English)

无

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.

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

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…

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

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.

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

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.

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...

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

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

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.

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.

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

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

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.

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

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.

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.

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.

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.

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.

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.

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…

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.

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

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

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.

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.

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...

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

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. ...

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.

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?

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...

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.

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.”

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

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...

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.

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)

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

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.

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...

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...

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.

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....

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...

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...

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

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.

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

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.

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....

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...

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.

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.

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...

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.)

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.)

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

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.

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

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 ...

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.

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...

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)

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...

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...

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.

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)

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

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.

METHODS OF PORTFOLIO MANAGEMENT - A REVIEW OF LITERATURE -

OpenAIRE

CRISTINA CURUTIU

2008-01-01

In recent years, a growing body of literature in portfolio management has devoted a great deal of attention for this subject. The theoretical foundation to portfolio management was offered by Harry Markowitz at the beginning of the 1950s. The limitations of the original Markowitz model have stimulated the occurrence of extended or modified models – two of the best known (and criticized) being the equilibrium models: CAPM (capital asset pricing model) and APT (arbitrage pricing theory). Altern...

Valuacion de empresas de Telecomunicaciones con parametros operativos.

Directory of Open Access Journals (Sweden)

Saldaña, J.

2008-01-01

Full Text Available The value of telecommunication companies measured in terms of their stock value, may be explained not only by their historical financial results and their financial expectations, but also by the evaluation of other operative factors such as: technological change, organizational change, market strategy, acquisition cost, customers portfolio, fusions and institutional changes (regulations. Due to the importance of the telecommunication sector in the stock market, as well as in the national economy, an analysis which improves its knowledge and allows a better valuation of these companies is required. Models for asset pricing CAPM (Capital Asset Price Model and APT (Arbitrage Price Theory have been developed and proved outside national context, besides, according to theory; their effectiveness for determining stock price depends on the stock market efficiency.

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

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

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.

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.

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

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.

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.

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...

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.

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.

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.

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

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.

The dependence of prices on labour-values

Directory of Open Access Journals (Sweden)

Diego Guerrero

2011-06-01

Full Text Available It is frequently believed, in a quite schizophrenic fashion, that a theory of value must just solve the question of “relative prices” (a microeconomic problem, being mainly the theory of money the piece needed for determining the absolute or monetary level of prices (a macroeconomic problem. But on the one hand, the determination of the level of prices is theoretically prior to any consideration of the money market, whereas on the other hand no theory of value can aspire to be complete without the determination of the absolute level of values. It will be shown in this paper that only the Labour theory of value (LTV can perform both tasks, thus giving completeness and unity to economic theory. It is frequently acknowledged that, as labour is—or “is treated as”, as the critics of the LTV say—the only factor of production of value (even if it is just one of the several factors producing wealth, the determination of prices is independent of demand in the long run. However, prices are not determined by technical or physical data plus wages, contrarily to what is commonly thought. It is only the couple formed by “relative prices and the rate of profit” that is determined by them, as well as the couple “relative values and the rate of surplus value”. By contrast, it can be shown that absolute prices crucially depend on, and in fact are determined by, absolute values, what will be illustrated in this paper by means of a numerical example of an economy with only two industries, where for example halving the quantity of labour or value reduces the level of prices by a 50%. The path of thought that will lead us to these conclusions requires previous clarifications of the several and frequently poorly understood Marxian concepts of value (and price, and a new view on the question of the transformation of “value prices” (Marx’s term into “production prices”, both of which will be developed simultaneously with the main line of

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)

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.

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

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...

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.

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 ...

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

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.

Synthetic Analysis about Single-Criterion and Multi-Criterion Financial Assets Portfolio

Directory of Open Access Journals (Sweden)

Leonardo Badea

2006-06-01

Full Text Available This paper as a synthetic analyzis based on the Markowitz and Sharpe models deals with the problem of portfolio trying to determine both the optimum proportion of titles and the influence of a considered macroeconomic factor over their level of efficiency and risk. The improvement of these models was made through the introduction of a new model, the APT model (Arbitrage Price Theory, as a development of the uni-factorial CAPM model, in other words, the above-mentioned model only constitutes a particular form of the APT model trying to establish a relationship between the individual efficiency of a title from the portfolio and several macroeconomic factors. Also, this model involves the identification of macroeconomic factors influencing the profitability of the titles and the determination of the influence of these factors individually, through the application of the APT model.

Synthetic Analysis about Single-Criterion and Multi-Criterion Financial Assets Portfolio

Directory of Open Access Journals (Sweden)

Leonardo Badea

2006-08-01

Full Text Available This paper as a synthetic analyzis based on the Markowitz and Sharpe models deals with the problem of portfolio trying to determine both the optimum proportion of titles and the influence of a considered macroeconomic factor over their level of efficiency and risk. The improvement of these models was made through the introduction of a new model, the APT model (Arbitrage Price Theory, as a development of the uni-factorial CAPM model, in other words, the above-mentioned model only constitutes a particular form of the APT model trying to establish a relationship between the individual efficiency of a title from the portfolio and several macroeconomic factors. Also, this model involves the identification of macroeconomic factors influencing the profitability of the titles and the determination of the influence of these factors individually, through the application of the APT model.

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

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.

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...

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.

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.

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

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

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)

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)

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.

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.

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

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

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

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.

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...

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.

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.

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 ...

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.

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

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.

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...

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…

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.

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

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).

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.

O modelo de projeção de lucros de Hou, Dijk e Zhang (2012) e o custo de capital implícito: metodologia para aplicação em empresas brasileiras

OpenAIRE

Bruna Losada Pereira

2016-01-01

A teoria sobre o custo de capital das empresas estudada desde a década de 1950 trouxe amplas contribuições aos estudos de finanças corporativas, alocação de carteiras de investimento, fusões e aquisições, ciências contábeis, entre outras aplicações. Os modelos clássicos de custo de capital compreendem modelos como o CAPM (Capital Asset Pricing Model), de Sharpe, Lintner e Mossin; o APT (Arbitrage Pricing Theory), de Ross; o modelo de 3-fatores, de Fama e French, e de 4-fatores, de Carhart, en...

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....

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....

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…

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...

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.

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...

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.

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.

Eroding market stability by proliferation of financial instruments

Science.gov (United States)

Caccioli, F.; Marsili, M.; Vivo, P.

2009-10-01

We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability. in here

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...

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)

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.

Further evidence of close correspondence for alcohol demand decision making for hypothetical and incentivized rewards.

Science.gov (United States)

Amlung, Michael; MacKillop, James

2015-04-01

Alcohol purchase tasks (APTs) are increasingly being used to assess behavioral economic demand for alcohol. Prior studies utilizing APTs have typically assessed demand for hypothetical outcomes, making the extent to which these hypothetical measures reflect preferences when actual rewards are at stake an important empirical question. This study examined alcohol demand across hypothetical and incentivized APTs. Nineteen male heavy drinkers completed two APTs - one for hypothetical alcohol and another in which one randomly-selected outcome was provided. Participants were given an opportunity to consume the alcohol associated with their choice on the incentivized APT during a self-administration period in a simulated bar environment. Results indicated generally close correspondence between APT versions, though participants were more sensitive to increases in price and tended to consume more at low prices on the incentivized version. Estimated consumption on the incentivized APT was highly correlated with the amount of alcohol consumed in the laboratory (r=.87, pdecision-making when rewards are hypothetical vs. actually available. Implications for behavioral economic approaches to addictive behavior and directions for future research are discussed. Copyright © 2015 Elsevier B.V. All rights reserved.

Oil prices without OPEC: a walk on the supply-side

Energy Technology Data Exchange (ETDEWEB)

Roumasset, J.; Isaak, D.; Fesharaki, F.

1983-07-01

The rapid increases of oil prices during the 1970s are commonly regarded as prima facie evidence of monopoly power. This paper applies the theory of exhaustible resources to estimate the equilibrium oil prices (also known as efficiency prices) which would have prevailed in the absence of monopoly profits. The theory incorporates an extraction cost function wherein cost is a rising function of the cumulative amount of oil extracted. The model is used to simulate efficiency price paths under a variety of assumptions about extraction costs and real interest rates which are representative of perceptions at various times in recent history. These simulations show that the price increases of 1974 and 1979 to 1980 can be explained as a response to supply-side changes, especially changes in the perceived cost of the backstop technology and the fall in real interest rates in the mid and late 1970s. Thus, while efficiency prices were high in the 1970s, relative to extraction costs, it is plausible that average monopoly profits were negligible. This situation appears to have changed in the early 1980s due to the return of real interest rates to their historic levels. In early 1982, even spot prices, already below official prices, were substantially above the estimated efficiency or competitive price level. On the other hand, efficiency prices remain far above extraction costs. Thus, even if the price-setting power of OPEC were eroded by competition, the real price of oil would not fall below the level established in 1974. 18 references, 1 figure, 2 tables.

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...

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.

Instrumentos de Avaliação de Desempenho e Risco no Mercado Acionário Brasileiro: um estudo de anomalias de mercado na Bolsa de Valores de São Paulo (BOVESPAInstruments for the Evaluation Analysis of Performance and Risk in the Brazilian Stock Market: a study of the market anomalies at (BOVESPA Sao PauloInstrumentos de Evaluación del Desempeño y Riesgo en el Mercado de Acciones Brasileño: un estudio de anomalías de mercado en la Bolsa de Valores de São Paulo (BOVESPA

Directory of Open Access Journals (Sweden)

OLIVIERI, Francisco José

2004-09-01

Full Text Available RESUMOÀ partir da formulação das hipótese dos Mercados Eficientes e da descoberta do sentido das relações entre os ativos negociados no mercado bursátil , e um determinado padrão de conduta racional , eleito (representativo na tomada de decisão dos investidores, este estudo buscou desenvolver à partir do modelo CAPM (Capital Asset Pricing Model , de precificação em port-fólios , cujas relações entre seus componentes são traduzidas pelo Beta , os questionamentos advindos com o modelo APT (Arbitrage Pricing Theory. Dedica-se pois, à evolução das teorias da avaliação e à quantificação do risco e, formação de preços (retornos esperados dos ativos, que em estudos mais atualizados verificam que o comportamento dos investidores muitas vezes , não confirma a propagada eficiência dos mercados. O trabalho se fundamentou em determinadas áreas tratadas na teoria de investimentos, enfatizando a abordagem do risco como fator de tomada de decisões, além dos modelos de precificação de ativos, de avaliação de carteiras. Fundamentou-se em pesquisa documental e de dados junto à Bolsa de Valores de São Paulo, Instituições gestoras de Fundos de Investimentos e Banco Central do Brasil ( período de 1997 a 2.001, de tal sorte que pudessem ser testadas as diversas teorias acerca da eficiência de mercado, e finalmente, análise das informações obtidas a partir da modelagem de dados, buscando identificar a consistência dos resultados, à luz dos diferentes modelos estudados, relacionado-os aos conceitos de anomalias de mercado. Como resultado, possibilitou definir a Linha de Mercado de Títulos (Security Market Line para o mercado brasileiro, baseando-se nos modelos de precificação de ativos; coeficientes Beta e Fatores do APT.ABSTRACTAs from the assumption of efficient markets, the discovery of the meaning of the relations among the assets negotiated in the Stock Exchange market and a certain standard of rational conduct

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.

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.

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

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.

