WorldWideScience

Sample records for road pricing rates

  1. 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

  2. Road pricing and road safety : possible effects on road safety of 23 variants of road pricing.

    NARCIS (Netherlands)

    Eenink, R.G. Dijkstra, A. Wijnen, W. & Janssen, S.T.M.C.

    2007-01-01

    The Nouwen Committee (National Platform Paying Differently for Mobility) advised the Cabinet in 2005 about the introduction of a system of road pricing. Part of this advice consisted of a calculation of the expected road safety effects of such a system. In a letter to the Minister of Transport, SWOV

  3. Road pricing, luftforurening og eksternalitetsomkostninger

    DEFF Research Database (Denmark)

    Jensen, Steen Solvang; Ketzel, Matthias; Andersen, Mikael Skou

    Rapporten bidrager til at styrke det faglige grundlag for at kunne reducere luftforureningens konsekvenser for folkesundheden igennem den måde som prisstrukturen for road pricing indrettes på. Der er gennemført en analyse af, hvordan prisstrukturen kan differentieres i sted og tid, således...

  4. Road pricing with complications

    DEFF Research Database (Denmark)

    Fosgerau, Mogens; Van Dender, Kurt

    2013-01-01

    The rationale for congestion charges is that by internalising the marginal external congestion cost, they restore efficiency in the transport market. In the canonical model underlying this view, congestion is a static phenomenon, users are taken to be homogenous, there is no travel time risk......, and a highly stylised model of congestion is used. The simple analysis also ignores that real pricing schemes are only rough approximations to ideal systems and that inefficiencies in related markets potentially affect the case for congestion charges. The canonical model tends to understate the marginal...... external congestion cost because it ignores user heterogeneity and trip timing inefficiencies. With respect to the relevance of interactions between congestion and congestion charges and tax distortions and distributional concerns, recent insights point out that there is no general case for modifying...

  5. On the electrification of road transport - Learning rates and price forecasts for hybrid-electric and battery-electric vehicles

    International Nuclear Information System (INIS)

    Weiss, Martin; Patel, Martin K.; Junginger, Martin; Perujo, Adolfo; Bonnel, Pierre; Grootveld, Geert van

    2012-01-01

    Hybrid-electric vehicles (HEVs) and battery-electric vehicles (BEVs) are currently more expensive than conventional passenger cars but may become cheaper due to technological learning. Here, we obtain insight into the prospects of future price decline by establishing ex-post learning rates for HEVs and ex-ante price forecasts for HEVs and BEVs. Since 1997, HEVs have shown a robust decline in their price and price differential at learning rates of 7±2% and 23±5%, respectively. By 2010, HEVs were only 31±22 € 2010 kW −1 more expensive than conventional cars. Mass-produced BEVs are currently introduced into the market at prices of 479±171 € 2010 kW −1 , which is 285±213 € 2010 kW −1 and 316±209 € 2010 kW −1 more expensive than HEVs and conventional cars. Our forecast suggests that price breakeven with these vehicles may only be achieved by 2026 and 2032, when 50 and 80 million BEVs, respectively, would have been produced worldwide. We estimate that BEVs may require until then global learning investments of 100–150 billion € which is less than the global subsidies for fossil fuel consumption paid in 2009. These findings suggest that HEVs, including plug-in HEVs, could become the dominant vehicle technology in the next two decades, while BEVs may require long-term policy support. - Highlights: ► Learning rates for hybrid-electric and battery-electric vehicles. ► Prices and price differentials of hybrid-electric vehicles show a robust decline. ► Battery-electric vehicles may require policy support for decades.

  6. Improving and optimising road pricing in Copenhagen

    DEFF Research Database (Denmark)

    Nielsen, Otto Anker; Larsen, Marie Karen

    2008-01-01

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

  7. Road pricing, air pollution and external costs; Road pricing, luftforurening og eksternalitetsomkostninger

    Energy Technology Data Exchange (ETDEWEB)

    Solvang Jensen, S.; Ketzel, M. (Aarhus Univ., Danmarks Miljoeundersoegelser, Afd. for Atmosfaerisk Miljoe, Roskilde (Denmark)); Skou Andersen, M. (Aarhus Univ., Danmarks Miljoeundersoegelser, Afd. for Systemanalyse, Roskilde (Denmark))

    2010-06-15

    The objective of this assessment is to improve the foundation for decision-making about introduction of a road pricing system that aims to reduce the health impacts and social costs of traffic-related air pollution. The analysis focuses on how road emissions, air quality, population exposure, and social costs of air pollution depend on geography (different city sizes and rural areas) and time of the day (rush hours versus non-rush hours). A review of Danish studies related to road pricing has also been carried out to assess the expected effect of road pricing on traffic performance (km travelled), vehicle composition and speed that are factors affecting air pollution. (LN)

  8. Pricing road use: politico-economic and fairness considerations

    Energy Technology Data Exchange (ETDEWEB)

    Oberholzer-Gee, F. [University of Pennsylvania, Pittsburgh (United States); Weck-Hannemann, H. [University of Innsbruck (Austria). Institute of of Public Finance

    2002-09-01

    Road pricing measures are rarely adopted in practice. In this review, we ask why citizens are not more supportive of road pricing. We identify two difficulties. First, the general public is often unwilling to embrace the price system as an allocation mechanism for scarce resources. Second, for politico-economic reasons, any latent support for road pricing schemes rarely translates into actual policy-making. Based on our analysis, we outline components of a road pricing policy that might receive greater electoral support. (author)

  9. Mathematical principles of road congestion pricing | Pienaar | ORiON

    African Journals Online (AJOL)

    This paper briefly considers the objectives of road congestion pricing and identies prereq-uisites to the successful application of such a pricing scheme. The paper is divided into two sections. In the rst section, a mathematical analysis of the constituents of an optimal road congestion price is oered. The eliminated inefficiency ...

  10. Nonlinear road pricing for congestion and the environment.

    Science.gov (United States)

    2012-03-30

    Under nonlinear road pricing (or tolling), the price charged is not strictly proportional to the distance travelled inside a tolling area, the generalized travel cost is not link-wise additive, and finding a user equilibrium distribution is typically...

