WorldWideScience

Sample records for reseller pricing regulations

  1. 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...

  2. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

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

  3. 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...

  4. 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...

  5. Energy resellers - An endangered species?

    International Nuclear Information System (INIS)

    Ygge, F.

    1999-04-01

    Many markets, including the travel, music, and book markets, are undergoing dramatic changes due do the development of electronic commerce. Reseller margins often decrease significantly and some times even entire links in the supply chain are becoming completely superfluous. Even though power markets have been deregulated already for some years in many countries, electronic commerce has not yet had a major impact on the business logic. This paper presents some of the major obstacles to electronic power trade, and presents promising solutions to these obstacles. In particular it is described how software agent mediated trade may enable medium and small size consumers and producers to trade directly from power pools, without the need of traditional energy resellers. The conclusion that is there are good reasons to believe that energy resellers are as threatened in the new information era as, e.g., traditional travel agencies, and music and book-shops are

  6. 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...

  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. 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...

  9. Pricing regulations in Great Britain

    International Nuclear Information System (INIS)

    Cicoletti, G.

    1993-01-01

    This paper briefly describes the structure and functions of Great Britain's essential electric power regulatory authority institutionalized by the 1989 British Electricity Act, i.e., the Office of Electricity Regulation, OFFER, and the responsibilities and tasks of the head of OFFER -the Director General of Electricity Supply (DGES). In particular, with regard to the latter, the paper describes how the DGES works together with regional electricity commissions to ensure the respect, by the various utilities, of consumer price caps and compliance with overall quality of service standards, as well as, to oversee 'pooling' activities by producers and distributors

  10. Pricing regulations in Great Britain

    International Nuclear Information System (INIS)

    Cicoletti, G.

    1993-01-01

    This paper briefly describes the structure and functions of Great Britain's essential electric power regulatory authority institutionalized by the 1989 British Electricity Act, i.e., the Office of Electricity Regulation, OFFER, and the responsibilities and tasks of the head of OFFER - the Director General of Electricity Supply (DGES). In particular, with regard to the latter, the paper describes how the DGES works together with regional electricity commissions to ensure the respect, by the various utilities, of consumer price caps and compliance with overall quality of service standards, as well as, to oversee 'pooling' activities by producers and distributors

  11. Regulated and unregulated Nordic retail prices

    DEFF Research Database (Denmark)

    Olsen, Ole Jess; Johnsen, Tor Arnt

    2011-01-01

    in Sweden but higher than in Norway and Finland. Because of market design Norwegian default contracts are competitive whereas Swedish contracts provide the retailer with some market power. We interpret the low Finnish margins as a result of municipal retailers continuing traditional pricing from...... competitive prices....... default prices are regulated whereas default prices in the other countries are unregulated. Systematic price differences exist among the Nordic countries. However, as wholesale prices sometimes differ the gross margin is a more relevant indicator. Regulated gross margins are lower in Denmark than...

  12. Regulated prices: for how long more?

    International Nuclear Information System (INIS)

    Pauron, M.

    2008-01-01

    Does a government has to intervene in a liberalize market? Between the purchasing power of consumers, the rise of raw materials price and the opening of markets, each announcement by the French government of an increase of the tariffs of Gaz de France (GDF: the historical French gas utility) irritates the ones and the others: the consumer considers it as another attack to its purchasing power, while the gas operators, GDF and its competitors, consider that the gas prices remain below the market prices, does not reflect the real increase of costs, and disturbs the good operation of the competitive market. This paper put the question of what must be the position of a government in a de-regulated energy market in order to implement sustainable economic measures and protect the low-income consumers. (J.S.)

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

    Science.gov (United States)

    Vacca, Caludia; Acosta, Angela; Rodriguez, Ivan

    2011-01-01

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

  14. Green zoning regulation under price discrimination

    Directory of Open Access Journals (Sweden)

    Hamid Hamoudi

    2017-06-01

    Full Text Available This study aims to examine urban zoning within a linear city in a Bertrand duopolistic competition framework with price discrimination and linear transportation costs. It analyses the effects of introducing an environmental area where economic and residential activity are not allowed. The welfare function used to determine the optimal size of the green area allows for a possible regulator’s bias in favour of firms/consumers. It is shown that location-price competition can be either reduced or increased depending on the size of the green area. The results indicate when a regulator implements green zoning, under linear transportation costs, influences the optimal location of firms (because these locations depend on the size of the green zone. In consequence, zoning may be used as an effective industrial or urban policy tool.

  15. Price regulation and relative price convergence: Evidence from the retail gasoline market in Canada

    International Nuclear Information System (INIS)

    Suvankulov, Farrukh; Lau, Marco Chi Keung; Ogucu, Fatma

    2012-01-01

    This paper explores price regulation and relative price convergence in the Canadian retail gasoline market. We use monthly data (2000–2010) on retail gasoline prices in 60 Canadian cities to investigate (i) whether the retail gasoline market in Canada has experienced a relative price convergence to the mean, which is expected, given the increased economic integration across Canadian provinces; and (ii) whether the introduction of price regulation mechanisms in New Brunswick and Nova Scotia in July 2006 had any impact on the price convergence in these provinces. We use a nonlinear panel unit root test and find solid evidence that Canadian retail gasoline markets are well integrated across locales; however, the share of converging cities reveals a significant decline since July of 2006. The impact of price regulation on price convergence is mixed; our results indicate that since the enactment of the regulation in all New Brunswick cities (9) included in the dataset, gasoline prices converge to the national mean. Volatility of price is also significantly reduced. In contrast, in the wake of price regulation in Nova Scotia, all 6 cities of the province are non-convergent to the mean with increased volatility and overall price level. - Highlights: ► The paper examines price regulation and convergence of gasoline prices in Canada. ► Overall in 2000–2010 the Canadian retail gasoline market was well integrated. ► Price convergence across cities has significantly declined since July 2006. ► The impact of price regulation at province level on a price convergence is mixed. ► The paper relies on the most advanced nonlinear panel unit root test.

  16. Dynamic pattern of prices under price-cap regulation; Price cap kiseika no ryokin hendo pattern

    Energy Technology Data Exchange (ETDEWEB)

    Watanabe, H. [Central Research Institute of Electric Power Industry, Tokyo (Japan)

    1997-07-01

    In this analysis, a power rate determination model was developed for numerical experiment, a dynamic pattern of prices under price-cap regulation (PCR) which has been overlooked in the analysis, and a study was made on if the Ramsey pricing can be realized. A power rate determination simulation model was developed which maximizes a total amount of profits from corporate acts under PCR. By expanding the model in future, policy simulations on PCR under various conditions became possible. With relation to the rate determination act under PCR, two cases were assumed for the simulational comparison: the case in which competition is introduced into the power sector, and the case in which both the power sector and lighting sector are monopolistic for comparison with the former case. As a result, it was confirmed that in any cases the rate of power demand which is relatively price-dynamic under PCR largely declined and contrarily the lighting rate soars. 12 refs., 5 figs., 13 tabs.

  17. REGULATION OF SPATIAL PRICE DISCRIMINATION: RUSSIAN AND INTERNATIONAL PRACTICE

    Directory of Open Access Journals (Sweden)

    Dmitry Bogdanov

    2015-05-01

    Full Text Available The article deals with the identification and regulation of spatial price discrimination in the context of the development of the methodology of Antimonopoly regulation. In particular, the problems of normative definition of spatial price discrimination and the practice of its USA, EU and Russia regulation and their development.

  18. Bid Regulations in a Multi-unit Uniform Price Auction

    DEFF Research Database (Denmark)

    Boom, Anette

    for larger rms does not guarantee market prices below that cap. A suffciently high bid floor only for smaller firms destroys some or all pure strategy equilibria despite their prices being above the bid floor. With a general bid floor this happens only with considerably higher bid floors.......This paper examines the effect of bid regulations on the range of potential equilibrium prices in a multi-unit uniform price auction with heterogenous bidders. General bid caps destroy equilibria with prices above the bid cap and create new equilibria with prices way below the cap. A cap only...

  19. Pareto Improving Price Regulation when the Asset Market is Incomplete

    NARCIS (Netherlands)

    Herings, P.J.J.; Polemarchakis, H.M.

    1999-01-01

    When the asset market is incomplete, competitive equilibria are constrained suboptimal, which provides a scope for pareto improving interventions. Price regulation can be such a pareto improving policy, even when the welfare effects of rationing are taken into account. An appealing aspect of price

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

    International Nuclear Information System (INIS)

    Arocena, Pablo; Contin, Ignacio; Huerta, Emilio

    2002-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2002-08-01

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

  2. International Transfer Pricing Regulation: Nigerian Experience ...

    African Journals Online (AJOL)

    Multinational enterprises (MNEs), as any other international business concern, have among other objectives, the reduction of foreign exchange risk, duties or tariffs, foreign and domestic taxes, which ultimately maximise the enterprises profitability. The use of international transfer pricing strategy by MNEs remains on the ...

  3. Impact of regulated price adjustments on price variability in a very low inflation transition economy: Case of Armenia

    Directory of Open Access Journals (Sweden)

    Aghassi Mkrtchyan

    2005-06-01

    Full Text Available This paper examines the impact of monetary policy and administrative price adjustments on price variability in a low inflation economy characterized by relatively frequent administrative price adjustments. Fluctuations of market determined prices, prices of agricultural goods in particular, are linked to poor synchronization between administrative price changes and monetary policy. If monetary policy does not account for expected changes in administrative prices, demand for free goods shifts, causing fluctuation of prices for agricultural goods, because the supply of these goods is highly inelastic in Armenia. The findings contribute to a better understanding of agricultural price variability during 1998-2002. The impact of macroeconomic policy and structural adjustments on income distribution and rural poverty incidence are also examined. This research has immediate policy implications, since Armenia will continue to undergo major upward price adjustments of regulated prices, which may have a negative impact on income distribution unless aggregate demand management is changed.

  4. Characteristics of the prices of operating reserves and regulation services in competitive electricity markets

    International Nuclear Information System (INIS)

    Wang Peng; Zareipour, Hamidreza; Rosehart, William D.

    2011-01-01

    In this paper, characteristics of the prices of reserves and regulation services in the Ontario, New York and ERCOT electricity markets are studied. More specifically, price variability, price jumps, long-range correlation, and non-linearity of the prices are analyzed using the available measures in the literature. For the Ontario electricity market, the prices of 10-min spinning, 10-min non-spinning, and 30-min operating reserves for the period May 1, 2002 to December 31, 2007 are analyzed. For the New York market, prices of the same reserves plus regulation service are studied for the period February 5, 2005 to December 31, 2008. For the ERCOT market, we analyze the prices of responsive reserve, regulation up and regulation down services, for the period January 1, 2005 to December 31, 2009. The studied characteristics of operating reserve and regulation prices are also compared with those of energy prices. The findings of this paper show that the studied reserve and regulation prices feature extreme volatility, more frequent jumps and spikes, different peak price occurrence time, and lower predictability, compared to the energy prices. - Research highlights: → We examine various statistical characteristics of reserve and regulation prices. → We compare characteristics of reserve and regulation and energy prices. → Reserve and regulation prices feature different patterns from energy prices. → Reserve and regulation prices are more dispersive and volatile than energy price.

  5. Product and labour market regulations, production prices, wages and productivity

    NARCIS (Netherlands)

    Cette, G.; Lopez, J.; Mairesse, J.

    2015-01-01

    This study is an attempt to evaluate the effects of product and labour market regulations on industry productivity through their various impacts on changes in production prices and wages. In a first stage, the estimation of a regression equation on an industry*country panel, with controls for

  6. 77 FR 15370 - General Services Administration Acquisition Regulation; Information Collection; Price Reductions...

    Science.gov (United States)

    2012-03-15

    ... Services Administration Acquisition Regulation; Information Collection; Price Reductions Clause; Extension... notice of request for comments regarding OMB Control No. 3090-0235, Price Reductions Clause, published in... 16, 2012. ADDRESSES: Submit comments identified by Information Collection 3090- 0235, Price...

  7. A Pedagogical Note on the Superiority of Price-Cap Regulation to Rate-of-Return Regulation

    Science.gov (United States)

    Currier, Kevin M.; Jackson, Brian K.

    2008-01-01

    The two forms of natural monopoly regulation that are typically discussed in intermediate microeconomics textbooks are marginal cost pricing and average cost pricing (rate-of-return regulation). However, within the last 20 years, price-cap regulation has largely replaced rate-of-return regulation because of the former's potential to generate more…

  8. Does energy-price regulation benefit China's economy and environment? Evidence from energy-price distortions

    International Nuclear Information System (INIS)

    Ju, Keyi; Su, Bin; Zhou, Dequn; Wu, Junmin

    2017-01-01

    China's energy prices have long been regulated due to the critical role energy plays in economic growth and social development, which leads to energy-price distortion to some extent. To figure out whether energy-price regulations will benefit China's economy (measured by GDP growth) and environment (measured by carbon emissions), we conducted an in-depth simulation using path analysis, where five energy products (natural gas, gasoline, fuel oil, steam coal, and coking coal) are selected and three measurements (absolute, relative, and moving) of energy-price distortions are calculated. The results indicate that, with a series of energy pricing policies, the price distortion for a single type of energy has gradually transformed, while the energy pricing system in China is not fully market-oriented yet. Furthermore, China's economy benefits from relative and moving distortions, while the absolute distortions of energy prices have negative impacts on economic growth. Finally, with regard to the environment, carbon emissions call for fewer distortions. - Highlights: • Price distortion for a single type of energy has gradually transformed. • Energy pricing system in China is not yet fully market-oriented. • China's economy benefits from relative and moving distortions. • Absolute distortions of energy prices have negative effects on economic growth. • Carbon emissions call for less pricing distortions.

  9. Price regulation and relative delays in generic drug adoption.

    Science.gov (United States)

    Costa-Font, Joan; McGuire, Alistair; Varol, Nebibe

    2014-12-01

    Increasing the adoption of generic drugs has the potential to improve static efficiency in a health system without harming pharmaceutical innovation. However, very little is known about the timing of generic adoption and diffusion. No prior study has empirically examined the differential launch times of generics across a comprehensive set of markets, or more specifically the delays in country specific adoption of generics relative to the first country of (generic) adoption. Drawing on data containing significant country and product variation across a lengthy time period (1999-2008), we use duration analysis to examine relative delays, across countries, in the adoption of generic drugs. Our results suggest that price regulation has a significant effect on reducing the time to launch of generics, with faster adoption in higher priced markets. The latter result is dependent on the degree of competition and the expected market size. Copyright © 2014 Elsevier B.V. All rights reserved.

  10. 76 FR 57677 - Defense Federal Acquisition Regulation Supplement; Increase the Use of Fixed-Price Incentive...

    Science.gov (United States)

    2011-09-16

    ...] RIN 0750-AH15 Defense Federal Acquisition Regulation Supplement; Increase the Use of Fixed-Price...-price incentive (firm target) contracts, with particular attention to share lines and ceiling prices... the use of fixed-price incentive (firm target) contracts, especially for acquisitions moving from...

  11. Regulation of pharmaceutical prices: Evidence from a reference price reform in Denmark

    OpenAIRE

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

    2010-01-01

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

  12. Promoting nuclear energy: market price or regulated tariffs? - 5042

    International Nuclear Information System (INIS)

    Percebois, J.

    2015-01-01

    Because of its negative effects, the scheme for aiding renewable energies presently in force in Europe is likely to penalise investments in nuclear energy. The F.I.T. system is a costly mechanism and a source of perverse effects as a switching of the merit order curve on the spot electricity market (with sometimes negative prices). Restoring an equity and 'equal opportunity' for nuclear energy in Europe needs to implement a 'Contract for Differences' scheme for nuclear energy, like the model now gaining favour in the U.K. The contract for differences signed between EDF and the UK government means that if the wholesale price that EDF secures for Hinckley's power falls below the index-linked preset value, the difference will be covered by payments from the UK government. It appears that nuclear power has weakened in Europe by the system of guaranteed purchase prices for renewable energies. Moreover this system is costly. New fairer rules must be implemented in the market. Either the market is left on its own to send the signals to all investors (including renewable energies), or a minimum of regulation is introduced in order to limit the costly surges of under and over capacity. But in the latter case it is necessary to treat all the energy sources in an equal way and guarantee the nuclear industry that it will also recover its fixed costs over the long term)

  13. 77 FR 69442 - Federal Acquisition Regulation; Information Collection; Economic Price Adjustment

    Science.gov (United States)

    2012-11-19

    ...; Information Collection; Economic Price Adjustment AGENCIES: Department of Defense (DOD), General Services... economic price adjustment. Public comments are particularly invited on: Whether this collection of..., Economic Price Adjustment by any of the following methods: Regulations.gov : http://www.regulations.gov...

  14. Petroleum products price regulation in Nov Scotia : a six-month review

    International Nuclear Information System (INIS)

    2007-03-01

    Gasoline pricing regulation was introduced in July 2006 in order to achieve the following 3 main objectives: (1) stabilize prices by reducing the frequency of price changes and creating more uniform pricing across the province, (2) maintain industry infrastructure by slowing or halting the decline in the dealer network, particularly in rural areas, by improving viability through regulated margins, and (3) minimize the cost to consumers since higher prices are expected to result from the actions needed to maintain price stability and the higher margins needed to maintain industry infrastructure. This report examined the extent to which these objectives were achieved and contained the findings and recommendations of a review of the first six months of gasoline price regulation in Nova Scotia. The report discussed the rationale for regulation, study objectives, approach, and warning signs. It also discussed gasoline regulation in Nova Scotia including how regulation works and implementing regulation. The Nova Scotia gasoline market was presented with reference to industry structure; pre-regulation competition and pricing; and how regulation may affect structure and competition. Last, the report discussed whether regulation was meeting the objectives and perspectives on regulation. Several recommendations were presented, such as reducing the benchmark price adjustment period from two weeks to one week; removing the price cap on full-serve gasoline; adopting a fixed and transparent formula for forward averaging and applying it at each adjustment; and considering a framework for regulatory review. 12 refs., 15 figs

  15. Productivity growth and price regulation of Slovenian water distribution utilities

    Directory of Open Access Journals (Sweden)

    Jelena Zorić

    2010-06-01

    Full Text Available This paper aims to analyse the price regulation method and performance of thewater industry in Slovenia. A stochastic cost frontier model is employed to estimate and decompose the total factor productivity (TFP growth of water distribution utilities in the 1997-2003 period. The main goal is to find out whether the lack of proper incentives to improve performance has resulted in the low TFP growth of Slovenian water distribution utilities. The evidence suggests that cost inefficiencies are present in water utilities, which indicates considerable cost saving potential in the analysed industry. Technical change is found to have positively affected the TFP growth over time, while cost inefficiency levels remained essentially unchanged. Overall, the average annual TFP growth in the analysed period is estimated to be only slightly above zero, which is a relatively poor result. This can largely be contributed to the present institutional and regulatory setting that does not stimulate utilities to improve productivity. Therefore, the introduction of an independent regulatory agency and an incentive-based price regulation scheme should be seriously considered in order to enhance the performance of Slovenian water distribution utilities.

  16. House prices and land regulation in the Copenhagen area

    DEFF Research Database (Denmark)

    Skak, Morten; Lauridsen, Jørgen Trankjær; Nannerup, Niels Erik Holm

    2013-01-01

    We analyse house prices from 1992 to 2011 in the metropolitan area of Copenhagen. In line with most other metropolitan areas in Europe, Copenhagen house prices showed solid increases during this period until 2007 when a downturn in prices began. The price gradient from the centre of the metropolis...

  17. Exploring the impact of a spatial data infrastructure on value-added resellers and vice versa

    CSIR Research Space (South Africa)

    Cooper, Antony K

    2013-08-01

    Full Text Available , Information and Computational Viewpoints of the Reference Model for Open Distributed Processing. Within the Enterprise Viewpoint, we identified six stakeholders, including a Value-added Reseller (VAR), a stakeholder who adds value to an existing product...

  18. Drug price regulation under consumer moral hazard. Two-part tariffs, uniform price or third-degree price discrimination?

    Science.gov (United States)

    Felder, Stefan

    2004-12-01

    Drug price differences across national markets as they exist in the EU are often justified by the concept of Ramsey prices: with fixed costs for R&D, the optimal mark-ups on marginal costs are inversely related to the price elasticity in the individual markets. This well-known result prevails if consumer moral hazard is taken into account. Contrary to the situation without moral hazard, the uniform price does not necessarily dominate discriminatory pricing in welfare terms. The two-part tariff is a better alternative as it allows governments to address moral hazard. A uniform price combined with lump-payments reflecting differences in the willingness to pay and the moral hazard in member states appears to be an attractive option for a common EU drug market.

  19. 26 CFR 1.925(a)-1T - Temporary regulations; transfer pricing rules for FSCs.

    Science.gov (United States)

    2010-04-01

    ... related party to a FSC to determine the allowable transfer price charged the FSC (or commission paid to... regulations under that section. The transfer price charged the FSC (or the commission paid to the FSC) on a... provides for the creation of receivables if the transfer price, rental payment, commission or payment for...

  20. 77 FR 13328 - Federal Acquisition Regulation; Information Collection; Davis Bacon Act-Price Adjustment (Actual...

    Science.gov (United States)

    2012-03-06

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

  1. 77 FR 29982 - Federal Acquisition Regulation; Submission for OMB Review; Davis Bacon Act-Price Adjustment...

    Science.gov (United States)

    2012-05-21

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

  2. Simulate to regulate - Denmark's virtual road pricing programme

    DEFF Research Database (Denmark)

    Kildebogaard, Jan

    1999-01-01

    The article describes the reseach programme on electronic road pricing launched at the Technical University of Denmark.......The article describes the reseach programme on electronic road pricing launched at the Technical University of Denmark....

  3. Prices regulation in price-cap: the lessons of the british gas industry; Reglementations tarifaires en price-cap: les lecons de l'industrie gaziere anglaise

    Energy Technology Data Exchange (ETDEWEB)

    David, L.

    2003-07-01

    This article examines the problem of the price-cap regulation applied to the british gas transport. The RPI-X cap is a particular form of the price cap. This cap seems to be more remunerative for the regulatory firm than a cap calculated on the Laspeyres index because it authorizes a greater freedom of prices choice, to the prejudice of the consumers. Facing these perverse effects, Cowan proposed in 1997 a new system, not more satisfying. Another equation is analyzed in this article, proposed by Ofgem. Meanwhile this system presents no improvement of the consumers surplus facing the RPI-X cap. (A.L.B.)

  4. 75 FR 2723 - Fair Credit Reporting Risk-Based Pricing Regulations

    Science.gov (United States)

    2010-01-15

    ... Fair Credit Reporting Risk-Based Pricing Regulations; Final Rule #0;#0;Federal Register / Vol. 75 , No... 3084-AA94 Fair Credit Reporting Risk-Based Pricing Regulations AGENCIES: Board of Governors of the... the Fair Credit Reporting Act (FCRA). The final rules generally require a creditor to provide a risk...

  5. Impacts of regulated competition on pricing in Chinese pharmaceutical market under urban employee basic medical insurance.

    Science.gov (United States)

    Zhao, Mingyue; Wu, Jing

    2017-06-01

    Examine the effects of regulated competition on the drug pricing in China. Based on product-level data, a regression method was employed for pricing by using data from Tianjin Urban Employee Basic Medical Insurance (UEBMI) database. The market competition measures distinguished generic competition within the same molecule from therapeutic competition within the same therapeutic class. The increases in pricing are inversely related to the number of generic competitions. The generic sub-group results vary from the originator sub-group. For the generics, generic competition has a significantly reduced effect on the price; however, only therapeutic competition has a significantly reduced effect on the originator price. Regulated competition has a positive role in shaping the pharmaceutical market. Furthermore, regulated competition affects the price differently for the sub-groups. The promotion of competition between generic and originator in order to reap full competition benefit and reduce frictions among policies are necessary.

  6. Testing optimal punishment mechanisms under price regulation : the case of the retail market for gasoline

    International Nuclear Information System (INIS)

    Gagne, R.; Versaevel, B.

    2003-01-01

    The effects of a price floor on price wars in the retail market for gasoline were analyzed. The authors selected a theoretical model which assumed a Bertrand oligopoly supergame, where firms initially collude by charging the monopolistic price. Once a deviation from this strategy is detected by the firms, a switch to a lower price is made in what can be called a punishment phase (price war), before returning to collusive prices. A natural experiment for the testing of the model was provided by the introduction of a price floor regulation in the Quebec retail market for gasoline in 1996. A Markov Switching Model with two latent states was used to simultaneously identify the periods of price-collusion/price war, and also to estimate the parameters which characterized each state. The results indicated that the intensity of price wars was reduced by the introduction of the price floor, but the expected duration of those wars was raised. 14 refs., 5 tabs., 1 fig

  7. Is the price squeeze doctrine still viable in fully-regulated energy markets?

    International Nuclear Information System (INIS)

    Spiwak, L.J.

    1993-01-01

    Simply stated, a price squeeze occurs when a firm with monopoly power on the primary, or wholesale, level engages in a prolonged price increase that drives competitors out of the secondary, or retail level, and thereby extends its monopoly power to the secondary market. A price squeeze will not be found, however, for any short-term exercise in market power. Rather, because anticompetitive effects of a price squeeze are indirect, the price squeeze must last long enough and be severe enough to produce effects on actual or potential competition in the secondary market. In regulated electric industries, a price squeeze claim usually arises from the complex relationship between the supplier, the wholesale customer, the retail customer, and the federal and state regulators. The supplier sells electric power to both wholesale and retail customers. Wholesale transactions are regulated by federal regulators, and retail transactions are regulated at the state level. The wholesale customers in turn sell power to their retail customers. Over the last several years, there have been substantial developments in the application of the price squeeze doctrine to fully-regulated electric utilities. This article will examine the current developments in this area, and attempt to highlight the burdens potential litigants, both plaintiffs and defendants, must overcome to succeed

  8. 76 FR 30550 - Federal Management Regulation; Change in Consumer Price Index Minimal Value

    Science.gov (United States)

    2011-05-26

    ... GENERAL SERVICES ADMINISTRATION 41 CFR Part 102-42 [FMR Change 2011-01; FMR Case 2011-102-1; Docket 2011-0008; Sequence 1] RIN 3090-AJ12 Federal Management Regulation; Change in Consumer Price Index..., to reflect changes in the Consumer Price Index for the immediately preceding 3-year period. The...

  9. 77 FR 38553 - Proposed Modification to Regulation Concerning the Use of Market Economy Input Prices in...

    Science.gov (United States)

    2012-06-28

    ... DEPARTMENT OF COMMERCE International Trade Administration 19 CFR Part 351 Proposed Modification to Regulation Concerning the Use of Market Economy Input Prices in Nonmarket Economy Proceedings AGENCY: Import Administration, International Trade Administration, Department of Commerce. ACTION: Proposed rule; request for...

  10. Competition, regulation, and pricing behaviour in the Spanish retail gasoline market

    International Nuclear Information System (INIS)

    Contin-Pilart, Ignacio; Correlje, Aad F.; Blanca Palacios, M.

    2009-01-01

    The restructuring of the Spanish oil industry produced a highly concentrated oligopoly in the retail gasoline market. In June 1990, the Spanish government introduced a system of ceiling price regulation in order to ensure that 'liberalization' was accompanied by adequate consumer protection. By 1998, prices were left to the 'free' market. This paper examines the pricing behaviour of the retail gasoline market using multivariate error correction models over the period January 1993 (abolishment of the state monopoly)-December 2004. The results suggest that gasoline retail prices respond symmetrically to increases as well as to decreases in the spot price of gasoline both over the period of price regulation (January 1993-September 1998) and over the period of free market (October 1998-December 2004). However, once the ceiling price regulation was abolished, cooperation emerged between the government and the major operators, Repsol-YPF and Cepsa-Elf, to control the inflation rate. This resulted in a slower rate of adjustment of gasoline retail prices when gasoline spot prices went up, as compared with the European pattern. Finally, the Spanish retail margin was by the end of our timing period of analysis, as in the starting years after the abolishment of the state monopoly, above the European average. This pattern confirms our political economic hypothesis, which suggests that the Spanish government and the oil companies were working together in reducing the inflation, in periods of rising oil and gasoline prices. It is also inferred that explaining the pricing pattern in energy markets may require different hypothesis than the classical perspective, involving just firms taking advantage of market power

  11. Competition, regulation, and pricing behaviour in the Spanish retail gasoline market

    Energy Technology Data Exchange (ETDEWEB)

    Contin-Pilart, Ignacio [Departamento de Gestion de Empresas, Universidad Publica de Navarra, Campus de Arrosadia, 31006 Pamplona (Spain); Correlje, Aad F. [Section Economics of Infrastructures, Faculty of Technology, Policy and Management, Delft University of Technology, P.O. Box 5015, 2600 GA Delft (Netherlands); Clingendael International Energy Programme (Netherlands); Blanca Palacios, M. [Departamento de Estadistica e Investigacion Operativa, Universidad Publica de Navarra, Campus de Arrosadia, 31006 Pamplona (Spain)

    2009-01-15

    The restructuring of the Spanish oil industry produced a highly concentrated oligopoly in the retail gasoline market. In June 1990, the Spanish government introduced a system of ceiling price regulation in order to ensure that 'liberalization' was accompanied by adequate consumer protection. By 1998, prices were left to the 'free' market. This paper examines the pricing behaviour of the retail gasoline market using multivariate error correction models over the period January 1993 (abolishment of the state monopoly)-December 2004. The results suggest that gasoline retail prices respond symmetrically to increases as well as to decreases in the spot price of gasoline both over the period of price regulation (January 1993-September 1998) and over the period of free market (October 1998-December 2004). However, once the ceiling price regulation was abolished, cooperation emerged between the government and the major operators, Repsol-YPF and Cepsa-Elf, to control the inflation rate. This resulted in a slower rate of adjustment of gasoline retail prices when gasoline spot prices went up, as compared with the European pattern. Finally, the Spanish retail margin was by the end of our timing period of analysis, as in the starting years after the abolishment of the state monopoly, above the European average. This pattern confirms our political economic hypothesis, which suggests that the Spanish government and the oil companies were working together in reducing the inflation, in periods of rising oil and gasoline prices. It is also inferred that explaining the pricing pattern in energy markets may require different hypothesis than the classical perspective, involving just firms taking advantage of market power. (author)

  12. Price

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

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

  13. Evaluation of petroleum products pricing regulation in Nova Scotia : a 2 year review

    International Nuclear Information System (INIS)

    2008-11-01

    Gasoline price regulation was introduced in Nova Scotia on July 1st, 2006. This report presented the findings and recommendations of a review of the first two years of the gasoline price regulation in Nova Scotia. The regulations had three main objectives. This review examined whether, and to what extent, they were achieved. The objectives were to stabilize price, maintain industry infrastructure, and minimize cost to consumers. The report described the rationale for the regulation, study objectives, and approach taken to gasoline regulation in Nova Scotia, including the objectives and technical aspects of how regulation works. The gasoline market in Nova Scotia was examined, including the market structure and competitive behaviour in an unregulated market. The report also provided some theoretical perspectives on how regulation was likely to affect industry structure and competitive behaviour. The extent to which the regulation was meeting its objectives was then assessed and perspectives on the regulation from consumers, retailers and wholesalers were offered. Last, the report provided a review of the findings in terms of the key elements of regulatory design and set out recommendations for improving the system. It was recommended that in order to improve certainty, particularly given the regulated price differences amongst grades, the regulations should be amended to include grade specifications referencing octane ratings. tabs., figs

  14. New market based price regulation on combined heat and power in Denmark

    International Nuclear Information System (INIS)

    Koch, Jesper; Nielsen, Marianne; Hansen, Anders B.; Lawaetz, Henrik

    2003-01-01

    Major economic risks can become reality when local co-generation plants (L-CHP ) meet the full market penetration with new market based price regulation. Co-generation produces more than 50% of the national electricity consumption and half of the production is generated from L-CHP. The new price regulation is assumed to take action in 2004. The paper will present an analysis of a market based price regulation on the L-CHP-sector. The paper will spotlight on L-CHP in district heating systems supplying heat for domestic purposes. When smaller and medium sized CHP sell electricity they are paid an average price of 46 Euro per MWh. The return of selling electricity shall primarily cover the expenditure of buying gas for electricity production and writing off investments cost of a CHP-plant. With the framework of today it is a fact that the plants (in average) are only slightly competitive compared to individual heat production plants. When CHP meet market conditions there is a high risk that electricity prices will be reduced significantly (prices of 20 - 30 Euro per MWh) for a longer period. Significantly reduced electricity prices will result in dramatically increased heat prices. If no action is taken there will be a potential risk that heat consumers in the smaller and medium sized cities together must pay an extra bill of 200 million Euro each year. It corresponds to an average increase of the heating bill of 300 - 500 Euro per year for an average house. This is far from acceptable. There will also be a high risk that companies with industrial CHP will permanently convert to heat only boiler and only use their CHP occasionally because CHP plants might not be cost-effective when electricity prices are low. These effects can cause a significant increase of the national CO 2 emission

  15. Research on Double Price Regulations and Peak Shaving Reserve Mechanism in Coal-Electricity Supply Chain

    Directory of Open Access Journals (Sweden)

    Hongjun Peng

    2013-01-01

    Full Text Available The game models were used to study the mechanism of coal-electricity price conflict under conditions of double price regulations of coal and electricity. Based on this, the peak shaving reserve mechanism was designed to probe into the countermeasures against the coal-electricity price conflicts. The study revealed that in the boom seasons of coal demand, the initiatives of the coal enterprises to supply thermal coal and the electricity enterprises to order thermal coal are reduced under conditions of double price regulations. However, under the circumstances of coal price marketization, in the boom seasons of coal demand the thermal coal price may go up obviously, the initiatives of the coal enterprises to supply thermal coal are increased, and meanwhile the initiatives of the power enterprises to order thermal coal are decreased dramatically. The transportation capacity constraint of coal supply leads to the evident decrease of the initiatives of coal enterprises for the thermal coal supply. The mechanism of peak shaving reserve of thermal coal may not only reduce the price of coal market but also increase the enthusiasm of the power enterprises to order more thermal coal and the initiatives of the coal enterprises to supply more thermal coal.