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

International Nuclear Information System (INIS)

Geman, Helyette; Ohana, Steve

2009-01-01

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

Application of quantum master equation for long-term prognosis of asset-prices

Science.gov (United States)

Khrennikova, Polina

2016-05-01

This study combines the disciplines of behavioral finance and an extension of econophysics, namely the concepts and mathematical structure of quantum physics. We apply the formalism of quantum theory to model the dynamics of some correlated financial assets, where the proposed model can be potentially applied for developing a long-term prognosis of asset price formation. At the informational level, the asset price states interact with each other by the means of a ;financial bath;. The latter is composed of agents' expectations about the future developments of asset prices on the finance market, as well as financially important information from mass-media, society, and politicians. One of the essential behavioral factors leading to the quantum-like dynamics of asset prices is the irrationality of agents' expectations operating on the finance market. These expectations lead to a deeper type of uncertainty concerning the future price dynamics of the assets, than given by a classical probability theory, e.g., in the framework of the classical financial mathematics, which is based on the theory of stochastic processes. The quantum dimension of the uncertainty in price dynamics is expressed in the form of the price-states superposition and entanglement between the prices of the different financial assets. In our model, the resolution of this deep quantum uncertainty is mathematically captured with the aid of the quantum master equation (its quantum Markov approximation). We illustrate our model of preparation of a future asset price prognosis by a numerical simulation, involving two correlated assets. Their returns interact more intensively, than understood by a classical statistical correlation. The model predictions can be extended to more complex models to obtain price configuration for multiple assets and portfolios.

Imputed prices of greenhouse gases and land forests

International Nuclear Information System (INIS)

Uzawa, Hirofumi

1993-01-01

The theory of dynamic optimum formulated by Maeler gives us the basic theoretical framework within which it is possible to analyse the economic and, possibly, political circumstances under which the phenomenon of global warming occurs, and to search for the policy and institutional arrangements whereby it would be effectively arrested. The analysis developed here is an application of Maeler's theory to atmospheric quality. In the analysis a central role is played by the concept of imputed price in the dynamic context. Our determination of imputed prices of atmospheric carbon dioxide and land forests takes into account the difference in the stages of economic development. Indeed, the ratios of the imputed prices of atmospheric carbon dioxide and land forests over the per capita level of real national income are identical for all countries involved. (3 figures, 2 tables) (Author)

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.

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.

Evolution of the European gas market on the long term. Organisation and price

International Nuclear Information System (INIS)

Ouvry, V.

1998-01-01

The objective of this work is to shed light upon the future organization of the European gas market with an emphasis on price matters. There are nowadays few producers of gas on the market, most of whom hold long-term contracts with gas companies. Gas pricing is based on the net-back principle. The actual debate on liberalization of the gas market and the growing pressure from industrial customers to obtain lower prices addresses the problem of the future organisation of the market and the potential impact of the introduction of third party access. We first analyse the main actors of the gas market, their strategy and the actual market organization market. Two different logics are considered hereunder: a market approach: the competition theory provides efficient tools to analyse the evolution of competition depending on numerous factors. It appears that the strategy of all actors and particularly of producers will be the main determinant of the future competition. The oligopoly theory includes oligopolistic behaviours modelizations. The application of the Cournot's model leads to prices ranging from 1,6 to 3,7 $/MBtu; a contractual approach: today, gas is essentially exchanged through long term contracts, which allow for long-term management of investments and supply security. Two operators negotiate the price, which ultimately mirrors their respective leverage. The transaction cost theory clearly shows the necessity of including transaction costs, especially when optimizing the duration of the contract. The gas prices escalation is nowadays partially obsolete and unadapted to customer needs. Escalation on coal, electricity price or inflation should soon be considered. The theories of negotiation highlight the importance of the operators' marketing power during gas price fixation Applying Nash and Harsanyi-Selten's negotiation models results in a scale of 2,4 to 3,5 $/MBtu of the gas price at the actual supply and demand conditions. Both approaches lead to similar

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...

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)

Real Time Pricing and the Real Live Firm

Energy Technology Data Exchange (ETDEWEB)

Moezzi, Mithra; Goldman, Charles; Sezgen, Osman; Bharvirkar, Ranjit; Hopper, Nicole

2004-05-26

Energy economists have long argued the benefits of real time pricing (RTP) of electricity. Their basis for modeling customers response to short-term fluctuations in electricity prices are based on theories of rational firm behavior, where management strives to minimize operating costs and optimize profit, and labor, capital and energy are potential substitutes in the firm's production function. How well do private firms and public sector institutions operating conditions, knowledge structures, decision-making practices, and external relationships comport with these assumptions and how might this impact price response? We discuss these issues on the basis of interviews with 29 large (over 2 MW) industrial, commercial, and institutional customers in the Niagara Mohawk Power Corporation service territory that have faced day-ahead electricity market prices since 1998. We look at stories interviewees told about why and how they respond to RTP, why some customers report that they can't, and why even if they can, they don't. Some firms respond as theorized, and we describe their load curtailment strategies. About half of our interviewees reported that they were unable to either shift or forego electricity consumption even when prices are high ($0.50/kWh). Reasons customers gave for why they weren't price-responsive include implicit value placed on reliability, pricing structures, lack of flexibility in adjusting production inputs, just-in-time practices, perceived barriers to onsite generation, and insufficient time. We draw these observations into a framework that could help refine economic theory of dynamic pricing by providing real-world descriptions of how firms behave and why.

On the Black-Scholes European Option Pricing Model Robustness and Generality

Science.gov (United States)

Takada, Hellinton Hatsuo; de Oliveira Siqueira, José

2008-11-01

The common presentation of the widely known and accepted Black-Scholes European option pricing model explicitly imposes some restrictions such as the geometric Brownian motion assumption for the underlying stock price. In this paper, these usual restrictions are relaxed using maximum entropy principle of information theory, Pearson's distribution system, market frictionless and risk-neutrality theories to the calculation of a unique risk-neutral probability measure calibrated with market parameters.

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.

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

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

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...

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

Energy Technology Data Exchange (ETDEWEB)

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

2009-07-15

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

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...

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.

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, ...

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...

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.

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.

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...

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...

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.

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...

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)

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

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.

Is Power Production Flexibility a Substitute for Storability? Evidence from Electricity Futures Prices

Energy Technology Data Exchange (ETDEWEB)

Kilic, M.; Huisman, R. [Erasmus School of Economics, Erasmus University Rotterdam, Rotterdam (Netherlands)

2010-07-15

Electricity is not storable. As a consequence, electricity demand and supply need to be in balance at any moment in time as a shortage in production volume cannot be compensated with supply from inventories. However, if the installed power supply capacity is very flexible, variation in demand can be counterbalanced with flexible adjustment of production volumes. Therefore, supply flexibility can replace the role of inventory. In this paper, we question whether power production flexibility is a substitute for storability. To do so, we examine power futures prices from countries that differ in their power supply and test whether power futures prices contain information about expected future spot prices and risk premiums and examine whether futures prices from a market in which power supply is more flexible would lead to futures prices that are more in line with the theory of storage. We find the opposite; futures prices from markets with flexible power supply behave according to the expectations theory. The implicit view from futures prices is that flexibility is not a substitute for storability.

Is Power Production Flexibility a Substitute for Storability? Evidence from Electricity Futures Prices

International Nuclear Information System (INIS)

Kilic, M.; Huisman, R.

2010-07-01

Electricity is not storable. As a consequence, electricity demand and supply need to be in balance at any moment in time as a shortage in production volume cannot be compensated with supply from inventories. However, if the installed power supply capacity is very flexible, variation in demand can be counterbalanced with flexible adjustment of production volumes. Therefore, supply flexibility can replace the role of inventory. In this paper, we question whether power production flexibility is a substitute for storability. To do so, we examine power futures prices from countries that differ in their power supply and test whether power futures prices contain information about expected future spot prices and risk premiums and examine whether futures prices from a market in which power supply is more flexible would lead to futures prices that are more in line with the theory of storage. We find the opposite; futures prices from markets with flexible power supply behave according to the expectations theory. The implicit view from futures prices is that flexibility is not a substitute for storability.

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)

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.

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.

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...

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.

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)

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...

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

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.

Exhaustible-resource theory and the uranium market

International Nuclear Information System (INIS)

Hsieh, Y.L.

1982-01-01

Exhaustible-resource theory has been developed rapidly by economists since the OPEC shocks of 1973-1974 and the theory now provides a framework for analyzing the optimal production pattern for resource commodities. However, applications of the theory to particular markets, such as crude oil, have not provided accurate predictions due no doubt to theoretical problems in explaining exploration and discovery events, market organization changes, and uncertainty. This thesis investigated the uranium market in an effort to determine how well the exhaustible-resource theory explains the past price and quantity time paths of this energy resource, and what might be expected in the future. The exhaustible-resource theory was first developed in a form appropriate to an application to the uranium market. An econometric simulation model that combines the history of uranium price formation and the exhaustible-resource theory was developed to forecast future uranium prices. The model was designed not only to reflect the physical processes of drilling activities, changing reserves, production, and prices of uranium through individual equations, but also to account for the interaction of all these interrelationships at the same time

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

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)

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

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...

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)

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.

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.

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.

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)

Palm Oil Price, Exchange Rate, and Stock Market: A Wavelet Analysis on the Malaysian Market

Directory of Open Access Journals (Sweden)

Buerhan Saiti

2014-05-01

Full Text Available The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.

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.

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

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.

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 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. ...

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. ...

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

What policy adjustments in the EU ETS truly affected the carbon prices?

International Nuclear Information System (INIS)

Fan, Ying; Jia, Jun-Jun; Wang, Xin; Xu, Jin-Hua

2017-01-01

Carbon market becomes increasingly popular as a cost-effective instrument to mitigate CO_2 emissions. However, its construction is a learning-by-doing process, and needs consistent regulatory updates in order to deliver optimal effects. This paper uses the event study method to assess the impacts of different policy adjustments on the EUA returns in the European Union Emissions Trading Scheme (EU ETS) since 2005. Comparing to existing studies that focus on the impact of a single policy, this paper provides a complementary reference on if and to what extent policy adjustments can impact the carbon prices by classifying all regulatory update events into six categories. Its key findings are as follows. First, aggregate impacts of total 50 events studied are low while impacts of events having underlying negative impacts are higher than those having underlying positive impacts. Second, 24 events have significant impacts on EUA returns and are coherent to their theoretical impacts (except one event). Third, events having negligible impact on EUA returns are those that are announced not for the first time or those having no impact on CO_2 quotas supply and demand. Finally, there are different impact patterns: some events have different impacts on short-end and long-end carbon prices. - Highlights: • Impacts of policy adjustments in the EU ETS on carbon price are investigated. • Aggregate impacts of total 50 events studied are low. • Policy adjustments having underlying negative impacts have a higher impact. • Events that are announced for the first time are apt to have significant impact. • There are different impact patterns of events on EUA spot and futures returns.

High prices for rare species can drive large populations extinct: the anthropogenic Allee effect revisited.

Science.gov (United States)

Holden, Matthew H; McDonald-Madden, Eve

2017-09-21

Consumer demand for plant and animal products threatens many populations with extinction. The anthropogenic Allee effect (AAE) proposes that such extinctions can be caused by prices for wildlife products increasing with species rarity. This price-rarity relationship creates financial incentives to extract the last remaining individuals of a population, despite higher search and harvest costs. The AAE has become a standard approach for conceptualizing the threat of economic markets on endangered species. Despite its potential importance for conservation, AAE theory is based on a simple graphical model with limited analysis of possible population trajectories. By specifying a general class of functions for price-rarity relationships, we show that the classic theory can understate the risk of species extinction. AAE theory proposes that only populations below a critical Allee threshold will go extinct due to increasing price-rarity relationships. Our analysis shows that this threshold can be much higher than the original theory suggests, depending on initial harvest effort. More alarmingly, even species with population sizes above this Allee threshold, for which AAE predicts persistence, can be destined to extinction. Introducing even a minimum price for harvested individuals, close to zero, can cause large populations to cross the classic anthropogenic Allee threshold on a trajectory towards extinction. These results suggest that traditional AAE theory may give a false sense of security when managing large harvested populations. Copyright © 2017 Elsevier Ltd. All rights reserved.