  11. Policy implementation lessons from six road pricing cases

    NARCIS (Netherlands)

    Vonk Noordegraaf, D.; Annema, J.A.; Wee, B. van

    2014-01-01

    The implementation of road pricing has been limited worldwide despite the notion that road pricing is generally considered to be a potentially effective measure to reduce externalities, in particular traffic congestion. By means of a content analysis of 106 scientific papers, this paper aims to

  12. Next Generations of Road Pricing: Social Welfare Enhancing

    Directory of Open Access Journals (Sweden)

    Omid M. Rouhani

    2016-03-01

    Full Text Available This paper offers a broad overview of road pricing from a social welfare perspective. I first examine two common objectives of road pricing: congestion management and profit making. My goal is to provide a guideline explaining how to promote a social-welfare-enhancing road pricing scheme. To this end, we should: (i consider and improve public transportation systems by providing more environment-friendly transport options; (ii include tolling profits in our welfare analysis (as opposed to what economists suggest since residents are the real owners of roads not users, and since some users are from outside the region and so might not be excluded from analysis; and (iii search for a holistic approach that takes into account system-wide impacts, disutility to users who change their travel behavior (i.e., switch to public transportation, shift their travel, or do not travel at all, and the impacts on land use, employment, and residents.

  13. Mathematical principles of road congestion pricing

    African Journals Online (AJOL)

    route during the morning peak hour: cost and demand functions. the same at all traffic levels. Although car running costs rise with increases in travel time in congested urban travel conditions, they are usually regarded by road users as being.

  14. Recent developments and current policy issues in road pricing in the US and Canada

    OpenAIRE

    Lindsey, Robin

    2005-01-01

    The United States and Canada lag Europe and Singapore in implementing road pricing on a large scale. But the two countries have shown interest in tolling roads as a way to curb congestion and to generate revenues. The US is funding congestion pricing demonstration projects through its Value Pricing Pilot Program, and Canada has examined new ways to charge for road use and to finance road construction and maintenance. This paper reviews the current state of road pricing and funding...

  15. Pricing road safety into the market.

    NARCIS (Netherlands)

    Wittink, R.D.

    1997-01-01

    The author considers the opportunities offered by marketing in the field of road safety. Marketing is defined as an approach which takes into account social, cultural, economic, political and legal developments and offers a solution. Examples are given in the transport field where the needs of the

  16. Multiple stakeholders in road pricing: A game theoretic approach

    NARCIS (Netherlands)

    Ohazulike, Anthony; Still, Georg J.; Kern, Walter; van Berkum, Eric C.; Hausken, Kjell; Zhuang, Jun

    2015-01-01

    We investigate a game theoretic approach as an alternative to the standard multi-objective optimization models for road pricing. Assuming that various, partly conflicting traffic externalities (congestion, air pollution, noise, safety, etcetera) are represented by corresponding players acting on a

  17. The Potential of Road Pricing Schemes for Reducing Carbon Emissions

    Energy Technology Data Exchange (ETDEWEB)

    Nocera, S.; Giaretta, F.; Cavallaro, F.

    2016-07-01

    Road pricing is a transport measure mainly conceived to fund road management, to regulate the demand for traffic and to reduce the number of private vehicles circulating in urban areas. It can also grant benefits in terms of environmental externalities including the reduction of CO2 emissions, which has recently become one of the most important elements defining the sustainability of a transport system. However, the carbon potential granted by road charging is rarely assessed, thus confirming a sort of secondary role attributed to CO2 in urban premises. This paper provides an accurate analysis of the relationship between the different forms of road pricing (including distance-based, congestion-based and pay-as-you-drive) and their effective role in terms of carbon reduction, which in some contexts is higher than 10%. Furthermore, practical suggestions to policy makers in terms of implementation of the measure are discussed, highlighting the precautions necessary to include a fair carbon evaluation into an overall effective analysis. (Author)

  18. Road pricing and its consequences for individual travel patterns

    DEFF Research Database (Denmark)

    Rich, Jeppe; Axhausen, Kay W.; Schönfelder, Stefan

    2007-01-01

    While mobility pricing is discussed as a suitable tool for tackling urban traffic problems, its impact on the travel pattern of individuals is largely unexplored. Individual responses to pricing emerge as a number of different changes. As an example, it involves the reduction in actual trip-makin...... the choice of destinations and the size and structure of activity spaces (employing measures developed for longitudinal travel data by Schönfelder and Axhausen).......While mobility pricing is discussed as a suitable tool for tackling urban traffic problems, its impact on the travel pattern of individuals is largely unexplored. Individual responses to pricing emerge as a number of different changes. As an example, it involves the reduction in actual trip...... used to simulate road pricing by displaying cost information for every trip driven. The experiment showed significant demand effects with a decrease in daily kilometres travelled between 0 and 40 per cent depending on the location and the pricing scheme; however, the deeper impacts on personal mobility...

  19. On pricing of interest rate derivatives

    OpenAIRE

    Di Matteo, T.; Airoldi, M.; Scalas, E.

    2004-01-01

    At present, there is an explosion of practical interest in the pricing of interest rate (IR) derivatives. Textbook pricing methods do not take into account the leptokurticity of the underlying IR process. In this paper, such a leptokurtic behaviour is illustrated using LIBOR data, and a possible martingale pricing scheme is discussed.

  20. The Physics of Traffic Congestion and Road Pricing in Transportation Planning

    Science.gov (United States)

    Levinson, David

    2010-03-01

    , measurement, and impact of product differentiation with heterogeneous users on a mixed ownership network (with tolled and untolled roads). Two types of product differentiation in the presence of toll roads, path differentiation and space differentiation, are defined and measured for a base case and several variants with different types of price and capacity competition and with various degrees of user heterogeneity. The findings favor a fixed-rate road pricing policy compared to complete pricing freedom on toll roads. It is also shown that the relationship between net social benefit and user heterogeneity is not monotonic on a complex network with toll roads.