  16. Competition, regulation, and pricing behavior in the Spanish retail gasoline market

    OpenAIRE

    Contín Pilart, Ignacio; Correljé, Aad F.; Palacios, María Blanca

    2006-01-01

    The restructuring of the Spanish oil industry produced a highly concentrated oligopoly in the retail gasoline market. In June 1990 the Spanish government introduced a system of ceiling price regulation in order to ensure that "liberalization" was accompanied by adequate consumer protection. This paper examines the pricing behavior of the retail gasoline market using multivariate error correction models over the period January 1993 (abolishment of the state monopoly)-December 2004. The results...

  17. The economic impact of carbon pricing with regulated electricity prices in China—An application of a computable general equilibrium approach

    International Nuclear Information System (INIS)

    Li, Ji Feng; Wang, Xin; Zhang, Ya Xiong; Kou, Qin

    2014-01-01

    We use a dynamic CGE model (SICGE) to assess the economic and climate impacts of emissions trading system (ETS) in China with a carbon price of 100 Yuan/ton CO2. A particular focus is given to the regulated electricity price regime, which is a major concern of electricity sector’s cost-effective participation in ETS in China. We found: (1) Carbon pricing is an effective policy for China to reduce CO 2 emissions. Total CO 2 emissions reduction ranges from 6.8% to 11.2% in short-term. (2) Rigid electricity price entails lower CO 2 emissions reduction but can be considered as a feasible starting point to introduce carbon pricing policies in short-term as long as governmental subsidies are given to electricity production. (3) In mid- and long-term, the efficient policy is to earmark carbon revenue with competitive electricity price. We propose to use carbon revenue to reduce consumption tax in the first year of the introduction of carbon price and to use the carbon revenue to reduce production tax in following years. - Highlights: • We use a CGE model to assess the impacts of carbon pricing in China. • We test different scenarios of carbon cost pass-through in electricity price. • Carbon pricing policy cost-efficiency is examined with double-dividend hypothesis

  18. 75 FR 13422 - Federal Acquisition Regulation; FAR Case 2008-015, Payments Under Fixed-Price Architect-Engineer...

    Science.gov (United States)

    2010-03-19

    ...-AL26 Federal Acquisition Regulation; FAR Case 2008-015, Payments Under Fixed-Price Architect-Engineer..., Payments Under Fixed-Price Architect-Engineer Contracts, currently requires contracting officers to... judgment regarding the amount of payment withheld to apply under fixed-price architect-engineer (A-E...

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

    Energy Technology Data Exchange (ETDEWEB)

    Wiser, Ryan; Bolinger, Mark

    2004-10-01

    ) current oil prices, (3) externally generated oil price forecasts, and (4) the historical difficulty in accurately forecasting oil prices. Overall, a spread between the FE-EERE High Oil Price and Reference scenarios of well over $8/bbl is supported by the literature. We conclude that a wide range of carbon regulation scenarios are possible, especially within the time frame considered by EERE and FE (through 2050). The Working Group's Carbon Cap-and-Trade Scenario is found to be less aggressive than many Kyoto-style targets that have been analyzed, and similar in magnitude to the proposed Climate Stewardship Act. The proposed scenario is more aggressive than some other scenarios found in the literature, however, and ignores carbon banking and offsets and does not allow nuclear power to expand. We are therefore somewhat concerned that the stringency of the proposed carbon regulation scenario in the 2010 to 2025 period will lead to a particularly high estimated cost of carbon reduction. As described in more detail later, we encourage some flexibility in the Working Group's ultimate implementation of the Carbon Cap-and-Trade Scenario. We conclude by identifying additional scenarios that might be considered in future analyses, describing a concern with the proposed specification of the High Fuel Price Scenario, and highlighting the possible difficulty of implementing extreme scenarios with current energy modeling tools.

  20. Financial Flexibility in Highly Regulated Market: Indonesian Telecommunication Case during Tariff Pricing War

    Directory of Open Access Journals (Sweden)

    Y. Arief Rijanto

    2016-07-01

    Full Text Available In year 2008, regulation of Indonesian telecommunicationindustries changes due the tariff pricing war within Telecommunication operator. This regulation tie up the telecommunication operator and affect operating revenue margin.The needs of financial flexibility within tele communication firm is increased.Capex, operating revenue and reinvestment needs to be flexible must be inline with competition and change of technology. This paper goals is measuring financial flexibility based on Capex, operating revenue and re-investment needs.Re-investment needs by Telecommunication operator can be financed with or without financial flexibility. Data from year 2007 up to 2014 is selected to accommodate before and after changes of telecommunication regulation. The regulation effect to financial flexibility of telecommunication firm is still relevantbecause telecommunication industries by nature needs larger capital to re-new the telecommunication technology. Real options method will be used to measure financial flexibility.Keywords: Financial flexibility, Price war, Telecommunication Regulation, Real Option

  1. Regional differences in electricity distribution costs and their consequences for yardstick regulation of access prices

    International Nuclear Information System (INIS)

    Filippini, M.; Wild, J.

    2001-01-01

    In this paper we estimate an average-cost function for a panel of 59 Swiss local and regional electricity distribution utilities as a basis for yardstick regulation of the distribution-network access prices. Shleifer (1985) proposed yardstick competition in terms of price to regulate local monopolies producing a homogeneous good. The regulated price for the individual firms depends on the average costs of identical firms. The yardstick competition concept can also be applied to firms that produce heterogeneous goods if these goods differ only in observable characteristics. To correct the yardstick for heterogeneity the regulator can use a multivariate estimation of an average-cost function. In the case of electricity distribution, the heterogeneity of output consists mainly of different characteristics of the distribution service areas. In this paper we follow Shleifer's suggestion to estimate a multivariate average-cost function that can be employed by the regulatory commission to benchmark network access prices at the distribution level. Several exogenous variables measuring the heterogeneity of the service areas were included in the cost model specification. We find that the regional differences of the service areas - e.g. area shares of forests, agricultural areas or unproductive land and population density - significantly influence electricity distribution costs

  2. 78 FR 41835 - Inflation Adjustments to the Price-Anderson Act Financial Protection Regulations

    Science.gov (United States)

    2013-07-12

    ... Price-Anderson Act Financial Protection Regulations AGENCY: Nuclear Regulatory Commission. ACTION: Final rule. SUMMARY: The Atomic Energy Act of 1954, as amended (AEA), requires the U.S. Nuclear Regulatory.... Congressional Review Act I. Background Section 604 of the Energy Policy Act of 2005, Public Law 109-58, amended...

  3. An empirical investigation of spatial differentiation and price floor regulations in retail markets for gasoline

    Science.gov (United States)

    Houde, Jean-Francois

    In the first essay of this dissertation, I study an empirical model of spatial competition. The main feature of my approach is to formally specify commuting paths as the "locations" of consumers in a Hotelling-type model of spatial competition. The main consequence of this location assumption is that the substitution patterns between stations depend in an intuitive way on the structure of the road network and the direction of traffic flows. The demand-side of the model is estimated by combining a model of traffic allocation with econometric techniques used to estimate models of demand for differentiated products (Berry, Levinsohn and Pakes (1995)). The estimated parameters are then used to evaluate the importance of commuting patterns in explaining the distribution of gasoline sales, and compare the economic predictions of the model with the standard home-location model. In the second and third essays, I examine empirically the effect of a price floor regulation on the dynamic and static equilibrium outcomes of the gasoline retail industry. In particular, in the second essay I study empirically the dynamic entry and exit decisions of gasoline stations, and measure the impact of a price floor on the continuation values of staying in the industry. In the third essay, I develop and estimate a static model of quantity competition subject to a price floor regulation. Both models are estimated using a rich panel dataset on the Quebec gasoline retail market before and after the implementation of a price floor regulation.

  4. Regulation of distribution grid prices at the beginning of market liberalisation - Experience in Norway and Sweden

    International Nuclear Information System (INIS)

    Filippini, M.; Wind, J.; Luchsinger, C.

    2001-01-01

    This report for the Swiss Federal Office of Energy (SFOE) reviews the experience gained in the deregulation of electricity distribution grids in Norway and Sweden and compares it with the possible options for Switzerland. The report looks at the requirements placed on the future Swiss regulation of electricity distribution grids and the various regulation models such as Rate-of-Return, Price-Cap, Revenue-Cap and Benchmarking that could be used in the short and long term. The choice of Sweden and Norway from the list of countries with liberalised electricity markets is discussed. The results of the study of the two countries are discussed individually, including the structure of the sector, the various stages of deregulation, the main characteristics encountered at the start of deregulation, regulation of grid prices at the beginning of liberalisation and experience gained in each case. The report is supplemented by a comprehensive list of the sources used

  5. The effects of average revenue regulation on electricity transmission investment and pricing

    International Nuclear Information System (INIS)

    Matsukawa, Isamu

    2008-01-01

    This paper investigates the long-run effects of average revenue regulation on an electricity transmission monopolist who applies a two-part tariff comprising a variable congestion price and a non-negative fixed access fee. A binding constraint on the monopolist's expected average revenue lowers the access fee, promotes transmission investment, and improves consumer surplus. In a case of any linear or log-linear electricity demand function with a positive probability that no congestion occurs, average revenue regulation is allocatively more efficient than a Coasian two-part tariff if the level of capacity under average revenue regulation is higher than that under a Coasian two-part tariff. (author)

  6. Regulator preferences and utility prices: evidence from natural gas distribution utilities

    International Nuclear Information System (INIS)

    Klein, C.C.; Sweeney, G.H.

    1999-01-01

    We investigate the determinants of regulators' relative weighting of the social welfare of customer groups and utilities using panel data on natural gas distribution utilities in the US state of Tennessee. In contrast to previous empirical work on cross-sections of electric utilities, our results are statistically robust and consistent with the interest group theory of regulation. Intervention in rate cases, settlement vs. litigation of cases, and prices of alternative energy sources, as well as the size characteristics of customer groups and the firm, are significant determinants of the elasticity-weighted price-cost margin (Ramsey number) for each group. (Copyright (c) 1999 Elsevier Science B.V., Amsterdam. All rights reserved.)

  7. The Effects of Average Revenue Regulation on Electricity Transmission Investment and Pricing

    OpenAIRE

    Isamu Matsukawa

    2005-01-01

    This paper investigates the long-run effects of average revenue regulation on an electricity transmission monopolist who applies a two- part tariff comprising a variable congestion price and a non-negative fixed access fee. A binding constraint on the monopolist fs expected average revenue lowers the access fee, promotes transmission investment, and improves consumer surplus. In a case of any linear or log-linear electricity demand function with a positive probability that no congestion occur...

  8. Multi-objective shadow prices point at principles of metabolic regulation.

    Science.gov (United States)

    Sajitz-Hermstein, Max; Nikoloski, Zoran

    2016-08-01

    Perturbations in environmental and intracellular conditions often lead to changes across all cellular layers, from transcription to metabolism. Regulatory mechanisms are key to mediating these changes to maintain homeostasis and to ensure viability. Since changes in metabolic reaction rates are partly due to perturbations in metabolite concentrations, it is expected that metabolites with large effect on those reaction rates which govern metabolic functionality are tightly regulated. The extent of metabolic regulation has been quantified by the sensitivity of an individual metabolic function to changes in metabolite concentrations, in particular by shadow prices in the constraint-based modeling framework. However, the system-wide characterization of the extent to which metabolite concentrations are regulated in the more realistic scenario of multiple contending tasks remains elusive. Here we examine multi-objective shadow prices for the central carbon metabolism of Escherichia coli whose reaction rates are shaped by several contending metabolic functions. We determine shadow prices for sampled solutions of the Pareto front, which characterizes the space of multi-objective optima, for three contending metabolic functions that provide the best agreement with (13)C-labeling experiments. By analyzing the parts of the Pareto front closest to the experimentally determined flux phenotypes, we show that E. coli operates in the vicinity of an area of the Pareto front which facilitates robust and efficient regulation. In addition, we find significant associations between features of the transcriptional regulatory network and the sensitivity of E. coli's metabolic functionality to changes in metabolite concentrations. We demonstrate that the structural constraints of the metabolic network together with data on condition-specific flux phenotypes can be effectively used to dissect metabolic regulation on a system-wide level. Copyright © 2016 The Author(s). Published by Elsevier

  9. Cost of Capital in Price-regulated Companies: the Case of Estonia

    Directory of Open Access Journals (Sweden)

    Priit Sander

    2013-01-01

    Full Text Available In case of price-regulated companies it is the role of appropriate government agencies to introduce clear, internally consistent, theoretically sound, and unambiguous methodology for finding the regulative cost of capital. The aim of the paper is to describe and analyze the cost of capital estimation methodology for regulated companies in Estonia and discuss some issues arising in applying this methodology. The current paper focuses on two topical issues associated with the estimation of regulative cost of capital in Estonia: estimation of market risk premium and inclusion of currency risk premium into the cost of capital. Current turmoil in financial markets has increased investors’ risk aversion as well as level of risks.

  10. Financial Flexibility in Highly Regulated Market: Indonesian Telecommunication Case during Tariff Pricing War

    Directory of Open Access Journals (Sweden)

    Y. Arief Rijanto

    2015-08-01

    Full Text Available In year 2008, regulation of Indonesian telecommunicationindustries changes due the tariff pricing war within Telecommunication opera-tor. This regulation tie up the telecommunication operator and affect operating revenue margin.The needs of financial flexibility within tele-communication firm is increased.Capex, operating revenue and reinvestment needs to be flexible must be inline with competition and change of technology. This paper goals is measuring financial flexibility based on Capex, operating revenue and re-investment needs.Reinvestment needs by Telecommunication operator can be financed with or without financial flexibility. Data from year 2007 up to 2014 is selec-ted to accommodate before and after changes of telecommunication regulation. The regulation effect to financial flexibility of telecommu-nication firm is still relevantbecause telecommunication industries by nature needs larger capital to re-new the telecommunication technology. Real options method will be used to measure financial flexibility.

  11. An emissions trading scheme design for power industries facing price regulation

    International Nuclear Information System (INIS)

    Kim, Yong-Gun; Lim, Jong-Soo

    2014-01-01

    The electricity market, monopolistic in nature, with government price regulation, poses a serious challenge for policy makers with respect to the cost-effectiveness of emissions trading, particularly in Asian countries. This paper argues that a cap-and-trade regulatory system for indirect emissions combined with a rate-based allocation system for direct emissions can achieve market efficiency even in the presence of price and quantity controls in the electricity market. This particular policy mix could provide appropriate incentives for industries to reduce their electricity consumption while inducing power producers to reduce their direct carbon emissions cost-effectively in conditions where there is strict government control of electricity prices. Another advantage of the suggested policy mix is that it allows carbon leakage in cross-border power trades to be effectively eliminated. - Highlights: • A rate-based allocation induces power producers to minimize direct emissions. • A cap-and-trade on indirect emission induces firms to reduce electricity consumption. • These two can jointly achieve market efficiency even in the regulated power market

  12. 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

    period of a potential scrubber investment. The results show that lower prices would significantly delay the payback period of such investments, up to two times in some cases. The case studies present the emissions generation through each option for representative short sea shipping routes....... 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....... of the fuel used. This paper presents a literature review of emissions abatement options and relevant research in the field. A cost–benefit methodology to assess emission reduction investments from ship owners is also presented. A study examined the effects of recent drops in bunker fuel price to the payback...

  13. Oil price volatility, financial regulation and energy policy; Volatilite du prix de petrole regulation financiere et politique energetique

    Energy Technology Data Exchange (ETDEWEB)

    Chevalier, J.M. [CGEMP, Universite Paris Dauphine, 75 - Paris (France)

    2010-05-15

    In October of 2009, the French Ministry of Economy asked the author to chair a work group on oil price volatility. The report resulting from that work was submitted to the minister on February 9, 2010. Based on the report, this article focuses on three major elements: (i) the operation of the oil market, with interacting physical basics and financial basics (ii) financial market regulation, more specifically commodities-derived product markets and current work in that area and (iii) the lessons one can draw from that exercise in terms of energy policy. Significant projects have been initiated on global, European and national levels. (author)

  14. Earnings management under price regulation. Empirical evidence from the Spanish electricity industry

    International Nuclear Information System (INIS)

    Gill-de-Albornoz, Belen; Illueca, Manuel

    2005-01-01

    This paper analyses the effect of price regulation on the accounting policy of Spanish electricity companies over the period 1991-2001. As predicted by the political costs hypothesis (Watts and Zimmerman, 1986) (Watts, R.L., Zimmerman, J.L. 1986. Positive accounting theory, Prentice Hall, Englewood Cliffs, NJ), managers artificially reduce reported earnings when the government establishes tariff increases. In this way, companies attempt to diminish their political visibility and counteract social outcry arising from the government's decision. Several abnormal accruals models existent in the literature are used to obtain a proxy for managerial accounting discretion on earnings

  15. Earnings management under price regulation. Empirical evidence from the Spanish electricity industry

    Energy Technology Data Exchange (ETDEWEB)

    Gill-de-Albornoz, Belen; Illueca, Manuel [Department of Finance and Accounting, Universitat Jaume I, Campus del Riu Sec, 12081, Castellon (Spain)

    2005-03-15

    This paper analyses the effect of price regulation on the accounting policy of Spanish electricity companies over the period 1991-2001. As predicted by the political costs hypothesis (Watts and Zimmerman, 1986) [Watts, R.L., Zimmerman, J.L. 1986. Positive accounting theory, Prentice Hall, Englewood Cliffs, NJ], managers artificially reduce reported earnings when the government establishes tariff increases. In this way, companies attempt to diminish their political visibility and counteract social outcry arising from the government's decision. Several abnormal accruals models existent in the literature are used to obtain a proxy for managerial accounting discretion on earnings.

  16. Earnings management under price regulation: empirical evidence from the Spanish electricity industry

    Energy Technology Data Exchange (ETDEWEB)

    Gill-de-Albornoz, B. [Universitat Jaume I, Castellon (Spain). Dept. of Finance and Accounting; Illueca, M. [Universitat Jaume I, Castellon (Spain). Dept. of Finance and Accounting; Instituto Valenciano de Investigaciones Economicas, Valencia (Spain)

    2005-03-01

    This paper analyses the effect of price regulation on the accounting policy of Spanish electricity companies over the period 1991-2001. As predicted by the political costs hypothesis (Watts and Zimmerman, 1986) [Watts, R.L., Zimmerman, J.L. 1986. Positive accounting theory, Prentice Hall, Englewood Cliffs, NJ], managers artificially reduce reported earnings when the government establishes tariff increases. In this way, companies attempt to diminish their political visibility and counteract social outcry arising from the government's decision. Several abnormal accruals models existent in the literature are used to obtain a proxy for managerial accounting discretion on earnings. (author)

  17. Findings and views concerning the exemption of aviation gasoline from the mandatory petroleum allocation and price regulations

    Energy Technology Data Exchange (ETDEWEB)

    1978-06-01

    Presented are DOE's findings and views with respect to its proposal to exempt aviation gasoline from the Mandatory Petroleum Allocation and Price Regulations (10 CFR, Parts 210, 211, and 212), an added section of which requires that any amendment submitted to the Congress for the purpose of exempting a petroleum product or refined product category from regulation be supported with certain findings and views on a variety of matters related to the exemption. Section 102 of the Energy Conservation and Production Act (ECPA), Public Law 94-385 (August 14, 1976), requires separate submissions to the Congress of energy actions exempting a refined product category from both price and allocation provisions of the DOE regulations, but it does permit separate energy actions exempting a product from price and allocation regulations to be submitted concurrently. Based on an analysis of historic and projected supply, demand, and price trends, the DOE has concluded that allocation and price controls are no longer necessary for aviation gasoline and that its exemption in addition to satisfying the other requisite criteria of Section 12 of the EPAA, will be consistent with the attainment of the objectives specified in Section 4 (b)(1) of the EPAA. Accordingly, the DOE is submitting concurrently to the Congress in accordance with the provisions of Section 12 of the EPAA, Section 551 of the EPCA, and Section 102 of the ECPA, two energy actions to exempt aviation gasoline from allocation and price controls.

  18. The Government Incentive Regulation Model and Pricing Mechanism in Power Transmission and Distribution Market

    Directory of Open Access Journals (Sweden)

    Huan Zhang

    2016-01-01

    Full Text Available The power transmission and distribution (T&D market’s natural monopoly and individual information have been the impediment to improving the energy efficiency in the whole T&D market. In order to improve the whole social welfare, T&D market should be controlled by government. An incentive regulation model with the target of maximizing social welfare has been studied. A list of contracts with transferring payment and quantity of T&D are given to motivate the corporation to reveal the true technical parameter and input the optimal investment. The corporate revenue, optimal investment, and effort are proved to depend on its own technical parameter. The part of incentive regulation model ends with the optimal pricing mechanism of T&D market. At the end of this paper, we give a numerical example to explain our research and confirm its function graphically.

  19. Weighted Average Cost of Retail Gas (WACORG) highlights pricing effects in the US gas value chain: Do we need wellhead price-floor regulation to bail out the unconventional gas industry?

    International Nuclear Information System (INIS)

    Weijermars, Ruud

    2011-01-01

    The total annual revenue stream in the US natural gas value chain over the past decade is analyzed. Growth of total revenues has been driven by higher wellhead prices, which peaked in 2008. The emergence of the unconventional gas business was made possible in part by the pre-recessional rise in global energy prices. The general rise in natural gas prices between 1998 and 2008 did not lower overall US gas consumption, but shifts have occurred during the past decade in the consumption levels of individual consumer groups. Industry's gas consumption has decreased, while power stations increased their gas consumption. Commercial and residential consumers maintained flat gas consumption patterns. This study introduces the Weighted Average Cost of Retail Gas (WACORG) as a tool to calculate and monitor an average retail price based on the different natural gas prices charged to the traditional consumer groups. The WACORG also provides insight in wellhead revenues and may be used as an instrument for calibrating retail prices in support of wellhead price-floor regulation. Such price-floor regulation is advocated here as a possible mitigation measure against excessive volatility in US wellhead gas prices to improve the security of gas supply. - Highlights: → This study introduces an average retail price, WACORG. → WACORG can monitor price differentials for the traditional US gas consumer groups. → WACORG also provides insight in US wellhead revenues. → WACORG can calibrate retail prices in support of wellhead price-floor regulation. → Gas price-floor can improve security of gas supply by reducing price volatility.

  20. Yedinci Sınıf Öğrencilerinin Küresel Isınma Konusundaki Zihinsel Modelleri

    OpenAIRE

    EMLİ, Zübeyir; AFACAN, Özlem

    2018-01-01

    Bu çalışma, yedinci sınıf öğrencilerinin küreselısınmaya ilişkin sahip oldukları zihinsel modellerini belirleme amacıylagerçekleştirilmiştir. Çalışma grubunu, 2012-2013 eğitim-öğretim yılında Aortaokulu 7. sınıflarında öğrenim gören 185 öğrenci oluşturmaktadır.Araştırmanın verileri “Küresel Isınma Anket Formu” (KIAF) ile toplanmıştır.Öğrencilere uygulanan anket formunda küresel ısınma konusu ile ilgili açık uçlusorulara yer verilmiştir. Bu araştırmada, nitel araştırma desenlerinden durumçalış...

  1. Findings and views concerning the exemption of kerojet fuels from the mandatory petroleum allocation and price regulations

    Energy Technology Data Exchange (ETDEWEB)

    1978-12-01

    Presented are DOE's findings and views with respect to the exemption of kerosene-base jet fuel (kerojet) from the Mandatory Petroleum Allocation and Price Regulations (10 CFR, Parts 210, 211, and 212) a section of which requires that any amendment submitted to the Congress for the purpose of exempting a petroleum product or refined product category from regulation be supported with certain findings and DOE views on a variety of matters related to the exemption. Section 102 of the Energy Conservation and Production Act (ECPA), Public Law 94-385, requires separate submissions to the Congress of energy actions exempting a refined product category from both price and allocation provisions of DOE regulations, but it does permit the DOE to submit concurrently separate energy actions proposing price and allocation exemptions. Based on an analysis of historic and projected supply, demand, and price trends, the DOE has concluded that allocation and price controls are no longer necessary for kerojet fuel and that exemption of kerojet fuel will be consistent with the attainment, to the maximum extent practicable, of the objectives specified in Section 4 (b) (1) of the EPAA.

  2. 78 FR 12318 - Federal Acquisition Regulation; Submission for OMB Review; Economic Price Adjustment

    Science.gov (United States)

    2013-02-22

    ...; Submission for OMB Review; Economic Price Adjustment AGENCY: Department of Defense (DOD), General Services... economic price adjustment. A notice was published in the Federal Register at 77 FR 69442, on November 19...: Submit comments identified by Information Collection 9000- 0068, Economic Price Adjustment by any of the...

  3. 76 FR 13902 - Fair Credit Reporting Risk-Based Pricing Regulations

    Science.gov (United States)

    2011-03-15

    ... TRADE COMMISSION 16 CFR Parts 640 and 698 RIN R411009 Fair Credit Reporting Risk-Based Pricing... respective risk-based pricing rules to require disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material...

  4. 76 FR 41602 - Fair Credit Reporting Risk-Based Pricing Regulations

    Science.gov (United States)

    2011-07-15

    ... TRADE COMMISSION 16 CFR Parts 640 and 698 RIN R411009 Fair Credit Reporting Risk-Based Pricing... rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit... require disclosure of credit scores and information relating to credit scores in risk-based pricing...

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

    Science.gov (United States)

    Wang, Chan; Nie, Pu-Yan

    2016-11-15

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

  6. Preliminary report. Preliminary findings and views concerning the exemption of aviation gasoline from the Mandatory Petroleum Allocation and Price Regulations

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-01-01

    Preliminary findings indicate that: the fuel is not in short supply; exemption will not have an adverse impact on supply of any other petroleum product subject to the Emergency Petroleum allocation Act of 1973; competition and market force are adequate; exemption will not result in inequitable prices; and exemption will not have adverse state or regional impacts or any other adverse impacts. Chapter II provides background information on the use, production, and distribution of aviation gasoline. Chapter III analyzes the historical interaction of supply, demand, and price, and explores the market structure for aviation gasoline during 1968 to 1976, prior to and during imposition of allocation and price controls. Chapter IV examines aviation gasoline supply, demand, price, and market structure impacts of exempting aviation gasoline from controls. In Chapter V, the potential economic impacts of exemption are evaluated. Chapter VI provides a final summary of the DOE's findings and views in support of its preliminary judgment that aviation gasoline should be exempted from allocation and price regulations. (MCW)

  7. Preliminary report. Preliminary findings and views concerning the exemption of kerojet fuels from the Mandatory Petroleum Allocation and Price Regulations

    Energy Technology Data Exchange (ETDEWEB)

    None

    1978-01-01

    Preliminary findings indicate the following: kerojet fuel is not in short supply; it will not adversely impact on the supply of other petroleum products subject to the Emergency Petroleum Allocation Act; competition and market forces are adequate; and it will not result in inequitable prices for kerojet or other products. Chapter II provides background information on the use, production, and distribution of kerojet. Chapter III analyzes the historical interaction of supply, demand, and price, and explores the market structure for kerojet during 1968 to 1976, prior to and during imposition of allocation and price controls. Chapter IV examines the effect upon kerojet supply, demand, price, and market structure of exempting kerojet from controls and indicates the benefits to be derived from such exemption. In Chapter V, the potential economic impacts of exemption are evaluated. Chapter VI provides a final summary of the DOE's findings and views in support of its preliminary judgment that kerojet should be exempted from allocation and price regulations. (MCW)

  8. PRICE AND PRICING STRATEGIES

    OpenAIRE

    SUCIU Titus

    2013-01-01

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

  9. 76 FR 37353 - Federal Acquisition Regulation; Information Collection; Certification of Independent Price...