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

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

Energy Technology Data Exchange (ETDEWEB)

Jensen, Thomas C., E-mail: tcj@transport.dtu.d [Department of Transport, Danish Technical University, Bygningstorvet 116 Vest, 2800 Lyngby (Denmark); Moller, Flemming [National Environmental Research Institute, Box 358, Frederiksborgvej 399, 4000 Roskilde (Denmark)

2010-01-15

This paper contains a tentative suggestion of how to take into account the value of changes in price volatility in real world cost-benefit analyses. Price volatility is an important aspect of security of supply which first of all concerns physical availability, but assuming that consumers are risk averse, security of supply can also be viewed as a matter of avoiding oscillations in consumption originating from volatile prices of for instance oil. When the government makes transport-related choices on behalf of the consumers, the effect on oscillations in general consumption should be included 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-related examples. They indicate that including the value of changes in price volatility often makes very little difference to the results of cost-benefit analyses, but more work has to be done on quantifying, among other things, consumers' risk aversion and the background standard deviation in total consumption before firm conclusions can be drawn.

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

Energy Technology Data Exchange (ETDEWEB)

Jensen, Thomas C. [Department of Transport, Danish Technical University, Bygningstorvet 116 Vest, 2800 Lyngby (Denmark); Moeller, Flemming [National Environmental Research Institute, Box 358, Frederiksborgvej 399, 4000 Roskilde (Denmark)

2010-01-15

This paper contains a tentative suggestion of how to take into account the value of changes in price volatility in real world cost-benefit analyses. Price volatility is an important aspect of security of supply which first of all concerns physical availability, but assuming that consumers are risk averse, security of supply can also be viewed as a matter of avoiding oscillations in consumption originating from volatile prices of for instance oil. When the government makes transport-related choices on behalf of the consumers, the effect on oscillations in general consumption should be included 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-related examples. They indicate that including the value of changes in price volatility often makes very little difference to the results of cost-benefit analyses, but more work has to be done on quantifying, among other things, consumers' risk aversion and the background standard deviation in total consumption before firm conclusions can be drawn. (author)

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

International Nuclear Information System (INIS)

Jensen, Thomas C.; Moeller, Flemming

2010-01-01

This paper contains a tentative suggestion of how to take into account the value of changes in price volatility in real world cost-benefit analyses. Price volatility is an important aspect of security of supply which first of all concerns physical availability, but assuming that consumers are risk averse, security of supply can also be viewed as a matter of avoiding oscillations in consumption originating from volatile prices of for instance oil. When the government makes transport-related choices on behalf of the consumers, the effect on oscillations in general consumption should be included 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-related examples. They indicate that including the value of changes in price volatility often makes very little difference to the results of cost-benefit analyses, but more work has to be done on quantifying, among other things, consumers' risk aversion and the background standard deviation in total consumption before firm conclusions can be drawn. (author)

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

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...

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...

Impact of sucrose contents and cooking time on cowpea prices in Senegal

Directory of Open Access Journals (Sweden)

Mb.D Faye

2014-07-01

Full Text Available An alternative approach to traditional consumer behaviour and demand theory is characteristics theory, which assumes that a consumer’s utility function is generated by the characteristics, or attributes, that goods and services possess. Instead of a utility being a function of a product, it becomes a function of the attributes provided by these products. In this paper a hedonic pricing model is used to investigate the influence of sucrose level and cooking time on cowpea prices in Senegal.  Cooking time has a significant impact on price only at Tilene market in Dakar, while the sucrose contents tend to provide a premium throughout. Further investigation shows that the local varieties, AW, Matam and Ndiassiw have higher sucrose contents than the other cowpea varieties.

Introduction to the mathematics of finance from risk management to options pricing

CERN Document Server

Roman, Steven

2004-01-01

The Mathematics of Finance has become a hot topic in applied mathematics ever since the discovery of the Black-Scholes option pricing formulas in 1973. Unfortunately, there are very few undergraduate textbooks in this area. This book is specifically written for upper division undergraduate or beginning graduate students in mathematics, finance or economics. With the exception of an optional chapter on the Capital Asset Pricing Model, the book concentrates on discrete derivative pricing models, culminating in a careful and complete derivation of the Black-Scholes option pricing formulas as a limiting case of the Cox-Ross-Rubinstein discrete model. The final chapter is devoted to American options. The mathematics is not watered down but is appropriate for the intended audience. No measure theory is used and only a small amount of linear algebra is required. All necessary probability theory is developed in several chapters throughout the book, on a "need-to-know" basis. No background in finance is required, sinc...

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

THE EQUITY PREMIUM PUZZLE AND EMOTIONAL ASSET PRICING

OpenAIRE

MARC GÜRTLER; NORA HARTMANN

2007-01-01

"Since the equity premium as well as the risk-free rate puzzle question the concepts central to financial and economic modeling, we apply behavioral decision theory to asset pricing in view of solving these puzzles. U.S. stock market data for the period 1960-2003 and German stock market data for the period 1977-2003 show that emotional investors who act in accordance to Bell's (1985) disappointment theory -a special case of prospect theory- and additionally administer mental accounts demand a...

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

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

Dynamic Pricing of Fashion-Like Multiproducts with Customers’ Reference Effect and Limited Memory

OpenAIRE

Liu, Mengqi; Bi, Wenjie; Chen, Xiaohong; Li, Guo

2014-01-01

We study a fashion retailer’s dynamic pricing problem in which consumers present reference effect and memory window. Based on the theory of Baucells et al. (2011), we propose a new reference-price updating mechanism in fashion and textile (FT) industry where consumers have a bounded memory window and anchor on the first and most recent price in any memory window. Moreover, we study the impacts of this mechanism on optimal pricing policy for a retailer selling multiple fashion-like products an...

Business cycles and the behavior of energy prices

OpenAIRE

Serletis, Apostolos; Hulleman, Vaughn

1994-01-01

This paper tests the theory of storage--the hypothesis that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases in energy markets (crude oil, heating oil, and unleaded gas markets). We use the Fama and French (1988) indirect test, based on the relative variation in spot and futures prices. The results suggest that the theory holds for the energy markets.

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

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. ...

Electricity prices and generator behaviour in gross pool electricity markets

International Nuclear Information System (INIS)

O'Mahoney, Amy; Denny, Eleanor

2013-01-01

Electricity market liberalisation has become common practice internationally. The justification for this process has been to enhance competition in a market traditionally characterised by statutory monopolies in an attempt to reduce costs to end-users. This paper endeavours to see whether a pool market achieves this goal of increasing competition and reducing electricity prices. Here the electricity market is set up as a sealed bid second price auction. Theory predicts that such markets should result with firms bidding their marginal cost, thereby resulting in an efficient outcome and lower costs to consumers. The Irish electricity system with a gross pool market experiences among the highest electricity prices in Europe. Thus, we analyse the Irish pool system econometrically in order to test if the high electricity prices seen there are due to participants bidding outside of market rules or out of line with theory. Overall we do not find any evidence that the interaction between generator and the pool in the Irish electricity market is not efficient. Thus, the pool element of the market structure does not explain the high electricity prices experienced in Ireland. - Highlights: • We consider whether a gross pool achieves competitive behaviour. • We analyse the Irish pool system econometrically. • Results indicate the Irish pool system appears to work efficiently. • Generators appear to be bidding appropriately

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. ...

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

On the efficiency of the first price auction

Czech Academy of Sciences Publication Activity Database

Hernando-Veciana, Á.; Michelucci, Fabio

2017-01-01

Roč. 156, July (2017), s. 159-161 ISSN 0165-1765 Institutional support: Progres-Q24 Keywords : efficiency * first price auction * english auction Subject RIV: AH - Economics OBOR OECD: Economic Theory Impact factor: 0.558, year: 2016

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 ...

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.

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...

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...

Business cycles and the behavior of energy prices

Energy Technology Data Exchange (ETDEWEB)

Serletis, A.; Hulleman, V. [Univ. of Calgary, Alberta (Canada)

1994-12-31

This paper tests the theory of storage - the hypothesis that the marginal convenience yield on inventory falls at a decreasing rate as inventory increases in energy markets (crude oil, heating oil, and unleaded gas markets). We use the Fama and French (1988) indirect test, based on the relative variation in spot and futures prices. The results suggest that the theory holds for the energy markets. 11 refs., 4 tabs.

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

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

Directory of Open Access Journals (Sweden)

Emmanuel Selase Asamoah

2011-01-01

Full Text Available 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. Also, an exploratory study was conducted to identify the prevalence of odd prices in the Czech retail sector. The exploratory study was based on 16 different home-drop advertising material, short magazines and leaflets by retails shops in the Zlin region. These leaflets, short magazines and home-drop advertising material were collected and analyzed over 3 month period to identify the dominance of odd and even pricing strategy (total number of advertisements = 922. Also, in order to have a comprehensive coverage of the odd-even pricing phenomenon, opinions of some buyers were sought on their perception of odd-pricing and how the odd-pricing influence their buying decisions. Opinions of a total of 173 shoppers were sampled. The study found clear evidence of the predominant use and preference by shoppers for odd prices compared to even prices in different product categories, especially fast moving consumer goods. The paper concludes by providing the marketing implications and suggestions on when odd and even price ending strategies should be used and for what category of products this strategy can be used. Also, the implications of price endings on marketing communication are highlighted.

Pricing decision research for TPL considering different logistics service level influencing the market demand

Directory of Open Access Journals (Sweden)

Wei Li

2013-03-01

Full Text Available Purpose: With the rapid development of economy and the support of government policy, the development of the logistics industry has become a new economic growth engine. As we all know, the reasonable price of logistics service is the most critical factor for logistics enterprises to win market share and make profit. At the same time, the service level is one of the most important factors which will influence the size of the market share. Therefore, this paper constructs a pricing model considering a situation that the logistics service level affects the market demand. This model helps the enterprises to make scientific decisions.Methodology: To achieve this objective, this paper constructs the TPL service and the pricing decision models based on the game theory.Findings: The conclusion shows that under the situation of independent decision-making, the enterprise which has strong ability of logistics service does not necessarily have a competitive advantage, while pricing equilibrium under the situation of joint decision-making, not only make both sides get more income, but also be conducive to improve the level of service.Research limitations: In this research, there are some assumptions that might affect the accuracy the model such as there are only two TPL enterprises to participate in, and considerations are taken under the condition of complete information environment. These assumptions can be relaxed in the future work.Originality: In this research, logistics service level is taken account into the areas of logistics service pricing, which makes the models more practical and more perfect. And this paper constructs game models based on game theory to make up the limitations of traditional pricing theories in logistics service pricing.

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…

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.

[The price-based certainty of purchase influences consumer behavior for discount].

Science.gov (United States)

Arihara, Katsuhiko; Ariga, Atsunori; Furuya, Takeshi

2016-04-01

Tversky & Kahneman (1981) reported that most participants decided to drive when they could save money on a low-price good as compared to when they could save on a high-price good, even though the discount prices were same. Although this irrational decision making has been interpreted as a rate-dependent estimation of value (prospect theory), this study newly proposes that it can be explained by the certainty of purchase based on the price of goods. Experiment 1 replicated the previously reported difference in decision making, and additionally demonstrated that participants' certainty of purchase was lower for a high- than a low-price good. When it was emphasized that participants' intention to purchase high- and low-price goods were equally sure, decision making did not significantly differ (Experiment 2). Furthermore, decision making differed based only on the certainty of purchase even,when prices of goods were-same (Experiment 3). Consumers' decision making may be rather rational, depending straightforwardly on the certainty of purchase that is susceptible to price.

Optimal advertising and pricing decisions for complementary products

Science.gov (United States)

Taleizadeh, Ata Allah; Charmchi, Masoud

2015-03-01

Cooperative advertising is an agreement between a manufacturer and a retailer to share advertising cost at the local level. Previous studies have not investigated cooperative advertising for complementary products and their main focus was only on one good. In this paper, we study a two-echelon supply chain consisting of one manufacturer and one retailer with two complementary goods. The demand of each good is influenced not only by its price but also by the price of the other product. We use two game theory approaches to model this problem; Stackelberg manufacturer and Stackelberg retailer.

Transactional price of an expected child and its application in birth control.