  1. Dynamics of oil price, precious metal prices, and exchange rate

    International Nuclear Information System (INIS)

    Sari, Ramazan; Soytas, Ugur; Hammoudeh, Shawkat

    2010-01-01

    This study examines the co-movements and information transmission among the spot prices of four precious metals (gold, silver, platinum, and palladium), oil price, and the US dollar/euro exchange rate. We find evidence of a weak long-run equilibrium relationship but strong feedbacks in the short run. The spot precious metal markets respond significantly (but temporarily) to a shock in any of the prices of the other metal prices and the exchange rate. Furthermore, we discover some evidence of market overreactions in the palladium and platinum cases as well as in the exchange rate market. In conclusion, whether there are overreactions and re-adjustments or not, investors may diversify at least a portion of the risk away by investing in precious metals, oil, and the euro. Policy implications are provided. (author)

  2. Essays in Road Pricing – Modeling, Evaluation and Case Studies

    OpenAIRE

    Winter, Martin

    2009-01-01

    Die Dissertation beschäftigt sich zum einen mit der Simulation und wohlfahrtsökonomischen Bewertung urbaner Road-Pricing-Lösungen (Kapitel 2-4), zum anderen mit den Auswirkungen hoher bzw. volatiler Rohölpreise auf den Verkehrssektor in Deutschland (Kapitel 5). Nach einer kurzen Einführung in Kapitel 1 widmet sich Kapitel 2 den theoretischen Grundlagen und der übergreifenden Methodik der Arbeit. Zunächst werden externe Effekte des innerstädtischen Straßenverkehrs kategorisiert und Charakteris...

  3. Exporter Price Response to Exchange Rate Changes

    DEFF Research Database (Denmark)

    Fosse, Henrik Barslund

    Firms exporting to foreign markets face a particular challenge: to price their exports in a foreign market when the exchange rate changes. This paper takes on pricing- to-market using a unique data set that covers rm level monthly trade at great detail. As opposed to annual trade ows, monthly trade...... theoretical contributions to the litterature on pricing-to-market and exchange rate pass-through....

  4. Road pricing policy process : The interplay between policy actors, the media and public

    NARCIS (Netherlands)

    Ardiç, O.

    2015-01-01

    Although road pricing policies are generally seen as an effective measure to deal with transport related problems (e.g. congestion), the number of implemented road pricing schemes is relatively limited. The thesis aims to gain insights into complex interplay between policy actors, media and public

  5. Charging versus rewarding : A comparison of road-pricing and rewarding peak avoidance in the Netherlands

    NARCIS (Netherlands)

    Tillema, Taede; Ben-Elia, Eran; Ettema, Dick; van Delden, Janet

    The aim of this paper is to compare two congestion management schemes road-pricing and peak avoidance rewarding and their impact on commuter behaviour, based on two studies that were conducted in the Netherlands. The road-pricing study is based on stated preference data, whereas the study involving

  6. Socioeconomic differences in public acceptability and car use adaptation towards urban road pricing

    DEFF Research Database (Denmark)

    Gehlert, Tina; Kramer, Christiane; Nielsen, Otto Anker

    2011-01-01

    Urban road pricing is regarded as an effective instrument to reduce traffic congestion and environmental-related problems in metropolitan areas. Whereas the overall impact of urban road pricing on car use adaptation and public acceptability is known, there are only inconsistent results concerning...

  7. A Price Index Model for Road Freight Transportation and Its Empirical analysis in China

    Directory of Open Access Journals (Sweden)

    Liu Zhishuo

    2017-01-01

    Full Text Available The aim of price index for road freight transportation (RFT is to reflect the changes of price in the road transport market. Firstly, a price index model for RFT based on the sample data from Alibaba logistics platform is built. This model is a three levels index system including total index, classification index and individual index and the Laspeyres method is applied to calculate these indices. Finally, an empirical analysis of the price index for RFT market in Zhejiang Province is performed. In order to demonstrate the correctness and validity of the exponential model, a comparative analysis with port throughput and PMI index is carried out.

  8. An Analysis of Stand-alone GPS Quality and Simulated GNSS Quality for Road Pricing

    DEFF Research Database (Denmark)

    Zabic, Martina; Nielsen, Otto Anker

    2006-01-01

    Use of GPS for road pricing has often been suggested as the way of creating more efficient charging strategies than existing systems based on cordon lines or time use. In Denmark, Copenhagen participated with the AKTA project in the PRoGRESS programme, sponsored by the EU. The major part...... of the AKTA project was to equip 500 cars with GPS receivers. The paper presents the methods and results from a study of GPS quality in relation to road pricing in a dense urban area. The collected data from 500 cars over a two-year period in the Copenhagen region was analyzed in order to determine whether...... the stand alone GPS quality and reliability is adequate for implementation of an operational road pricing system in Copenhagen. The results from the analysis show that the satellite availability in Copenhagen is not sufficient to form the basis for a reliable operational road pricing system. The narrow...

  9. Second-best Road Pricing through Highway Franchising

    NARCIS (Netherlands)

    Verhoef, E.T.

    2007-01-01

    This paper considers the welfare impacts of a range of franchising regimes for congestible highways. For a single road in isolation, it is shown that a competitive auction with the level of road use as the decision criterion produces the socially optimal road (in terms of capacity and toll level),

  10. An ArcGIS analysis of Stand-alone GPS quality for Road Pricing

    DEFF Research Database (Denmark)

    Zabic, Martina

    2006-01-01

    The paper presents the methods and some of the result maps from a study of GPS quality in relation to road pricing in a dense urban area. Data from 500 cars were colleted over a two-year period in the Copenhagen region (Denmark). The data was analyzed in ArcGIS in order to determine whether the GPS...... quality and reliability is adequate for implementation of a road pricing system. The GPS log files was imported into ArcGIS and analyzed in relation to the digital road network and the density of the high rise areas in order to examine where the high buildings and narrow street canyons causes too many...

  11. Second-best Road Pricing Through Highway Franchising

    OpenAIRE

    Verhoef, Erik T.

    2005-01-01

    This paper considers the welfare impacts of a range of franchising regimes for congestible highways. For a single road in isolation, it is shown that a competitive auction with the level of road use as the decision criterion produces the socially optimal road (in terms of capacity and toll level) as the equilibrium outcome, provided constant returns to scale characterize highway operations. The auction outperforms various alternatives, in which the bidders are asked to minimize the toll level...