    Science.gov (United States)

    2011-06-27

    ... antitrust laws (e.g., collusive bidding, identical bids, uniform estimating systems, etc.) to the Attorney... laws, offerors on Government contracts must complete the certificate of independent price determination...

  10. 76 FR 16735 - Federal Acquisition Regulation; Information Collection; Certification of Independent Price...

    Science.gov (United States)

    2011-03-25

    ... of the antitrust laws (e.g., collusive bidding, identical bids, uniform estimating systems, etc.) to... violating such laws, offerors on Government contracts must complete the certificate of independent price...

  11. 75 FR 53135 - Federal Acquisition Regulation; Definition of Cost or Pricing Data

    Science.gov (United States)

    2010-08-30

    ... theory, this could include all of the elements prescribed under FAR 15.408, Table 15-2. However, in most... nature and amount of any contingencies included in the proposed price). Aligning the definition of ``data...

  12. 77 FR 76939 - Defense Federal Acquisition Regulation Supplement: Definition of Cost or Pricing Data (DFARS Case...

    Science.gov (United States)

    2012-12-31

    ..., distributive impacts, and equity). E.O. 13563 emphasizes the importance of quantifying both costs and benefits... adding ``subject to certified cost or pricing data'' in its place. PART 215--CONTRACTING BY NEGOTIATION 0...

  13. Pricing and Trust

    DEFF Research Database (Denmark)

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

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

  14. Report of the Economy, Sustainable Development and Land Planning Commission aiming at authorizing electricity final user and small companies to go back to the electricity regulated price

    International Nuclear Information System (INIS)

    2010-01-01

    This report first presents the French regulated price system by recalling the legal bases for electricity and natural gas pricing, and by describing the progressive process of the electricity and natural gas market opening in France. It outlines that a reversibility principle has been introduced along with regulated pricing in most of the European Union countries. It also comments the complexity created on this issue by successive laws in France, the consequences of the soon coming law on the new organization of the electricity market. Then, the report comments the proposition which aims at authorizing electricity household users and small companies to go back to the regulated electricity price, thereby perpetuating the reversibility principle, while maintaining a criterion of installed electricity power, including natural gas prices and new consumption sites. A table proposes a comparison between existing texts, the present law project and this Commission proposition

  15. Gas prices and price process

    International Nuclear Information System (INIS)

    Groenewegen, G.G.

    1992-01-01

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

  16. Detailed analysis of costs of historical providers to be taken into account in natural gas regulated prices from the 1 July 2017. Report, 24 May 2017

    International Nuclear Information System (INIS)

    2017-01-01

    This publication first proposes an analysis of Engie costs regarding gas sale regulated prices. This comprises a presentation of the Engie cost structure, an analysis of coverage of costs by sales incomes, a presentation of supply costs and conditions for Engie, an analysis of supply-excluded provisional costs (distribution costs, transport costs, storage costs, commercial costs). The second part proposes a brief cost analysis for 5 other historical providers regarding regulated prices

  17. Middle distillate price monitoring system. Interim validation report. [No. 2 heating oil

    Energy Technology Data Exchange (ETDEWEB)

    Hopelain, D.G.; Freedman, D.; Rice, T.H.; Veitch, J.G.; Finlay, A.

    1978-12-01

    The Middle Distillate Price Monitoring System collects data on prices and gross margins for No. 2 heating oil from a sample of refiners, resellers, and retailers. The data is used to evaluate the level of competition and the reasonableness of prices in the heating oil market. It is concluded that the data does not provide a basis for determining whether a market is competitive, and that there is serious doubt as to the accuracy of the information collected by the system. Some recommendations are given for improving the quality of the information. (DLC)

  18. The Spanish gasoline market: From ceiling regulation to open market pricing

    International Nuclear Information System (INIS)

    Contin, I.; Correlje, A.; Huerta, E.

    1999-01-01

    This paper examines the evolution of the Spanish gasoline market from the abolition of the state oil monopoly (January 1993) to complete liberalization (October 1998). With the restructuring of the Spanish oil sector during the 1980s and early 1990s, a highly concentrated oligopoly emerged in the automotive fuels market. A system of price ceilings replaced the state administered prices in July 1990. Since then, new domestic and foreign operators have entered the market, particularly along the coast, near import terminals. Prices went up and then declined. These developments can be explained by an interplay of factors such as: the gradual decline in co-operation among the Spanish firms; the loss of market share of the largest of these, Repsol; the entry of independent operators and supermarkets; and the impact of the ceiling price system. By mid-1998 this system was abolished as the government considered it an impediment to further market liberalization. However, some crucial barriers to the entry of new suppliers remain

  19. Marketplace pricing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

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

  20. Two essays on electricity markets: Entry into hydroelectric generation industry and the political cycle of regulated prices

    Science.gov (United States)

    Moita, Rodrigo Menon Simoes

    This dissertation is about the electricity industry and the problems that arise with the liberalization and de-regulation of the industry. Characteristics intrinsic to the electricity market create problems that can compromise an efficient functioning of this market. Each of the two chapters of this dissertation focus on a specific aspect of this industry. The first chapter analyzes entry in the hydroelectric generation industry. The operation of a generator upstream regularizes the river flow for generators located downstream on the same river, increasing the production capacity of the latter. This positive externality increases the attractiveness of the locations downstream whenever a generator decides to enter upstream. Therefore, the entry decision of a generator in a given location may affect all entry decisions in potential locations for plants located downstream. I first model the problem of generators located in cascade on the same river and show the positive effect of the externality. Second, I use a panel of data on investment decisions of hydro-generation firms to estimate an entry model that takes into account the effect of the externality generated by entry upriver. The results show a positive incentive to locate downstream from existing plants and from locations where entry is likely to occur. Location characteristics also play an important role on the entrants' decisions. The model provides estimates of the average expected market price across the different years covered by the sample and shows that it rose one year before the energy crisis of 2001, evidencing that the market anticipated the crisis. This result has important implications on the evaluation of the Brazilian market design. It shows that entry responded to a rise in expectations about excess demand in the future, contradicting the argument that the crisis was a consequence of mis-designed market institutions. The second chapter deals with the problem of the political cycle in regulated

  1. CAPM (Capital Asset Pricing Model) and regulation in Brazilian electric distribution sector

    International Nuclear Information System (INIS)

    Pinto, Rinaldo Caldeira; Parente, Virginia

    2010-01-01

    The aim of this paper is to analyse the use of Capital Asset Pricing Model (CAPM) Beta in the Brazilian electric distribution sector tariffs review. The betas applied by the Regulatory Agency are defined using data from the American, English and Brazilian markets. These betas will then be compared to the betas obtained in the domestic market. The betas were directly obtained from an economic-financial databank largely employed by the market. The sample is composed of companies' shares, priced at Sao Paulo Stock Market. Their main activity is the distribution of electric energy between July 2002 and July 2007. The results of mean betas obtained for the distribution segment, with values close to the ones applied by the regulatory agency for the cycle of tariff reviews between 2007-2010. (author)

  2. Strategic behavior and international benchmarking for monopoly price regulation. The case of Mexico

    Energy Technology Data Exchange (ETDEWEB)

    Brito, Dagobert L. [Rice Univ., Houston, TX (US). Dept. of Economics and Baker Inst. (MS-22); Rosellon, Juan [Centro de Investigacion y Docencia Economicas (CIDE), Mexico, D.F. (Mexico); Deutsches Inst. fuer Wirtschaftsforschung, Berlin (Germany)

    2010-07-01

    This paper looks into various models that address strategic behavior in the supply of gas by the Mexican monopoly Pemex. The paper has three very strong technical results. First, the netback pricing rule for the price of domestic natural gas (based on a Houston benchmark price) leads to discontinuities in Pemex's revenue function. Second, having Pemex pay for the gas it uses and the gas it flares increases the value of the Lagrange multiplier associated with the gas processing constraint. Third, if the gas processing constraint is binding, having Pemex pay for the gas it uses and flares does not change the short run optimal solution for the optimization problem, so it will have no impact on short-run behavior. These results imply three clear policy recommendations. The first is that the arbitrage point be fixed by the amount of gas Pemex has the potential to supply in the absence of processing and gathering constraints. The second is that Pemex be charged for the gas it uses in production and the gas it flares. The third is that investment in gas processing and pipeline should be in a separate account from other Pemex investment. (orig.)

  3. Is a little sunshine all we need? On the impact of sunshine regulation on profits, productivity and prices in the Dutch drinking water sector

    NARCIS (Netherlands)

    de Witte, K.; Saal, D.S.

    2010-01-01

    This paper analyzes the performance of Dutch drinking water utilities before and after the introduction of sunshine regulation, which involves publication of the performance of utilities but no formal price regulation. By decomposing profit change into its economic drivers, our results suggest that,

  4. Using the market to regulate health care price: why heart hospitals will have a competitive advantage in the world of post-diagnostic related group pricing.

    Science.gov (United States)

    McLean, Thomas R

    2004-01-01

    For the past 20 years, the federal government has reimbursed hospital services by administrating pricing. Simply put, under such a system the government dictated the prices of medical services. Not only has administrative pricing failed to control medical inflation, but such failure could have been predicted from a review of basic economics. Accordingly, to eliminate the deleterious effects of administrative pricing, it is not surprising that the government is gathering information on hospital quality and cost in anticipation of a return to a system in which the price for hospital services is determined by the market. For some hospitals, this will be good news because they will be able to negotiate a more favorable rate of reimbursement. Unfortunately, for some hospitals a market system will be bad news because the government is not going to negotiate a provider contract with every hospital. In short, when the government returns to a market system for pricing of hospital services, competition among hospitals is going to become even more competitive.

  5. REGULATION OF THE CASES OF PRICE DISCRIMINATION IN THE MARKETS OF FOOD

    Directory of Open Access Journals (Sweden)

    Olga Smirnova

    2016-10-01

    Full Text Available When considering the relationships between entities are taken into account only the relations between the producer (seller and the customer (buyer. For the judiciary is fundamentally important is that counterparties do not recognize the actions of dominant firms to set different prices to the violation of their legitimate rights. Thus, courts do not consider the provisions of subparagraph 6 of paragraph 1 of the Law on protection of competition from the position reflected in it the principle of «a priori», that is, in principle, regardless of what does this behavior damage contractors. So, in modern scientific literature it is proven that such market behavior leads to irrational allocation of resources, therefore, the courts must consider this behavior from the perspective of harm to competition in General.

  6. Renewable resource regulation and uncertain prices: The role of financial structure and bankruptcy

    International Nuclear Information System (INIS)

    Damania, Richard; Bulte, Erwin H.

    2006-01-01

    We analyze the interaction between regulatory policies and the financial structure of a fishery and show that firms with debts may respond differently to regulations than firms that have not accumulated debts. There are conditions where more stringent regulation is counterproductive, providing a perverse incentive to increase harvesting effort. We show that optimal regulation depends on the sector's financial structure, and demonstrate that there are cases when intervention is counterproductive, or too costly to implement. There are also cases where successful regulatory intervention can only be implemented when accompanied by a sufficiently large subsidy. (author)

  7. The way of price regulation implementation in the Slovak Republic is incompatible with the liberalisation principles

    International Nuclear Information System (INIS)

    Salamonova, A.

    2009-01-01

    Even though the electricity market in Slovakia has been fully open since July 2007 and all customers may choose their supplier, last year the Slovak Government and Ministry of Economy adopted measures heading towards repeated market regulation. These measures violate the principles of free competition, such as non-discrimination, transparency and objectivity. (author)

  8. Charter Management Organizations and the Regulated Environment: Is It Worth the Price?

    Science.gov (United States)

    Goodman, Joan F.

    2013-01-01

    Urban minority children are increasingly being educated at public schools run by charter management organizations (CMOs) characterized by a highly rule-ordered and regulated environment. These rules, enforced through continuous streams of reinforcements and penalties, while contributing to a tight focus on academics and a safe culture, have…

  9. 78 FR 5446 - Federal Acquisition Regulation; Submission for OMB Review; Price Redetermination

    Science.gov (United States)

    2013-01-25

    ... change to http://www.regulations.gov , including any personal and/or business confidential information... the fundamental purposes of the Paperwork Reduction Act because of the burden it puts on the entity... onerous, and will require a contractor to implement accounting systems that are equipped to account for...

  10. 78 FR 28790 - Defense Federal Acquisition Regulation Supplement; Forward Pricing Rate Proposal Adequacy...

    Science.gov (United States)

    2013-05-16

    ... received generally will be posted without change to http://www.regulations.gov , including any personal... impacts, and equity). E.O. 13563 emphasizes the importance of quantifying both costs and benefits, of..., proposals, contract values, etc.? 23. DFARS 252.215-7002(d)(4)(xi) Does the proposal identify how the...

  11. 77 FR 58380 - General Services Administration Acquisition Regulation; Submission for OMB Review; Price...

    Science.gov (United States)

    2012-09-20

    ... will be posted without change to http://www.regulations.gov , including any personal and/or business... category of customers, upon which the contract is predicated. The reason for the burden increase is based.... Responses per Respondent: 1. Total Annual Responses: 16,000. Average Burden Hours per Response: 4 (80 hours...

  12. Effect and potential of grid price regulation on the promotion of electrical efficiency; Wirkung und Potenzial der Netzpreisregulierung fuer die Foerderung der Stromeffizienz. Eine Modellbetrachtung - Schlussbericht

    Energy Technology Data Exchange (ETDEWEB)

    Vettori, A.; Iten, R. [Infras, Zuerich (Switzerland); Worm, H.; Vaterlaus, S. [Polynomics AG, Olten (Switzerland); Spielmann, Ch. [IWB, Basel (Switzerland)

    2009-11-15

    This comprehensive report for the Swiss Federal Office of Energy (SFOE) presents the results of a theoretical analysis concerning the question if further development of grid pricing regulations can help increase efficiency in the use of electricity. Two possible stages in the implementation of grid price regulation are examined and discussed. Knowledge gained from theoretical analysis and from experience made in foreign countries is discussed. Various pricing models are examined and their cost-effectiveness discussed. The models and data used and the results obtained from the analysis are presented and discussed. The report is complemented with an appendix with details on selected results, modelling methods and tools used along with a glossary and a literature list.

  13. CAPM (Capital Asset Pricing Model) and regulation in Brazilian electric distribution sector; CAPM (Capital Asset Pricing Model) e regulacao no segmento de distribuicao do setor eletrico brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Pinto, Rinaldo Caldeira; Parente, Virginia [Universidade de Sao Paulo (USP), SP (Brazil)], emails: rinaldo@iee.usp.br, vparente@iee.usp.br

    2010-07-01

    The aim of this paper is to analyse the use of Capital Asset Pricing Model (CAPM) Beta in the Brazilian electric distribution sector tariffs review. The betas applied by the Regulatory Agency are defined using data from the American, English and Brazilian markets. These betas will then be compared to the betas obtained in the domestic market. The betas were directly obtained from an economic-financial databank largely employed by the market. The sample is composed of companies' shares, priced at Sao Paulo Stock Market. Their main activity is the distribution of electric energy between July 2002 and July 2007. The results of mean betas obtained for the distribution segment, with values close to the ones applied by the regulatory agency for the cycle of tariff reviews between 2007-2010. (author)

  14. CAPM (Capital Asset Pricing Model) and regulation in Brazilian electric distribution sector; CAPM (Capital Asset Pricing Model) e regulacao no segmento de distribuicao do setor eletrico brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Pinto, Rinaldo Caldeira; Parente, Virginia, E-mail: rinaldo@iee.usp.br, E-mail: vparente@iee.usp.br [Universidade de Sao Paulo (USP), SP (Brazil)

    2010-07-01

    The aim of this paper is to analyse the use of Capital Asset Pricing Model (CAPM) Beta in the Brazilian electric distribution sector tariffs review. The betas applied by the Regulatory Agency are defined using data from the American, English and Brazilian markets. These betas will then be compared to the betas obtained in the domestic market. The betas were directly obtained from an economic-financial databank largely employed by the market. The sample is composed of companies' shares, priced at Sao Paulo Stock Market. Their main activity is the distribution of electric energy between July 2002 and July 2007. The results of mean betas obtained for the distribution segment, with values close to the ones applied by the regulatory agency for the cycle of tariff reviews between 2007-2010. (author)

  15. THE CASE FOR OFSMOKE: THE POTENTIAL FOR PRICE CAP REGULATION OF TOBACCO TO RAISE £500M PER YEAR IN THE UK

    Science.gov (United States)

    Robert Branston, J.; Gilmore, Anna B.

    2013-01-01

    Objective A system of price-cap regulation has previously been suggested to address the market failure inherent to the tobacco industry. This would benefit public health directly (for example, by making it extremely difficult for the industry to sell cut price cigarettes or use price as a marketing strategy) and indirectly (for example, by reducing the money industry has available to spend on marketing and lobbying). This paper explores the feasibility of applying such a scheme in the UK. Methods The impact of price-capping is modelled using optimistic and conservative scenarios, each with different assumptions, and using 2009 and 2010 profit data for the major companies selling tobacco in the UK. The models are used to calculate by how much profit would be reduced through the imposition of price caps, and thus how much revenue could be raised in additional taxes, assuming the end price the consumer pays does not change. Results Tobacco companies enjoy massive profit margins, up to 67%, in the UK. The optimistic scenario suggests a potential increase in UK tobacco tax revenue of £585.7m in 2010 (£548.4m in 2009), while the conservative model suggests an increase in revenue of £433.6m in 2010 (£399.2m in 2009). This would be approximately enough to fund, twice over, UK wide anti-tobacco smuggling measures and smoking cessation services in England including the associated pharmacotherapies. Conclusions Applying a system of price cap regulation in the UK would raise around £500m per annum (US$750m). This is likely to be an under-estimate because of cautious assumptions used in the model. These significant financial benefits, in addition to the public health benefits that would be generated, suggest this is a policy that should be given serious consideration. PMID:23322310

  16. The case for Ofsmoke: the potential for price cap regulation of tobacco to raise £500 million per year in the UK.

    Science.gov (United States)

    Branston, J Robert; Gilmore, Anna B

    2014-01-01

    A system of price-cap regulation has previously been suggested to address the market failure inherent to the tobacco industry. This would benefit public health directly (eg, by making it extremely difficult for the industry to sell cut-price cigarettes, or use price as a marketing strategy) and indirectly (eg, by reducing the available money the industry has for spending on marketing and lobbying). This paper explores the feasibility of applying such a scheme in the UK. The impact of price-capping is modelled using optimistic and conservative scenarios, each with different assumptions, and using 2009 and 2010 profit data for the major companies selling tobacco in the UK. The models are used to calculate by how much would profit be reduced through the imposition of price caps, and thus, how much revenue could be raised in additional taxes, assuming the end price the consumer pays does not change. Tobacco companies enjoy massive profit margins, up to 67%, in the UK. The optimistic scenario suggests a potential increase in UK tobacco tax revenue of £585.7 million in 2010 (£548.4 million in 2009), while the conservative model suggests an increase in revenue of £433.6 million in 2010 (£399.2 million in 2009). This would be approximately enough to fund, twice over, UK-wide antitobacco smuggling measures, and smoking cessation services in England, including the associated pharmacotherapies, to help people stop smoking. Applying a system of price-cap regulation in the UK would raise around £500 million per annum (US$750 million). This is likely to be an underestimate because of cautious assumptions used in the model. These significant financial benefits, in addition to the public health benefits that would be generated, suggest this is a policy that should be given serious consideration.

  17. The case for OFSMOKE: how tobacco price regulation is needed to promote the health of markets, government revenue and the public.

    Science.gov (United States)

    Gilmore, Anna B; Branston, J Robert; Sweanor, David

    2010-10-01

    Mainstream economic theory outlines four main causes of market failure and it is already well established that two of these (information failure and externalities) exist in a tobacco market. A third cause of market failure, market power, is also a serious problem in many tobacco markets. Market power--combined with unintended and often overlooked consequences of tobacco tax policies, notably that gradual increases in specific taxes may allow the industry to disguise significant price increases--has, at least in high income countries, given cigarette manufacturers considerable pricing power and profits. This paper examines ways this market failure could be addressed and proposes as a solution a system of price cap regulation wherein a cap is placed on the pre-tax cigarette manufacturers' price but not on the retail price that consumers face. Well established in the utilities industry, price cap regulation would set a maximum price that cigarette companies can charge for their product based on an assessment of the genuine costs each firm faces in its operations and an assumption about the efficiency savings it would be expected to make. Such a system would achieve three main benefits. First, it would address the problem of market failure and excess profits while simultaneously allowing current tobacco control policies, including tax and price increases, to expand--thus tax increases would remain a central tenet of tobacco control policies and retail prices could continue to increase. Second, it would increase government revenue by transferring the excess profits from the industry to the government purse. Third, it would bring numerous public health benefits. In addition to addressing market power, while simultaneously allowing tobacco control policies to expand, it could offer a means of preventing down-trading to cheaper products and controlling unwanted industry practices such as cigarette smuggling, price fixing and marketing to the young. The paper outlines in

  18. The effect of price regulation on the performances of industrial symbiosis: a case study on district heating

    DEFF Research Database (Denmark)

    Sacchi, Romain; Ramsheva, Yana Konstantinova

    2018-01-01

    cycle assessment in reference to one gigajoule distributed. The heat supply curve is defined through ten scenarios, which represent incremental shares of excess heat as the constraints of the said legal instruments are lifted. The heat demand curve follows the end-users’response to price changes....... The most ambitious scenario doubles the amount of excess heat supplied and reduces the heat carbon footprint by 90% compared to current level, for an end-user price increase of 41%. The price increase results from a higher supply of excess heat at a higher price and an unchanged purchase cost from the coal...

  19. Regulation of distribution grid prices at the beginning of market liberalisation - Experience in Norway and Sweden; Regulierung der Verteilnetzpreise zu Beginn der Marktoeffnung. Erfahrung in Norwegen und Schweden

    Energy Technology Data Exchange (ETDEWEB)

    Filippini, M.; Wind, J.; Luchsinger, C.

    2001-07-01

    This report for the Swiss Federal Office of Energy (SFOE) reviews the experience gained in the deregulation of electricity distribution grids in Norway and Sweden and compares it with the possible options for Switzerland. The report looks at the requirements placed on the future Swiss regulation of electricity distribution grids and the various regulation models such as Rate-of-Return, Price-Cap, Revenue-Cap and Benchmarking that could be used in the short and long term. The choice of Sweden and Norway from the list of countries with liberalised electricity markets is discussed. The results of the study of the two countries are discussed individually, including the structure of the sector, the various stages of deregulation, the main characteristics encountered at the start of deregulation, regulation of grid prices at the beginning of liberalisation and experience gained in each case. The report is supplemented by a comprehensive list of the sources used.

  20. OSTEMPERLENMİŞ KÜRESEL GRAFİTLİ DÖKME DEMİRİN VAGON TEKERLERİNE UYGULANMASI

    Directory of Open Access Journals (Sweden)

    Sacit DÜNDAR

    2003-03-01

    Full Text Available Ostemperlenmiş küresel grafitli dökme demirin asiküler ferrit ve karbonca zenginleşmiş ostenitin bir kompoziti olarak tanımlanan bir mikroyapısı vardır. Karbonca zengin ostenitin gerilim altında martensite dönüşebilmesi sonucunda dışı sert, içi tok bir malzeme elde edilir. Bu özellikler vagon tekeri üretimi için alternatif bir malzemeyi ortaya çıkarmaktadır.

  1. 48 CFR 216.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

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

  2. 48 CFR 3016.203 - Fixed price contracts with economic price adjustments.

    Science.gov (United States)

    2010-10-01

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

  3. DİJİTALLEŞME SÜRECİNDE KÜRESEL MUHASEBE MESLEĞİNİN YENİDEN ŞEKİLLENMESİNE BAKIŞ

    OpenAIRE

    TÜRKER, Masum

    2018-01-01

    İş dünyası; dijitalleşme sürecindeki yenilikler, yapay zekanın kullanılma derecesindeki artış düzeyi ve megatrendlerdeki gelişmeler ile baş edebilmek için iş yapısını ve yöntemlerini geliştiriyor.İş dünyasının gelişen yeni yapısına karşılık muhasebe mesleğinin önderleri de muhasebe mesleğinin geleceğiniküresel düzeyde şekillendirmek için düşünmek, tasarlamak ve yaratıcı olmak sorumluluğu içinde çalışmalarınıyürütüyorlar. Muhasebe mesleğinde çözüm üreten küresel liderlik; hem finansal raporlam...

  4. Dynamic Pricing

    DEFF Research Database (Denmark)

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

    2017-01-01

    Dynamic pricing scheme, also known as real-time pricing (RTP), can be more efficient and technically beneficial than the other price-based schemes (such as flat-rate or time-of-use (TOU) pricing) for enabling demand response (DR) actions. Over the past few years, advantages of RTP-based schemes h...

  5. 48 CFR 16.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 16.203 Section 16.203 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 16.203 Fixed-price...

  6. 7 CFR 1124.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1124.54 Section 1124.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Regulating Handling Class Prices § 1124.54 Equivalent price. See § 1000.54. Producer Price Differential ...

  7. Price fairness

    OpenAIRE

    Diller, Hermann

    2013-01-01

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

  8. Current economic cost, the ARENH (Regulated Access to the Historic (EDF) Nuclear Energy Supplier) price, the differential rent and the scarcity rent of nuclear power: some observations

    International Nuclear Information System (INIS)

    Percebois, J.

    2012-01-01

    This article sets out to explain the ARENH mechanism, the regulated price at which the EDF (France's historic monopoly supplier) must sell part of its production to its competitors in the framework of the Nome Act (New Organisation of the Electricity Market). This price by its nature is different from the Current Economic Cost (CEC) of nuclear power, as estimated by France's Government Accounting Office in its report submitted in January 2012. These two approaches revert to the problem of the determination of the scarcity rent of nuclear power in the context of the liberalised European market, in which nuclear power benefits from a 'cost' advantage relative to thermal electricity generated from fossil fuels. Furthermore, scarcity rent is not the same thing as differential rent. Selling a nuclear kWh at the price of a 'gas' kWh at certain times results in a differential rent enabling nuclear generated power to cover fixed costs. One can only speak of scarcity rent for nuclear power when the price at which the kWh is sold allows the recovery of more than is necessary to cover overall costs of nuclear power and it is this scarcity rent and its allocation that is the subject of debate. (author)

  9. Ethical aspect price decision making

    OpenAIRE

    Grubor Aleksandar

    2007-01-01

    Price decision making in a marketing program framework creatings is a complicated and delicated part of marketing management, especially to keep in sight culminating of mass external factors. In a market economies price policy as a marketing mix instrument rarely is regulated by the law, which opening the ethical aspect questions of price decision making process. The ethics in the price decision making means consideration of the inner law of the individual (marketing managers and/or consumers...

  10. Price Discrimination

    OpenAIRE

    Armstrong, M.

    2008-01-01

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

  11. Transfer Pricing

    OpenAIRE

    Larsen, Mads Grenaa; Nørgaard, Mads Frid; Hansen, Manjarita

    2013-01-01

    This project seeks to highlight some of the criticisms given towards the OECD Transfer Pricing Guidelines and the challenges Danish companies experience by pricing their goods and the problems this causes for trade. The project is based on a series of interviews that represent the different agents who are operating in Transfer Pricing business. These interviews, combined with the Transfer Pricing Guidelines, gives us the basis to analyse the challenges we want to clarify based on the hypothes...

  12. Gold prices

    OpenAIRE

    Joseph G. Haubrich

    1998-01-01

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

  13. 48 CFR 5416.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 7 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 5416.203 Section 5416.203 Federal Acquisition Regulations System DEFENSE LOGISTICS AGENCY, DEPARTMENT OF DEFENSE TYPES OF CONTRACTS Fixed Price Contracts 5416.203 Fixed-price...

  14. 48 CFR 46.707 - Pricing aspects of fixed-price incentive contract warranties.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Pricing aspects of fixed... FEDERAL ACQUISITION REGULATION CONTRACT MANAGEMENT QUALITY ASSURANCE Warranties 46.707 Pricing aspects of... the incentive target price and the ceiling price of the contract. All costs incurred, or estimated to...

  15. Pricing methodologies and approaches

    International Nuclear Information System (INIS)

    Petrov, K.

    2002-01-01

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

  16. 7 CFR 1032.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1032.54 Section 1032.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1032.54 Equivalent price. See § 1000.54. Producer Price Differential ...

  17. 7 CFR 1006.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1006.54 Section 1006.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1006.54 Equivalent price. See § 1000.54. Uniform Prices ...

  18. 17 CFR 242.201 - Price test.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Price test. 242.201 Section...-Regulation of Short Sales § 242.201 Price test. Link to an amendment published at 75 FR 11323, Mar. 10, 2010. (a) No short sale price test, including any short sale price test of any self-regulatory organization...

  19. 7 CFR 1001.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1001.54 Section 1001.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1001.54 Equivalent price. See § 1000.54. Producer Price Differential ...

  20. 7 CFR 1007.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1007.54 Section 1007.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1007.54 Equivalent price. See § 1000.54. Uniform Prices ...

  1. 7 CFR 1126.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1126.54 Section 1126.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1126.54 Equivalent price. See § 1000.54. Producer Price Differential ...

  2. 7 CFR 1131.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1131.54 Section 1131.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1131.54 Equivalent price. See § 1000.54. Uniform Prices ...

  3. 7 CFR 1005.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1005.54 Section 1005.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1005.54 Equivalent price. See § 1000.54. Uniform Prices ...

  4. 7 CFR 1033.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1033.54 Section 1033.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1033.54 Equivalent price. See § 1000.54. Producer Price Differential ...

  5. Factors affecting the entry of for-profit providers into a price regulated market for formal long-term care services: a case study from Japan.