Science.gov (United States)

Li, X

1993-01-01

The theoretical presentation of the impact of the transactional price of an expected child (TPEC) on birth control led to the conclusion that successful birth control was a combination of birth utility theory and TPEC theory. In a hypothetical market, the assumption can be made that an expected price can be attached to a desired child or a transactional price can be attached for giving up the reproductive right to have an excess child. A consumer equilibrium model can characterize the changes in financial resources necessary in deciding on an appropriate number of children. In a general equilibrium model, couples would have to be compensated a certain amount as an inducement to forgo the right to have a second child. Prices of children can be determined by a distributional curve of this transactional price of expected excess children and the estimated marginal price for couples with two children. Under circumstances of limited resources, it would be cheaper to buy some couple's rights to forgo a child, and this price would vary with parity. The exact transactional price of each child by parity by each couple could be theoretically determined, if all couples told the truth about desired number of children. However, the complication is that this condition may not be possible, and couples may charge more for forgoing the right to a subsequent child that what they would actually accept. Also, the seller could ask one price and then charge more. A compromise would be to set prices only for lower parities and to set prices subject to the total funds available to the buyer. Very low prices would also decrease the effectiveness of birth control. The government could be a buyer or seller. Taxing couples for additional children would make the government a seller. When the government is the buyer, couples would be compensated for not having an additional child. Another possibility is a reward for having only a certain number of children and a tax for excess children, which

PRICE-RESPONSE ASYMMETRY IN DOMESTIC WHOLESALE AND RETAIL DIESEL 2 MARKETS IN PERU

OpenAIRE

Arturo Vasquez Cordano

2005-01-01

This paper tests and confirms the hypothesis that retail and wholesale Diesel 2 prices respond more quickly to increases than to decreases in wholesale and crude oil prices, respectively. Among the possible sources of this asymmetry, we find: production / inventory adjustment lags, refining adjustments, market power of some sellers, searching costs, among others. By analyzing price transmission at different points of the distribution chain, this paper attempts to shed light on these theories ...

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...

Price and distribution policies in healthcare marketing in Romania.

Science.gov (United States)

Coculescu, B I; Coculescu, E C; Purcărea, V L

2017-01-01

There is a principle similar to the theory of exchange in the marketing of health services, meaning that what is delivered to the target market (i.e. the beneficiaries) must be equal to or greater than what is to be received (i.e. the price). The price level in the marketing mix is influenced by how the consumer perceives the respective medical service and is quantified in the profit and the turnover of the organization respectively. The cost of the medical act as a whole is the value of all the tangible and intangible variables associated with it, and the planning, distribution and promotion of the product must be taken into account in the price setting.

Application of Impulse Control in Smart Grid Price System

Directory of Open Access Journals (Sweden)

Peng Du

2013-07-01

Full Text Available With the development of smart grid, flexible and interactive electricity market will finally emerge. Making full use of price can encourage consumers to use electricity during a low load period and reduce peak load, thus to guarantee electricity market stability. Impulse control is applied to price system in this paper. It is found that giving impulse control to price system can make the system reach stable state well, which is based on the theory of impulsive differential system. The sufficient condition for stable system and the max upper bound of impulse interval are also provided. The proposed method is proved to be feasible and effective by theoretically analysis and numerical simulation.

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.

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.

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.

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

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...

48 CFR 36.207 - Pricing fixed-price construction contracts.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Pricing fixed-price... Contracting for Construction 36.207 Pricing fixed-price construction contracts. (a) Generally, firm-fixed... methods. (b) Lump-sum pricing shall be used in preference to unit pricing except when— (1) Large...

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.

Negotiating transfer pricing using the Nash bargaining solution

Directory of Open Access Journals (Sweden)

Clempner Julio B.

2017-12-01

Full Text Available This paper analyzes and proposes a solution to the transfer pricing problem from the point of view of the Nash bargaining game theory approach. We consider a firm consisting of several divisions with sequential transfers, in which central management provides a transfer price decision that enables maximization of operating profits. Price transferring between divisions is negotiable throughout the bargaining approach. Initially, we consider a disagreement point (status quo between the divisions of the firm, which plays the role of a deterrent. We propose a framework and a method based on the Nash equilibrium approach for computing the disagreement point. Then, we introduce a bargaining solution, which is a single-valued function that selects an outcome from the feasible pay-offs for each bargaining problem that is a result of cooperation of the divisions of the firm involved in the transfer pricing problem. The agreement reached by the divisions in the game is the most preferred alternative within the set of feasible outcomes, which produces a profit-maximizing allocation of the transfer price between divisions. For computing the bargaining solution, we propose an optimization method. An example illustrating the usefulness of the method is presented.

The Physics of Traffic Congestion and Road Pricing in Transportation Planning

Science.gov (United States)

Levinson, David

2010-03-01

This presentation develops congestion theory and congestion pricing theory from its micro- foundations, the interaction of two or more vehicles. Using game theory, with a two- player game it is shown that the emergence of congestion depends on the players' relative valuations of early arrival, late arrival, and journey delay. Congestion pricing can be used as a cooperation mechanism to minimize total costs (if returned to the players). The analysis is then extended to the case of the three- player game, which illustrates congestion as a negative externality imposed on players who do not themselves contribute to it. A multi-agent model of travelers competing to utilize a roadway in time and space is presented. To realize the spillover effect among travelers, N-player games are constructed in which the strategy set includes N+1 strategies. We solve the N-player game (for N = 7) and find Nash equilibria if they exist. This model is compared to the bottleneck model. The results of numerical simulation show that the two models yield identical results in terms of lowest total costs and marginal costs when a social optimum exists. Moving from temporal dynamics to spatial complexity, using consistent agent- based techniques, we model the decision-making processes of users and infrastructure owner/operators to explore the welfare consequence of price competition, capacity choice, and product differentiation on congested transportation networks. Component models include: (1) An agent-based travel demand model wherein each traveler has learning capabilities and unique characteristics (e.g. value of time); (2) Econometric facility provision cost models; and (3) Representations of road authorities making pricing and capacity decisions. Different from small-network equilibrium models in prior literature, this agent- based model is applicable to pricing and investment analyses on large complex networks. The subsequent economic analysis focuses on the source, evolution

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.

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.

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.

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 ...

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

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

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...

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.

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.

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)

A Reevaluation of Price Elasticities for Irrigation Water

Science.gov (United States)

Howitt, Richard E.; Watson, William D.; Adams, Richard M.

1980-08-01

The effectiveness of pricing systems in the allocation of irrigation water is linked with the price elasticity of demand of farmers for water. Using microeconomic theory, it is shown that omission of the elasticity of demand for the crop produced leads to an inelastic bias in the demand for irrigated water. Linear programing approaches omit the product elasticity of demand and are consequently biased, whereas quadratic programing approaches to estimating derived demands for irrigation water include product demand functions. The difference between the resulting estimates are empirically demonstrated for regional derived demand functions estimated from a model of California's agricultural industry.

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.

Ethanol, Corn, and Soybean Price Relations in a Volatile Vehicle-Fuels Market

Directory of Open Access Journals (Sweden)

Cesar Escalante

2009-06-01

Full Text Available The rapid upward shift in ethanol demand has raised concerns about ethanol’s impact on the price level and volatility of agricultural commodities. The popular press attributes much of this volatility in commodity prices to a price bubble in ethanol fuel and recent deflation. Market economics predicts not only a softening of demand to high commodity prices but also a positive supply response. This volatility in ethanol and commodity prices are investigated using cointegration, vector error corrections (VECM, and multivariate generalized autoregressive conditional heteroskedascity (MGARCH models. In terms of derived demand theory, results support ethanol and oil demands as derived demands from vehicle-fuel production. Gasoline prices directly influence the prices of ethanol and oil. However, of greater significance for the fuel versus food security issue, results support the effect of agricultural commodity prices as market signals which restore commodity markets to their equilibriums after a demand or supply event (shock. Such shocks may in the short-run increase agricultural commodity prices, but decentralized freely operating markets will mitigate the persistence of these shocks. Results indicate in recent years there are no long-run relations among fuel (ethanol, oil and gasoline prices and agricultural commodity (corn and soybean prices.

Estimating the Own-Price Elasticity for Irrigation Water in the Musi Catchment of India

NARCIS (Netherlands)

Hellegers, P.J.G.J.; Davidson, B.

2011-01-01

As irrigation water is an input into a production process, its demand must be ‘derived’. According to theory, a derived demand schedule should be downward sloping and dependent on the outputs produced from it, the prices of other inputs and the price of the water itself. Problems arise when an

Risk and Return under Shari’a Framework: An Attempt to Develop Shari’a Compliant Asset Pricing Model (SCAPM

Directory of Open Access Journals (Sweden)

Muhammad Hanif

2011-12-01

Full Text Available A speedy emerging area of finance is the Shari’a compliant financial system. In first decade of 21st century Islamic financing has shown tremendous increase and global volume has reached to US $ 1,041 billion by the end of 2009. Being financial intermediaries Islamic Financial Institutions (IFIs have shown commendable progress in deposit collection under profit and loss sharing schemes however investment avenues are limited in comparison of conventional banks. Although a large number of financing modes are available to IFIs, yet maintenance of required liquidity is serious issue because money market and capital market is dominated by interest based instruments and conventional practices (some are clearly prohibited by Shari’a. Recently Al-meezan Investment Management Ltd. (AIML has started screening of Shari’a compliant stocks on KSE, and provided an avenue for Shari’a Compliant Investors/IFIs to invest in equities. This study is conducted to understand conventional asset pricing models, document any mismatching with Shari’a financial system, and suggest amendments if required. Findings suggest existing models of equity pricing (CAPM, APT/MFM are very much practicable under Shari’a framework with slight modification of risk free return because under Shari’a frame work risk free returns do not exist.

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.

Oil prices. Brownian motion or mean reversion? A study using a one year ahead density forecast criterion

International Nuclear Information System (INIS)

Meade, Nigel

2010-01-01

For oil related investment appraisal, an accurate description of the evolving uncertainty in the oil price is essential. For example, when using real option theory to value an investment, a density function for the future price of oil is central to the option valuation. The literature on oil pricing offers two views. The arbitrage pricing theory literature for oil suggests geometric Brownian motion and mean reversion models. Empirically driven literature suggests ARMA-GARCH models. In addition to reflecting the volatility of the market, the density function of future prices should also incorporate the uncertainty due to price jumps, a common occurrence in the oil market. In this study, the accuracy of density forecasts for up to a year ahead is the major criterion for a comparison of a range of models of oil price behaviour, both those proposed in the literature and following from data analysis. The Kullbach Leibler information criterion is used to measure the accuracy of density forecasts. Using two crude oil price series, Brent and West Texas Intermediate (WTI) representing the US market, we demonstrate that accurate density forecasts are achievable for up to nearly two years ahead using a mixture of two Gaussians innovation processes with GARCH and no mean reversion. (author)

Oil prices. Brownian motion or mean reversion? A study using a one year ahead density forecast criterion

Energy Technology Data Exchange (ETDEWEB)

Meade, Nigel [Imperial College, Business School London (United Kingdom)

2010-11-15

For oil related investment appraisal, an accurate description of the evolving uncertainty in the oil price is essential. For example, when using real option theory to value an investment, a density function for the future price of oil is central to the option valuation. The literature on oil pricing offers two views. The arbitrage pricing theory literature for oil suggests geometric Brownian motion and mean reversion models. Empirically driven literature suggests ARMA-GARCH models. In addition to reflecting the volatility of the market, the density function of future prices should also incorporate the uncertainty due to price jumps, a common occurrence in the oil market. In this study, the accuracy of density forecasts for up to a year ahead is the major criterion for a comparison of a range of models of oil price behaviour, both those proposed in the literature and following from data analysis. The Kullbach Leibler information criterion is used to measure the accuracy of density forecasts. Using two crude oil price series, Brent and West Texas Intermediate (WTI) representing the US market, we demonstrate that accurate density forecasts are achievable for up to nearly two years ahead using a mixture of two Gaussians innovation processes with GARCH and no mean reversion. (author)

An empirical exploration of the world oil price under the target zone model

International Nuclear Information System (INIS)

Linghui Tang; Shawkat Hammoudeh

2002-01-01

This paper investigates the behavior of the world oil price based on the first-generation target zone model. Using anecdotal data during the period of 1988-1999, we found that OPEC has tried to maintain a weak target zone regime for the oil price. Our econometric tests suggest that the movement of the oil price is not only manipulated by actual and substantial interventions by OPEC but also tempered by market participants' expectations of interventions. As a consequence, the non-linear model based on the target zone theory has very good forecasting ability when the oil price approaches the upper or lower limit of the band. (author)

An empirical exploration of the world oil price under the target zone model

International Nuclear Information System (INIS)

Tang, Linghui; Hammoudeh, Shawkat

2002-01-01

This paper investigates the behavior of the world oil price based on the first-generation target zone model. Using anecdotal data during the period of 1988-1999, we found that OPEC has tried to maintain a weak target zone regime for the oil price. Our econometric tests suggest that the movement of the oil price is not only manipulated by actual and substantial interventions by OPEC but also tempered by market participants' expectations of interventions. As a consequence, the non-linear model based on the target zone theory has very good forecasting ability when the oil price approaches the upper or lower limit of the band

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...