  12. Distributional impacts of car road pricing. Settlement structures determine divergence across countries

    International Nuclear Information System (INIS)

    Kalinowska, Dominika; Steininger, Karl W.

    2009-01-01

    Social questions of distribution and equity are of major importance for the political acceptance of car road pricing. The argument that kilometre-based private vehicle charging disadvantages the poor is often the core reason for opposing its introduction. An article in this journal [Steininger, K.W., Friedl, B., Gebetsroither, B., 2007. Sustainability impacts of car road pricing: a computable general equilibrium analysis for Austria. Ecological Economics 63, pp. 59-69] proved the opposite for one European country, i.e. that the rich bear most of the burden. In the present paper we use the very same model structure and apply it in a simulation to the data of another country. While macroeconomic and environmental conclusions are similar, we find a different distributional impact of car road pricing in our case. This issue is also of relevance in the analysis of the distributional implications concerning (recently significant) gasoline price increases. (author)

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

    OpenAIRE

    Verhoef, Erik T.

    1998-01-01

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

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

    NARCIS (Netherlands)

    Rouwendal, J.; Verhoef, E.T.

    2006-01-01

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

  15. Strategies to manage barriers in policy formation and implementation of road pricing packages

    DEFF Research Database (Denmark)

    Sørensen, Claus Hedegaard; Isaksson, Karolina; Macmillen, James

    2014-01-01

    Fee scheme implemented in 2001, this paper identifies a selection of strategies which appear to have supported the policymakers' capacity to implement effective road pricing schemes. Together, these three examples offer a sound empirical basis from which to infer a set of strategies......In the transport policy domain, as in other highly-contested spheres of public policy, it is commonplace for certain policy measures to emerge as promising only to then remain unimplemented. Road pricing is one example of a theoretically well-developed transport policy measure that has proven...... for the formulation and implementation of politically-contentious road pricing packages-addressing issues of measure combination, flexibility, legitimacy, communication, timing and organisational dynamics. While acknowledging the primacy of broader external and contextual issues, the conclusion is that taking...

  16. CO-2 reduction in the Danish transportation sector. Working paper 4: Cargo transport - road pricing system

    International Nuclear Information System (INIS)

    1997-03-01

    In this paper other financial control measures than fuel prices are considered for the transportation sector. The main effect discussed is that of the road pricing system. From the point of view of the CO 2 emission there could be introduced a registration tax for trucks over 4 tons as the higher transport expenditure would tend to reduce road transport demand. EU infrastructure tax directive however recommends taxes for trucks exceeding 12 tons. Road pricing will grow within the categories of lighter trucks but it is only a minor fraction of the total truck expenditure, taking into account fuel tax, weight tax and registration tax. Insurance cost is not included in these consideration. (EG) Prepared for Trafikministeriet. 22 refs

  17. Price promotions and products with low consumer ratings

    OpenAIRE

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

    2016-01-01

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

  18. Availability of GNSS for Road Pricing in Copenhagen

    DEFF Research Database (Denmark)

    Jensen, Anna B. O.; Zabic, Martina; Overø, H. M.

    2005-01-01

    every day, stuck in slow moving traffic flows or traffic jam. Several means for regulating vehicle traffic flow exists, and various analyses and experiments have been carried out in a number of European Cities during the last five years as part of the PRoGRESS programme, sponsored by the EU. In Denmark......Like most older cities, downtown Copenhagen is a net of narrow streets surrounded by tall old buildings and with no, or very limited, possibilities for changing the traffic corridors. During business hours the traffic congestion is intense, and the workforce in Copenhagen spend hours on the roads...... amount of satellite signals from reaching street level, and there are too many gabs in the position logs to implement a fair and reliable taxation scheme. The need for augmentation is evident, and with the advent of Galileo within a few years, it is relevant to investigate how integrated GPS...

  19. Use of Hedonic Prices to Estimate Capitalization Rate

    OpenAIRE

    Gaetano Lisi

    2015-01-01

    In this paper, a model of income capitalization is developed where hedonic prices play a key role in estimating the going-in capitalization rate. Precisely, the hedonic functions for rental and selling prices are introduced into a basic model of income capitalization. From the modified model, it is possible to derive a direct relationship between hedonic prices and capitalization rate. An advantage of the proposed approach is that estimation of the capitalization rate can be made without cons...

  20. Road accident rates: strategies and programmes for improving road traffic safety.

    Science.gov (United States)

    Goniewicz, K; Goniewicz, M; Pawłowski, W; Fiedor, P

    2016-08-01

    Nowadays, the problem of road accident rates is one of the most important health and social policy issues concerning the countries in all continents. Each year, nearly 1.3 million people worldwide lose their life on roads, and 20-50 million sustain severe injuries, the majority of which require long-term treatment. The objective of the study was to identify the most frequent, constantly occurring causes of road accidents, as well as outline actions constituting a basis for the strategies and programmes aiming at improving traffic safety on local and global levels. Comparative analysis of literature concerning road safety was performed, confirming that although road accidents had a varied and frequently complex background, their causes have changed only to a small degree over the years. The causes include: lack of control and enforcement concerning implementation of traffic regulation (primarily driving at excessive speed, driving under the influence of alcohol, and not respecting the rights of other road users (mainly pedestrians and cyclists), lack of appropriate infrastructure and unroadworthy vehicles. The number of fatal accidents and severe injuries, resulting from road accidents, may be reduced through applying an integrated approach to safety on roads. The strategies and programmes for improving road traffic should include the following measures: reducing the risk of exposure to an accident, prevention of accidents, reduction in bodily injuries sustained in accidents, and reduction of the effects of injuries by improvement of post-accident medical care.

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

    Directory of Open Access Journals (Sweden)

    Marzantowicz Łukasz

    2016-12-01

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

  2. CAUSAL RELATIONSHIPS BETWEEN GRAIN, MEAT PRICES AND EXCHANGE RATES

    Directory of Open Access Journals (Sweden)

    Naveen Musunuru

    2017-10-01

    Full Text Available Understanding agricultural commodity price relationships are important as they help producers improve their awareness regarding production costs and ultimately aid in income determination. The present paper empirically examines the dynamic interrelationships among grain, meat prices and the U.S. dollar exchange rate. Johansen cointegration tests reveal no cointegrating relationships among the study variables. Majority of the commodities studied in the paper exhibited unidirectional causality except for corn and lean hogs. The vector autoregression (VAR model results indicate that the grain and meat prices are influenced by their own past prices. The role of exchange rates is found to be limited in linking the agricultural commodities.