    Science.gov (United States)

    Tokunaga, Mutsumi; Hashimoto, Hideki

    2013-01-01

    While the distinct behaviors of for-profit and non-profit providers in the healthcare market have been compared in the economic literature, their choices regarding market entry and exit have only recently been debated. Since 2000, when public Long-Term Care Insurance was introduced in Japan, for-profit providers have been able to provide formal long-term homecare services. The aim of this study is to determine which factors have affected market entry of for-profit providers under price regulation and in competition with existing non-profit providers. We used nation-wide panel data from 2002 to 2010, aggregated at the level of local public insurers (n = 1557), a basic area unit of service provision. The number of for-profit providers per elderly population in the area unit was regressed against factors related to local demand and service costs using first-difference linear regression, a fixed effects model, and Tobit regression for robustness checking. Results showed that demand (the number of eligible care recipients) and cost factors (population density and minimum wage) significantly influenced for-profit providers' choice of market entry. These findings indicate that for-profit providers will strategically choose a local market for maximizing profit. We believe that price regulation should be redesigned to incorporate quality of care and market conditions, regardless of the profit status of the providers, to ensure equal access to efficient delivery of long-term care across all regions. Copyright © 2012 Elsevier Ltd. All rights reserved.

  6. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

    trade internally as the units have to decide what prices should be paid for such inter-unit transfers. One important challenge is to uncover the consequences that different transfer prices have on the willingness in the organizational units to coordinate activities and trade internally. At the same time...... the determination of transfer price will affect the size of the profit or loss in the organizational units and thus have an impact on the evaluation of managers‟ performance. In some instances the determination of transfer prices may lead to a disagreement between coordination of the organizational units...

  7. No 3071. Resolution proposal aiming at creating an inquiry commission on the pricing conditions on the power market, and on their consequences for companies and consumers and on the necessity to implement regulation mechanisms

    International Nuclear Information System (INIS)

    Brottes, F.; Ayrault, J.M.; Bataille, Ch.; Ducout, P.; Emmanuelli, H.; Migaud, D.; Besson, E.; Bonrepaux, A.; Dumont, J.L.; Balligand, J.P.

    2006-05-01

    Electricite de France (EdF), the French electric utility, announced on December 15, 2004 a rise of electricity prices and tariffs in order to finance EDF's development policy. About a year later, the electricity prices rise was much higher than expected and not justified neither by the financial health of the company, nor by any other particular reason. The only reason seems to be the classical logic that follows the privatization of any historical power operator: opening of the capital, reduction of manpower, and increase of prices. This document wonders about: the impact of prices rise on power consuming companies and on individual end-users, the real role of the commission of energy regulation (CRE) and on the reality of an energy market regulation. (J.S.)

  8. 48 CFR 16.205 - Fixed-price contracts with prospective price redetermination.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Fixed-price contracts with prospective price redetermination. 16.205 Section 16.205 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 16.205...

  9. Petroleum price

    International Nuclear Information System (INIS)

    Chevallier, B.

    2009-01-01

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

  10. Energies prices

    International Nuclear Information System (INIS)

    2005-08-01

    This document offers a synthesis of the tariffs and the energies prices in august 2005 in Paris, compared with the years 2003 and 2004. This sectoral presentation (transports, houses, industry) provides thus statistics on the prices of fuels, heating, propane, coal, wood fuels, electric power and gas. (A.L.B.)

  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. 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 has...... a production subsidiary in one country, from where it sells the produced good locally as well as to a sales subsidiary in a second country. The latter subsidiary is engaged in duopolistic competition with a local competitor. The MNE has two aims in setting the transfer price: strategic delegation and tax...... minimization. We examine the extent to which the four transfer pricing regimes we set up allow the MNE to pursue these aims. While neither strategic delegation nor tax minimization will be eliminated, trade-offs are inevitable, albeit to varying degree....

  13. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

    a production subsidiary in one country, from where it sells the produced good locally as well as to a sales subsidiary in a second country. The latter subsidiary is engaged in duopolistic competition with a local competitor. The MNE has two aims in setting the transfer price: strategic delegation and tax......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 has...... minimization. We examine the extent to which the four transfer pricing regimes we set up allow the MNE to pursue these aims. While neither strategic delegation nor tax minimization will be eliminated, trade-offs are inevitable, albeit to varying degree....

  14. 電信零售價格調整上限制之研究 Comparative Study on the Price Cap Regulation of Telecom Retail Services

    Directory of Open Access Journals (Sweden)

    劉孔中 Kung-Chung Liu

    2007-12-01

    Full Text Available 各國自1980 年代開始自由化電信市場時,紛紛改採用較具有效率誘因的價格調整上限法管制零售價格,以電信業者技術或服務創新所帶來的效率增加⎯⎯所謂的效率因子或調整係數X 值⎯⎯扣除通貨膨脹或其他總體經濟變數變動後之數值,作為其調整價格之上限。國家通訊傳播委員會(NCC)審酌電信事業生產經營效率、各國費率水平及平均降幅、各國監理機關所訂X 值範圍及保障消費者權益等五個因素,於2006 年底公告新的X 值:ADSL電路出租為△CPI + 5.35%,900 兆赫及1800 兆赫行動電話業務中市話撥打行動電話的服務、預付資費方式的服務及月租型服務之不同費率選單中通信費單價最高者,均為△CPI + 4.88%。本文回顧實施零售價格調整上限制最有經驗的英國與美國聯邦(而不包括各州的零售價格管制),發現該制均盛極而衰,走向結束。本文檢討NCC 調整X 值之作法中三點可檢討之處:1.未要求中華電信舉證其ADSL 之成本與利潤,錯失進一步合理降低ADSL 價格的機會;2.要求連續三年調降月租型行動電話服務不同費率選單中通信費單價最高通信費4.88%,並非針對競爭不足的特定業務;3.未充分說明調整係數 X 之組成元素。本文最後點出事前管制零售價格的必要性會日益降低,故應該加強電信業者間資費管制的研究與規範。 When liberalizing telecom markets in the 1980s, countries world over adopted the price cap regime to regulate retail prices that telecom companies may charge their customers. Under price cap telecom companies may not raise the retail prices above the level where efficiency gains—commonly known as the efficiency factor or X factor-minus inflation rate. The National Communications Commission (NCC promulgated new X factors for various telecom services at the end of 2006: X for ADSL is

  15. Understanding gasoline pricing in Canada

    International Nuclear Information System (INIS)

    2001-04-01

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

  16. 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.

  17. 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.

  18. Türkiye’de Siyasi Partilerin Küresel Çevre Sorunlarına Yaklaşımları

    OpenAIRE

    Yavaş, Hikmet

    2011-01-01

    Çevre sorunları günümüzde tüm ülkelerin gündemlerinde önemli bir yer işgal etmektedir. Dolayısıyla politika belirleyiciler olarak siyasi partilerin çevre sorunlarına yaklaşımları önem arz etmektedir. Çünkü bazı çevre sorunları artık küresel bir özellik göstermektedir. Tüm dünya ölçeğinde zararlı etkilere sahip olan bu tür çevre sorunlarına hiçbir ülkenin duyarsız kalamayacağı açıktır. Parti programlarının seçmen kitleleri üzerindeki etkisi bir yana bırakıldığında konuya “...

  19. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

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

  20. Petroleum price

    International Nuclear Information System (INIS)

    Maurice, J.

    2001-01-01

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

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

    DEFF Research Database (Denmark)

    Proietti, Tomasso; Haldrup, Niels; Knapik, Oskar

    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......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...... a specified threshold. The latter regulates the robustness of the estimates of the underlying price level and it is chosen by a data driven procedure that focuses on the ability to predict future prices. The normal price is computed by a modified Kalman filter, which robustifies the inferences by cleaning...

  2. 48 CFR 1316.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 1316.203 Section 1316.203 Federal Acquisition Regulations System DEPARTMENT OF COMMERCE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 1316.203 Fixed...

  3. 48 CFR 416.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 416.203 Section 416.203 Federal Acquisition Regulations System DEPARTMENT OF AGRICULTURE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 416.203 Fixed...

  4. 48 CFR 1216.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 1216.203 Section 1216.203 Federal Acquisition Regulations System DEPARTMENT OF TRANSPORTATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 1216.203 Fixed...

  5. 48 CFR 616.203 - Fixed-Price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Fixed-Price contracts with economic price adjustment. 616.203 Section 616.203 Federal Acquisition Regulations System DEPARTMENT OF STATE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 616.203 Fixed...

  6. 48 CFR 916.203 - Fixed-price contracts with economic price adjustments.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustments. 916.203 Section 916.203 Federal Acquisition Regulations System DEPARTMENT OF ENERGY CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 916.203 Fixed...

  7. 48 CFR 1416.203 - Fixed-price contracts with economic price adjustment.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Fixed-price contracts with economic price adjustment. 1416.203 Section 1416.203 Federal Acquisition Regulations System DEPARTMENT OF THE INTERIOR CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 1416.203...

  8. Migration of Price Discovery With Constrained Futures Markets

    OpenAIRE

    Anthony D. Hall; Paul Kofman; Steve Manaster

    2001-01-01

    This paper investigates the information content of futures option prices when the futures price is regulated while the futures option price itself is not. The New York Board of Trade provides the empirical setting for this type of dichotomy in regulation. Most commodity derivatives markets regulate prices of all derivatives on a particular commodity simultaneously. NYBOT has taken an almost unique position by imposing daily price limits on their futures contracts while leaving the options pri...

  9. 48 CFR 970.1504 - Contract pricing.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contract pricing. 970.1504 Section 970.1504 Federal Acquisition Regulations System DEPARTMENT OF ENERGY AGENCY SUPPLEMENTARY REGULATIONS DOE MANAGEMENT AND OPERATING CONTRACTS Contracting by Negotiation 970.1504 Contract pricing. ...

  10. Discussion: the supply price control

    International Nuclear Information System (INIS)

    Littlechild, S.

    1993-01-01

    Following the paper given by the Director General of the Office of Electricity Regulation (OFFER) at the Centre for the Study of Regulated Industries (CRI) seminar on Regulatory Policy and the Energy Sector held in November 1992, the issue of Supply Price Controls is debated. The role of OFFER as standing between Government and the Regional Electricity Companies is explored in a question and answer session, covering areas such as pool versus, contract prices, market forces, regulatory arrangements for the electricity supply, price discrimination and franchise markets. (UK)

  11. Structure of the US gas market, regulation and pricing of the third party access to the network

    International Nuclear Information System (INIS)

    David, L.; Mirabel, F.

    2000-06-01

    The opening of the US natural gas market to competition is followed by deep changes in the implemented regulations for an efficient organization and operation of the gas industry. The transformations of the industrial structures and the strategic behavior of the actors characterize the mutations of the gas markets in the USA. The aim of this paper is to transcribe in a synthetic form the characteristics of the gas market in North America and to model the structure of the industry in this sector opened to competition in its back-end. Two main questions are analyzed: the role and position of the former monopoly (utility) in this back-end market (should the local distribution companies continue to sell gas to end users?), and what kind of regulation should be implemented by the authorities in order to avoid the former monopoly to use its market power and make excessive profits. The analysis is made in two steps: the first part explains the hypotheses of the analysis using the characteristics of the North American market. It presents the general framework of the model and explains the two 'regulatory scenarios' retained in the study. The main steps of the resolution of the model are detailed in the second part. (J.S.)

  12. 16 CFR 453.2 - Price disclosures.

    Science.gov (United States)

    2010-01-01

    ...) included in that price; (E) Transfer of remains to funeral home; (F) Embalming; (G) Other preparation of... 16 Commercial Practices 1 2010-01-01 2010-01-01 false Price disclosures. 453.2 Section 453.2 Commercial Practices FEDERAL TRADE COMMISSION TRADE REGULATION RULES FUNERAL INDUSTRY PRACTICES § 453.2 Price...

  13. 7 CFR 1030.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Equivalent price. 1030.54 Section 1030.54 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements... Handling Class Prices § 1030.54 Equivalent price. See § 1000.54. ...

  14. 43 CFR 402.6 - Price.

    Science.gov (United States)

    2010-10-01

    ... 43 Public Lands: Interior 1 2010-10-01 2010-10-01 false Price. 402.6 Section 402.6 Public Lands: Interior Regulations Relating to Public Lands BUREAU OF RECLAMATION, DEPARTMENT OF THE INTERIOR SALE OF LANDS IN FEDERAL RECLAMATION PROJECTS Public Lands § 402.6 Price. The price of land sold under this...

  15. 31 CFR 56.2 - Sales price.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Sales price. 56.2 Section 56.2 Money and Finance: Treasury Regulations Relating to Money and Finance DOMESTIC GOLD AND SILVER OPERATIONS SALE OF SILVER § 56.2 Sales price. Sales of silver will be at prices offered through the competitive...

  16. Electricity pricing

    International Nuclear Information System (INIS)

    Wijayatunga, P.D.C.

    1994-01-01

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

  17. 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)

  18. Energy prices

    International Nuclear Information System (INIS)

    2002-08-01

    This document gives in a series of tables, a synthesis of the main energy tariffs and prices in use in France and their evolution during the 2000-2002 era both in the residential and in the industry sectors: automotive fuels, domestic fuel oil, steam for district heating, propane, coal, wood, electricity, gas, heavy fuel oil. (J.S.)

  19. Energy prices

    International Nuclear Information System (INIS)

    2002-01-01

    This folder gives a synthesis of the main energy tariffs and prices ruling in France in 2000, 2001 and 2002 for automotive fuels, domestic fuel oil, district heating steam, propane, coal, wood, electricity, natural gas and heavy fuel, both for accommodations and for the industry. (J.S.)

  20. The Pricing of natural gas

    International Nuclear Information System (INIS)

    Nese, Gjermund

    2004-11-01

    The report focuses on the pricing of natural gas. The motivation has been the wish of the Norwegian authorities to increase the use of natural gas and that this should follow market conditions. The pricing of gas occurs at present in various ways in the different markets. The report identifies to main factors behind the pricing. 1) The type of market i.e. how far the liberalization of the gas markets has gone in the various countries. 2) The development within the regulation, climate and tax policies. The gas markets are undergoing as the energy markets in general, a liberalization process where the traditional monopoly based market structures are replaced by markets based on competition. There are great differences in the liberalization development of the various countries, which is reflected in the various pricing principles applied for the trade of gas in the countries. The analysis shows that the net-back-pricing is predominant in some countries i.e. that the price is in various ways indexed towards and follow the development of the price of alternative energy carriers so that the gas may be able to compete. The development towards trade places for gas where the pricing is based on offer and demand is already underway. As the liberalization of the European gas markets progresses it is expected that the gas price will be determined increasingly at spot markets instead of through bilateral agreements between monopolistic corporations. The development within the regulation, climate and tax policies and to what extent this may influence the gas prices in the future, are also studied. There seem to be effects that may pull in both directions but it is evident that these political variables will influence the gas pricing in the international market to a large extent and thereby also the future internal natural gas market

  1. 48 CFR 217.7404-2 - Price ceiling.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Price ceiling. 217.7404-2 Section 217.7404-2 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM... Contract Actions 217.7404-2 Price ceiling. UCAs shall include a not-to-exceed price. ...

  2. Price regulation to remove EE-DSM disincentives and pressure for increased energy sales in monopoly segments of restructured electricity and gas markets: the multiple drivers target (MDT) tariff scheme

    International Nuclear Information System (INIS)

    Pagliano, L.; Alari, P.; Ruggieri, G.; Irrek, W.; Thomas, S.; Leprich, U.

    2002-01-01

    Even in restructured markets a part of the energy business remains a monopoly and should be correctly regulated. We present an analysis which reveals common structures in schemes enacted in UK, Norway, Portugal and recently (on the basis of this study) in Italy. The identified structure, which we named Multiple Driver Target (MDT) regulation is a performance-based regulation scheme, which provides incentives for greater economic efficiency, without creating biases against environmental efficiency. The method relies on a statistical analysis of the correlation of utility costs and a few 'cost drivers' (e.g. number of customers served, grid length, sold or transported energy). We discuss how MDT can be used to set price levels and price changes in the regulatory period in such a way to correctly match the evolution of costs and avoid awarding unwanted signals to utilities. At the opposite, pure Price Cap regulation provides artificial incentives to utilities to increase energy sales (even if this is not economic for the customers nor for society ) beyond the predicted levels foreseen in the price fixing Rate Cases. We show that Under MDT regulation the reduction in profits due to reduced sales as a consequence of DSM is minimised. In so doing this procedure removes the most important disincentive for utilities to implement DSM programmes since lost profits due to reduced sales can be substantially higher than direct costs of DSM programmes; once MDT regulation is in place, also these direct costs can be recovered through a small part of the tariff. We also discuss how MDT can be implemented with a moderate effort by regulatory authorities. (author)

  3. Ethical aspect price decision making

    Directory of Open Access Journals (Sweden)

    Grubor Aleksandar

    2007-01-01

    Full Text Available Price decision making in a marketing program framework creatings is a complicated and delicated part of marketing management, especially to keep in sight culminating of mass external factors. In a market economies price policy as a marketing mix instrument rarely is regulated by the law, which opening the ethical aspect questions of price decision making process. The ethics in the price decision making means consideration of the inner law of the individual (marketing managers and/or consumers, whose irreverence does not entail any juridical sanctions, rather its application is sanctioned by the self - awareness. The acception and stability of the ethical aspect price decision making are determined by the characteristic of selected marketing environment.

  4. resel Boyutta Yoksulluk ve Kadın Yoksulluğu (Poverty On A Global Scale And Women Poverty

    Directory of Open Access Journals (Sweden)

    Gülşen GERŞİL

    2015-06-01

    Full Text Available As a result of the neo-liberal policies together with the globalization process, poverty in contrast with prosperity and wealth being seen in all over the world has still deepened has been identified by international researchs carried out. Today, the fact that the human needs are not only limited to material dimension but also there are their dimensions in spiritual qualities, cannot be ignored.Definition of poverty, also contains satisfaction of the so-called needs which are not in material quality, has the stiuation further complicated and the failure to be found a completely definition of poverty stems fromranging according to time and space or being addressed in terms of multi-dimensionally. In the framework of human rights;by virtue of being human; mainly the right to life and liberty, including health, education, food, shelter and social services; a healthy lifestyle; being entitled to equal protection of the laws form of the basis of Universal Declaration of Human Rights. As a phenomenon in the global dimension, the problem of poverty has been threatened these owned G. Gerşil / Küresel Boyutta Yoksulluk ve Kadın Yoksulluğu 160 rights has been observed. This situation is inevitable for especially women among disadvantaged groups who intensely feel the severity of poverty. For women, labor market participation is low and educational opportunities are very limited, the state of being woman that social gender roles are shaped, being trained with the traditional female role model, sufficient time is not left to woman in order to generate income, have caused that they limited benefit from the human rights. Discriminatory attitudes towards women in the labor market also have increased the poverty of women. All of these factors,cause that the women povertyhas been worsened, continued over the generations and been permanent. In this context, the most important factor that can reduce women poverty is socio-economic policiesrelated to the

  5. 48 CFR 15.405 - Price negotiation.

    Science.gov (United States)

    2010-10-01

    ... should not become preoccupied with any single element and should balance the contract type, cost, and... Section 15.405 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 15.405 Price negotiation. (a) The...

  6. 7 CFR 1005.61 - Computation of uniform prices.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Computation of uniform prices. 1005.61 Section 1005.61... Regulating Handling Uniform Prices § 1005.61 Computation of uniform prices. On or before the 11th day of each... in the computation of these prices, and such handler's report shall not be included in the...

  7. 48 CFR 452.216-74 - Ceiling Price.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Ceiling Price. 452.216-74... SOLICITATION PROVISIONS AND CONTRACT CLAUSES Texts of Provisions and Clauses 452.216-74 Ceiling Price. As prescribed in 416.670, insert the following clause: Ceiling Price (FEB 1988) The ceiling price of this...

  8. 48 CFR 1615.407-1 - Rate reduction for defective pricing or defective cost or pricing data.

    Science.gov (United States)

    2010-10-01

    ... Regulations System OFFICE OF PERSONNEL MANAGEMENT FEDERAL EMPLOYEES HEALTH BENEFITS ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 1615.407-1 Rate reduction...

  9. Carbon price volatility: Evidence from EU ETS

    Energy Technology Data Exchange (ETDEWEB)

    Feng, Zhen-Hua [School of Management, University of Science and Technology of China, Hefei 230026 (China); Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing 100081 (China); Institute of Policy and Management, Chinese Academy of Science, Beijing 100190 (China); Zou, Le-Le [Institute of Policy and Management, Chinese Academy of Science, Beijing 100190 (China); Wei, Yi-Ming [Center for Energy and Environmental Policy Research, Beijing Institute of Technology, Beijing 100081 (China); School of Management and Economics, Beijing Institute of Technology, Beijing 100081 (China)

    2011-03-15

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

  10. Carbon price volatility: Evidence from EU ETS

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  11. Postkolonyal feminizm bağlamında "küresel kızkardeşlik" kavramının incelenmesi: Hindistan örneği

    OpenAIRE

    Şerbetci, Didem

    2013-01-01

    Bu tez, Postkolonyal Feminizm'in "küresel kızkardeşlik" kavramını eleştirisi üzerinden, Üçüncü Dünya kadınlarının da yer aldığı bir Feminist Uluslararası İlişkiler Kuramı'nın olabilirliğini konu almaktadır. Sovyetler'in dağılma sürecinde, Uluslararası İlişkiler'de yer almaya başlayan Feminist Kuram, "küresel kızkardeşlik" anlayışıyla, bütün kadınların ortak deneyimlere sahip olduğunu ve ortak bir baskı formuna yani patriarkal baskıya maruz kaldıklarını savunmuştur. Bu bakış açısıyla, Feminist...

  12. International Transfer Pricing in Multinational Enterprises

    DEFF Research Database (Denmark)

    Rossing, Christian Plesner; Cools, Martine; Rohde, Carsten

    2017-01-01

    , the Appendix provides an overview of the ‘OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations’ (OECD, 2010), hereafter OECD Guidelines, upon which most transfer pricing regulations worldwide are based. It includes an introduction to the arm’s length principle, OECD....... As a result, tax risk management considerations play a key role in the transfer pricing decisions of MNEs today. This case seeks to provide you with examples of the core principles of international transfer pricing, as well as to allow you to discuss international transfer pricing in the context...

  13. Report made on behalf of the commission of economic affairs about the proposal of law aiming at authorizing the end-users to get back to the regulated power supply tariff, about the proposal of law aiming at authorizing the reversibility of the use of eligibility rights for the purchase of electric power, and about the proposal of law aiming at preserving the purchasing power of households by maintaining the regulated prices of electricity and natural gas

    International Nuclear Information System (INIS)

    2007-01-01

    This report concerns the examination of three proposals of law in relation with the regulated prices of electricity and gas. Since July 1, 2007, the French households can freely quit their historical energy supplier and subscribe to other suppliers with de-regulated energy prices. In front of the rise of free energy prices observed during the last years, some households who made the choice of free tariffs have encountered serious financial problems. For this reason, a law is proposed by the commission of economic affairs which aims at allowing the end-users to get back to the regulated tariffs of electricity and gas. (J.S.)

  14. 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.

  15. Energy prices and taxes

    International Nuclear Information System (INIS)

    2004-01-01

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

  16. Generic Medicine Pricing Policies in Europe: Current Status and Impact

    Directory of Open Access Journals (Sweden)

    Pieter Dylst

    2010-03-01

    Full Text Available Generic medicine pricing is an area of national responsibility of European Union countries. This article aims to present the current status and impact of generic medicine pricing policies in ambulatory care in Europe. The study conducts a literature review of policies relating to free-pricing systems, price-regulated systems, price differentiation, price competition and discounts, and tendering procedures; and a survey of European generic medicine pricing policies. Competition from Indian generic medicine manufacturers, European variation in generic medicine prices and competition between generic medicine manufacturers by discount suggest that the potential savings to health care payers and patients from generic medicines are not fully realized in Europe. One way of attaining these savings may be to move away from competition by discount to competition by price. Free-pricing systems may drive medicine prices downwards under specific conditions. In price-regulated systems, regulation may lower prices of originator and generic medicines, but may also remove incentives for additional price reductions beyond those imposed by regulation. To date, little is known about the current status and impact of tendering procedures for medicines in ambulatory care. In conclusion, the European experience suggests that there is not a single approach towards developing generic medicine pricing policies in Europe.

  17. 48 CFR 970.1504-2 - Price negotiation.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Price negotiation. 970... SUPPLEMENTARY REGULATIONS DOE MANAGEMENT AND OPERATING CONTRACTS Contracting by Negotiation 970.1504-2 Price negotiation. (a) Management and operating contract prices (fee) and DOE obligations to support contract...

  18. resel Enerji Jeopolitiğinde Türkiye: Fırsatlar ve Riskler / The Position of Turkey in Global Energy Geopolitics: Opportunities and Risks

    Directory of Open Access Journals (Sweden)

    Muhammed Oral

    2017-10-01

    Full Text Available Abstract Turkey has various social, economic, cultural and geostrategic advantages and opportunities thanks to its location. However, it is also located between the Middle East, Balkans, and Caucasus, which are among the most depraved and unstable places in the world. This brings geopolitical risks to Turkey. With respect to energy geography, Turkey draws attention both as a center and as a natural route country that connects supply and demand territories. More than 70% of the world’s oil and natural gas reserves and about 30% of global consumption currently take place in Europe. Accordingly, Turkey is a terminal country with its energy demand security for resource territories and with its energy supply security for supply territories. The purpose of this study is to discuss the roles of Turkey with its strategic location in the energy geopolitics centered on oil and natural gas. The study uses the data provided by organizations that engage in significant international and national activities in the industry such as the International Energy Agency (IEA, U.S. Energy Information Administration (EIA, British Petroleum (BP, World Energy Council (WEC, and the Republic of Turkey Ministry of Energy and Natural Resources. Thus, this study uses a quantitative research method through the collection and analysis of secondary data.  Öz Türkiye konum itibariyle sosyal, ekonomik, kültürel ve jeostratejik açıdan çeşitli avantajlara/fırsatlara sahiptir. Ancak söz konusu coğrafya, aynı zamanda dünyanın en buhranlı, istikrarsız mekânlarından olan Orta Doğu, Balkanlar ve Kafkaslar bölgesinde yer almaktadır. Bu durum Türkiye için jeopolitik riskleri de beraberinde getirmektedir. Enerji Coğrafyası özelinde ise Türkiye, bir merkez ve arz-talep coğrafyalarını birleştiren doğal bir güzergâh ülkesi olarak dikkat çekmektedir. Mevcut durum itibariyle dünya petrol ve doğal gaz rezervlerinin %70’ten fazlası ve küresel t

  19. 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.

  20. 48 CFR 570.110 - Cost or pricing data and information other than cost or pricing data.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Cost or pricing data and information other than cost or pricing data. 570.110 Section 570.110 Federal Acquisition Regulations System... competition. For price analysis, you may use a market survey or an appraisal conducted using accepted real...

  1. Tarih Derslerinin Küresel Vatandaşlık Eğitimindeki Yeri: Öğretmen Görüşleri The Place of History Lessons in Global Citizenship Education: The Views of The Teacher

    Directory of Open Access Journals (Sweden)

    Celal MUTLUER

    2013-03-01

    Full Text Available When historical development of history teaching is analyzed, it isseen that one of the reasons for the emergence of this field is to traingood citizens. In a period of gobal developments, the definition oftraditional citizenship is not enough. Instead, a new concept of globalcitizenship has come up. The global citizen is the responsible citizen ofboth his own country and the global world. Changes in the world havenecessitated the individuals to be trained as more active, responsible,democratic and being aware of the world and the geography in whichthey live. The global developments happened in the world necessitatesto raise citizens who can seize the distinctnesses and who can look theevents from the other’s point of view. It should be learned to thestudents that each of them is a citizen of the world. In this context, thestudents should analyse the events from a different perspective ratherthan looking from the same perspective.The purpose of this study is to show the views of historyteachers who works at high schools in İzmir about the place of historylessons in global citizenship education. As a means of data collection, aquestionnaire consisting of open-ended questions has been applied andten history teachers have participated in the survey. Open-endedquestions are analyzed and divided into categories. In the light of thedata obtained it is understood that history teachers do not havesufficient information about global citizenship education. Tarih öğretiminin tarihsel gelişimi incelendiğinde, bu alanınortaya çıkış gerekçelerinden birisinin iyi vatandaş yetiştirmek olduğugörülür. Küresel gelişmelerin yaşandığı bir dönemde gelenekselvatandaşlık tanımı yeterli değildir. Onun yerine yeni bir kavram olanküresel vatandaşlık gündeme gelmiştir. Küresel vatandaş sadece kendiülkesinin değil evrensel dünyanın sorumlu vatandaşıdır. Dünyada yaşanan değişimler, daha aktif, yaşadığı coğrafyanın ve d

  2. ASPEK PERPAJAKAN DALAM PRAKTEK TRANSFER PRICING

    Directory of Open Access Journals (Sweden)

    Yenni Mangoting

    2000-01-01

    Full Text Available Transfer pricing is defined as a special price for sale that is used in exchange of interdivisional to record the revenue of the selling division and expense of the buying division. The main goal of transfer pricing is to evaluate and measure the performance of a company. But transfer pricing is often used by multinational companies to minimize tax paid through the re-engineering of price transferred among divisions. The key to a successful practice of transfer pricing from tax standpoint is the existence of related parties transactions. Related parties is relationship between one company with other company and this relationship happens because of such relationship between each company does not exist naturally.To regulate the tranfer pricing practice, the regulations govern the authority to realocate transfer price among divisions that have related parties transactions. Abstract in Bahasa Indonesia : Transfer pricing didefenisikan sebagai suatu harga jual khusus yang dipakai dalam pertukaran antardivisional untuk mencatat pendapatan divisi penjual (selling division dan biaya divisi pembeli (buying division. Tujuan utama dari transfer pricing adalah mengevaluasi dan mengukur kinerja perusahaan. Tetapi sering juga transfer pricing digunakan oleh perusahaan-perusahaan multinasional untuk meminimalkan jumlah pajak yang dibayar melalui rekayasa harga yang ditransfer antardivisi. Kunci utama keberhasilan transfer pricing dari sisi pajak adalah adanya transaksi karena adanya hubungan istimewa. Hubungan istimewa merupakan hubungan kepemilikan antara satu perusahaan dengan perusahaan lain dan hubungan ini terjadi karena adanya keterkaitan satu pihak dengan pihak lain yang tidak terdapat pada hubungan biasa. Untuk mengatur transfer pricing ini, undang-undang memberikan kewenangan kepada pihak fiskus untuk menentukan kembali jumlah harga transfer antar pihak-pihak yang mempunyai hubungan istimewa. Kata kunci: transfer pricing, hubungan istimewa, perusahaan

  3. Price adjustment clauses : report.

    Science.gov (United States)

    2012-10-01

    Price adjustment mechanisms exist to account for fluctuations in commodity or labor prices and have : been used for highway construction in 47 states. They are useful in stabilizing bid prices in times of : economic uncertainty and preventing default...