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...

Oil prices and the U.S. business cycle

International Nuclear Information System (INIS)

Lescaroux, F.

2006-06-01

The recent surge in oil prices rakes up old fears and the spectre of stagflation hangs over worldwide economic growth's forecasts. After 30 years of research however analysts still disagree about the influence of oil prices on macro-economic variations and the estimations of the consequences of a costlier barrel differ. As to the United States for example, elasticities between real GDP and oil price form a wide spectrum stretching from a value close to -1% to -11,6%. In this context, we try to identify the potential sources of instability in the oil price-macro-economy relationship in order to explain the width of this range. First we draw attention to the distinction between the effects of an upward disequilibrium and of an upturn in the equilibrium in the oil price series. This distinction lets us share the range of published results in two parts: the elasticities of real American GDP with respect to an upward imbalance and with respect to a rise in the equilibrium price would lie approximately in the ranges extending, respectively, from -1% to -5,5% and from -5% to -11,6%. We direct our work towards the analysis of the consequences of short-run variations in the oil prices on the U.S. business cycle. We identify a set of influences which condition the vulnerability of an economy and then construct an econometric sectoral and non-linear model inspired from Marshall's theory. The simulations conducted let us explain the long-run weakening in the oil price-macro-economy relationship and highlight the prominent part played by imported inflation and monetary policy in the crisis of the 70's and 80's. According to the values of the structural factors in the model and to the shape of the oil price short-run disequilibrium, the elasticities evaluated cover the whole range of published elasticities. (author)

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

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.

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)

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 ...

High oil prices: A non-OPEC capacity game

International Nuclear Information System (INIS)

Osmundsen, Petter; Asche, Frank; Misund, Baard; Mohn, Klaus

2005-08-01

The current high oil price is partly due to low investments in the oil industry the last decade. According to economic theory, exploration and development of new oil and gas fields should respond positively to increasing petroleum prices. But since the late 1990s, financial analysts have focused strongly on short-term accounting return measures, like RoACE, for benchmarking and valuation of international oil and gas companies. Consequently, the demand for strict capital discipline among oil and gas companies may have reduced their willingness to invest for future reserves and production growth. Thus, we have experienced an unusual combination of high oil prices and low investment levels in exploration and development. In many ways, the oil companies' focus on RoACE, at the expense of reserve replacement, resembles an implicit co-ordination on low capacity among non-OPEC petroleum producers. This is a partial explanation of the current high oil prices. By examining actual parameters used by the financial markets in pricing of oil companies, we address the issue of whether the low investment outcome could represent a long-term equilibrium. This is hardly likely, as oil companies are made aware that stronger emphasis is put on reserve replacement. (Author)

An equivalent marginal cost-pricing model for the district heating market

International Nuclear Information System (INIS)

Zhang, Junli; Ge, Bin; Xu, Hongsheng

2013-01-01

District heating pricing is a core element in reforming the heating market. Existing district heating pricing methods, such as the cost-plus pricing method and the conventional marginal-cost pricing method, cannot simultaneously provide both high efficiency and sufficient investment cost return. To solve this problem, the paper presents a new pricing model, namely Equivalent Marginal Cost Pricing (EMCP) model, which is based on the EVE pricing theory and the unique characteristics of heat products and district heating. The EMCP model uses exergy as the measurement of heating product value and places products from different district heating regions into the same competition platform. In the proposed model, the return on investment cost is closely related to the quoted cost, and within the limitations of the Heating Capacity Cost Reference and the maximum compensated shadow capacity cost, both lower and higher price speculations of heat producers are restricted. Simulation results show that the model can guide heat producers to bid according to their production costs and to provide reasonable returns on investment, which contributes to stimulate the role of price leverage and to promote the optimal allocation of heat resources. - Highlights: • Presents a new district heating pricing model. • Provides both high market efficiency and sufficient investment cost return. • Provides a competition mechanism for various products from different DH regions. • Both of lower and higher price speculations are restricted in the new model

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,…

Another look on the relationships between oil prices and energy prices

International Nuclear Information System (INIS)

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

2017-01-01

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

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

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.

Value-based pricing: A success factor in the competitive struggle

Directory of Open Access Journals (Sweden)

Netseva-Porcheva Tatyana

2011-01-01

Full Text Available Over the past decade, the view that the main purpose of market oriented organizations is not to satisfy the consumer, but to create values has dominated. Exactly the values, their creation, retention and increase, are the main sources of competitive advantage of the company. The purpose of the present report is to present the price formation, based on product value, as a source of competitive advantage. In connection with the so-defined objective, the value and the product price for the customer are derived as key factors for success of the company in the competitive struggle; the role of the value of the product in the marketing and pricing is revealed; and theory clarifies the two basic approaches for determining the price of the product on the basis of value - customer value modeling (CVM and economic value modeling (EVM, their nature, scope of application, advantages and disadvantages.

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.

Dynamic Pricing of Fashion-Like Multiproducts with Customers’ Reference Effect and Limited Memory

Directory of Open Access Journals (Sweden)

Mengqi Liu

2014-01-01

Full Text Available We study a fashion retailer’s dynamic pricing problem in which consumers present reference effect and memory window. Based on the theory of Baucells et al. (2011, we propose a new reference-price updating mechanism in fashion and textile (FT industry where consumers have a bounded memory window and anchor on the first and most recent price in any memory window. Moreover, we study the impacts of this mechanism on optimal pricing policy for a retailer selling multiple fashion-like products and analyze optimal price’s steady state, monotonicity, and convergence. For two-product case, we find that, for otherwise identical products, the steady-state price of a core product is lower than that of a noncore product. We compute the retailer’s loss of revenue if he incorrectly assumes the reference-price effect to be at the product level and prices the products individually. Further, as illustrated with numerical results, our model is a flexible way to make pricing strategy if the retailer can anticipate the length of consumers’ memory window.

Pricing Mining Concessions Based on Combined Multinomial Pricing Model

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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.

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.

Dynamics of global supply chain and electric power networks: Models, pricing analysis, and computations

Science.gov (United States)

Matsypura, Dmytro

In this dissertation, I develop a new theoretical framework for the modeling, pricing analysis, and computation of solutions to electric power supply chains with power generators, suppliers, transmission service providers, and the inclusion of consumer demands. In particular, I advocate the application of finite-dimensional variational inequality theory, projected dynamical systems theory, game theory, network theory, and other tools that have been recently proposed for the modeling and analysis of supply chain networks (cf. Nagurney (2006)) to electric power markets. This dissertation contributes to the extant literature on the modeling, analysis, and solution of supply chain networks, including global supply chains, in general, and electric power supply chains, in particular, in the following ways. It develops a theoretical framework for modeling, pricing analysis, and computation of electric power flows/transactions in electric power systems using the rationale for supply chain analysis. The models developed include both static and dynamic ones. The dissertation also adds a new dimension to the methodology of the theory of projected dynamical systems by proving that, irrespective of the speeds of adjustment, the equilibrium of the system remains the same. Finally, I include alternative fuel suppliers, along with their behavior into the supply chain modeling and analysis framework. This dissertation has strong practical implications. In an era in which technology and globalization, coupled with increasing risk and uncertainty, complicate electricity demand and supply within and between nations, the successful management of electric power systems and pricing become increasingly pressing topics with relevance not only for economic prosperity but also national security. This dissertation addresses such related topics by providing models, pricing tools, and algorithms for decentralized electric power supply chains. This dissertation is based heavily on the following

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%

The impact of gasoline price fluctuations on lodging demand for US brand hotels

International Nuclear Information System (INIS)

Walsh, Kate; Enz, Cathy A.; Canina, Linda

2004-01-01

Analyzing US brand hotels, over a 13-year period, this study provides empirical evidence of a significant negative relationship between gasoline prices and demand for certain lodging products, controlling for economic factors (i.e. gross domestic product and population density). Applying principles from microeconomic demand theory to the literature on gasoline price elasticities, consumer demographics and lodging demand, a set of hypotheses were devised to test the relationship between gasoline prices and lodging demand for specific hotel locations and price segments. Using fixed effects models, the results reveal that lodging demand decreases as gasoline prices rise in all segments except upper-upscale and all locations except urban areas. Hotels in midscale without food and beverage and economy market segments, in resort, suburban and highway locations, exhibit the greatest association between gasoline price shifts and demand. Implications of these findings are discussed for both hospitality research and practice. (Author)

The impact of gasoline price fluctuations on lodging demand for US brand hotels

Energy Technology Data Exchange (ETDEWEB)

Walsh, Kate; Enz, Cathy A.; Canina, Linda [Cornell Univ., School of Hotel Administration, Ithaca, NY (United States)

2004-12-01

Analyzing US brand hotels, over a 13-year period, this study provides empirical evidence of a significant negative relationship between gasoline prices and demand for certain lodging products, controlling for economic factors (i.e. gross domestic product and population density). Applying principles from microeconomic demand theory to the literature on gasoline price elasticities, consumer demographics and lodging demand, a set of hypotheses were devised to test the relationship between gasoline prices and lodging demand for specific hotel locations and price segments. Using fixed effects models, the results reveal that lodging demand decreases as gasoline prices rise in all segments except upper-upscale and all locations except urban areas. Hotels in midscale without food and beverage and economy market segments, in resort, suburban and highway locations, exhibit the greatest association between gasoline price shifts and demand. Implications of these findings are discussed for both hospitality research and practice. (Author)

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.

Initial cash/asset ratio and asset prices: an experimental study.

Science.gov (United States)

Caginalp, G; Porter, D; Smith, V

1998-01-20

A series of experiments, in which nine participants trade an asset over 15 periods, test the hypothesis that an initial imbalance of asset/cash will influence the trading price over an extended time. Participants know at the outset that the asset or "stock" pays a single dividend with fixed expectation value at the end of the 15th period. In experiments with a greater total value of cash at the start, the mean prices during the trading periods are higher, compared with those with greater amount of asset, with a high degree of statistical significance. The difference is most significant at the outset and gradually tapers near the end of the experiment. The results are very surprising from a rational expectations and classical game theory perspective, because the possession of a large amount of cash does not lead to a simple motivation for a trader to bid excessively on a financial instrument. The gradual erosion of the difference toward the end of trading, however, suggests that fundamental value is approached belatedly, offering some consolation to the rational expectations theory. It also suggests that there is a time scale on which an evolution toward fundamental value occurs. The experimental results are qualitatively compatible with the price dynamics predicted by a system of differential equations based on asset flow. The results have broad implications for the marketing of securities, particularly initial and secondary public offerings, government bonds, etc., where excess supply has been conjectured to suppress prices.

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...

Effect of oil price on Nigeria’s food price volatility

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

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

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...

An empirical analysis of the multimarket contact theory in pharmaceutical markets.