  3. Oil price fluctuations and U.S. dollar exchange rates

    International Nuclear Information System (INIS)

    Lizardo, Radhames A.; Mollick, Andre V.

    2010-01-01

    Adding oil prices to the monetary model of exchange rates, we find that oil prices significantly explain movements in the value of the U.S. dollar (USD) against major currencies from the 1970s to 2008. Our long-run and forecasting results are remarkably consistent with an oil-exchange rate relationship. Increases in real oil prices lead to a significant depreciation of the USD against net oil exporter currencies, such as Canada, Mexico, and Russia. On the other hand, the currencies of oil importers, such as Japan, depreciate relative to the USD when the real oil price goes up. (author)

  4. Interest Rate Derivative Pricing with Stochastic Volatility

    NARCIS (Netherlands)

    Chen, B.

    2012-01-01

    One purpose of exotic derivative pricing models is to enable financial institutions to quantify and manage their financial risk, arising from large books of portfolios. These portfolios consist of many non-standard exotic financial products. Risk is managed by means of the evaluation of sensitivity

  5. 48 CFR 1615.407-1 - Rate reduction for defective pricing or defective cost or pricing data.

    Science.gov (United States)

    2010-10-01

    ... defective pricing or defective cost or pricing data. 1615.407-1 Section 1615.407-1 Federal Acquisition... CONTRACTING METHODS AND CONTRACT TYPES CONTRACTING BY NEGOTIATION Contract Pricing 1615.407-1 Rate reduction for defective pricing or defective cost or pricing data. The clause set forth in section 1652.215-70...

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

    African Journals Online (AJOL)

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

  7. The empirical relationship between energy futures prices and exchange rates

    International Nuclear Information System (INIS)

    Sadorsky, P.

    2000-01-01

    This paper investigates the interaction between energy futures prices and exchange rates. Results are presented to show that futures prices for crude oil, heating oil and unleaded gasoline are co-integrated with a trade-weighted index of exchange rates. This is important because it means that there exists a long-run equilibrium relationship between these four variables. Granger causality results for both the long- and short-run are presented. Evidence is also presented that suggests exchange rates transmit exogenous shocks to energy futures prices. 22 refs

  8. Jump spillover between oil prices and exchange rates

    Science.gov (United States)

    Li, Xiao-Ping; Zhou, Chun-Yang; Wu, Chong-Feng

    2017-11-01

    In this paper, we investigate the jump spillover effects between oil prices and exchange rates. To identify the latent historical jumps for exchange rates and oil prices, we use a Bayesian MCMC approach to estimate the stochastic volatility model with correlated jumps in both returns and volatilities for each. We examine the simultaneous jump intensities and the conditional jump spillover probabilities between oil prices and exchange rates, finding strong evidence of jump spillover effects. Further analysis shows that the jump spillovers are mainly due to exogenous events such as financial crises and geopolitical events. Thus, the findings have important implications for financial risk management.

  9. Non-Implementation of road pricing policy in the Netherlands : An application of the "advocacy coalition framework"

    NARCIS (Netherlands)

    Ardic, O.; Annema, J.A.; van Wee, G.P.

    2015-01-01

    The implementation of road pricing policies is dependent on political support for the policy. It is frequently argued that many pricing proposals fail to be implemented due to the opposition of one or a group of policy actors (e.g. political parties, interest groups). This study considers this issue

  10. Can producer currency pricing models generate volatile real exchange rates?

    OpenAIRE

    Povoledo, L.

    2012-01-01

    If the elasticities of substitution between traded and nontraded and between Home and Foreign traded goods are sufficiently low, then the real exchange rate generated by a model with full producer currency pricing is as volatile as in the data.

  11. Rate adaptation in ad hoc networks based on pricing

    CSIR Research Space (South Africa)

    Awuor, F

    2011-09-01

    Full Text Available that incorporates penalty (pricing) obtruded to users’ choices of transmission parameters to curb the self-interest behaviour. Therefore users determine their data rates and transmit power based on the perceived coupled interference at the intended receiver...

  12. Do expert ratings or economic models explain champagne prices?

    DEFF Research Database (Denmark)

    Bentzen, Jan Børsen; Smith, Valdemar

    2008-01-01

    Champagne is bought with low frequency and many consumers most likely do not have or seek full information on the quality of champagne. Some consumers may rely on the reputation of particular brands, e.g. "Les Grandes Marques", some consumers choose to gain information from sensory ratings...... of champagne. The aim of this paper is to analyse the champagne prices on the Scandinavian markets by applying a hedonic price function in a comparative framework with minimal models using sensory ratings....

  13. 48 CFR 1652.215-70 - Rate Reduction for Defective Pricing or Defective Cost or Pricing Data.

    Science.gov (United States)

    2010-10-01

    ... Defective Pricing or Defective Cost or Pricing Data. 1652.215-70 Section 1652.215-70 Federal Acquisition... CLAUSES AND FORMS CONTRACT CLAUSES Texts of FEHBP Clauses 1652.215-70 Rate Reduction for Defective Pricing or Defective Cost or Pricing Data. As prescribed in 1615.407-1, the following clause shall be...

  14. International Energy Prices(Exchange Rate and PPP)

    Energy Technology Data Exchange (ETDEWEB)

    Jo, Sung Han; Yoo, Dong Heon [Korea Energy Economics Institute, Euiwang (Korea)

    2000-11-01

    Energy is to be specially important to the Korean economy. In the past the major purpose of Korea's energy policies was to ensure that the energy was supplied at the low cost to encourage and sustain economic development and growth. Therefore, energy prices are distorted by government intervention. And this was the cause of inefficiency in usage of energy. In order to improve the energy efficiency and reduce the environmental impact of energy consumption, new energy pricing should be needed to the energy industry and the Korean economy. It is necessary to compare the domestic energy prices with other countries to improve the energy pricing system including tax, the relative structure of energy price, etc. In order to compare the domestic energy prices to those of other countries, the exchange rate, purchasing power parity and Big Mac index are used for calculation of common currency. We select 12 countries, which are Belgium, France, Germany, Greece, Ireland, Italy, Portugal, Spain, Switzerland, Taiwan, Mexico and England. The oil products(gasoline, diesel, heavy fuel oil and light fuel oil), natural gas and electricity are selected to compare the price. (author). 12 refs., 13 tabs.

