WorldWideScience

Sample records for rapid fuel price

  1. Motor fuel prices in Turkey

    OpenAIRE

    Erdogdu, Erkan

    2013-01-01

    The world’s most expensive motor fuel (gasoline, diesel and LPG) is sold most likely in the Republic of Turkey. This paper investigates the key issues related to the motor fuel prices in Turkey. First of all, the paper analyses the main reason behind high prices, namely motor fuel taxes in Turkey. Then, it estimates the elasticity of motor fuel demand in Turkey using an econometric analysis. The findings indicate that motor fuel demand in Turkey is quite inelastic and, therefore, not responsi...

  2. 10 CFR Appendix II to Part 504 - Fuel Price Computation

    Science.gov (United States)

    2010-01-01

    ... index for each fuel in year i. Pi=Price of fuel in year i. Po=Price of fuel in base year. EQ II-2 is..., and coal. It also contains annual inflation indices. These values were computed from information... delivered market price of the proposed fuel. PXi=The fuel price index value in year i, computed with...

  3. Wood fuel markets in Northern Europe. Price formation and internationalization

    Energy Technology Data Exchange (ETDEWEB)

    Olsson, Olle

    2012-07-01

    High fossil fuel prices and ambitions to reduce greenhouse gas emissions have increased demand for renewable energy and are changing wood fuel market structures. Wood fuels are to a rapidly growing degree used in industrial proportions and traded in commercial markets. Wood fuels are seen as a key component to achieve policy goals related to climate change, especially in the EU. In the six papers that form the basis for this thesis, prices of wood fuels in Northern Europe are analyzed by means of time series analysis to increase understanding about the factors that govern market development. In Paper I, it is found that whereas the Austrian and German residential-quality wood pellet markets are integrated, Sweden is a separate market. The conclusion from Paper II is that despite a long history of trade in wood fuels between Estonia and Sweden, the two markets cannot be considered integrated. The results from Paper III indicate that refined and unrefined wood fuels should be seen as two separate markets, and that forest chips prices follow different trajectories depending on whether they are used in district heating or in forest industries. In Paper IV, it is acknowledged that although high and volatile oil prices are an important driver for the growth in demand for wood fuels, no significant spillover from oil price developments into Swedish wood fuel prices could be discerned in the time period 1993-2010. In Paper V, the conclusion is that prices of industrial roundwood and unrefined wood fuels followed a common trend in Sweden in the first decade of the 21st century. Paper VI shows that there is a significantly higher level of market maturity and internationalization in the Danish wood pellet market compared to the wood chip market in the country. In conclusion, this thesis uncovers some of the mechanisms that affect wood fuel markets, including the differences between unrefined wood fuels - such as wood chips - and the dynamic market for wood pellets. Whereas

  4. Political determinants of fossil fuel pricing

    NARCIS (Netherlands)

    Van Beers, C.P.; Strand, J.

    2013-01-01

    This paper provides an empirical analysis of economic and political determinants of gasoline and diesel prices for about 200 countries over the period 1991–2010. A range of both political and economic variables are found to systematically influence fuel prices, and in ways that differ systematically

  5. Higher fuel and food prices

    DEFF Research Database (Denmark)

    Arndt, Channing; Benfica, Rui; Maximiano, Nelson

    2008-01-01

    analysis indicates that urban households and households in the southern region are more vulnerable to food price increases. Rural households, particularly in the North and Center, often benefit from being in a net seller position. Longer-term analysis using a computable general equilibrium (CGE) model...

  6. Predicting Argentine Jet Fuel Prices

    Science.gov (United States)

    2007-03-01

    scope of this study, but an understanding of its consequences is necessary to understand in depth the oil market structure of the country. Some of... structural and data assumptions (Banks et al. 2004: 362). The first ones are related with the simplifications and abstraction inside the methodology used...Scheimberg Sebastian. “Comentario al trabajo de German Coloma: Analisys of the behavior of the Argentine fuel market”. Political Economy Asociation

  7. Higher Fuel and Food Prices : Impacts and Responses for Mozambique

    OpenAIRE

    World Bank

    2008-01-01

    The dramatic increases in world food and fuel prices during 2007 and early 2008 may set back Mozambique's considerable advances in poverty reduction during the past decade. This study assesses the impact of higher fuel and food prices at both household and macroeconomic levels, and also considers policy options to mitigate some of the negative impacts of higher prices. Rising world prices ...

  8. Long term fuel price elasticity: Effect of price changes on mobility tool ownership

    OpenAIRE

    Erath, Alexander; Axhausen, Kay W.

    2013-01-01

    The study analyzes how mobility tool usage and ownership as well as residence location choice are affected by rising fuel costs. Based on econometric models, long-term fuel price elasticities are derived. Based on data collected in stated choice and stated adaptation experiments that were conducted as computer-based face-to-face surveys, a structural equation model was estimated. The resulting fuel price elasticities are primarily dependent on fuel type and fuel price level, but sociodemograp...

  9. The Challenges of High Food and Fuel Prices

    OpenAIRE

    World Bank

    2008-01-01

    The increase in the price of oil and food carry major adverse poverty and macroeconomic implications especially for fragile and small states and for low income households in all developing countries. In terms of their impact on income distribution, inflation, and poverty food prices are of greater and more immediate concern than high fuel prices. However, the impact of the oil price increa...

  10. Food for fuel: The price of ethanol

    OpenAIRE

    Albino, Dominic K.; Bertrand, Karla Z.; Yaneer Bar-Yam

    2012-01-01

    Conversion of corn to ethanol in the US since 2005 has been a major cause of global food price increases during that time and has been shown to be ineffective in achieving US energy independence and reducing environmental impact. We make three key statements to enhance understanding and communication about ethanol production's impact on the food and fuel markets: (1) The amount of corn used to produce the ethanol in a gallon of regular gas would feed a person for a day, (2) The production of ...

  11. 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.

  12. The economic cost of fuel price subsidies in Ghana

    Science.gov (United States)

    Ofori, Roland Oduro

    I adapt the Harberger formula for deadweight loss to develop approximations for the deadweight loss created by multiple fuel price subsidies. I also estimate the own-price, cross-price, and income elasticities of demand for gasoline and diesel in Africa. I use data on fuel prices and sales in combination with my formulas and elasticity estimates to calculate the deadweight loss of fuel price subsidies in Ghana from 2009 to 2014. I show that the average efficiency cost of the gasoline and diesel price subsidies in Ghana is 0.8% of fuel price subsidy transfers. This result stresses the futility of basing subsidy reforms on economic efficiency losses, which are relatively small due to very inelastic energy demand, and the need for such reforms to be motivated by the poor-targeting of subsidies to low-income households and the impact of subsidies on government debt-financing.

  13. Wood fuels and peat prices; Traedbraensle- och torvpriser

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2013-07-01

    This fuel price statistics is shown in nominal average prices quarterly, or monthly, or for earlier years. The latest prices are preliminary. The fuel prices are shown without taxes (delivered free at plant) and are divided into densified and non-densified wood fuels and peat. The fuel prices are shown for district heating plants and industry (not including internal use) for the whole country and in some cases for different regions in Sweden. The district heat prices refer to user category 'multi-dwelling buildings'. These prices are shown as monthly averages for the whole country after combustion and distribution to customers including all taxes (also VAT) This publication is released four times a year and may be quoted when the source is mentioned. Next publication will be released on the 2:nd of December 2013.

  14. Biweight Estimate: An Instrument For Harmonizing Fuel Prices As An ...

    African Journals Online (AJOL)

    This paper presents the use of the Statistical Biweight Technique (SBT) as a tool for harmonising fuel prices in an attempt to spread the cost uniformly across the nation. The present disproportional incidence of high fuel prices generally tends to have a high negative impact on farmers and rural dwellers who are largely poor, ...

  15. Biweight Estimate: An Instrument For Harmonizing Fuel Prices As An ...

    African Journals Online (AJOL)

    poverty Measure In Cameroon. ABSTRACT. This paper presents the use of the Statistical Biweight Technique (SBT) as a tool for harmonising fuel prices in an attempt to spread the cost uniformly across the nation. The present disproportional incidence of high fuel prices generally tends to have a high negative impact on ...

  16. Gasoline Prices, Fuel Economy, and the Energy Paradox

    OpenAIRE

    Hunt Allcott; Nathan Wozny

    2012-01-01

    It is often asserted that consumers undervalue future gasoline costs relative to purchase prices when they choose between automobiles, or equivalently that they have high "implied discount rates" for these future energy costs. We show how this can be tested by measuring whether relative prices of vehicles with different fuel economy ratings fully adjust to time series variation in gasoline price forecasts. We then test the model using a detailed dataset based on 86 million transactions at aut...

  17. High fuel price: Will Indonesian shift to public transportation?

    Science.gov (United States)

    Sopha, Bertha Maya; Pamungkas, Adhiguna Ramadhani

    2016-06-01

    Public transportation has been declining over years, while on the other hand, private vehicles are dramatically increasing. The share of public transportation was 38.3% in 2002 and slowly decreasing to 12.9% in 2010. Cheap fuel price has been alleged to be the main cause for the increased private vehicles. The declining trend of public transportation needs further investigation whether higher fuel price indeed influences the choice of transportation mode. The present study therefore aims at exploring the preference of using public transportation compared to motorcycle and private car for various fuel price and identifying barriers toward public transportation. A survey was conducted in 2013 to capture the preference of each transportation mode given different fuel price. A questionnaire which was designed according to the structure of Analytical Hierarchy Process (AHP) was distributed using random sampling in ten cities in Sumatra and Java islands, Indonesia. Results indicate that the increased fuel price would not lead to significant increase of public transportation users. Motorcycle seems continuously being the dominating transportation mode in the future. On the other hand, issues resulted from limited public transportation capacity such as long travel time, security and safety issues, limited route, poor schedule appear to be the most barriers of using public transportation. It is implied that in order to promote public transportation, interventions should be introduced simultaneously at both supply (i.e., increasing public transportation capacity) and demand (i.e., high fuel price) sides. Limitations of the study are also discussed.

  18. Higher fuel prices are associated with lower air pollution levels.

    Science.gov (United States)

    Barnett, Adrian G; Knibbs, Luke D

    2014-05-01

    Air pollution is a persistent problem in urban areas, and traffic emissions are a major cause of poor air quality. Policies to curb pollution levels often involve raising the price of using private vehicles, for example, congestion charges. We were interested in whether higher fuel prices were associated with decreased air pollution levels. We examined an association between diesel and petrol prices and four traffic-related pollutants in Brisbane from 2010 to 2013. We used a regression model and examined pollution levels up to 16 days after the price change. Higher diesel prices were associated with statistically significant short-term reductions in carbon monoxide and nitrogen oxides. Changes in petrol prices had no impact on air pollution. Raising diesel taxes in Australia could be justified as a public health measure. As raising taxes is politically unpopular, an alternative political approach would be to remove schemes that put a downward pressure on fuel prices, such as industry subsidies and shopping vouchers that give fuel discounts. Copyright © 2014 Elsevier Ltd. All rights reserved.

  19. Oil Price Uncertainty, Transport Fuel Demand and Public Health

    Science.gov (United States)

    He, Ling-Yun; Yang, Sheng; Chang, Dongfeng

    2017-01-01

    Based on the panel data of 306 cities in China from 2002 to 2012, this paper investigates China’s road transport fuel (i.e., gasoline and diesel) demand system by using the Almost Ideal Demand System (AIDS) and the Quadratic AIDS (QUAIDS) models. The results indicate that own-price elasticities for different vehicle categories range from −1.215 to −0.459 (by AIDS) and from −1.399 to −0.369 (by QUAIDS). Then, this study estimates the air pollution emissions (CO, NOx and PM2.5) and public health damages from the road transport sector under different oil price shocks. Compared to the base year 2012, results show that a fuel price rise of 30% can avoid 1,147,270 tonnes of pollution emissions; besides, premature deaths and economic losses decrease by 16,149 cases and 13,817.953 million RMB yuan respectively; while based on the non-linear health effect model, the premature deaths and total economic losses decrease by 15,534 and 13,291.4 million RMB yuan respectively. Our study combines the fuel demand and health evaluation models and is the first attempt to address how oil price changes influence public health through the fuel demand system in China. Given its serious air pollution emission and substantial health damages, this paper provides important insights for policy makers in terms of persistent increasing in fuel consumption and the associated health and economic losses. PMID:28257076

  20. FUEL PRICE INCREASE AND MANUFACTURING FIRMS SURVIVAL IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Eko Atmadji

    2014-03-01

    Full Text Available The administered price of fuel has increased quite frequently since 1970. It has raised a concern on the survival ability of manufacturing firms that could be weakened by such policy. This research objective is for confirming whether the policy of increasing fuel price affects the survival of manufacturing firms in Indonesia. By using Instrumental Variable Probit Model, it demonstrates that increasing fuel price does not affect firms’ survival in the short-run, middle-run, as well as long-run. Nevertheless, the z-statistics increase when the period of estimation is expanded. It means that if the time span of sample observation is widened, the result might be different.Keywords: Fuel price, survival ability, instrumental variable probit modelJEL classification numbers: H27, D22AbstrakHarga bahan bakar minyak (BBM selalu meningkat sejak 1970. Kenaikan harga ini telah menimbulkan kekhawatiran pada kemampuan kelangsungan hidup perusahaan manufaktur di Indonesia yang bisa dilemahkan oleh kebijakan tersebut. Penelitian ini dilakukan dengan tujuan mengonfirmasi apakah kebijakan kenaikan harga BBM mempengaruhi kelangsungan hidup perusahaan industri manufaktur di Indonesia. Dengan menggunakan Instrumental Variable Probit Model, hasil penelitian menunjukkan bahwa peningkatan harga BBM tidak mempengaruhi kelangsungan hidupperusahaan dalam jangka pendek, menengah, serta jangka panjang. Namun demikian, z-statistik meningkat ketika periode estimasi diperluas. Ini berarti bahwa jika rentang waktu pengamatan sampel melebar, hasilnya mungkin akan berbeda.Kata kunci: Harga BBM, kemampuan bertahan hidup, instrumental variable probit modelJEL classification numbers: H27, D22

  1. Oil Price Uncertainty, Transport Fuel Demand and Public Health.

    Science.gov (United States)

    He, Ling-Yun; Yang, Sheng; Chang, Dongfeng

    2017-03-01

    Based on the panel data of 306 cities in China from 2002 to 2012, this paper investigates China's road transport fuel (i.e., gasoline and diesel) demand system by using the Almost Ideal Demand System (AIDS) and the Quadratic AIDS (QUAIDS) models. The results indicate that own-priceelasticitiesfordifferentvehiclecategoriesrangefrom-1.215to-0.459(byAIDS)andfrom -1.399 to-0.369 (by QUAIDS). Then, this study estimates the air pollution emissions (CO, NOx and PM2.5) and public health damages from the road transport sector under different oil price shocks. Compared to the base year 2012, results show that a fuel price rise of 30% can avoid 1,147,270 tonnes of pollution emissions; besides, premature deaths and economic losses decrease by 16,149 cases and 13,817.953 million RMB yuan respectively; while based on the non-linear health effect model, the premature deaths and total economic losses decrease by 15,534 and 13,291.4 million RMB yuan respectively. Our study combines the fuel demand and health evaluation models and is the first attempt to address how oil price changes influence public health through the fuel demand system in China. Given its serious air pollution emission and substantial health damages, this paper provides important insights for policy makers in terms of persistent increasing in fuel consumption and the associated health and economic losses.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    1999-12-08

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

  3. Effect of worldwide oil price fluctuations on biomass fuel use and child respiratory health: evidence from Guatemala.

    Science.gov (United States)

    Venkataramani, Atheendar S; Fried, Brian J

    2011-09-01

    We examined the effect of worldwide oil price fluctuations on household fuel use and child respiratory health in Guatemala. We regressed measures of household fuel use and child respiratory health on the average worldwide oil price and a rich set of covariates. We leveraged variation in oil prices over the 6-month period of the survey to identify associations between fuel prices, fuel choice, and child respiratory outcomes. A $1 (3.4% point) increase in worldwide fuel prices was associated with a 2.8% point decrease in liquid propane gasoline use (P oil prices and the fuel choice indicators was largest for households in the middle of the income distribution. Fluctuations in worldwide fuel prices affected household fuel use and, consequently, child health. Policies to help households tide over fuel price shocks or reduce pollution from biomass sources would confer positive health benefits. Such policies would be most effective if they targeted both poor and middle-income households.

  4. Accounting for fuel price risk when comparing renewable togas-fired generation: the role of forward natural gas prices

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan; Golove, William

    2004-07-17

    Unlike natural gas-fired generation, renewable generation (e.g., from wind, solar, and geothermal power) is largely immune to fuel price risk. If ratepayers are rational and value long-term price stability, then--contrary to common practice--any comparison of the levelized cost of renewable to gas-fired generation should be based on a hedged gas price input, rather than an uncertain gas price forecast. This paper compares natural gas prices that can be locked in through futures, swaps, and physical supply contracts to contemporaneous long-term forecasts of spot gas prices. We find that from 2000-2003, forward gas prices for terms of 2-10 years have been considerably higher than most contemporaneous long-term gas price forecasts. This difference is striking, and implies that comparisons between renewable and gas-fired generation based on these forecasts over this period have arguably yielded results that are biased in favor of gas-fired generation.

  5. FUEL/CARBON PRICE VS. ABATEMENT TECHNOLOGY IN FREIGHT TRANSPORT

    Directory of Open Access Journals (Sweden)

    Eugen Ferdinand Spangenberg

    2017-12-01

    Full Text Available The current situation is the exponential increase in greenhouse gases (GHG, which is mainly caused by industrial and transport activities. The recent Paris agreement in 2015 (Framework Convention on Climate Change COP21, UNFCCC made it clear to everyone that CO2 emissions are to be limited in all areas of life. Alternative fuels with a lower environmental impact than carbon (CO2 emissions are hard to find if the overall footprint is to be taken into account. Nevertheless, there are some fuels that have less impact on climate change. One the other hand, the production of biofuels is a controversial matter, although it is a viable alternative to emissions reduction. CNG or LNG-powered vehicles are also better in terms of environmental pollution, but are hardly better with regard to CO2 impact when a Life Cycle Assessment (LCA is carried out. LNG (liquid natural gas, for example, is the future fuel in the maritime sector because of the stricter environmental regulations (SOx,NOx in the shipping industry. The battery-powered vehicle is another example of an environmentally friendly solution. The afore-mentioned measures can be considered as “abatement“ necessary in order to limit CO2 impact. The study shows that there are significant differences in the environmental impact between transport systems and the corresponding drive-system or associated energy base. The polluter should pay, which is a common basic principle in economic research. The Emission Trading Scheme (ETS has been introduced in order to ensure a reduction in CO2 output – emissions come with a price tag. An overall view is necessary, both en-vironmental and economic impact must be reconciled (cf. Spangenberg - TQI. The future viability of the transport system as we know it may change significantly over time if new environmental requirements or e.g. CO2 taxes or ETS are introduced in the freight sector. The abatement of CO2 should be effected primarily through technological

  6. Unemployment rate and price of gasoline predict the fuel economy of purchased new vehicles.

    Science.gov (United States)

    2011-03-01

    This study examined the relationship between two economic indicatorsthe : unemployment rate and the price of gasolineand the fuel economy of purchased new : vehicles. A regression analysis was performed on U.S. monthly data from October 2007 : ...

  7. Estimation of Gasoline Price Elasticities of Demand for Automobile Fuel Efficiency in Korea: A Hedonic Approach

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Sung Tae [Sungkyunkwan University, Seoul (Korea); Lee, Myunghun [Keimyung University, Taegu (Korea)

    2001-03-01

    This paper estimates the gasoline price elasticities of demand for automobile fuel efficiency in Korea to examine indirectly whether the government policy of raising fuel prices is effective in inducing less consumption of fuel, relying on a hedonic technique developed by Atkinson and Halvorsen (1984). One of the advantages of this technique is that the data for a single year, without involving variation in the price of gasoline, is sufficient in implementing this study. Moreover, this technique enables us to circumvent the multicollinearity problem, which had reduced reliability of the results in previous hedonic studies. The estimated elasticities of demand for fuel efficiency with respect to the price of gasoline, on average, is 0.42. (author). 30 refs., 3 tabs.

  8. Dynamic pricing possibilities in the purchase of bulk fuel for the Department of Defense

    OpenAIRE

    Finley, Kenneth.

    2001-01-01

    e distribution cost components and options This research explores the possibility of using Dynamic Pricing via online auctions to purchase bulk fuel for DoD in the same manner as United Airlines. US Navy (USN) author

  9. Pricing in the Market of fuel Agri-pellet in the System of the Sustainable Development

    Directory of Open Access Journals (Sweden)

    Liubov P. Galperina

    2015-12-01

    Full Text Available The article analyzes the pricing conditions in the domestic and export market agri-pellet taking into account qualitative characteristics of the fuel market, farm, natural, and institutional and regulatory factors. The comparative characteristic of agri-pellet prices with the prices of other fuels in the context of sustainable development (environmental, sustainability, calorific value, accessibility for the population, as well as energy security. Analyzed the complexity of the formation and development of the internal market demand fuel agri-pellets. The importance of state support for domestic consumption and agropellet determining price targets using the "green" tariff. Priority actions should include: the improvement of the mechanism of the use of "green" tariff for bioenergy, conversion of the CHP in order to use fuel pellets, pellet boilers to provide the municipal sector, stimulating credit policy for establishing pellet boilers in the private sector, tariff policy, explanatory work among the population.

  10. Bulk Fuel Pricing: DOD Needs to Take Additional Actions to Establish a More Reliable Methodology

    Science.gov (United States)

    2015-11-19

    year, the Office of the Under Secretary of Defense (Comptroller), in coordination with the Defense Logistics Agency, sets a standard price per barrel...during the budget year of execution to account for actual prices for fuel on the world market . According to DOD officials, this is not their... market conditions since 2007 and recommended that DOD reevaluate 3A price index is a normalized

  11. A Cointegration Analysis of Agricultural, Energy and Bio-Fuel Spot and Futures Prices

    NARCIS (Netherlands)

    D.E. Allen (David); C-L. Chang (Chia-Lin); M.J. McAleer (Michael); A.K. Singh (Abhay)

    2016-01-01

    textabstractThis paper features an analysis of the cointegration relationships among agricultural commodity, ethanol and Cushing crude oil spot and futures prices. The use of grains for the creation of bio-fuels has sparked fears that these demands are inflating food prices. We analyse approximately

  12. Accounting for fuel price risk: Using forward natural gas prices instead of gas price forecasts to compare renewable to natural gas-fired generation

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan; Golove, William

    2003-08-13

    Against the backdrop of increasingly volatile natural gas prices, renewable energy resources, which by their nature are immune to natural gas fuel price risk, provide a real economic benefit. Unlike many contracts for natural gas-fired generation, renewable generation is typically sold under fixed-price contracts. Assuming that electricity consumers value long-term price stability, a utility or other retail electricity supplier that is looking to expand its resource portfolio (or a policymaker interested in evaluating different resource options) should therefore compare the cost of fixed-price renewable generation to the hedged or guaranteed cost of new natural gas-fired generation, rather than to projected costs based on uncertain gas price forecasts. To do otherwise would be to compare apples to oranges: by their nature, renewable resources carry no natural gas fuel price risk, and if the market values that attribute, then the most appropriate comparison is to the hedged cost of natural gas-fired generation. Nonetheless, utilities and others often compare the costs of renewable to gas-fired generation using as their fuel price input long-term gas price forecasts that are inherently uncertain, rather than long-term natural gas forward prices that can actually be locked in. This practice raises the critical question of how these two price streams compare. If they are similar, then one might conclude that forecast-based modeling and planning exercises are in fact approximating an apples-to-apples comparison, and no further consideration is necessary. If, however, natural gas forward prices systematically differ from price forecasts, then the use of such forecasts in planning and modeling exercises will yield results that are biased in favor of either renewable (if forwards < forecasts) or natural gas-fired generation (if forwards > forecasts). In this report we compare the cost of hedging natural gas price risk through traditional gas-based hedging instruments (e

  13. FUTURE FOSSIL FUEL PRICE IMPACTS ON NDC ACHIEVEMENT; ESTIMATION OF GHG EMISSIONS AND MITIGATION COSTS

    Directory of Open Access Journals (Sweden)

    Yosuke Arino

    2017-12-01

    Full Text Available The Shale Revolution in the US, a supply-side innovation in oil and gas production, has been dramatically changing the world’s fossil fuel energy markets – leading to a decrease in oil, gas and coal prices. Some projections suggest that low fossil fuel prices might continue at least over the next few decades. Uncertainty in fossil fuel prices might affect the levels of emission reductions expected from submitted nationally determined contributions (NDCs and/or influence the difficulty of achieving the NDCs. This paper evaluated the impact of different (high, medium, and low fossil fuel prices, sustained through to 2050, on worldwide GHG emissions reductions and associated costs (mainly marginal abatement costs (MACs. Total global GHG emissions were estimated to be 57.5-61.5 GtCO2eq by 2030, with the range shown reflecting uncertainties about fossil fuel prices and the target levels of several NDCs (i.e., whether their upper or lower targets were adopted. It was found that lower fuel prices not only diminished the environmental effectiveness of global NDCs but also widened regional differences of marginal and total abatement costs, thereby generating more room for carbon leakage. One possible policy direction in terms of abatement efficiency, fairness and environmental effectiveness would be to require countries with low marginal and total abatement costs but having a major influence on global GHG emissions (such as China and India to increase their mitigation efforts, especially in a low-fuelprice world.

  14. Production Costs of Alternative Transportation Fuels. Influence of Crude Oil Price and Technology Maturity

    Energy Technology Data Exchange (ETDEWEB)

    Cazzola, Pierpaolo; Morrison, Geoff; Kaneko, Hiroyuki; Cuenot, Francois; Ghandi, Abbas; Fulton, Lewis

    2013-07-01

    This study examines the production costs of a range of transport fuels and energy carriers under varying crude oil price assumptions and technology market maturation levels. An engineering ''bottom-up'' approach is used to estimate the effect of the input cost of oil and of various technological assumptions on the finished price of these fuels. In total, the production costs of 20 fuels are examined for crude oil prices between USD 60 and USD 150 per barrel. Some fuel pathways can be competitive with oil as their production, transport and storage technology matures, and as oil price increases. Rising oil prices will offer new opportunities to switch to alternative fuels for transport, to diversify the energy mix of the transport sector, and to reduce the exposure of the whole system to price volatility and potential distuption of supply. In a time of uncertainty about the leading vehicle technology to decarbonize the transport sector, looking at the fuel cost brings key information to be considered to keep mobility affordable yet sustainable.

  15. Interdependencies between Biofuel, Fuel and Food Prices: The Case of the Brazilian Ethanol Market

    Directory of Open Access Journals (Sweden)

    Deborah Bentivoglio

    2016-06-01

    Full Text Available Brazil is currently the world’s largest sugar producer and exporter, as well as the world’s largest producer and consumer of sugarcane ethanol as a transportation fuel. The growth of this market originates from a combination of government policies and technological change, in both the sugarcane ethanol processing sector and the manufacture of flex-fuel vehicles. In recent years however, ethanol production has been questioned due to its possible impact on food prices. The present paper aims to explore the impact of Brazilian ethanol prices on sugar and gasoline prices. The relationships between a times series of these prices are investigated using a Vector Error Correction Model (VECM, supported by Granger Causality tests. In addition, Impulse Response Functions (IRFs and Forecast Error Variance Decompositions (FEVD are computed in order to investigate the dynamic interrelationships within these series. Our results suggest that ethanol prices are affected by both food and fuel prices, but that there is no strong evidence that changes in ethanol prices have an impact on food prices.

  16. Fuel Prices as a Factor of Shaping Profitability of Road Transport in Poland

    Directory of Open Access Journals (Sweden)

    Marzantowicz Łukasz

    2016-12-01

    Full Text Available The goal of this article is to determine the relation between the price of fuel and the profitability of the company. For this purpose, the article defines the profitability of transport enterprises and points the source of the impact of changes in fuel prices on the profitability of companies in the road transport sector. The case of the ABC transport company shows the relationship between the costs incurred for the purchase of fuel and the cost of transport activities. To test the theoretical assumptions, case study method was used.

  17. Direct and Indirect Use of Fossil Fuels in Farming: Cost of Fuel-price Rise for Indian Agriculture.

    OpenAIRE

    Anand, Mukesh

    2014-01-01

    A hornet's nest could be an apt simile for fossil fuel prices in India. Over years a policy maze has evolved around it, with sharply diverging influence on disparate constituencies. We estimate the increase in total cost of farming as a multiple of direct input costs of fossil fuels in farming. Over the period between 1990-1 and 2010-1, direct use of fossil fuels on farms has risen and there is also increasing indirect use of fossil fuels for non-energy purposes. Consequently, for Indian agri...

  18. Time-varying convergence in European electricity spot markets and their association with carbon and fuel prices

    OpenAIRE

    MENEZES, L. de M.; Houllier, M.; Tamvakis, M.

    2016-01-01

    Long-run dynamics of electricity prices are expected to reflect fuel price developments, since fuels generally account for a large share in the cost of generation. As an integrated European market for electricity develops, wholesale electricity prices should be converging as a result of market coupling and increased interconnectivity. Electricity mixes are also changing, spurred by a drive to significantly in-crease the share of renewables. Consequently, the electricity wholesale price dynami...

  19. An overview of alternative fossil fuel price and carbon regulation scenarios

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Bolinger, Mark

    2004-10-01

    The benefits of the Department of Energy's research and development (R&D) efforts have historically been estimated under business-as-usual market and policy conditions. In recognition of the insurance value of R&D, however, the Office of Energy Efficiency and Renewable Energy (EERE) and the Office of Fossil Energy (FE) have been exploring options for evaluating the benefits of their R&D programs under an array of alternative futures. More specifically, an FE-EERE Scenarios Working Group (the Working Group) has proposed to EERE and FE staff the application of an initial set of three scenarios for use in the Working Group's upcoming analyses: (1) a Reference Case Scenario, (2) a High Fuel Price Scenario, which includes heightened natural gas and oil prices, and (3) a Carbon Cap-and-Trade Scenario. The immediate goal is to use these scenarios to conduct a pilot analysis of the benefits of EERE and FE R&D efforts. In this report, the two alternative scenarios being considered by EERE and FE staff--carbon cap-and-trade and high fuel prices--are compared to other scenarios used by energy analysts and utility planners. The report also briefly evaluates the past accuracy of fossil fuel price forecasts. We find that the natural gas prices through 2025 proposed in the FE-EERE Scenarios Working Group's High Fuel Price Scenario appear to be reasonable based on current natural gas prices and other externally generated gas price forecasts and scenarios. If anything, an even more extreme gas price scenario might be considered. The price escalation from 2025 to 2050 within the proposed High Fuel Price Scenario is harder to evaluate, primarily because few existing forecasts or scenarios extend beyond 2025, but, at first blush, it also appears reasonable. Similarly, we find that the oil prices originally proposed by the Working Group in the High Fuel Price Scenario appear to be reasonable, if not conservative, based on: (1) the current forward market for oil, (2

  20. Vehicle type choice under the influence of a tax reform and rising fuel prices

    DEFF Research Database (Denmark)

    Mabit, Stefan Lindhard

    2014-01-01

    change in new vehicle purchases toward more diesel vehicles and more fuel-efficient vehicles. The paper analyses to what extent a vehicle tax reform similar to the Danish 2007 reform may explain changes in purchasing behaviour. The paper investigates the effects of a tax reform, fuel price changes...... that the effect of the tax reform on fuel efficiency is similar to the effect of rising fuel prices while the effect of technological development is much larger. The conclusion is that while the tax reform appeared in the same year as a large increase in fuel efficiency, it seems likely that it only explains......Differentiated vehicle taxes are considered by many a useful tool for promoting environmentally friendly vehicles. Various structures have been implemented in several countries, e.g. Ireland, France, The Czech Republic, and Denmark. In many countries the tax reforms have been followed by a steep...

  1. Bio fuels price; El precio de los biocombustibles

    Energy Technology Data Exchange (ETDEWEB)

    Rotman, D.

    2008-07-01

    he process of producing ethanol from corn is very expensive. The best bio-fuel is very far from the service stations and the farmers show difficulties to change his work methods. Really have we a suitable technology to produce bio-fuels?.

  2. Price transmission between biofuels, fuels and food commodities

    Czech Academy of Sciences Publication Activity Database

    Krištoufek, Ladislav; Janda, K.; Zilberman, D.

    2014-01-01

    Roč. 8, č. 3 (2014), s. 362-373 ISSN 1932-104X Grant - others:GA ČR(CZ) GAP402/11/0948 Program:GA Institutional support: RVO:67985556 Keywords : biofuels * price transmission * non-linearity * elasticity Subject RIV: AH - Economics Impact factor: 4.214, year: 2014 http://library.utia.cas.cz/separaty/2014/E/kristoufek-0433525.pdf

  3. Long term fuel price elasticity: effects on mobility tool ownership and residential location choice - Final report

    Energy Technology Data Exchange (ETDEWEB)

    Erath, A.; Axhausen, K. W.

    2010-04-15

    This comprehensive final report for the Swiss Federal Office of Energy (SFOE) examines the long-term effects of fuel price elasticity. The study analyses how mobility tool usage and ownership as well as residence location choice are affected by rising fuel costs. Based on econometric models, long-term fuel price elasticity is derived. The authors quote that the demand reactions to higher fuel prices mainly observed are the reduction of mileage and the consideration of smaller-engined and diesel-driven cars. As cars with natural gas powered engines and electric drives were hardly considered in the survey, the results of the natural gas model can, according to the authors, only serve as a trend. No stable model could be estimated for the demand and usage of electric cars. A literature overview is presented and the design of the survey is discussed, whereby socio-demographical variables and the effects of price and residence changes are discussed. Modelling of mobility tool factors and results obtained are looked at. Finally, residence choice factors are modelled and discussed. Several appendices complete the report.

  4. Fuels planning: science synthesis and integration; economic uses fact sheet 07: markets and log prices

    Science.gov (United States)

    Rocky Mountain Research Station USDA Forest Service

    2004-01-01

    Markets and prices for logs vary widely across the West, fluctuating from place to place in response to regional variables and hauling costs. This fact sheet discusses those variables, locality of log markets, markets for low-value logs, and caveats to consider when using My Fuel Treatment Planner.

  5. Fuel price and technological uncertainty in a real options model for electricity planning

    Energy Technology Data Exchange (ETDEWEB)

    Fuss, Sabine [International Institute of Systems Analysis, Schlossplatz 1, A-2361 Laxenburg (Austria); Szolgayova, Jana [International Institute of Systems Analysis, Schlossplatz 1, A-2361 Laxenburg (Austria); Department of Applied Mathematics and Statistics, Faculty of Mathematics, Physics and Informatics, Comenius University, Bratislava (Slovakia)

    2010-09-15

    Electricity generation is an important source of total CO{sub 2} emissions, which in turn have been found to relate to an acceleration of global warming. Given that many OECD countries have to replace substantial portions of their electricity-generating capacity over the next 10-20 years, investment decisions today will determine the CO{sub 2}-intensity of the future energy mix. But by what type of power plants will old (mostly fossil-fuel-fired) capacity be replaced? Given that modern, less carbon-intensive technologies are still expensive but can be expected to undergo improvements due to technical change in the near future, they may become more attractive, especially if fossil fuel price volatility makes traditional technologies more risky. At the same time, technological progress is an inherently uncertain process itself. In this paper, we use a real options model with stochastic technical change and stochastic fossil fuel prices in order to investigate their impact on replacement investment decisions in the electricity sector. We find that the uncertainty associated with the technological progress of renewable energy technologies leads to a postponement of investment. Even the simultaneous inclusion of stochastic fossil fuel prices in the same model does not make renewable energy competitive compared to fossil-fuel-fired technology in the short run based on the data used. This implies that policymakers have to intervene if renewable energy is supposed to get diffused more quickly. Otherwise, old fossil-fuel-fired equipment will be refurbished or replaced by fossil-fuel-fired capacity again, which enforces the lock-in of the current system into unsustainable electricity generation. (author)

  6. How to Avoid the Usual Price Rule on the Fuel Market in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Pavel Semerád

    2016-01-01

    Full Text Available The paper deals with value added tax evasions on the fuel market in the Czech Republic. This commodity is used in carousel fraud. In the chains of taxpayers there are missing traders who fail to meet their tax obligations. Their business strategy is based on quick sales at unusually low prices which do not allow honest parties to compete. Tax administrators should focus on unusual prices which constitute a higher probability of tax evasions. This paper aims to verify whether or not there are ways to evade the measure, focusing specifically on applying methods which could help achieve lower sales prices while avoiding the possibility to require unpaid tax from the recipients of taxable supply. The weaknesses thus found are described and demonstrated in more detail in the paper. During a research some ways were found which could be used for avoiding this specific measure. Methods of Cash Back and Free Shipping were identified and described.

  7. Statistical model for forecasting uranium prices to estimate the nuclear fuel cycle cost

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Sung Ki; Ko, Won Il; Nam, Hyoon [Nuclear Fuel Cycle Analysis, Korea Atomic Energy Research Institute, Daejeon (Korea, Republic of); Kim, Chul Min; Chung, Yang Hon; Bang, Sung Sig [Korea Advanced Institute of Science and Technology, Daejeon (Korea, Republic of)

    2017-08-15

    This paper presents a method for forecasting future uranium prices that is used as input data to calculate the uranium cost, which is a rational key cost driver of the nuclear fuel cycle cost. In other words, the statistical autoregressive integrated moving average (ARIMA) model and existing engineering cost estimation method, the so-called escalation rate model, were subjected to a comparative analysis. When the uranium price was forecasted in 2015, the margin of error of the ARIMA model forecasting was calculated and found to be 5.4%, whereas the escalation rate model was found to have a margin of error of 7.32%. Thus, it was verified that the ARIMA model is more suitable than the escalation rate model at decreasing uncertainty in nuclear fuel cycle cost calculation.