  4. Food Price Spikes, Price Insulation, and Poverty

    OpenAIRE

    Anderson, Kym; Ivanic, Maros; Martin, Will

    2013-01-01

    This paper has two purposes. It first considers the impact on world food prices of the changes in restrictions on trade in staple foods during the 2008 world food price crisis. Those changes -- reductions in import protection or increases in export restraints -- were meant to partially insulate domestic markets from the spike in international prices. The authors find that this insulation a...

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

    International Nuclear Information System (INIS)

    Powe, I.

    1992-01-01

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

  6. Competitive Pricing by a Price Leader

    OpenAIRE

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

    1994-01-01

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

  7. Market based solutions for power pricing

    International Nuclear Information System (INIS)

    Wangensteen, Ivar

    2002-06-01

    The report examines how the price for effect reserves, spot market power and regulated power is formed provided ideal market conditions rule. Primarily the price determining factors in a market for power reserves are examined and how the connection between this market and the energy market (the spot market) is. In a free market there would be a balance between what the actors may obtain by operating in the open market for power reserves/regulated power on the one hand and the market for spot power on the other. Primarily we suppose that the desired amount of power reserve is known. Secondly the problem constellation is extended to comprise the size of the effect reserves i.e. the optimising of the requirement to the power reserves. The optimal amount of power reserves is obtained when there is a balance between the cost and the benefit. This optimal balance is achieved when expected macro economical loss due to outfacing balances against the cost of maintaining larger reserves. By using a simple model it is demonstrated that a system operator regulates the maximal price in the regulated market and this equals the rationing price. The actors will offer sufficient reserves even if the reserve price is zero (provided risk neutrality). If the maximal price for regulated power is lower the price of effect reserves will rise. Based on the same simple model calculations are made for how short and long term market balance will be for increasing demands

  8. 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.

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

    Science.gov (United States)

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

    2015-08-01

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

  10. Price volatility in wind dominant electricity markets

    DEFF Research Database (Denmark)

    Farashbashi-Astaneh, Seyed-Mostafa; Chen, Zhe

    2013-01-01

    High penetration of intermittent renewable energy sources causes price volatility in future electricity markets. This is specially the case in European countries that plan high penetration levels. This highlights the necessity for revising market regulations and mechanisms in accordance...... electricity markets. High price volatility is unappreciated because it imposes high financial risk levels to both electricity consumers and producers. Additionally high price variations impede tracking price signals by consumers in future smart grid and jeopardize implementation of demand response concepts....... The main contribution of this paper is to quantify volatility patterns of electricity price, as penetration level of wind power increases. Results explain a direct relationship between wind penetration and electricity price volatility in a quantitative manner....

  11. Value-based pricing

    OpenAIRE

    Netseva-Porcheva Tatyana

    2010-01-01

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

  12. 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 Section 1615.402 Federal Acquisition Regulations System OFFICE OF PERSONNEL MANAGEMENT FEDERAL EMPLOYEES HEALTH BENEFITS ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES CONTRACTING BY NEGOTIATION...

  13. 48 CFR 970.1504-1 - Price analysis.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Price analysis. 970.1504-1 Section 970.1504-1 Federal Acquisition Regulations System DEPARTMENT OF ENERGY AGENCY SUPPLEMENTARY REGULATIONS DOE MANAGEMENT AND OPERATING CONTRACTS Contracting by Negotiation 970.1504-1 Price analysis. ...

  14. 48 CFR 243.204-70-2 - Price ceiling.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Price ceiling. 243.204-70..., DEPARTMENT OF DEFENSE CONTRACT MANAGEMENT CONTRACT MODIFICATIONS Change Orders 243.204-70-2 Price ceiling. Unpriced change orders shall include a not-to-exceed price. [75 FR 48277, Aug. 10, 2010] ...

  15. 48 CFR 232.501-3 - Contract price.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Contract price. 232.501-3... 232.501-3 Contract price. (b) The contracting officer may approve progress payments when the contract price exceeds the funds obligated under the contract, provided the contract limits the Government's...

  16. 48 CFR 32.501-3 - Contract price.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Contract price. 32.501-3... REQUIREMENTS CONTRACT FINANCING Progress Payments Based on Costs 32.501-3 Contract price. (a) For the purpose of making progress payments and determining the limitation on progress payments, the contract price...

  17. 48 CFR 52.243-1 - Changes-Fixed-Price.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Changes-Fixed-Price. 52....243-1 Changes—Fixed-Price. As prescribed in 43.205(e), insert the following clause: Changes—Fixed-Price (AUG 1987) (a) The Contracting Officer may at any time, by written order, and without notice to...

  18. 48 CFR 1352.216-77 - Ceiling price.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Ceiling price. 1352.216-77... SOLICITATION PROVISIONS AND CONTRACT CLAUSES Text of Provisions and Clauses 1352.216-77 Ceiling price. As prescribed in 48 CFR 1316.601-70 and 1316.602-70, insert the following clause: Ceiling Price (APR 2010) The...

  19. 48 CFR 217.7505 - Limitations on price increases.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Limitations on price... Acquisition of Replenishment Parts 217.7505 Limitations on price increases. This section provides implementing... award, on a sole source basis, a contract for any centrally managed replenishment part when the price of...

  20. 47 CFR 61.41 - Price cap requirements generally.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Price cap requirements generally. 61.41 Section... (CONTINUED) TARIFFS General Rules for Dominant Carriers § 61.41 Price cap requirements generally. (a... companies shall not bar a carrier from electing price cap regulation provided the carrier is otherwise...

  1. 48 CFR 19.807 - Estimating the fair market price.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Estimating the fair market...) Program) 19.807 Estimating the fair market price. (a) The contracting officer shall estimate the fair market price of the work to be performed by the 8(a) contractor. (b) In estimating the fair market price...

  2. Higher Education Prices and Price Indexes. 1978 Supplement.

    Science.gov (United States)

    Halstead, D. Kent; Hickson, Lenel

    The 1978 supplement to the basic study, Higher Education Prices and Price Indexes, presents higher education price index data for fiscal years 1971 through 1978. A price index series measures the effects of price change, and price change only, on a fixed group of items. The indexes reported here measure price changes from 1967, the reference date.…

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

    OpenAIRE

    Panasenko Tetyana

    2015-01-01

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

  4. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

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

  5. 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.

  6. 7 CFR 1427.25 - Determination of the prevailing world market price and the adjusted world price for upland cotton.

    Science.gov (United States)

    2010-01-01

    ... and the adjusted world price for upland cotton. 1427.25 Section 1427.25 Agriculture Regulations of the..., PURCHASES, AND OTHER OPERATIONS COTTON Nonrecourse Cotton Loan and Loan Deficiency Payments § 1427.25 Determination of the prevailing world market price and the adjusted world price for upland cotton. (a) CCC will...

  7. Good Regulatory Lags for Price Cap and Rolling Cap contracts

    OpenAIRE

    Jose Luis Lima R; Andres Gomez Lobo

    2004-01-01

    Price caps are a popular form of monopoly price regulation. One of its disadvantages is the perverse incentives that regulated firms might have to scamp on cost reducing effort during the last years before a price review. In order to avoid this problem a “rolling cap†contract was introduced in the United Kingdom that overcomes this last problem. In spite of their popularity, there is scant research on the optimal regulatory lag (number of years between price reviews) of a price cap or rol...

  8. Energy pricing and implications for the Nigerian environment

    International Nuclear Information System (INIS)

    Iwayemi, A.

    1999-01-01

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

  9. Analysis of electricity price in Danish competitive electricity market

    DEFF Research Database (Denmark)

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

    2012-01-01

    electricity markets in some ways, is chosen as the studied power system. 10 year actual data from the Danish competitive electricity market are collected and analyzed. The relationship among the electricity price (both the spot price and the regulation price), the consumption and the wind power generation...... in an electricity market is investigated in this paper. The spot price and the regulation price generally decrease when the wind power penetration in the power system increases or the consumption of the power system decreases. The statistical characteristics of the spot price and the regulation price for different...... consumption periods and wind power penetration are analyzed. Simulation results show that the findings of this paper are useful for wind power generation companies to make the optimal bidding strategy so that the imbalance cost of trading wind power on the electricity market could be reduced....

  10. Drug Pricing Reforms

    DEFF Research Database (Denmark)

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

    2015-01-01

    Reference price systems for prescription drugs have found widespread use as cost containment tools. Under such regulatory regimes, patients co-pay a fraction of the difference between pharmacy retail price of the drug and a reference price. Reference prices are either externally (based on drug...... prices in other countries) or internally (based on domestic drug prices) determined. In a recent study, we analysed the effects of a change from external to internal reference pricing in Denmark in 2005, finding that the reform led to substantial reductions in prices, producer revenues, and expenditures...... for patients and the health insurance system. We also estimated an increase in consumer welfare but the size effect depends on whether or not perceived quality differences between branded and other drugs are taken into account....

  11. Natural gas pricing

    International Nuclear Information System (INIS)

    Freedenthal, C.

    1993-01-01

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

  12. 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.

  13. Airline Price Discrimination

    OpenAIRE

    Stacey, Brian

    2015-01-01

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

  14. Price control and macromarketing

    Directory of Open Access Journals (Sweden)

    Kancir Rade

    2003-01-01

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

  15. 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…

  16. OPTIMIZING HOTEL DYNAMIC PRICES

    Directory of Open Access Journals (Sweden)

    A. M. Bandalouski

    2016-01-01

    Full Text Available An approach to solvе a problem of determining optimal dynamic prices for hotel rooms is suggested. It includes selection of input parameters for the succeeding mathematical analysis, disaggregation of the demand into several categories, demand forecasting, simulation of demand- price relations, and a mathematical programming model for price optimization.

  17. Natural gas pricing: concepts and international overview

    Energy Technology Data Exchange (ETDEWEB)

    Gorodicht, Daniel Monnerat [Gas Energy, Rio de Janeiro, RJ (Brazil); Veloso, Luciano de Gusmao; Fidelis, Marco Antonio Barbosa; Mathias, Melissa Cristina Pinto Pires [Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP), Rio de Janeiro, RJ (Brazil)

    2012-07-01

    The core of this article is a critical analysis of different forms of pricing of natural gas existing in the world today. This paper is to describe the various scenarios of natural gas price formation models. Along the paper, the context is emphasized by considering their cases of applications and their results. Today, basically, there are three main groups of models for natural gas pricing: i) competition gas-on-gas, i.e., a liberalized natural gas market, II) gas indexed to oil prices or its products and III) bilateral monopolies and regulated prices. All the three groups of models have relevant application worldwide. Moreover, those are under dynamic influence of economic, technological and sociopolitical factors which bring complexity to the many existing scenarios. However, at first this paper builds a critical analysis of the international current situation of natural gas today and its economic relevance. (author)

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

    OpenAIRE

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

    2004-01-01

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

  19. 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

  20. 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. .

  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 these estimates is so far largely unexplored. This paper proposes a model which explains a country's domestic price response to world market shocks in terms of its demand structure. The model delivers two testable predictions; price transmission is increasing in per capita food expenditure and in income...... inequality. The empirical analysis of price changes during the food crises confirms these predictions with a caveat. I find significant inverse U-shaped relationships between domestic food price growth in 2007-8 and 2010-11 and per capita food expenditure. Unequal countries also experienced higher price...

  2. Customer Markets and Price Sensitivity.

    OpenAIRE

    Nishimura, Kiyohiko G

    1989-01-01

    This paper investigates the behavior of prices in customer markets of the Phelps-Winter type under uncertainty. It is shown that the responsiveness of prices to short-run demand and cost changes depends crucially on whether the marginal customer is price risk averse or price risk loving. If he is price risk averse (loving), then the customer market price is less (more) flexible than the monopoly price. Competition makes the customer market price more rigid (flexible) if the marginal customer ...

  3. Transfer Pricing in the European Union

    Directory of Open Access Journals (Sweden)

    Gheorghe MATEI

    2011-04-01

    Full Text Available The transfer pricing mechanism is a tool commonly used to transfer the tax base from countries with high taxation in countries with low taxation. In the European Union, this financial operations generate significant tax revenue losses. In an attempt to limit the handling of corporate tax systems, many public authorities have introduced regulations on transfer pricing, but the effectiveness of these rules has proved limited, and they contributed to the increasing complexity of tax laws and to the appearance of additional costs for companies. A solution to the solving of the transfer pricing problem in the European Union is represented by the introduction of the common consolidated corporate tax base.

  4. 48 CFR 52.216-16 - Incentive Price Revision-Firm Target.

    Science.gov (United States)

    2010-10-01

    ... price shall be adjusted. (l) Exclusion from target price and total final price. If any clause of this... REGULATION (CONTINUED) CLAUSES AND FORMS SOLICITATION PROVISIONS AND CONTRACT CLAUSES Text of Provisions and Clauses 52.216-16 Incentive Price Revision—Firm Target. As prescribed in 16.406(a), insert the following...

  5. 48 CFR 514.270-7 - Guidelines for using the price list method.

    Science.gov (United States)

    2010-10-01

    ... on knowledge of the supplies or services and previous contract prices. (d) First time use for an item... price list method. 514.270-7 Section 514.270-7 Federal Acquisition Regulations System GENERAL SERVICES... for using the price list method. (a) General. The price list method helps avoid unbalanced bidding...

  6. Is there transparency in the pricing of medicines in the South African ...

    African Journals Online (AJOL)

    serious concerns in the National Department of Health and made it difficult to determine the true price of a medicine.[3] The single exit price (SEP) regulation, first introduced in 2004 for all medicines in the private sector, is an example of SA's attempt to control prices and improve pricing transparency in the supply chain.

  7. Is a little sunshine all we need? On the impact of sunshine regulation on profits, productivity and prices in the Dutch drinking water sector

    NARCIS (Netherlands)

    de Witte, K.; Saal, D.S.

    2008-01-01

    This paper analyzes the conduct of publicly owned monopolistic utilities regulated by a voluntary sunshine regulatory model (i.e. publication of the performances of utilities). In particular, we examine the behaviour of Dutch drinking water utilities before and after the introduction of the sunshine

  8. 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.

  9. 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...

  10. Pricing of new vaccines

    OpenAIRE

    Lee, Bruce Y; McGlone, Sarah M

    2010-01-01

    New vaccine pricing is a complicated process that could have substantial long-standing scientific, medical and public health ramifications. Pricing can have a considerable impact on new vaccine adoption and, thereby, either culminate or thwart years of research and development and public health efforts. Typically, pricing strategy consists of the following eleven components: (1) Conduct a target population analysis; (2) Map potential competitors and alternatives; (3) Construct a vaccine targe...

  11. Nr 412 - Report on the behalf of the Commission of economic affairs on the bill project aiming at disconnecting gas price from that of oil for the determination of natural gas regulated tariffs (nr 285)

    International Nuclear Information System (INIS)

    Reynier, Franck

    2012-01-01

    After having outlined that the natural gas price has never been so low on the international markets, notably much lower that the price paid within the frame of long term contracts, whereas French households had to face a rather strong price increase, the author shows that this paradox is due to the fact that long term contracts are prevailing and that these prices are indexed to oil products. Although he acknowledges that this situation may endure, he proposes a bill which aims at getting rid of this situation, and at enabling French citizens to benefit from this decrease of gas price on international markets

  12. Alternative pricing methodologies

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

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

  13. Modeling Asset Price Dynamics

    Directory of Open Access Journals (Sweden)

    Ranasinghe P. K. C. Malmini

    2008-09-01

    Full Text Available We model the price prediction in Sri Lankan stock market using Ising model and some recent developments in statistical physics techniques. In contrast to usual agent-models, the influence does not flow inward from the surrounding neighbors to the centre, but spreads outward from the center to the neighbors. Monte Carlo simulations were used to study this problem. The analysis was based on All share price index, Milanka price index in Colombo Stock Exchange and Simulated Price Process. The monthly and daily influences of the above indices to the Sri Lankan economy were also investigated. The model thus describes the spread of opinions traders.

  14. 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...

  15. 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

  16. 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...

  17. 48 CFR 46.307 - Fixed-price research and development contracts.

    Science.gov (United States)

    2010-10-01

    ... REGULATION CONTRACT MANAGEMENT QUALITY ASSURANCE Contract Clauses 46.307 Fixed-price research and development... Development—Fixed-Price, in solicitations and contracts for research and development when (1) the primary... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Fixed-price research and...

  18. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

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

  19. Pasif İşgücü Piyasası Politikalarının İşsizliğe Etkileri: Küresel Kriz Sonrası Türkiye Deneyimi

    Directory of Open Access Journals (Sweden)

    Yüksel BAYRAKTAR

    2017-07-01

    Full Text Available Bu çalışmada, Türkiye’de küresel kriz sonrası uygulanan Pasif İşgücü Piyasası Politikalarının (PİPP işsizlik üzerindeki etkileri incelenmiştir. Söz konusu ilişkiyi analiz etmek için iki ayrı ekonometrik model kurulmuştur. Model-1, Johansen ve Sınır Testi eşbütünleşme analizleri ve regresyon modeli; Model-2, Sınır Testi eşbütünleşme analizi, ARDL ve ECM modellerinden oluşmaktadır. Çalışmanın bulguları şu şekildedir: i Toplam PİPP ödemeleri işsizlik oranını kısa dönemde artırmakta, uzun dönemde işsizlik oranı üzerinde anlamlı bir etkisi bulunmamaktadır. ii PİPP programları bazında, kısa dönemde ücret garanti fonu ödemeleri, uzun dönemde ise işsizlik sigortası fonu ödemeleri, işsizlik oranını artırmaktadır.

  20. Tax Anti-avoidance Through Transfer Pricing

    DEFF Research Database (Denmark)

    Rossing, Christian Plesner; Riise Johansen, Thomas; Pearson, Thomas C.

    2016-01-01

    This paper examines the case of Starbucks’ UK branch, which became subject to massive public criticism over alleged tax avoidance. Despite Starbucks arguing that its transfer pricing practices were in full compliance with regulatory requirements, public pressure for higher corporate tax payments...... led Starbucks to increase its UK tax payment on transfer pricing income beyond regulatory requirements. This case study suggests that MNE tax behavior on international transfer pricing is not strictly a matter of compliance with formal tax regulation. We demonstrate the way an MNE attempts to re......-driven discipline to be dealt with by accounting and tax experts. Instead, MNEs face the task of establishing a complex fit with their environment beyond the typical stakeholders with transfer pricing, i.e. tax authorities. These include government officials, tax activists, and consumers who voice...

  1. Petroleum: Price trends

    International Nuclear Information System (INIS)

    Babusiaux, Denis; Pierru, Axel

    2010-01-01

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

  2. 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

  3. 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…

  4. Price Formation by Bargaining and Posted Prices

    NARCIS (Netherlands)

    Kultti, K.K.

    1997-01-01

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

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

    International Nuclear Information System (INIS)

    Henriques, Irene; Sadorsky, Perry

    2008-01-01

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

  6. Value based pricing: the least valued pricing strategy

    OpenAIRE

    Hoenen, Bob

    2017-01-01

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

  7. Prospects for oil prices

    International Nuclear Information System (INIS)

    Stevens, P.

    1992-01-01

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

  8. Prospects for oil prices

    International Nuclear Information System (INIS)

    Caddy, P.

    1992-01-01

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

  9. 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.

  10. Point of Connection Transmission Pricing in India

    Science.gov (United States)

    Soonee, S. K.; Barpanda, S. S.; Joshi, Mohit; Mishra, Nripen; Bhardwaj, Vaishally

    2013-05-01

    The National Electricity Policy (NEP) [1], issued by the Government of India, mandates transmission prices to be distance and direction sensitive and capture utilization of the network by each network user. In line with the mandate, the Central Electricity Regulatory Commission (CERC) [2] has issued Sharing of Interstate Transmission Charges and Losses Regulations, 2010 [3], to introduce point of connection (PoC)-based transmission pricing methodology in India. The methodology under the above regulations introduces one of the major reforms of its kind in the Indian power sector and seeks to share the total transmission charges in proportion to respective utilization of the transmission system by different entities. In this paper, the authors have enumerated their experience gained from the implementation of PoC-based transmission pricing regime in India. Authors have also discussed various issues encountered in the process of implementation and the methodology adopted.

  11. Price Discrimination and Market Power

    OpenAIRE

    Shane Carbonneau; Preston McAfee; Hugo Mialon; Sue Mialon

    2004-01-01

    If there is price discrimination, at least one of the prices is not equal to marginal cost. Therefore, if there is price discrimination, there must be market power. While this logic is sound, it has led many policymakers to believe that price discrimination and market power are positively correlated. We present a model where measured price discrimination can be low while market power is high, and price discrimination can be high while market power is low, thus demonstrating that there is no t...

  12. Rationing-Based Price Discrimination

    OpenAIRE

    Ruhai Wu; Xianjun Geng; Andrew B. Whinston

    2006-01-01

    This paper provides a theory of rationing where rationing functions as an effective mechanism for second degree price discrimination by a monopoly seller. When a seller charges multiple prices on homogenous products to all consumers, supply at the lowest price is limited and rationed among consumers. The supply shortage differentiates products sold at the lowest price and those sold at a higher price. When high-valuation consumers identify themselves at the higher price, the seller may extrac...

  13. 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...

  14. Regional prices in the Swedish wood-fuel market

    International Nuclear Information System (INIS)

    Hillring, Bengt

    1999-01-01

    This paper analyses, through a statistical survey, the regional distribution of prices on the commercial wood-fuel market for district heating plants and the pellets market for single family houses. The existing market watch of the national Swedish wood-fuel market has been developed for both refined and unrefined wood-fuels. The last five years the trend for wood-fuel prices on the district heating market has been stable, with a slight increase in the price of refined wood-fuels. However, on the young and fast-growing household market for pellets, prices have increased 12% during the last three years. The distribution of prices for northern, middle and southern Sweden indicates differences within 5% between the regions. The limited price difference between Swedish regions are a product of a large domestic supply and an increasing trade among regions in Europe, putting pressure on prices. Regional differences, mirrored as transportation distances and local production costs are key factors that could explain this regional price variation. However, the development of a commercial market with less regulation tends to level out prices. Consumers on the household market purchase small quantities and do not have the same possibility as district heating companies to take advantage of the oversupply opportunity and thus face a faster price development. The weaker market position of the consumers also tends to give homogeneous prices between regions of the residential sector. (Author)

  15. Pharmaceutical pricing in Japan: market evidence for rheumatoid arthritis treatment.

    Science.gov (United States)

    Mahlich, Jörg; Kamae, Isao; Sruamsiri, Rosarin

    2017-11-03

    Drug price setting is one of the key challenges faced by the Japanese health care system. This study aims to identify the determinants of drug price in Japan using the example of the rheumatoid arthritis (RA) treatment market. In order to compare prices across different products, we calculated prices per defined daily dose using WHO methodology. Price determinants were calculated both at launch and over time using IMS quarterly data on medicines approved for RA treatment in Japan from 2012 to 2015. Pharmaceutical pricing was modeled as a function of clinical and economic variables using regression analysis. For prices at the launch we found that differences in efficacy are not reflected in price differentials. We also report that the number of products within a molecule class had a negative effect on prices while originator drugs maintained higher prices. Although the existing pricing rules in Japan are very comprehensive they do not necessarily capture differences in product characteristics. The findings here support the notion that competitive forces are weak in highly regulated markets such as Japan.

  16. Electricity pricing model in thermal generating stations under deregulation

    International Nuclear Information System (INIS)

    Reji, P.; Ashok, S.; Moideenkutty, K.M.

    2007-01-01

    In regulated public utilities with competitive power markets, deregulation has replaced the monopoly. Under the deregulated power market, the electricity price primarily depends on market mechanism and power demand. In this market, generators generally follow marginal pricing. Each generator fixes the electricity price based on their pricing strategy and it leads to more price volatility. This paper proposed a model to determine the electricity price considering all operational constraints of the plant and economic variables that influenced the price, for a thermal generating station under deregulation. The purpose of the model was to assist existing stations, investors in the power sector, regulatory authorities, transmission utilities, and new power generators in decision-making. The model could accommodate price volatility in the market and was based on performance incentive/penalty considering plant load factor, availability of the plant and peak/ off peak demand. The model was applied as a case study to a typical thermal utility in India to determine the electricity price. It was concluded that the case study of a thermal generating station in a deregulated environment showed that the electricity price mainly depended on the gross calorific value (GCV) of fuel, mode of operation, price of the fuel, and operating charges. 11 refs., 2 tabs., 1 fig

  17. PRICE DISCRIMINATION AND MARKET POWER: A THEORETICAL ANALYSIS

    Directory of Open Access Journals (Sweden)

    Olga Smirnova

    2015-07-01

    Full Text Available This paper analyzes the contemporary theoretical and empirical research in the field of impact assessment of market power and conclusions about the possibilities of the company to implement price discrimination in different market structures. The results of the analysis allow to evaluate current approaches to antitrust regulation of price discrimination.

  18. Risk Pricing and Profit Maximization of Insurance Companies ...

    African Journals Online (AJOL)

    The research investigates the impact of pricing of risk on the profitability of Nigeria insurance market and also the relationship between operation expenses and profitability of the non-life insurance market in Nigeria. Results show that economy, competition and government regulation have effect on pricing of risk. Also, it was ...

  19. 48 CFR 836.606-72 - Contract price.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Contract price. 836.606-72... CATEGORIES OF CONTRACTING CONSTRUCTION AND ARCHITECT-ENGINEER CONTRACTS Architect-Engineer Services 836.606-72 Contract price. (a) Where negotiations with the top-rated firm are unsuccessful, the contracting...

  20. Ni VE Cu İLE ALAŞIMLANDIRILMIŞ KÜRESEL GRAFİTLİDÖKME DEMİRLERİN İŞLENEBİLİRLİĞİNİN KESME KUVVETLERİ VE YÜZEY KALİTELERİ AÇISINDAN DEĞERLENDİRİLMESİ

    Directory of Open Access Journals (Sweden)

    Yücel AŞKUN

    2003-02-01

    Full Text Available Diğer dökme demirlerle karşılaştırıldığında, Küresel Grafitli Dökme Demirin (KGDD yüksek süneklik, çekme dayanımı ve tokluğunun yanında işlenebilirliği nispeten düşüktür. Bununla birlikte; bir çelik parçanın yerine küresel grafitli dökme demir kullanıldığı zaman daha iyi işlenebilirlik en önemli kazanç olarak düşünülmelidir. Bu çalışma, değişik oranlarda Ni ve Cu ile alaşımlandırılmış küresel grafitli dökme demirlerin kesme kuvvetleri ve yüzey pürüzlülüğü üzerine onların mikroyapı ve mekanik özelliklerinin etkilerini belirlemek için yapılan işlenebilirlik testlerinin sonuçlarını göstermektedir. Değişik oranlarda nikel ve bakır ile alaşımlandırılmış altı farklı küresel grafitli dökme demire işlenebilirlik testleri uygulanmış ve onların işlenebilirlikleri kesme kuvvetleri ve yüzey pürüzlülük temel kriterleri üzerine dayanarak incelenmiştir. Sonuçlar; numunelerin daha önceden belirlenmiş olan mikroyapı ve mekanik özelliklerine göre değerlendirilmiştir. Bütün kriterlere dayanarak en iyi sonuçlar, % 0.7 Ni ve % 0.7 Cu ilave edilmiş numunede gözlenmiştir. Numuneler mekanik özellikleri açısından değerlendirildiğinde, % 1 Ni ve % 0.65 Cu ilave edilmiş numunede sağlanacağı görülmektedir.

  1. Price of military uranium

    International Nuclear Information System (INIS)

    Klimenko, A.V.

    1998-01-01

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

  2. The price of pollution

    International Nuclear Information System (INIS)

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

    1998-06-01

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

  3. 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....

  4. 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...

  5. Essays on Derivatives Pricing

    DEFF Research Database (Denmark)

    Kokholm, Thomas

    . With the existence of a liquid market for derivatives with variance as underlying, such as VIX options, VIX futures and a well-developed over-the-counter market for options on variance swaps, it is important to consider models that are able to fit these markets while consistently pricing vanilla options...... financial models, and most importantly, to be aware of their limitations. Following that belief, this thesis consists of three independent and self-contained papers, all dealing with topics in derivatives pricing. The first paper considers the pricing of traffic light options, which are appropriate...... the market for multivariate credit instruments, we take a step back and focus on single-name default modeling and introduce two new model classes for modeling of the default time of a company. Finally, in the third paper we propose a consistent pricing model for index and volatility derivatives...

  6. New product pricing

    International Nuclear Information System (INIS)

    Wilkinson, V.K.

    1981-01-01

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

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

    NARCIS (Netherlands)

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

    2004-01-01

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

  8. 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

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

    Science.gov (United States)

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

    1998-01-01

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

  10. 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

  11. 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.

  12. 48 CFR 1615.406-2 - Certificate of accurate cost or pricing data for community-rated carriers.

    Science.gov (United States)

    2010-10-01

    ... Regulations System OFFICE OF PERSONNEL MANAGEMENT FEDERAL EMPLOYEES HEALTH BENEFITS ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 1615.406-2 Certificate of...

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

    International Nuclear Information System (INIS)

    Kolos, Sergey P.; Ronn, Ehud I.

    2008-01-01

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

  14. A Study on Rational Pricing System for Water Supply

    Energy Technology Data Exchange (ETDEWEB)

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

    2001-12-01

    are important for systematizing pricing mechanism and reasonable use of water resource. The study recommends the institutional structure for efficient water management/use include an integrated river basin management system and establishment of an independent agency for executive function (separation of policy making function and executive function). A corporatized organization for actual water supply function is also recommended (separation of regulation function and supply function). (author). 46 refs., 18 figs., 59 tabs.

  15. The pricing of natural gas in US markets

    International Nuclear Information System (INIS)

    Brown, S.P.A.; Yucel, M.K.

    1993-01-01

    Our econometric evidence indicates that changes in natural gas prices are unequal in the long run. Nonetheless, all downstream prices change by at least as much as the average well-head price. Statistically, residential and commercial prices change as much as the city gate price. In the face of persistent shocks, however, market institutions and market dynamics can lead to lengthy periods in which the residential and commercial prices of natural gas adjust less than the wellhead or city gate prices. Electrical and industrial users of natural gas rely heavily on spot supplies and can switch fuels easily. Their ability to switch fuels may be related to the development of a spot market to serve them. Reliance on the spot market may explain why these end users have seen a greater reduction in natural gas prices than have the LDCs over the past seven years. The ability to switch fuels may account for electrical and industrial prices being the source of shocks in their relationships with the wellhead price. It also may explain why prices in these end-sue markets are quick to adjust. Commercial and residential customers cannot switch fuels easily and rely heavily on LDCs for their natural gas. The inability of these end users to switch fuels probably contributes to the reluctance of LDCs to purchase spot supplies of gas. Reliance on contract supplies may explain why the city gate price has not declined as much as electrical and industrial prices of natural gas over the past seven years. Furthermore, the LDCs administer prices in the commercial and residential markets under state regulation

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

    OpenAIRE

    Maria Paz Espinosa

    1992-01-01

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

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

    OpenAIRE

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

    2013-01-01

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

  18. Press point on the prices

    International Nuclear Information System (INIS)

    Schilansky, J.L.