  15. Timber harvesting with variable prices, costs and interest rates

    International Nuclear Information System (INIS)

    Penttinen, M.

    2000-01-01

    This papers solves the optimal harvesting time problem of a non- industrial private forest (NIPF) owner who typically has a forest management plan and merchantable forest stands. The optimal harvesting time is defined in a volatile market situation. The infinite period problem is also formulated to allow for variable stumpage prices and reforestation costs in a two-period framework, the first of which covers the near future with dynamic price and cost functions and the second the rest of the infinite future with trend price and cost functions. The existence and uniqueness of an optimal policy is demonstrated on the basis of the explicit quasi- concavity of the objective functions. First, the solutions are constructed with prices and costs dependent on stand age only. Both cases in which the same prices and costs hold for all periods and cases in which there are dynamic prices and costs in the first period and trend ones in subsequent periods are considered. Second, the age-dependent functions are multiplied separately by the calendar time dependent exponential terms. Solutions are provided both in the case with the same age-dependent functions and the case with dynamic functions for the first period and trend functions for the subsequent periods. The sensitivity and comparative static analyses are studied with respect to the interest rate, price and cost changes, both analytically and numerically. Optimal rotation solutions are presented with alternative competing volume growth functions. Final results are provided by a gross income growth function. Competing optimisation models are discussed, and alternative volume growth models and a value growth model are compared. The key notion of the research is the sensitivity and comparative static analysis of the optimal rotation solutions with respect to roundwood prices, reforestation costs and interest rates. Different local market parameter and alternative growth data estimates are applied in testing the impact of

  16. Moment generating function approach to pricing interest rate and foreign exchange rate claims

    NARCIS (Netherlands)

    Dijkstra, T.K.; Yao, Y.

    2002-01-01

    This paper uses moment generating functions to provide a general framework to model international term structures and to price interest rate and foreign exchange rate claims. When moment generating functions of state variables have a closed-form formula, closed-form formulas for bond prices are

  17. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2013-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  18. Currency option pricing in a credible exchange rate target zone

    NARCIS (Netherlands)

    Veestraeten, D.

    2012-01-01

    This article examines currency option pricing within a credible target zone arrangement where interventions at the boundaries push the exchange rate back into its fluctuation band. Valuation of such options is complicated by the requirement that the reflection mechanism should prevent the arbitrage

  19. Executive report : toll roads, toll rates, and driver behavior.

    Science.gov (United States)

    2012-12-01

    State and federal research has examined toll roads and attempted to identify methods to make toll roads a more attractive option for drivers. Researchers examined various views of toll road transactions and concluded: : Truckers and trucking comp...

  20. Do Exchange Rates Really Help Forecasting Commodity Prices?

    DEFF Research Database (Denmark)

    Bork, Lasse; Kaltwasser, Pablo Rovira; Sercu, Piet

    Chen et al. (2010) report that for ‘commodity currencies’, the exchange rate predicts the country’s commodity index but not vice versa. The commodity currency hypothesis is consistent with the Engle and West (2005) exchange rate model if the fundamental is chosen to be the country’s key export...... expectations, one should mostly observe contemporaneous correlations, not one-directional cross-predictability from one variable toward the other. Using three different data sets and various econometric techniques, we do find the contemporaneous correlations as predicted by the financial asset view......-averaged prices in the commodity index data that they use (price averaging induces spurious autocorrelation and predictability) and to features in their test procedures....

  1. Exchange Rate – Relative Price Nonlinear Cointegration Relationship in Malaysia

    OpenAIRE

    Venus Khim-Sen Liew; Chee-Keong Choong; Evan Lau; Kian-Ping Lim

    2005-01-01

    The finding of exchange rate–relative price nonlinear cointegration relationship in Malaysia, among others, suggests that nonlinear Purchasing Power Parity (PPP) equilibrium may be regarded as reference point in judging the short run misalignment of the Ringgit currency and thereby deducing effective policy actions. Moreover, economists who wish to extend the simple PPP exchange rate model into the more complicated monetary exchange models may do so comfortably, at least in the text of Malays...

  2. Stock price change rate prediction by utilizing social network activities.

    Science.gov (United States)

    Deng, Shangkun; Mitsubuchi, Takashi; Sakurai, Akito

    2014-01-01

    Predicting stock price change rates for providing valuable information to investors is a challenging task. Individual participants may express their opinions in social network service (SNS) before or after their transactions in the market; we hypothesize that stock price change rate is better predicted by a function of social network service activities and technical indicators than by a function of just stock market activities. The hypothesis is tested by accuracy of predictions as well as performance of simulated trading because success or failure of prediction is better measured by profits or losses the investors gain or suffer. In this paper, we propose a hybrid model that combines multiple kernel learning (MKL) and genetic algorithm (GA). MKL is adopted to optimize the stock price change rate prediction models that are expressed in a multiple kernel linear function of different types of features extracted from different sources. GA is used to optimize the trading rules used in the simulated trading by fusing the return predictions and values of three well-known overbought and oversold technical indicators. Accumulated return and Sharpe ratio were used to test the goodness of performance of the simulated trading. Experimental results show that our proposed model performed better than other models including ones using state of the art techniques.