  8. Evidence for an endogenous rebound effect impacting long-run car use elasticity to fuel price

    OpenAIRE

    Kemel, E.; Collet, R.; HIVERT, L

    2011-01-01

    This paper presents a structural equation model of household fleet fuel efficiency and car use. It allows to weigh the contribution of car equipment changes and car use adjustments to the price elasticity of household demand for fuel. This model is implemented using a panel dataset of 322 households that were present in each annual wave of the French Car Fleet survey from 1999 to 2007. The longitudinal dimension of this dataset enables to assess the short and long-run adjustments at the house...

  9. Regarding fuel prices and automobility. A brief analysis of price and cost elasticities; Over brandstofprijzen en automobiliteit. Een beknopte analyse van prijs- en kostenelasticiteit

    Energy Technology Data Exchange (ETDEWEB)

    Groot, W.

    2012-01-15

    Car drivers do not drive significantly less when fuel prices at the pump rise. If fuel prices increase by approximately 12.5 percent, the long-term decrease in car kilometres travelled is just 2.5 percent. Higher fuel prices have also not resulted in a more fuel-efficient 'car fleet' (i.e. the range of available car model types). The fuel consumption rate per kilometre remained relatively constant from the late 1980s to 2009, although recent years have seen a marked improvement in the per kilometre fuel consumption rate, as measured in CO2 emissions of new passenger cars. These were the findings of the title study, conducted by the KiM Netherlands Institute for Transport Policy Analysis. This study was based on data covering the period 1980 to 2009. The majority of the definitive effects of higher fuel prices revealed in this study were less pronounced than the effects previously cited in available literature, especially with regard to the long-term effects [Dutch] Uit de titel studie blijkt dat automobilisten in beperkte mate minder gaan rijden als de brandstofprijzen aan de pomp stijgen. Een stijging van de benzineprijs met ongeveer 12,5 procent leidt op langere termijn tot een vermindering van de hoeveelheid afgelegde kilometers met 2,5 procent. De hoge brandstofprijzen hebben ook niet geleid tot een zuiniger wagenpark. Het benzineverbruik per kilometer is tussen het eind van de jaren tachtig en 2009 vrijwel gelijk gebleven. Met als kanttekening dat in de meest recente jaren sprake is van een zichtbare verbetering van het verbruik per kilometer, afgemeten aan de CO2-uitstoot van nieuwe personenauto's. Het KiM heeft zich in de studie gebaseerd op cijfers over de periode 1980-2009. De meeste in het onderzoek vastgestelde effecten van hogere benzineprijzen zijn kleiner dan de effecten die in de beschikbare literatuur zijn aangetroffen. Dit geldt vooral voor de effecten op de lange termijn.

  10. PRICE TRANSMISSION AND HOUSEHOLDS DEMAND ELASTICITY FOR FROZEN FISH UNDER FUEL SUBSIDY REFORM IN DELTA STATE, NIGERIA

    Directory of Open Access Journals (Sweden)

    Achoja Felix Odemero

    2013-07-01

    Full Text Available Fuel subsidy removal is assumed to translate to general increase in the cost of operating business such as fish marketing.The response of price of fish and corresponding demand elasticity are welfare issues worthy of investigation in Nigeria. The present study evaluates price transmission in fish marketing system by analysing the response of fish market indices to fuel subsidy reform in Nigeria. Primary data collected with structured questionnaire from purposively selected 78 frozen fish marketers, were analysed with descriptive statistics and regression model. A test of hypothesis shows a significant price transmission of about 100% (P < 0.05. Marketing cost increased by 31.8% and profitability dropped by 24.20%, confirming negative effect of new price regime. The result further revealed a 0.05% drop in quantity of frozen fish demanded by households. It was recommended that economic measures should be introduced by the government to cushion the effect of fuel policy removal.

  11. Price elasticity of Swiss motor fuel demand; Elasticite-prix de la demande d'essence en Suisse

    Energy Technology Data Exchange (ETDEWEB)

    Baranzini, A. [Haute Ecole de Gestion de Geneve (HEG-Geneve), Centre de Recherche Appliquee en Gestion (CRAG), Carouge (Switzerland); Neto, D.; Weber, S. [Universite de Geneve, Laboratoire d' Economie Appliquee (LEA), Geneve (Switzerland)

    2009-07-15

    This report for the Swiss Federal Office of Energy (SFOE) by the University of Geneva takes a look at the price elasticity of motor fuel demand in Switzerland. Macro-economic data on petrol and diesel consumption is used to calculate short and long-term price elasticity. Various factors that have an influence on prices are discussed. Data for the period 1970 - 2008 is used. A method developed by Engle and Granger is used to examine short and long-term developments in this area. A large number of variables are used in mathematical models to explain price developments. The methods used are described and the results are presented in tabular form. Various external effects such the oil-price shocks and price developments in neighbouring countries are examined.

  12. Integrated health impact assessment of travel behaviour: model exploration and application to a fuel price increase.

    Science.gov (United States)

    Dhondt, Stijn; Kochan, Bruno; Beckx, Carolien; Lefebvre, Wouter; Pirdavani, Ali; Degraeuwe, Bart; Bellemans, Tom; Int Panis, Luc; Macharis, Cathy; Putman, Koen

    2013-01-01

    Transportation policy measures often aim to change travel behaviour towards more efficient transport. While these policy measures do not necessarily target health, these could have an indirect health effect. We evaluate the health impact of a policy resulting in an increase of car fuel prices by 20% on active travel, outdoor air pollution and risk of road traffic injury. An integrated modelling chain is proposed to evaluate the health impact of this policy measure. An activity-based transport model estimated movements of people, providing whereabouts and travelled kilometres. An emission- and dispersion model provided air quality levels (elemental carbon) and a road safety model provided the number of fatal and non-fatal traffic victims. We used kilometres travelled while walking or cycling to estimate the time in active travel. Differences in health effects between the current and fuel price scenario were expressed in Disability Adjusted Life Years (DALY). A 20% fuel price increase leads to an overall gain of 1650 (1010-2330) DALY. Prevented deaths lead to a total of 1450 (890-2040) Years Life Gained (YLG), with better air quality accounting for 530 (180-880) YLG, fewer road traffic injuries for 750 (590-910) YLG and active travel for 170 (120-250) YLG. Concerning morbidity, mostly road safety led to 200 (120-290) fewer Years Lived with Disability (YLD), while air quality improvement only had a minor effect on cardiovascular hospital admissions. Air quality improvement and increased active travel mainly had an impact at older age, while traffic safety mainly affected younger and middle-aged people. This modelling approach illustrates the feasibility of a comprehensive health impact assessment of changes in travel behaviour. Our results suggest that more is needed than a policy rising car fuel prices by 20% to achieve substantial health gains. While the activity-based model gives an answer on what the effect of a proposed policy is, the focus on health may make

  13. Payback Period for Emissions Abatement Alternatives: Role of Regulation and Fuel Prices

    DEFF Research Database (Denmark)

    Zis, Thalis; Angeloudis, Panagiotis; Bell, Michael G. H.

    2016-01-01

    exist: investing in scrubber systems that remove sulfur dioxide emissions from the exhaust and switching to low-sulfur fuel when sailing in regulated waters. The first option would involve significant capital costs, while the latter would lead to operating cost increases because of the higher price......As of January 2015, the new maximum limit of fuel sulfur content for ships sailing within emission control areas has been reduced to 0.1%. A critical decision for ship owners in advance of the new limits was the selection of an abatement method that complies with the regulations. Two main options....... The repercussions of low-sulfur policies on large emission reduction investments including cold ironing are examined, along with implications of slow steaming for their respective payback periods. Recommendations are made for research in anticipation of future regulations and technological improvements....

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

    Directory of Open Access Journals (Sweden)

    Václav Adamec

    2016-01-01

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

  15. Gas prices and fuel efficiency in the U.S. automobile industry: Policy implications of endogenous product choice

    Science.gov (United States)

    Gramlich, Jacob Pleune

    I develop, estimate, and utilize an economic model of the U.S. automobile industry. I do so to address policy questions concerning automotive fuel efficiency (the relationship between gasoline used and distance traveled). Fuel efficiency has played a prominent role in our domestic energy policy for over 30 years. Recently it has received even more attention due to rising gas prices and concern over the environment and energy dependence. The model gives quantitative predictions for market fuel efficiency at various gas prices and taxes. The model makes contributions that are both methodological and policy based, and the two chapters of the dissertation focus on each in turn. The first chapter discusses the economic model of the U.S. automobile industry. The model allows firms to choose the fuel efficiency of their new vehicles, which allows me to predict fuel efficiency responses to policy and market conditions. These predictions were not possible with previous economic models which held fuel efficiency fixed. In the model, consumers care more about fuel efficiency when gas prices are high, and firms face a technological tradeoff between providing fuel efficiency and other quality. The level of the gas price, therefore, working through consumer demand, shifts firms' optimal locations along this technology frontier. Demand is nested logit, supply is differentiated products oligopoly, and data are from the U.S. automobile market from 1971-2007. In addition to endogenizing product choice, I also contribute to the modeling literature by relaxing restrictive identifying assumptions and obtaining more realistic estimates of fuel efficiency preference. The model predicts sales declines and compositions from the summer of 2008 with reasonable success. The second chapter discusses two counterfactual policy scenarios: maintained summer 2008 gas prices, and achieving 35 mpg (miles per gallon). At 3.43 per gallon (the summer 2008 price, 23% above 2007), the model predicts

  16. Modeling household fleet choice as a function of fuel price using a multiple discrete-continuous choice model

    OpenAIRE

    Jäggi, Boris; Erath, Alexander; Dobler, Christoph; Axhausen, Kay W.

    2011-01-01

    In this Paper, a new model of fleet choice for households is presented that uses the multiple discrete-continuous extreme value (MDCEV) model as a framework. The aim of the model is to establish a model to allocate car types to activity based microscopic agent based transport simulations. What is new in the presented model, is that in addition to socioeconomic attributes of households, the choice is also influenced by fuel price. To model a range of fuel prices up to 20 USD/gallon a data base...

  17. A prospective analysis of Brazilian biofuel economy: Land use, infrastructure development and fuel pricing policies

    Science.gov (United States)

    Nunez Amortegui, Hector Mauricio

    Being the two largest ethanol producers in the world, transportation fuel policies in Brazil and the U.S. affect not only their domestic markets but also the global food and biofuel economy. Hence, the complex biofuel policy climate in these countries leaves the public with unclear conclusions about the prospects for supply and trade of agricultural commodities and biofuels. In this dissertation I develop a price endogenous mathematical programming model to simulate and analyze the impacts of biofuel policies in Brazil and the U.S. on land use in these countries, agricultural commodity and transportation fuel markets, trade, and global environment. The model maximizes the social surplus represented by the sum of producers' and consumers' surpluses, including selected agricultural commodity markets and fuel markets in the U.S., Brazil, Argentina, China, and the Rest-of-the-World (ROW), subject to resource limitations, material balances, technical constraints, and policy restrictions. Consumers' surplus is derived from consumption of agricultural commodities and transportation fuels by vehicles that generate vehicle-kilometers-traveled (VKT). While in the other regional components aggregate supply and demand functions are assumed for the commodities included in the analysis, the agricultural supply component is regionally disaggregated for Brazil and the U.S., and the transportation fuel sector is regionally disaggregated for Brazil. The U.S. agricultural supply component includes production of fourteen major food/feed crops, including soybeans, corn and wheat, and cellulosic biofuel feedstocks. The Brazil component includes eight major annual crops, including soybeans, corn, wheat, and rice, and sugarcane as the energy crop. A particular emphasis is given to the beef-cattle production in Brazil and the potential for livestock semi-intensification in Brazilian pasture grazing systems as a prospective pathway for releasing new croplands. In the fuel sector of both

  18. Improving Fuel Price Adjustments for State Departments of Transportation: A National Survey of Practice

    OpenAIRE

    Holmgren, Mark; Jessup, Eric; Casavant, Ken; Larzarus, Jon

    2010-01-01

    Price volatility of construction materials and supplies can lead to price speculation and inflated bid prices by the contractor to protect against possible price increases. State and Departments of Transportation have, since 1974, handled this problem by allowing specific price adjustments of selected commodities in highway contracting, thus decreasing the risk to the contactor from the price fluctuations over the life of a contract. However, for many states, this process has not changed over...

  19. Fossil fuel subsidy reform in the WTO : Options for constraining dual pricing in the multilateral trading system

    NARCIS (Netherlands)

    Marhold, Anna

    2017-01-01

    Fossil fuel subsidies harm the environment, add to health hazards caused by air pollution, and delay the energy transition. Scholars and practitioners have therefore been exploring ways to reform and eliminate them. This paper discusses the practice of energy dual pricing in the broader context of

  20. Fuel prices scenario generation based on a multivariate GARCH model for risk analysis in a wholesale electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Batlle, C.; Barquin, J. [Universidad Pontifica Comillas, Madrid (Spain). Instituto de Investigacion Tecnologica

    2004-05-01

    This paper presents a fuel prices scenario generator in the frame of a simulation tool developed to support risk analysis in a competitive electricity environment. The tool feeds different erogenous risk factors to a wholesale electricity market model to perform a statistical analysis of the results. As the different fuel series that are studied, such as the oil or gas ones, present stochastic volatility and strong correlation among them, a multivariate Generalized Autoregressive Conditional Heteroskedastic (GARCH) model has been designed in order to allow the generation of future fuel prices paths. The model makes use of a decomposition method to simplify the consideration of the multidimensional conditional covariance. An example of its application with real data is also presented. (author)

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2014-05-15

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

  2. Wood fuel markets in Northern Europe

    OpenAIRE

    Olsson, Olle

    2012-01-01

    High fossil fuel prices and ambitions to reduce greenhouse gas emissions have increased demand for renewable energy and are changing wood fuel market structures. Wood fuels are to a rapidly growing degree used in industrial proportions and traded in commercial markets. Wood fuels are seen as a key component to achieve policy goals related to climate change, especially in the EU. In the six papers that form the basis for this thesis, prices of wood fuels in Northern Europe are analyzed by mea...

  3. Study of Rapid-Regression Liquefying Hybrid Rocket Fuels

    Science.gov (United States)

    Zilliac, Greg; DeZilwa, Shane; Karabeyoglu, M. Arif; Cantwell, Brian J.; Castellucci, Paul

    2004-01-01

    A report describes experiments directed toward the development of paraffin-based hybrid rocket fuels that burn at regression rates greater than those of conventional hybrid rocket fuels like hydroxyl-terminated butadiene. The basic approach followed in this development is to use materials such that a hydrodynamically unstable liquid layer forms on the melting surface of a burning fuel body. Entrainment of droplets from the liquid/gas interface can substantially increase the rate of fuel mass transfer, leading to surface regression faster than can be achieved using conventional fuels. The higher regression rate eliminates the need for the complex multi-port grain structures of conventional solid rocket fuels, making it possible to obtain acceptable performance from single-port structures. The high-regression-rate fuels contain no toxic or otherwise hazardous components and can be shipped commercially as non-hazardous commodities. Among the experiments performed on these fuels were scale-up tests using gaseous oxygen. The data from these tests were found to agree with data from small-scale, low-pressure and low-mass-flux laboratory tests and to confirm the expectation that these fuels would burn at high regression rates, chamber pressures, and mass fluxes representative of full-scale rocket motors.

  4. 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

  5. Rapidly rising food prices and the experience of food insecurity in urban Ethiopia: impacts on health and well-being.

    Science.gov (United States)

    Hadley, Craig; Stevenson, Edward Geoffrey Jedediah; Tadesse, Yemesrach; Belachew, Tefera

    2012-12-01

    The rise in food prices since 2007 is widely recognized as signaling a crisis of food insecurity among the world's poor. Scholars sought to chart the impacts of the crisis on food insecurity by conducting simulation studies, assessing anthropometric outcomes, and evaluating shifts in experience-based measures of food security. Few studies, however, have investigated the broader impacts on those most vulnerable and how rapid rises in food prices play out in the everyday lives of those most impacted. We used qualitative methods to investigate the impact of the rise in food prices on the urban poor in Ethiopia. Twenty semi-structured interviews were conducted in August 2011, in the provincial town of Jimma. Themes identified in these interviews included coping strategies, consumption priorities, and impacts on institutional networks of sharing. Our results suggest that several important cultural practices, including funerals and coffee ceremonies, were undermined by the rise in prices, and that respondents linked food prices to increasing food insecurity, which they in turn linked to high levels of stress, poor mental health, and reduced physical health. Our results are consistent with several other studies that suggest that food insecurity has a range of non-nutritional consequences, and that these are due in part to the highly social nature of food. Recognizing the effects of food insecurity on dimensions of everyday life such as interaction with neighbors, and feelings of shame, draws attention to the potential for food price increases to have erosive effects on communal social capital, and to increase the vulnerability of affected peoples to future shocks. Copyright © 2012 Elsevier Ltd. All rights reserved.

  6. Prices of agricultural commodities, biofuels and fossil fuels in long-run relationships: a comparative study for the USA and Europe

    DEFF Research Database (Denmark)

    Groth, Tanja; Bentzen, Jan

    2013-01-01

    Time-series data for the USA and Europe representing prices of agricultural commodities, biofuels and fossil fuels are used for a comparative analysis of long-run price relationships. There is some evidence for cointegration between ethanol and gasoline, especially for the USA, and in the case of...

  7. Impact of the flex-fuel vehicle on the prices formation and regulation in Brazil; Analise do impacto dos veiculos flex-fuel na formacao e regulacao de precos de combustiveis veiculares no Brasil

    Energy Technology Data Exchange (ETDEWEB)

    Buscarini, Rodolfo Jose Galvao [Universidade Estadual de Campinas (IE/UNICAMP), SP (Brazil). Inst. de Economia; Cesca, Igor Gimenes [Universidade Estadual de Campinas (DEP/FEM/UNICAMP), SP (Brazil). Fac. de Engenharia Mecanica. Dept. de Engenharia de Petroleo

    2012-07-01

    The main fuels for vehicles in Brazil are the gasoline type C - which is a mixture of gasoline, resulting from the fractional distillation of oil and anhydrous ethanol - and hydrated ethanol. For this importance, has been created an institutional framework to guide and regulate the activities of the fuel sector, initially for gasoline, hydrated ethanol was contemplated by such device in 2011. Since 2003, there has been manufactured in Brazil the flex-fuel vehicles. With this, the possibility of activation of an additional factor for the regulation of vehicle fuel prices, increasing consumer power to define which of the fuels could be used as the disposition of their prices. One of the effects of growth flex-fuel sales has been increased production and investment in ethanol (especially sugar cane) as a suitable alternative to the. The hope was that the formation of fuel prices was less dependent on their cost of production and distribution and more influenced by a pressure of consumer demand. However, the increase in the sales of the flex-fuel vehicle in Brazil in the last years was not the determining factor in the price of fuels, as it was expected. The explanation of this is on external factors to the automotive industry, linked to the structures of the production chain of oil and ethanol, especially the question of the great increase in international prices of oil and hydrated ethanol in the international market in recent years. (author)

  8. Methods of economic analysis applied to fusion research: discount rate determination and the fossil fuel price effect

    Energy Technology Data Exchange (ETDEWEB)

    1978-09-25

    In current and previous efforts, ECON has provided a preliminary economic assessment of a fusion research program. Part of this effort was the demonstration of a methodology for the estimation of reactor system costs and risk and for the treatment of program alternatives as a series of steps (tests) to buy information, thereby controlling program risk and providing a sound economic rationale for properly constructed research programs. The first phase of work also identified two areas which greatly affect the overall economic evaluation of fusion research and which warranted further study in the second phase. This led to the two tasks of the second phase reported herein: (1) discount rate determination and (2) evaluation of the effect of the expectation of the introduction of fusion power on current fossil fuel prices. In the first task, various conceptual measures of the social rate of discount were reviewed and critiqued. In the second task, a benefit area that had been called out by ECON was further examined. Long-range R and D yields short-term benefits in the form of lower nonrenewable energy resource prices because the R and D provides an expectation of future competition for the remaining reserves at the time of technology availability. ECON developed a model of optimal OPEC petroleum pricing as a function of the expectation of future competing technologies. It was shown that the existence of this expectation lowers the optimal OPEC export price and that accelerated technology R and D programs should provide further price decreases. These price reductions translate into benefits to the U.S. of at least a billion dollars.

  9. Rapid prototyping methods for the manufacture of fuel cells

    Directory of Open Access Journals (Sweden)

    Dudek Piotr

    2016-01-01

    The potential for the application of this method for the manufacture of metallic bipolar plates (BPP for use in proton exchange membrane fuel cells (PEMFCs is presented and discussed. Special attention is paid to the fabrication of light elements for the construction of PEMFC stacks designed for mobile applications such as aviation technology and unmanned aerial vehicles (UAVs.

  10. Future Fuel Scenarios and Their Potential Impact to Aviation

    Science.gov (United States)

    Hendricks, Robert C.; Daggett, David L.; Anast, Peter; Lowery, Nathan

    2011-01-01

    In recent years fuel prices have been growing at a rapid pace. Current conservative projections predict that this is only a function of the natural volatility of oil prices, similar to the oil price spikes experienced in the 1970s. However, there is growing concern among analysts that the current price increases may not only be permanent, but that prices may continue to increase into the future before settling down at a much higher level than today. At high enough fuel prices, the aircraft industry would become very sensitive to fuel price. In this paper, the likelihood of fuel price increase is considered in three different price increase scenarios: "low," "medium," and "high." The impact of these scenarios on the aviation industry and alternatives are also addressed.

  11. Integration of CCS, emissions trading and volatilities of fuel prices into sustainable energy planning, and its robust optimization

    Energy Technology Data Exchange (ETDEWEB)

    Koo, Jamin; Han, Kyusang; Yoon, En Sup [School of Chemical and Biological Engineering, Seoul National University, Seoul 151-742 (Korea, Republic of)

    2011-01-15

    In this paper, a new approach has been proposed that allows a robust optimization of sustainable energy planning over a period of years. It is based on the modified energy flow optimization model (EFOM) and minimizes total costs in planning capacities of power plants and CCS to be added, stripped or retrofitted. In the process, it reduces risks due to a high volatility in fuel prices; it also provides robustness against infeasibility with respect to meeting the required emission level by adopting a penalty constant that corresponds to the price level of emission allowances. In this manner, the proposed methodology enables decision makers to determine the optimal capacities of power plants and/or CCS, as well as volumes of emissions trading in the future that will meet the required emission level and satisfy energy demand from various user-sections with minimum costs and maximum robustness. They can also gain valuable insights on the effects that the price of emission allowances has on the competitiveness of RES and CCS technologies; it may be used in, for example, setting appropriate subsidies and tax policies for promoting greater use of these technologies. The proposed methodology is applied to a case based on directions and volumes of energy flows in South Korea during the year 2008. (author)

  12. Demand for ground transportation fuel and pricing policy in Asian tigers: A comparative study of Korea and Taiwan

    Energy Technology Data Exchange (ETDEWEB)

    Banaszak, S.; Chakravorty, U.; Leung, P.S.

    1999-07-01

    This paper examines the demand for gasoline and diesel in the ground transportation sectors of South Korea and Taiwan, comparing the effects of their different pricing policies and stages of economic growth. To account for substitutability between the two fuels, the model proposed here uses a system of equations estimated simultaneously with time-series data from 1973--1992. Results yield demand elasticities that confirm previous research showing that oil product demand is generally price inelastic, which income elasticities (reflecting a longer period of economic growth than previous studies in the Asian region) are lower than those previously reported. The estimated demand functions are then used to generate forecasts for both countries and, in particular, for an assumed reduction in a 180% tax on gasoline in Korea. Forecasted increases in demand by the year 2010 range from 40 to 180%, while the tax analysis suggests that Korea's pricing policy has reduced total demand and promoted the use of diesel over gasoline.

  13. Modeling of geographical pricing: A game analysis of siberian fuel costs

    Science.gov (United States)

    Sivushina, Anastasiya; Kombu, Anchy; Ryumkin, Valeriy

    2017-11-01

    In the present study, we propose a novel game-theoretic pricing model describing the interaction between producers and retailers of goods in conditions of poor transport infrastructure and sparse geographical distribution of the points of sale. The proposed model generalizes the Stackelberg leadership model for an arbitrary number of leaders and followers. We show that the model always has a Nash and Stackelberg equilibria. We also provide formulas for the equilibrium prices and volume of sales. As an example we model diesel pricing in south Siberia. Our model found no signs of a cartel. The results of this paper can be used by policymakers to inform market regulations aimed at promoting free competition and avoiding monopolies in production and retail of goods.

  14. Fuel prices, emission standards, and generation costs for coal vs natural gas power plants.

    Science.gov (United States)

    Pratson, Lincoln F; Haerer, Drew; Patiño-Echeverri, Dalia

    2013-05-07

    Low natural gas prices and stricter, federal emission regulations are promoting a shift away from coal power plants and toward natural gas plants as the lowest-cost means of generating electricity in the United States. By estimating the cost of electricity generation (COE) for 304 coal and 358 natural gas plants, we show that the economic viability of 9% of current coal capacity is challenged by low natural gas prices, while another 56% would be challenged by the stricter emission regulations. Under the current regulations, coal plants would again become the dominant least-cost generation option should the ratio of average natural gas to coal prices (NG2CP) rise to 1.8 (it was 1.42 in February 2012). If the more stringent emission standards are enforced, however, natural gas plants would remain cost competitive with a majority of coal plants for NG2CPs up to 4.3.

  15. An EKC-pattern in historical perspective. Carbon dioxide emissions, technology, fuel prices and growth in Sweden 1870-1997

    Energy Technology Data Exchange (ETDEWEB)

    Lindmark, Magnus [Department of Economic History, Umea University, SE-901 87 Umea (Sweden)

    2002-08-01

    The environmental Kuznets curve (EKC) has been subject to research and debate since the early 1990s. This article examines the inverted-U trajectory of Swedish CO{sub 2} emissions during an extended time period beginning in 1870. The basis for the investigation is a structural time series approach that utilizes a stochastic trend as an indicator of technological and structural change, and GDP growth and changes in the price of fuel and cement price as independent variables. Finally, the development of technological and structural change with respect to CO{sub 2} emissions is interpreted within the context of growth regimes. The result suggests that the period 1920-1960, with high, sustained growth rates was associated with less technological and structural changes relating to CO{sub 2} emissions than periods with lower growth rates, such as the late 1800s and the post-1970 period. Furthermore, it is suggested that time-specific technological clusters may affect EKC patterns.

  16. Natural Gas as Petroleum Fuel Substitution: Analysis of Supply-Demand Projections, Infrastructures, Investments and End-User Prices

    Directory of Open Access Journals (Sweden)

    Abdul Tjandranegara

    2011-09-01

    Full Text Available The petroleum fuels (PF subsidy has long burdens the government spending, and discourages less expensive energy usage such as natural gas (NG. Exporting NG and importing the more expensive PF products cause financial losses to Indonesia. The lack of NG infrastructure is the main hurdle in maximizing domestic NG usage and so does the perception of its high investment costs burdening government spending and pushing the NG transportation cost up. This study calculates the required NG infrastructure and its investments for several levels of PF substitutions up to 2030. To balance the NG demands, the supply from each field and its corresponding infrastructures needed was calculated and optimized using non-linear programming with generalized reduced gradient  method to calculate the lowest transportation cost for the consumers. The study shows with a favorable return on investments attractive to private investors, the NG prices can still be put much lower than PF prices, allowing subsidy, import and production cost savings in many sectors. Furthermore, the highest level of substitution scenario needs only US$ 2.07 billion a year investment, very low compare to the current US$ 14.17 billion a year PF and electricity subsidy.

  17. What would be the effects of a carbon tax in Japan: an historic analysis of subsidies and fuel pricing on the iron & steel, chemical, and machinery industries

    Directory of Open Access Journals (Sweden)

    Takako Wakiyama

    2016-06-01

    Full Text Available This study examines how a carbon tax could affect industrial-related carbon dioxide (CO2 emissions in Japan. Rather than forecasting the effects of a tax, the paper employs a time-series autoregressive moving average (ARMA model to determine how past subsidies and fuel price changes affected investments in energy and carbon intensity in Japan’s iron & steel, chemical, and machinery industries from 1993 to 2004. The results suggest the impacts varied greatly across industries. In the iron & steel industry, subsidies and price changes produced negligible effects on investments in energy and carbon intensity. This may be because existing iron & steel technologies have long lifetimes and substantial replacement costs. It may also be because the few large companies dominating the industry were relatively immune to subsidy provisions and pricing changes. In the chemical industry, subsidies and fuel prices gave rise to investments that improved carbon and energy intensity. This may be because the industry has relatively higher operation costs that could be cut easily given financial incentives. In the machinery industry, two of three fuel price changes (oil and gas, but not subsidy provisions, yielded improvements in carbon and energy intensity. This may reflect the heterogeneity of companies and products comprising the industry. Overall, the study underscores that policymakers need to tailor the rates and revenue recycling provisions of a carbon tax to an industry’s unique features to stimulate CO2 reductions.

  18. Impact of thermodynamic properties and heat loss on ignition of transportation fuels in rapid compression machines

    KAUST Repository

    Ahmed, Ahfaz

    2018-01-30

    Rapid compression machines (RCM) are extensively used to study autoignition of a wide variety of fuels at engine relevant conditions. Fuels ranging from pure species to full boiling range gasoline and diesel can be studied in an RCM to develop a better understanding of autoignition kinetics in low to intermediate temperature ranges. In an RCM, autoignition is achieved by compressing a fuel/oxidizer mixture to higher pressure and temperature, thereby initiating chemical reactions promoting ignition. During these experiments, the pressure is continuously monitored and is used to deduce significant events such as the end of compression and the onset of ignition. The pressure profile is also used to assess the temperature evolution of the gas mixture with time using the adiabatic core hypothesis and the heat capacity ratio of the gas mixture. In such RCM studies, real transportation fuels containing many components are often represented by simpler surrogate fuels. While simpler surrogates such as primary reference fuels (PRFs) and ternary primary reference fuel (TPRFs) can match research and motor octane number of transportation fuels, they may not accurately replicate thermodynamic properties (including heat capacity ratio). This non-conformity could exhibit significant discrepancies in the end of compression temperature, thereby affecting ignition delay (τign) measurements. Another aspect of RCMs that can affect τign measurement is post compression heat loss, which depends on various RCM parameters including geometry, extent of insulation, pre-heating temperature etc. To, better understand the effects of these non-chemical kinetic parameters on τign, thermodynamic properties of a number of FACE G gasoline surrogates were calculated and simulated in a multi-zone RCM model. The problem was further investigated using a variance based analysis and individual sensitivities were calculated. This study highlights the effects on τign due to thermodynamic properties of

  19. Economic impact of rapid diagnostic methods in Clinical Microbiology: Price of the test or overall clinical impact.

    Science.gov (United States)

    Cantón, Rafael; Gómez G de la Pedrosa, Elia

    2017-12-01

    The need to reduce the time it takes to establish a microbiological diagnosis and the emergence of new molecular microbiology and proteomic technologies has fuelled the development of rapid and point-of-care techniques, as well as the so-called point-of-care laboratories. These laboratories are responsible for conducting both techniques partially to response to the outsourcing of the conventional hospital laboratories. Their introduction has not always been accompanied with economic studies that address their cost-effectiveness, cost-benefit and cost-utility, but rather tend to be limited to the unit price of the test. The latter, influenced by the purchase procedure, does not usually have a regulated reference value in the same way that medicines do. The cost-effectiveness studies that have recently been conducted on mass spectrometry in the diagnosis of bacteraemia and the use of antimicrobials have had the greatest clinical impact and may act as a model for future economic studies on rapid and point-of-care tests. Copyright © 2017 Elsevier España, S.L.U. and Sociedad Española de Enfermedades Infecciosas y Microbiología Clínica. All rights reserved.

  20. Evaluation of methods for rapid determination of freezing point of aviation fuels

    Science.gov (United States)

    Mathiprakasam, B.

    1982-01-01

    Methods for identification of the more promising concepts for the development of a portable instrument to rapidly determine the freezing point of aviation fuels are described. The evaluation process consisted of: (1) collection of information on techniques previously used for the determination of the freezing point, (2) screening and selection of these techniques for further evaluation of their suitability in a portable unit for rapid measurement, and (3) an extensive experimental evaluation of the selected techniques and a final selection of the most promising technique. Test apparatuses employing differential thermal analysis and the change in optical transparency during phase change were evaluated and tested. A technique similar to differential thermal analysis using no reference fuel was investigated. In this method, the freezing point was obtained by digitizing the data and locating the point of inflection. Results obtained using this technique compare well with those obtained elsewhere using different techniques. A conceptual design of a portable instrument incorporating this technique is presented.

  1. Rapid Evaluation of Power Degradation in Series Connection of Single Feeding Microsized Microbial Fuel Cells

    KAUST Repository

    Rojas, Jhonathan Prieto

    2014-07-08

    We have developed a sustainable, single feeding, microsized, air-cathode and membrane-free microbial fuel cells with a volume of 40 mu L each, which we have used for rapid evaluation of power generation and viability of a series array of three cells seeking higher voltage levels. Contrary to expectations, the achieved power density was modest (45 mWm(-3)), limited due to non-uniformities in assembly and the single-channel feeding system.

  2. PRICE AND PRICING STRATEGIES

    OpenAIRE

    Titus SUCIU

    2013-01-01

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

  3. Experimental results for the rapid determination of the freezing point of fuels

    Science.gov (United States)

    Mathiprakasam, B.

    1984-01-01

    Two methods for the rapid determination of the freezing point of fuels were investigated: an optical method, which detected the change in light transmission from the disappearance of solid particles in the melted fuel; and a differential thermal analysis (DTA) method, which sensed the latent heat of fusion. A laboratory apparatus was fabricated to test the two methods. Cooling was done by thermoelectric modules using an ice-water bath as a heat sink. The DTA method was later modified to eliminate the reference fuel. The data from the sample were digitized and a point of inflection, which corresponds to the ASTM D-2386 freezing point (final melting point), was identified from the derivative. The apparatus was modifified to cool the fuel to -60 C and controls were added for maintaining constant cooling rate, rewarming rate, and hold time at minimum temperature. A parametric series of tests were run for twelve fuels with freezing points from -10 C to -50 C, varying cooling rate, rewarming rate, and hold time. Based on the results, an optimum test procedure was established. The results showed good agreement with ASTM D-2386 freezing point and differential scanning calorimetry results.

  4. 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.

  5. Alternative Fuel Transit Buses: DART's (Dallas Area Rapid Transit) LNG Bus Fleet Final Results

    Energy Technology Data Exchange (ETDEWEB)

    Chandler, K. [Battelle (US); Norton, P. [National Renewable Energy Lab., Golden, CO (US); Clark, N.

    2000-11-07

    In 1998, Dallas Area Rapid Transit, a public transit agency in Dallas, Texas, began operating a large fleet of heavy-duty buses powered by liquefied natural gas. As part of a $16 million commitment to alternative fuels, DART operates 139 LNG buses serviced by two new LNG fueling stations.

  6. Distributions of carbon pricing on extraction, combustion and consumption of fossil fuels in the global supply-chain

    Science.gov (United States)

    Karstensen, Jonas; Peters, Glen

    2018-01-01

    Pricing carbon is one of the most important tools to reduce emissions and mitigate climate change. Already, about 40 nations have implemented explicit or implicit carbon prices, and a carbon price was explicitly stated as a mitigation strategy by many nations in their emission pledges submitted to the Paris Agreement. The coverage of carbon prices varies significantly between nations though, often only covering a subset of sectors in the economy. We investigate the propagation of carbon prices along the global supply-chain when the carbon price is applied at the point where carbon is removed from the ground (extraction), is combusted (production), or where goods and services are consumed (consumption). We consider both the regional and sectoral effects, and compare the carbon price income and costs relative to economic output. We find that implementation using different accounting systems makes a significant difference to revenues and increased expenditure, and that domestic and global trade plays a significant role in spreading the carbon price between sectors and countries. A few single sectors experience the largest relative price increases (especially electricity and transport), but most of the carbon price is ultimately paid by households for goods and services due to the large expenditure and indirect supply chain impacts. We finally show that a global carbon price will generate a larger share of revenue relative to GDP in non-OECD nations than OECD nations, independent on the point of implementation.

  7. Rapid thermal cycling of metal-supported solid oxide fuel cellmembranes

    Energy Technology Data Exchange (ETDEWEB)

    Matus, Yuriy B.; De Jonghe, Lutgard C.; Jacobson, Craig P.; Visco, Steven J.

    2004-01-02

    Solid oxide fuel cell (SOFC) membranes were developed in which zirconia-based electrolyte thin films were supported by a composite metal/ceramic electrode, and were subjected to rapid thermal cycling between 200 and 800 C. The effects of this cycling on membrane performance were evaluated. The membranes, not yet optimized for performance, showed a peak power density of 350mW/cm2at 900 C in laboratory-sized SOFCs that was not affected by the thermal cycling. This resistance to cycling degradation is attributed to the close matching of thermal expansion coefficient of the cermet support electrode with that of the zirconia electrolyte.

  8. HPLC method for rapidly following biodiesel fuel transesterification reaction progress using a core-shell column

    Energy Technology Data Exchange (ETDEWEB)

    Allen, Samuel J.; Ott, Lisa S. [California State University, Chico, CA (United States)

    2012-07-15

    There are a wide and growing variety of feedstocks for biodiesel fuel. Most commonly, these feedstocks contain triglycerides which are transesterified into the fatty acid alkyl esters (FAAEs) which comprise biodiesel fuel. While the tranesterification reaction itself is simple, monitoring the reaction progress and reaction products is not. Gas chromatography-mass spectrometry is useful for assessing the FAAE products, but does not directly address either the tri-, di-, or monoglycerides present from incomplete transesterification or the free fatty acids which may also be present. Analysis of the biodiesel reaction mixture is complicated by the solubility and physical property differences among the components of the tranesterification reaction mixture. In this contribution, we present a simple, rapid HPLC method which allows for monitoring all of the main components in a biodiesel fuel transesterification reaction, with specific emphasis on the ability to monitor the reaction as a function of time. The utilization of a relatively new, core-shell stationary phase for the HPLC column allows for efficient separation of peaks with short elution times, saving both time and solvent. (orig.)