    2005-11-01

    To analyze the prices situation of the motor fuels, the authors present the mechanisms of the prices formation (markets, crude oils price and margins) and the market context (distribution, taxes, french energy policy). They discuss then the impacts of the round table of the 16 September 2005 at Bercy, facing the increase of the motor fuels prices. (A.L.B.)

  19. Faculty Awareness of Textbook Prices.

    Science.gov (United States)

    Sommer, Robert; And Others

    1988-01-01

    Reports that variation in textbook prices is not correlated with textbook quality as judged by instructors and that university faculty are less price conscious when selecting textbooks than are community college faculty. States that, if faculty had greater access to price information, textbook prices would decrease. Makes recommendations for…

  20. 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

  1. Price and utilisation differences for statins between four countries.

    Science.gov (United States)

    Thai, Loc Phuoc; Vitry, Agnes Isabelle; Moss, John Robert

    2018-02-01

    Australia, England, France and New Zealand use different policies to regulate their medicines market, which can impact on utilisation and price. To compare the prices and utilisation of statins in Australia, England, France and New Zealand from 2011 to 2013. Utilisation of statins in the four countries was compared using Defined Daily Doses (DDD) per 1000 inhabitants per year. Pairwise Laspeyres and Paasche index comparisons were conducted comparing the price and utilisation of statins. The results showed that the price of statins in New Zealand was the cheapest. The price of statins in Australia was most expensive in 2011 and 2012 but France was more expensive in 2013. There were large differences between the Laspeyres index and Paasche index when comparing the price and utilisation of England with Australia and France. The policies that regulate the New Zealand and England medicines markets were more effective in reducing the price of expensive statins. The relative utilisation of cheaper statins was greatest in England and had a large effect on the differences between the two index results. The pricing policies in Australia have been only partly effective in reducing the price of statins compared to other countries.

  2. 10 CFR 600.145 - Cost and price analysis.

    Science.gov (United States)

    2010-01-01

    ... DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS FINANCIAL ASSISTANCE RULES Uniform Administrative Requirements for Grants and Cooperative Agreements With Institutions of Higher Education, Hospitals, and Other... quotations submitted, market prices and similar indicia, together with discounts. Cost analysis is the review...

  3. Russian energy prices, taxes and costs 1993

    International Nuclear Information System (INIS)

    1994-01-01

    The Russian energy industry may be the country's most promising exporter, but it is struggling to free itself from the heavy regulation and economic distortions inherited from the Soviet era. This analysis examines Russian price and tax policies as well as production costs in 1993, and their effect on supply and demand in the oil, coal, gas and electricity sectors. The study underscores the broad consensus among both Western and Russian experts that primary energy prices should be lifted to world levels. It offers a framework for addressing the great question about how fast this should be done in a country undergoing a tremendous social and political transformation

  4. Price knowledge during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup; Grunert, Klaus G

    2014-01-01

    Past research on consumer price knowledge has varied considerably partly due to differences in how and when price knowledge is measured.This paper applies a multi-point, multi-measure approach to reconcile differences in past price knowledge research by examining systematicrelationships between...... time of measurement and type of measures applied. Examination of consumer price knowledge before, during, and afterstore visit sheds light on what is measured at the individual points in time: episodic price knowledge and/or reference prices? With a between-subjects design interviewing 1......,204 respondents, the authors investigate three price knowledge measures (price recall, price recognition, and dealspotting) demonstrating that these are hierarchically related. Results suggest that reference prices dominate before store visit, but also that episodicprice knowledge, surprisingly, is still...

  5. Quantity precommitment and price matching

    DEFF Research Database (Denmark)

    Tumennasan, Norovsambuu

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

  6. No 3071. Resolution proposal aiming at creating an inquiry commission on the pricing conditions on the power market, and on their consequences for companies and consumers and on the necessity to implement regulation mechanisms; N. 3071. Proposition de resolution tendant a la creation d'une commission d'enquete sur les conditions de formation des prix sur le marche de l'electricite, sur leurs consequences pour les entreprises et les particuliers et sur la necessite de mettre en oeuvre des mecanismes de regulation,

    Energy Technology Data Exchange (ETDEWEB)

    Brottes, F.; Ayrault, J.M.; Bataille, Ch.; Ducout, P.; Emmanuelli, H.; Migaud, D.; Besson, E.; Bonrepaux, A.; Dumont, J.L.; Balligand, J.P

    2006-05-15

    Electricite de France (EdF), the French electric utility, announced on December 15, 2004 a rise of electricity prices and tariffs in order to finance EDF's development policy. About a year later, the electricity prices rise was much higher than expected and not justified neither by the financial health of the company, nor by any other particular reason. The only reason seems to be the classical logic that follows the privatization of any historical power operator: opening of the capital, reduction of manpower, and increase of prices. This document wonders about: the impact of prices rise on power consuming companies and on individual end-users, the real role of the commission of energy regulation (CRE) and on the reality of an energy market regulation. (J.S.)

  7. 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.

  8. 48 CFR 225.7303 - Pricing acquisitions for FMS.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Pricing acquisitions for FMS. 225.7303 Section 225.7303 Federal Acquisition Regulations System DEFENSE ACQUISITION REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE SOCIOECONOMIC PROGRAMS FOREIGN ACQUISITION Acquisitions for Foreign...

  9. Energy price dispute - companies are confident

    International Nuclear Information System (INIS)

    Marcan, P.; Slovak, P.

    2007-01-01

    Energy prices stipulated for 2003 were not compliant with the valid legislation. The Constitutional Court has repeatedly confirmed this fact. The dispute between several Slovak companies and the state will address the damage caused by illegal actions taken by the public authority, including loss of profit. A group of claimants represented by the Club 500 association is claiming up to 2 bil. Sk (57.97 mil. EUR) as compensation for the mistake made by the Office for Regulation of Network Industries (URSO), including the unclear calculation of the lost profit of companies. It will be up to the courts to decide whether the price deregulation really caused damage to the companies or whether they just took advantage of the faulty legislation.The companies base their claims on a decision of the Constitutional Court. Last year the Court twice announced that the 2003 energy prices were not compliant with valid legislation. At that time, Slovakia lacked a generally binding regulation that should have been in place according to the Act on Regulation of Network Industries. Currently, the role of these missing regulations has been taken over by URSO decrees. These stipulate justified costs and adequate profit of energy suppliers. The regulator had such a decree prepared at the end of 2002, but due to material stipulations and time constraints it did not publish it. (authors)

  10. A comparative analysis of the Brazilian and Norwegian Transfer Pricing System within the areas of thin capitalisation, interest and service regulations: Is there a difference in the approach to the arm s length principle under their domestic legislations that could lead to double taxation issues? If so, could this be solved by the Double Taxation Agreement between both countries?

    OpenAIRE

    Delgado, Fernanda Jose Cuadra

    2013-01-01

    As a whole, the current thesis presents us with a comparative analysis of the Norwegian and Brazilian TP domestic regulations; in the context of the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital, ratified by both countries in 1981, and the OECD Transfer Pricing Guidelines. This will be achieved in the basis of the following structure: Part 1 will present an overview of the governmental approach for TP for Brazi...

  11. House Prices and Taxes

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads

    of only 31%. We use 2007 municipal reform in Denmark in which 256 municipalities changed tax rates, as an exogenous shock to taxes. The exogeneity of the shock to taxes and the size of the data set is an improvement over earlier studies. Our findings significantly downward adjust the degree of tax......This paper is the first to consider a large scale natural experiment to estimate the effect of taxes on house prices. We find that a 1 percentage-point increase in income tax rates lead to a drop in house prices of at most 2.2%. This corresponds to a tax capitalization for the average household...... capitalization from earlier studies. Furthermore, we find no effect of property taxes on house prices. We attribute this to the low levels of Danish municipal property tax rates compared to income tax rates....

  12. Paying the price

    International Nuclear Information System (INIS)

    1993-01-01

    In spring 1993 MORI was commissioned to find out whether people think the prices they pay for water, gas, electricity and telephones are reasonable or not. The findings were compared with similar surveys in 1987 and 1990. Overall, more consumers now think prices for these household services are unreasonable compared to three years ago. The biggest shift in opinion is about water bills. One in four customers now feel that water charges are very unreasonable - a rise of nearly nine per cent since 1990. A similar proportion are unhappy with telephone charges, a negative view that has been fairly consistent over six years. There has been little change in people's views about gas and electricity prices since 1990 although satisfaction since 1987 has dropped slightly. (author)

  13. Limits to oil pricing

    International Nuclear Information System (INIS)

    Austvik, O.G.

    1992-01-01

    The bad record of oil price forecasting indicates that conventional oil market models should be critically reassessed. Scenario planning may be one alternative approach. This approach does not contradict other theories of the market. But it claims that no single discipline is able to tell the whole truth about the market. The SP approach stresses and clarifies the role of uncertainty. It argues that without a cross-disciplinary approach, with an adequate choice of parameters, at the right level of in depth discussion, the analysis may either lose essential input or drown in detail. As an example of the methodology, an analysis of the oil market in the 1990s is presented. This shows how upper and lower limits for the price can be constructed, and which actual price development can be expected, in a combination of economic and political reasoning. (author)

  14. 48 CFR 52.222-31 - Davis-Bacon Act-Price Adjustment (Percentage Method).

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Davis-Bacon Act-Price... Provisions and Clauses 52.222-31 Davis-Bacon Act—Price Adjustment (Percentage Method). As prescribed in 22.407(f), insert the following clause: Davis-Bacon Act—Price Adjustment (Percentage Method) (DEC 2001...

  15. 48 CFR 52.214-28 - Subcontractor Certified Cost or Pricing Data-Modifications-Sealed Bidding.

    Science.gov (United States)

    2010-10-01

    ... cost or pricing data at FAR 15.403-4(a)(1), on the date of agreement on price or the date of award... nature and amount of any contingencies included in the price), unless an exception under FAR 15.403-1(b... prescribed in subsection 15.406-2 of the Federal Acquisition Regulation that, to the best of its knowledge...

  16. 48 CFR 252.236-7000 - Modification proposals-price breakdown.

    Science.gov (United States)

    2010-10-01

    ...-price breakdown. 252.236-7000 Section 252.236-7000 Federal Acquisition Regulations System DEFENSE... CLAUSES Text of Provisions And Clauses 252.236-7000 Modification proposals—price breakdown. As prescribed in 236.570(a), use the following clause: Modification Proposals—Price Breakdown (DEC 1991) (a) The...

  17. 48 CFR 229.402-1 - Foreign fixed-price contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Foreign fixed-price... Foreign fixed-price contracts. Use the clause at 252.229-7000, Invoices Exclusive of Taxes or Duties, in solicitations and contracts when a fixed-price contract will be awarded to a foreign concern. ...

  18. 48 CFR 16.403-1 - Fixed-price incentive (firm target) contracts.

    Science.gov (United States)

    2010-10-01

    ... (firm target) contracts. 16.403-1 Section 16.403-1 Federal Acquisition Regulations System FEDERAL... Fixed-price incentive (firm target) contracts. (a) Description. A fixed-price incentive (firm target) contract specifies a target cost, a target profit, a price ceiling (but not a profit ceiling or floor), and...

  19. 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

  20. Modelling oil price volatility

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [Deakin University, Melbourne (Australia). Faulty of Business and Law, School of Accounting, Economics and Finance; Narayan, Seema [Royal Melbourne Institute of Technology, Melbourne (Australia). School of Economics, Finance and Marketing

    2007-12-15

    In this paper, we examine the volatility of crude oil price using daily data for the period 1991-2006. Our main innovation is that we examine volatility in various sub-samples in order to judge the robustness of our results. Our main findings can be summarised as follows: (1) across the various sub-samples, there is inconsistent evidence of asymmetry and persistence of shocks; and (2) over the full sample period, evidence suggests that shocks have permanent effects, and asymmetric effects, on volatility. These findings imply that the behaviour of oil prices tends to change over short periods of time. (author)

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

    DEFF Research Database (Denmark)

    Nørgård, Per Bromand; Isleifsson, Fridrik Rafn

    2013-01-01

    the grid voltage. The algorithms generating the local prices are dynamically adjusted according to the actual realised responses to the dynamic prices. Results are presented from an adapted version of the control principle implemented and tested in DTUs experimental research power system, SYSLAB, including...... electricity prices for indirect control of active power. The local, dynamic electricity prices are realised as dynamic adjustments of the quasi-stationary global power price. The aims of the dynamic price adjustments are to prevent overloading of the grid, to reduce the grid power losses and to regulate...

  2. Nonlinear price impact from linear models

    Science.gov (United States)

    Patzelt, Felix; Bouchaud, Jean-Philippe

    2017-12-01

    The impact of trades on asset prices is a crucial aspect of market dynamics for academics, regulators, and practitioners alike. Recently, universal and highly nonlinear master curves were observed for price impacts aggregated on all intra-day scales (Patzelt and Bouchaud 2017 arXiv:1706.04163). Here we investigate how well these curves, their scaling, and the underlying return dynamics are captured by linear ‘propagator’ models. We find that the classification of trades as price-changing versus non-price-changing can explain the price impact nonlinearities and short-term return dynamics to a very high degree. The explanatory power provided by the change indicator in addition to the order sign history increases with increasing tick size. To obtain these results, several long-standing technical issues for model calibration and testing are addressed. We present new spectral estimators for two- and three-point cross-correlations, removing the need for previously used approximations. We also show when calibration is unbiased and how to accurately reveal previously overlooked biases. Therefore, our results contribute significantly to understanding both recent empirical results and the properties of a popular class of impact models.

  3. 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.

  4. Pricing and reimbursement of pharmaceuticals in the Czech Republic and Sweden.

    Science.gov (United States)

    Davidova, Jana; Praznovcova, Lenka; Lundborg, Cecilia Stålsby

    2008-01-01

    To describe and compare price regulation and reimbursement in the Czech Republic and Sweden. Legal documents, government reports, statutory information, annual reports and scientific articles were searched using the keywords: pharmaceutical market regulation, drug policy, drug pricing, drug reimbursement and patients' participation in costs concerning both countries. Approaches to regulation and regulatory steps concerning prices were compared between the countries. (i) Institutional responsibilities in pricing and reimbursement of pharmaceuticals; (ii) principles of patients' participation in costs on pharmaceuticals. Substantial differences were found in terms of pricing. In the Czech Republic, the Ministry of Finance sets maximal prices for pharmaceuticals whereas in Sweden there is a process of price regulation combined with reimbursement decisions taken by the Pharmaceutical Benefits Board. Together with a system of state-owned pharmacies, this ensures that drug prices in Sweden are fixed at the same level throughout the country. In the Czech Republic, prices may differ, since only maximal price levels are set. In both countries, decisions about reimbursement are taken at the national or state level whereas insurance funds or county councils are responsible for covering costs. The private share of pharmaceutical expenditures is substantially lower in the Czech Republic, even though there is no maximal level for patient's co-payment, as there is in Sweden. Differences in price setting and some other regulations of the pharmaceutical market were found. Both systems are designed to promote rational use of pharmaceuticals; and are based on social solidarity.

  5. 41 CFR 102-38.120 - When may we conduct negotiated sales of personal property at fixed prices (fixed price sale)?

    Science.gov (United States)

    2010-07-01

    ... negotiated sales of personal property at fixed prices (fixed price sale)? 102-38.120 Section 102-38.120 Public Contracts and Property Management Federal Property Management Regulations System (Continued) FEDERAL MANAGEMENT REGULATION PERSONAL PROPERTY 38-SALE OF PERSONAL PROPERTY Sales Process Negotiated...

  6. Electricity prices in a competitive market: a preliminary analysis of the deregulated Thai electricity industry

    International Nuclear Information System (INIS)

    Pipattanasomporn, M.; Ongsakul, W.; Pacudan, R.; Lefevre, T.

    2000-01-01

    The electricity industry throughout the world is currently undergoing a significant transition towards restructuring and deregulation. Following this new legislation, Thailand has initiated an institutional and structural reform with a belief that this could be the best way forward for the Thai electricity supply industry (ESI) to improve efficiency, lower electricity prices, and tackle financial debts. This paper presents an analysis of the extent to which prices for generation services in a competitive market may differ from regulated electricity prices, if competitive prices are based on marginal costs and regulated prices are based on average costs, by using Thailand as a case study. (Author)

  7. Energy pricing policy in Iran

    International Nuclear Information System (INIS)

    Davood Manzoor

    1995-01-01

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

  8. Electricity prices in a competitive environment: Marginal cost pricing of generation services and financial status of electric utilities. A preliminary analysis through 2015

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-08-01

    The emergence of competitive markets for electricity generation services is changing the way that electricity is and will be priced in the United States. This report presents the results of an analysis that focuses on two questions: (1) How are prices for competitive generation services likely to differ from regulated prices if competitive prices are based on marginal costs rather than regulated {open_quotes}cost-of-service{close_quotes} pricing? (2) What impacts will the competitive pricing of generation services (based on marginal costs) have on electricity consumption patterns, production costs, and the financial integrity patterns, production costs, and the financial integrity of electricity suppliers? This study is not intended to be a cost-benefit analysis of wholesale or retail competition, nor does this report include an analysis of the macroeconomic impacts of competitive electricity prices.

  9. Electricity prices in a competitive environment: Marginal cost pricing of generation services and financial status of electric utilities. A preliminary analysis through 2015

    International Nuclear Information System (INIS)

    1997-08-01

    The emergence of competitive markets for electricity generation services is changing the way that electricity is and will be priced in the United States. This report presents the results of an analysis that focuses on two questions: (1) How are prices for competitive generation services likely to differ from regulated prices if competitive prices are based on marginal costs rather than regulated open-quotes cost-of-serviceclose quotes pricing? (2) What impacts will the competitive pricing of generation services (based on marginal costs) have on electricity consumption patterns, production costs, and the financial integrity patterns, production costs, and the financial integrity of electricity suppliers? This study is not intended to be a cost-benefit analysis of wholesale or retail competition, nor does this report include an analysis of the macroeconomic impacts of competitive electricity prices

  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. Pricing offshore wind power

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  12. 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 mo...

  13. Option Pricing and Momentum

    NARCIS (Netherlands)

    Rodriguez, J.C.

    2007-01-01

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

  14. 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)

  15. Energy prices. August 2004

    International Nuclear Information System (INIS)

    2004-08-01

    This document makes a synthesis of the main French energy prices and tariffs in August 2004 and for the years 2002 and 2003 (annual average) per sector (transports, residential, industry) and per type of energy source (automotive fuels, domestic fuel, district heating, propane, coal, wood, electricity, natural gas). Data are presented in tables. (J.S.)

  16. Energy prices. January 2005

    International Nuclear Information System (INIS)

    2005-01-01

    This document makes a synthesis of the main French energy prices and tariffs in January 2005 and for the years 2003 and 2004 (annual average) per sector (transports, residential, industry) and per type of energy source (automotive fuels, domestic fuel, district heating, propane, coal, wood, electricity, natural gas). Data are presented in tables. (J.S.)

  17. 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

  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...

  19. Carbon pricing comes clean

    International Nuclear Information System (INIS)

    De Wit, Elisa

    2011-01-01

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

  20. Oil prices and OPEC strategies

    International Nuclear Information System (INIS)

    Boussena, S.

    1994-01-01

    One of the main characteristics of the new world petroleum market is the high level of uncertainty in future crude price trends. Although its influence has declined, OPEC is still a decisive player now. How can its present conduct be explained. A retrospective analysis of the organization's actions in the course of these last twenty years brings out a certain number of explicit and implicit lessons it seems to have drawn from its own experience. On the basis of this analysis, and in light of the new balance of forces, OPEC is now faced with two possible strategic options. Its current practice seems rather to indicate a drift away from its plan to become the exclusive regulator of the international market. (author). 2 tabs., 3 figs

  1. Henry Hub and national balancing point prices: what will be the international gas price reference?

    International Nuclear Information System (INIS)

    Mazighi, A.E.H.

    2005-01-01

    One of the lessons in the history of international trade in commodities is the emergence - sooner or later - of an international price reference, most commonly known as an international marker price. In the area of oil, West Texas Intermediate (WTI) plays the role of a marker for sour crudes traded in the Atlantic basin. Brent oil fulfils this function for sweet crudes traded in Europe. Another important aspect in the area of global commodities is that the emergence of a marker price is not always necessarily related to the relative share of production of exports of the commodity, but primarily to the existence of an organized market for this commodity. Today, while international gas trade is intensifying, we still lack an international price reference for this commodity. This is due to the fact that the international trade of natural gas is still highly regionalized. It is also due to the fact that most gas markets are still regulated. Nevertheless, deregulation efforts have been implemented in both developed (the United States, the United Kingdom, continental Europe, Korea) and developing countries (Brazil, Chile) and have led to new market structures based on more competition in all segments of the gas chain, except transportation. In the meantime, price structures based on supply and demand principles are supposed to have emerged in the US and UK markets in the 1990s as a result of the implementation of deregulation measures. Today, the US gas market, which represents more than 660 billion cubic metres per year of consumption and the UK gas market, which is close to 100 bcm annually, are considered mature enough to make the principles of supply and demand operate inside these markets. In fact, the Henry Hub (HH) price, which is determined at a physical location in Louisiana, US, and the national balancing point (NBP) price, which is determined somewhere inside the national transmission system (NTS), without any precise location, are considered as potential

  2. 7 CFR 1000.54 - Equivalent price.

    Science.gov (United States)

    2010-01-01

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

  3. The Relationship Between Electricity Price and Wind Power Generation in Danish Electricity Markets

    DEFF Research Database (Denmark)

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

    2010-01-01

    of competitive electricity markets in some ways, is chosen as the studied power system. The relationship between the electricity price (both the spot price and the regulation price) and the wind power generation in an electricity market is investigated in this paper. The spot price, the down regulation price...... and the up regulation price generally decreases when the wind power penetration in the power system increases. The statistical characteristics of the spot price for different wind power penetration are analyzed. The findings of this paper may be useful for wind power generation companies to make the optimal...... bidding strategy and may be also useful for the optimal operation of modern power systems with high wind power penetrations....

  4. Decoupling the Oil and Gas Prices. Natural Gas Pricing in the Post-Financial Crisis Market

    International Nuclear Information System (INIS)

    Kanai, Miharu

    2011-01-01

    This paper looks into natural gas pricing in the post-financial crisis market and, in particular, examines the question whether the oil-linked gas pricing system has outlived its utility as global gas markets mature and converge more rapidly than expected and as large new resources of unconventional gas shift the gas terms-of-trade. Two opposing natural gas pricing systems have coexisted for the last two decades. On the one hand, there is traditional oil-linked pricing, used in pipeline gas imports by Continental European countries and in LNG imports by the countries in Far East. The other is the system led by futures exchanges in deregulated, competitive markets largely in the UK and the US. World gas markets are changing and the basis and mechanisms of price formation are changing with them. There is no reason to expect a revolution in gas pricing, but formulas designed to address the challenges of the 1970's will need to adjust to the realities of the present and expectations for the 21. century. Because such changes will imply a redistribution of costs and benefits, vested shareholders will defend the status quo. But hopefully and ultimately, appropriately regulated markets will assert themselves and shareholders along the entire value chain will have their interests served

  5. 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.

  6. 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.

  7. Higher fuel and food prices

    DEFF Research Database (Denmark)

    Arndt, Channing; Benfica, Rui; Maximiano, Nelson

    2008-01-01

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

  8. 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.

  9. 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...

  10. 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...

  11. Pricing of Asian temperature risk

    OpenAIRE

    Cabrera, Brenda López

    2009-01-01

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

  12. Pricing objectives in nonprofit hospitals.

    OpenAIRE

    Bauerschmidt, A D; Jacobs, P

    1985-01-01

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

  13. Price Discrimination: A Classroom Experiment

    Science.gov (United States)

    Aguiló, Paula; Sard, Maria; Tugores, Maria

    2016-01-01

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

  14. 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.

  15. Fundamental Insights in Power Futures Prices

    OpenAIRE

    Kilic, Mehtap

    2013-01-01

    textabstractTransformations are prevailing phenomena in the energy market. In the 1990’s the electricity market transitioned from regulated to liberalized markets, which was initiated by the objective of the European Union to create one single European electricity market. By deregulation, ending monopolies and inefficiencies one of the desired results was to lower the prices for end-users, while giving the European Union a competitive position regarding electricity for the future. In the cour...

  16. On the Stochastic Properties of Carbon Futures Prices

    International Nuclear Information System (INIS)

    Chevallier, Julien; Sevi, Benoit

    2012-10-01

    Pricing carbon is a central concern in environmental economics, due to the importance of emissions trading schemes worldwide to regulate pollution. This paper documents the presence of small and large jumps in the stochastic process of the CO 2 futures price. The large jumps have a discrete origin, i.e. they can arise from various demand factors or institutional decisions on the tradable permits market. Contrary to the previously established literature, we show that the stochastic process of the carbon futures prices does not contain a continuous component (Brownian motion). The results are derived by using high-frequency data in the activity signature function framework (Todorov and Tauchen (2010, 2011)). The implication is that the carbon futures price should be rather modelled as an appropriately sampled, centered Levy or Poisson process. The pure-jump behavior of the carbon price could be explained by the lower volume of trades on this allowance market (compared to other highly liquid financial markets). (authors)

  17. A trend discontinuity: The mystery of natural gas prices

    International Nuclear Information System (INIS)

    Steffes, D.W.

    1995-01-01

    For the last fifteen years, the natural gas price forecasting experts have had a terrible record of forecasting future natural gas prices. (In the early 80's, the gas price was forecasted to be over $10/MMBtu in the late 80's). To make matters even worse, they can't seem to understand why the price is what it is, even in hindsight. If these experts can't even get it right in hindsight, how can one ever expect to get it right in foresight? It is concluded that the traditional laws of supply and demand don't work very well in this new quasi-regulated natural gas industry. Evidently, Social Influences and Political Influences are more important than the Economic Influence on natural gas prices

  18. Uranium price forecasting methods

    International Nuclear Information System (INIS)

    Fuller, D.M.

    1994-01-01

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

  19. Record prices [crude oil

    International Nuclear Information System (INIS)

    Anon

    2006-01-01

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

  20. 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.

  1. Gas Price Formation, Structure and Dynamics

    International Nuclear Information System (INIS)

    Davoust, R.

    2008-01-01

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

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

    Science.gov (United States)

    2010-01-01

    ... adjusted Class I differential specified in § 1000.52 divided by 100, plus the adjustments to Class I prices specified in §§ 1005.51(b), 1006.51(b) and 1007.51(b) divided by 100, plus the advanced butterfat price..., shall be 0.965 times the Class I skim milk price plus 3.5 times the Class I butterfat price. (b) Class I...

  3. Chaotic structure of oil prices

    Science.gov (United States)

    Bildirici, Melike; Sonustun, Fulya Ozaksoy

    2018-01-01

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

  4. Cost Validation Using PRICE H

    Science.gov (United States)

    Jack, John; Kwan, Eric; Wood, Milana

    2011-01-01

    PRICE H was introduced into the JPL cost estimation tool set circa 2003. It became more available at JPL when IPAO funded the NASA-wide site license for all NASA centers. PRICE H was mainly used as one of the cost tools to validate proposal grassroots cost estimates. Program offices at JPL view PRICE H as an additional crosscheck to Team X (JPL Concurrent Engineering Design Center) estimates. PRICE H became widely accepted ca, 2007 at JPL when the program offices moved away from grassroots cost estimation for Step 1 proposals. PRICE H is now one of the key cost tools used for cost validation, cost trades, and independent cost estimates.

  5. Sequential auctions and price anomalies

    Directory of Open Access Journals (Sweden)

    Trifunović Dejan

    2014-01-01

    Full Text Available In sequential auctions objects are sold one by one in separate auctions. These sequential auctions might be organized as sequential first-price, second-price, or English auctions. We will derive equilibrium bidding strategies for these auctions. Theoretical models suggest that prices in sequential auctions with private values or with randomly assigned heterogeneous objects should have no trend. However, empirical research contradicts this result and prices exhibit a declining or increasing trend, which is called declining and increasing price anomaly. We will present a review of these empirical results, as well as different theoretical explanations for these anomalies.

  6. Reference Prices and Nominal Rigidities

    OpenAIRE

    Eichenbaum, Martin; Jaimovich, Nir; Rebelo, Sérgio

    2008-01-01

    We assess the importance of nominal rigidities using a new weekly scanner data set from a major U.S. retailer, that contains information on prices, quantities, and costs for over 1,000 stores. We find that nominal rigidities are important but do not take the form of sticky prices. Instead, nominal rigidities take the form of inertia in reference prices and costs, defined as the most common prices and costs within a given quarter. Weekly prices and costs fluctuate around reference values which...

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

    International Nuclear Information System (INIS)

    Lim, Seul-Ye; Yoo, Seung-Hoon

    2013-01-01

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

  8. Price floors for emissions trading

    International Nuclear Information System (INIS)

    Wood, Peter John; Jotzo, Frank

    2011-01-01

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

  9. Trading Network Predicts Stock Price

    Science.gov (United States)

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

    2014-01-01

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

  10. Oil price uncertainty in Canada

    International Nuclear Information System (INIS)

    Elder, John; Serletis, Apostolos

    2009-01-01

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

  11. 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.

  12. Research on the pricing system of online nuclear power

    International Nuclear Information System (INIS)

    Xu Dan

    2010-01-01

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

  13. 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...

  14. 48 CFR 16.207 - Firm-fixed-price, level-of-effort term contracts.

    Science.gov (United States)

    2010-10-01

    ...-effort term contracts. 16.207 Section 16.207 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 16.207 Firm-fixed-price, level-of-effort term contracts. ...

  15. 48 CFR 629.402-1 - Foreign fixed-price contracts.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Foreign fixed-price contracts. 629.402-1 Section 629.402-1 Federal Acquisition Regulations System DEPARTMENT OF STATE GENERAL CONTRACTING REQUIREMENTS TAXES Contract Clauses 629.402-1 Foreign fixed-price contracts. ...

  16. Digital fixation: the law and economics of a fixed e-book price

    NARCIS (Netherlands)

    Poort, J.; van Eijk, N.