  3. Stock Price Change Rate Prediction by Utilizing Social Network Activities

    Directory of Open Access Journals (Sweden)

    Shangkun Deng

    2014-01-01

    Full Text Available Predicting stock price change rates for providing valuable information to investors is a challenging task. Individual participants may express their opinions in social network service (SNS before or after their transactions in the market; we hypothesize that stock price change rate is better predicted by a function of social network service activities and technical indicators than by a function of just stock market activities. The hypothesis is tested by accuracy of predictions as well as performance of simulated trading because success or failure of prediction is better measured by profits or losses the investors gain or suffer. In this paper, we propose a hybrid model that combines multiple kernel learning (MKL and genetic algorithm (GA. MKL is adopted to optimize the stock price change rate prediction models that are expressed in a multiple kernel linear function of different types of features extracted from different sources. GA is used to optimize the trading rules used in the simulated trading by fusing the return predictions and values of three well-known overbought and oversold technical indicators. Accumulated return and Sharpe ratio were used to test the goodness of performance of the simulated trading. Experimental results show that our proposed model performed better than other models including ones using state of the art techniques.

  4. Pricing real estate index options under stochastic interest rates

    Science.gov (United States)

    Gong, Pu; Dai, Jun

    2017-08-01

    Real estate derivatives as new financial instruments are not merely risk management tools but also provide a novel way to gain exposure to real estate assets without buying or selling the physical assets. Although real estate derivatives market has exhibited a rapid development in recent years, the valuation challenge of real estate derivatives remains a great obstacle for further development in this market. In this paper, we derive a partial differential equation contingent on a real estate index in a stochastic interest rate environment and propose a modified finite difference method that adopts the non-uniform grids to solve this problem. Numerical results confirm the efficiency of the method and indicate that constant interest rate models lead to the mispricing of options and the effects of stochastic interest rates on option prices depend on whether the term structure of interest rates is rising or falling. Finally, we have investigated and compared the different effects of stochastic interest rates on European and American option prices.

  5. Changes in ambient dose equivalent rates around roads at Kawamata town after the Fukushima accident

    International Nuclear Information System (INIS)

    Kinase, Sakae; Sato, Satoshi; Yamamoto, Hideaki; Saito, Kimiaki; Sakamoto, Ryuichi

    2015-01-01

    Changes in ambient dose equivalent rates noted through vehicle-borne surveys have elucidated ecological half-lives of radioactive caesium in the environment. To confirm that the ecological half-lives are appropriate for predicting ambient dose equivalent rates within living areas, it is important to ascertain ambient dose equivalent rates on/around roads. In this study, radiation monitoring on/around roads at Kawamata town, located about 37 km northwest of the Fukushima Daiichi Nuclear Power Plant, was performed using monitoring vehicles and survey meters. It was found that the ambient dose equivalent rates around roads were higher than those on roads as of October 2012. And withal the ecological half-lives on roads were essentially consistent with those around roads. With dose predictions using ecological half-lives on roads, it is necessary to make corrections to ambient dose equivalent rates through the vehicle-borne surveys against those within living areas. (authors)

  6. On a Corporate Bond Pricing Model with Credit Rating Migration Risksand Stochastic Interest Rate

    Directory of Open Access Journals (Sweden)

    Jin Liang

    2017-10-01

    Full Text Available In this paper we study a corporate bond-pricing model with credit rating migration and astochastic interest rate. The volatility of bond price in the model strongly depends on potential creditrating migration and stochastic change of the interest rate. This new model improves the previousexisting models in which the interest rate is considered to be a constant. The existence, uniquenessand regularity of the solution for the model are established. Moreover, some properties includingthe smoothness of the free boundary are obtained. Furthermore, some numerical computations arepresented to illustrate the theoretical results.

  7. SUNRA - a sustainability rating system framework for National Road Administrations

    DEFF Research Database (Denmark)

    Sowerby, Chris; Langstraat, James; Harmer, Clare

    National Road Administrations (NRAs) across Europe strive to improve the performance of their road networks. This improvement has been underpinned by significant research in the optimisation of road planning, design, construction and maintenance, which has enhanced the understanding of the social......, environmental and economic aspects of managing a road network. Whilst there is common understanding in some aspects of sustainability there is not a common understanding of sustainability as a whole and thus how to benchmark and improve overall performance. The Sustainability: National Road Administrations...

  8. 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

  9. Estimating the common trend rate of inflation for consumer prices and consumer prices excluding food and energy prices

    OpenAIRE

    Michael T. Kiley

    2008-01-01

    I examine the common trend in inflation for consumer prices and consumer prices excluding prices of food and energy. Both the personal consumption expenditure (PCE) indexes and the consumer price indexes (CPI) are examined. The statistical model employed is a bivariate integrated moving average process; this model extends a univariate model that fits the data on inflation very well. The bivariate model forecasts as well as the univariate models. The results suggest that the relationship betwe...

  10. Empirical Studies of Exchange Rates: Price Behavior, Rate Determinationand Market Efficiency

    OpenAIRE

    Richard M. Levich

    1983-01-01

    Theoretical and empirical research completed over the last decade has dramatically increased our understanding of exchange rate behavior. The major insight to come from this decade of research is that foreign exchange is a financial asset. In an asset pricing framework, current exchange rates reflect the expected values of future exogenous variables. The purpose of this paper is to survay the empirical evidence on exchange rate behavior, market efficiency and related topics. Section 2 present...

  11. Effects of interest rate, exchange rate and their volatilities on stock prices: evidence from banking industry of Pakistan

    Directory of Open Access Journals (Sweden)

    Syed Tehseen JAWAID

    2012-08-01

    Full Text Available This study investigates the effects of exchange rate, interest rates, and their volatilities on stock prices of banking industry of Pakistan. Cointegration results suggests the existance of significant negative long run relationship between exchange rate and short term interest rate with stock prices. On the other hand, positive and significant relationship exists between volatilities of exchange rate and interest rate with stock prices. Causality analysis confirms bidirectional causality between exchange rate and stock prices. Whereas, unidirectional causality runs from short term interest rate to stock prices. Sensitivity analysis confirms that the results are robust. It is suggested that investors should invest in banking sector stocks when exchange rate and interest rates are highly volatile. The result also supports the view that exchange rate and interest rate can be used as an indicator for investment decision making in banking sector stocks.

  12. Exchange rates and individual good's price misalignment: Some preliminary evidence of long-horizon predictability

    OpenAIRE

    Dong, Wei; Nam, Deokwoo

    2011-01-01

    When prices are sticky, movements in the nominal exchange rate have a direct impact on international relative prices. A relative price misalignment would trigger an adjustment in consumption and employment, and may help to predict future movements in the exchange rate. Although purchasing-power-parity fundamentals, in general, have only weak predictability, currency misalignment may be indicated by price differentials for some goods, which could then have predictive power for subsequent re-ev...