  9. New empirical generalizations on the determinants of price elasticity

    NARCIS (Netherlands)

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

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

  10. Gasoline Prices and Their Relationship to Rising Motorcycle Fatalities, 1990–2007

    Science.gov (United States)

    Stimpson, Jim P.; Hilsenrath, Peter E.

    2009-01-01

    Motor vehicle accidents are the leading cause of death among young adults. Although automobile fatalities have declined in recent years, motorcycle fatalities are rapidly increasing. The purpose of our research was to quantify the relationship between changing fuel prices and motorcycle fatalities. Our findings suggest that people increasingly rely on motorcycles to reduce their fuel costs in response to rising gasoline prices. We estimate that use of motorcycles and scooters instead of 4-wheeled vehicles results in over 1500 additional motorcycle fatalities annually for each dollar increase in gas prices. Motorcycle safety should receive more attention as a leading public health issue. PMID:19696374

  11. Rapid fabrication of microfluidic polymer electrolyte membrane fuel cell in PDMS by surface patterning of perfluorinated ion-exchange resin

    Energy Technology Data Exchange (ETDEWEB)

    Song, Yong-Ak; Han, Jongyoon [Department of Electrical Engineering and Computer Science, Massachusetts Institute of Technology, 77 Massachusetts Ave., Cambridge, MA 02139 (United States); Department of Biological Engineering, Massachusetts Institute of Technology, 77 Massachusetts Ave., Cambridge, MA 02139 (United States); Batista, Candy [Roxbury Community College, 1234 Columbus Ave., Roxbury Crossing, MA 02120 (United States); Sarpeshkar, Rahul [Department of Electrical Engineering and Computer Science, Massachusetts Institute of Technology, 77 Massachusetts Ave., Cambridge, MA 02139 (United States)

    2008-09-01

    In this paper we demonstrate a simple and rapid fabrication method for a microfluidic polymer electrolyte membrane (PEM) fuel cell using polydimethylsiloxane (PDMS), which has become the de facto standard material in BioMEMS. Instead of integrating a Nafion sheet film between two layers of a PDMS device in a traditional ''sandwich format,'' we pattern a perfluorinated ion-exchange resin such as a Nafion resin on a glass substrate using a reversibly bonded PDMS microchannel to generate an ion-selective membrane between the fuel-cell electrodes. After this patterning step, the assembly of the microfluidic fuel cell is accomplished by simple oxygen plasma bonding between the PDMS chip and the glass substrate. In an example implementation, the planar PEM microfluidic fuel cell generates an open circuit voltage of 600-800 mV and delivers a maximum current output of nearly 4 {mu}A. To enhance the power output of the fuel cell we utilize self-assembled colloidal arrays as a support matrix for the Nafion resin. Such arrays allow us to increase the thickness of the ion-selective membrane to 20 {mu}m and increase the current output by 166%. Our novel fabrication method enables rapid prototyping of microfluidic fuel cells to study various ion-exchange resins for the polymer electrolyte membrane. Our work will facilitate the development of miniature, implantable, on-chip power sources for biomedical applications. (author)

  12. A rapid selection strategy for an anodophilic consortium for microbial fuel cells

    KAUST Repository

    Wang, Aijie

    2010-07-01

    A rapid selection method was developed to enrich for a stable and efficient anodophilic consortium (AC) for microbial fuel cells (MFCs). A biofilm sample from a microbial electrolysis cell was serially diluted up to 10-9 in anaerobic phosphate buffer solution and incubated in an Fe(III)-acetate medium, and an Fe(III)-reducing AC was obtained for dilutions up to 10-6. The activity of MFC inoculated with the enrichment AC was compared with those inoculated with original biofilm or activated sludge. The power densities and Coulombic efficiencies of the AC (226 mW/m2, 34%) were higher than those of the original biofilm (209 mW/m2, 23%) and activated sludge (192 mW/m2, 19%). The start-up period of the AC (60 h) was also shorter than those obtained with the other inocula (biofilm, 95 h; activated sludge, 300 h). This indicated that such a strategy is highly efficient for obtaining an anodophilic consortium for improving the performance of an MFC. © 2010 Elsevier Ltd.

  13. Food before Biodiesel Fuel?

    OpenAIRE

    HAO, NA; Colson, Gregory; Karali, Berna; Wetzstein, Michael E.

    2013-01-01

    Biodiesel has recently drawn attention because of its potential to make an important contribution to national energy security and the environment. However, the rapid growth of biodiesel has raised concerns about biodiesel’s impact on the price level and volatility of agricultural commodities. To address these concerns this research investigates the short- and long-run relationships between agricultural commodity and fuel markets, and finds interdependencies between the two. The causal linkage...

  14. Agro-industrial residues as low-price feedstock for diesel-like fuel production by thermal cracking.

    Science.gov (United States)

    Santos, Andre L F; Martins, Danilo U; Iha, Osvaldo K; Ribeiro, Rafael A M; Quirino, Rafael L; Suarez, Paulo A Z

    2010-08-01

    Pyrolysis of industrial fatty wastes (soybean soapstock, beef tallow, and poultry industry waste) was carried out in the absence of catalysts. In all cases, organic mixtures of hydrocarbons and oxygenated compounds were obtained. These mixtures were distilled and diesel-like fractions were isolated and characterized by GC-FID, GC-MS and FT-IR, showing the formation of olefins, paraffins, and some oxygenated compounds such as carboxylic acids and esters. The main physical-chemical properties of those isolated diesel-like fuels (density, viscosity, distillation curve, carbon residue, copper corrosion test, cetane index, cold finger plugging point, acid index and heating value) were determined using ASTM standard methods and matched the Brazilian specification for diesel fuel. (c) 2010 Elsevier Ltd. All rights reserved.

  15. Rapid Fuel Quality Surveillance Through Chemometric Modeling of Near-Infrared Spectra

    Science.gov (United States)

    2009-01-01

    series of chemical and physical tests. However, in some operational situations, streamlined methods to reliably evaluate fuel quality would offer...2003, 82 (10), 1211–1218. (8) Flecher, P. E.; Welch, W. T.; Albin , S.; Cooper, J. B. Spectrochim. Acta, Part A: 1997, 53A (2), 199–206. (9) Workman, J...space of the applicable fuel model. Prediction interval estimation for PLS regression is an active area of research, with several proposed candidate

  16. Modelling socio-metabolic transitions: The historical take-off, the acceleration of fossil fuel use, and the 1970s oil price shock - the first trigger of a future decline?

    Science.gov (United States)

    Wiedenhofer, Dominik; Rovenskaya, Elena; Krausmann, Fridolin; Haas, Willi; Fischer-Kowalski, Marina

    2013-04-01

    triggered the end of rapid physical growth in high income countries. This could contribute to understanding the potential effect of other such shocks such as the rise in energy prices preceding the recent crisis, or future shocks related to the risks of nuclear energy or unconventional fossil fuels.

  17. Rapid spectroscopic determination of per cent aromatics, per cent saturates and freezing point of JP-4 aviation fuel

    Energy Technology Data Exchange (ETDEWEB)

    Lysaght, M.J.; Kelly, J.J.; Callis, J.B. (Washington University, Seattle, WA (USA). Dept. of Chemistry)

    1993-05-01

    Near-infrared (n.i.r.) spectroscopy in both the short wavelength region (700-1100 nm) and the long wavelength region (1100-1500 nm) is evaluated as a rapid method for the simultaneous estimation of the freezing point and volume percentages of aromatics and saturates of aviation fuels. Thirty-three JP-4 samples were independently analysed by six industrial and government laboratories for freezing point and for volume per cent aromatics and volume per cent saturates by fluorescent indicator adsorption. These results were then used to calibrate the sample's n.i.r. spectra. Both multiple linear regression and partial least squares calibration methods were evaluated and gave comparable performance. The n.i.r. spectral analysis predictions for these properties were within the standard deviations of the round-robin values. Specially, the per cent aromatics and per cent saturates were within 1% and the freezing point within 2.5[degree]C of the laboratory-determined values. N.i.r. spectroscopy appears to have considerable promise as a rapid non-destructive method for jet fuel analysis. 27 refs., 8 figs., 6 tabs.

  18. Biofuel and Food-Commodity Prices

    Directory of Open Access Journals (Sweden)

    David Zilberman

    2012-09-01

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

  19. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

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

  20. Availability and price of malaria rapid diagnostic tests in the public and private health sectors in 2011: results from 10 nationally representative cross-sectional retail surveys.

    Science.gov (United States)

    Poyer, Stephen; Shewchuk, Tanya; Tougher, Sarah; Ye, Yazoume; Mann, Andrea G; Willey, Barbara A; Thomson, Rebecca; Amuasi, John H; Ren, Ruilin; Wamukoya, Marilyn; Taylor, Mark; Nguah, Samuel Blay; Mberu, Blessing; Kalolella, Admirabilis; Juma, Elizabeth; Festo, Charles; Johanes, Boniface; Diap, Graciela; Bruxvoort, Katia; Ansong, Daniel; Hanson, Kara; Arnold, Fred; Goodman, Catherine

    2015-06-01

    To describe the state of the public and private malaria diagnostics market shortly after WHO updated its guidelines for testing all suspected malaria cases prior to treatment. Ten nationally representative cross-sectional cluster surveys were conducted in 2011 among public and private health facilities, community health workers and retail outlets (pharmacies and drug shops) in nine countries (Tanzania mainland and Zanzibar surveyed separately). Eligible outlets had antimalarials in stock on the day of interview or had stocked antimalarials in the past 3 months. Three thousand four hundred and thirty-nine rapid diagnostic test (RDT) products from 39 manufacturers were audited among 12,197 outlets interviewed. Availability was typically highest in public health facilities, although availability in these facilities varied greatly across countries, from 15% in Nigeria to >90% in Madagascar and Cambodia. Private for-profit sector availability was 46% in Cambodia, 20% in Zambia, but low in other countries. Median retail prices for RDTs in the private for-profit sector ranged from $0.00 in Madagascar to $3.13 in Zambia. The reported number of RDTs used in the 7 days before the survey in public health facilities ranged from 3 (Benin) to 50 (Zambia). Eighteen months after WHO updated its case management guidelines, RDT availability remained poor in the private sector in sub-Saharan Africa. Given the ongoing importance of the private sector as a source of fever treatment, the goal of universal diagnosis will not be achievable under current circumstances. These results constitute national baselines against which progress in scaling-up diagnostic tests can be assessed. © 2015 John Wiley & Sons Ltd.

  1. Multi-criteria comparison of fuel policies: Renewable fuel mandate, fuel emission-standards, and fuel carbon tax

    OpenAIRE

    Rajagopal, Deepak; Hochman, G.; Zilberman, D.

    2012-01-01

    We develop a two-region partial equilibrium model of the global market for liquid fuels to analyze different fuel policies based on multiple criteria, including greenhouse gas (GHG) emissions, expenditure of fuel imports, and the impact on fuel consumers and producers. We find that while ethanol policies may lower gasoline price in the home region, they increase the price of other oil products. A carbon tax increases prices of all fuels. For current sources of ethanol, reduction in GHG emissi...

  2. Rapid detection of defects in fuel-cell electrodes using infrared reactive-flow-through technique

    Science.gov (United States)

    Das, Prodip K.; Weber, Adam Z.; Bender, Guido; Manak, Austin; Bittinat, Daniel; Herring, Andrew M.; Ulsh, Michael

    2014-09-01

    As fuel cells become more prominent, new manufacturing and production methods will need to be developed to deal efficiently and effectively with increased demand. One necessary component of this industrial growth is the accurate measurement of the variability in the manufacturing process. In this study, we present a diagnostic system that combines infrared thermography with a reactive-flow-through technique to detect catalyst-loading defects in fuel-cell gas-diffusion electrodes accurately with high spatial and temporal resolutions. Experimental results are compared with model predictions of thermal response with good agreement. Data analysis, operating-condition impacts, and detection limits are explored using both experiments and simulation. Overall, the results demonstrate the potential of this technique to measure defects on the millimeter length scale with temporal resolutions appropriate for use on a web-line. Thus we present the first development stage of a next-generation non-destructive diagnostic tool, which may be amenable to eventual use on roll-to-roll manufacturing lines.

  3. Price Setting in Transition: The Effect of Takeover on a Petroleum Firm

    OpenAIRE

    Juraj Valachy

    2002-01-01

    In this paper, I investigate the effect of the takeover of a Slovak petroleum firm on its price setting mechanism. In particular, I tested the changes in the reaction of output (fuel) price on input (dollar and crude oil) prices and competitors' prices (approximated by the reference Commodity Exchange fuel price). I find that during the time when the company was owned and controlled by managers, only negative changes in input prices were reflected in the output price. After the takeover of th...

  4. Microbial fuel cell biosensor for rapid assessment of assimilable organic carbon under marine conditions.

    Science.gov (United States)

    Quek, Soon Bee; Cheng, Liang; Cord-Ruwisch, Ralf

    2015-06-15

    The development of an assimilable organic carbon (AOC) detecting marine microbial fuel cell (MFC) biosensor inoculated with microorganisms from marine sediment was successful within 36 days. This established marine MFC was tested as an AOC biosensor and reproducible microbiologically produced electrical signals in response to defined acetate concentration were achieved. The dependency of the biosensor sensitivity on the potential of the electron-accepting electrode (anode) was investigated. A linear correlation (R(2) > 0.98) between electrochemical signals (change in anodic potential and peak current) and acetate concentration ranging from 0 to 150 μM (0-3600 μg/L of AOC) was achieved. However, the present biosensor indicated a different-linear relation at somewhat elevated acetate concentration ranging from 150 to 450 μM (3600-10,800 μg/L of AOC). This high concentration of acetate addition could be measured by coulombic measurement (cumulative charges) with a linear correlation. For the acetate concentration detected in this study, the sensor recovery time could be controlled within 100 min. Copyright © 2015 Elsevier Ltd. All rights reserved.

  5. The Impact of Oil Price Changes on Inflation in Pakistan

    OpenAIRE

    Malik, Afia

    2016-01-01

    Oil prices have fluctuated enormously in recent years. Strong volatility in oil prices has serious implications for Pakistan’s economy given its substantial dependence on imported fuels. Energy prices have a crucial role behind inflation rates in Pakistan and it is proved in this study. We estimate the effects of oil price changes on inflation for Pakistan using an augmented Phillips curve framework. Our results suggest a strong oil price-inflation relationship, especially when oil prices are...

  6. A paper-based microbial fuel cell array for rapid and high-throughput screening of electricity-producing bacteria.

    Science.gov (United States)

    Choi, Gihoon; Hassett, Daniel J; Choi, Seokheun

    2015-06-21

    There is a large global effort to improve microbial fuel cell (MFC) techniques and advance their translational potential toward practical, real-world applications. Significant boosts in MFC performance can be achieved with the development of new techniques in synthetic biology that can regulate microbial metabolic pathways or control their gene expression. For these new directions, a high-throughput and rapid screening tool for microbial biopower production is needed. In this work, a 48-well, paper-based sensing platform was developed for the high-throughput and rapid characterization of the electricity-producing capability of microbes. 48 spatially distinct wells of a sensor array were prepared by patterning 48 hydrophilic reservoirs on paper with hydrophobic wax boundaries. This paper-based platform exploited the ability of paper to quickly wick fluid and promoted bacterial attachment to the anode pads, resulting in instant current generation upon loading of the bacterial inoculum. We validated the utility of our MFC array by studying how strategic genetic modifications impacted the electrochemical activity of various Pseudomonas aeruginosa mutant strains. Within just 20 minutes, we successfully determined the electricity generation capacity of eight isogenic mutants of P. aeruginosa. These efforts demonstrate that our MFC array displays highly comparable performance characteristics and identifies genes in P. aeruginosa that can trigger a higher power density.

  7. Diagnostic ratios for the rapid evaluation of natural attenuation of heavy fuel oil pollution along shores.

    Science.gov (United States)

    Esquinas, Noemi; Rodríguez-Valdés, Eduardo; Márquez, Gonzalo; Gallego, José Luis R

    2017-10-01

    Marine oil spills are typically followed by complex clean-up and monitoring operations of the shorelines affected. In this regard, determination of the changes in the chemical composition of the spilled product is crucial for evaluation purposes. The "GC-MS fingerprint" approach requires the identification of several key parameters in order to differentiate between weathering processes. In this context, we performed a 900-day study (eight sampling campaigns) of natural attenuation on a rocky shore affected by a heavy fuel oil spill. The residues coating the rocks were studied by extraction, separation and evaluation of SARA fractions, followed by GC-MS analysis for saturates and aromatics. The results identified a group of diagnostic ratios with irregular capabilities to differentiate between volatilization, photodegradation, and biodegradation (using n-alkanes, isoprenoids and PAHs), while a second group of primarily stable ratios (using dibenzothiphenes, tricyclics and hopanes) was also obtained. Notably, this is the first time that some of these ratios have been used for marine spill monitoring purposes. The ratios were applied not only to evaluate weathering at the study site, but also to obtain a comparison with the degradation of floating oil slicks-a demonstration that weathering of the latter was quicker than that of oil on the shore rocks. Additionally, Pyrolysis-GC-MS analysis of the asphaltene fraction of residues coating the rocks revealed moderate changes in the composition of this initially recalcitrant fraction. These changes were consistent with those found in the proportion of resins and asphaltene fractions over time. Copyright © 2017 Elsevier Ltd. All rights reserved.

  8. Commercial aviation alternative fuels initiative

    Science.gov (United States)

    2010-04-22

    This presentation looks at alternative fuels to enhance environmental stability, reduction of greenhouse gas emissions, air quality benefits (e.g., SOx and PM), fuel supply stability, and fuel price stability.

  9. Analysis of reference prices for Westpac JP-4 procurement

    Energy Technology Data Exchange (ETDEWEB)

    Bradshaw, E.P.; Herrick, D.M.

    1977-06-01

    The Defense Fuel Supply Center procures JP-4 fuel requirements for the Western Pacific market area using fixed price contracts with escalation. Currently, several reference prices are used in DFSC contracts, upon which contract price adjustments are based. The petroleum market was analyzed and an attempt was made to determine if there is one 'best' reference price or combination of reference prices that could be used in DFSC contracts. It was concluded that the 'best' reference price was a combination of crude oil posted prices. (Author)

  10. Fuel Price Effects on Readiness

    Science.gov (United States)

    2014-05-01

    O’Rourke, “Department of Defense Energy Initiatives.” 4 Ibid., 14. 5 Lacking consistent cross-Service terminology, we have taken the liberty to use...recommended DLA consider implementing some changes to the contractual arrangements, but that DoD not use hedging techniques that involve financial...Alexandria, Virginia 22311-1882 I N S T I T U T E F O R D E F E N S E A N A L Y S E S About this Publication This work was conducted by the Institute

  11. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

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

  12. A simple and rapid method for monitoring dissolved oxygen in water with a submersible microbial fuel cell (SBMFC).

    Science.gov (United States)

    Zhang, Yifeng; Angelidaki, Irini

    2012-01-01

    A submersible microbial fuel cell (SBMFC) was developed as a biosensor for in situ and real time monitoring of dissolved oxygen (DO) in environmental waters. Domestic wastewater was utilized as a sole fuel for powering the sensor. The sensor performance was firstly examined with tap water at varying DO levels. With an external resistance of 1000Ω, the current density produced by the sensor (5.6 ± 0.5-462.2 ± 0.5 mA/m(2)) increased linearly with DO level up to 8.8 ± 0.3mg/L (regression coefficient, R(2)=0.9912), while the maximum response time for each measurement was less than 4 min. The current density showed different response to DO levels when different external resistances were applied, but a linear relationship was always observed. Investigation of the sensor performance at different substrate concentrations indicates that the organic matter contained in the domestic wastewater was sufficient to power the sensing activities. The sensor ability was further explored under different environmental conditions (e.g. pH, temperature, conductivity, and alternative electron acceptor), and the results indicated that a calibration would be required before field application. Lastly, the sensor was tested with different environmental waters and the results showed no significant difference (p>0.05) with that measured by DO meter. The simple, compact SBMFC sensor showed promising potential for direct, inexpensive and rapid DO monitoring in various environmental waters. Copyright © 2012 Elsevier B.V. All rights reserved.

  13. Price increase

    CERN Multimedia

    2005-01-01

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

  14. Price increase

    CERN Multimedia

    2006-01-01

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

  15. Rockets and Feathers: The Asymmetric Effect between China’s Refined Oil Prices and International Crude Oil Prices

    National Research Council Canada - National Science Library

    Yufeng Chen; Guobin Huang; Lihua Ma

    2017-01-01

    .... Our empirical results suggest that increases and decreases in international oil prices have asymmetric effects on both wholesale prices of gasoline and diesel fuel in China, and that both increases...

  16. Price Fairness versus Pricing Fairness

    OpenAIRE

    Chapuis, Jean Michel

    2012-01-01

    International audience; This research note discusses the distinction between these two concepts of perceptions of fairness, based on the theory of distributive justice and procedural justice, in order to helps understand consumer behavior. With a sample of 250 tourists in French Polynesia and a structural equation model, tourists do not confuse price fairness and pricing fairness. The theoretical implications are that future research should use two distinct scales. For managers, the study sug...

  17. State Energy Price System: 1982 update

    Energy Technology Data Exchange (ETDEWEB)

    Imhoff, K.L.; Fang, J.M.

    1984-10-01

    The State Energy Price System (STEPS) contains estimates of energy prices for ten major fuels (electricity, natural gas, metallurgical coal, steam coal, distillate, motor gasoline, diesel, kerosene/jet fuel, residual fuel, and liquefied petroleum gas), by major end-use sectors (residential, commercial, industrial, transportation, and electric utility), and by state through 1982. Both physical unit prices and prices per million Btu are included in STEPS. Major changes in STEPS data base for 1981 and 1982 are described. The most significant changes in procedures for the updates occur in the residential sector distillate series and the residential sector kerosene series. All physical unit and Btu prices are shown with three significant digits instead of with four significant digits as shown in the original documentation. Details of these and other changes are contained in this report, along with the updated data files. 31 references, 65 tables.

  18. State energy price and expenditure report 1994

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-06-01

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

  19. Rapid aqueous release of fission products from high burn-up LWR fuel: Experimental results and correlations with fission gas release

    Science.gov (United States)

    Johnson, L.; Günther-Leopold, I.; Kobler Waldis, J.; Linder, H. P.; Low, J.; Cui, D.; Ekeroth, E.; Spahiu, K.; Evins, L. Z.

    2012-01-01

    Studies of the rapid aqueous release of fission products from UO 2 and MOX fuel are of interest for the assessment of the safety of geological disposal of spent fuel, because of the associated potential contribution to dose in radiological safety assessment. Studies have shown that correlations between fission gas release (FGR) and the fraction rapidly leached of various long-lived fission products can provide a useful method to obtain some of this information. Previously, these studies have been limited largely to fuel with burn-up values below 50 MWd/kg U. Collaborative studies involving SKB, Studsvik, Nagra and PSI have provided new data on short-term release of 137Cs and 129I for a number of fuels irradiated to burn-ups of 50-75 MWd/kgU. In addition a method for analysis of leaching solutions for 79Se was developed. The results of the studies show that the fractional release of 137Cs is usually much lower than the FGR covering the entire range of burn-ups studied. Fractional 129I releases are somewhat larger, but only in cases in which the fuel was forcibly extracted from the cladding. Despite the expected high degree of segregation of fission gas (and by association 137Cs and 129I) in the high burn-up rim, no evidence was found for a significant contribution to release from the rim region. The method for 79Se analysis developed did not permit its detection. Nonetheless, based on the detection limit, the results suggest that 79Se is not preferentially leached from spent fuel.

  20. Rapid and Sensitive Detection of the Main Contaminating Fungus Penicillium restrictum in Jet Fuel using Loop-Mediated Isothermal Amplification Combined with a Lateral Flow Dipstick

    Directory of Open Access Journals (Sweden)

    Xiong Yun

    2016-06-01

    Full Text Available We report a new contaminating fungus of jet fuel, Penicillium restrictum, which accounted for nearly 17% of the total sequence identified from five jet fuel samples as determined by the application of Illumina MiSeq sequencing-by-synthesis. We also report the development and validation of a new loop-mediated isothermal amplification (LAMP assay combined with a lateral flow dipstick (LFD for the repaid detection of P. restrictum. The optimal reaction conditions and primer set for LAMP were determined using a real-time turbidimeter. The LAMP-LFD assay was 1000-fold more sensitive than traditional PCR. P. restrictum could be detected specifically using the LAMP-LFD assay, and no amplification was observed when genomic DNA from another seven fungi found in jet fuel was tested. Eleven jet fuel samples from the field were tested using the LAMP-LFD assay we developed. Seven of them were positive for the presence of P. restrictum. These results were verified by traditional microbiological detection methods. Our results indicate that the LAMP-LFD assay is a rapid, accurate and sensitive tool for the detection of P. restrictum and could represent a new template for the detection of contaminating fungi in jet fuel.

  1. Transport fuel

    DEFF Research Database (Denmark)

    Ronsse, Frederik; Jørgensen, Henning; Schüßler, Ingmar

    2014-01-01

    Worldwide, the use of transport fuel derived from biomass increased four-fold between 2003 and 2012. Mainly based on food resources, these conventional biofuels did not achieve the expected emission savings and contributed to higher prices for food commod - ities, especially maize and oilseeds...

  2. Access price regulation facilitates strategic transfer pricing

    OpenAIRE

    Fjell, Kenneth; Foros, Øystein

    2005-01-01

    Access price regulation is used in telecommunications to prevent that a vertically integrated firm, that controls an essential input, raises the rivals` costs. When the authorities remove the access price as a strategic tool, they at the same time make it optimal for the vertically integrated firm to reorganize from centralized pricing to decentralized pricing in order to use the transfer price as an alternative strategic device. To implement access price regulation, authorities use accountin...

  3. Prices high, tensions ease and a new OPEC is formed

    Energy Technology Data Exchange (ETDEWEB)

    Anon

    2006-09-15

    Crude oil prices rose on news that BP was to shut-in its 400,000 bpd Prudhoe Bay field, following the discovery of corrosion in a pipeline serving the field. Dated BFO went to a record high of $78.72/bbl on 8th August. Speculation that refiners on the US West Coast would seek to replace the lost Alaska North Slope crude with supplies from the Asia/Pacific region caused prices to rise there as well. US crude prices were rather less affected than elsewhere by events in Alaska as it rapidly became clear that stock levels were sufficient to deal with any loss of production. It also emerged that BP was able to keep about half of Prudhoe Bay in production. By that time, however, oil markets had latched on to an entirely different source of worry. The announcement in London that police had uncovered a plot to blow-up aeroplanes crossing the Atlantic led to concerns of a sharp fall in passenger travel. Traders were not simply worried about the effect of this on the demand for jet fuel, but expressed concerns of a more general loss of business confidence across the world. Fears over a fall in jet fuel consumption did not appear to have spread to Singapore, where jet kerosine traded at an all-time high of $91.75/bbl early in August. (author)

  4. State energy price system. Volume I: overview and technical documentation

    Energy Technology Data Exchange (ETDEWEB)

    Fang, J.M.; Nieves, L.A.; Sherman, K.L.; Hood, L.J.

    1982-06-01

    This study utilizes existing data sources and previous analyses of state-level energy prices to develop consistent state-level energy prices series by fuel type and by end-use sector. The fuels are electricity, natural gas, coal, distillate fuel oil, motor gasoline, diesel, kerosene, jet fuel, residual fuel, and liquefied petroleum gas. The end-use sectors are residential, commercial, industrial, transportation, and electric utility. Based upon an evaluation of existing data sources, recommendations were formulated on the feasible approaches for developing a consistent state energy price series. The data series were compiled based upon the approaches approved after a formal EIA review. Detailed documentation was provided, including annual updating procedures. Recommendations were formulated for future improvements in the collection of data or in data processing. Generally, the geographical coverage includes the 50 states and the District of Columbia. Information on state-level energy use was generally taken from the State Energy Data System (SEDS). Corresponding average US prices are also developed using volumes reported in SEDS. To the extent possible, the prices developed are quantity weighted average retail prices. Both a Btu price series and a physical unit price series are developed for each fuel. The period covered by the data series is 1970 through 1980 for most fuels, though prices for electricity and natural gas extend back to 1960. (PSB)

  5. Price Asynchronization and Price Level Inertia

    OpenAIRE

    Blanchard, Olivier J.

    1982-01-01

    If price decisions are taken neither continuously nor in perfect synchronization, the process of adjustment of all prices to a new nominal level will imply temporary movements in relative prices. It might then well be that, to avoid these movements in relative prices, each price setter will want to move his own price slowly compared to others. The result will be a slow movement of all prices to their new nominal level, and substantial inertia of the price level. This paper formalizes this int...

  6. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

    into a stylized framework. We apply the proposed framework in the analysis of a field experiment that contrasts three variations of a freemium pricing scheme and comprises about 300,000 users of a software application. Our findings indicate that a reduction of free product features increases conversion as well...... as viral activity, but reduces usage – which is in line with the framework’s predictions. Additional back-of-the-envelope profit estimations suggest that managers were overly optimistic about positive externalities from usage and viral activity in their choice of pricing scheme, leading them to give too...... much of their product away for free. Our framework and its exemplary application can be a remedy....

  7. Pricing Perishables

    OpenAIRE

    Weaver, Robert D.; Moon, Yongma

    2011-01-01

    A key feature of food products is their perishability. Within the short marketing window that characterizes most food and ag products, demand is typically highly stochastic and difficult to predict. This combination of features poses substantial challenges to retailers when pricing products and has implications for performance that ripples through vertical food chains. For many food products, processing to forms that can be preserved and held in inventory has traditionally been used as a mean...

  8. Price Perception

    OpenAIRE

    Margianti, E.S.; Saptariani, Trini; Sirongoringo, Hotniar

    2008-01-01

    This research is intended to investigate consumer price perception which is set up by two (2) big retail chains. However, research variable is subjected to consumer opinion, so that survey research was deployed to gather data needed. Questionnaire, as research instrument, was distributed to consumers who perform convenience shopping goods at two chains, i.e. Carrefour and Giant in Depok city. As research variables are latent in nature, multilevel structural equation modeling was used to analy...

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2016-08-01

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

  10. THE OIL PRICE HIKE ALTERS PURCHASING POWER AND DAILY CONSUMPTION BUYING BEHAVIOR OF SOCIETY OF INDONESIA

    OpenAIRE

    Budiono, GATUT L.

    2010-01-01

    The fuel price hike has caused panic stricken all level of Indonesia's society. Oil price hike directly driving majority daily consumption goods price increase. These oil price increase was not followed by the increase of income. The oil price hike has a wide economical concequences to Indonesia's society. Society's purchasing power has depressed lower and automatically changing daily consumption goods buying preference. The oil price hike affecting significantly to lower income society's dai...

  11. MARKET ECONOMICS PRICING PARTICULARS

    Directory of Open Access Journals (Sweden)

    V. I. Parshin

    2011-01-01

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

  12. Price controls and international petroleum product prices

    Energy Technology Data Exchange (ETDEWEB)

    Deacon, R.T.; Mead, W.J.; Agarwal, V.B.

    1980-02-01

    The effects of Federal refined-product price controls upon the price of motor gasoline in the United States through 1977 are examined. A comparison of domestic and foreign gasoline prices is made, based on the prices of products actually moving in international trade. There is also an effort to ascribe US/foreign market price differentials to identifiable cost factors. Primary emphasis is on price comparisons at the wholesale level, although some retail comparisons are presented. The study also examines the extent to which product price controls are binding, and attempts to estimate what the price of motor gasoline would have been in the absence of controls. The time period under consideration is from 1969 through 1977, with primary focus on price relationships in 1970-1971 (just before US controls) and 1976-1977. The foreign-domestic comparisons are made with respect to four major US cities, namely, Boston, New York, New Orleans, and Los Angeles. 20 figures, 14 tables.

  13. A new general and rapid method for investigating hot corrosion: preliminary tests on electrodes for molten carbonate fuel cells

    Energy Technology Data Exchange (ETDEWEB)

    Griffiths, T.R. [Dept. of Chemistry, Univ. of Leeds, Leeds (United Kingdom); Volkovich, V.A. [Dept. of Rare Metals, Ural State Technical Univ. - UPI, Ekaterinburg (Russian Federation)

    2004-07-01

    With the increase and improvement in corrosion resistant alloys, coatings and surface treatments, the ability to test and predict their long-term behaviour to oxidation under hot corrosion conditions, within a reasonable time period, becomes diminished. Peroxide and superoxide ions are the most active oxidisers and we have established a means for generating them in significant concentrations in molten carbonates. This thus has the potential for enabling accelerated hot corrosion studies and we here describe the technique and report preliminary studies on the nickel and nickel oxide electrodes used in molten carbonate fuel cells. Further applications are expected to follow. (orig.)

  14. State energy price and expenditure report, 1995

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-08-01

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

  15. A Meta-analysis of the Price Elasticity of Gasoline Demand. A System of Equations Approach

    NARCIS (Netherlands)

    Brons, Martijn; Nijkamp, Peter; Pels, Eric; Rietveld, Piet

    2006-01-01

    Automobile gasoline demand can be expressed as a multiplicative function of fuel efficiency, mileage per car and car ownership. This implies a linear relationship between the price elasticity of total fuel demand and the price elasticities of fuel efficiency, mileage per car and car ownership. In

  16. A meta-analysis of the price elasticity of gasoline demand. A SUR approach

    NARCIS (Netherlands)

    Brons, M.R.E.; Nijkamp, P.; Pels, E.; Rietveld, P.

    2008-01-01

    Automobile gasoline demand can be expressed as a multiplicative function of fuel efficiency, mileage per car and car ownership. This implies a linear relationship between the price elasticity of total fuel demand and the price elasticities of fuel efficiency, mileage per car and car ownership. In

  17. 7 CFR 1000.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... III price; (4) The Class III skim milk price; (5) The Class IV price; (6) The Class IV skim milk price... the following month: (1) The Class I price; (2) The Class I skim milk price; (3) The Class I butterfat price; (4) The Class II skim milk price; (5) The Class II nonfat solids price; and (6) The advanced...

  18. Pricing and Trust

    DEFF Research Database (Denmark)

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

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

  19. Trends in College Pricing, 2016. Trends in Higher Education Series

    Science.gov (United States)

    Ma, Jennifer; Baum, Sandy; Pender, Matea; Welch, Meredith

    2016-01-01

    In 2016-17, published tuition and fee prices rose slightly less than the year before. The rapid price growth observed during the Great Recession has abated, as typically happens when the economy recovers, but the rate of increase in tuition and fees continues to exceed inflation. More notable, however, is the pattern of the net prices students…

  20. 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.

  1. Bioethanol: fuel or feedstock?

    DEFF Research Database (Denmark)

    Rass-Hansen, Jeppe; Falsig, Hanne; Jørgensen, Betina

    2007-01-01

    Increasing amounts of bioethanol are being produced from fermentation of biomass, mainly to counteract the continuing depletion of fossil resources and the consequential escalation of oil prices. Today, bioethanol is mainly utilized as a fuel or fuel additive in motor vehicles, but it could also...

  2. Reducing Fuel Volatility - An Additional Benefit From Blending Bio-fuels?

    NARCIS (Netherlands)

    Bailis, R.E.; Koeb, B.S.; Sanders, M.W.J.L.

    Oil price volatility harms economic growth. Diversifying into different fuel types can mitigate this effect by reducing volatility in fuel prices. Producing bio-fuels may thus have additional benefits in terms of avoided damage to macro-economic growth. In this study we investigate trends and

  3. Stability in Organic Milk Farm Prices: A Comparative Study

    OpenAIRE

    Su, Ye; Brown, Scott; Michael L. Cook

    2013-01-01

    The organic milk pay price is more stable year round and increases every year. However, the conventional milk price varies within the year and from year to year. As an emerging segment of the milk industry, consumer demand for organic milk is increasing rapidly. The growth in demand relative to supply provides organic milk producers and processors large premiums over the conventional milk price. Many conventional dairy farms have converted to organic operations for the more stable price. The ...

  4. Heterogeneity and option pricing

    NARCIS (Netherlands)

    Benninga, Simon; Mayshar, Joram

    2000-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2001-01-01

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

  6. Producer prices in tropical Africa : a review of official prices for agricultural products, 1960-1980

    NARCIS (Netherlands)

    Hesp, P.; African Studies Centre, Leiden

    1985-01-01

    Summ.: An inventory of government-regulated producer prices in tropical Africa for the period 1960-1980. Statistical data are presented for 29 countries and 11 major crops (seven export crops and four food crops). A review of price movements indicate that: there has been a general and rapid rise in

  7. Solutions for wood-based bio-energy price discovery

    Energy Technology Data Exchange (ETDEWEB)

    Teraes, Timo [FOEX Indexes Ltd., Helsinki (Finland)], e-mail: timo@foex.fi

    2012-11-01

    Energy prices are highly volatile. This volatility can have serious ill-effects on the profitability of companies engaged in the energy business. There are, however, a number of price risk management tools which can be used to reduce the problems caused by price volatility. International trade of wood pellets and wood chips is rapidly growing. A good price transparency helps in developing the trade further. In order to meet the renewable energy targets within the EU, further growth of volumes is needed, at least within Europe and from overseas supply sources to the European markets. Reliable price indices are a central element in price risk management and in general price discovery. Exchanges have provided, in the past, the most widely known price discovery systems. Since 1990's, an increasing number of price risk management tools has been based on cash settlement concept. Cash settlement requires high quality benchmark price indices. These have been developed by the exchanges themselves, by trade press and by independent price benchmark provider companies. The best known of these benchmarks in forest industry and now also in wood-based bioenergy products are the PIX indices, provided by FOEX Indexes Ltd. This presentation discusses the key requirements for a good price index and the different ways of using the indices. Price relationships between wood chip prices and pellet prices are also discussed as will be the outlook for the future volume growth and trade flows in woodchips and pellets mainly from the European perspective.