    2017-01-01

    Fifteen OECD countries, ten of which EU members, have regulation for fixing the price of printed books. At least eight of these have extended such regulation to e-books. This article investigates the cultural and economic arguments as well as the legal context concerning a fixed price for e-books

  17. 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

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

    International Nuclear Information System (INIS)

    Chao, Hung-po

    2011-01-01

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

  19. Financial planning and pricing strategy of NEC-AD (BG)

    International Nuclear Information System (INIS)

    Kynev, K.

    1994-01-01

    Methods for power pricing under market economy conditions are proposed from the point of view of financial planning. It is completely consistent with state regulation principle based on power supply costs. The main assumption is that instead of fixing prices for particular time periods, a long-term pricing strategy has to be developed. In this way, within the given macro- and micro-economical frames, certain strategical and tactical financial results can be achieved. The methods are worked out based on a real example. 13 tabs. (author)

  20. Liberalization of natural gas supply prices in Spain

    International Nuclear Information System (INIS)

    Rasines, L.A.

    2009-01-01

    This paper constitutes a follow-up to the one published in this journal in 2004 (no. 562). In this update we describe the new regulations introduced in the Spanish natural gas sector and analyse the behaviour of the market since then. From this study we can deduce that the liberalization of the Spanish natural gas market has led to an oligopoly of suppliers of natural gas. As the Government has liberalized final prices of natural gas, distributors have been able to increase the margin between final prices and the average import price paid for this gas. (author)

  1. Pricing local distribution services in a competitive market

    International Nuclear Information System (INIS)

    Duann, D.J.

    1995-12-01

    Unbundling and restructuring of local distribution services is the focus of the natural gas industry. As a result of regulatory reforms, a competitive local distribution market has emerged, and the validity of traditional cost-based regulation is being questioned. One alternative is to completely unbundle local distribution services and transform the local distribution company into a common carrier for intrastate transportation services. Three kinds of alternative pricing mechanisms are examined. For firm intrastate transportation services, cost-based pricing is the preferred method unless it can be shown that a competitive secondary market can be established and maintained. Pricing interruptible transportation capacity is discussed

  2. 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

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

    International Nuclear Information System (INIS)

    Austvik, O.G.

    1992-01-01

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

  4. Competitive electricity markets, prices and generator entry and exit

    Science.gov (United States)

    Ethier, Robert George

    The electric power industry in the United States is quickly being deregulated and restructured. In the past, new electric generation capacity was added by regulated utilities to meet forecasted demand levels and maintain reserve margins. With competitive wholesale generation, investment will be the responsibility of independent private investors. Electricity prices will assume the coordinating function which has until recently been the responsibility of regulatory agencies. Competitive prices will provide the entry and exit signals for generators in the future. Competitive electricity markets have a distinctive price formation process, and thus require a specialized price model. A mean-reverting price process with stochastic jumps is proposed as an appropriate long-run price process for annual electricity prices. This price process is used to develop an analytic real options model for private investment decisions. The required recursive infinite series solutions have not been widely used for real option models. Entry thresholds and asset values for competitive wholesale electricity markets, and exit decisions for plants with significant retirement costs (i.e. nuclear power plants), are examined. The proposed model results in significantly lower trigger prices for both entry and exit decisions, and higher asset values, when compared with other standard models. The model is used to show that the incentives for retiring a nuclear plant are very sensitive to the treatment of decommissioning costs (e.g. if plant owners do not face full decommissioning costs, retirement decisions may be economically premature.) An econometric model of short-run price behavior is estimated by the method of maximum likelihood using daily electricity prices from markets in the USA and Australia. The model specifies two mean reverting price processes with stochastic Markov switching between the regimes, which allows discontinuous jumps in electricity prices. Econometric tests show that a two

  5. Overview of external reference pricing systems in Europe.

    Science.gov (United States)

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

    2015-01-01

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

  6. Meeting competition through negotiated pricing

    International Nuclear Information System (INIS)

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

    1990-01-01

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

  7. Transfer Pricing - An Innovative Approach

    Directory of Open Access Journals (Sweden)

    Ramona MAXIM

    2017-06-01

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

  8. Volatility in energy prices

    International Nuclear Information System (INIS)

    Duffie, D.

    1999-01-01

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

  9. Price of Prejudice

    DEFF Research Database (Denmark)

    Hedegaard, Morten; Tyran, Jean-Robert Karl

    2018-01-01

    We present a new type of field experiment to investigate ethnic prejudice in the workplace. Our design allows us to study how potential discriminators respond to changes in the cost of discrimination. We find that ethnic discrimination is common but highly responsive to the “price of prejudice”, i.......e. to the opportunity cost of choosing a less productive worker on ethnic grounds. Discriminators are on average willing to forego 8 percent of their earnings to avoid a co-worker of the other ethnic type. The evidence suggests that animus rather than statistical discrimination explains observed behavior....

  10. 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...

  11. 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....

  12. Research paper no. 18. Trading rules for CO{sub 2} emission permits systems. A proposal for ceilings on quantities and prices; Cahier de recherche no. 18. Regulation des marches de droits d'emission negociables pour le CO{sub 2}. Une proposition de plafonds pour les quantites et pour les prix

    Energy Technology Data Exchange (ETDEWEB)

    Criqui, P.; Viguier, L

    2000-01-01

    Tradable emission permit (TEP) systems for greenhouse gases (GHGs) as they could develop following the Kyoto Protocol - that is if they are limited to Annex B countries and are not bound by exchange regulations - do not appear to be greatly acceptable today, either to the United States or to the European Union. The problem of the uncertainty related to the cost of reducing emissions is strongly highlighted in the United States: in fact, the approach adopted in the Kyoto Protocol, that of quantitative emissions targets, leaves the question of the reduction programme costs wide open. For the European Union, the unregulated TEP system is hardly acceptable because it would not guarantee that the principle of 'supplementarity' adopted in the Kyoto Protocol, that is, the fact that the purchase of permits should be in addition to action taken within each of the Annex B countries. The section two of this paper is an in-depth economic analysis of the european proposal for ''concrete ceilings''. The alternative proposals, formulated in the United States and relating more to permit price ceilings or''trigger price'', are examined in Section 3. After showing that each of the foregoing proposals could have consequences unacceptable to some or others of the parties to the Protocol, Section 4 offers the proposal of a hybrid formula for regulating the rights market. In fact, the main aim of this paper is to show that the implementation of a 'hybrid solution', consisting of limiting the volume of exchanges while at the same time introducing a TEP price ceiling, could provide a market regulation framework effect allowing the benefits of most of the economic advantages to be enjoyed and also having characteristics acceptable to the various parties from an environmental as well as from an international fairness point of view. (A.L.B.)

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

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema

    2010-01-01

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

  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 for finished products of the enterprise: accounting and analytical aspect

    Directory of Open Access Journals (Sweden)

    N.L. Pravdyuk

    2017-03-01

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

  16. A Multiperiod Equilibrium Pricing Model

    Directory of Open Access Journals (Sweden)

    Minsuk Kwak

    2014-01-01

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

  17. Projections of the energy prices

    International Nuclear Information System (INIS)

    Jankauskas, V.

    1996-01-01

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

  18. Costly Credit and Sticky Prices

    OpenAIRE

    Lucy Qian Liu; Liang Wang; Randall Wright

    2015-01-01

    We construct a model where money and credit are alternative payment instruments, use it to analyze sluggish nominal prices, and confront the data. Equilibria entail price dispersion, where sellers set nominal terms that they may keep fixed when aggregate conditions change. Buyers use cash and credit, with the former (latter) subject to inflation (transaction costs). We provide strong analytic results and exact solutions for money demand. Calibrated versions match price-change data well, with ...

  19. Nonlinear Pricing to Produce Information

    OpenAIRE

    David J. Braden; Shmuel S. Oren

    1994-01-01

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

  20. Essays in Empirical Asset Pricing

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

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

  1. Dynamic Pricing in Competitive Markets

    OpenAIRE

    Nakhe, Paresh

    2017-01-01

    Dynamic pricing of goods in a competitive environment to maximize revenue is a natural objective and has been a subject of research over the years. In this paper, we focus on a class of markets exhibiting the substitutes property with sellers having divisible and replenishable goods. Depending on the prices chosen, each seller observes a certain demand which is satisfied subject to the supply constraint. The goal of the seller is to price her good dynamically so as to maximize her revenue. Fo...

  2. Has food price volatility risen?

    OpenAIRE

    Christopher Gilbert; Wyn Morgan

    2010-01-01

    The high food prices experienced over recent years have led to the widespread view that food price volatility has increased. However, volatility has generally been lower over the two most recent decades than previously. Variability over the most recent period has been high but, with the important exception of rice, not out of line with historical experience. There is weak evidence that the volatility of grains and vegetable oils prices may be increasing but it is too early to make a definite ...

  3. The supply price control: issues for review

    International Nuclear Information System (INIS)

    Littlechild, S.

    1993-01-01

    In this article, the Director General of the Office of Electricity Regulation (OFFER) sets out the issues involved in the current review of supply price controls for the twelve regional electricity companies (RECs) in the United Kingdom. The Government's current energy policy is outlined, drawing a distinction between electricity from fossil and non-fossil fuel sources. RECs are obliged by the licencees to purchase economically and OFFER seeks to monitor this process, both within Government limits. This history of price controls is outlined and the author considers what form the next supply control should take, bearing in mind generation costs and aims towards energy efficiency. The OFFER consultative document has now been published and public debate of these issues will follow. (UK)

  4. Importance of Electricity Transport Pricing in Liberalised Energy Markets

    International Nuclear Information System (INIS)

    Wohlgemuth, N.

    2001-01-01

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

  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. Producers give prices a boost

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    Uranium producers came alive in August, helping spot prices crack the $8.00 barrier for the first time since March. The upper end of NUKEM's price range actually finished the month at $8.20. Scrambling to fulfill their long-term delivery contracts, producers dominate the market. In the span of three weeks, five producers came out for 2 million lbs U3O8, ultimately buying nearly 1.5 million lbs. One producer accounted for over half this volume. The major factor behind rising prices was that producers required specific origins to meet contract obligations. Buyers willing to accept open origins created the lower end of NUKEM's price range

  7. Price Strategies in Banking Marketing

    Directory of Open Access Journals (Sweden)

    Iuliana Cetina

    2007-01-01

    Full Text Available All organizations must settle a price for the services they offer. The price for services is an important element of the marketing mix, being an important income source for the organization. The settlement of a correct price, both for the market and the competition, is a significant element for the sector of financial - banking services. Another important factor to take into consideration is the fact that the banks do not settle only the prices for individual services, but also coordinate their prices for service packages. As the competition in the financial - banking services has intensified, the settlement of correct prices has become an essential element for the marketing strategy. Nevertheless it is important to remind that the price is not a central element. There are other significant grounds, the price being only one of the elements of the marketing mix. Although in Romania many customers may be sensitive in present to the price, as the competition will increase, the quality of the services will become more important to the customers, and the demand will be complex.

  8. Price setting in turbulent times

    DEFF Research Database (Denmark)

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

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

  9. Carbon Prices: Dynamic analysis of European and Californian markets

    Science.gov (United States)

    Sousa, Rita Mafalda Dionisio de

    cycles (limited to the first days). It is suggested that the carbon market has more significant effects in longer cycles. The price of European carbon also has impact in CERs prices. The results are statistically significant and relevant, and will improve the quality of decision making of all parties involved in the energy and carbon markets - polluters and regulators included.

  10. Regulated electricity retailing in Chile

    Energy Technology Data Exchange (ETDEWEB)

    Galetovic, Alexander, E-mail: alexander@galetovic.cl [Facultad de Ciencias Economicas y Empresariales, Universidad de los Andes, Santiago, Chile. Av. San Carlos de Apoquindo 2200, Las Condes, Santiago (Chile); Munoz, Cristian M., E-mail: cmunozm@aes.com [AES Gener and Departamento de Ingenieria Electrica, Universidad Catolica de Chile (Chile)

    2011-10-15

    While some countries have unbundled distribution and retailing, skeptics argue that the physical attributes of electricity make retailers redundant. Instead, it is claimed that passive pass through of wholesale prices plus regulated charges for transmission and distribution suffice for customers to benefit from competitive generation markets. We review the Chilean experience with regulated retailing and pass through of wholesale prices. We argue that when energy wholesale prices are volatile and prices are stabilized, distortions emerge. Regulated retailers gain little by mitigating or correcting them. On the contrary, sometimes price distortions increase their profits. We estimate the cost of three distortions that neither regulated retailers nor the regulator have shown any interest in correcting. - Highlights: > We review Chile's experience with regulated electricity retailing. > Distortions emerge when energy wholesale prices are volatile and prices stabilized. > Regulated retailers gain little by mitigating or correcting distortions. > Sometimes price distortions increase retailers' profits. > We estimate the cost of three distortions, which retailers have not corrected.

  11. The impact of a federal cigarette minimum pack price policy on cigarette use in the USA.

    Science.gov (United States)

    Doogan, Nathan J; Wewers, Mary Ellen; Berman, Micah

    2018-03-01

    Increasing cigarette prices reduce cigarette use. The US Food and Drug Administration has the authority to regulate the sale and promotion-and therefore the price-of tobacco products. To examine the potential effect of federal minimum price regulation on the sales of cigarettes in the USA. We used yearly state-level data from the Tax Burden on Tobacco and other sources to model per capita cigarette sales as a function of price. We used the fitted model to compare the status quo sales with counterfactual scenarios in which a federal minimum price was set. The minimum price scenarios ranged from $0 to $12. The estimated price effect in our model was comparable with that found in the literature. Our counterfactual analyses suggested that the impact of a minimum price requirement could range from a minimal effect at the $4 level to a reduction of 5.7 billion packs sold per year and 10 million smokers at the $10 level. A federal minimum price policy has the potential to greatly benefit tobacco control and public health by uniformly increasing the price of cigarettes and by eliminating many price-reducing strategies currently available to both sellers and consumers. © Article author(s) (or their employer(s) unless otherwise stated in the text of the article) 2018. All rights reserved. No commercial use is permitted unless otherwise expressly granted.

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

    African Journals Online (AJOL)

    The Sierra Leone economy is a net importer with a chronic negative balance of trade and imports as a percentage of GDP averaged 40.75 per cent between 2001 and 2010. This study determined the effects of monetary environment, exchange rate movement and petroleum prices on domestic prices in Sierra Leone by ...

  13. 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

  14. 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.

  15. Strategic pricing of grid access under partial price-caps. Electricity distribution in England and Wales

    International Nuclear Information System (INIS)

    Riechmann, C.

    2000-01-01

    It is perceived in public debate that monopolistic network operators (who are vertically integrated into competitively organised activities) would raise excessive access charges to derail competition by newcomers. Economic reasoning, however, suggests that the level of access charges is, at least in a simple setting, irrelevant for the intensity of entry by newcomers. In a setting where access charges are price-cap regulated, theoretical considerations and empirical findings for the case of electricity distribution in England and Wales even suggest that inefficiently high access charges correspond with intense market entry. Efficiency concerns remain, nonetheless. If regulated by a practicable partial price-cap, the network operator may enforce monopolistic access charges in certain market segments. Access charges in other segments may be lowered strategically and may even be cross-subsidised. 36 refs

  16. Formation and forecast of the daily price of the electric power in the chain Nare-Guatape-San Carlos

    International Nuclear Information System (INIS)

    Romero, Alejandro; Carvajal, Luis

    2003-01-01

    This work shows three different methodologies for the understanding and forecast of the electric energy prices in the chain Nare - Guatape - San Carlos: lineal multivariate model, autoregressive deterministic model and Fourier series decomposition. The electric energy price depends basically of the reservoir level and river flow, not only its own but the reservoir down and up, waters. About prices forecast, they can be modeled with an autoregressive process. Prices forecast follows the tendency and captures with acceptable precision the maximum prices due especially to the low hydrology and price variability for daily and weekly regulation reservoirs

  17. Airport Pricing Strategies

    Science.gov (United States)

    Pels, Eric; Verhoef, Erik T.

    2003-01-01

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

  18. The oil barrel price

    International Nuclear Information System (INIS)

    Blondy, J.; Papon, P.

    2009-01-01

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

  19. Utility Green Pricing Programs: Design, Implementation, and Consumer Response

    Energy Technology Data Exchange (ETDEWEB)

    Bird, L.; Swezey, B.; Aabakken, J.

    2004-02-01

    The term green pricing refers to programs offered by utilities in traditionally regulated electricity markets, which allow customers to support the development of renewable energy sources by paying a small premium on their electric bills. Since the introduction of the concept in the United States, the number of unique utility green pricing programs has expanded from just a few programs in 1993 to more than 90 in 2002. About 10% of U.S. utilities offered a green pricing option to about 26 million consumers by the end of 2002. This report provides: (1) aggregate industry data on consumer response to utility programs, which indicate the collective impact of green pricing on renewable energy development nationally; and (2) market data that can be used by utilities as a benchmark for gauging the relative success of their green pricing programs. Specifically, the paper presents current data and trends in consumer response to green pricing, as measured by renewable energy sales, participants, participation rates, and new renewable energy capacity supported. It presents data on various aspects of program design and implementation, such as product pricing, ownership of supplies, retention rates, marketing costs, the effectiveness of marketing techniques, and methods of enrolling and providing value to customers.

  20. Oil company profitability: observations on the use of oil product price assessments and associated errors

    International Nuclear Information System (INIS)

    Jenkins, Gilbert

    2000-01-01

    Oil companies often report the exact price obtained for crude oil sales. Furthermore, crude oil prices may be linked to the price of Brent crude oil which is actively and very transparently traded on the International Petroleum Exchange. Brent crude oil prices are reported worldwide electronically and in many newspapers on a daily basis. Gas oil (No. 2 Fuel oil in the USA) is actively traded on the IPE and on NYMEX and the prices are also reported worldwide almost instantaneously. One grade of unleaded gasoline is traded on NYMEX but all other oil products do not have regulated and transparent markets. The prices of these products are assessed by price reporters following daily discussions with active oil traders. Two prices are assessed and reported, the bid (low) and offer (high) even if no trade has taken place. The oil industry itself and oil products consumers make much use of these assessed prices. The object of this paper is to provide some statistical detail on the differences between various product price assessments made through 2000. From these differences, it is possible to provide an indication of the precision of oil product price assessments However, it is doubtful if precision data based on a simple determination of the standard deviation of the differences between the assessment made by the various price reporting services would be of practical use. (Author)

  1. An empirical examination of restructured electricity prices

    International Nuclear Information System (INIS)

    Knittel, C.R.; Roberts, M.R.

    2005-01-01

    We present an empirical analysis of restructured electricity prices. We study the distributional and temporal properties of the price process in a non-parametric framework, after which we parametrically model the price process using several common asset price specifications from the asset-pricing literature, as well as several less conventional models motivated by the peculiarities of electricity prices. The findings reveal several characteristics unique to electricity prices including several deterministic components of the price series at different frequencies. An 'inverse leverage effect' is also found, where positive shocks to the price series result in larger increases in volatility than negative shocks. We find that forecasting performance in dramatically improved when we incorporate features of electricity prices not commonly modelled in other asset prices. Our findings have implications for how empiricists model electricity prices, as well as how theorists specify models of energy pricing. (author)

  2. Price squeezes in electric power: The new Battle of Concord

    International Nuclear Information System (INIS)

    Kwoka, J.E. Jr.

    1992-01-01

    The US Court of Appeals opinion in Town of Concord v. Boston Edison offers a vigorous statement of the position that in a regulated market, what may appear to be a price squeeze almost certainly cannot harm the competitive process and therefore should not be held to violate the antitrust laws. While not disputing the possibility of self-serving claims of price squeezes, this article shows that truly anticompetitive price squeezes may indeed occur in the electric power industry and cannot be so readily dismissed. This analysis begins with a brief factual and economic background on price squeezes, then addresses arguments made in Concord and elsewhere seeking to disprove their possibility, and demonstrate that sound economics and good policy require a more balanced approach

  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. Housing Price Volatility and Econometrics

    Czech Academy of Sciences Publication Activity Database

    Sunega, Petr; Lux, Martin; Zemčík, Petr

    2014-01-01

    Roč. 1, č. 2 (2014), s. 70-78 ISSN 2336-2839 R&D Projects: GA ČR(CZ) GAP404/12/1446 Institutional support: RVO:68378025 ; RVO:67985998 Keywords : econometrics * housing prices * price bubbles Subject RIV: AO - Sociology, Demography

  5. 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...

  6. 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

  7. The true Price of Chocolate?

    NARCIS (Netherlands)

    Ingram, V.J.; Chocoloney, T.

    2015-01-01

    Chocolate prices generally do not incorporate many of the environmental and social externalities, costs which are incurred as the main ingredients such as cocoa and sugar move from farms, to factories to consumers. Nor do prices reflect the benefits of non-conventional production and alternative

  8. Price Discrimination: Lessons for Consumers.

    Science.gov (United States)

    Maynes, E. Scott

    1990-01-01

    Explains price and product discrimination, showing how intelligent consumers can achieve increased purchasing power of their income and discusses how consumer educators can explain this discrimination. Evaluates the pros and cons of price/product discrimination from the social viewpoint. (Author/JOW)

  9. Reciprocity, World Prices and Welfare

    DEFF Research Database (Denmark)

    Raimondos-Møller, Pascalis; Woodland, Alan D.

    it is possible to find tariff reforms that are consistent with both reciprocity and constant world prices, these reforms do not follow from the reciprocity condition, but rather from the requirement of unchanged world prices. We propose an alternative reciprocity rule that is guaranteed to raise the welfare...

  10. 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. 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...

  12. Oil price and the dollar

    International Nuclear Information System (INIS)

    Coudert, V.; Mignon, V.; Penot, A.

    2007-01-01

    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

  13. Regime jumps in electricity prices

    NARCIS (Netherlands)

    R. Huisman (Ronald); R.J. Mahieu (Ronald)

    2003-01-01

    textabstractMany countries are liberalizing their energy markets. Participants in these markets are exposed to market risk due to the characteristics of electricity price dynamics. Electricity prices are known to be mean-reverting very volatile and subject to frequent spikes. Models that describe

  14. Coinsurance effects on dental prices.

    Science.gov (United States)

    Grembowski, D; Conrad, D A

    1986-01-01

    For many Americans the cost of dental services represents a barrier to receiving regular dental care and maintaining proper oral health. The recent growth of the dental insurance industry, however, may partly offset this price barrier among insureds. Our purpose is to examine the relationship between coinsurance and dental prices for 16 dental services among a sample of Pennsylvania Blue Shield (PBS) adult insureds. The dependent price measure is the annual average gross price paid for 16 specific preventive, restorative, periodontic, endodontic, prosthodontic, and surgical dental services. Independent variables in the price model include the insured's age, education, coinsurance rates, time costs, market area, non-wage income, oral health status, area dentist-population ratio and usual source of care. Data sources are 1980 PBS claims and coinsurance rate data and a mail survey of sampled insureds. OLS regression analysis reveals that the model's independent variables explain little dental price variation. No variable is consistently significant across services, but market area, coinsurance rates, and time costs alternately dominate across equations. These results suggest that, among adult insureds, coinsurance and time costs influence dental fees in a minority of dental services. Insurance reduces the patient's sensitivity to money price, and non-price factors correspondingly seem to become more important in patient search.

  15. Pricing strategies for information goods

    Indian Academy of Sciences (India)

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

    advent of e-commerce has increased the popularity of versioning as a strategic tool: One can pay $29·95 for an online subscription to the Wall Street Journal if one also buys the print edition, or pay a higher price for the online version only. Pricing of different versions of information goods would depend on how and why the.

  16. The Preference for Round Number Prices

    OpenAIRE

    Klumpp, Joni M.; Brorsen, B. Wade; Anderson, Kim B.

    2005-01-01

    This study determines if a preference for round prices exists in the wheat market and how wheat sales react to price movements around whole dollar amounts. The results show round prices are slightly more prevalent than non-round prices and that transactions increase when price moves above a whole dollar amount.

  17. Weighted south-wide average pulpwood prices

    Science.gov (United States)

    James E. Granskog; Kevin D. Growther

    1991-01-01

    Weighted average prices provide a more accurate representation of regional pulpwood price trends when production volumes valy widely by state. Unweighted South-wide average delivered prices for pulpwood, as reported by Timber Mart-South, were compared to average annual prices weighted by each state's pulpwood production from 1977 to 1986. Weighted average prices...

  18. 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…

  19. Topics on Electricity Transmission Pricing

    Energy Technology Data Exchange (ETDEWEB)

    Bjoerndal, Mette

    2000-02-01

    Within the last decade we have experienced deregulation of several industries, such as airlines, telecommunications and the electric utility industry, the last-mentioned being the focus of this work. Both the telecommunications and the electricity sector depend on network facilities, some of which are still considered as natural monopolies. In these industries, open network access is regarded as crucial in order to achieve the gains from increased competition, and transmission tariffs are important in implementing this. Based on the Energy Act that was introduced in 1991, Norway was among the first countries to restructure its electricity sector. On the supply side there are a large number of competing firms, almost exclusively hydro plants, with a combined capacity of about 23000 MW, producing 105-125 TWh per year, depending on the availability of water. Hydro plants are characterized by low variable costs of operation, however since water may be stored in dams, water has an opportunity cost, generally known as the water value, which is the shadow price of water when solving the generator's inter temporal profit maximization problem. Water values are the main factor of the producers' short run marginal cost. Total consumption amounts to 112-117 TWh a year, and consumers, even households, may choose their electricity supplier independent of the local distributor to which the customer is connected. In fact, approximately 10% of the households have actually changed supplier. The web-site www.konkurransetilsynet.no indicates available contracts, and www.dinside.no provides an ''energy-calculator'' where one can check whether it is profitable to switch supplier. If a customer buys energy from a remote supplier, the local distributor only provides transportation facilities for the energy and is compensated accordingly. Transmission and distribution have remained monopolized and regulated by the Norwegian Water Resources and Energy

  20. Topics on Electricity Transmission Pricing

    International Nuclear Information System (INIS)

    Bjoerndal, Mette

    2000-02-01

    Within the last decade we have experienced deregulation of several industries, such as airlines, telecommunications and the electric utility industry, the last-mentioned being the focus of this work. Both the telecommunications and the electricity sector depend on network facilities, some of which are still considered as natural monopolies. In these industries, open network access is regarded as crucial in order to achieve the gains from increased competition, and transmission tariffs are important in implementing this. Based on the Energy Act that was introduced in 1991, Norway was among the first countries to restructure its electricity sector. On the supply side there are a large number of competing firms, almost exclusively hydro plants, with a combined capacity of about 23000 MW, producing 105-125 TWh per year, depending on the availability of water. Hydro plants are characterized by low variable costs of operation, however since water may be stored in dams, water has an opportunity cost, generally known as the water value, which is the shadow price of water when solving the generator's inter temporal profit maximization problem. Water values are the main factor of the producers' short run marginal cost. Total consumption amounts to 112-117 TWh a year, and consumers, even households, may choose their electricity supplier independent of the local distributor to which the customer is connected. In fact, approximately 10% of the households have actually changed supplier. The web-site www.konkurransetilsynet.no indicates available contracts, and www.dinside.no provides an ''energy-calculator'' where one can check whether it is profitable to switch supplier. If a customer buys energy from a remote supplier, the local distributor only provides transportation facilities for the energy and is compensated accordingly. Transmission and distribution have remained monopolized and regulated by the Norwegian Water Resources and Energy Directorate (NVE). To prevent cross

  1. Topics in Electricity Transmission Pricing

    Energy Technology Data Exchange (ETDEWEB)

    Bjoerndal, Mette

    2000-02-01

    Within the last decade we have experienced deregulation of several industries, such as airlines, telecommunications and the electric utility industry, the last-mentioned being the focus of this work. Both the telecommunications and the electricity sector depend on network facilities, some of which are still considered as natural monopolies. In these industries, open network access is regarded as crucial in order to achieve the gains from increased competition, and transmission tariffs are important in implementing this. Based on the Energy Act that was introduced in 1991, Norway was among the first countries to restructure its electricity sector. On the supply side there are a large number of competing firms, almost exclusively hydro plants, with a combined capacity of about 23000 MW, producing 105-125 TWh per year, depending on the availability of water. Hydro plants are characterized by low variable costs of operation, however since water may be stored in dams, water has an opportunity cost, generally known as the water value, which is the shadow price of water when solving the generator's inter temporal profit maximization problem. Water values are the main factor of the producers' short run marginal cost. Total consumption amounts to 112-117 TWh a year, and consumers, even households, may choose their electricity supplier independent of the local distributor to which the customer is connected. In fact, approximately 10% of the households have actually changed supplier. The web-site www.konkurransetilsynet.no indicates available contracts, and www.dinside.no provides an ''energy-calculator'' where one can check whether it is profitable to switch supplier. If a customer buys energy from a remote supplier, the local distributor only provides transportation facilities for the energy and is compensated accordingly. Transmission and distribution have remained monopolized and regulated by the Norwegian Water Resources and Energy

  2. Poverty, Policy and Price Transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    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...... 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...... 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...

  3. 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...

  4. 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

  5. Policy Brief: Petroleum product pricing reforms in India. Are we on the right track?

    Energy Technology Data Exchange (ETDEWEB)

    Agarwal, Pravin Kumar; Soni, Anmol

    2013-03-15

    The path to petroleum product pricing reforms in India has been full of undulations. Even though Administered Pricing Mechanism (APM) was dismantled during 1 April 1998 to 31 March 2002, the government continued to regulate the prices of petrol, diesel, Public distribution System (PDS) kerosene, and domestic LPG, except for over a year, when oil marketing companies (OMCs) revised the consumer prices of petrol and diesel in line with the international prices. In June 2010, petrol pricing was deregulated, but government control continued to an extent. This control of petroleum product prices has not only severely affected the fiscal balance of the economy, but has also adversely impacted the oil companies (both upstream and downstream), eventually affecting the overall development of the sector. In fact, the impact of petroleum product subsidies has compelled the government to announce certain reforms in the past few months.

  6. Future prices and market for SO2 allowances

    International Nuclear Information System (INIS)

    Sanghi, A.; Joseph, A.; Michael, K.; Munro, W.; Wang, J.