Science.gov (United States)

Coronado, Javier; Jiménez-Martín, Sergi; Marín, Pedro L

2014-07-01

Multimarket contact theory predicts that firms will optimally reduce prices in markets where collusive prices are sustainable and allocate the slack of the corresponding incentive compatibility to increase prices in markets where collusion is not sustainable. Binding price caps in collusive markets will have different effects over the multimarket contact mechanism depending on the severity of the cap. Setting a price cap close to the unregulated case will increase the size of the redistribution of market power whereas stronger regulation will even reduce prices in unregulated markets. Therefore, price regulations aiming at capping prices in a specific market will also affect markets that are not subject to specific mandatory price regulations. We find evidence of the theory predictions using information for nine OECD countries for pharmaceutical markets. Unregulated US markets are shown to respond to the redistribution effect; Canadian markets, known to be subject to soft price regulations, with respect to the former, are shown to be consistent with a stronger redistribution effect. EU markets and Japan are either consistent with the effect of a medium regulation or strong regulation. In this last case multimarket contact cannot explain prices, and these are expected to be lower compared to the unregulated benchmark.

Relative Pricing of Publicly Traded U.S. Electric Utility Companies

Science.gov (United States)

Jewczyn, Nicholas Stephen

In the financial turmoil of 2008, U.S. firms reported debt-ratios that differed from the debt-ratios calculated from balance sheets. The problem is that investors bought common stock expecting initial investment return and lost money when companies delisted. The purpose of this quantitative study was to determine sample securities pricing with the application of synthetic assets and debt accrued. Addressed in the research questions was whether those securities were (a) underpriced compared with return-on-assets (ROA), (b) overpriced compared with ROA, (c) a debt-ratio higher than 60% and also overpriced, (d) underpriced with a synthetic asset added, or (e) related by relative pricing to variant pricing and market capitalization. The study's base theory was Pan's efficient market hypothesis (EMH) of security price prediction of market prices versus model prices. The data from the financial statements of 16 publicly traded U.S. electric utility companies were analyzed via correlations and multiple regression analyses to determine securities pricing and suitability. The findings from the analyses of the sample's variables of market price, book value, market-to-book, and study constructed variables from those variable data were statistically significant. The alternate hypotheses were accepted for all 5 research questions since the analytical operationalization of the hypothetical constructs led to significant relationships. Results suggest that the use of more pricing determinants in securities evaluation may lead to investors losing less money and earning the expected returns for a more efficient capital market, leading to a stronger economy and macroeconomic stability.

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...

Incorporating price-responsive customers in day-ahead scheduling of smart distribution networks

International Nuclear Information System (INIS)

Mazidi, Mohammadreza; Monsef, Hassan; Siano, Pierluigi

2016-01-01

Highlights: • Proposing a model for incorporating price-responsive customers in day-ahead scheduling of smart distribution networks; this model provides a win–win situation. • Introducing a risk management model based on a bi-level information-gap decision theory and recasting it into its equivalent single-level robust optimization problem using Karush–Kuhn–Tucker optimality conditions. • Utilizing mixed-integer linear programing formulation that is efficiently solved by commercial optimization software. - Abstract: Demand response and real-time pricing of electricity are key factors in a smart grid as they can increase economic efficiency and technical performances of power grids. This paper focuses on incorporating price-responsive customers in day-ahead scheduling of smart distribution networks under a dynamic pricing environment. A novel method is proposed and formulated as a tractable mixed integer linear programming optimization problem whose objective is to find hourly sale prices offered to customers, transactions (purchase/sale) with the wholesale market, commitment of distribution generation units, dispatch of battery energy storage systems and planning of interruptible loads in a way that the profit of the distribution network operator is maximized while customers’ benefit is guaranteed. To hedge distribution network operator against financial risk arising from uncertainty of wholesale market prices, a risk management model based on a bi-level information-gap decision theory is proposed. The proposed bi-level problem is solved by recasting it into its equivalent single-level robust optimization problem using Karush–Kuhn–Tucker optimality conditions. Performance of the proposed model is verified by applying it to a modified version of the IEEE 33-bus distribution test network. Numerical results demonstrate the effectiveness and efficiency of the proposed method.

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

International Nuclear Information System (INIS)

Ewing, Bradley T.; Thompson, Mark A.

2007-01-01

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

Energy prices and agricultural commodity prices: Testing correlation using copulas method

International Nuclear Information System (INIS)

Koirala, Krishna H.; Mishra, Ashok K.; D'Antoni, Jeremy M.; Mehlhorn, Joey E.

2015-01-01

The linear relationships between energy prices and prices for agricultural commodities such as corn and soybeans may have been affected, over the last several years, by policy legislations in the farm sector, the Energy Independence and Security Act of 2007, and the Renewable Fuel Standard Program for 2014. Using high-frequency data and newer methodology, this study investigates dependence between agricultural commodity futures prices and energy futures prices. Results reveal that agricultural commodity and energy future prices are highly correlated and exhibit positive and significant relationship. Findings from this study highlight that an increase in energy price increases the price of agricultural commodities. - Highlights: • Energy policy mandates production of 15 billion gallons of corn ethanol by 2015. • Energy-intensive agriculture has a link between energy sector and crop production costs. • We investigate correlation between energy prices and agricultural commodity prices. • Agricultural commodity and energy future prices are highly correlated. • Increase in energy price increases the price of agricultural commodity

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

Unraveling the photovoltaic technology learning curve by incorporation of input price changes and scale effects

International Nuclear Information System (INIS)

Yu, C.F.; van Sark, W.G.J.H.M.; Alsema, E.A.

2011-01-01

In a large number of energy models, the use of learning curves for estimating technological improvements has become popular. This is based on the assumption that technological development can be monitored by following cost development as a function of market size. However, recent data show that in some stages of photovoltaic technology (PV) production, the market price of PV modules stabilizes even though the cumulative capacity increases. This implies that no technological improvement takes place in these periods: the cost predicted by the learning curve in the PV study is lower than the market one. We propose that this bias results from ignoring the effects of input prices and scale effects, and that incorporating the input prices and scale effects into the learning curve theory is an important issue in making cost predictions more reliable. In this paper, a methodology is described to incorporate the scale and input-prices effect as the additional variables into the one factor learning curve, which leads to the definition of the multi-factor learning curve. This multi-factor learning curve is not only derived from economic theories, but also supported by an empirical study. The results clearly show that input prices and scale effects are to be included, and that, although market prices are stabilizing, learning is still taking place. (author)

Dynamic Pricing in Cloud Manufacturing Systems under Combined Effects of Consumer Structure, Negotiation, and Demand

Directory of Open Access Journals (Sweden)

Wei Peng

2017-01-01

Full Text Available In this study, we proposed a game-theory based framework to model the dynamic pricing process in the cloud manufacturing (CMfg system. We considered a service provider (SP, a broker agent (BA, and a dynamic service demander (SD population that is composed of price takers and bargainers in this study. The pricing processes under linear demand and constant elasticity demand were modeled, respectively. The combined effects of SD population structure, negotiation, and demand forms on the SP’s and the BA’s equilibrium prices and expected revenues were examined. We found that the SP’s optimal wholesale price, the BA’s optimal reservation price, and posted price all increase with the proportion of price takers under linear demand but decrease with it under constant elasticity demand. We also found that the BA’s optimal reservation price increases with bargainers’ power no matter under what kind of demand. Through analyzing the participants’ revenues, we showed that a dynamic SD population with a high ratio of price takers would benefit the SP and the BA.

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

International Nuclear Information System (INIS)

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

2014-01-01

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

Dynamic competition and enterprising discovery: Kirzner’s market process theory

Directory of Open Access Journals (Sweden)

Ahmet İhsan KAYA

2011-12-01

Full Text Available Market process theory is designed by the followers of Austrian School tradition as an alternative to neo-classic price theory in order to explain perceptible markets. Contrary to neo-classic economy which focuses on the concept of equilibrium, market process theory seeks to explore unequilibrium and direction to equilibrium. While doing so, the role of enterprenuer in dealing with limited information which is not taken into consideration in the price theory of neo-classic economy, uncertainty because of time and uncertainty which occurs in market underpins Israel Kirzner's analyses. In the study, Kirzner's competition and enterpreneurship theory is discussed with the contributions of Mises and Hayek. The study constitutes an introduction to market process theory of Kirzner.

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.

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)

Oil price and food price volatility dynamics: The case of Nigeria

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

Full Text Available This study examines the long and short run relationships between oil price and food price volatility as well as the causal link between them. The study used annual food price volatility index from FAO from 2000 to 2013 and crude oil price from U.S. Energy Information and Administration (EIA from 2000 to 2013. The Johansen and Jesulius co-integration test revealed that there is a long run relationship between oil price and domestic food price volatility. The vector error correction model indicated a positive and significant short run relationship between oil price and food price volatility. The Granger causality test revealed a unidirectional causality with causality running from oil price to food price volatility but not vice versa. It is recommended that policies and interventions that will help reduce uncertainty about food prices such as improved market information, trade policies and investment in research and development among others should be encouraged. Also to reduce the effect of oil price shock, it is recommended that government should subsidise pump price of refined oil, seek alternative sources of energy and there should be less dependence on oil for fertilizer production.

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...

Budget Constraints Affect Male Rats' Choices between Differently Priced Commodities.

Science.gov (United States)

van Wingerden, Marijn; Marx, Christine; Kalenscher, Tobias

2015-01-01

Demand theory can be applied to analyse how a human or animal consumer changes her selection of commodities within a certain budget in response to changes in price of those commodities. This change in consumption assessed over a range of prices is defined as demand elasticity. Previously, income-compensated and income-uncompensated price changes have been investigated using human and animal consumers, as demand theory predicts different elasticities for both conditions. However, in these studies, demand elasticity was only evaluated over the entirety of choices made from a budget. As compensating budgets changes the number of attainable commodities relative to uncompensated conditions, and thus the number of choices, it remained unclear whether budget compensation has a trivial effect on demand elasticity by simply sampling from a different total number of choices or has a direct effect on consumers' sequential choice structure. If the budget context independently changes choices between commodities over and above price effects, this should become apparent when demand elasticity is assessed over choice sets of any reasonable size that are matched in choice opportunities between budget conditions. To gain more detailed insight in the sequential choice dynamics underlying differences in demand elasticity between budget conditions, we trained N=8 rat consumers to spend a daily budget by making a number of nosepokes to obtain two liquid commodities under different price regimes, in sessions with and without budget compensation. We confirmed that demand elasticity for both commodities differed between compensated and uncompensated budget conditions, also when the number of choices considered was matched, and showed that these elasticity differences emerge early in the sessions. These differences in demand elasticity were driven by a higher choice rate and an increased reselection bias for the preferred commodity in compensated compared to uncompensated budget conditions

Budget Constraints Affect Male Rats’ Choices between Differently Priced Commodities

Science.gov (United States)

Kalenscher, Tobias

2015-01-01

Demand theory can be applied to analyse how a human or animal consumer changes her selection of commodities within a certain budget in response to changes in price of those commodities. This change in consumption assessed over a range of prices is defined as demand elasticity. Previously, income-compensated and income-uncompensated price changes have been investigated using human and animal consumers, as demand theory predicts different elasticities for both conditions. However, in these studies, demand elasticity was only evaluated over the entirety of choices made from a budget. As compensating budgets changes the number of attainable commodities relative to uncompensated conditions, and thus the number of choices, it remained unclear whether budget compensation has a trivial effect on demand elasticity by simply sampling from a different total number of choices or has a direct effect on consumers’ sequential choice structure. If the budget context independently changes choices between commodities over and above price effects, this should become apparent when demand elasticity is assessed over choice sets of any reasonable size that are matched in choice opportunities between budget conditions. To gain more detailed insight in the sequential choice dynamics underlying differences in demand elasticity between budget conditions, we trained N=8 rat consumers to spend a daily budget by making a number of nosepokes to obtain two liquid commodities under different price regimes, in sessions with and without budget compensation. We confirmed that demand elasticity for both commodities differed between compensated and uncompensated budget conditions, also when the number of choices considered was matched, and showed that these elasticity differences emerge early in the sessions. These differences in demand elasticity were driven by a higher choice rate and an increased reselection bias for the preferred commodity in compensated compared to uncompensated budget

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/...