  8. The political economy of food price policy: Country case study of Mozambique

    OpenAIRE

    Nhate, Virgulino; Massingarela, Claudio; Salvucci, Vincenzo

    2013-01-01

    The 2007-09 price shocks affected in particular the prices of food commodities and fuel. As a consequence, Mozambique experienced reduced exports, more expensive imports and increased food and oil prices, contributing to the stagnant poverty rates registered in 2008/9. Our analysis finds, first, that domestic prices for imported food crops followed the international trends only partially and remained high even after international prices declined. And second, the policy responses adopted by th...

  9. What's Driving Food Prices? March 2009 Update

    OpenAIRE

    Abbott, Philip C.; Hurt, Christopher; Tyner, Wallace E.

    2009-01-01

    In the spring and early summer of 2008, the temperature of the rhetoric in the food-versus-fuel debate was skyrocketing right along with the prices of corn, soybeans and crude oil. Farm Foundation is not about heat or fueling fires. Our mission is to be a catalyst for sound public policy by providing objective information to foster deeper understanding of the complex issues before the food system today. We commissioned Purdue University economists Wallace Tyner, Philip Abbott and Christopher ...

  10. 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...

  11. Electricity futures prices: time varying sensitivity to fundamentals

    OpenAIRE

    Fleten, Stein-Erik; Huisman, Ronald; Kilic, Mehtap; Pennings, Enrico; Westgaard, Sjur

    2014-01-01

    This paper provides insight into the time-varying relation between electricity futures prices and fundamentals in the form of contract prices for fossil fuels. As supply curves are not constant and different producers have different marginal costs of production, we argue that the relation between the prices of electricity futures and those of underlying fundamentals such as natural gas, coal and emission rights varies over time. We test this view by applying a model that linearly relates elec...

  12. Feasibility of congestion pricing as an energy conservation measure. Final report, June 1992-August 1994

    Energy Technology Data Exchange (ETDEWEB)

    Kacir, K.; Memmott, J.L.; Ruffley, R.

    1994-08-01

    This report is a feasibility study on the potential of congestion pricing as an energy conservation measure. Although congestion pricing entails many different strategies or schemes, this report primarily focuses on road pricing for highway type facilities. This report evaluates existing and planned toll roads for their involvement with automated vehicle identification and electronic toll collection as for these two technologies are viewed as a vital element in any congestion pricing program or scheme. The economic feasibility of congestion pricing is evaluated. Case studies are made in Singapore, Hong Konk, and Oslo, Norway. The impact on fuel consumption is made using a freeway simulation model. The analysis of fuel consumption focuses on using the HOV lane as a congestion priced facility. Issues associated with congestion pricing are discussed. Finally, conclusions and recommendations are made on the potential congestion pricing holds towards reducing fuel consumption.

  13. 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...

  14. The dieselization of America: An integrated strategy for future transportation fuels

    Energy Technology Data Exchange (ETDEWEB)

    Eberhardt, J.J. [Dept. of Energy, Washington, DC (United States)

    1997-12-31

    The Diesel Cycle engine has already established itself as the engine-of-choice for the heavy duty transport industry because of its fuel efficiency, durability, and reliability. In addition, it has also been shown to be capable of using alternative fuels, albeit at efficiencies lower than that achieved with petroleum-derived diesel fuel. Alternative fuel dedicated engines have not made significant penetration of the heavy duty truck market because truck fleet operators need a cost-competitive fuel and reliable supply and fueling infrastructure. In lieu of forcing diverse fuels from many diverse domestic feedstocks onto the end-users, the Office of Heavy Vehicle Technologies envisions that a future fuels strategy for the heavy duty transport sector is one where the diverse feedstocks are utilized to provide a single fuel specification (dispensed from the existing fueling infrastructure) that would run efficiently in a single high efficiency energy conversion device, the Diesel Cycle engine. In so doing, the US Commercial transport industry may gain a measure of security from the rapid fuel price increases by relying less on a single feedstock source to meet its increasing fuel requirements.

  15. Electricity Futures Prices : Time Varying Sensitivity to Fundamentals

    NARCIS (Netherlands)

    S-E. Fleten (Stein-Erik); R. Huisman (Ronald); M. Kilic (Mehtap); H.P.G. Pennings (Enrico); S. Westgaard (Sjur)

    2014-01-01

    textabstractThis paper provides insight in the time-varying relation between electricity futures prices and fundamentals in the form of prices of contracts for fossil fuels. As supply curves are not constant and different producers have different marginal costs of production, we argue that the

  16. PRICES IN COMPETITIVE SYSTEM

    Directory of Open Access Journals (Sweden)

    VADUVA MARIA

    2017-08-01

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

  17. 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 pr...... 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....

  18. Dynamic leverage asset pricing

    OpenAIRE

    Adrian,Tobias; Moench, Emanuel; Shin, Hyun Song

    2013-01-01

    We investigate intermediary asset pricing theories empirically and find strong support for models that have intermediary leverage as the relevant state variable. A parsimonious model that uses detrended dealer leverage as a price-of-risk variable, and innovations to dealer leverage as a pricing factor, is shown to perform well in time series and cross-sectional tests of a wide variety of equity and bond portfolios. The model outperforms alternative specifications of intermediary pricing model...

  19. Delegating Pricing Decisions

    OpenAIRE

    Pradeep Bhardwaj

    2001-01-01

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

  20. Simulating Price-Taking

    Science.gov (United States)

    Engelhardt, Lucas M.

    2015-01-01

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

  1. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    2014-01-01

    Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find that...

  2. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find that...

  3. Dutch house price fundamentals

    NARCIS (Netherlands)

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

    2009-01-01

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

  4. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

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

  5. Has the Internet Eliminated Regional Price Differences? Evidence from the Used Car Market

    NARCIS (Netherlands)

    Haan, M.A.; de Boer, H.W.

    2010-01-01

    We study the effects of the Internet on regional price differences. Comparing two Dutch regions, we find that before the rise of the Internet, price differences of used cars between those regions amounted to some 11-15%, controlling for mileage, age, fuel type and engine volume. These price

  6. Psychology of pricing

    OpenAIRE

    Bimaj, Arjola

    2012-01-01

    Price is the element of the marketing mix that has direct effect in the profits of a company. The right price can boost the profit and the wrong price can significantly shrink it. Thus, the businesses need to set the right price in order to maximize their revenues. However, the newest factors in the economic field, the continuous changes in the environment and the current financial situation in the world has eroded the pricing power and forces the managers to look in every direction in order ...

  7. Internet resource pricing models

    CERN Document Server

    Xu, Ke; He, Huan

    2013-01-01

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

  8. Value-based pricing

    Directory of Open Access Journals (Sweden)

    Netseva-Porcheva Tatyana

    2010-01-01

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

  9. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

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

  10. Fuel flexible fuel injector

    Science.gov (United States)

    Tuthill, Richard S; Davis, Dustin W; Dai, Zhongtao

    2015-02-03

    A disclosed fuel injector provides mixing of fuel with airflow by surrounding a swirled fuel flow with first and second swirled airflows that ensures mixing prior to or upon entering the combustion chamber. Fuel tubes produce a central fuel flow along with a central airflow through a plurality of openings to generate the high velocity fuel/air mixture along the axis of the fuel injector in addition to the swirled fuel/air mixture.

  11. Rapid Response Research and Development (R&D) for the Aerospace Systems Directorate. Delivery Order 0021: Engineering Research and Technical Analyses of Advanced Airbreathing Propulsion Fuels, Subtask: Fit-for-Purpose (FFP) and Dynamic Seal Testing of Alternative Aviation Fuels

    Science.gov (United States)

    2014-08-01

    assessment of the raw data, both the permittivity and density values appeared to be essentially identical for the neat jet fuel and FAME-additized... fuels . The subsequent analysis, provided herein, shows strong linear relationships among permittivity , density, and temperature. There appears to be... permittivity study of FAME-contaminated jet fuel . 251 Approved for public release; distribution unlimited. C.1.0 Introduction A test plan was

  12. 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. ...

  13. 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. ...

  14. 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. ...

  15. 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. ...

  16. 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. ...

  17. 7 CFR 1032.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1032.53 Section 1032.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  18. 7 CFR 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. ...

  19. 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. ...

  20. 7 CFR 1001.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1001.53 Section 1001.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  1. 7 CFR 1007.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1007.53 Section 1007.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  2. Price of Water

    Science.gov (United States)

    Survilo, Josifs; Boreiko, Dmitrijs

    2009-01-01

    There are watercourses on the globe which as yet do not deliver up their energy to the needs of the people. How much energy their waters bear, is it worth to take away this energy? Those and alike questions must be (and they are) answered before start to build hydro power station. Similar problems must be solved to control hydro power plants in most gainful way which is known as hydrothermal coordination. The notion of price of water can be met lately in technical literature as one of numerical indices of these issues. The gross price of water and net price of water are considered in this paper. Gross price of 1 t water is the price of electric energy obtained by conversion of potential energy of 1 t of water, lifted to a height of power station water head. Net price of water is the difference between gross price and total expenses determined by hydro power station building and its exploitation costs in a year related to 1 m3 of water. If net price of water is positive, it is worth building power station. The greater net price is, the more urgent is the building. Net price of water grows with water head but it continues only to some height of the dam because further increase of head sharply increases capital outlay and other exploitation expenses. To maximize net price of water, optimization of net price function can be done. Net price of water diminishes when some amount of water is diverted for other needs. When amount of diverted water is out of discussion, no controversy can emerge. However when by diverted water some goods with some monetary worth can be obtained, the task must be solved how much water can be diverted so that the water of watercourse be used to the maximum benefit. The environmental issues must be taken into account as well.

  3. State energy price and expenditure report 1989

    Energy Technology Data Exchange (ETDEWEB)

    1991-09-30

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

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

    Directory of Open Access Journals (Sweden)

    Panasenko Tetyana

    2015-11-01

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

  5. Biofuel Impacts on World Food Supply: Use of Fossil Fuel, Land and Water Resources

    Directory of Open Access Journals (Sweden)

    Robert McCormack

    2008-09-01

    Full Text Available The rapidly growing world population and rising consumption of biofuels are increasing demand for both food and biofuels. This exaggerates both food and fuel shortages. Using food crops such as corn grain to produce ethanol raises major nutritional and ethical concerns. Nearly 60% of humans in the world are currently malnourished, so the need for grains and other basic foods is critical. Growing crops for fuel squanders land, water and energy resources vital for the production of food for human consumption. Using corn for ethanol increases the price of U.S. beef, chicken, pork, eggs, breads, cereals, and milk more than 10% to 30%.

  6. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    Public policies such as feed-in tariffs have been widely introduced to stimulate the development of renewable energies, and sustain a decarbonisation of the electricity sector. Proponents argue that these governance instruments safeguard public goods such as the climate – yet they are accused...... of creating political markets, and political prices, here understood as market distortion. This paper studies the ‘politics’ of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several...... public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...

  7. STS pricing policy

    Science.gov (United States)

    Lee, C. M.; Stone, B.

    1982-01-01

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

  8. Optimal Asset Pricing

    Directory of Open Access Journals (Sweden)

    Rolf Turner

    2014-07-01

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

  9. Target Price Accuracy

    Directory of Open Access Journals (Sweden)

    Alexander G. Kerl

    2011-04-01

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

  10. The Hotel Pricing Strategy

    OpenAIRE

    Cibulková, Michaela

    2013-01-01

    The main purpose of this thesis is an analysis of pricing strategy of Hotel Imperial and its evaluation, which should results in proposal of changes leading to increase of effectivity and hotel's income. The diploma thesis is divided into four main parts. The first two chapters are devoted to a theoretical description of pricing strategy and distribution channels used in hotel business. The third part is focused on the analysis of hotel itself and its pricing strategy. The final chapter summa...

  11. Employment and Asset Prices

    OpenAIRE

    Zoega, Gylfi

    2009-01-01

    A medium-term relationship exists between share prices, normalised by labour productivity, and the rate of unemployment in the OECD countries. A similar relationship appears to exist between unemployment and house prices. This helps explain decadal changes in mean unemployment, such as the shift to higher mean unemployment in the Continental European countries in the 1970s and 1980s that coincided with a fall in the level of share prices, as well as differences in mean unemployment between co...

  12. Pricing public transport services

    OpenAIRE

    Jansson, Jan Owen; Holmgren, Johan; Ljungberg, Anders

    2015-01-01

    This chapter aims at outlining pricing policy for public transport that maximizes the social surplus, that is, the sum of the producer surplus and the consumer surplus, while internalizing possible system-external costs. It starts by presenting the door-to-door transport cost as a key concept in price theory for public transport, and then first principles of optimal pricing valid for all modes of public transport are laid down. These principles are applied to urban (short-distance) public tra...

  13. Determinants of contractor pricing strategy

    OpenAIRE

    Moses, O. Douglas

    1988-01-01

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

  14. 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

  15. High freezing point fuels used for aviation turbine engines

    Science.gov (United States)

    Friedman, R.

    1979-01-01

    Broadened-specification aviation fuels could be produced from a greater fraction of crude source material with improvements in fuel supply and price. These fuels, particularly those with increased final boiling temperatures, would have higher freezing temperatures than current aviation turbine fuels. For the small but significant fraction of commercial flights where low fuel temperatures make higher freezing-point fuel use unacceptable, adaptations to the fuel or fuel system may be made to accommodate this fuel. Several techniques are discussed. Fuel heating is the most promising concept. One simple design uses existing heat rejection from the fuel-lubricating oil cooler, another uses an engine-driven generator for electrical heating.

  16. On Prediction of Depreciation Time of Fossil Fuel in Malaysia

    OpenAIRE

    Tey Jin Pin; Nora Muda

    2012-01-01

    Problem statement: The fossil fuels play a crucial role in the world energy markets. Demand for fossil fuels become increasingly high and worrisome, because of fossil fuels will be significantly reduced and ultimately exhausted. This study was conducted to predict the depreciation time of fossil fuels in Malaysia and estimate the time remaining before the fossil fuels will finish. Approach: To predict the depreciation time of fossil fuels, the reserves, consumption and prices of fossil fuel w...

  17. Intranational Price Convergence and Price Stickiness

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  18. National Fuel Cell Technology Evaluation Center (NFCTEC); (NREL) National Renewable Energy Laboratory

    Energy Technology Data Exchange (ETDEWEB)

    Kurtz, Jennifer; Sprik, Sam

    2014-03-11

    This presentation gives an overview of the National Fuel Cell Technology Evaluation Center (NFCTEC), describes how NFCTEC benefits the hydrogen and fuel cell community, and introduces a new fuel cell cost/price aggregation project.

  19. Price Discrimination in Academic Journals.

    Science.gov (United States)

    Joyce, Patrick; Merz, Thomas E.

    1985-01-01

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

  20. Comparison of AEO 2007 Natural Gas Price Forecast to NYMEX FuturesPrices

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Wiser, Ryan

    2006-12-06

    On December 5, 2006, the reference case projections from 'Annual Energy Outlook 2007' (AEO 2007) were posted on the Energy Information Administration's (EIA) web site. We at LBNL have, in the past, compared the EIA's reference case long-term natural gas price forecasts from the AEO series to contemporaneous natural gas prices that can be locked in through the forward market, with the goal of better understanding fuel price risk and the role that renewables play in mitigating such risk (see, for example, http://eetd.lbl.gov/ea/EMS/reports/53587.pdf or http://eetd.lbl.gov/ea/ems/reports/54751.pdf). As such, we were curious to see how the latest AEO gas price forecast compares to the NYMEX natural gas futures strip. This brief memo presents our findings. As a refresher, our past work in this area has found that over the past six years, forward natural gas contracts (with prices that can be locked in--e.g., gas futures, swaps, and physical supply) have traded at a premium relative to contemporaneous long-term reference case gas price forecasts from the EIA. As such, we have concluded that, over the past six years at least, levelized cost comparisons of fixed-price renewable generation with variable-price gas-fired generation that have been based on AEO natural gas price forecasts (rather than forward prices) have yielded results that are 'biased' in favor of gas-fired generation, presuming that long-term price stability is valued. In this memo we simply update our past analysis to include the latest long-term gas price forecast from the EIA, as contained in AEO 2007. For the sake of brevity, we do not rehash information (on methodology, potential explanations for the premiums, etc.) contained in our earlier reports on this topic; readers interested in such information are encouraged to download that work from http://eetd.lbl.gov/ea/EMS/reports/53587.pdf or http://eetd.lbl.gov/ea/ems/reports/54751.pdf. As was the case in the past six AEO

  1. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

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

  2. Essays on asset pricing

    NARCIS (Netherlands)

    Nazliben, Kamil

    2015-01-01

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

  3. Manufacturer's Suggested Retail Prices

    NARCIS (Netherlands)

    Rosenkranz, S.|info:eu-repo/dai/nl/157222241

    2003-01-01

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

  4. PRICING FINANCIAL PRODUCTS

    OpenAIRE

    Tom Valentine

    1998-01-01

    Deregulation of the financial system, and the significant heightening of competition that it produced, has directed attention to the way in which financial institutions price their products and services. Also, the loan losses of the nineties increased interest in the problems of pricing for risk.

  5. House Prices and Taxes

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads

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

  6. Assessing Asset Pricing Anomalies

    NARCIS (Netherlands)

    W.A. de Groot (Wilma)

    2017-01-01

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

  7. 2010 Fuel Cell Technologies Market Report, June 2011

    Energy Technology Data Exchange (ETDEWEB)

    2011-06-01

    This report summarizes 2010 data on fuel cells, including market penetration and industry trends. It also covers cost, price, and performance trends, along with policy and market drivers and the future outlook for fuel cells.

  8. Price Formation by Bargaining and Posted Prices

    NARCIS (Netherlands)

    Kultti, K.K.

    1997-01-01

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

  9. Coupons and `everyday low prices': price competition with multiple instruments

    OpenAIRE

    Lester Kwong

    2003-01-01

    A simple two-stage game is examined, where firms compete in prices by chosen pricing instruments. Those considered include a simple, uniform pricing technology and a promotional pricing technology like an advertised discount coupon. Consumers are separated by types, informed and uninformed. Therefore, a motive for price competition exists for the purpose of separating the two types of consumers. It is shown that the sustainability of an asymmetric choice of pricing instrument between the two ...

  10. Mind your pricing cues.

    Science.gov (United States)

    Anderson, Eric; Simester, Duncan

    2003-09-01

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

  11. PROPULSION AND POWER RAPID RESPONSE RESEARCH AND DEVELOPMENT (R&D) SUPPORT. Delivery Order 0011: Production Demonstration and Laboratory Evaluation of R-8 and R-8X Hydroprocessed Renewable Jet (HRJ) Fuel for the DoD Alternative Fuels Program

    Science.gov (United States)

    2010-05-01

    previously been used to evaluate thermal stability characteristics of fuels under both oxidative and pyrolytic conditions (Edwards and Krieger, 1995...Alternative Fuel (POSF 5469) Using ECAT Flow Reactor System 77 Data subject to restrictions on cover and notice page. 1996). Pyrolytic (> 1000F...Chatter  Spray Pattern Each test is considered independent of the others, and if any one of the tests is not satisfied, the injector should be

  12. ALTERNATE PRICING STRATEGIES IN CONSTRUCTION

    Directory of Open Access Journals (Sweden)

    Krishna Mochtar

    2000-01-01

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

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

    Science.gov (United States)

    2010-01-01

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

  14. 7 CFR 1124.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1124.50 Section 1124.50 Agriculture Regulations of the Department of Agriculture (Continued... prices, and advanced pricing factors. See § 1000.50. ...

  15. Price determination for hydrogen produced from bio-ethanol in Argentina

    Energy Technology Data Exchange (ETDEWEB)

    Gregorini, V.A.; Pasquevich, D. [Instituto de Energia y Desarrollo Sustentable - CNEA, Av. Del Libertador 8250, Buenos Aires (Argentina); Laborde, M. [Facultad de Ingenieria - Universidad de Buenos Aires, Ciudad Universitaria, Buenos Aires (Argentina)

    2010-06-15

    A massive penetration for hydrogen as a fuel vector requires a price reduction against fossil fuels (up to lower or at less equal to current prices). That is why it is important to calculate the current prices, so that we can determinate the gap between them and work in reducing them. In order to follow properly prices evolution it is necessary been able to compare data generated by Universities, Laboratories and Industries. So that, DOE creates in 2003 a tool (H2A) to determine prices for hydrogen, with some assumptions and pre defined values, to facilitate transparency and consistency of data. In this work we will use the H2A tool to calculate de price of hydrogen produced in a bio-ethanol semi-industrial Plant in Argentina, and we will compare it with the prices of USA studies. (author)

  16. Winters fuels report

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-10-27

    The outlook for distillate fuel oil this winter is for increased demand and a return to normal inventory patterns, assuming a resumption of normal, cooler weather than last winter. With industrial production expected to grow slightly from last winter`s pace, overall consumption is projected to increase 3 percent from last winter, to 3.4 million barrels per day during the heating season (October 1, 1995-March 31, 1996). Much of the supply win come from stock drawdowns and refinery production. Estimates for the winter are from the Energy Information Administration`s (EIA) 4th Quarter 1995 Short-Tenn Energy Outlook (STEO) Mid-World Oil Price Case forecast. Inventories in place on September 30, 1995, of 132 million barrels were 9 percent below the unusually high year-earlier level. Inventories of high-sulfur distillate fuel oil, the principal type used for heating, were 13 percent lower than a year earlier. Supply problems are not anticipated because refinery production and the ready availability of imports should be adequate to meet demand. Residential heating off prices are expected to be somewhat higher than last winter`s, as the effects of lower crude oil prices are offset by lower distillate inventories. Heating oil is forecast to average $0.92 per gallon, the highest price since the winter of 1992-93. Diesel fuel (including tax) is predicted to be slightly higher than last year at $1.13 per gallon. This article focuses on the winter assessment for distillate fuel oil, how well last year`s STEO winter outlook compared to actual events, and expectations for the coming winter. Additional analyses include regional low-sulfur and high-sulfur distillate supply, demand, and prices, and recent trends in distillate fuel oil inventories.

  17. [Current problems in assessing drug prices].

    Science.gov (United States)

    Lucioni, C

    1989-01-01

    Two reasons provide historical justification for controlling drug prices: safeguarding the consumer and safeguarding public demand. Due to the increased presence of the "third payer" in public health systems this second reason has become more important. Nevertheless, over the last decade, a third purpose has attached to public control of prices: promotion of drug manufacturers economic development. The justification offered for this is that development of pharmaceutical companies contributes to the economic growth of the host country by creating employment, exports and research activity. The situations in Germany, Great Britain and United States are often cited in support of this thesis. As a model for price policy in Italy, however, it has not been successful. The rapid growth of prices in fact has not created greater employment and the foreign exchange deficit has risen rapidly. In other words the growing cost of drugs to the National Health Service has not produced hoped-for economic benefits. It would therefore be opportune to modify the mechanisms of price control by seeking a better balance in the interests involved (safeguarding public demand versus manufacturers economic growth). Methodologies available point to the evaluation of the therapeutic utility of a drug as a useful tool for this purpose. By this method the price of a new drug may only be higher than that of a drug already on the market if its therapeutic utility (which does not coincide only with clinical effectiveness) is greater. Appropriate evaluation techniques of benefits deriving from a new drug (cost-effectiveness and cost-utility) do exist and can be taken into consideration in a new method of calculating drug price.

  18. Entry Decision and Pricing Policies

    OpenAIRE

    Sílvia Jorge; Cesaltina Pires

    2007-01-01

    We extend the analysis of the impact of firms' pricing policies upon entry to a framework where price competition and differentiated products are present. We consider a model where an incumbent serves two distinct and independent geographical markets and an entrant may enter in one of the markets. Entry under discriminatory pricing is more likely than under uniform pricing when entry is profitable under discriminatory pricing but unprofitable under uniform pricing. Our results show entry unde...

  19. Pricing of new vaccines.

    Science.gov (United States)

    Lee, Bruce Y; McGlone, Sarah M

    2010-08-01

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

  20. ASPECTS OF REGIONAL COMPETITIVENESS THROUGH DYNAMIC PRICES OF PETROLEUM PRODUCTS

    Directory of Open Access Journals (Sweden)

    Daniela\tENACHESCU

    2015-06-01

    Full Text Available This paper presents aspects regarding the dynamics of prices of petroleum products: gasoline and diesel in Romania in the period 2003(2007-2014. Both focus on relationship-price raw material and finished product by the impact of market prices. Given that the price of fuel is a key factor in economic development but also in the living of population, this paper has proposed to analyze some aspects of the dynamics of prices of petroleum products in correlation with commodity prices in a competitive market in 2003 -2014. In the analized period, price of oil barrel has a dynamics substantially influenced by the global political turbulences but also by lower oil demand due to consumption reduction, especially lately. Increases and decreases were abrupt and unpredictable in the early years of the first decade of the XXI century. Political crises in the Middle East, the economic crisis started in 2007 and especially the crisis in Ukraine and policies adopted by the EU and the US have led to extremely large fluctuations in oil prices from one period to another . This dynamic will only cover the price of petroleum products namely gazoline and diesel for vehicles.

  1. Price Competition on Graphs

    OpenAIRE

    Heijnen, Pim; Soetevent, Adriaan

    2014-01-01

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

  2. Inflation and asset prices

    OpenAIRE

    Tatom, John

    2011-01-01

    Changes in the general level of prices and inflation have profound effects on asset prices. There are several reasons for these effects and the influence differs depending on the source of the inflation and whether it is expected or not. To understand these effects it is important to clarify what is meant by inflation, the pure theory of the sources of inflation, how inflation affects goods and services prices and how it affects the assets that are used to finance production, both equity pr...

  3. Housing Price Forecastability

    DEFF Research Database (Denmark)

    Bork, Lasse; Møller, Stig Vinther

    2016-01-01

    We examine U.S. housing price forecastability using principal component analysis (PCA), partial least squares (PLS), and sparse PLS (SPLS). We incorporate information from a large panel of 128 economic time series and show that macroeconomic fundamentals have strong predictive power for future...... movements in housing prices. We find that (S)PLS models systematically dominate PCA models. (S)PLS models also generate significant out-of-sample predictive power over and above the predictive power contained by the price-rent ratio, autoregressive benchmarks, and regression models based on small datasets....

  4. Neo-Liberal International Economy and World Oil Price

    Energy Technology Data Exchange (ETDEWEB)

    Lee, Jun Beom [Korea National Oil Corporation, Anyang (Korea)

    2001-06-01

    World oil price has been rapidly going up for almost 2 years. The recent high oil price, which has started from March 1999 about to close the 20th century, ended the period of the low oil price that had continued in 1990s and made the entry into the period of the high oil price as an established fact, so the oil consumers have taken it as the considerable economic impacts. The possibility of the world economic stagnation, which has been raised recently, seems to reconfirm the conventional wisdom that the world economic stagnation comes after the period of the high oil price as the Minister of Energy department, Abraham Spencer, mentioned in March. However, it is necessary to differently understand the recent high oil price because it occurred under the circumstance of neo-liberalism, a new international economic system.

  5. High Penetrated Wind Farm Impacts on the Electricity Price

    DEFF Research Database (Denmark)

    Haji Bashi, Mazaher; Yousefi, G. R.; Bak, Claus Leth

    2016-01-01

    Energy trading policies, intermittency of wind farm output power, low marginal cost of the production, are the key factors that cause the wind farms to be effective on the electricity price. In this paper, the Danish electricity market is studied as a part of Nord Pool. Considering the completely...... fossil fuel free overview in Danish energy policies, and the currently great share of wind power (more than 100% for some hours) in supplying the load, it is an interesting benchmark for the future electricity markets. Negative prices, price spikes, and price volatility are considered as the main effects...... of the high penetrated wind farm integration into electricity markets. Then, stochastic programming approach is employed to compare the volume of trades for a typical wind farm in a high and low wind penetrated market. Although increasing price spikes and volatility was reported in the literature...

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

    OpenAIRE

    Noel, Michael

    2004-01-01

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

  7. Market News Price Dataset

    Data.gov (United States)

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

  8. TRANSFER PRICING METHODS

    Directory of Open Access Journals (Sweden)

    Olga A. Kirova

    2014-01-01

    Full Text Available This article discusses methods of transfer pricing as a set of methods and operations on the justification of compliance rates in a transaction between related parties market level.

  9. RDBMS prices drop

    National Research Council Canada - National Science Library

    Krill, Paul

    1997-01-01

    .... Microsoft began offering a special Web browser-based access price of $2,999 per server for its SQL Server relational database management system in 1996, even though this could mean lost revenues from client licenses...

  10. AKRO: Standard Prices

    Data.gov (United States)

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

  11. Price and cost estimation

    Science.gov (United States)

    Stewart, R. D.

    1979-01-01

    Price and Cost Estimating Program (PACE II) was developed to prepare man-hour and material cost estimates. Versatile and flexible tool significantly reduces computation time and errors and reduces typing and reproduction time involved in preparation of cost estimates.

  12. 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

  13. 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

  14. 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

  15. INTERACTION OF AIR TRANSPORTATION AND FUEL-SUPPLY COMPANIES

    Directory of Open Access Journals (Sweden)

    I. P. Zheleznaya

    2014-01-01

    Full Text Available The article describes the role of aviation fuel in the life of air transport. Fueling industry worldwide solves two main tasks - ensuring the safety and economy of air traffic. In Russia, there is one more task of airlines fuel supply. The article deals with fuel pricing taking into consideration today's realities.

  16. Midsouth Pulpwood Prices, 1991

    Science.gov (United States)

    Patrick E. Miller

    1993-01-01

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

  17. Endogenous price leadership

    OpenAIRE

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

    2004-01-01

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

  18. Supermarket Pricing Strategies

    OpenAIRE

    Paul B. Ellickson; Sanjog Misra

    2008-01-01

    Most supermarket firms choose to position themselves by offering either everyday low prices (EDLP) across several items or offering temporary price reductions (promotions) on a limited range of items. While this choice has been addressed from a theoretical perspective in both the marketing and economic literature, relatively little is known about how these decisions are made in practice, especially within a competitive environment. This paper exploits a unique store level data set consisting ...

  19. DEMAND AND PRICES

    Directory of Open Access Journals (Sweden)

    VĂDUVA MARIA

    2014-08-01

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

  20. Development of DUPIC fuel cycle technology - Assessment of Wolsong NPP fuel handling system for DUPIC fuel

    Energy Technology Data Exchange (ETDEWEB)

    Na, Bok Gyun; Nam, Gung Ihn [Korea Power Engineering Company, Taejon (Korea)

    2000-04-01

    The DUPIC fuel loading and discharge path of Wolsong NPP is studied assuming that DUPIC fuel is used at Wolsong NPP. Spent DUPIC fuel discharge path is irrelevant, since it uses the same spent fuel discharge path. Number of factors such as safety, economics of design change, radiation exposure to operators, easy of operation and maintenance, etc, are considered in the evaluation of path. A more detailed analysis of cost estimation of the selected path is also carried out. The study shows that DUPIC fuel loading path following through Spent Fuel Storage Bay and Spent Fuel Discharge Port in reverse direction will minimize the design change and additional equipment and radiation exposure to operators. The estimated total cost of using DUPIC fuel in Wolsong NPP based on price index of year 2000 is around 4.5 billion won. 4 refs., 30 figs., 13 tabs. (Author)

  1. 77 FR 73456 - Update to the TR-12 Fuel Related Rate Adjustment Policy (SDDC Fuel Surcharge Policy)

    Science.gov (United States)

    2012-12-10

    ... Department of the Army Update to the TR-12 Fuel Related Rate Adjustment Policy (SDDC Fuel Surcharge Policy...: Reference: TR-12 Fuel Related Rate Adjustment Policy. Background: The following FRA policy applies to... increases in diesel fuel prices. Miscellaneous: A copy of the TR-12 FRA Policy can be accessed via the SDDC...

  2. Price-Transparency and Cost Accounting

    Science.gov (United States)

    Eakin, Cynthia; Fischer, Katrina

    2015-01-01

    Health care reform is directed toward improving access and quality while containing costs. An essential part of this is improvement of pricing models to more accurately reflect the costs of providing care. Transparent prices that reflect costs are necessary to signal information to consumers and producers. This information is central in a consumer-driven marketplace. The rapid increase in high deductible insurance and other forms of cost sharing incentivizes the search for price information. The organizational ability to measure costs across a cycle of care is an integral component of creating value, and will play a greater role as reimbursements transition to episode-based care, value-based purchasing, and accountable care organization models. This article discusses use of activity-based costing (ABC) to better measure the cost of health care. It describes examples of ABC in health care organizations and discusses impediments to adoption in the United States including cultural and institutional barriers. PMID:25862425

  3. The ethics and economics of pharmaceutical pricing.

    Science.gov (United States)

    Parker-Lue, Sara; Santoro, Michael; Koski, Greg

    2015-01-01

    The cost of drugs is a major and rapidly rising component of health-care expenditures. We survey recent literature on the ethics and economics of skyrocketing pharmaceutical prices and find that advances in economic research have increased the sharpness and focus of the ethically based calls to increase access by modifying patent protection and reducing prices. In some cases, research supports ethical arguments for broader access. Other research suggests that efforts to broaden access result in unintended consequences for innovation and the medical needs of patients. Both ethicists and economists need to be more cognizant of the real clinical settings in which physicians practice medicine with real patients. Greater cross-disciplinary interaction among economists, ethicists, and physicians can help reduce the disjunction between innovation and access and improve access and patient care. This dialogue will impact private industry and may spur new multistakeholder paradigms for drug discovery, development, and pricing.

  4. Price-Transparency and Cost Accounting

    Directory of Open Access Journals (Sweden)

    Peter Hilsenrath PhD

    2015-04-01

    Full Text Available Health care reform is directed toward improving access and quality while containing costs. An essential part of this is improvement of pricing models to more accurately reflect the costs of providing care. Transparent prices that reflect costs are necessary to signal information to consumers and producers. This information is central in a consumer-driven marketplace. The rapid increase in high deductible insurance and other forms of cost sharing incentivizes the search for price information. The organizational ability to measure costs across a cycle of care is an integral component of creating value, and will play a greater role as reimbursements transition to episode-based care, value-based purchasing, and accountable care organization models. This article discusses use of activity-based costing (ABC to better measure the cost of health care. It describes examples of ABC in health care organizations and discusses impediments to adoption in the United States including cultural and institutional barriers.

  5. Crude oil prices: Speculation versus fundamentals

    Science.gov (United States)

    Kolodziej, Marek Krzysztof

    Beginning in 2004, the price of crude oil fluctuates rapidly over a wide range. Large and rapid price increases have recessionary consequences and dampen long-term infrastructural investment. I investigate whether price changes are driven by market fundamentals or speculation. With regard to market fundamentals, I revisit econometric evidence for the importance of demand shocks, as proxied by dry maritime cargo rates, on oil prices. When I eliminate transportation costs from both sides of the equation, disaggregate OPEC and non-OPEC production, and allow for more than one cointegrating relation, I find that previous specifications are inconsistent with arguments that demand shocks play an important role. Instead, results confirm the importance of OPEC supply shocks. I investigate two channels by which speculation may affect oil prices; the direct effect of trader behavior and changes in oil from a commodity to a financial asset. With regard to trader behavior, I find evidence that trader positions are required to explain the spread between spot and futures prices of crude oil on the New York Mercantile Exchange. The inclusion of trader positions clarifies the process of equilibrium error correction, such that there is bidirectional causality between prices and trader positions. This creates the possibility of speculative bubbles. With regard to oil as a commodity and/or financial asset, I use a Kalman Filter model to estimate the time-varying partial correlation between returns to investments in equity and oil markets. This correlation changes from negative to positive at the onset of the 2008 financial crisis. The low interest rates used to rescue the economy depress convenience yields, which reduces the benefits of holding oil as a commodity. Instead, oil becomes a financial asset (on net) as the oil market changed from contango to backwardation. Contradicting simple political narratives, my research suggests that both market fundamentals and speculation drive

  6. Modeling hourly Electricity Spot Market Prices as non stationary functional times series

    OpenAIRE

    Liebl, Dominik

    2010-01-01

    The instantaneous nature of electricity distinguishes its spot prices from spot prices for equities and other commodities. Up to now electricity cannot be stored economically and therefore demand for electricity has an untempered effect on electricity prices. In particular, hourly electricity spot prices show a vast range of dynamics which can change rapidly. In this paper we introduce a robust version of functional principal component analysis for sparse data. The functional perspective inte...

  7. Technology for Price Management in Industrial Differential Product Market

    Directory of Open Access Journals (Sweden)

    E. V. Orlova

    2015-01-01

    Full Text Available The article studies price behavior of oligopolies in industrial market where price competition is replaced by non-price competition. There is a developed technology for pricing management of the products of industrial enterprises, which, unlike the existing ones, takes into account the dynamics of changes in consumer preferences and changes in the pricing policy of the enterprise competitor and is based on usage of system dynamics models to simulate the financial and economic performance of enterprises and the fuzzy model for situational analysis and decisionmaking on changes in prices for the products. A pricing simulation model is offered. It is based on system-dynamic modeling method, which takes into account the complex cause-to-effect concatenation of factors on price such as product quality, cost, price competition, price elasticity of economic demand, competitors’ quantity of output and estimates the impact of changing factors of internal and external enterprise environment on the effectiveness of its activities.The simulation model allows us to conduct diverse experiments and analyze the impact of management decisions on the efficiency of the enterprise. Based on the fuzzy approach a price decision-making model is developed. It operates not only precise (numeric values, but also qualitative assessments of variables and provides an adequate use of logical relationships and the laws of the mutual influence of market and production and economic factors. Qualitative dependences, which establish the influence of external and internal factors on the price change, are identified as a result of the study of economic laws and legal conformity that are in the context of rapid economic change and market turbulence may not be strictly formalized and take the form of linguistic statements, which express the conditional relationship between the qualitative assessments of initial factors and changes in the relative price.