    1993-01-01

    The expected price of SO 2 emission allowances is an important issue in energy and integrated resource planning activities. For example, the expected price of SO 2 allowances in needed in order to evaluate alternative strategies for meeting SO 2 provisions of the Clean Air Act Amendments of 1990. In addition, the expected SO 2 allowance price is important to state public utility regulators who must provide guidance on rate-making issues regarding utility compliance plans which involve allowance trading and direct investment of SO 2 control technologies. Last but not the least, the expected SO 2 allowance price is an important determinant of the future market for natural gas and low sulfur coal. The paper develops estimates of SO 2 allowance prices over time by constructing national supply and demand curves for SO 2 reductions. Both the supply and demand for SO 2 reductions are based on an analysis of the sulfur content of fuels burned in 1990 by utilities throughout the United States; and on assumptions about plant retirements, the rate of new capacity growth, the types of new and replacement plants constructed, the costs of SO 2 reduction measures and legislation by midwest states to maintain the use of high sulfur coal to protect local jobs. The paper shows that SO 2 allowance prices will peak around the year 2000 at about $500 per ton, and will eventually fall to zero by about the year 2020. A sensitivity analysis indicates that the price of SO 2 allowances is relatively insensitive to assumptions regarding the availability of natural gas or energy demand growth. However, SO 2 allowance prices tend to be quite sensitive to assumptions regarding regulations which may force early retirement of existing power plants and possible legislation which may reduce CO 2 emissions

  7. World oil prices, precious metal prices and macroeconomy in Turkey

    International Nuclear Information System (INIS)

    Soytas, Ugur; Sari, Ramazan; Hammoudeh, Shawkat; Hacihasanoglu, Erk

    2009-01-01

    We examine the long- and short-run transmissions of information between the world oil price, Turkish interest rate, Turkish lira-US dollar exchange rate, and domestic spot gold and silver price. We find that the world oil price has no predictive power of the precious metal prices, the interest rate or the exchange rate market in Turkey. The results also show that the Turkish spot precious metals, exchange rate and bond markets do not also provide information that would help improve the forecasts of world oil prices in the long run. The findings suggest that domestic gold is also considered a safe haven in Turkey during devaluation of the Turkish lira, as it is globally. It is interesting to note that there does not seem to be any significant influence of developments in the world oil markets on Turkish markets in the short run either. However, transitory positive initial impacts of innovations in oil prices on gold and silver markets are observed. The short-run price transmissions between the world oil market and the Turkish precious metal markets have implications for policy makers in emerging markets and both local and global investors in the precious metals market and the oil market.

  8. Alcohol price elasticities in control and license states in the United States, 1982-99.

    Science.gov (United States)

    Trolldal, Björn; Ponicki, William

    2005-08-01

    The demand for alcohol has been demonstrated repeatedly to be sensitive to price changes. However, estimated price elasticities vary by study region and over time. One explanation for these variations might be that different countries or parts of countries have had different alcohol control systems. The hypothesis addressed in this study was that a regulated market leads to higher transaction costs associated with purchasing alcohol, which in turn increases the full price of the beverages (the nominal cash price plus transaction costs). As a result, the cash price of alcohol represents a smaller part of the full price in a highly regulated market. Assuming that customers respond primarily to changes in full price, the demand for alcohol should be less sensitive to changes in cash price where regulation is stricter. This study examined whether variations in price elasticities were a function of the different regulatory systems in control and license states in the United States during the period 1982-99. Time-series cross-sectional analyses (in 50 states over 18 years) were conducted. Elasticities were estimated using a multiplicative model based upon first-differences of time-series within states. Disposable income and other socio-demographic variables were used as control variables. All data were obtained from archival sources. The demand for spirits and beer were significantly more sensitive to price changes in license states than in control states. The estimated price elasticity for wine sales was also somewhat larger in license states, but not significantly so. The lower price elasticities for spirits and beer in the control states support the hypothesis that customers respond primarily to changes in the full price of alcohol.

  9. Option pricing for non-Gaussian price fluctuations

    Science.gov (United States)

    Kleinert, Hagen

    2004-07-01

    From the path integral description of price fluctuations with non-Gaussian distributions we derive a stochastic calculus which replaces Itô's calculus for harmonic fluctuations. We set up a natural martingale for option pricing from the wealth balance of options, stocks, and bonds, and evaluate the resulting formula for truncated Lévy distributions. After this, an alternative formula is derived for a model of multivariant Gaussian price fluctuations which leads to non-Gaussian return distributions fitting Dow Jones data excellently from long to short time scales with a tail behavior e - x/ x3/2.

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

    International Nuclear Information System (INIS)

    Ewing, Bradley T.; Thompson, Mark A.

    2007-01-01

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

  11. 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

  12. Energy prices, equalization and federalism

    International Nuclear Information System (INIS)

    Courchene, T.J.

    2005-01-01

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

  13. Have oil and gas prices got separated?

    International Nuclear Information System (INIS)

    Erdős, Péter

    2012-01-01

    This paper applies vector error correction models that show that oil and natural gas prices decoupled around 2009. Before 2009, US and UK gas prices had a long-term equilibrium with crude prices to which gas prices always reverted after exogenous shocks. Both US and UK gas prices adjusted to the crude oil price individually, and departure from the equilibrium gas price on one continent resulted in a similar departure on the other. After an exogenous shock, the adjustment between US and UK gas prices took approximately 20 weeks on average, and the convergence was mediated mainly by crude oil with a necessary condition that arbitrage across the Atlantic was possible. After 2009, however, the UK gas price has remained integrated with oil price, but the US gas price decoupled from crude oil price and the European gas price, as the Atlantic arbitrage has halted. The oversupply from shale gas production has not been mitigated by North American export, as there has been no liquefying and export capacity. - Highlights: ► VEC models are applied to investigate the relationship between oil and natural gas prices. ► While natural gas prices in Europe and Asia react to oil price, US gas price decoupled from oil in 2009. ► Since 2009, the US gas price has decoupled from the European and Asian gas prices.

  14. A survey of utility experience with real time pricing: implications for policymakers seeking price responsive demand

    International Nuclear Information System (INIS)

    Barbose, Galen; Goldman, Charles; Neenan, Bernard

    2005-01-01

    Economists and policy makers frequently propose real time pricing (RTP) as a strategy for facilitating price responsive demand, thereby improving the performance of electricity markets and regional networks. While theoretically appealing, many practical and empirical issues related to RTP remain unresolved or poorly understood. Over the past two decades, more than 70 utilities in the U.S. have offered voluntary RTP tariffs, on either a pilot or permanent basis. However, most have operated in relative obscurity, and little information has made its way into the public domain. To address this gap, we conducted a conducted a comprehensive review of voluntary RTP programs in the U.S. by surveying 43 U.S. utilities and reviewing regulatory documents, tariffs, program evaluations, and other publicly available sources. Based on this review of RTP program experience, we identify key trends related to utilities' motivations and goals for implementing RTP, evolution of RTP tariff design, program participation, participant price response, and program outlook. Experience with voluntary RTP programs has been mixed. Several utilities have demonstrated that voluntary RTP programs are capable of generating significant load reductions. However, most programs have attracted relatively few participants and therefore have generated quite limited load reductions. About 2700 non-residential customers were enrolled in RTP programs in 2003, representing more than 11 000 MW of load. We then draw from these findings to identify implications for policy makers and regulators that are currently considering RTP as a strategy for facilitating price responsive demand

  15. Defense Contract Audit Agency Reviews of Price Proposals

    National Research Council Canada - National Science Library

    1998-01-01

    .... Auditors perform field pricing reviews of contractor price proposals when procurement office information is insufficient to perform the cost or price analysis needed to negotiate contract prices...

  16. 19 CFR 351.414 - Comparison of normal value with export price (constructed export price).

    Science.gov (United States)

    2010-04-01

    ... Price, Fair Value, and Normal Value § 351.414 Comparison of normal value with export price (constructed... 19 Customs Duties 3 2010-04-01 2010-04-01 false Comparison of normal value with export price... value and, in an investigation, prices used as the basis for export price or constructed export price as...

  17. 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.

  18. Canadian natural gas price forecast

    International Nuclear Information System (INIS)

    Jones, D.

    1998-01-01

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

  19. [The French medecine pricing committee].

    Science.gov (United States)

    Giorgi, D

    2017-09-01

    The French medicine pricing committee (CEPS) has to reconcile several major constraints, including optimal patient access to medicines and a good control of expenditures on reimbursable medicines. From 2013 to 2015, drug price decreases and discounts obtained by CEPS contributed more than € 5 billion to the balance of the health insurance accounts. As for price setting, there is a significant drop in the prices of medicines in France once they are registered for reimbursement. France is affected by a limited, but costly, flow of innovative medicines, whose prices are higher than those of previous generations, a reflection of an international gradient to which France is obviously subject, despite prices that remain at the low end of the range in Western Europe. The provision of innovative medicines for all patients who need them has been ensured in France over the last fifteen years at a controlled cost. But with the arrival of new expensive products, a resolute policy of control of expenditures must take over from the fall in prices, and original financing channels will have to be explored. Copyright © 2017 Académie Nationale de Pharmacie. Published by Elsevier Masson SAS. All rights reserved.

  20. 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....

  1. Water Demand Under Alternative Price Structures

    OpenAIRE

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

    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...

  2. 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......,679 residential consumers. The deterministic approach and its robust counterpart are used to solve the problem. The results show that, with a slight decrease in the expected payoff, the REP can effectively protect itself against price variations. Offering time-variable retail rates also can increase the expected...

  3. Reducing greenhouse gas emissions: a duopoly market pricing competition and cooperation under the carbon emissions cap.

    Science.gov (United States)

    Jian, Ming; He, Hua; Ma, Changsong; Wu, Yan; Yang, Hao

    2017-05-17

    This article studies the price competition and cooperation in a duopoly that is subjected to carbon emissions cap. The study assumes that in a departure from the classical Bertrand game, there is still a market for both firms' goods regardless of the product price, even though production capacity is limited by carbon emissions regulation. Through the decentralized decision making of both firms under perfect information, the results are unstable. The firm with the lower maximum production capacity under carbon emissions regulation and the firm with the higher maximum production capacity both seek market price cooperation. By designing an internal carbon credits trading mechanism, we can ensure that the production capacity of the firm with the higher maximum production capacity under carbon emissions regulation reaches price equilibrium. Also, the negotiation power of the duopoly would affect the price equilibrium.

  4. Natural gas pricing reform in China: Getting closer to a market system?

    International Nuclear Information System (INIS)

    Paltsev, Sergey; Zhang, Danwei

    2015-01-01

    Recent policy in China targets an increase in the contribution of natural gas to the nation's energy supply. Historically, China's natural gas prices have been highly regulated with a goal to protect consumers. The old pricing regime failed to provide enough incentives for natural gas suppliers, which often resulted in natural gas shortage. A new gas pricing reform was tested in Guangdong and Guangxi provinces in 2011, and introduced nationwide in 2013. The reform is aimed at creating a more market-based pricing mechanism. We show that a substantial progress toward a better predictability and transparency of prices has been made. The prices are now more connected with the international fuel oil and liquid petroleum gas prices. The government's approach for a temporary two-tier pricing when some volumes are still traded at old prices reduced a potential opposition during the new regime implementation. Some limitations of the natural gas pricing remain as it created biased incentives for producers and favors large natural gas suppliers. The pricing reform at its current stage falls short of establishing a complete market mechanism driven by an interaction of supply and demand of natural gas in China. - Highlights: • China's reform of natural gas pricing is in effect nationwide from 2013. • Prices are now connected to international fuel oil and liquid petroleum gas prices. • The reform benefits domestic producers and importers of natural gas. • There are still price distortions between industrial and residential sector. • The reform needs to create a system where both supply and demand are considered.

  5. What drives natural gas prices?

    OpenAIRE

    Brown, Stephen P. A.; Yücel, Mine K.

    2007-01-01

    For many years, fuel switching between natural gas and residual fuel oil kept natural gas prices closely aligned with those for crude oil. More recently, however, the number of U.S. facilities able to switch between natural gas and residual fuel oil has declined, and over the past five years, U.S. natural gas prices have been on an upward trend with crude oil prices but with considerable independent movement. Natural gas market analysts generally emphasize weather and inventories as drivers o...

  6. Oil price, oil price volatility and natural gas

    OpenAIRE

    Erdoğan, Mürşide Rabia

    2017-01-01

    Cataloged from PDF version of article. Thesis (M.S.): Bilkent University, Department of Economics, İhsan Doğramacı Bilkent University, 2017. Includes bibliographical references (leaves 29-31). Natural gas market has been developing and transportation and storage methods have been improving. Due to substitution between natural gas and oil in various sectors such as power generation, oil price and oil price volatility may reflect these changes in natural gas markets. We employ four rat...

  7. Regulating fisheries under uncertainty

    DEFF Research Database (Denmark)

    Hansen, Lars Gårn; Jensen, Frank

    2017-01-01

    the effects of these uncertainties into a single welfare measure for comparing tax and quota regulation. It is shown that quotas are always preferred to fees when structural economic uncertainty dominates. Since most regulators are subject to this kind of uncertainty, this result is a potentially important......Regulator uncertainty is decisive for whether price or quantity regulation maximizes welfare in fisheries. In this paper, we develop a model of fisheries regulation that includes ecological uncertainly, variable economic uncertainty as well as structural economic uncertainty. We aggregate...... qualification of the pro-price regulation message dominating the fisheries economics literature. We also believe that the model of a fishery developed in this paper could be applied to the regulation of other renewable resources where regulators are subject to uncertainty either directly or with some...

  8. Pricing hospital care: Global budgets and marginal pricing strategies.

    Science.gov (United States)

    Sutherland, Jason M

    2015-08-01

    The Canadian province of British Columbia (BC) is adding financial incentives to increase the volume of surgeries provided by hospitals using a marginal pricing approach. The objective of this study is to calculate marginal costs of surgeries based on assumptions regarding hospitals' availability of labor and equipment. This study is based on observational clinical, administrative and financial data generated by hospitals. Hospital inpatient and outpatient discharge summaries from the province are linked with detailed activity-based costing information, stratified by assigned case mix categorizations. To reflect a range of operating constraints governing hospitals' ability to increase their volume of surgeries, a number of scenarios are proposed. Under these scenarios, estimated marginal costs are calculated and compared to prices being offered as incentives to hospitals. Existing data can be used to support alternative strategies for pricing hospital care. Prices for inpatient surgeries do not generate positive margins under a range of operating scenarios. Hip and knee surgeries generate surpluses for hospitals even under the most costly labor conditions and are expected to generate additional volume. In health systems that wish to fine-tune financial incentives, setting prices that create incentives for additional volume should reflect knowledge of hospitals' underlying cost structures. Possible implications of mis-pricing include no response to the incentives or uneven increases in supply. Copyright © 2015 The Authors. Published by Elsevier Ireland Ltd.. All rights reserved.

  9. Electricity transmission pricing and technology

    International Nuclear Information System (INIS)

    Einhorn, M.; Siddiqi, R.

    1996-01-01

    The electric utility industry and its stake holders in the United States appear to be at a critical juncture in time. Powerful forces of global proportions are propelling the industry instinctively and in a secular fashion towards restructuring. That the industry will change is a fait accomplii. The nature and timing of the change is still a matter of intense debate, however. Because of the evolution of the industry into its present-day form, i.e. regulated local monopolies in their designated franchise service territories, the relative roles and expectations of various institutions would have to change to conform to the new state in the future. In either encouraging, or allowing this change to happen, society is essentially saying that future societal welfare would be better served by the changed structure contemplated. What that assumption translates into in more direct terms is that creation of future wealth would be better accomplished through redistribution of wealth today. Thoughtful individuals recognize the enormous responsibility placed upon the various entities empowered with jurisdiction over the timing and nature of the structural change. They are trying hard to bring analytical rigor to bear on the debate. One very critical element of this debate on restructuring is the issue of the treatment of transmission. The issue has been variously labeled transmission access, or pricing. Volumes have been written and spoken on this topic. We felt that there was a pressing need to assemble a volume which would serve as a one-stop source for varied viewpoints and comprehensive coverage of the subject, both technical and economic. 58 figs., 23 tabs., 103 refs

  10. Ownership Restrictions, Tax Competition and Transfer Pricing Policy

    NARCIS (Netherlands)

    Diaw, K.

    2004-01-01

    This paper analyzes tax/subsidy competition and transfer pricing regulation between governments involved in trade through a multinational firm and a joint venture using an input provided by the former.The paper takes into account the fact that in absence of bargaining, any model of such JV is

  11. Water Price Reforms in China: Policy-Making and Implementation

    NARCIS (Netherlands)

    Zhong, L.; Mol, A.P.J.

    2010-01-01

    Following the conviction that economic and pricing approaches are an essential addition to conventional command-and-control environmental regulation, China has gradually increased attention to, research on and experiments with the application of economic instruments in urban water management over

  12. Natural gas prices force businesses to strategic energy policy

    International Nuclear Information System (INIS)

    Wisse, C.J.

    2006-01-01

    There are many factors which force businesses to think about a strategic energy policy: energy prices, supply security, regulations in the Netherlands and the European Union, technological developments with regard to fuels, etc. By using a decision making model several criteria can be assessed for different scenarios [nl

  13. 7 CFR 1170.8 - Price reporting specifications.

    Science.gov (United States)

    2010-01-01

    ... Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Milk), DEPARTMENT OF AGRICULTURE DAIRY PRODUCT MANDATORY REPORTING § 1170.8 Price reporting specifications. The following are the reporting specifications for each dairy product: (a...

  14. 5 CFR 591.209 - What is a price index?

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false What is a price index? 591.209 Section 591.209 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living...

  15. 5 CFR 591.214 - How does OPM collect prices?

    Science.gov (United States)

    2010-01-01

    ... 5 Administrative Personnel 1 2010-01-01 2010-01-01 false How does OPM collect prices? 591.214 Section 591.214 Administrative Personnel OFFICE OF PERSONNEL MANAGEMENT CIVIL SERVICE REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living...

  16. 7 CFR 1001.62 - Announcement of producer prices.

    Science.gov (United States)

    2010-01-01

    ....62 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Milk), DEPARTMENT OF AGRICULTURE MILK IN THE NORTHEAST MARKETING..., nonfat solids, and other solids content of producer milk; and (g) The statistical uniform price for milk...

  17. 48 CFR 52.249-7 - Termination (Fixed-Price Architect-Engineer).

    Science.gov (United States)

    2010-10-01

    ... Architect-Engineer). 52.249-7 Section 52.249-7 Federal Acquisition Regulations System FEDERAL ACQUISITION... Clauses 52.249-7 Termination (Fixed-Price Architect-Engineer). As prescribed in 49.503(b), insert the following clause in solicitations and contracts for architect-engineer services when a fixed-price contract...

  18. 48 CFR 52.232-10 - Payments Under Fixed-Price Architect-Engineer Contracts.

    Science.gov (United States)

    2010-10-01

    ... Architect-Engineer Contracts. 52.232-10 Section 52.232-10 Federal Acquisition Regulations System FEDERAL... Provisions and Clauses 52.232-10 Payments Under Fixed-Price Architect-Engineer Contracts. As prescribed in 32.111(c)(1), insert the following clause: Payments Under Fixed-Price Architect-Engineer Contracts (APR...

  19. 48 CFR 52.232-26 - Prompt payment for fixed-price architect-engineer contracts.

    Science.gov (United States)

    2010-10-01

    ...-price architect-engineer contracts. 52.232-26 Section 52.232-26 Federal Acquisition Regulations System... Text of Provisions and Clauses 52.232-26 Prompt payment for fixed-price architect-engineer contracts...-Engineer Contracts (OCT 2008) Notwithstanding any other payment terms in this contract, the Government will...

  20. 48 CFR 616.207 - Firm-fixed-price, level-of-effort term contracts.

    Science.gov (United States)

    2010-10-01

    ...-effort term contracts. 616.207 Section 616.207 Federal Acquisition Regulations System DEPARTMENT OF STATE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 616.207 Firm-fixed-price, level-of-effort term contracts. ...

  1. 5 CFR 591.215 - Where does OPM collect prices in the COLA and DC areas?

    Science.gov (United States)

    2010-01-01

    ... SERVICE REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living Allowances § 591.215 Where does OPM collect prices in the COLA and DC areas? (a... collect survey data onsite, use alternative indicators of relative living costs (e.g., price and cost...

  2. 48 CFR 16.403-2 - Fixed-price incentive (successive targets) contracts.

    Science.gov (United States)

    2010-10-01

    ... pricing information is not sufficient to permit the negotiation of a realistic firm target cost and profit...; and (2) Cost or pricing information adequate for establishing a reasonable firm target cost is... (successive targets) contracts. 16.403-2 Section 16.403-2 Federal Acquisition Regulations System FEDERAL...

  3. 48 CFR 52.216-17 - Incentive Price Revision-Successive Targets.

    Science.gov (United States)

    2010-10-01

    ... in the pricing document supporting the provisioning or added items. Initial or firm target costs and...-Successive Targets. 52.216-17 Section 52.216-17 Federal Acquisition Regulations System FEDERAL ACQUISITION... Clauses 52.216-17 Incentive Price Revision—Successive Targets. As prescribed in 16.406(b), insert the...

  4. Speculation on commodities futures markets and destabilization of global food prices: exploring the connections.

    Science.gov (United States)

    Ghosh, Jayati; Heintz, James; Pollin, Robert

    2012-01-01

    In December 2010, the United Nations Food and Agriculture Organization's Food Price Index surpassed its previous peak of June 2008, and prices remained at this level through September 2011. This pattern is creating justified fears of a renewal or intensification of the global food crisis. This paper reviews arguments and evidence to inform debates on how to regulate commodity futures markets in the face of such price volatility and sustained high prices. We focus on the relationship between market liquidity and price patterns in asset markets in general and in commodities futures markets in particular, as well as the relationship between spot and futures market prices for food. We find strong evidence supporting the need to limit huge increases in trading volume on futures markets through regulations. We find that arguments opposing regulation are not supported. We find no support for the claim that liquidity in futures markets stabilizes prices at "fundamental" values or that spot market prices are free of any significant influence from futures markets. Given these results, the most appropriate position for regulators is precautionary: they should enact and enforce policies capable of effectively dampening excessive speculative trading on the commodities markets for food.

  5. Differentiation of Electricity Prices: Role of Space and Institutions

    Directory of Open Access Journals (Sweden)

    Olga Valeryevna Dyomina

    2016-03-01

    Full Text Available The article discusses the empirical material based features of the functioning of spatially distributed power systems and the relevant markets in the «big» countries: Russia, USA, Canada and China. The following hypothesis are tested: 1 - inter-territorial differentiation of electricity prices is not an exclusive phenomenon of the industrial market failure in Russia, but describes the common pattern of the electricity market in the «big» countries; 2 - the formation of the institute of price discrimination of power consumers is caused by objective reasons (it has an objective character. It is shown that the objective differentiation of geographic conditions of the electrical energy generation, distribution and consumption in the «big» countries determines the presence of markets multiplicity, accompanied by prices levels multiplicity caused by multiple levels of production cost and electricity transmission, which is contrary to the principles of market competitiveness and social equity. The resolution of this contradiction in all countries above breeds preservation and even the strengthening of state electricity price regulation in the form of cross-subsidization. Cross-subsidization leads to price discrimination of consumers, forms of which vary depending on the institutional conditions that determine the specific mechanism and purpose of such discrimination: in Russia and in China - between groups of consumers; in the United States - between customers of different states; in Canada - existence in most provinces of vertically integrated companies which suggests the presence of price discrimination of electricity consumers

  6. Rising Food Prices: Who's Responsible?

    Science.gov (United States)

    Brown, Lester R.

    1973-01-01

    Rise in food prices can be partially attributed to the high food consumption level throughout Europe and North America, coupled with failure to evolve systems for more production of cattle, soybeans, and fisheries at lower cost. (PS)

  7. The price of environmental pollution

    International Nuclear Information System (INIS)

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

    1996-11-01

    There is no market price for environmental pollution, simply because of the fact that there is not a market for the environment. However, it is possible to calculate so-called shadow prices for environmental pollution. The calculation method can be summarized as follows: determine the price that exist when there would be a market for the environment. In many cases the calculation must be based on environmental targets as determined by the government. Based on that method and on available data and information, shadow prices are estimated for 18 different pollutants: CO2, CO, CH4, SO2, NH3, NOx, volatile organic materials, final wastes, phosphates, nitrates, COD, fine dust, toluene, benzene, benzopyrene (to air and water), zinc (to water), and copper (to water). 7 figs., 5 tabs., 43 refs

  8. Poverty, Policy and Price Transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    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...... 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...... 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...

  9. 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...

  10. 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.

  11. 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...

  12. Pricing decision-making units

    OpenAIRE

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

    2013-01-01

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

  13. The Price-Anderson Act

    International Nuclear Information System (INIS)

    Jones, R.

    2000-01-01

    The Price-Anderson Act establishes nuclear liability law in the United States. First passed in 1957, it has influenced other nuclear liability legislation around the world. The insurer response the nuclear accident at Three Mile Island in 1979 demonstrates the application of the Act in a real life situation. The Price-Anderson Act is scheduled to be renewed in 2002, and the future use of commercial nuclear power in tge United States will be influenced by this renewal. (author)

  14. 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)

  15. 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...

  16. Understanding gasoline pricing in Canada

    International Nuclear Information System (INIS)

    Anon.

    2001-01-01

    Pricing policies for gasoline by Canadian oil companies are discussed. An attempt is made to demonstrate that competition between oil companies is extremely keen, and markups are so small that to stay in business, retail outlets have to sell huge volumes and sell non-fuel products, as a means to increase revenues and margins. An explanation is provided for why gasoline prices move in unison, and why what appears to the public as collusion and gouging is, in fact, the result of retail dealers attempting to stay in business. The high prices are attributed mainly to taxes by municipalities, the provinces and the federal government; taxes are said to account for 40 to 50 per cent of the pump price. The cost of crude makes up another 35 to 45 per cent, refining adds 10 to 15 per cent, with the remaining 5 to 10 per cent representing retail costs. (Taxes in the United States average 20 to 30 per cent). Over the longer term, gasoline prices consistently reflect the cost of crude oil, dominated by the OPEC countries which supply about 41 per cent of daily world production. Another factor is the rise of global and regional commodity markets for refined products such as gasoline. Commodity traders buy wholesale gasoline cheaply whenever it is in oversupply, and sell it for a profit into markets where the demand is greater. While this is claimed to ensure competitive prices in all markets, the practice can also trigger abrupt changes in regional markets

  17. OPEC's optimal crude oil price

    International Nuclear Information System (INIS)

    Horn, Manfred

    2004-01-01

    OPEC decided to stabilise oil prices within a range of 22-28 US Dollar/barrel of crude oil. Such an oil-price-level is far beyond the short and long run marginal costs of oil production, beyond even that in regions with particularly high costs. Nevertheless, OPEC may achieve its goal if world demand for oil increases substantially in the future and oil resources outside the OPEC are not big enough to accordingly increase production. In this case OPEC, which controls about 78% of world oil reserves, has to supply a large share of that demand increase. If we assume OPEC will behave as a partial monopolist on the oil market, which takes into consideration the reaction of the other producers to its own sales strategy, it can reach its price target. Lower prices before 2020 are probable only if the OPEC cartel breaks up. Higher prices are possible if production outside OPEC is inelastic as assumed by some geologists, but they would probably stimulate the production of unconventional oil based on oil sand or coal. Crude oil prices above 30 US Dollar/barrel are therefore probably not sustainable for a long period. (Author)

  18. 7 CFR 1007.51 - Class I differential, adjustments to Class I prices, and Class I price.

    Science.gov (United States)

    2010-01-01

    ... (Continued) AGRICULTURAL MARKETING SERVICE (Marketing Agreements and Orders; Milk), DEPARTMENT OF AGRICULTURE MILK IN THE SOUTHEAST MARKETING AREA Order Regulating Handling Class Prices § 1007.51 Class I... MARENGO 01091 0.50 AL MARION 01093 0.20 AL MARSHALL 01095 0.40 AL MOBILE 01097 0.50 AL MONROE 01099 0.35...

  19. Price signals and investment incentives in wholesale electricity spot markets

    International Nuclear Information System (INIS)

    Vassilopoulos, Philippe

    2007-01-01

    We look at how prices from energy-only power markets can send the right signals and give the correct incentives for investments in production capacity. Through numerical simulations of spot prices over 2003-2005 we compare the investment signal sent by observed electricity prices in France and what would be competitive prices with an optimal mix and with the installed capacity. Observed prices tend to overestimate profitability for the base-load, making the signal too strong and underestimate profitability for the peak load, making the signal too weak. However, as a large share of consumers is still paying regulated tariffs, scarcity rents are capped. We simulate future prices for France for 2010 to 2020 to understand the incentives to invest. When the entry is free, the incentives to invest given by the future prices are consistent with the optimal mix including the interconnections and nuclear build is strong. With political or regulatory barriers to the construction of new power plants for new entrants (i.e. finding new sites), there are no incentives for the incumbent (that owns all existing base-load and peak load capacity) to add more nuclear capacity. In this situation, new entry would have to be coal or gas except if units are bid strategically to maintain profitability and market share. Moreover, it can also be profitable to limit prices and restrain entry in order to receive higher future revenues. When the base-load is less concentrated and instead of a dominant firm the nuclear capacity is divided into five (equal share) firms, the incentives to invest reappear and the threat of entry becomes more credible. (author) [fr

  20. The voluntary price for the small consumer: Real-time pricing in Spain

    International Nuclear Information System (INIS)

    Roldán Fernández, Juan Manuel; Payán, Manuel Burgos; Santos, Jesús Manuel Riquelme; García, Ángel Luis Trigo

    2017-01-01

    In 2013, a period of reform was initiated of the regulatory framework of the Spanish electricity sector. A year later, the methodology for the calculation of the Voluntary Price for the Small Consumer (VPSC) was approved: a real-time price tariff for small domestic consumers. Under this price-setting system, VPSC consumers are billed according to their hourly consumption and hourly prices along the day. Directive 27/2014/EU, on energy saving, was also transposed to Spanish regulation in 2014. The impact on the Spanish electricity market and domestic VPSC consumers of these two recent energy policy modifications are analyzed in this work. A qualitative model, based on the flexibility of the merit-order curves, is first introduced to formulate a number of hypotheses. A set of scenarios are then examined to quantify the main effects on the market and on domestic consumers. The results show that domestic energy-saving, and, to a lesser extent, load-shifting scenarios, can diminish the mean hourly price and the cost of the annual traded energy in the market. Nevertheless, these reductions are mainly granted to large qualified consumers, since domestic consumers mostly benefit from the reduction of their energy demand rather than from a reduction of the price. - Graphical abstract: Load saving and load-shifting performed by small VPSC consumers reduces the hourly clearing price and the traded energy leading to some rent transfer from the generators to the purchasing agents. The cost saving for VPSC consumers is mainly related to the energy they saved. They profit only partially from the market cost saving. - Highlights: • Merit-order effect related to energy saving and load-shifting are identified. • Domestic consumers are able to conduct energy saving and load-shifting at no cost. • Cyclic load-shifting reduces the traded energy and the economic cost in the market. • Rent transfer form generators to purchasing agents catalyzed by costumers’ saving.