Global economic activity and crude oil prices. A cointegration analysis

International Nuclear Information System (INIS)

He, Yanan; Wang, Shouyang; Lai, Kin Keung

2010-01-01

This paper empirically investigates the cointegrating relationship between crude oil prices and global economic activity. The Kilian economic index is used as an indicator of global economic activity. Based on a supply-demand framework and the cointegration theory, we find that real futures prices of crude oil are cointegrated with the Kilian economic index and a trade weighted US dollar index, and crude oil prices are influenced significantly by fluctuations in the Kilian economic index through both long-run equilibrium conditions and short-run impacts. We also develop an empirically stable, data-coherent and single-equation error-correction model (ECM) which has sensible economic properties. Empirical results based on the ECM show that the adjustment implied by a permanent change in the Kilian economic index is a relatively drawn-out process. (author)

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

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.

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

International Nuclear Information System (INIS)

Johnson, K.

2002-01-01

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

Land of Addicts? An Empirical Investigation of Habit-Based Asset Pricing Behavior

OpenAIRE

Xiaohong Chen; Sydney C. Ludvigson

2004-01-01

This paper studies the ability of a general class of habit-based asset pricing models to match the conditional moment restrictions implied by asset pricing theory. We treat the functional form of the habit as unknown, and to estimate it along with the rest of the model's finite dimensional parameters. Using quarterly data on consumption growth, assets returns and instruments, our empirical results indicate that the estimated habit function is nonlinear, the habit formation is better described...

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.

Implementing differential pricing for essential medicines via country-specific bilateral negotiated discounts.

Science.gov (United States)

Tetteh, Ebenezer Kwabena

2009-01-01

It is widely acknowledged that limited access to essential medicines undermines efforts at improving the health and economic well-being of low-income populations. This has spurred on a number of solutions, including differential pricing based on the economics of price discrimination. A desirable feature of differential pricing is its potential ability to reconcile static and dynamic efficiency concerns. There are, however, various shades of differential pricing and this paper aims to evaluate their consistency with economic theory. Starting with the report of the workshop on 'Differential Pricing and Financing of Essential Drugs' held by secretariats of the World Trade Organization and WHO in Hosbjor, Norway, in 2001, this paper takes issue with how differential pricing has been defined as a tool for improving access to essential drug benefits. The paper notes that inadequate attention has been given to policies and institutional arrangements for creating, expressing and maintaining 'truly' price-elastic demands in low-income nations and for segmenting markets. In addition, considerations of equity and solidarity have distracted policy advocates from balancing conflicting, yet well intended, views and general rules. The paper argues why differential pricing should be implemented via country-specific bilateral negotiated discounts. It maintains that it is feasible to muster an environment conducive to profitable differential pricing whilst satisfying general rules and concerns about self-reliance, transparency, accountability, equity and solidarity.

Meta-Analysis of Price Elasticity for Urban Domestic Water Consumption in Iran

Directory of Open Access Journals (Sweden)

Mina Tajabadi

2018-03-01

Full Text Available Price elasticity plays a critical role in determining water tariff and its system. Many economic decision makers and researchers have estimated demand function for different cities in order to predict the associated income and price elasticity. In this research we reviewed 20 studies on urban domestic water demand function from which 63 price elasticity values were obtained. Since the price elasticity values obtained from these studies had significant statistical differences, the aim of this research is to determine the effective factors in price elasticity values as well as to analyze differences in such values using meta-analysis technique. The meta-analysis technique focuses on variation in water price elasticity results. The statistical meta-analysis technique focuses on two main objectives of publication bias or publication heterogeneity in reported results. The results indicated that publication bias is negligible while publication heterogeneity is significant. The major factors affecting price elasticity values are classified into 4 categories including theoretical, model, data and socio-geographical specifications. The result indicated that variables such as income, time-series datasets, natural logarithm function and use of stone-geary theory which is the basis for predicting many domestic water demand functions, significantly overestimate the price elasticity values. Also the geographical condition of the region, population density and use of OLS technique to estimate the demand parameters underestimates the price elasticity values.

48 CFR 216.203 - Fixed-price contracts with economic price adjustment.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 216.203 Section 216.203 Federal Acquisition Regulations System DEFENSE... CONTRACTS Fixed-Price Contracts 216.203 Fixed-price contracts with economic price adjustment. ...

Neo-classical theory of competition or Adam Smith's hand as mathematized ideology

Science.gov (United States)

McCauley, Joseph L.

2001-10-01

Orthodox economic theory (utility maximization, rational agents, efficient markets in equilibrium) is based on arbitrarily postulated, nonempiric notions. The disagreement between economic reality and a key feature of neo-classical economic theory was criticized empirically by Osborne. I show that the orthodox theory is internally self-inconsistent for the very reason suggested by Osborne: lack of invertibility of demand and supply as functions of price to obtain price as functions of supply and demand. The reason for the noninvertibililty arises from nonintegrable excess demand dynamics, a feature of their theory completely ignored by economists.

Electricity markets theories and applications

CERN Document Server

Lin, Jeremy

2017-01-01

Electricity Markets: Theories and Applications offers students and practitioners a clear understanding of the fundamental concepts of the economic theories, particularly microeconomic theories, as well as information on some advanced optimization methods of electricity markets. The authors--noted experts in the field--cover the basic drivers for the transformation of the electricity industry in both the United States and around the world and discuss the fundamentals of power system operation, electricity market design and structures, and electricity market operations. The text also explores advanced topics of power system operations and electricity market design and structure including zonal versus nodal pricing, market performance and market power issues, transmission pricing, and the emerging problems electricity markets face in smart grid and micro-grid environments. The authors also examine system planning under the context of electricity market regime. They explain the new ways to solve problems with t...

Research on choices of methods of internet of things pricing based on variation of perceived value of service

Directory of Open Access Journals (Sweden)

Wei Li

2013-03-01

Full Text Available Purpose: With the rapid progress of Internet of Things technology, the information service of IoT has got unprecedented development, and plays an increasingly important role in real life. For the increasing demand of information service, the pricing of information service becomes more important. This paper aims to analyze the strategic options and payoff function between information provider and intermediaries based on Stackelberg game. Firstly, we describe information service delivery method based on the Internet of Things specific function. Secondly, we calculate the consumer demand for the information service. Finally, we explain two kinds of strategic options by the game theory, and then discuss the optimal pricing method of information services based on profit maximization.Design/methodology/approach: To achieve this objective, Considering the consumer perceived value of Internet of Things Service changing, we establish a Stackelberg model in which the supplier is the leader followed by the middleman. Then, we compare the advantages of using individual pricing with that of bundling pricing.Findings: The results show that whether information providers adopt bundling pricing strategy or individual pricing strategy depends on the cost of perception equipment, if information providers want to adopt individual pricing strategy, the variation of consumers’ perception value of information services must meet certain conditions.Research limitations/implications: the providers make price for the information service, in addition to continuously improve the quality of information service, it also devotes resources to tapping and understanding market information, such as the sensor device price, the variation of perception value of information services and so on, so as to create competitive advantage. This paper is just a preliminary model, it does not take into account the effect of mixed bundling.Originality/value: In this research, a new model for

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

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...

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...

48 CFR 3016.203 - Fixed price contracts with economic price adjustments.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Fixed price contracts with economic price adjustments. 3016.203 Section 3016.203 Federal Acquisition Regulations System DEPARTMENT OF... TYPES OF CONTRACTS Fixed-Price Contracts 3016.203 Fixed price contracts with economic price adjustments. ...

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...

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

Science.gov (United States)

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

2015-07-01

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

Evolution of the European gas market on the long term. Organisation and price; Evolution du marche gazier europeen a long terme. Organisation et prix

Energy Technology Data Exchange (ETDEWEB)

Ouvry, V

1998-01-30

The objective of this work is to shed light upon the future organization of the European gas market with an emphasis on price matters. There are nowadays few producers of gas on the market, most of whom hold long-term contracts with gas companies. Gas pricing is based on the net-back principle. The actual debate on liberalization of the gas market and the growing pressure from industrial customers to obtain lower prices addresses the problem of the future organisation of the market and the potential impact of the introduction of third party access. We first analyse the main actors of the gas market, their strategy and the actual market organization market. Two different logics are considered hereunder: a market approach: the competition theory provides efficient tools to analyse the evolution of competition depending on numerous factors. It appears that the strategy of all actors and particularly of producers will be the main determinant of the future competition. The oligopoly theory includes oligopolistic behaviours modelizations. The application of the Cournot`s model leads to prices ranging from 1,6 to 3,7 $/MBtu; a contractual approach: today, gas is essentially exchanged through long term contracts, which allow for long-term management of investments and supply security. Two operators negotiate the price, which ultimately mirrors their respective leverage. The transaction cost theory clearly shows the necessity of including transaction costs, especially when optimizing the duration of the contract. The gas prices escalation is nowadays partially obsolete and unadapted to customer needs. Escalation on coal, electricity price or inflation should soon be considered. The theories of negotiation highlight the importance of the operators` marketing power during gas price fixation Applying Nash and Harsanyi-Selten`s negotiation models results in a scale of 2,4 to 3,5 $/MBtu of the gas price at the actual supply and demand conditions. Both approaches lead to similar

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

Estimating the price elasticity for demand for electricity by sector in South Africa

Directory of Open Access Journals (Sweden)

Roula Inglesi-Lotz

2011-12-01

Full Text Available This paper analyses electricity consumption patterns in South Africa in an attempt to understand and identify the roots of the current electricity crisis. This is done by investigating various economic sectors’ responses to price changes using panel data for the period 1993–2004. Positive and statistically significant price elasticities over this period were found for the transport (rail and commercial sectors while there are positive, but small and statistically insignificant responses to price changes in the agriculture and mining sectors. Only the industrial sector responded to changes in electricity prices according to theory, namely illustrating negative demand elasticities. This sector, however, dominates electricity consumption resulting in aggregate demand elasticities that are negative. These results explain, in part, the current electricity crisis. Given the historic low level of electricity prices in conjunction with, on the whole, a real price decline, i.e. price increases lower than the inflation rate; there was no major incentive to reduce electricity consumption and/or to be efficient. This result supports the notion that prices do have an important signalling effect in the economy. Hence, the electricity prices should be considered not only from an economic growth or social vantage point, but also from a supply and technocratic perspective, which includes environmental factors such as CO2-emissions. Prices should not be determined without considering the system-wide implications thereof.

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

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

A Bayesian negotiation model for quality and price in a multi-consumer context

International Nuclear Information System (INIS)

Rufo, M.J.; Martín, J.; Pérez, C.J.

2016-01-01

Bayesian decision theory plays a significant role in a large number of applications that have as main aim decision making. At the same time, negotiation is a process of making joint decisions that has one of its main foundations in decision theory. In this context, an important issue involved in industrial and commercial applications is product reliability/quality demonstration. The goal is, among others, product commercialization with the best possible price. This paper provides a Bayesian sequential negotiation model in the context of sale of a product based on two characteristics: product price and reliability/quality testing. The model assumes several parties, a manufacturer and different consumers, who could be considered adversaries. In addition, a general setting for which the manufacturer offers a product batch to the consumers is taken. Both the manufacturer and the consumers have to use their prior beliefs as well as their preferences. Sometimes, the model will require to update the previous beliefs. This can be made through the corresponding posterior distribution. Anyway, the main aim is that at least one consumer accepts the product batch based on either product price or product price and reliability/quality. The general model is solved from the manufacturer viewpoint. Thus a general approach that allows us to calculate an optimal price and sample size for testing is provided. Finally, two applications show how the proposed technique can be applied in practice. - Highlights: • A general sequential Bayesian model of decision has been developed. • Product price and reliability/quality testing have been considered. • An original approach is implemented in order to obtain appropriate optimal values. • Distributions widely used in reliability and quality contexts have been taken.

Essays on optimal hedging and investment strategies and on derivative pricing

NARCIS (Netherlands)

van den Goorbergh, R.W.J.

2004-01-01

This dissertation encompasses four essays on various topics within the field of finance. Chapter 1 presents an overview of the contributions of each essay. Chapter 2, titled Risk Aversion, Price Uncertainty, and Irreversible Investments, extends the theory of irreversible investment under

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)

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....