  8. Prices in the two Germanies

    NARCIS (Netherlands)

    Dietzenbacher, E; Wagener, HJ

    Comparative evaluations across economic systems are often hampered by the typical valuation problem, that is, market prices have a different meaning than planned prices. This paper considers prices in the two Germanies and the widely accepted hypothesis that East German prices did not reflect

  9. Equilibrium adjustment of disequilibrium prices

    NARCIS (Netherlands)

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

    1994-01-01

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

  10. Fuel oil and LPG; Fioul et GPL

    Energy Technology Data Exchange (ETDEWEB)

    Philippon, A. [UFIP, Union Francaise des Industries Petroliere, 75 - Paris (France)

    1997-12-31

    The impacts of new environmental regulations on the heavy fuel oil and refining French markets, are studied. Illustrated with numerous diagrams concerning oil price evolution, fuel price comparison, market shares, consumption data, etc., it is shown that a brutal elimination of high sulfur content oil fuels would cause an extremely negative impact for the refining industry and for the French economy. Sulfur content limits should be kept at their present levels and users should be free to select technical choices in order to keep within these limits, either through fume desulfurization either through fuel-natural gas mixed combustion

  11. Three Papers on the Political Consequences of Oil Prices

    Science.gov (United States)

    Crespo Tenorio, Adriana

    Given the importance of oil in any country's energy needs, it should not be surprising that the increasing volatility of oil prices in the past decades is a challenge for most political systems. While the political and economic impact of natural resource wealth in general is strongly debated, the political consequences of these sudden shifts have gone understudied. This dissertation examines the relationship between politics and oil from a new perspective. First, I implement a Bayesian meta-regression model to assess the state of research on the natural resource curse, finding that the measurement of resources is one of the most important sources of the debate. In the second part of the dissertation, I turn to discussing the impact of fuel prices on politics. I argue that at the domestic level, rational leaders feel pressured to compensate for oil price shocks because they are held accountable for these shifts by their constituents. This hypothesis is tested using Bayesian multilevel models that allow state and time-varying information to be matched to individual survey responses for a sample of voters in nine American states between 2008 and 2009. This chapter shows that fuel prices are related to appraisals of the economy only during electoral periods. The results also provide evidence that the degree to which voters use fuel prices to evaluate the president's performance varies greatly across party lines. At the global level, I posit in the final chapter that cross-country cooperation in other issue areas is pursued to mitigate the economic impact of oil price volatility. By developing a Bayesian bivariate Poisson change-point model and implementing it using MCMC methods, I find that fuel price shifts are related to increased trade networks, especially for oil-exporting countries.

  12. Overview of Aviation Fuel Markets for Biofuels Stakeholders

    Energy Technology Data Exchange (ETDEWEB)

    Davidson, C.; Newes, E.; Schwab, A.; Vimmerstedt, L.

    2014-07-01

    This report is for biofuels stakeholders interested the U.S. aviation fuel market. Jet fuel production represents about 10% of U.S. petroleum refinery production. Exxon Mobil, Chevron, and BP top producers, and Texas, Louisiana, and California are top producing states. Distribution of fuel primarily involves transport from the Gulf Coast to other regions. Fuel is transported via pipeline (60%), barges on inland waterways (30%), tanker truck (5%), and rail (5%). Airport fuel supply chain organization and fuel sourcing may involve oil companies, airlines, airline consortia, airport owners and operators, and airport service companies. Most fuel is used for domestic, commercial, civilian flights. Energy efficiency has substantially improved due to aircraft fleet upgrades and advanced flight logistic improvements. Jet fuel prices generally track prices of crude oil and other refined petroleum products, whose prices are more volatile than crude oil price. The single largest expense for airlines is jet fuel, so its prices and persistent price volatility impact industry finances. Airlines use various strategies to manage aviation fuel price uncertainty. The aviation industry has established goals to mitigate its greenhouse gas emissions, and initial estimates of biojet life cycle greenhouse gas emissions exist. Biojet fuels from Fischer-Tropsch and hydroprocessed esters and fatty acids processes have ASTM standards. The commercial aviation industry and the U.S. Department of Defense have used aviation biofuels. Additional research is needed to assess the environmental, economic, and financial potential of biojet to reduce greenhouse gas emissions and mitigate long-term upward price trends, fuel price volatility, or both.

  13. Board Structure and Price Informativeness

    OpenAIRE

    Ferreira, Daniel; Ferreira, Miguel A.; Raposo, Clara C.

    2008-01-01

    We develop and test the hypothesis that private information incorporated into stock prices affects the structure of corporate boards. Stock price informativeness may be a complement to board monitoring, because the information revealed by prices can be used by directors to monitor management. But price informativeness may also be a substitute for board monitoring, because more informative prices can trigger external monitoring mechanisms, such as takeovers. We find robust evidence for the sub...

  14. Supermarket Promotions and Food Prices

    OpenAIRE

    Lan, H.; Lloyd, T. A.; Morgan, C. W.

    2014-01-01

    Using a sample comprising nearly a quarter of a million weekly prices from the largest seven supermarket chains in the UK, we present statistical evidence on two pricing practices that have attracted public interest. Analysing price dynamics before and after periods of promotional discounting the investigation finds first, no evidence of a general tendency for sales to disguise rises in the regular price, and second, some evidence for prices to rise prior to sales in a manner that is consiste...

  15. IMPACT OF OIL PRICE ON TURKISH MACROECONOMIC VARIABLES

    Directory of Open Access Journals (Sweden)

    Esra Balli

    2016-09-01

    Full Text Available Turkish economy is heavily dependent on oil and natural gas, as the latest figures from International Energy Agency (IEA show that Turkey imports 90% of its total liquid fuels. Therefore a more volatile oil price can have consequences on macroeconomic variables in Turkey. It is empirically evident that an increase in oil prices followed by deterioration in macro economic variables while a decrease in oil price has relatively lower expansionary effect on macro economic variables. This paper analyzes the economic effects of oil price on the major Turkish macro economic variables, including Gross Domestic Product (GDP, Consumer Price Index (CPI and Real Effective Exchange Rate (REER on the basis of quarterly data from 2003Q1 to 2015Q3. Firstly, ADF, KPSS, PP unit root tests and Zivot-Andrews, Lumsdaine Papell unit root tests allowing for structural breaks are used to characterize the time series. Additionally, Granger causality test is performed to give a clearer picture of how these variables are related. The results show that Gross Domestic Product, Oil Price and Consumer Price Index are stationary, while Real Effective Exchange Rate have unit root in Turkey. Test results indicate that, there is a casual relationship from oil price to GDP and to CPI. Furthermore, there exist a bidirectional causality between GDP and CPI in Turkey.

  16. 7 CFR 1131.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1131.50 Section 1131.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

  17. 7 CFR 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. ...

  18. 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. ...

  19. 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. ...

  20. 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. ...

  1. 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. ...

  2. 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. ...

  3. 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. ...

  4. Price smarter on the Net.

    Science.gov (United States)

    Baker, W; Marn, M; Zawada, C

    2001-02-01

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

  5. Alternative fuels and vehicles choice model

    Energy Technology Data Exchange (ETDEWEB)

    Greene, D.L. [Oak Ridge National Lab., TN (United States). Center for Transportation Analysis

    1994-10-01

    This report describes the theory and implementation of a model of alternative fuel and vehicle choice (AFVC), designed for use with the US Department of Energy`s Alternative Fuels Trade Model (AFTM). The AFTM is a static equilibrium model of the world supply and demand for liquid fuels, encompassing resource production, conversion processes, transportation, and consumption. The AFTM also includes fuel-switching behavior by incorporating multinomial logit-type equations for choice of alternative fuel vehicles and alternative fuels. This allows the model to solve for market shares of vehicles and fuels, as well as for fuel prices and quantities. The AFVC model includes fuel-flexible, bi-fuel, and dedicated fuel vehicles. For multi-fuel vehicles, the choice of fuel is subsumed within the vehicle choice framework, resulting in a nested multinomial logit design. The nesting is shown to be required by the different price elasticities of fuel and vehicle choice. A unique feature of the AFVC is that its parameters are derived directly from the characteristics of alternative fuels and vehicle technologies, together with a few key assumptions about consumer behavior. This not only establishes a direct link between assumptions and model predictions, but facilitates sensitivity testing, as well. The implementation of the AFVC model as a spreadsheet is also described.

  6. Pharmaceutical Pricing: The Use of External Reference Pricing.

    Science.gov (United States)

    Ruggeri, Kai; Nolte, Ellen

    2013-01-01

    External reference pricing, or international price comparison, is a common strategy to control prices of pharmaceuticals that are protected by intellectual property rights and benefit from a legal monopoly (in-patent drugs). In the UK negotiations are under way that seek to define new arrangements for the pricing of branded (new) medicines from 2014. The pharmaceutical market in the UK only accounts for a small proportion of global sales; however, UK prices are important as many countries reference their prices against those in the UK. This article seeks to contribute to our understanding of approaches to pharmaceutical pricing in high-income countries and the role of reference pricing as a means to determining pharmaceutical prices. Reviewing experiences in Canada, France, Germany, Italy, the Netherlands and Spain, we find high variability of external reference pricing across different settings and of the relative importance of this approach in comparison with other pricing strategies. There was also considerable variation in the terminology and practices used, and understanding the complexities of countries included in reference baskets for external pricing requires considerable semantic clarification. There was considerable overlap between countries that cross-reference, and it remains challenging to estimate the direct, immediate impact on external reference baskets. This review suggests that the international impact of pricing changes in the UK is likely to be minimal or indirect, largely because of the diverse ways in which reference pricing is implemented in the countries examined.

  7. Support vector machine for day ahead electricity price forecasting

    Science.gov (United States)

    Razak, Intan Azmira binti Wan Abdul; Abidin, Izham bin Zainal; Siah, Yap Keem; Rahman, Titik Khawa binti Abdul; Lada, M. Y.; Ramani, Anis Niza binti; Nasir, M. N. M.; Ahmad, Arfah binti

    2015-05-01

    Electricity price forecasting has become an important part of power system operation and planning. In a pool- based electric energy market, producers submit selling bids consisting in energy blocks and their corresponding minimum selling prices to the market operator. Meanwhile, consumers submit buying bids consisting in energy blocks and their corresponding maximum buying prices to the market operator. Hence, both producers and consumers use day ahead price forecasts to derive their respective bidding strategies to the electricity market yet reduce the cost of electricity. However, forecasting electricity prices is a complex task because price series is a non-stationary and highly volatile series. Many factors cause for price spikes such as volatility in load and fuel price as well as power import to and export from outside the market through long term contract. This paper introduces an approach of machine learning algorithm for day ahead electricity price forecasting with Least Square Support Vector Machine (LS-SVM). Previous day data of Hourly Ontario Electricity Price (HOEP), generation's price and demand from Ontario power market are used as the inputs for training data. The simulation is held using LSSVMlab in Matlab with the training and testing data of 2004. SVM that widely used for classification and regression has great generalization ability with structured risk minimization principle rather than empirical risk minimization. Moreover, same parameter settings in trained SVM give same results that absolutely reduce simulation process compared to other techniques such as neural network and time series. The mean absolute percentage error (MAPE) for the proposed model shows that SVM performs well compared to neural network.

  8. Fuel Exhaling Fuel Cell.

    Science.gov (United States)

    Manzoor Bhat, Zahid; Thimmappa, Ravikumar; Devendrachari, Mruthyunjayachari Chattanahalli; Kottaichamy, Alagar Raja; Shafi, Shahid Pottachola; Varhade, Swapnil; Gautam, Manu; Thotiyl, Musthafa Ottakam

    2018-01-18

    State-of-the-art proton exchange membrane fuel cells (PEMFCs) anodically inhale H 2 fuel and cathodically expel water molecules. We show an unprecedented fuel cell concept exhibiting cathodic fuel exhalation capability of anodically inhaled fuel, driven by the neutralization energy on decoupling the direct acid-base chemistry. The fuel exhaling fuel cell delivered a peak power density of 70 mW/cm 2 at a peak current density of 160 mA/cm 2 with a cathodic H 2 output of ∼80 mL in 1 h. We illustrate that the energy benefits from the same fuel stream can at least be doubled by directing it through proposed neutralization electrochemical cell prior to PEMFC in a tandem configuration.

  9. The Need for a Higher Fuel Efficiency of the Electricity Sector - An Analysis of Opportunities and Barriers

    Energy Technology Data Exchange (ETDEWEB)

    Klimstra, J.

    2007-07-01

    The electricity sector is the single largest user of primary energy in the world. The issues of fuel prices, security of supply and greenhouse gas emissions are therefore closely connected with electricity generation. The total energy efficiency of the electricity sector is only 32.5% so that quick improvements are required. However, the uncertainty over fuel prices and technology preferences is such that most investors are hesitant. The life of existing, often low-efficiency, power plants is therefore extended. At the same time, the demand for electricity is rapidly increasing and the gap between capacity and demand decreases. This paper intends to bring more clarity into the economic and environmental boundary conditions of power plants. The goal is to find an attractive way for rapid efficiency improvement with an even better system reliability without increasing the costs. The paper discusses fuel price developments and the costs of generating technologies in connection with the typical demand pattern of electricity. Ultimately, it appears that local generation, preferably coupled with cogeneration, can be an important part of the solution. (auth)

  10. Power Laws in Real Estate Prices during Bubble Periods

    Science.gov (United States)

    Ohnishi, Takaaki; Mizuno, Takayuki; Shimizu, Chihiro; Watanabe, Tsutomu

    How can we detect real estate bubbles? In this paper, we propose making use of information on the cross-sectional dispersion of real estate prices. During bubble periods, prices tend to go up considerably for some properties, but less so for others, so that price inequality across properties increases. In other words, a key characteristic of real estate bubbles is not the rapid price hike itself but a rise in price dispersion. Given this, the purpose of this paper is to examine whether developments in the dispersion in real estate prices can be used to detect bubbles in property markets as they arise, using data from Japan and the U.S. First, we show that the land price distribution in Tokyo had a power-law tail during the bubble period in the late 1980s, while it was very close to a lognormal before and after the bubble period. Second, in the U.S. data we find that the tail of the house price distribution tends to be heavier in those states which experienced a housing bubble. We also provide evidence suggesting that the power-law tail observed during bubble periods arises due to the lack of price arbitrage across regions.

  11. Cost and Price Collaboration

    Science.gov (United States)

    2016-04-30

    competitions and dual sourcing. [patrick.n.watkins4.civ@mail.mil] Abstract This paper examines how collaboration between the cost analysis and price ...qÜáêíÉÉåíÜ=^ååì~ä= ^Åèìáëáíáçå=oÉëÉ~êÅÜ= póãéçëáìã= qÜìêëÇ~ó=pÉëëáçåë= sçäìãÉ=ff= = Cost and Price Collaboration Venkat Rao, Professor, Defense Acquisition...University David Holm, Director, Cost and Systems Analysis, TACOM LCMC Patrick Watkins, Chief, Stryker/Armaments Pricing Group, Army Contracting

  12. Essays on Derivatives Pricing

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    The field of quantitative finance has been criticized in the mainstream media lately and been accused of being one of the causes of the financial crisis. Convenient as this explanation may be, my belief is that a part of the solution to the crisis is to use more (and not less) sophisticated...... financial models, and most importantly, to be aware of their limitations. Following that belief, this thesis consists of three independent and self-contained papers, all dealing with topics in derivatives pricing. The first paper considers the pricing of traffic light options, which are appropriate...... the market for multivariate credit instruments, we take a step back and focus on single-name default modeling and introduce two new model classes for modeling of the default time of a company. Finally, in the third paper we propose a consistent pricing model for index and volatility derivatives...

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

    Science.gov (United States)

    Aragrande, M; Canali, M

    2017-04-01

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

  14. Pricing Schemes in Cloud Computing: An Overview

    OpenAIRE

    Artan Mazrekaj; Isak Shabani; Besmir Sejdiu

    2016-01-01

    Cloud Computing is one of the technologies with rapid development in recent years where there is increasing interest in industry and academia. This technology enables many services and resources for end users. With the rise of cloud services number of companies that offer various services in cloud infrastructure is increased, thus creating a competition on prices in the global market. Cloud Computing providers offer more services to their clients ranging from infrastructure as a service (IaaS...

  15. The Effects of Rising Food and Fuel Costs on Poverty in Pakistan

    OpenAIRE

    Theresa Chaudhry; Azam Chaudhry

    2008-01-01

    The dramatic increase in international food and fuel prices in recent times is a crucial issue fordeveloping countries and the most vulnerable to these price shocks are the poorest segments of society. In countries like Pakistan, the discussion has focused onthe impact of substantially higher food and fuel prices on poverty. This paper used PSLM and MICS household level data to analyze the impact of higher food and energy prices on the poverty head count and the poverty gap ratio in Pakistan....

  16. Pricing Volatility Referenced Assets

    Directory of Open Access Journals (Sweden)

    Alan De Genaro Dario

    2006-12-01

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

  17. 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

  18. Transfer Pricing Principles

    DEFF Research Database (Denmark)

    Jensen, Dennis Ramsdahl

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

  19. Renewable Energy and Negative Externalities: The Effects of Wind Turbines on House Prices

    NARCIS (Netherlands)

    Droes, M.I.; Koster, H.R.A.

    2016-01-01

    In many countries, wind turbines are constructed as part of a strategy to reduce dependence on fossil fuels. In this paper, we measure the external effect of wind turbines on the transaction prices of nearby houses. A unique Dutch house price dataset covering the period 1985–2011 is used, as well as

  20. Renewable energy and negative externalities: the effect of wind turbines on house prices

    NARCIS (Netherlands)

    Dröes, M.I.; Koster, H.R.A.

    2014-01-01

    In many countries, wind turbines are constructed as part of a strategy to reduce dependence on fossil fuels. In this paper, we measure the external effect of wind turbines on the transaction prices of nearby houses. A unique house price dataset covering the period 1985-2011 is used, including the

  1. Fuel choices in urban Indian households

    Energy Technology Data Exchange (ETDEWEB)

    Farsi, Mehdi; Filippini, Massimo [Centre for Energy Policy and Economics, Department of Management, Technology and Economics, ETH Zurich, Switzerland and Department of Economics, University of Lugano, (Switzerland); Pachauri, Shonali [International Institute for Applied Systems Analysis, Schlossplatz 1, A-2361, Laxenburg, (Austria)

    2007-12-15

    This paper applies an ordered discrete choice framework to model fuel choices and patterns of cooking fuel use in urban Indian households. The choices considered are for three main cooking fuels: firewood, kerosene, and LPG (liquid petroleum gas). The models, estimated using a large microeconomic dataset, show a reasonably good performance in the prediction of households' primary and secondary fuel choices. This suggests that ordered models can be used to analyze multiple fuel use patterns in the Indian context. The results show that lack of sufficient income is one of the main factors that retard households from using cleaner fuels, which usually also require the purchase of relatively expensive equipment. The results also indicate that households are sensitive to LPG prices. In addition to income and price, several socio-demographic factors such as education and sex of the head of the household are also found to be important in determining household fuel choice. (Author).

  2. 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.

  3. Nonlinear pricing of information goods

    OpenAIRE

    Arun Sundararajan

    2003-01-01

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

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

    National Research Council Canada - National Science Library

    Álvarez, Francisco; Rey, José-Manuel; Sanchis, Raúl G

    2016-01-01

      We consider the ubiquitous problem of a seller competing in a market of a product with dispersed prices and having limited information about both his competitors' prices and the shopping behavior...

  5. Pharmaceutical Pricing: The Use of External Reference Pricing

    OpenAIRE

    Ruggeri, Kai; Nolte, Ellen

    2013-01-01

    This article reviews approaches to pharmaceutical pricing in Canada, France, Germany, Italy, the Netherlands and Spain to inform better understanding of the role of external reference pricing and its relevance to the UK.

  6. DoD Mobility Fuels Guidelines Short-Term Issues,

    Science.gov (United States)

    1979-06-01

    and diesel motor fuels. Comercial airlines are the primary users of kerojet fuel. In 1977, the airlines accounted for 86 percent of kerojet fuel...implement as many as possible of the successful processes developed in the private sector . The objective would be to get as many technologies as...environmental constraints PRICE CONTROLS Domestic price controls represent a large subsidy to the refining sector S iof the industry from the

  7. ANTESEDEN DAN KONSEKUENSI DARI PRICE SATISFACTION

    OpenAIRE

    Steven Dharma; Asep Hermawan

    2012-01-01

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

  8. Road pricing policy implementation

    NARCIS (Netherlands)

    Vonk Noordegraaf, D.M.

    2016-01-01

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

  9. 2050: A Pricing Odyssey

    Energy Technology Data Exchange (ETDEWEB)

    Faruqui, Ahmad

    2006-10-15

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

  10. On Storekeepers' Pricing Behavior.

    NARCIS (Netherlands)

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

    1986-01-01

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

  11. Price of Prejudice

    DEFF Research Database (Denmark)

    Hedegaard, Morten; Tyran, Jean-Robert Karl

    2017-01-01

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

  12. Price transparency: building community trust.

    Science.gov (United States)

    Clarke, Richard L

    2007-01-01

    With the push from policymakers, payers, and consumers for hospitals to make their prices public, healthcare executives need to recognize two central issues related to price transparency: 1) meaningful price transparency involves helping patients and consumers understand their financial obligation for an episode of care, and 2) price transparency is key to the most critical success strategy for healthcare providers: building trust. This article reviews the history of pricing and billing practices and explores why price transparency is not easily achieved in today's environment. Pricing is a mystery even to those of us who work in the field, yet despite its complexity, the call for price transparency is not going to go away. For transparency, the goal should be to establish a rational pricing system that is easily explainable and justified to all stakeholders. Healthcare executives must make pricing a priority, understand cost, develop a pricing philosophy, understand the overall revenue requirements, examine market conditions and prices, and set up systems for review. A rational process of price setting should enhance community trust. In this matter there is nothing less at stake than the hearts of our community members.

  13. Bulk Fuel: Actions Needed to Improve DODs Fuel Consumption Budget Data

    Science.gov (United States)

    2016-09-01

    according to Army officials, the Army uses three to five years of sample test data from ground vehicles and equipment, fuel efficiency rates in...the department felt strongly that fuel pricing should be developed in a consistent manner for each budget cycle that is based on information...BULK FUEL Actions Needed to Improve DOD’s Fuel Consumption Budget Data Report to Congressional Committees

  14. 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.

  15. Exchange rates, petroleum prices and price determination in Sierra ...

    African Journals Online (AJOL)

    This study determined the effects of monetary environment, exchange rate movement and petroleum prices on domestic prices in Sierra Leone by estimating a hybrid model of inflation. The empirical results showed that petroleum product prices, exchange rate as well as monetary factors determined inflation in Sierra Leone ...

  16. 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.

  17. 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...

  18. Real-time pricing strategy of micro-grid energy centre considering price-based demand response

    Science.gov (United States)

    Xu, Zhiheng; Zhang, Yongjun; Wang, Gan

    2017-07-01

    With the development of energy conversion technology such as power to gas (P2G), fuel cell and so on, the coupling between energy sources becomes more and more closely. Centralized dispatch among electricity, natural gas and heat will become a trend. With the goal of maximizing the system revenue, this paper establishes the model of micro-grid energy centre based on energy hub. According to the proposed model, the real-time pricing strategy taking into account price-based demand response of load is developed. And the influence of real-time pricing strategy on the peak load shifting is discussed. In addition, the impact of wind power predicted inaccuracy on real-time pricing strategy is analysed.

  19. Strategic Delegation in Price Competition

    OpenAIRE

    Güth, Werner; Pull, Kerstin; Stadler, Manfred

    2012-01-01

    We study price competition in heterogeneous markets where price decisions are delegated to agents. Principals implement a revenue sharing scheme to which agents react by commonly charging a sales price. The results of our model exemplify the importance of both intrafirm- and interfirm interactions of principals and agents in competition. We show that price delegation can increase or decrease the firms' surplus depending on the heterogeneity of the market and the number of agents employed by t...

  20. Developing a consumer pricing strategy.

    Science.gov (United States)

    Sturm, Arthur; Tiedemann, Frank

    2013-05-01

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

  1. Home Price Beliefs in Australia

    OpenAIRE

    Callan Windsor; Gianni La Cava; James Hansen

    2014-01-01

    We document some new stylised facts about how Australian homeowners value their homes using household panel data and unit-record data on home sale prices. We find that homeowners' price beliefs are unbiased at the postcode level, on average, although there is considerable dispersion in the difference between beliefs and prices across postcodes. Household characteristics, such as age and tenure, and the regional unemployment rate are correlated with differences between beliefs and prices. We a...

  2. Electric Cars and Oil Prices

    OpenAIRE

    Azar, Jose

    2009-01-01

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

  3. A single-chamber microbial fuel cell for rapid determination of biochemical oxygen demand using low-cost activated carbon as cathode catalyst.

    Science.gov (United States)

    Wang, Ying; Liu, Xianhua; Wang, Meiyu; Zhang, Pingping; Zong, Yanping; Zhang, Qiufeng

    2017-09-13

    The biochemical oxygen demand (BOD) is widely used for the evaluation of water and wastewater quality. However, the conventional method to measure BOD is time-consuming and requires complicated processes. In this study, a Microbial fuel cell (MFC)-based BOD sensor was developed by using low-cost activated carbon as the cathode catalyst. The sensor was calibrated with an aerated nutrient medium containing sodium acetate as the BOD source. When the sensor was operated with an external resistance of 1 K Ω, linear correlation (R2 = 0.9965) was obtained for BOD concentrations ranging from 80 to 1280 mg/L in a reaction time of 50 h. Besides acetate, glucose/glutamic acid (GGA) and ethanol could also be analyzed by the sensor. In a low concentration range (200 mg/L), the relationship between GGA solution concentration and output voltage was in accord with Monod growth kinetics.

  4. Food price policy can favorably alter macronutrient intake in China.

    Science.gov (United States)

    Guo, X; Popkin, B M; Mroz, T A; Zhai, F

    1999-05-01

    The rapid change in diets, physical activity and body composition in low income countries has led to the coexistence of large pockets of undernutrition and overnutrition. Public health strategies for addressing this situation may be necessary, and price policy options are examined for China. Longitudinal dietary data collected in China in 1989-1993 on a sample of 5625 adults aged 20-45 y were examined. Three-day averages of food group consumption and nutrient intake were used in longitudinal statistical models to examine separately the effects of food prices on the decision to consume each food group and then the amount consumed. The effects of changes in six food prices on the consumption of each of six food groups, not just the food group whose price had changed, and on three macronutrients were estimated. The effects show large and significant price effects. If the joint effects of the nutrition transition are to be considered, then there are clear tradeoffs among which foods to tax and which to subsidize. Most important is the effect of prices in reducing fat intake of the rich but not adversely affecting protein intake for the poor. Increases in the prices of pork, eggs and edible oils are predicted to lower fat intake. Only increases in pork prices led to reduced protein intakes. This raises questions about earlier policy changes being implemented in China and provides insight into an important and controversial area for public health policy.

  5. Pocket-book for the fuel trade 1982/83

    Energy Technology Data Exchange (ETDEWEB)

    Temming, D.

    1982-01-01

    The 'Pocket-book for the fuel trade 82/83' has been planned as a compendium of the fuel trade and as a buyer's guide for the fuel tradesman. It contains beside technical and economical informations about solid and liquid fuels indications to legal questions (competition, price and cartel laws, labor and social laws, responsability questions) and taxes and duties. A comprehensive list of the trade organizations of the fuel trade is also included.

  6. 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...

  7. 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...

  8. RESTAURANT NO. 2: PRICE INCREASES

    CERN Multimedia

    2003-01-01

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

  9. RESTAURANT NO. 3: PRICE INCREASES

    CERN Multimedia

    2003-01-01

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

  10. Quantity precommitment and price matching

    DEFF Research Database (Denmark)

    Tumennasan, Norovsambuu

    We revisit the question of whether price matching is anti-competitive in a capacity constrained duopoly setting. We show that the effect of price matching depends on capacity. Specifically, price matching has no effect when capacity is relatively low, but it benefits the firms when capacity is re...

  11. Pricing Policies for Quantity Discounts

    OpenAIRE

    Maqbool Dada; K. N. Srikanth

    1987-01-01

    In this paper we analyze the seller's decision to offer quantity discounts to the buyer. We build on an existing model as follows. We first characterize the range of order sizes and prices which reduce costs for the buyer and seller, and develop related pricing schemes. The model is then extended to allow inventory carrying costs to be a function of price.

  12. Fossil fuels -- future fuels

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1998-03-01

    Fossil fuels -- coal, oil, and natural gas -- built America`s historic economic strength. Today, coal supplies more than 55% of the electricity, oil more than 97% of the transportation needs, and natural gas 24% of the primary energy used in the US. Even taking into account increased use of renewable fuels and vastly improved powerplant efficiencies, 90% of national energy needs will still be met by fossil fuels in 2020. If advanced technologies that boost efficiency and environmental performance can be successfully developed and deployed, the US can continue to depend upon its rich resources of fossil fuels.

  13. Aircraft borne combined measurements of the Fukushima radionuclide Xe-133 and fossil fuel combustion generated pollutants in the TIL - implications for cyclone induced rapid lift and TIL physico-chemical processes

    Energy Technology Data Exchange (ETDEWEB)

    Schlager, Hans; Aufmhoff, Heinfried; Baumann, Robert; Schumann, Ulrich [DLR IPA, Oberpfaffenhofen (Germany); Arnold, Frank [MPI Kernphysik, Heidelberg (Germany); DLR IPA, Oberpfaffenhofen (Germany); Simgen, Hardy; Lindemann, Siegfried; Rauch, Ludwig; Kaether, Frank [MPI Kernphysik, Heidelberg (Germany); Pirjola, Liisa [University of Helsinki, Helsinki (Finland)

    2013-07-01

    The radionuclide Xe-133, released by the March 2011 nuclear disaster at Fukushima/Daiichi (hereafter FD), represents an ideal tracer for atmospheric transport. We report the, to our best knowledge, only aircraft borne measurements of FD Xe-133 in the Tropopause Inversion Layer (TIL), indicating rapid lift of polluted planetary boundary layer air to the TIL. On the same research aircraft (FALCON), we have also conducted on-line measurements of fossil fuel combustion generated pollutant gases (SO{sub 2} and other species), which had increased concentrations in the TIL. In addition, we have conducted supporting model simulations of transport, chemical processes, and aerosol processes. Our investigations reveal a potentially important impact of East-Asian cyclone induced pollutants transport to the TIL. This impact includes particularly aerosol formation.

  14. 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.

  15. Bio fuels. A comparative analysis; Biokraftstoffe. Eine vergleichende Analyse

    Energy Technology Data Exchange (ETDEWEB)

    Schmitz, Norbert; Henke, Jan; Klepper, Gernot

    2009-07-01

    The market for bio fuels is subject to very high dynamics worldwide. Due to the extreme rise of the prices of raw materials as well as due to the retrogressive tax reductions for bio fuels in Germany one hardly invests in bio fuels. Substantial changes are experienced in the markets for fossil raw materials. The prices for agrarian raw material used in this contribution originate from the years 2006 and 2007. The effects of clearly higher oil prices on the bio fuel market are described. The investigation under consideration also deals with criteria of sustainability. The contribution of the individual bio fuels to the reduction of greenhouse gases is analyzed. The costs resulting from this are numerated. This enables a well-established comparison in which less representative bio fuels such as bio methane, BtL fuels and cellulose ethanol also are included.

  16. TRANSMISSION BETWEEN RETAIL AND PRODUCER PRICES FOR MAIN VEGETABLE CROPS IN TUNISIA

    Directory of Open Access Journals (Sweden)

    Houcine Jeder

    2017-01-01

    Full Text Available Recently in Tunisia, vegetables prices increased rapidly, especially green pepper, tomato and potato. The sharp rise in prices led to the deterioration of consumer’s purchasing power and the depletion of their food basket. Since price is the mechanism linking the different stages of the production chain, information on price transmission and causality can provide guidance on the actions to be taken by the actors. The results of the price transmission show a long-term relationship between retail prices and producer prices. The important role played by intermediaries influences the symmetric transmission mode. In the case of tomatoes, the transmission is asymmetric and the causality has gone from retail to producer prices, whereas for potatoes the transmission is symmetrical and the causality of production prices towards the retail price. For green pepper the transmission is also symmetrical and the causality is from retail price to the production price. The transmission depends on the causality but it also depends on the supply of the market and if the product is storable or not. Actions to be undertaken by the actors must concentrate on the control and transparency of commercial transactions along the food chain. Prices regulation must be placed on the wholesale level and not on the level of the producers in order to clear the margin of intermediaries and avoid the shortage of certain products in markets.

  17. Determinants and Sustainability of House Prices: The Case of Shanghai, China

    Directory of Open Access Journals (Sweden)

    Gao Lu Zou

    2015-04-01

    Full Text Available Recent housing policies include measures for home purchase control and shanty town redevelopment. This study proposes sustainable pricing, in that the long-run equilibrium price is determined by the fundamentals of house prices. We argue that changes in CPI might have led to rapidly growing house prices and rather high price levels. We investigate the long-run or short-run impacts of new commodity housing completions, transacted square meters of commodity housing, and CPI for house prices in Shanghai. We adopt monthly data for the period of 2005–2010. We test for unit roots using both the ADF and PP techniques and structural breaks using both the Zivot-Andrews (Model B and Perron (Model C methods. Considering Cheung-Lai and Reinsel–Ahn finite-sample corrections, the results suggest a long-run equilibrium. Housing completions negatively impact house prices in the short run. A positive volume-price relationship is suggested. Housing sales affect house prices in the short run but not vice versa. Hence, the empirical evidence supports the search model. In addition, CPI is strongly exogenous with respect to the long-run relationship and thus is a long-term determinant of house prices. CPI also positively and drastically influences house prices in the short run. Therefore, a reduction in inflation rate could stabilize house prices, increasing the chances of sustainable prices in the future.

  18. Rapid fluctuations in extracellular brain glucose levels induced by natural arousing stimuli and intravenous cocaine: fueling the brain during neural activation

    Science.gov (United States)

    Lenoir, Magalie

    2012-01-01

    Glucose, a primary energetic substrate for neural activity, is continuously influenced by two opposing forces that tend to either decrease its extracellular levels due to enhanced utilization in neural cells or increase its levels due to entry from peripheral circulation via enhanced cerebral blood flow. How this balance is maintained under physiological conditions and changed during neural activation remains unclear. To clarify this issue, enzyme-based glucose sensors coupled with high-speed amperometry were used in freely moving rats to evaluate fluctuations in extracellular glucose levels induced by brief audio stimulus, tail pinch (TP), social interaction with another rat (SI), and intravenous cocaine (1 mg/kg). Measurements were performed in nucleus accumbens (NAcc) and substantia nigra pars reticulata (SNr), which drastically differ in neuronal activity. In NAcc, where most cells are powerfully excited after salient stimulation, glucose levels rapidly (latency 2–6 s) increased (30–70 μM or 6–14% over baseline) by all stimuli; the increase differed in magnitude and duration for each stimulus. In SNr, where most cells are transiently inhibited by salient stimuli, TP, SI, and cocaine induced a biphasic glucose response, with the initial decrease (−20–40 μM or 5–10% below baseline) followed by a reboundlike increase. The critical role of neuronal activity in mediating the initial glucose response was confirmed by monitoring glucose currents after local microinjections of glutamate (GLU) or procaine (PRO). While intra-NAcc injection of GLU transiently increased glucose levels in this structure, intra-SNr PRO injection resulted in rapid, transient decreases in SNr glucose. Therefore, extracellular glucose levels in the brain change very rapidly after physiological and pharmacological stimulation, the response is structure specific, and the pattern of neuronal activity appears to be a critical factor determining direction and magnitude of physiological

  19. Rapid fluctuations in extracellular brain glucose levels induced by natural arousing stimuli and intravenous cocaine: fueling the brain during neural activation.

    Science.gov (United States)

    Kiyatkin, Eugene A; Lenoir, Magalie

    2012-09-01

    Glucose, a primary energetic substrate for neural activity, is continuously influenced by two opposing forces that tend to either decrease its extracellular levels due to enhanced utilization in neural cells or increase its levels due to entry from peripheral circulation via enhanced cerebral blood flow. How this balance is maintained under physiological conditions and changed during neural activation remains unclear. To clarify this issue, enzyme-based glucose sensors coupled with high-speed amperometry were used in freely moving rats to evaluate fluctuations in extracellular glucose levels induced by brief audio stimulus, tail pinch (TP), social interaction with another rat (SI), and intravenous cocaine (1 mg/kg). Measurements were performed in nucleus accumbens (NAcc) and substantia nigra pars reticulata (SNr), which drastically differ in neuronal activity. In NAcc, where most cells are powerfully excited after salient stimulation, glucose levels rapidly (latency 2-6 s) increased (30-70 μM or 6-14% over baseline) by all stimuli; the increase differed in magnitude and duration for each stimulus. In SNr, where most cells are transiently inhibited by salient stimuli, TP, SI, and cocaine induced a biphasic glucose response, with the initial decrease (-20-40 μM or 5-10% below baseline) followed by a reboundlike increase. The critical role of neuronal activity in mediating the initial glucose response was confirmed by monitoring glucose currents after local microinjections of glutamate (GLU) or procaine (PRO). While intra-NAcc injection of GLU transiently increased glucose levels in this structure, intra-SNr PRO injection resulted in rapid, transient decreases in SNr glucose. Therefore, extracellular glucose levels in the brain change very rapidly after physiological and pharmacological stimulation, the response is structure specific, and the pattern of neuronal activity appears to be a critical factor determining direction and magnitude of physiological

  20. Asset Pricing without Garbage

    OpenAIRE

    Kroencke, Tim Alexander

    2014-01-01

    This paper provides an explanation why garbage as a measure of consumption implies a several times lower coefficient of relative risk aversion in the consumption-based asset pricing model than consumption based on the official National Income and Product Ac- counts (NIPA): Unlike garbage, NIPA consumption is filtered to mitigate measurement error. I apply a structural model of the filtering process, which allows to revoke the filter inherent in NIPA consumption. "Unfiltered NIP...