Loss Aversion, Adaptive Beliefs, and Asset Pricing Dynamics

Directory of Open Access Journals (Sweden)

Kamal Samy Selim

2015-01-01

Full Text Available We study asset pricing dynamics in artificial financial markets model. The financial market is populated with agents following two heterogeneous trading beliefs, the technical and the fundamental prediction rules. Agents switch between trading rules with respect to their past performance. The agents are loss averse over asset price fluctuations. Loss aversion behaviour depends on the past performance of the trading strategies in terms of an evolutionary fitness measure. We propose a novel application of the prospect theory to agent-based modelling, and by simulation, the effect of evolutionary fitness measure on adaptive belief system is investigated. For comparison, we study pricing dynamics of a financial market populated with chartists perceive losses and gains symmetrically. One of our contributions is validating the agent-based models using real financial data of the Egyptian Stock Exchange. We find that our framework can explain important stylized facts in financial time series, such as random walk price behaviour, bubbles and crashes, fat-tailed return distributions, power-law tails in the distribution of returns, excess volatility, volatility clustering, the absence of autocorrelation in raw returns, and the power-law autocorrelations in absolute returns. In addition to this, we find that loss aversion improves market quality and market stability.

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...

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...

DETERMINANT OF HOUSING RENTS IN URBAN ALBANIA: AN EMPIRICAL HEDONIC PRICE APPLICATION WITH NSA SURVEY DATA

Directory of Open Access Journals (Sweden)

Mustafa Kahveci

2017-06-01

Full Text Available As an immobile, durable and heterogonous good, each housing unit has a bundle of different characteristics. Hedonic price method, which depends on the consumer theory of the classical economics, implies that each characteristic of heterogeneous goods provides a different level of satisfaction or utility to the consumer, being widely accepted as a toolkit for estimating effects of these characteristics on prices and rents. HPM expresses housing prices as the function of structural characteristics, location characteristics, and neighborhood characteristics. Theory and empirical applications of the HPM, which have been used for more than 40 years in developed countries, due to the lack of suitable data related literature is limited in Albania. The aim of this paper is to analyze the relationship between housing rents and housing characteristics in urban Albania with micro database of Living Conditions and Income Survey 2012.

CO_2 volatility impact on energy portfolio choice: A fully stochastic LCOE theory analysis

International Nuclear Information System (INIS)

Lucheroni, Carlo; Mari, Carlo

2017-01-01

Highlights: • Stochastic LCOE theory is an extension of the levelized cost of electricity analysis. • The fully stochastic analysis include stochastic processes for fossil fuels prices and CO_2 prices. • The nuclear asset is risky through uncertainty about construction times and it is used as a hedge. • Volatility of CO_2 prices has a strong influence on CO_2 emissions reduction. - Abstract: Market based pricing of CO_2 was designed to control CO_2 emissions by means of the price level, since high CO_2 price levels discourage emissions. In this paper, it will be shown that the level of uncertainty on CO_2 market prices, i.e. the volatility of CO_2 prices itself, has a strong influence not only on generation portfolio risk management but also on CO_2 emissions abatement. A reduction of emissions can be obtained when rational power generation capacity investors decide that the capacity expansion cost risk induced jointly by CO_2 volatility and fossil fuels prices volatility can be efficiently hedged adding to otherwise fossil fuel portfolios some nuclear power as a carbon free asset. This intriguing effect will be discussed using a recently introduced economic analysis tool, called stochastic LCOE theory. The stochastic LCOE theory used here was designed to investigate diversification effects on energy portfolios. In previous papers this theory was used to study diversification effects on portfolios composed of carbon risky fossil technologies and a carbon risk-free nuclear technology in a risk-reward trade-off frame. In this paper the stochastic LCOE theory will be extended to include uncertainty about nuclear power plant construction times, i.e. considering nuclear risky as well, this being the main uncertainty source of financial risk in nuclear technology. Two measures of risk will be used, standard deviation and CVaR deviation, to derive efficient frontiers for generation portfolios. Frontier portfolios will be analyzed in their implications on emissions

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

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

Testing causal relationships between wholesale electricity prices and primary energy prices

International Nuclear Information System (INIS)

Nakajima, Tadahiro; Hamori, Shigeyuki

2013-01-01

We apply the lag-augmented vector autoregression technique to test the Granger-causal relationships among wholesale electricity prices, natural gas prices, and crude oil prices. In addition, by adopting a cross-correlation function approach, we test not only the causality in mean but also the causality in variance between the variables. The results of tests using both techniques show that gas prices Granger-cause electricity prices in mean. We find no Granger-causality in variance among these variables. -- Highlights: •We test the Granger-causality among wholesale electricity and primary energy prices. •We test not only the causality in mean but also the causality in variance. •The results show that gas prices Granger-cause electricity prices in mean. •We find no Granger-causality in variance among these variables

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

Science.gov (United States)

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

2011-12-01

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

An electricity price model with consideration to load and gas price effects.

Science.gov (United States)

Huang, Min-xiang; Tao, Xiao-hu; Han, Zhen-xiang

2003-01-01

Some characteristics of the electricity load and prices are studied, and the relationship between electricity prices and gas (fuel) prices is analyzed in this paper. Because electricity prices are strongly dependent on load and gas prices, the authors constructed a model for electricity prices based on the effects of these two factors; and used the Geometric Mean Reversion Brownian Motion (GMRBM) model to describe the electricity load process, and a Geometric Brownian Motion(GBM) model to describe the gas prices; deduced the price stochastic process model based on the above load model and gas price model. This paper also presents methods for parameters estimation, and proposes some methods to solve the model.

Tiered co-payments, pricing, and demand in reference price markets for pharmaceuticals.

Science.gov (United States)

Herr, Annika; Suppliet, Moritz

2017-12-01

Health insurance companies curb price-insensitive behavior and the moral hazard of insureds by means of cost-sharing, such as tiered co-payments or reference pricing in drug markets. This paper evaluates the effect of price limits - below which drugs are exempt from co-payments - on prices and on demand. First, using a difference-in-differences estimation strategy, we find that the new policy decreases prices by 5 percent for generics and increases prices by 4 percent for brand-name drugs in the German reference price market. Second, estimating a nested-logit demand model, we show that consumers appreciate co-payment exempt drugs and calculate lower price elasticities for brand-name drugs than for generics. This explains the different price responses of brand-name and generic drugs and shows that price-related co-payment tiers are an effective tool to steer demand to low-priced drugs. Copyright © 2017 Elsevier B.V. All rights reserved.

Recovering a time-homogeneous stock price process from perpetual option prices

OpenAIRE

Ekström, Erik; Hobson, David

2009-01-01

It is well known how to determine the price of perpetual American options if the underlying stock price is a time-homogeneous diffusion. In the present paper we consider the inverse problem, that is, given prices of perpetual American options for different strikes, we show how to construct a time-homogeneous stock price model which reproduces the given option prices.

An Analysis of Colombian Power Market Price Behavior from an Industrial Organization Perspective

Directory of Open Access Journals (Sweden)

Ona Duarte Venslauskas

2015-12-01

Full Text Available We analyze the behavior of spot prices in the Colombian wholesale power market, using a series of models derived from industrial organization theory.  We first create a Cournot-based model that simulates the strategic behavior of the market-leader power generators, which we use to estimate two industrial organization variables, the Index of Residual Demand and the Herfindahl-Hirschman Index (HHI.  We use these variables to create VAR models that estimate spot prices and power market impulse-response relationships.  The results from these models show that hydroelectric generators can use their water storage capability strategically to affect off-peak prices primarily, while the thermal generators can manage their capacity strategically to affect on-peak prices.  In addition, shocks to the Index of Residual Capacity and to the HHI cause spot price fluctuations, which can be interpreted as the generators´ strategic response to these shocks.

A note on the theory of fast money flow dynamics

Science.gov (United States)

Sokolov, A.; Kieu, T.; Melatos, A.

2010-08-01

The gauge theory of arbitrage was introduced by Ilinski in [K. Ilinski, preprint arXiv:hep-th/9710148 (1997)] and applied to fast money flows in [A. Ilinskaia, K. Ilinski, preprint arXiv:cond-mat/9902044 (1999); K. Ilinski, Physics of finance: gauge modelling in non-equilibrium pricing (Wiley, 2001)]. The theory of fast money flow dynamics attempts to model the evolution of currency exchange rates and stock prices on short, e.g. intra-day, time scales. It has been used to explain some of the heuristic trading rules, known as technical analysis, that are used by professional traders in the equity and foreign exchange markets. A critique of some of the underlying assumptions of the gauge theory of arbitrage was presented by Sornette in [D. Sornette, Int. J. Mod. Phys. C 9, 505 (1998)]. In this paper, we present a critique of the theory of fast money flow dynamics, which was not examined by Sornette. We demonstrate that the choice of the input parameters used in [K. Ilinski, Physics of finance: gauge modelling in non-equilibrium pricing (Wiley, 2001)] results in sinusoidal oscillations of the exchange rate, in conflict with the results presented in [K. Ilinski, Physics of finance: gauge modelling in non-equilibrium pricing (Wiley, 2001)]. We also find that the dynamics predicted by the theory are generally unstable in most realistic situations, with the exchange rate tending to zero or infinity exponentially.

Pricing for a basket of LCDS under fuzzy environments.

Science.gov (United States)

Wu, Liang; Liu, Jie-Fang; Wang, Jun-Tao; Zhuang, Ya-Ming

2016-01-01

This paper looks at both the prepayment risks of housing mortgage loan credit default swaps (LCDS) as well as the fuzziness and hesitation of investors as regards prepayments by borrowers. It further discusses the first default pricing of a basket of LCDS in a fuzzy environment by using stochastic analysis and triangular intuition-based fuzzy set theory. Through the 'fuzzification' of the sensitivity coefficient in the prepayment intensity, this paper describes the dynamic features of mortgage housing values using the One-factor copula function and concludes with a formula for 'fuzzy' pricing the first default of a basket of LCDS. Using analog simulation to analyze the sensitivity of hesitation, we derive a model that considers what the LCDS fair premium is in a fuzzy environment, including a pure random environment. In addition, the model also shows that a suitable pricing range will give investors more flexible choices and make the predictions of the model closer to real market values.

The New Politics of US Health Care Prices: Institutional Reconfiguration and the Emergence of All-Payer Claims Databases.

Science.gov (United States)

Rocco, Philip; Kelly, Andrew S; Béland, Daniel; Kinane, Michael

2017-02-01

Prices are a significant driver of health care cost in the United States. Existing research on the politics of health system reform has emphasized the limited nature of policy entrepreneurs' efforts at solving the problem of rising prices through direct regulation at the state level. Yet this literature fails to account for how change agents in the states gradually reconfigured the politics of prices, forging new, transparency-based policy instruments called all-payer claims databases (APCDs), which are designed to empower consumers, purchasers, and states to make informed market and policy choices. Drawing on pragmatist institutional theory, this article shows how APCDs emerged as the dominant model for reforming health care prices. While APCD advocates faced significant institutional barriers to policy change, we show how they reconfigured existing ideas, tactical repertoires, and legal-technical infrastructures to develop a politically and technologically robust reform. Our analysis has important implications for theories of how change agents overcome structural barriers to health reform. Copyright © 2017 by Duke University Press.

Options theory and strategic investment decisions

International Nuclear Information System (INIS)

Mann, D.; Goobie, G.; MacMillan, L.

1992-01-01

The possible use of options pricing theory for evaluating long-term capital investments is discussed. Using the Black and Scholes option pricing model, five variables were evaluated for a hypothetical oil sands project. These variables are: stock price as determined by the earning power of the company; exercise price which equals the investment cost of the project; price standard deviation which is assumed to be 50%; the length of time for which the company will maintain its option to invest in the project, and finally the risk free rate which is approximately equal to the yield in long term government securities. A sensitivity analysis on these variables can provide management with information on how best to influence the option value. A more in-depth analysis could provide valuable information about strategic choice for large projects. 5 refs., 3 figs