  1. Price Competition or Tacit Collusion

    OpenAIRE

    Yano, Makoto; Komatsubara, Takashi

    2012-01-01

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

  2. Reciprocity, World Prices and Welfare

    DEFF Research Database (Denmark)

    Raimondos-Møller, Pascalis; Woodland, Alan D.

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

  3. High-freezing-point fuels used for aviation turbine engines

    Science.gov (United States)

    Friedman, R.

    1979-01-01

    Broadened-specification aviation fuels could be produced from a greater fraction of crude source material with improvements in fuel supply and price. These fuels, particularly those with increased final boiling temperatures, would have higher freezing temperatures than current aviation turbine fuels. The higher-freezing-point fuels can be substituted in the majority of present commercial flights, since temperature data indicate that in-flight fuel temperatures are relatively mild. For the small but significant fraction of commercial flights where low fuel temperatures make higher freezing-point fuel use unacceptable, adaptations to the fuel or fuel system may be made to accommodate this fuel. Several techniques are discussed. Fuel heating is the most promising concept. One simple system design uses existing heat rejection from the fuel-lubricating oil cooler, another uses an engine-driven generator for electrical heating. Both systems offer advantages that outweigh the obvious penalties.

  4. Albania Residential Prices

    Directory of Open Access Journals (Sweden)

    Luciana Koprencka

    2016-04-01

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

  5. Market price of risk

    Directory of Open Access Journals (Sweden)

    Kožul Nataša

    2017-01-01

    Full Text Available Most people find stochastic calculus intimidating and skip through complex equations. While there is no way of simplifying them, this work is an attempt to relate some of the widely used concepts in pricing financial derivatives to the practical market observations. Recent financial crisis has brought many adverse economic changes, but has also challenged the long-standing beliefs, such as that interest rates will always remain positive. Although the debate on its exact causes is unlikely to be settled, many blame complex derivatives and underlying models. Quantitative analysts that developed them, on the other hand, claim that the math was correct, but the complex products were mis-sold. Regardless of what side one wishes to take, the fact remains that the stochastic differential equations and integrals underlying most derivatives pricing models cannot be easily related to the actual market movements. Here, Markov and Wiener processes - the cornerstones of financial calculus - are explained in relation to return on investment, via market price of risk.

  6. Fossil-fuels, bio-fuels and food: Raking priorities

    OpenAIRE

    Dias, Guilherme Leite da Silva; Guilhoto, Joaquim José Martins

    2010-01-01

    This paper deals with the question of the trade-offs between bio-fuels, fossil-fuels, and food. To do so an analysis is conducted taking into consideration the differences in relative prices and in the productive structure among the countries. The results shows that in general food puts a greater stress over the economies than energy does, and mainly in the developing economies. As a consequence of that, the possibilities for the growing use of bio-fuels is limited and restrict to countries w...

  7. SECOND ROUND EFFECTS AND PASS-THROUGH OF FOOD PRICES TO INFLATION IN KENYA

    Directory of Open Access Journals (Sweden)

    Roseline Nyakerario Misati

    2015-07-01

    Full Text Available In the recent past, the Kenyan economy experienced persistent inflationary pressures, partly attributed to food price spikes. However, the quantitative role of food prices in inflation is not well understood or formally empirically analyzed in Kenya yet food occupies a weight of 36 percent in the consumer price index and contributes a monthly average of over 40 percent to overall inflation. Based on monthly data covering the period 1997-2012, this paper attempts to fill this gap by examining the relationship between food prices and inflation. The study used gap models and Phillips curve approaches to estimate the passthrough effects of food prices to both overall inflation and non-food non-fuel inflation. Based on gap models, the results confirm presence of second round effects from food prices to inflation while estimations of the Phillips curve suggest a domestic food price pass-through of 0.49 to overall inflation and 0.38 to non-food non-fuel inflation. The world food prices pass-through to overall inflation and non-food non-fuel inflation are estimated at 0.09 and 0.08, respectively. Thus this paper recommends usage of headline inflation to estimate trend inflation, enhanced communication to mitigate second round effects and that while monetary policy is very critical in anchoring inflationary expectations, there is mutual gain from a supportive fiscal policy in addressing supply side shocks.

  8. Industrial Pricing: Theory and Managerial Practice

    OpenAIRE

    Peter M. Noble; Thomas S. Gruca

    1999-01-01

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

  9. Price floors for emissions trading

    Energy Technology Data Exchange (ETDEWEB)

    Wood, Peter John, E-mail: Peter.J.Wood@anu.edu.a [Resource Management in Asia Pacific Program, Crawford School of Economics and Government, Australian National University, Canberra ACT 0200 (Australia); Jotzo, Frank, E-mail: frank.jotzo@anu.edu.a [Resource Management in Asia Pacific Program, Crawford School of Economics and Government, Australian National University, Canberra ACT 0200 (Australia)

    2011-03-15

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

  10. Trading network predicts stock price.

    Science.gov (United States)

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

    2014-01-16

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

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

    Science.gov (United States)

    Jaureguiberry, Florencia

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

  12. Enabling alternate fuels for commercial aircraft

    OpenAIRE

    Daggett, D.

    2010-01-01

    The following reports on the past four years of work to examine the feasibility, sustainability and economic viability of developing a renewable, greenhouse-gas-neutral, liquid biofuel for commercial aircraft. The sharp increase in environmental concerns, such as global warming, as well as the volatile price fluctuations of fossil fuels, has ignited a search for alternative transportation fuels. However, commercial aircraft can not use present alternative fuels that are designed for ground...

  13. Food Prices Transmission In Rwanda: Econometric Analysis ...

    African Journals Online (AJOL)

    This paper analyses the food prices transmission using econometric techniques where vector autoregressive models were formulated. Price transmission means the change of one price caused by the change of another price. Spatial price transmission is used in this study and price transmission is affected by different ...

  14. Impact of external price referencing on medicine prices - a price comparison among 14 European countries.

    Science.gov (United States)

    Leopold, Christine; Mantel-Teeuwisse, Aukje Katja; Seyfang, Leonhard; Vogler, Sabine; de Joncheere, Kees; Laing, Richard Ogilvie; Leufkens, Hubert

    2012-12-01

    This study aims to examine the impact of external price referencing (EPR) on on-patent medicine prices, adjusting for other factors that may affect price levels such as sales volume, exchange rates, gross domestic product (GDP) per capita, total pharmaceutical expenditure (TPE), and size of the pharmaceutical industry. Price data of 14 on-patent products, in 14 European countries in 2007 and 2008 were obtained from the Pharmaceutical Price Information Service of the Austrian Health Institute. Based on the unit ex-factory prices in EURO, scaled ranks per country and per product were calculated. For the regression analysis the scaled ranks per country and product were weighted; each country had the same sum of weights but within a country the weights were proportional to its sales volume in the year (data obtained from IMS Health). Taking the scaled ranks, several statistical analyses were performed by using the program "R", including a multiple regression analysis (including variables such as GDP per capita and national industry size). This study showed that on average EPR as a pricing policy leads to lower prices. However, the large variation in price levels among countries using EPR confirmed that the price level is not only driven by EPR. The unadjusted linear regression model confirms that applying EPR in a country is associated with a lower scaled weighted rank (p=0.002). This interaction persisted after inclusion of total pharmaceutical expenditure per capita and GDP per capita in the final model. The study showed that for patented products, prices are in general lower in case the country applied EPR. Nevertheless substantial price differences among countries that apply EPR could be identified. Possible explanations could be found through a correlation between pharmaceutical industry and the scaled price ranks. In conclusion, we found that implementing external reference pricing could lead to lower prices.

  15. Impact of External Price Referencing on Medicine Prices – A Price Comparison Among 14 European Countries

    Science.gov (United States)

    Leopold, Christine; Mantel-Teeuwisse, Aukje Katja; Seyfang, Leonhard; Vogler, Sabine; de Joncheere, Kees; Laing, Richard Ogilvie; Leufkens, Hubert

    2012-01-01

    Objectives: This study aims to examine the impact of external price referencing (EPR) on on-patent medicine prices, adjusting for other factors that may affect price levels such as sales volume, exchange rates, gross domestic product (GDP) per capita, total pharmaceutical expenditure (TPE), and size of the pharmaceutical industry. Methods: Price data of 14 on-patent products, in 14 European countries in 2007 and 2008 were obtained from the Pharmaceutical Price Information Service of the Austrian Health Institute. Based on the unit ex-factory prices in EURO, scaled ranks per country and per product were calculated. For the regression analysis the scaled ranks per country and product were weighted; each country had the same sum of weights but within a country the weights were proportional to its sales volume in the year (data obtained from IMS Health). Taking the scaled ranks, several statistical analyses were performed by using the program “R”, including a multiple regression analysis (including variables such as GDP per capita and national industry size). Results: This study showed that on average EPR as a pricing policy leads to lower prices. However, the large variation in price levels among countries using EPR confirmed that the price level is not only driven by EPR. The unadjusted linear regression model confirms that applying EPR in a country is associated with a lower scaled weighted rank (p=0.002). This interaction persisted after inclusion of total pharmaceutical expenditure per capita and GDP per capita in the final model. Conclusions: The study showed that for patented products, prices are in general lower in case the country applied EPR. Nevertheless substantial price differences among countries that apply EPR could be identified. Possible explanations could be found through a correlation between pharmaceutical industry and the scaled price ranks. In conclusion, we found that implementing external reference pricing could lead to lower prices. PMID

  16. Rapid in situ synthesis of spherical microflower Pt/C catalyst via spray-drying for high performance fuel cell application

    Energy Technology Data Exchange (ETDEWEB)

    Balgis, R.; Ogi, T.; Okuyama, K. [Department of Chemical Engineering, Graduate School of Engineering, Hiroshima University, Higashi Hiroshima, Hiroshima (Japan); Anilkumar, G.M.; Sago, S. [Research and Development Centre, Noritake Co., Ltd., Higashiyama, Miyoshi, Aichi (Japan)

    2012-08-15

    A facile route for the rapid in situ synthesis of platinum nanoparticles on spherical microflower carbon has been developed. An aqueous precursor slurry containing carbon black, polystyrene latex (PSL), polyvinyl alcohol, and platinum salt was spray-dried, followed by calcination to simultaneously reduce platinum salt and to decompose PSL particles. Prepared Pt/C catalyst showed high-performance electrocatalytic activity with excellent durability. The mass activity and specific activity values were 132.26 mA mg{sup -1} Pt and 207.62 {mu}A cm{sup -2} Pt, respectively. This work presents a future direction for the production of high-performance Pt/C catalyst in an industrial scale. (Copyright copyright 2012 WILEY-VCH Verlag GmbH and Co. KGaA, Weinheim)

  17. Rapid Production of High-Purity Hydrogen Fuel through Microwave-Promoted Deep Catalytic Dehydrogenation of Liquid Alkanes with Abundant Metals.

    Science.gov (United States)

    Jie, Xiangyu; Gonzalez-Cortes, Sergio; Xiao, Tiancun; Wang, Jiale; Yao, Benzhen; Slocombe, Daniel R; Al-Megren, Hamid A; Dilworth, Jonathan R; Thomas, John M; Edwards, Peter P

    2017-08-14

    Hydrogen as an energy carrier promises a sustainable energy revolution. However, one of the greatest challenges for any future hydrogen economy is the necessity for large scale hydrogen production not involving concurrent CO2 production. The high intrinsic hydrogen content of liquid-range alkane hydrocarbons (including diesel) offers a potential route to CO2 -free hydrogen production through their catalytic deep dehydrogenation. We report here a means of rapidly liberating high-purity hydrogen by microwave-promoted catalytic dehydrogenation of liquid alkanes using Fe and Ni particles supported on silicon carbide. A H2 production selectivity from all evolved gases of some 98 %, is achieved with less than a fraction of a percent of adventitious CO and CO2 . The major co-product is solid, elemental carbon. © 2017 Wiley-VCH Verlag GmbH & Co. KGaA, Weinheim.

  18. Analysis on 'new fundamentals' and range of oil price trend in the long run

    Energy Technology Data Exchange (ETDEWEB)

    Rui, Chen

    2010-09-15

    The range of trend of oil price will be decided by marginal production cost of crude oil and production cost of alternative energy consumed as transportation fuel on a large scale. The former factor determines the lower limit and the latter determines the upper limit of oil price. financial factors and the value of USD will not only affect the short-term change of oil price, they may become fundamentals factors that exert influence on the mid-long term change of oil price, namely, New Fundamentals, which will determine the fluctuation degree of oil price in the long run.

  19. Price Linkage between International Price of Crude Palm Oil (CPO) and Cooking Oil Price in Indonesia

    OpenAIRE

    Rifin, Amzul

    2009-01-01

    Cooking oil in Indonesia is considered to be one of the staple food of Indonesian people. In the beginning of 2008, the price of cooking oil in Indonesia has increased significantly. One of the reasons is the increase of Crude Palm Oil (CPO) price in the international market. The objective of this research is to investigate the impacts of international price of CPO on the domestic price of CPO and cooking oil. Three specific objectives are included (1) To test whether international price of C...

  20. The impact of high energy prices in Central American households

    Energy Technology Data Exchange (ETDEWEB)

    Cuesta, Ana; Manzano, Osmel

    2010-09-15

    Central American countries have one the highest energy costs in Latin America. We look at the potential social impact of higher energy prices using household data. Depending on a portfolio of characteristics, higher energy prices could have significant impact on the poor purchasing power. In countries like Guatemala, the poorest could see a higher impact than the richest. In Mexico and Panama, the impact is higher for the 'lower middle class'. We measure indirect effects of lack of energy sources, we conclude that children that live in households that cook with fossil fuels are subject to attend less to school.

  1. 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

  2. Price setting in turbulent times

    DEFF Research Database (Denmark)

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

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

  3. Pricing structures in US coal supply contracts

    Science.gov (United States)

    Kacker, Kanishka

    The subject of my dissertation is the study of coal procurement by electric utilities in the US over 2 decades, from 1979 to 2000. Energy markets are typically characterized by severe contracting problems. Buyers and sellers therefore employ various instruments, such as contract length or complex pricing arrangements, to restrict these problems. Relationship specific investment, wherein buyers make investments specific to their suppliers, has been advanced as a prominent explanation for contractual length. Investment decisions are however endogenous in length or pricing, making causal identification of the role of investment specificity difficult. In my first chapter, I attempt a resolution. I use the 1990 Clean Air Act Amendment as an exogenous shifter of the extent of relationship specific investment. A key feature of the Amendment's design helps me define a difference-in-difference model arguably free of the endogeneity issues discussed above. I find that the plants forced into switching - Phase I plants located in the US Midwest - are more likely to choose fixed price contracts than those that were not. Further they also write contracts of shorter terms, with the reduction being approximately 30%. Considerably little is known about the performance implications of contractual choices. These form the basis for Chapter 2. Here I find prices to be lower, by between 5% to 20% of the total transaction price, but the probability of renegotiation higher, under fixed price contracts than under escalator or cost-plus contracts. Contract choices appear consistent with a trade-off between establishing incentives ex-ante and lowering negotiation costs ex-post, with relationship specific investments in particular making such a trade-off compelling. Chapter 3 considers the regulatory environment these utilities were subject to. Both incentive based regulation as well as the restructuring of electricity generation are smaller in comparison to relationship specific investment

  4. The Effect of Changes in World Crude Oil Prices on U.S. Automobile Exports

    Directory of Open Access Journals (Sweden)

    Maksim Belenkiy

    2012-07-01

    Full Text Available This study describes an export model where consumers differentiate between different types of automobiles by the distance they can travel on one dollar’s worth of fuel. The model predicts that the overall demand for vehicles falls as crude oil prices rise, and that the demand for less fuel-efficient vehicles falls relatively more. In particular, we estimate that between 2007 and 2008, when the crude oil prices increased by 32 percent, the export demand for the SUVs manufactured in the United States declined by over $700 million. This implies that the relatively less fuel-efficient U.S.-model vehicles will tend to suffer a competitive disadvantage worldwide when crude oil prices are high. We discuss the potential role of the proposed CAFÉ standards in improving fuel-efficiency and growing exports of the U.S. vehicle fleet.

  5. Retailer Pricing Strategy and Consumer Choice under Price Uncertainty

    OpenAIRE

    Shai Danziger; Liat Hadar; Morwitz, Vicki G

    2014-01-01

    This research examines how consumers choose retailers when they are uncertain about store prices prior to shopping. Simulating everyday choice, participants made successive retailer choices where on each occasion they chose a retailer and only then learned product prices. The results of a series of studies demonstrated that participants were more likely to choose a retailer that offered an everyday low pricing strategy (EDLP) or that offered frequent small discounts over a retailer that offer...

  6. Relationship of fuel size and spacing to combustion characteristics of laboratory fuel cribs

    Science.gov (United States)

    Hal E. Anderson

    1990-01-01

    Flaming combustion in cribs of large woody fuels, thickness 5 cm or greater, is not sustained when fuel spacing ratio, fuel edge-to-edge separation distance to fuel thickness, is greater than 3:1. The flame length associated with the large-fuel burning rate was found to drop rapidly when the large-fuel spacing ratio increases beyond 2.23:1. This supports the critical...

  7. Priced Timed Automata

    DEFF Research Database (Denmark)

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

    2004-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Francisco Álvarez

    2016-01-01

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

  9. Winter fuels report

    Energy Technology Data Exchange (ETDEWEB)

    1995-01-13

    The Winter Fuels Report is intended to provide concise, timely information to the industry, the press, policymakers, consumers, analysts, and State and local governments on the following topics: distillate fuel oil net production, imports and stocks on a US level and for all Petroleum Administration for Defense Districts (PADD) and product supplied on a US level; propane net production, imports and stocks on a US level and for PADD`s I, II, and III; natural gas supply and disposition and underground storage for the US and consumption for all PADD`s, as well as selected National average prices; residential and wholesale pricing data for heating oil and propane for those States participating in the joint Energy Information Administration (EIA)/State Heating Oil and Propane Program; crude oil and petroleum price comparisons for the US and selected cities; and a 6-10 day, 30-Day, and 90-Day outlook for temperature and precipitation and US total heating degree-days by city.

  10. Palm oil price forecasting model: An autoregressive distributed lag (ARDL) approach

    Science.gov (United States)

    Hamid, Mohd Fahmi Abdul; Shabri, Ani

    2017-05-01

    Palm oil price fluctuated without any clear trend or cyclical pattern in the last few decades. The instability of food commodities price causes it to change rapidly over time. This paper attempts to develop Autoregressive Distributed Lag (ARDL) model in modeling and forecasting the price of palm oil. In order to use ARDL as a forecasting model, this paper modifies the data structure where we only consider lagged explanatory variables to explain the variation in palm oil price. We then compare the performance of this ARDL model with a benchmark model namely ARIMA in term of their comparative forecasting accuracy. This paper also utilize ARDL bound testing approach to co-integration in examining the short run and long run relationship between palm oil price and its determinant; production, stock, and price of soybean as the substitute of palm oil and price of crude oil. The comparative forecasting accuracy suggests that ARDL model has a better forecasting accuracy compared to ARIMA.

  11. A Multiperiod Equilibrium Pricing Model

    Directory of Open Access Journals (Sweden)

    Minsuk Kwak

    2014-01-01

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

  12. Has competition lowered hospital prices?

    Science.gov (United States)

    Zwanziger, Jack; Mooney, Cathleen

    2005-01-01

    On Jan. 1, 1997, New York ended its regulation of hospital prices with the intent of using competitive markets to control prices and increase efficiency. This paper uses data that come from annual reports filed by all health maintenance organizations (HMOs) operating in New York and include payments to and usage in the major hospitals in an HMO's network. We estimate the relationship between implied prices and hospital, plan, and market characteristics. The models show that after 1997, hospitals in more competitive markets paid less. Partially offsetting these price reductions were price increases associated with hospital mergers that reduced the competitiveness of the local market. Hospital deregulation was successful, at least in the short run, in using price competition to reduce hospital payments; it is unclear whether this success will be undermined by the structural changes taking place in the hospital industry.

  13. REDUCING GREENHOUSE EMISSIONS AND FUEL CONSUMPTION

    Directory of Open Access Journals (Sweden)

    Susan A. SHAHEEN, Ph.D.

    2007-01-01

    Fortunately, transportation technologies and strategies are emerging that can help to meet the climate challenge. These include automotive and fuel technologies, intelligent transportation systems (ITS, and mobility management strategies that can reduce the demand for private vehicles. While the climate change benefits of innovative engine and vehicle technologies are relatively well understood, there are fewer studies available on the energy and emission impacts of ITS and mobility management strategies. In the future, ITS and mobility management will likely play a greater role in reducing fuel consumption. Studies are often based on simulation models, scenario analysis, and limited deployment experience. Thus, more research is needed to quantify potential impacts. Of the nine ITS technologies examined, traffic signal control, electronic toll collection, bus rapid transit, and traveler information have been deployed more widely and demonstrated positive impacts (but often on a limited basis. Mobility management approaches that have established the greatest CO2 reduction potential, to date, include road pricing policies (congestion and cordon and carsharing (short-term auto access. Other approaches have also indicated CO2 reduction potential including: low-speed modes, integrated regional smart cards, park-and-ride facilities, parking cash out, smart growth, telecommuting, and carpooling.

  14. TOURISM MARKET: PRICING ISSUES

    Directory of Open Access Journals (Sweden)

    Irina A. Kiseleva

    2016-01-01

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

  15. Pricing hazardous substance emissions

    Energy Technology Data Exchange (ETDEWEB)

    Staring, Knut; Vennemo, Haakon

    1997-12-31

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

  16. Determinants of Tanzanian Export Prices

    OpenAIRE

    Rollo Valentina.

    2012-01-01

    This paper uses firm level data to study the pricing behavior of Tanzanian exporters. The important question of how exporting firms make pricing decisions has not received significant attention in the trade literature which is more focused on factors that determine export flows. The results of the paper show that the free on board price of Tanzanian exports is differentiated both across exporters—within product destination pairs—and across markets—within firm product pairs. Moreover contrasti...

  17. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

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

  18. How hospitals approach price transparency.

    Science.gov (United States)

    Houk, Scott; Cleverley, James O

    2014-09-01

    A survey of finance leaders found that hospitals with lower charges were more likely than other hospitals to emphasize making prices defensible rather than simply transparent. Finance leaders of hospitals with higher charges were more likely to express concern that price transparency would cause a reduction in hospital revenue by forcing them to lower charges. Those respondents said commercial payers likely will have to agree to renegotiate contracts for price transparency to be a financially viable proposition.

  19. Countervailing Power and Price Transparency

    OpenAIRE

    Møllgaard, Peter; Hviid, Morten

    2000-01-01

    We investigate whether increased transparency about prices may increase the countervailing power exercised by buyers of an intermediate good and whether this will lead to a decrease of intermediate goods prices. We show that, even in a non-cooperative, one-shot model, the most likely outcome of improved transparency is a price increase: Improved transparency will lead sellers to take tougher bargaining stands since more is at stake. The results are related to the experience of the Danish Comp...

  20. Regional Hospital Input Price Indexes

    OpenAIRE

    Freeland, Mark S.; Schendler, Carol Ellen; Anderson, Gerard

    1981-01-01

    This paper describes the development of regional hospital input price indexes that is consistent with the general methodology used for the National Hospital Input Price Index. The feasibility of developing regional indexes was investigated because individuals inquired whether different regions experienced different rates of increase in hospital input prices. The regional indexes incorporate variations in cost-share weights (the amount an expense category contributes to total spending) associa...

  1. Nonlinear Pricing to Produce Information

    OpenAIRE

    David J. Braden; Oren, Shmuel S.

    1994-01-01

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

  2. International Prices and Exchange Rates

    OpenAIRE

    Gopinath, Gita; Burstein, Ariel

    2013-01-01

    We survey the recent empirical and theoretical developments in the literature on the relation between prices and exchange rates. After updating some of the major findings in the empirical literature we present a simple framework to interpret this evidence. We review theoretical models that generate insensitivity of prices to exchange rate changes through variable markups, both under flexible prices and nominal rigidities, first in partial equilibrium and then in general equilibrium.

  3. Essays in Empirical Asset Pricing

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

    This thesis consists of three essays investigating financial and real estate markets and identifying a relationship between them. A 2008 financial crises provides a perfect example of sizeable interactions between US housing market and equity prices, where a negative shock to house prices triggered...... a word-wide recession. Therefore, understanding forces driving investors behaviour and preferences, which in turn affect asset prices in both equity and housing market are of great interest....

  4. Price transparency for medical devices.

    Science.gov (United States)

    Pauly, Mark V; Burns, Lawton R

    2008-01-01

    Hospital buyers of medical devices contract with manufacturers with market power that sell differentiated products. The medical staff strongly influences hospitals' choice of devices. Sellers have sought to limit disclosure of transaction prices. Policy-makers have proposed legislation mandating disclosure, in the interest of greater transparency. We discuss why a manufacturer might charge different prices to different hospitals, the role that secrecy plays, and the consequences of secrecy versus disclosure. We argue that hospital-physician relationships are key to understanding what manufacturers gain from price discrimination. Price disclosure can catalyze a restructuring of those relationships, which, in turn, can improve hospital bargaining.

  5. Transmission pricing: paradigms and methodologies

    Energy Technology Data Exchange (ETDEWEB)

    Shirmohammadi, Dariush [Pacific Gas and Electric Co., San Francisco, CA (United States); Vieira Filho, Xisto; Gorenstin, Boris [Centro de Pesquisas de Energia Eletrica (CEPEL), Rio de Janeiro, RJ (Brazil); Pereira, Mario V.P. [Power System Research, Rio de Janeiro, RJ (Brazil)

    1994-12-31

    In this paper we describe the principles of several paradigms and methodologies for pricing transmission services. The paper outlines some of the main characteristics of these paradigms and methodologies such as where they may be used for best results. Due to their popularity, power flow based MW-mile and short run marginal cost pricing methodologies will be covered in some detail. We conclude the paper with examples of the application of these two pricing methodologies for pricing transmission services in Brazil. (author) 25 refs., 2 tabs.

  6. Fuels planning: science synthesis and integration; economic uses fact sheet 04: My Fuel Treatment Planner

    Science.gov (United States)

    Rocky Mountain Research Station USDA Forest Service

    2004-01-01

    In the face of rapidly changing public and political attitudes toward fire and fuel planning, one thing remains constant: the fuel planner is ultimately responsible for making decisions on the land. This fact sheet discusses the options for fuel treatments, and the need, development, and use of the MS Excel-based tool, My Fuel Treatment Planner.

  7. Does permit price reflect fundamentals in the European Union emissions trading market? Theory and econometric analysis

    Energy Technology Data Exchange (ETDEWEB)

    Aatola, P.; Ollikainen, M. [Univ. of Helsinki (Finland). Dept. of Economics and Management

    2007-07-01

    The European Union launched the carbon dioxide (CO{sub 2}) emissions trading system (EU ETS) to alleviate climate change and reach its Kyoto commitment. The EU ETS is the largest and most ambitious emissions trading program in the world. Its development, price fluctuations and volumes exchanged have been of great interest before the start of the program and during the almost three years of trading. Most of the interest has focused on the following questions: Can the EU ETS actually achieve the desired reduction in CO{sub 2} emissions, given the heterogeneity of countries and industries involved? Does the permit price follow fundamentals, given that the system is politically created and subject to all uncertainties associated with climate policies? Does the EU ETS provide sufficient incentives to invest in greener technologies and in renewable energy sources? The authors investigate how closely the price of emission permits reflects market fundamentals in the EU ETS. They postulate uncertain permit price and risk-averse firms. The firms produce final goods, abate their emissions and trade permits in the permit market. The dependence of the equilibrium permit price on exogenous variables is studied in a permit market model. They test their theoretical findings with empirical data from 2005--2006 in the EU ETS. They use forward prices of both EUA07 and EUA08 as their dependent variable. Given the dominant role of energy sector in the emissions trading market, they use electricity price as a representative of the price of final good and prices of fuels as the relevant cost items. They use an econometric model with stationary time series to discover that there is a strong relationship between the fundamentals, such as German electricity price and gas and coal prices and the price of EUA. The authors find that both EUA forward prices reflect the fundamentals, especially price of electricity, clean dark and clean spark spreads, as well as the gas-coal difference.

  8. 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.

  9. Modeling the Effect of Oil Price on Global Fertilizer Prices

    NARCIS (Netherlands)

    P-Y. Chen (Ping-Yu); C-L. Chang (Chia-Lin); C-C. Chen (Chi-Chung); M.J. McAleer (Michael)

    2010-01-01

    textabstractThe main purpose of this paper is to evaluate the effect of crude oil price on global fertilizer prices in both the mean and volatility. The endogenous structural breakpoint unit root test, the autoregressive distributed lag (ARDL) model, and alternative volatility models, including the

  10. Introduction of »fuels of the future« in teaching chemistry

    OpenAIRE

    Konda, Mojca

    2015-01-01

    In accordance with modern researches, the usage of fossil fuels is the main cause of increased concentration of greenhouse gases, especially carbon dioxide. This is indicated by extreme weather changes, smog, floods, droughts, the green house effect etc. Scientists assume that the supplies of fossil fuel will run out in about 50 years. The decrease of fossil fuel supplies is increasing the price of vehicle fuels. Fossil fuels will be replaced with alternative fuels in the future. Therefore, t...

  11. Ultraclean Fuels Production and Utilization for the Twenty-First Century: Advances toward Sustainable Transportation Fuels

    Energy Technology Data Exchange (ETDEWEB)

    Fox, Elise B.; Liu, Zhong-Wen; Liu, Zhao-Tie

    2013-11-21

    Ultraclean fuels production has become increasingly important as a method to help decrease emissions and allow the introduction of alternative feed stocks for transportation fuels. Established methods, such as Fischer-Tropsch, have seen a resurgence of interest as natural gas prices drop and existing petroleum resources require more intensive clean-up and purification to meet stringent environmental standards. This review covers some of the advances in deep desulfurization, synthesis gas conversion into fuels and feed stocks that were presented at the 245th American Chemical Society Spring Annual Meeting in New Orleans, LA in the Division of Energy and Fuels symposium on "Ultraclean Fuels Production and Utilization".

  12. Considerations regarding price in oligopolistic structured markets

    Directory of Open Access Journals (Sweden)

    Ciobanu, R.

    2011-01-01

    Full Text Available Economists report price rigidity in markets with oligopolistic structures, while explaining the phenomenon. If an oligopolistic firm raises prices, other prices will remain stable in oligopolistic firms, so we will see a significant decrease in sales volume in the firm which increased prices. To avoid this situation an oligopolistic company will not initiate price increases. If oligopolistic firms lower prices, other oligopolistic firms will reduce prices promptly and the result will be that of lower volume of sales - will sell the same physical volume of goods but at a lower price. To avoid this situation, the company will not initiate oligopolistic price decreases.

  13. Prices and species diversity

    DEFF Research Database (Denmark)

    Sauer, Johannes

    . Based on a biologically defined species diver-sity index we incorporate biodiversity either as a desirable output or biodiversity loss as a detrimental input. Beside quantitative shadow price measures the main contribu-tion of the work is the evidence that parametric scores of environmental efficiency...... of biodiversity and the appropriate incorporation in stochastic fron-tier models to achieve more realistic measures of production efficiency. We use the empirical example of tobacco production drawing from as well as affecting species diversity in the surrounding forests. We apply a shadow profit distance...... function ap-proach as well as a fixed effects non-radial technique to reveal input specific alloca-tive and output oriented technical efficiency measures as well as measures of envi-ronmental efficiency. We also consider functional consistency by imposing convexity on the translog profit function model...

  14. Transfer Pricing and FDI

    Directory of Open Access Journals (Sweden)

    Patricia-Sabina Macelaru

    2013-08-01

    Full Text Available FDI analysis is usually performed within the frame of the win-win hypothesis. However, we believe that certain circumstances (MNEs following their own business objectives, lack of appropriate regulations, non-observance of the arm’s length principle may generate disproportionate advantages at the level of FDI stakeholders. The disequilibrium between reinvested profits and repatriated profits may be viewed as a proof of such disproportionate advantages of stakeholders involved in FDI. In addition to figures showing the comparison between reinvested and repatriated profits, as well as the way in which such indicators vary e.g. in case of abnormal business conditions (global economy collapse, we try to show that lack/misuse of transfer pricing regulations may generate even more disequilibrium, the MNEs using intra-group transactions as an additional way of repatriating non-taxable/low tax profits.

  15. Prices versus Quantities

    DEFF Research Database (Denmark)

    Hansen, Lars Gårn; Jensen, Frank

    Weitzman (2002) studies the regulation of a fishery characterised by constant marginal harvest costs and shows that price regulation performs better than quantity regulation when the regulator is uncertain about the biological reproduction function (ecological uncertainty). Here, we initially...... illustrate that this result does not generalise to a search fishery, where marginal costs are allowed to depend on harvest. Hansen et al (2008) study a fishery where non-compliance with regulations is a problem. When the regulator is uncertain about non-compliance (compliance uncertainty), then landing fees...... are the preferred type of regulation, and Hansen et al (2008) find that this result does generalise to a search fishery where marginal costs depend on harvest. In this paper, we simulate a stochastic stock-recruitment model for the Danish cod fishery in the Kategat capturing both ecological and compliance...

  16. Is College Pricing Power Pro-Cyclical?

    Science.gov (United States)

    Altringer, Levi; Summers, Jeffrey

    2015-01-01

    We define pricing power as a college's ability to increase its net tuition revenue by raising its sticker-price for tuition. The greater is the positive effect of sticker-price increases on net tuition revenue, the greater is the pricing power. We gauge variation in the pricing power of private, non-profit baccalaureate colleges by estimating this…

  17. Energy price increases and economic development in Malaysia.

    OpenAIRE

    Fong CO

    1984-01-01

    ILO pub-WEP pub. Working paper on the impact of higher energy costs (particularly petroleum price increases) on economic development in Malaysia, 1973 to 1983 - outlines trends in gross domestic product, balance of payments, trade and economic growth; considers household income and fuel expenditure of low income rural communitys; deals with choice of technology and employment in certain high power consumption industries; discusses energy policy implications. Graphs, maps, questionnaires, refe...

  18. Is macroeconomic announcement news priced?

    NARCIS (Netherlands)

    de Goeij, Peter; Hu, Jiehui; Werker, Bas

    2016-01-01

    We test whether news contained in macroeconomic announcements (MEAs) is priced in the cross-section of stock returns. When including news on a set of widely followed individual macroeconomic fundamentals in the cross-section of stock returns, estimates of their prices of risk are consistent with the

  19. Price satisfaction and producer loyalty

    DEFF Research Database (Denmark)

    Mutonyi, Sarah; Beukel, Karin; Gyau, Amos

    2016-01-01

    Purpose The purpose of this paper is to investigate which dimensions of price satisfaction influence producers’ trust in buyers and assess the mediating role of such trust in the relationship between price satisfaction and producer loyalty in fresh fruit supply chains. Design/methodology/approach...

  20. Algorithms for optimal price regulations

    NARCIS (Netherlands)

    Grigoriev, Alexander; van Loon, Joyce; Uetz, Marc Jochen; Papadimitriou, C.; Zhang, S.

    2008-01-01

    Since summer 2007, mobile phone users in the European Union (EU) are protected by a ceiling on the roaming tariff when calling or receiving a call abroad. We analyze the effects of this price regulative policy, and compare it to alternative implementations of price regulations. The problem is a

  1. Strammere retningslinjer om transfer pricing

    DEFF Research Database (Denmark)

    Rossing, Christian Plesner

    2015-01-01

    Transfer pricing vedrører prisfastsættelsen på transaktioner, der foregår mellem koncernforbundne selskaber og er fortsat et tema, der nyder stort fokus hos både multinationale koncerner og skattemyndigheder. For den multinationale koncern er transfer pricing i høj grad en aktivitet, der består i...

  2. Pricing strategies for information goods

    Indian Academy of Sciences (India)

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

    ual consumers – in North America alone, direct marketing was a $200 billion business in. 2001 ... direct marketing techniques have always been imprecise, with a conversion rate of less than. 2% largely due to the use .... lower profits from pricing at a level that will ensure that the sale takes place, and prices at half the upper ...

  3. Option price and market instability

    Science.gov (United States)

    Baaquie, Belal E.; Yu, Miao

    2017-04-01

    An option pricing formula, for which the price of an option depends on both the value of the underlying security as well as the velocity of the security, has been proposed in Baaquie and Yang (2014). The FX (foreign exchange) options price was empirically studied in Baaquie et al., (2014), and it was found that the model in general provides an excellent fit for all strike prices with a fixed model parameters-unlike the Black-Scholes option price Hull and White (1987) that requires the empirically determined implied volatility surface to fit the option data. The option price proposed in Baaquie and Cao Yang (2014) did not fit the data during the crisis of 2007-2008. We make a hypothesis that the failure of the option price to fit data is an indication of the market's large deviation from its near equilibrium behavior due to the market's instability. Furthermore, our indicator of market's instability is shown to be more accurate than the option's observed volatility. The market prices of the FX option for various currencies are studied in the light of our hypothesis.

  4. Oil price and the dollar

    Energy Technology Data Exchange (ETDEWEB)

    Coudert, V. [Banque de France, Paris (France); Mignon, V. [Paris Univ., Paris (France). Economix-CNRS; Penot, A. [Lyon Univ., Lyon (France). CNRS

    2007-10-01

    Oil prices and the United States (US) dollar exchange rate are driving the evolution of the world economy. This paper investigated long-term relationships between oil prices and the US effective exchange rate. An empirical study was performed on oil prices and the dollar real effective exchange rate between 1974 to 2004. The impact of the dollar exchange rate was also explored, and the effects of oil prices on supply and demand were considered. A dynamic partial equilibrium framework study was evaluated in order to compare how other countries used revenues from oil exports in dollars. The study showed that both variables had similar evolutions when price fluctuations were low. Strong increases in the dollar were associated with lower oil prices. However, adjustment speeds of the dollar real effective exchange rate was slow. Co-integration and causality tests showed that oil prices influenced the exchange rate, and that the link between the 2 variables was transmitted through the country's net foreign asset position. It was concluded that higher oil prices improved US net foreign asset position in relation to other countries, and had a positive impact on dollar appreciation. 24 refs., 6 tabs., 1 fig.

  5. Ethnic diversity deflates price bubbles

    Science.gov (United States)

    Levine, Sheen S.; Apfelbaum, Evan P.; Bernard, Mark; Bartelt, Valerie L.; Zajac, Edward J.; Stark, David

    2014-01-01

    Markets are central to modern society, so their failures can be devastating. Here, we examine a prominent failure: price bubbles. Bubbles emerge when traders err collectively in pricing, causing misfit between market prices and the true values of assets. The causes of such collective errors remain elusive. We propose that bubbles are affected by ethnic homogeneity in the market and can be thwarted by diversity. In homogenous markets, traders place undue confidence in the decisions of others. Less likely to scrutinize others’ decisions, traders are more likely to accept prices that deviate from true values. To test this, we constructed experimental markets in Southeast Asia and North America, where participants traded stocks to earn money. We randomly assigned participants to ethnically homogeneous or diverse markets. We find a marked difference: Across markets and locations, market prices fit true values 58% better in diverse markets. The effect is similar across sites, despite sizeable differences in culture and ethnic composition. Specifically, in homogenous markets, overpricing is higher as traders are more likely to accept speculative prices. Their pricing errors are more correlated than in diverse markets. In addition, when bubbles burst, homogenous markets crash more severely. The findings suggest that price bubbles arise not only from individual errors or financial conditions, but also from the social context of decision making. The evidence may inform public discussion on ethnic diversity: it may be beneficial not only for providing variety in perspectives and skills, but also because diversity facilitates friction that enhances deliberation and upends conformity. PMID:25404313

  6. Price knowledge during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup; Grunert, Klaus G

    2014-01-01

    accessible at the store exit. These findings enable the authors to reconcile diverging results from past research,showing how consumer price knowledge evolves and suggesting that the vast majority of consumers learn about prices, whether consciously orunconsciously, during grocery shopping. Thus, when...

  7. Carbon pricing in the EU

    NARCIS (Netherlands)

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

    2016-01-01

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

  8. Price as indicator for quality?

    DEFF Research Database (Denmark)

    Nielsen, Jørgen Ulff-Møller; Hansen, Jørgen Drud

    This paper examines the relation between price differences and quality differences in an oligopoly model with intra-industry trade, where goods are horizontally as well as vertically differentiated. The analysis demonstrates that the ratio of prices is not linked to the ratio of qualities in any ...

  9. Understanding international commodity price fluctuations

    NARCIS (Netherlands)

    Arezki, Rabah; Loungani, Prakash; van der Ploeg, Rick; Venables, Anthony J.

    An overview is provided of recent work on commodity prices, focusing on three themes: (i) "financialization" of commodity markets--commodities being considered by financial investors as a distinct asset class, (ii) trends and forecasts of commodity prices, and (iii) fracking-a shorthand for the

  10. Ethnic diversity deflates price bubbles.

    Science.gov (United States)

    Levine, Sheen S; Apfelbaum, Evan P; Bernard, Mark; Bartelt, Valerie L; Zajac, Edward J; Stark, David

    2014-12-30

    Markets are central to modern society, so their failures can be devastating. Here, we examine a prominent failure: price bubbles. Bubbles emerge when traders err collectively in pricing, causing misfit between market prices and the true values of assets. The causes of such collective errors remain elusive. We propose that bubbles are affected by ethnic homogeneity in the market and can be thwarted by diversity. In homogenous markets, traders place undue confidence in the decisions of others. Less likely to scrutinize others' decisions, traders are more likely to accept prices that deviate from true values. To test this, we constructed experimental markets in Southeast Asia and North America, where participants traded stocks to earn money. We randomly assigned participants to ethnically homogeneous or diverse markets. We find a marked difference: Across markets and locations, market prices fit true values 58% better in diverse markets. The effect is similar across sites, despite sizeable differences in culture and ethnic composition. Specifically, in homogenous markets, overpricing is higher as traders are more likely to accept speculative prices. Their pricing errors are more correlated than in diverse markets. In addition, when bubbles burst, homogenous markets crash more severely. The findings suggest that price bubbles arise not only from individual errors or financial conditions, but also from the social context of decision making. The evidence may inform public discussion on ethnic diversity: it may be beneficial not only for providing variety in perspectives and skills, but also because diversity facilitates friction that enhances deliberation and upends conformity.

  11. Sticky prices and deviations from the Law of One Price: Evidence from Mexican micro-price data

    National Research Council Canada - National Science Library

    Elberg, AndreS

    2016-01-01

    This paper uses a novel dataset of weekly sampled store-level prices to study the impact of sticky prices on the volatility and persistence of intranational deviations from the Law of One Price (LOP...

  12. Examining new fuel economy standards for the United States.

    Energy Technology Data Exchange (ETDEWEB)

    Plotkin, S. E.; Energy Systems

    2007-01-01

    After decades of futile attempts to increase U.S. fuel economy standards for passenger cars, which have remained unchanged since enactment of the Corporate Average Fuel Economy (CAFE) Standards in Title V of the 1975 Energy Policy Conservation Act, it seems increasingly likely that new and tougher standards will be enacted in the near future - especially after the Senate's 21 June passage of energy efficiency bill H.R. 6. As this magazine went to press, the bill, which calls for a 40 percent increase in vehicle fuel economy by 2020 among other efficiency and alternative energy goals, was headed to the House of Representatives for more debate. Congress has seen proposals like this since the 1980s, but this is the first time that one of them has passed in the Senate. The Bush administration has also weighed in with a proposal to increase new vehicle fuel economy by 4 percent per year from 2011 to 2017, and the administrator of the National Highway Traffic Safety Administration (NHTSA) has asked Congress to grant the Secretary of Transportation the authority to restructure and increase CAFE standards for cars, a power denied by the original CAFE legislation. A confluence of events has led to this change of political climate, including: the failure of world oil production and refining capacity to keep pace with rapidly growing demand, especially from China and other emerging economies, which has led to the highest oil prices since the 1980s and growing fears that world production of conventional oil may be close to its peak and rapid decline; the escalating influence of oil resources on geopolitics as China seeks to guarantee its future access to supplies, enhanced revenues from the higher prices, which prop up authoritarian regimes in Iran, Venezuela, Russia, and elsewhere and allow them increasing freedom of action; the enhancement of the role of climate change in political decision making by new reports from the Intergovernmental Panel on Climate Change (IPCC

  13. European attitudes to water pricing

    DEFF Research Database (Denmark)

    Jensen, Anne Kejser

    2016-01-01

    as is affordability concern, which may be explained by expectations of inequity measures to come in place in parallel with increasing water prices. Overall these results support the hypothesis that lack of information and affordability concern could lead to resistance towards efficient water pricing among the general......Efficient use of the water resource requires internalization of all costs in the price of water, including environmental and resource costs. However, water resource management tends to be highly political and increasing water prices are a sensitive and complicated policy matter. Hence......, there is a need for increased understanding of the implementation process and the attitudes towards implementation among the general public. This paper explores the spatial heterogeneity in the public attitude towards internalizing environmental and resource costs in the price of water across the EU regions...

  14. Pricing of temperature index insurance

    Directory of Open Access Journals (Sweden)

    Che Mohd Imran Che Taib

    2012-01-01

    Full Text Available The aim of this paper is to study pricing of weather insurance contracts based on temperature indices. Three different pricing methods are analysed: the classical burn approach, index modelling and temperature modelling. We take the data from Malaysia as our empirical case. Our results show that there is a significant difference between the burn and index pricing approaches on one hand, and the temperature modelling method on the other. The latter approach is pricing the insurance contract using a seasonal autoregressive time series model for daily temperature variations, and thus provides a precise probabilistic model for the fine structure of temperature evolution. We complement our pricing analysis by an investigation of the profit/loss distribution from the contract, in the perspective of both the insured and the insurer.

  15. PRICES - PREREQUISITE OF MARKET DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    VĂDUVA MARIA

    2017-08-01

    Full Text Available Prices are the key points of transfer and interactions. Balance means knowing the real demand and adapting thier supply at its level and structure. In studying the prices, the knowledge of economic content and the mechanism of their formation in exchange process is a crucial prerequisites to accomplish the transition from theoretical foundations to practical foundations of concrete modalities, of pricing techniques. If demand can assimilate the production of considered enterprises, then the manufacturer is concerned to determine that level of production for which will get maximum profit, profitability threshold, elasticity of supply compared with the price, to choose the best outlet. Price depends on the intersection of demand and supply

  16. Poverty, Policy and Price Transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    of the real food price process based on which dynamic forecasts and historical decompositions are calculated. Results indicate that, despite the low degree of pass-through from international to domestic rice prices, food prices in general grew as fast as expected or faster, given the surge......This thesis consists of four self-contained chapters in which different aspects of the relationship between international commodity markets and domestic food markets are explored. What motivates the analysis is the recent surge in international commodity prices and the controversy over the poverty...... impact of the 2007-8 ‘food crisis’, in particular. The first paper analyses, in a stylized economic model, how the response of domestic aggregate food prices to an international shock depends on features of the country’s income distribution. The model is based on a dichotomy between traded and purely...

  17. Nanofluidic fuel cell

    Science.gov (United States)

    Lee, Jin Wook; Kjeang, Erik

    2013-11-01

    Fuel cells are gaining momentum as a critical component in the renewable energy mix for stationary, transportation, and portable power applications. State-of-the-art fuel cell technology benefits greatly from nanotechnology applied to nanostructured membranes, catalysts, and electrodes. However, the potential of utilizing nanofluidics for fuel cells has not yet been explored, despite the significant opportunity of harnessing rapid nanoscale reactant transport in close proximity to the reactive sites. In the present article, a nanofluidic fuel cell that utilizes fluid flow through nanoporous media is conceptualized and demonstrated for the first time. This transformative concept captures the advantages of recently developed membraneless and catalyst-free fuel cell architectures paired with the enhanced interfacial contact area enabled by nanofluidics. When compared to previously reported microfluidic fuel cells, the prototype nanofluidic fuel cell demonstrates increased surface area, reduced activation overpotential, superior kinetic characteristics, and moderately enhanced fuel cell performance in the high cell voltage regime with up to 14% higher power density. However, the expected mass transport benefits in the high current density regime were constrained by high ohmic cell resistance, which could likely be resolved through future optimization studies.

  18. Real inflation of journal prices: medical journals, U.S. journals, and Brandon list journals.

    Science.gov (United States)

    Kronenfeld, M R; Gable, S H

    1983-01-01

    Increases in price during the last twenty years were studied for the journals listed in the 1983 Brandon list, and during the last fifteen years for all medical journals and for U.S. periodicals overall. When compared with increases in the Consumer Price Index (CPI), prices in all three categories of publications have increased much more rapidly than have prices overall. Libraries whose journal-acquisition budgets increased merely at the same rate as the CPI during the periods examined today can purchase only 50% to 70% of the journals they purchased in 1963. This information should help librarians justify budget increases. PMID:6652296

  19. 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...

  20. Minimum prices in a model with search frictions and price posting

    NARCIS (Netherlands)

    Cai, X.

    2015-01-01

    In this paper I consider the effects of a minimum price (maximum wage) in a random search model with price (wage) posting. I show that with a minimum price, the price distribution will have a mass point. If the minimum price is sufficiently high, the price distribution will become degenerate.

  1. Dynamic pricing for demand response considering market price uncertainty

    DEFF Research Database (Denmark)

    Ghazvini, Mohammad Ali Fotouhi; Soares, Joao; Morais, Hugo

    2017-01-01

    Retail energy providers (REPs) can employ different strategies such as offering demand response (DR) programs, participating in bilateral contracts, and employing self-generation distributed generation (DG) units to avoid financial losses in the volatile electricity markets. In this paper......, the problem of setting dynamic retail sales price by a REP is addressed with a robust optimization technique. In the proposed model, the REP offers price-based DR programs while it faces uncertainties in the wholesale market price. The main contribution of this paper is using a robust optimization approach...

  2. 7 CFR 1000.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    .... block cheese reported by the Department for the month; and (ii) The U.S. average NASS survey price for 500-pound barrel cheddar cheese (38 percent moisture) reported by the Department for the month plus 3... one-hundredth cent, shall be the U.S. average NASS dry whey survey price reported by the Department...

  3. The pricing of bank debt guarantees

    NARCIS (Netherlands)

    Arping, S.

    2010-01-01

    We analyze the desirability of fair pricing of government guarantees for bank liabilities. Fair pricing is desirable only if the banking sector is sufficiently transparent. In opaque banking systems, fair pricing may exacerbate banks' incentive to take excessive risks.

  4. Effects of food price shocks on child malnutrition

    DEFF Research Database (Denmark)

    Arndt, Thomas Channing; Hussain, M. Azhar; Salvucci, Vincenzo

    2016-01-01

    A propitiously timed household survey carried out in Mozambique over the period 2008/2009 permits us to study the relationship between shifts in food prices and child nutrition status in a low income setting. We focus on weight-for-height and weight-for-age in different survey quarters characteri......A propitiously timed household survey carried out in Mozambique over the period 2008/2009 permits us to study the relationship between shifts in food prices and child nutrition status in a low income setting. We focus on weight-for-height and weight-for-age in different survey quarters...... characterized by very different food price inflation rates. Using propensity score matching techniques, we find that these nutrition measures, which are sensitive in the short run, improve significantly in the fourth quarter of the survey, when the inflation rate for basic food products is low, compared...... to the first semester or three quarters, when food price inflation was generally high. The prevalence of underweight, in particular, falls by about 40 percent. We conclude that the best available evidence points to food penury, driven by the food and fuel price crisis combined with a short agricultural...

  5. The Price of Divorce

    Science.gov (United States)

    Raynish, Annie

    2007-01-01

    The purpose of this study was to investigate the effect of divorce on student's academic achievement. Whitehead (1997) states, at the beginning of the twentieth century, there were only three divorces for every 1,000 marriages. Through the years, the divorce rate in America has rapidly increased which has affected adults and children. The…

  6. Price Sensitivity of Demand for Prescription Drugs

    DEFF Research Database (Denmark)

    Simonsen, Marianne; Skipper, Lars; Skipper, Niels

    2016-01-01

    We investigate price sensitivity of demand for prescription drugs, using drug purchase records for the entire Danish population. We identify price responsiveness by exploiting variation in prices caused by kinked reimbursement schemes and implement a regression kink design. The results suggest some...... price responsiveness with corresponding price elasticities ranging from −0.2 to −0.7. Individuals with chronic disease and especially individuals above the age of 65 respond less to the price of drugs....

  7. Water Demand Under Alternative Price Structures

    OpenAIRE

    Sheila Olmstead; W. Michael Hanemann; Stavins, Robert N.

    2007-01-01

    We estimate the price elasticity of water demand with household-level data, structurally modeling the piecewise-linear budget constraints imposed by increasing-block pricing. We develop a mathematical expression for the unconditional price elasticity of demand under increasing-block prices and compare conditional and unconditional elasticities analytically and empirically. We test the hypothesis that price elasticity may depend on price structure, beyond technical differences in elasticity co...

  8. Inflation Responses to Commodity Price Shocks; How and Why Do Countries Differ?

    OpenAIRE

    R. G Gelos; Yulia Ustyugova

    2012-01-01

    This paper relates the inflationary impact of commodity price shocks across countries to a broad range of structural characteristics and policy frameworks over the period 2001-2010, using several approaches. The analysis suggests that economies with higher food shares in CPI baskets, fuel intensities, and pre-existing inflation levels were more prone to experience sustained inflationary effects from commodity price shocks. Countries with more independent central banks and higher governance sc...

  9. How Pakistan is coping with the Challenge of High Oil Prices

    OpenAIRE

    Malik, Afia

    2008-01-01

    The paper is a review of possible consequences and challenges presented by high oil prices in Pakistan. Pakistan is heavily dependent on imported fuels and this dependence is expected to increase even further in future given the depleting gas resources. The rising oil prices in the international market has had effected negatively balance of payment position as well as on the budgetary position of the country and contributed in creating inflationary pressures in the economy. For long run devel...

  10. Artificial photosynthesis for solar fuels.

    Science.gov (United States)

    Styring, Stenbjörn

    2012-01-01

    This contribution was presented as the closing lecture at the Faraday Discussion 155 on artificial photosynthesis, held in Edinburgh Scotland, September 5-7 2011. The world needs new, environmentally friendly and renewable fuels to exchange for fossil fuels. The fuel must be made from cheap and "endless" resources that are available everywhere. The new research area of solar fuels aims to meet this demand. This paper discusses why we need a solar fuel and why electricity is not enough; it proposes solar energy as the major renewable energy source to feed from. The scientific field concerning artificial photosynthesis expands rapidly and most of the different scientific visions for solar fuels are briefly overviewed. Research strategies and the development of artificial photosynthesis research to produce solar fuels are overviewed. Some conceptual aspects of research for artificial photosynthesis are discussed in closer detail.

  11. Study of effects of fuel properties in turbine-powered business aircraft

    Science.gov (United States)

    Powell, F. D.; Biegen, R. J.; Weitz, P. G., Jr.; Duke, A. M.

    1984-01-01

    Increased interest in research and technology concerning aviation turbine fuels and their properties was prompted by recent changes in the supply and demand situation of these fuels. The most obvious change is the rapid increase in fuel price. For commercial airplanes, fuel costs now approach 50 percent of the direct operating costs. In addition, there were occasional local supply disruptions and gradual shifts in delivered values of certain fuel properties. Dwindling petroleum reserves and the politically sensitive nature of the major world suppliers make the continuation of these trends likely. A summary of the principal findings, and conclusions are presented. Much of the material, especially the tables and graphs, is considered in greater detail later. The economic analysis and examination of operational considerations are described. Because some of the assumptions on which the economic analysis is founded are not easily verified, the sensitivity of the analysis to alternates for these assumptions is examined. The data base on which the analyses are founded is defined in a set of appendices.

  12. Building a panel data set on fuel stations located in the Spanish regional areas of Madrid and Barcelona.

    Science.gov (United States)

    Balaguer, Jacint; Ripollés, Jordi

    2016-06-01

    The data described in this article were collected daily over the period June 10, 2010, to November 25, 2012, from the website of the Spanish Ministry of Industry, Energy and Tourism. The database includes information about fuel stations regarding to their prices (both gross and net of taxes), brand, location (latitude and longitude), and postal code in the Spanish provinces of Madrid and Barcelona. Moreover, obtaining the postal codes has allowed us to select those stations that are operating within the metropolitan areas of Madrid and Barcelona. By considering those fuel stations that uninterruptedly provided prices during the entire period, the data can be especially useful to explore the dynamics of prices in fuel markets. This is the case of Balaguer and Ripollés (2016), "Asymmetric fuel price responses under heterogeneity" [1], who, taking into account the presence of the potential heterogeneity of the behaviour of fuel stations, used this statistical information to perform an analysis on asymmetric fuel price responses.

  13. Price and consumption of tobacco.

    Science.gov (United States)

    Singh, Virendra; Sharma, Bharat Bhushan; Saxena, Puneet; Meena, Hardayal; Mangal, Daya Krishan

    2012-07-01

    It is thought that price increase in tobacco products leads to reduced consumption. Though many studies have substantiated this concept, it has not been well studied in India. Recently, price of tobacco products was increased due to ban on plastic sachets of chewing tobacco and increased tax in Rajasthan. This study was designed to evaluate the effect of price rise on overall consumption of tobacco in Jaipur city, Rajasthan. This study was carried out in Jaipur city. Two-staged stratified sampling was used. In the first phase of study, cost and consumption of various tobacco products in the months of February and April were enquired from 25 retail tobacco shops. In the second phase, tobacco consumption was enquired from 20 consecutive consumers purchasing any tobacco product from all the above retail tobacco shops. The data were statistically analyzed using descriptive statistics and paired "t" test. The comparison of prices of tobacco products between February and April revealed that the price of cigarette, bidi, and chewing tobacco has increased by 19%, 21%, and 68%, respectively. Average decrease in sales of cigarettes, bidi, and chewing tobacco at shops included in the study were 14%, 23%, and 38%, respectively. The consumers purchasing tobacco also reported decreased consumption. Chewing tobacco showed the maximum reduction (21%). Consumption of cigarette and bidi has also reduced by 15% and 13%, respectively. It may be concluded that reduction in consumption is associated with increased price of tobacco products. Reduced consumption is comparative to the magnitude of price increase.

  14. Generation of transportation fuel from solid municipal waste plastics

    Energy Technology Data Exchange (ETDEWEB)

    Sarker, Moinuddin

    2010-09-15

    Transportation fuels derived from fossil fuels are subjected to the price fluctuations of the global marketplace, and constitute a major expense in the operation of a vehicle. Emissions from the evaporation and combustion of these fuels contribute to a range of environmental problems, causing poor air quality and emitting greenhouse gases that contribute to global warming. Alternative fuels created from domestic sources have been proposed as a solution to these problems, and many fuels are being developed based on biomass and other renewable sources. Natural State Research, Inc. developed different alternative hydrocarbon fuel which is produced from waste plastic materials.

  15. Methanol as an automotive fuel

    Energy Technology Data Exchange (ETDEWEB)

    Pischinger, F.

    1980-01-01

    Methanol is an automotive fuel that can very profitably be produced from coal, subject to legal directions and according to the present standard of knowledge the introduction of methanol and methanol compound fuels is unobjectionable regarding security and environment, the production sites at hand today can largely be used for producing methanol automobiles. Such automobiles would allow a relatively short-term utilization in vehicle pastes with their own filling stations, the automobiles available at present are not directly suited for being run on methanol. Readaptation would require considerable expenses, benzine-methanol compound fuels facilitate an extension of the gasoline supply for motor-vehicles from the present market without larger alterations of the vehicle itself being necessary. Methanol therefore offers a good opportunity of meeting the future bottlenecks and price problems in automobile fuel supply. It may even turn out to be the best if we should fail to make yet imperceptible progress in the production of gasoline from coal.

  16. Antimicrobial price variation: Conundrum of medical profession!

    Directory of Open Access Journals (Sweden)

    Rataboli P

    2007-01-01

    Full Text Available Pharmacoeconomics plays a pivotal role in clinical practice. High medicine prices can adversely affect a patient′s finances and compliance. The Indian pharmaceutical industry has become a cornucopia of medicines with wide variation in prices for the same medicine marketed under different brand names. Price list of available antimicrobial brands was procured from a commercial drug directory. Average price of widely prescribed oral antimicrobials was found and price variation between different brands was calculated. The variation in medicine prices was found to be from 95% lower to more than 350% higher than the average price. Implications of price variation in clinical practice are discussed and remedial measures suggested.

  17. Spikes and memory in (Nord Pool) electricity price spot prices

    DEFF Research Database (Denmark)

    Proietti, Tomasso; Haldrup, Niels; Knapik, Oskar

    Electricity spot prices are subject to transitory sharp movements commonly referred to as spikes. The paper aims at assessing their effects on model based inferences and predictions, with reference to the Nord Pool power exchange. We identify a spike as a price value which deviates substantially...... the spikes, i.e. shrinking an observation deviating substantially from the normal price towards the one-step-ahead prediction. Our empirical application illustrates the effects of the spikes on the estimates of the parameters governing the persistence of the series; moreover, a real time rolling forecasting...... from the normal price, where the latter is defined as the expectation arising from a model accounting for long memory at the zero and at the weekly seasonal frequencies, given the knowledge of the past realizations. Hence, a spike is associated to a time series innovation with size larger than...

  18. Dynamic Pricing for Demand Response Considering Market Price Uncertainty

    National Research Council Canada - National Science Library

    Mohammad Ali Fotouhi Ghazvini; João Soares; Hugo Morais; Rui Castro; Zita Vale

    2017-01-01

    ...) units to avoid financial losses in the volatile electricity markets. In this paper, the problem of setting dynamic retail sales price by a REP is addressed with a robust optimization technique...

  19. Assessing high house prices: Bubbles, fundamentals, and misperceptions

    OpenAIRE

    Himmelberg, Charles; Mayer, Christopher; Sinai, Todd

    2005-01-01

    How does one tell when rapid growth in house prices is caused by fundamental factors of supply and demand and when it is an unsustainable bubble? In this paper, we explain how to assess the state of house prices—both whether there is a bubble and what underlying factors support housing demand—in a way that is grounded in economic theory. In doing so, we correct four common fallacies about the costliness of the housing market. For a number of reasons, conventional metrics for assessing pricing...

  20. Reducing Fuel Volatility. An Additional Benefit From Blending Bio-fuels?

    Energy Technology Data Exchange (ETDEWEB)

    Bailis, R. [Yale School of Forestry and Environmental Studies, 195 Prospect Street, New Haven, CT 06511 (United States); Koebl, B.S. [Utrecht University, Science Technology and Society, Budapestlaan 6, 3584 CD Utrecht (Netherlands); Sanders, M. [Utrecht University, Utrecht School of Economics, Janskerkhof 12, 3512 BL Utrecht (Netherlands)

    2011-02-15

    Oil price volatility harms economic growth. Diversifying into different fuel types can mitigate this effect by reducing volatility in fuel prices. Producing bio-fuels may thus have additional benefits in terms of avoided damage to macro-economic growth. In this study we investigate trends and patterns in the determinants of a volatility gain in order to provide an estimate of the tendency and the size of the volatility gain in the future. The accumulated avoided loss from blending gasoline with 20 percent ethanol-fuel estimated for the US economy amounts to 795 bn. USD between 2010 and 2019 with growing tendency. An amount that should be considered in cost-benefit analysis of bio-fuels.

  1. Spatial peak-load pricing

    Energy Technology Data Exchange (ETDEWEB)

    Arellano, M. Soledad; Serra, Pablo [Universidad de Chile, Dept. of Industrial Engineering, Santiago (Chile)

    2007-03-15

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

  2. Mortgage lending and house prices in Albania - a co-integrated analysis based on VECM

    Directory of Open Access Journals (Sweden)

    Erjona REBI

    2014-06-01

    Full Text Available The general view that the banks’ lending plays a crucial role in the real estate market was again confirmed during the recent financial crisis. During the precrisis period, house prices in Albania increased rapidly, supported also by a fast expansion of mortgage lending. This study aims to empirically analyse the relation between housing prices and banks’ financing in the long run, referring to a VECM model. The estimated results confirm the important role of mortgage to house prices. Meanwhile, the relation between house prices and interest rates resulted statistically insignificant. Unlike the previous literature, exchange rate has been included as an endogenous variable. Results show positive correlation and statistical significance between house prices and exchange rate. Finally, this paper is expected to contribute to the literature as there are very few studies that elaborate on the macroeconomic factors’ influence on the housing prices in Albania.

  3. Nuclear fuels

    Energy Technology Data Exchange (ETDEWEB)

    Beauvy, M.; Berthoud, G.; Defranceschi, M.; Ducros, G.; Guerin, Y.; Limoge, Y.; Madic, Ch.; Santarini, G.; Seiler, J.M.; Sollogoub, P.; Vernaz, E.; Guillet, J.L.; Ballagny, A.; Bechade, J.L.; Bonin, B.; Brachet, J.Ch.; Delpech, M.; Dubois, S.; Ferry, C.; Freyss, M.; Gilbon, D.; Grouiller, J.P.; Iracane, D.; Lansiart, S.; Lemoine, P.; Lenain, R.; Marsault, Ph.; Michel, B.; Noirot, J.; Parrat, D.; Pelletier, M.; Perrais, Ch.; Phelip, M.; Pillon, S.; Poinssot, Ch.; Vallory, J.; Valot, C.; Pradel, Ph.; Bonin, B.; Bouquin, B.; Dozol, M.; Lecomte, M.; Vallee, A.; Bazile, F.; Parisot, J.F.; Finot, P.; Roberts, J.F

    2009-07-01

    Fuel is one of the essential components in a reactor. It is within that fuel that nuclear reactions take place, i.e. fission of heavy atoms, uranium and plutonium. Fuel is at the core of the reactor, but equally at the core of the nuclear system as a whole. Fuel design and properties influence reactor behavior, performance, and safety. Even though it only accounts for a small part of the cost per kilowatt-hour of power provided by current nuclear power plants, good utilization of fuel is a major economic issue. Major advances have yet to be achieved, to ensure longer in-reactor dwell-time, thus enabling fuel to yield more energy; and improve ruggedness. Aside from economics, and safety, such strategic issues as use of plutonium, conservation of resources, and nuclear waste management have to be addressed, and true technological challenges arise. This Monograph surveys current knowledge regarding in-reactor behavior, operating limits, and avenues for R and D. It also provides illustrations of ongoing research work, setting out a few noteworthy results recently achieved. Content: 1 - Introduction; 2 - Water reactor fuel: What are the features of water reactor fuel? 9 (What is the purpose of a nuclear fuel?, Ceramic fuel, Fuel rods, PWR fuel assemblies, BWR fuel assemblies); Fabrication of water reactor fuels (Fabrication of UO{sub 2} pellets, Fabrication of MOX (mixed uranium-plutonium oxide) pellets, Fabrication of claddings); In-reactor behavior of UO{sub 2} and MOX fuels (Irradiation conditions during nominal operation, Heat generation, and removal, The processes involved at the start of irradiation, Fission gas behavior, Microstructural changes); Water reactor fuel behavior in loss of tightness conditions (Cladding, the first containment barrier, Causes of failure, Consequences of a failure); Microscopic morphology of fuel ceramic and its evolution under irradiation; Migration and localization of fission products in UOX and MOX matrices (The ceramic under

  4. Dynamic Price Dispersion of Storable Goods

    DEFF Research Database (Denmark)

    Gao, Cixiu

    2014-01-01

    consists of one-time price reductions and several consecutive periods in which all retailers offer the regular price. The model predicts that competition is the hardest when consumer inventories are zero, and that at high inventory levels the probability of holding a sale is low.......In this paper I provide an analytical model for the rationale behind supermarket pricing patterns characterized by long-term high prices and temporary price reductions. The model is based on the understanding that temporary price reductions serve the role of price discrimination between consumers...... with different search costs and willingness to wait. I demonstrate that the high-price-low-price pattern is rational for storable goods. In a Markov-perfect equilibrium, agents’ actions depend on consumer inventory, and purchase decisions are characterized by a critical price. The equilibrium price series...

  5. An Analysis of the Technological Structure of Refineries and Blenders: Estimation of the Leontief Multiproduct Cost Function and Reservation Prices

    Directory of Open Access Journals (Sweden)

    Juan Manuel Domínguez

    2015-01-01

    Full Text Available The Leontief multiproduct flexible cost function aims to give an approach to the technology used by refineries and blenders. In general, this cost function satisfies rational behavior restrictions imposed by economic theory. The estimated marginal costs are incorporated in a monopolistic competition model to calculate the virtual prices of other products provided by refineries and blenders in the hypothetical situation in which reformulated gasoline is absent in fuel markets. I have found that conventional gasoline and other product prices are greater than those in the mentioned hypothetical case. This result reflects the fact that consumers are being charged with high prices in order to have available a fuel which satisfies the Environmental Protection Agency (EPA regulations. Finally, when all the products become perfect substitutes, i.e. consumers are not interested in the quality of fuels, price differences tend to be negligibly small.

  6. The Effect of Changes in World Crude Oil Prices on U.S. Automobile Exports

    OpenAIRE

    Belenkiy, Maksim; Osborne, Stefan

    2012-01-01

    This study describes an export model where consumers differentiate between different types of automobiles by the distance they can travel on one dollar’s worth of fuel. The model predicts that the overall demand for vehicles falls as crude oil prices rise, and that the demand for less fuel-efficient vehicles falls relatively more. In particular, we estimate that between 2007 and 2008, when the crude oil prices increased by 32 percent, the export demand for the SUVs manufactured in the United ...

  7. Supply Chain Shipment Pricing Data

    Data.gov (United States)

    US Agency for International Development — This data set provides supply chain health commodity shipment and pricing data. Specifically, the data set identifies Antiretroviral (ARV) and HIV lab shipments to...

  8. Dynamic pricing of a resource

    KAUST Repository

    Al-Dawsari, Monther Abdullah

    2013-06-04

    A method of dynamic pricing of a resource is presented. For example, the method includes determining a set of anticipated demands for one or more users to acquire the resource according to uncertainty of the one or more users in preferring one or more certain time periods of a plurality of time periods for acquiring the resource. Prices for the resource differ between at least two of the plurality of time periods. Each anticipated demand of the set is associated with a different one of the plurality of time periods. The method further includes setting prices for the resource during each of the plurality of time periods according to the determined set of anticipated demands. The determining of the set of anticipated demands and/or the setting of prices are implemented as instruction code executed on a processor device.

  9. Pricing Models Using Real Data

    Science.gov (United States)

    Obremski, Tom

    2008-01-01

    A practical hands-on classroom exercise is described and illustrated using the price of an item as dependent variable throughout. The exercise is well-tested and affords the instructor a variety of approaches and levels.

  10. Poverty, Policy and Price Transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    domestic goods. Households prefer the traded good which they substitute towards as their incomes increase, thus exposing themselves to world market price swings. Price transmission from international to domestic markets therefore increases with per capita income but also with income inequality. Model......This thesis consists of four self-contained chapters in which different aspects of the relationship between international commodity markets and domestic food markets are explored. What motivates the analysis is the recent surge in international commodity prices and the controversy over the poverty...... impact of the 2007-8 ‘food crisis’, in particular. The first paper analyses, in a stylized economic model, how the response of domestic aggregate food prices to an international shock depends on features of the country’s income distribution. The model is based on a dichotomy between traded and purely...

  11. Experimental Evidence on Transfer Pricing

    Directory of Open Access Journals (Sweden)

    Tran Quoc H.

    2016-06-01

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

  12. Rapid Response Research and Development (R&D) for the Aerospace Systems Directorate. Delivery Order 0021: Engineering Research and Technical Analyses of Advanced Airbreathing Propulsion Fuels, Subtask: T700 Biofuel Low Lubricity Endurance

    Science.gov (United States)

    2014-09-01

    release; distribution unlimited. 1.0 EXECUTIVE SUMMARY This report contains test results for the CT7/T700 Bio Fuel Low Lubricity Endurance Test...pass/fail criterion for a 400-hour low lubricity test. 2.3 Test Parameters 2.3.1 Test Procedure Bio Fuel Low Lubricity Endurance testing was...Engineering Research and Technical Analyses of Advanced Airbreathing Propulsion Fuels Subtask: T700 Biofuel Low Lubricity Endurance Jeff Sympson

  13. Sharecropping, interlinkage, and price variation

    OpenAIRE

    Debapriya Sen

    2005-01-01

    This paper proposes a theory of sharecropping and interlinkage on the basis of seasonal variation of price and imperfectly competitive nature of rural product markets. First, a benchmark model is considered to show the optimality of sharecropping in the presence of price variation. This model is extended by allowing interlinked contracts to show that there are multiple equilibria and both forms of contracts�fixed rental and sharecropping�can be sustained in equilibrium. Finally, incorpora...

  14. Contagion and REIT Stock Prices

    OpenAIRE

    Chinmoy Ghosh; Randall S. Guttery; C. F. Sirmans

    1998-01-01

    This article investigates the contagious movement of real estate investment trust (REIT) stock prices in response to real estate news related to financial institutions' real estate portfolios. The basic hypothesis is that because real estate assets are traded infrequently, the market has incomplete information about their true value; thus, REIT stock prices react negatively to announcements of poorly performing real estate portfolios of financial institutions. Consistent with the hypothesis, ...

  15. Petroleum price; Prix du petrole

    Energy Technology Data Exchange (ETDEWEB)

    Maurice, J

    2001-07-01

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

  16. Information, Search, and Price Dispersion

    OpenAIRE

    Baye, Michael R; John Morgan; Patrick Scholten

    2006-01-01

    We provide a unified treatment of alternative models of information acquisition/transmission that have been advanced to rationalize price dispersion in online and offline markets for homogeneous products. These different frameworks -- which include sequential search, fixed sample search, and clearinghouse models -- reveal that reductions in (or the elimination of) consumer search costs need not reduce (or eliminate) price dispersion. Our treatment highlights a "duality" between search-theoret...

  17. Analysis of Cryptocurrencies Price Development

    OpenAIRE

    Jan Lansky

    2016-01-01

    Cryptocurrencies are a type of digital currencies based on cryptography principles. Cryptocurrencies are a unique combination of three characteristics: they provide anonymity, they are independent of central authority and they provide protection from double spending attack. The aim of this paper is to capture trends in the area of significant cryptocurrencies price developments and to explain their causes. The current research in this area is exclusively limited to an analysis of the price de...

  18. Investor Psychology and Asset Pricing

    OpenAIRE

    Hirshleifer, David

    2001-01-01

    The basic paradigm of asset pricing is in vibrant flux. The purely rational approach is being subsumed by a broader approach based upon the psychology of investors. In this approach, security expected returns are determined by both risk and misvaluation. This survey sketches a framework for understanding decision biases, evaluates the a priori arguments and the capital market evidence bearing on the importance of investor psychology for security prices, and reviews recent models.

  19. The effect of the advertising price display format on consumer price perception

    OpenAIRE

    Okuse, Yoshiyuki

    2017-01-01

    Most retail advertisements, such as flyers or features, show both the sale price and an external reference price, such as the regular price. In such a case, how should advertisers display these prices? This study examines the effect of price placement format in advertisements. This study has two aims: (1) to examine the relationship between price perception and the format in the advertisement and (2) to examine the influence of psychological distance on price perception.

  20. Decongestion of urban areas with hotspot-pricing

    CERN Document Server

    Solé-Ribalta, Albert; Arenas, Alex

    2016-01-01

    The rapid growth of population in urban areas is jeopardizing the mobility and air quality worldwide. One of the most notable problems arising is that of traffic congestion which in turn affects air pollution. With the advent of technologies able to sense real-time data about cities, and its public distribution for analysis, we are in place to forecast scenarios valuable to ameliorate and control congestion. Here, we propose a local congestion pricing scheme, hotspot-pricing, that surcharges vehicles traversing congested junctions. The proposed tax is computed from the estimation of the evolution of congestion at local level, and the expected response of users to the tax (elasticity). Results on cities' road networks, considering real-traffic data, show that the proposed hotspot-pricing scheme would be more effective than current mechanisms to decongest urban areas, and paves the way towards sustainable congestion in urban areas.

  1. Fuel specific consumption and emission analysis in a cycle diesel ...

    African Journals Online (AJOL)

    Acer

    2012-10-04

    Oct 4, 2012 ... Gerpen, 2001), and it is used as a replacement for fossil fuels in cycle diesel engines (Haas et al., 2001). However, the challenge about producing a biofuel from vegetable oil is the competition between the production of fuel and production of food, having the effect of increasing of food prices (Somerville, ...

  2. Car User Taxes, Quality Characteristics, and Fuel Efficiency

    NARCIS (Netherlands)

    de Borger, B.; Rouwendal, J.

    2014-01-01

    We study the impact of car user taxes on vehicle quality and demand for kilometres. First, holding car prices fixed, we find that a higher fuel tax leads households to choose cars of better fuel efficiency, provided that the demand for car use is inelastic. Surprisingly, a higher kilometre tax

  3. Vectron DE. The fuel-saving diesel-electric locomotive

    Energy Technology Data Exchange (ETDEWEB)

    Foesel, Ulrich [Siemens AG, Erlangen (Germany). IC RL LOC PPM; Schurr, Juergen [Siemens AG, Erlangen (Germany). IC RL LOC EN AL3; Baltes, Joerg [Siemens AG, Munich (Germany). IC RL LOC EN AL3

    2012-11-15

    Vectron DE is the successor to the successful Eurorunner series. Taking advantage of every possible synergy with the electric Vectron variants, the locomotive concept is based on a consistent further development. Targeted improvements have also been made, with particular value being placed on low fuel consumption in times of further rising fuel prices. (orig.)

  4. 48 CFR 15.405 - Price negotiation.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Price negotiation. 15.405... AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 15.405 Price negotiation. (a) The purpose of performing cost or price analysis is to develop a negotiation position that permits the...

  5. Price Discrimination and Resale: A Classroom Experiment

    Science.gov (United States)

    Basuchoudhary, Atin; Metcalf, Christopher; Pommerenke, Kai; Reiley, David; Rojas, Christian; Rostek, Marzena; Stodder, James

    2008-01-01

    The authors present a classroom experiment designed to illustrate key concepts of third-degree price discrimination. By participating as buyers and sellers, students actively learn (1) how group pricing differs from uniform pricing, (2) how resale between buyers limits a seller's ability to price discriminate, and (3) how preventing price…

  6. Dynamic pricing models for electronic business

    Indian Academy of Sciences (India)

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

    Abstract. Dynamic pricing is the dynamic adjustment of prices to consumers depending upon the value these customers attribute to a product or service. Today's digital economy is ready for dynamic pricing; however recent research has shown that the prices will have to be adjusted in fairly sophisticated ways, based on.

  7. 48 CFR 15.402 - Pricing policy.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Pricing policy. 15.402... AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 15.402 Pricing policy. Contracting... certified cost or pricing data when required by 15.403-4, along with data other than certified cost or...

  8. 48 CFR 1615.402 - Pricing policy.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pricing policy. 1615.402... Contract Pricing 1615.402 Pricing policy. Pricing of FEHB contracts is governed by 5 U.S.C. 8902(i), 5 U.S.C. 8906, and other applicable law. FAR subpart 15.4 will be implemented by applying its policies and...

  9. 48 CFR 215.402 - Pricing policy.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Pricing policy. 215.402... OF DEFENSE CONTRACTING METHODS AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 215.402 Pricing policy. Follow the procedures at PGI 215.402 when conducting cost or price analysis, particularly...

  10. Dynamic pricing models for electronic business

    Indian Academy of Sciences (India)

    Dynamic pricing is the dynamic adjustment of prices to consumers depending upon the value these customers attribute to a product or service. Today's digital economy is ready for dynamic pricing; however recent research has shown that the prices will have to be adjusted in fairly sophisticated ways, based on sound ...

  11. 10 CFR 218.12 - Pricing.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 3 2010-01-01 2010-01-01 false Pricing. 218.12 Section 218.12 Energy DEPARTMENT OF ENERGY OIL STANDBY MANDATORY INTERNATIONAL OIL ALLOCATION Supply Orders § 218.12 Pricing. The price for oil subject to a supply order issued pursuant to this subpart shall be based on the price conditions...

  12. Innovative High Temperature Fuel Cell systems

    OpenAIRE

    Au, Siu Fai

    2003-01-01

    The world's energy consumption is growing extremely rapidly. Fuel cell systems are of interest by researchers and industry as the more efficient alternative to conventional thermal systems for power generation. The principle of fuel cell conversion does not involve thermal combustion and hence in theory fuel cell systems can be far more efficient than thermal power systems. This advantage is only partly utilized in present fuel cell pilot plants and additional optimization is needed. The comp...

  13. The aims of transfer prices formation

    Directory of Open Access Journals (Sweden)

    Tomašević Stevan

    2013-01-01

    Full Text Available More than two-thirds of today's world trade comprises of transactions between related legal persons. Prices for the above-mentioned transactions within legal person or group of related legal persons are called transfer pricing. The aim of this paper is to present the transfer prices as well as the main objectives of transfer pricing. Also, this paper explains application of transfer pricing in the Republic of Serbia and the normative rules that cover the issue of transfer pricing, their determination and their application in the calculation. Overall, there has been a great deal of attention paid to the transfer pricing in national and international levels.

  14. Two tier pricing system recommendation and summary

    Energy Technology Data Exchange (ETDEWEB)

    None

    1974-06-01

    In both the U.S. and the world today the most critical price system problem is the spectacular crude price set by the OPEC monopoly. In the U.S. this $10.00 plus price currently sets the price of 60% of our crude petroleum input. Therefore, the most powerful method available to reduce U.S. crude input price inflation is to reduce the OPEC monopoly price by at least $2 or 20%. At this price, it would supposedly approximate the long run cost of such energy. The situation is reviewed and recommendations and a summary are provided.

  15. Fossil Fuels.

    Science.gov (United States)

    Crank, Ron

    This instructional unit is one of 10 developed by students on various energy-related areas that deals specifically with fossil fuels. Some topics covered are historic facts, development of fuels, history of oil production, current and future trends of the oil industry, refining fossil fuels, and environmental problems. Material in each unit may…

  16. Price and consumption of tobacco

    Directory of Open Access Journals (Sweden)

    Virendra Singh

    2012-01-01

    Full Text Available Background: It is thought that price increase in tobacco products leads to reduced consumption. Though many studies have substantiated this concept, it has not been well studied in India. Recently, price of tobacco products was increased due to ban on plastic sachets of chewing tobacco and increased tax in Rajasthan. This study was designed to evaluate the effect of price rise on overall consumption of tobacco in Jaipur city, Rajasthan. Materials and Methods: This study was carried out in Jaipur city. Two-staged stratified sampling was used. In the first phase of study, cost and consumption of various tobacco products in the months of February and April were enquired from 25 retail tobacco shops. In the second phase, tobacco consumption was enquired from 20 consecutive consumers purchasing any tobacco product from all the above retail tobacco shops. The data were statistically analyzed using descriptive statistics and paired "t" test. Results: The comparison of prices of tobacco products between February and April revealed that the price of cigarette, bidi, and chewing tobacco has increased by 19%, 21%, and 68%, respectively. Average decrease in sales of cigarettes, bidi, and chewing tobacco at shops included in the study were 14%, 23%, and 38%, respectively. The consumers purchasing tobacco also reported decreased consumption. Chewing tobacco showed the maximum reduction (21%. Consumption of cigarette and bidi has also reduced by 15% and 13%, respectively. Conclusion: It may be concluded that reduction in consumption is associated with increased price of tobacco products. Reduced consumption is comparative to the magnitude of price increase.

  17. The evolving price of household LED lamps: Recent trends and historical comparisons for the US market

    Energy Technology Data Exchange (ETDEWEB)

    Gerke, Brian F.; Ngo, Allison T.; Alstone, Andrea L.; Fisseha, Kibret S.

    2014-10-14

    In recent years, household LED light bulbs (LED A lamps) have undergone a dramatic price decline. Since late 2011, we have been collecting data, on a weekly basis, for retail offerings of LED A lamps on the Internet. The resulting data set allows us to track the recent price decline in detail. LED A lamp prices declined roughly exponentially with time in 2011-2014, with decline rates of 28percent to 44percent per year depending on lumen output, and with higher-lumen lamps exhibiting more rapid price declines. By combining the Internet price data with publicly available lamp shipments indices for the US market, it is also possible to correlate LED A lamp prices against cumulative production, yielding an experience curve for LED A lamps. In 2012-2013, LED A lamp prices declined by 20-25percent for each doubling in cumulative shipments. Similar analysis of historical data for other lighting technologies reveals that LED prices have fallen significantly more rapidly with cumulative production than did their technological predecessors, which exhibited a historical decline of 14-15percent per doubling of production.

  18. Economics analysis of fuel cycle cost of fusion–fission hybrid reactors based on different fuel cycle strategies

    Energy Technology Data Exchange (ETDEWEB)

    Zu, Tiejun, E-mail: tiejun@mail.xjtu.edu.cn; Wu, Hongchun; Zheng, Youqi; Cao, Liangzhi

    2015-01-15

    Highlights: • Economics analysis of fuel cycle cost of FFHRs is carried out. • The mass flows of different fuel cycle strategies are established based on the equilibrium fuel cycle model. • The levelized fuel cycle costs of different fuel cycle strategies are calculated, and compared with current once-through fuel cycle. - Abstract: The economics analysis of fuel cycle cost of fusion–fission hybrid reactors has been performed to compare four fuel cycle strategies: light water cooled blanket burning natural uranium (Strategy A) or spent nuclear fuel (Strategy B), sodium cooled blanket burning transuranics (Strategy C) or minor actinides (Strategy D). The levelized fuel cycle costs (LFCC) which does not include the capital cost, operation and maintenance cost have been calculated based on the equilibrium mass flows. The current once-through (OT) cycle strategy has also been analyzed to serve as the reference fuel cycle for comparisons. It is found that Strategy A and Strategy B have lower LFCCs than OT cycle; although the LFCC of Strategy C is higher than that of OT cycle when the uranium price is at its nominal value, it would become comparable to that of OT cycle when the uranium price reaches its historical peak value level; Strategy D shows the highest LFCC, because it needs to reprocess huge mass of spent nuclear fuel; LFCC is sensitive to the discharge burnup of the nuclear fuel.

  19. 48 CFR 16.206 - Fixed-ceiling-price contracts with retroactive price redetermination.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Fixed-ceiling-price contracts with retroactive price redetermination. 16.206 Section 16.206 Federal Acquisition Regulations...-Price Contracts 16.206 Fixed-ceiling-price contracts with retroactive price redetermination. ...

  20. Export channel pricing management for integrated solutions

    OpenAIRE

    Roine, Henna; Sainio, Liisa-Maija; Saarenketo, Sami

    2012-01-01

    This article studies systems integrators' export channel pricing management for integrated solutions. We find support from our empirical case study for the notion that a systems integrator's export channel pricing strategy is multidimensional and dependent on international pricing environment and partner characteristics and that export partnerships have unique implications on a systems integrator's pricing process. The results show that giving up pricing control in export channel context may ...

  1. 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...

  2. Pricing strategies of the supermarket sector

    OpenAIRE

    Leal, Joana Lobato da Fonseca Sáragga

    2014-01-01

    The food retail industry is a very competitive market. Supermarkets use a combination of price, quality of products and service to lure consumers and increase their profit. This work project draws upon both empirical and theoretical literatures to understand the different pricing strategies that the supermarket sector uses. Everyday Low Price, Promotional, Zone Pricing and Loyalty Programs are the most common pricing strategies in this industry. By using data from the Portuguese supermarket l...

  3. OPTIMAL PRICING OF EXECUTIVE MBA PROGRAMS

    OpenAIRE

    Francis Petit

    2010-01-01

    The purpose of this research is to determine the most strategic tuition pricing strategy that can be utilized by senior management in Business Schools when pricing Executive MBA Programs. To determine this information, the state of the Executive MBA market and three pricing strategies were reviewed in detail and an analysis ensued on the viability and applicability of each strategy for pricing Executive MBA Programs. The main findings of this study indicate that the Value Based pricing model ...

  4. Estimating Hedonic Prices for Stellenbosch wine

    OpenAIRE

    Sanja Lutzeyer

    2008-01-01

    This paper estimates a hedonic price function for Stellenbosch wines to determine the association between market value and different characteristics of these wines. In such a hedonic price function, the price of a bottle of wine is ascribed to the implicit value of its attributes. Besides contributing to both South African and international wine pricing literature, the benefits of developing a hedonic wine pricing model extend to numerous players in the wine industry. Consumers are provided w...

  5. Dynamic Duopoly with Best-Price Clauses

    OpenAIRE

    Monika Schnitzer

    1994-01-01

    This article investigates best-price clauses as a strategic devise to facilitate collusion in a dynamic duopoly game. Best-price clauses guarantee rebates on the purchase price if a customer finds a better price after his purchase. Two different price clauses are distinguished: "most favored customer" and "meet or release." I examine the collusive potential of both clauses in a finite-horizon duopoly model with homogeneous durable goods. In each period, new consumers enter the market. I show ...

  6. Transfer Pricing as a Tax Compliance Risk

    OpenAIRE

    Jost, Sven P.; Pfaffermayr, Michael; Winner, Hannes

    2010-01-01

    This paper contributes to the empirical literature on the transfer pricing behavior of multinational firms. Previous research mainly focuses on transfer pricing as a means of tax optimization. Our approach concentrates on transfer pricing as a critical compliance issue. Specifically, we investigate whether and to what extent the awareness of transfer pricing as a tax compliance issue responds to country and industry characteristics as well as firm-specifics. Empirically, the transfer pricing ...

  7. Learning to Price with Reference Effects

    OpenAIRE

    Kazerouni, Abbas; Van Roy, Benjamin

    2017-01-01

    As a firm varies the price of a product, consumers exhibit reference effects, making purchase decisions based not only on the prevailing price but also the product's price history. We consider the problem of learning such behavioral patterns as a monopolist releases, markets, and prices products. This context calls for pricing decisions that intelligently trade off between maximizing revenue generated by a current product and probing to gain information for future benefit. Due to dependence o...

  8. Three essays on access pricing

    Science.gov (United States)

    Sydee, Ahmed Nasim

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

  9. Do High Oil Prices Matter? – Evidence on the Mobility Behavior of German Households

    OpenAIRE

    Frondel, Manuel; Vance, Colin

    2008-01-01

    Focusing on travel survey data from Germany, this paper investigates the determinants of automobile travel, with the specific aim of quantifying the effects of fuel prices and fuel economy. The analysis is predicated on the notion that car mileage is a two-stage decision process, comprising the discrete choice of whether to own a car and the continuous choice of distance traveled. To capture this process, we employ censored regression models consisting of Probit and OLS estimators, which allo...

  10. A new approach for crude oil price prediction based on stream learning

    Directory of Open Access Journals (Sweden)

    Shuang Gao

    2017-01-01

    Full Text Available Crude oil is the world's leading fuel, and its prices have a big impact on the global environment, economy as well as oil exploration and exploitation activities. Oil price forecasts are very useful to industries, governments and individuals. Although many methods have been developed for predicting oil prices, it remains one of the most challenging forecasting problems due to the high volatility of oil prices. In this paper, we propose a novel approach for crude oil price prediction based on a new machine learning paradigm called stream learning. The main advantage of our stream learning approach is that the prediction model can capture the changing pattern of oil prices since the model is continuously updated whenever new oil price data are available, with very small constant overhead. To evaluate the forecasting ability of our stream learning model, we compare it with three other popular oil price prediction models. The experiment results show that our stream learning model achieves the highest accuracy in terms of both mean squared prediction error and directional accuracy ratio over a variety of forecast time horizons.

  11. Price forecast in the competitive electricity market by support vector machine

    Science.gov (United States)

    Gao, Ciwei; Bompard, Ettore; Napoli, Roberto; Cheng, Haozhong

    2007-08-01

    The electricity market has been widely introduced in many countries all over the world and the study on electricity price forecast technology has drawn a lot of attention. In this paper, with different parameter C i and ε i assigned to each training data, the flexible C i Support Vector Regression (SVR) model is developed in terms of the particularity of the price forecast in electricity market. For Day Ahead Market (DAM) price forecast, the load, time of use index and index of day type are taken as the major factors to characterize the market price, therefore, they are selected as the inputs for the flexible SVR forecast model. For the long-term price forecast, we take the reserve margin Rm, HHI and the fuel price index as the inputs, since they are the major factors that drive the market price variation in long run. For short-term price forecast, besides the detailed analysis with the young Italian electricity market, the new model is tested on the experimental stage of the Spanish market, the New York market and the New England market. The long-term forecast with the SVR model presented is justified by the forecast with the data from the Long Run Market Simulator (LREMS).

  12. Hospital Prices Increase in California, Especially Among Hospitals in the Largest Multi-hospital Systems

    Directory of Open Access Journals (Sweden)

    Glenn A. Melnick PhD

    2016-06-01

    Full Text Available A surge in hospital consolidation is fueling formation of ever larger multi-hospital systems throughout the United States. This article examines hospital prices in California over time with a focus on hospitals in the largest multi-hospital systems. Our data show that hospital prices in California grew substantially (+76% per hospital admission across all hospitals and all services between 2004 and 2013 and that prices at hospitals that are members of the largest, multi-hospital systems grew substantially more (113% than prices paid to all other California hospitals (70%. Prices were similar in both groups at the start of the period (approximately $9200 per admission. By the end of the period, prices at hospitals in the largest systems exceeded prices at other California hospitals by almost $4000 per patient admission. Our study findings are potentially useful to policy makers across the country for several reasons. Our data measure actual prices for a large sample of hospitals over a long period of time in California. California experienced its wave of consolidation much earlier than the rest of the country and as such our findings may provide some insights into what may happen across the United States from hospital consolidation including growth of large, multi-hospital systems now forming in the rest of the rest of the country.

  13. 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

  14. Accurate market price formation model with both supply-demand and trend-following for global food prices providing policy recommendations.

    Science.gov (United States)

    Lagi, Marco; Bar-Yam, Yavni; Bertrand, Karla Z; Bar-Yam, Yaneer

    2015-11-10

    Recent increases in basic food prices are severely affecting vulnerable populations worldwide. Proposed causes such as shortages of grain due to adverse weather, increasing meat consumption in China and India, conversion of corn to ethanol in the United States, and investor speculation on commodity markets lead to widely differing implications for policy. A lack of clarity about which factors are responsible reinforces policy inaction. Here, for the first time to our knowledge, we construct a dynamic model that quantitatively agrees with food prices. The results show that the dominant causes of price increases are investor speculation and ethanol conversion. Models that just treat supply and demand are not consistent with the actual price dynamics. The two sharp peaks in 2007/2008 and 2010/2011 are specifically due to investor speculation, whereas an underlying upward trend is due to increasing demand from ethanol conversion. The model includes investor trend following as well as shifting between commodities, equities, and bonds to take advantage of increased expected returns. Claims that speculators cannot influence grain prices are shown to be invalid by direct analysis of price-setting practices of granaries. Both causes of price increase, speculative investment and ethanol conversion, are promoted by recent regulatory changes-deregulation of the commodity markets, and policies promoting the conversion of corn to ethanol. Rapid action is needed to reduce the impacts of the price increases on global hunger.

  15. Pricing-to-Market: Price Discrimination or Product Differentiation?

    OpenAIRE

    Lavoie, Nathalie; Liu, Qihong

    2004-01-01

    We employ a vertical differentiation model to examine the potential bias in pricing-to-market (PTM) results when using unit values aggregating differentiated products. Our results show that: i) false evidence of PTM (“pseudo PTM”) is always found when using unit values, whether the law of one price holds or not; and ii) the extent to which results are biased due to pseudo PTM increases with the level of product differentiation. Correspondingly, our simulation results suggest that: i) it is po...

  16. Capture market share, raise prices

    Directory of Open Access Journals (Sweden)

    Robbins RA

    2015-08-01

    Full Text Available No abstract available. Article truncated after 150 words. Two principles in medical economics central to the Affordable Care Act (ACA were dealt blows by recently published studies. The first principle is the belief that economies of scale will result in lower prices. The theory is that larger insurers will have lower prices because they are more administratively efficient. The second principle is that provider-owned health plans, usually hospitals, will reduce premiums. The theory is that by controlling doctors over charging health plans in a fee-for-service model will lower prices. The first study published in Technology Science found that the largest insurer in each of the states served by HealthCare.gov raised their prices in 2015 by an average of over 10 per cent compared to smaller competitors in the same market (1. Those steeper price hikes for monthly premiums did not seem warranted by the level of health claims which did not significantly differ as a percentage of premiums ...

  17. Transfer pricing and safe harbours

    Directory of Open Access Journals (Sweden)

    Veronika Solilová

    2013-01-01

    Full Text Available Transfer prices are significant for both taxpayers and tax administrations because they determine in large part taxable profits of associated enterprises in different tax jurisdictions. Moreover, in the context of taxation, transfer prices must be complied with the arm’s length principle. However, Multinational Enterprises have been faced daily by conflicting rules and approaches to applying the arm’s length principle, burdensome documentation requirements, inconsistent audit standards and unpredictable competent authority outcomes. Therefore, the Committee on Fiscal Affairs launched another project on the administrative aspects of transfer pricing in 2010. On 16 May 2013 as a partial solution of this project was approved by the OECD Council the Revised Section E on Safe Harbours in Chapter IV of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Authorities. The paper is focused on significant changes of newly approved chapter IV of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Authorities, further on analysis of practice in this area, on advantages and disadvantages of safe harbours for taxpayers and competent authorities with aim to suggest recommendations on use of safe harbours in the Czech Republic.

  18. Oil Market Forecast and the Analysis of Economic Impact of Oil Price Fluctuations

    Energy Technology Data Exchange (ETDEWEB)

    Lee, M.B. [Korea Energy Economics Institute, Euiwang (Korea)

    2001-12-01

    In the past two years, we noticed that oil prices have fluctuated with a wide range of $10 per barrel in the international oil markets. Since her annual oil import exceeded 10% of the national gross import, Korea became much concerned with economic impacts of changes in crude oil prices along with the short-term outlook of international crude oil market. In this context, this study is conducted to build a macro-economic model as well as an input-output analysis to deal with such changes in oil prices. The major findings are as follows: In the short-term, oil import price in 2001 is expected to stay at the level of $23.50 per barrel and the price will drop to the level of $20{approx}$22, approximately 10% drop from the previous year. The short-term impacts of these oil prices include: 3.0% increase in GDP; 9.7% decrease in export; 2.8% increase in petroleum product prices; 2.8% increase in demand for petroleum products; 6.1% increase in producer price index (PPI) in 2001. The impacts of 10% drop in oil prices under a scenario of the constant foreign exchange rate against US dollar include: 5.2% increase in GDP; 3.7% increase in import, 1.1% increase in petroleum product prices, 8.1% increase in demand for petroleum; and 3.7% increase in PPI. An input-output analysis reveals that the decrease in petroleum production cost induced by 10% drop in oil import prices amounted to approximately 5{approx}6%. Other sectors which show a big drop in production cost are basic petro-chemical industry, heat suppliers, electricity sector, and city gas suppliers. Among the petroleum products, naphtha shows the biggest drop of 8% in production cost, followed by fuel oils (7%), kerosene and diesel (6%), LPG (6%), and gasoline (3%). (author). 20 refs., 7 figs., 12 tabs.

  19. Fuel distribution

    Energy Technology Data Exchange (ETDEWEB)

    Tison, R.R.; Baker, N.R.; Blazek, C.F.

    1979-07-01

    Distribution of fuel is considered from a supply point to the secondary conversion sites and ultimate end users. All distribution is intracity with the maximum distance between the supply point and end-use site generally considered to be 15 mi. The fuels discussed are: coal or coal-like solids, methanol, No. 2 fuel oil, No. 6 fuel oil, high-Btu gas, medium-Btu gas, and low-Btu gas. Although the fuel state, i.e., gas, liquid, etc., can have a major impact on the distribution system, the source of these fuels (e.g., naturally-occurring or coal-derived) does not. Single-source, single-termination point and single-source, multi-termination point systems for liquid, gaseous, and solid fuel distribution are considered. Transport modes and the fuels associated with each mode are: by truck - coal, methanol, No. 2 fuel oil, and No. 6 fuel oil; and by pipeline - coal, methane, No. 2 fuel oil, No. 6 oil, high-Btu gas, medium-Btu gas, and low-Btu gas. Data provided for each distribution system include component makeup and initial costs.

  20. The Daniel K. Inouye College of Pharmacy Scripts: Prescription Drug Pricing.

    Science.gov (United States)

    Sumida, Wesley K; Taniguchi, Ronald; Juarez, Deborah Taira

    2016-01-01

    Prescription drugs have reduced morbidity and mortality and improved the quality of life of millions of Americans. Yet, concerns over drug price increases loom. Drug spending has risen relatively slowly over the past decade because many of the most popular brand-name medicines lost patent protection. In the near future, there will be fewer low-cost generics coming into the market to offset the rising prices of brand-name drugs. Drug expenditures are influenced by both volume and price. This article focuses on how drug prices are set in the United States and current trends. Drug prices are determined through an extremely complicated set of interactions between pharmaceutical manufacturers, wholesalers, retailers, insurers, pharmacy benefit managers (PBMs), managed care organizations, hospitals, chain stores, and consumers. The process differs depending on the type of drug and place of delivery. Rising drug prices have come under increased scrutiny due to increased cost inflation and because many price increases come as a result of mergers and acquisitions of generic drug companies or changes in ownership of brand name drug manufacturers. Other countries have reigned in drug prices by negotiating with or regulating pharmaceutical manufacturers. The best long-term solution to rising drug prices is yet to be determined but the United States will continue to debate this issue and the discussions will get more heated if drug expenditures continue to rise at a rapid rate (ie, increasing 13% in 2014 from the previous year).

  1. The determinants of fuel use in the trucking industry – volume, size and the rebound effect

    DEFF Research Database (Denmark)

    Mulalic, Ismir

    2011-01-01

    We analyse the determinants of trucking firm fuel use. We develop a simple model to show that trucking firm fuel use depends, in addition to the fuel price and the traffic volume, also on the output of the trucking firm’s production process (the movement of cargo) measured in tonkilometres, chara...

  2. Fire Sales and House Prices

    DEFF Research Database (Denmark)

    Andersen, Steffen; Meisner Nielsen, Kasper

    We exploit a natural experiment in Denmark to investigate when forced sales lead to fire sale discounts. Forced sales result from sudden deaths of house owners in an institutional environment in which beneficiaries are forced to settle the estate, and hence sell the house, within 12 months. We...... identify 6,329 forced sales by suddenly deceased house owners, and find that forced sales bring in lower prices than do comparable houses as the deadline winds down: We find no discounts for sales long before the deadline, and discounts of 12.5% for sales shortly before the deadline. Market conditions...... and the urgency of the sale also affect the average discount: Discounts are larger when house prices contract, in thin markets where demand is lower, and when the sale is more likely to be a fire sale because of financial or liquidity constraints. Late fire sales are more likely when the house price...

  3. Funds transfer pricing in banking

    Directory of Open Access Journals (Sweden)

    Maria CARACOTA DIMITRIU

    2010-06-01

    Full Text Available Every bank needs to better understand the sources of its profitability. Whatever the size of the bank, funds transfer pricing (FTP can be used to help managing the bank's profitability by analyzing earnings for the whole institution or for different profit centers. In today’s banking environment, it is essential to look at the earnings both as a whole and broken down into various components. Funds Transfer Pricing is an analysis tool that can be used to help a bank measure its profitability in a variety of different ways. It allows management to compare the profitability of different product lines within the company, and it can be drilled down even further to allow comparison between individual employees. It is also very useful for comparison between branches. This study will reveal the role of Fund Transfer Pricing (FTP in banks.

  4. Analysis of Cryptocurrencies Price Development

    Directory of Open Access Journals (Sweden)

    Jan Lansky

    2016-12-01

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

  5. Two-stroke engine with gaseous and liquid fuel injection

    Energy Technology Data Exchange (ETDEWEB)

    Laursen, Rene Sejer [MAN Diesel and Turbo SE, Copenhagen (Denmark)

    2012-08-15

    The need to lower emissions of CO{sub 2}, NO{sub x}, SO{sub x} and particulates as well as rising oil prices have increased engine operators' interest in alternative fuels and fuel flexibility. The low speed two-stroke ME-GI and ME-LGI dual-fuel engines with diesel pilot injection from MAN Diesel and Turbo offer the opportunity of utilising fuels such as LNG, LPG, and methanol in a wide range of liquid to gaseous fuel ratios. (orig.)

  6. Waste Plastic Converting into Hydrocarbon Fuel Materials

    Energy Technology Data Exchange (ETDEWEB)

    Sarker, Moinuddin; Mamunor Rashid, Mohammad; Molla, Mohammad

    2010-09-15

    The increased demand and high prices for energy sources are driving efforts to convert organic compounds into useful hydrocarbon fuels. Although much of this work has focused on biomass, there are strong benefits to deriving fuels from waste plastic material. Natural State Research Inc. (NSR) has invented a simple and economically viable process to decompose the hydrocarbon polymers of waste plastic into the shorter chain hydrocarbon of liquid fuel (patent pending). The method and principle of the production / process will be discussed. Initial tests with several widely used polymers indicate a high potential for commercialization.

  7. Response of the Polish Wheat Prices to the Worlds Crude Oil Prices

    Directory of Open Access Journals (Sweden)

    HAMULCZUK

    2012-07-01

    Full Text Available Agricultural commodities prices play crucial role both in farmers income determination and in price relationship establishment for the whole economy. Among the factors influencing the wheat prices, crude oil prices are considered as one of the most important. The aim of this paper was to assess the character of linkage between world crude oil prices and Polish wheat prices. Results of the research confirm the existence of such linkage although the nature and the strength of this relationship changes over time. However, the long-run relationships between the crude oil and Polish wheat prices were not proven. Moreover, growing impact of crude oil prices on Polish wheat prices over time was not detected. The results suggest that exchange rates may strongly influence wheat prices. This in turn may weaken response of Polish wheat prices in relation to world crude oil prices.

  8. Spatiotemporal Effects of Main Impact Factors on Residential Land Price in Major Cities of China

    Directory of Open Access Journals (Sweden)

    Shengfu Yang

    2017-11-01

    Full Text Available With the rapid development of land marketization in China, the spatial patterns of residential land prices in different regions have become increasingly complicated. The very high and continuously rising residential land prices in many cities are causing significant challenges to economic development and social stability. Yet, there has only been a limited amount of attempts made to model and analyze the regional dynamic changes of residential land price systematically, especially in term of the spatially varying effects of key demographic and economic factors. In this study we provided a perspective analysis of the changes of residential land prices in 2008, 2011 and 2014 based on the land price monitoring records of 105 cities and then conducted a geographically weighted regression (GWR analysis on the relationships between residential land price and three major impact factors (i.e., immigrant population, gross domestic product (GDP and investment in residential buildings. Results show that the areas in which GDP had relatively strong positive impacts on residential land price expanded with time. The negative effects of immigrant population on residential land price were mainly concentrated in the cities around the Bohai Rim and the area with negative effects gradually shrank in the three studied years. Conversely, the areas with negative correlation between investment in residential buildings and residential land price gradually expanded in size over time. A geographical detector was used to examine the relative importance of factors to residential land price. It was found that the GDP had more significant influence on residential land price than other factors and the influence of the three factors to overall variation in residential land price increased over the three studied years. These results underscore the importance of taking spatially varying effects of major driving factors into account in policy-making on regional land market.

  9. Price competition in the Chinese pharmaceutical market.

    Science.gov (United States)

    Wang, Y Richard

    2006-06-01

    We study price competition between high-quality global products and low-quality local products in a developing country, i.e., China, Nearly all previous studies on pharmaceutical price competition focused on developed countries with bioequivalent generics. In China, local generic products are not bioequivalent and are deemed of lower quality, while global products in the same class are considered similar in quality and better substitutes. We hypothesize that local generic competition drives down local product price but not global product price. In addition, we hypothesize that therapeutic competition among similar global products lowers global product price. Our empirical results support both hypotheses. Number of local generic competitors has a significantly negative effect on local product price but no effect on global product price, while number of global therapeutic competitors has a significantly negative effect on global product price. Policy changes that encourage bioequivalent local products and accelerate global product approvals will enhance price competition in China.

  10. Using polymer electrolyte membrane fuel cells in a hybrid surface ship propulsion plant to increase fuel efficiency

    OpenAIRE

    Kroll, Douglas M.

    2010-01-01

    CIVINS (Civilian Institutions) Thesis document Approved for public release ; distribution is unlimited An increasingly mobile US Navy surface fleet and oil price uncertainty contrast with the Navy's desire to lower the amount of money spent purchasing fuel. Operational restrictions limiting fuel use are temporary and cannot be dependably relied upon. Long term technical research toward improving fuel efficiency is ongoing and includes advanced gas turbines and integrated electric propul...

  11. Asset Pricing with Liquidity Risk

    OpenAIRE

    Acharya, Viral V.; Lasse Heje Pedersen

    2004-01-01

    This Paper solves explicitly a simple equilibrium asset pricing model with liquidity risk – the risk arising from unpredictable changes in liquidity over time. In our liquidity-adjusted capital asset pricing model, a security’s required return depends on its expected liquidity as well as on the covariances of its own return and liquidity with market return and market liquidity. In addition, the model shows how a negative shock to a security’s liquidity, if it is persistent, results in low con...

  12. Styring af international transfer pricing

    DEFF Research Database (Denmark)

    Reuther, Peter; Rossing, Christian Plesner

    2011-01-01

    Nærværende artikel introducerer international transfer pricing, dels som et skatteretligt fænomen og dels som et værktøj til planlægning og økonomisk styring af koncernforbundne selskaber i en multinational virksomhed (MNV). Med udgangspunkt i en case-analyse af MNV’en gives der et konkret eksempel...... international transfer pricing i betragtning, når økonomiske styringssystemer i en MNV skal anvendes til planlægning og opfølgning....

  13. Maternal and young child nutrition adversely affected by external shocks such as increasing global food prices.

    Science.gov (United States)

    Darnton-Hill, Ian; Cogill, Bruce

    2010-01-01

    Rising food prices, resulting from the ongoing global economic crisis, fuel price volatility, and climate change, have an adverse impact upon the poor, especially those in food-importing, resource-limited countries. The conventional approach by large organizations has been to advocate for increased staple crop yields of mainly cereals. High food prices are predicted to continue to at least 2015. Past shocks and their known impacts upon nutrition were reviewed. Price instability and increases have long been an existing global problem, which has been exacerbated by recent macroeconomic shocks such as acute emergencies due to war and civil strife, acute climatic events, increase in food prices, fuel price volatility, dysfunction of the global financial systems, long-term climate change, and the emergence of failed states. The FAO estimated that there were 815 million "hungry" people in 2006, with a now additional 75-135 million with increased vulnerability, and currently it is estimated that there are one billion people at risk of food insecurity. The shocks initially compromise maternal and child nutrition, mainly through a reduction in dietary quality and an increase in micronutrient deficiencies and concomitant increases in infectious disease morbidity and mortality. A further reduction in the quantity of diet may follow with greater underweight and wasting. Recent macroeconomic shocks have greatly increased the number of people who are vulnerable to hunger in developing countries. Nutritional surveillance systems need to be strengthened and expanded to inform policy decisions.

  14. 'Pricing Nature at What Price?' A study of undergraduate students ...

    African Journals Online (AJOL)

    The results show that, among a group of 11 students entering a masters course on Sustainable Enterprising at Stockholm University, a majority of the students having a major in the natural sciences found economics to be challenging in various ways. All the students addressed the concept of 'price' as particularly ...

  15. Smart Pricing: Linking Pricing Decisions with Operational Insights

    NARCIS (Netherlands)

    M. Fleischmann (Moritz); J.M. Hall (Joseph); D.F. Pyke (David)

    2003-01-01

    textabstractThe past decade has seen a virtual explosion of information about customers and their preferences. This information potentially allows companies to increase their revenues, in particular since modern technology enables price changes to be effected at minimal cost. At the same time,

  16. 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...

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

    Science.gov (United States)

    Verlinda, Jeremy Alan

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

  18. The Impact of oil Price on the Nigerian Economy | Arinze | Journal of ...

    African Journals Online (AJOL)

    This study contends that upward adjustments of petroleum productsprices have resulted in inflation, high cost of living, and inequitable distribution of income in Nigeria. Between 1978 and 2007, the various Nigerian regimes increased fuel prices a total of 18 times. Most of the increase occurred in the 1990-2007 period ...

  19. Harried LP-gas marketers recount the recent price/supply nightmare

    Energy Technology Data Exchange (ETDEWEB)

    Prowler, S

    1990-02-01

    This article presents a survey of several LP-gas marketers, who discuss how their companies responded to the propane fuel crisis during the winter of 1989-1990. wholesale and retail pricing, as well as consumer response during this period are described. Supply strategies for the future are discussed.

  20. The impact of forecasted energy price increases on low-income consumers

    Energy Technology Data Exchange (ETDEWEB)

    Eisenberg, Joel F. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

    2005-10-31

    The Department of Energy’s Energy Information Administration (EIA) recently released its short term forecast for residential energy prices for the winter of 2005-2006. The forecast indicates significant increases in fuel costs, particularly for natural gas, propane, and home heating oil, for the year ahead. In the following analysis, the Oak Ridge National Laboratory has integrated the EIA price projections with the Residential Energy Consumption Survey (RECS) for 2001 in order to project the impact of these price increases on the nation’s low-income households by primary heating fuel type, nationally and by Census Region. The statistics are intended for the use of policymakers in the Department of Energy’s Weatherization Assistance Program and elsewhere who are trying to gauge the nature and severity of the problems that will be faced by eligible low-income households during the 2006 fiscal year.