  13. Are electricity prices affected by the US dollar to Euro exchange rate? The Spanish case

    International Nuclear Information System (INIS)

    Munoz, M. Pilar; Dickey, David A.

    2009-01-01

    The objective of this paper is to investigate the relationships between Spanish electricity spot prices and the US dollar/Euro (USD/Euro) exchange rate during the period 2005-2007, taking into account the study of the association between dollar and oil prices, in order to better understand the evolution of the former over time. The first finding in this study is that Spanish electricity spots prices, the USD/Euro exchange rate and oil prices are cointegrated; therefore there is a long-run equilibrium relationship between the three variables. Short-run relationships have been detected between oil prices and Spanish electricity prices and USD/Euro exchange rate in the sense that Spanish electricity prices and USD/Euro exchange rate are affected by oil prices in the short run. There is a transmission of volatility between USD/Euro exchange rate and oil prices to Spanish electricity prices; so although Spanish electricity prices are not affected in level by the movements of USD/Euro exchange rate, they are in volatility. In this kind of scenario the conclusions confirm that for countries so dependent on external causes as Spain, one possible solution for guarantying the energy security would be the promotion of the renewable energies. Therefore we cannot ignore the impact in the internal expenses of the cost of installation and generation of green energies so there must be a balance between the increase in renewables and the reasonable market price of the electricity. (author)

  14. Trend Analysis of Cassava Price and Growth Rate in Nigeria | Igwe ...

    African Journals Online (AJOL)

    Trend Analysis of Cassava Price and Growth Rate in Nigeria. ... Abstract. The research work was on trend analysis of cassava output and price. The period ... There is need to encourage private sector investment on the industries to expand existing market on the price offer for cassava and encourage large scale production.

  15. Drilling rates and expected oil prices: The own price elasticity of US oil supply

    International Nuclear Information System (INIS)

    Kaufmann, R.K.; Gruen, W.; Montesi, R.

    1994-01-01

    This paper evaluates the feasibility of policies to increase exploration and development by the oil industry. To do so, the authors estimate a new model for well completions in the United States that includes the effect of price expectations from survey data, that separates exploratory from development wells, and that uses a deflator based on the cost of drilling a well. The regression results indicate that the price elasticity of drilling is considerably smaller than previous estimates. When combined with recent analyses of drilling success, the results indicate that the own price elasticity of US oil supply is relatively small. The low price elasticity of supply indicates that efforts to increase domestic oil supplies by increasing well completions may be more expensive than believed previously

  16. Dynamic Relationship between Crude Oil Price, Exchange Rate and ...

    African Journals Online (AJOL)

    DrNneka

    Second, since Hamilton (1983) documented the impact of crude oil price volatility .... Hariri,2013) sourced from the U.S. Energy Information Administration (EIA). .... is explained by identifying the relative importance of a variable in generating.

  17. Reducing congestion and funding transportation using road pricing in Europe and Singapore

    Science.gov (United States)

    2010-12-01

    Congestion pricing use has been limited in the United States because of political, institutional, and public acceptance concerns. The Federal Highway Administration, American Association of State Highway and Transportation Officials, and National Coo...

  18. Economic and cultural correlates of road-traffic accident fatality rates in OECD countries.

    Science.gov (United States)

    Gaygisiz, Esma

    2009-10-01

    The relationships between economic conditions, cultural characteristics, personality dimensions, intelligence scores, and road-traffic accident mortality rates were investigated in 30 member and five accession countries of the Organisation for Economic Co-operation and Development (OECD). Economic indicators included the Gross Domestic Product (GDP) per capita, the unemployment rate, and the Gini index. Cultural variables included five Hofstede's cultural dimensions, seven Schwartz cultural value dimensions, NEO-PI-R scales, and the intelligence quotient (IQ). The results showed positive associations between favorable economic conditions (high income per capita, high employment rate, and low income inequality) and high traffic safety. Countries with higher road-traffic accident fatality rates were characterized by higher power distance and uncertainty avoidance as well as embeddedness and emphasis on social hierarchy. Countries with lower road-traffic accident fatality rates were more individualistic, egalitarian, and emphasized autonomy of individuals. Conscientiousness (from NEO-PI-R) and IQ correlated negatively with road-traffic accident fatalities.

  19. Results of reference pricing and reimbursement discount rate schemes of Turkey

    Directory of Open Access Journals (Sweden)

    Guvenc Kockaya

    2013-06-01

    Full Text Available OBJECTIVES: General Directorate of Pharmaceuticals and Pharmacy (IEGM is responsible for setting all prices for human medicinal products. The reference pricing system is used for setting these prices. Reference countries are reviewed annually and may be subject to certain alterations. There were 5 reference countries in 2009: Spain, Italy, Germany, France and Greece. The aim of this study is to show the distribution of reference countries which were used for reference pricing.METHODS: The price list of pharmaceuticals which was published by IEGM on 15.04.2011 was used for analysis. Distribution of reference countries and prices were evaluated.RESULTS: Prices of 6,251 generic and 3,703 original products were set according to the price list. 5,283 of generics and 3,306 of originals were in the positive list for reimbursement. Reference pricing was used for 2,352 generics and 2,281 originals. Prices of the remaining were set outside of reference pricing. 32 different countries were used for reference pricing. Italy was the most popular country for reference pricing. Even if it was not a reference country, Germany was used in some of the pharmaceuticals. The average reimbursement discount rate and price were 24.43% and 249 TL, respectively. There were no colerations between price and reimbursement discount rate, or reference country and reimbursement rate.CONCLUSION: It has been shown that Italy has the highest impact on the pricing of all pharmaceuticals in Turkey. Even if it was not a reference country, Germany showed to affect pharmaceuticals more than other countries which were also not used for reference pricing. Even if reimbursement discount rates are stated by the Social Security Institution (SGK, there are different discount rates for pharmaceuticals. The analysis stated that there were correlation between price, country and discount rates. This analysis is first for the literature. Further analysis is necessary in the light of price

  20. Estimating the Exchange Rate Pass-Through to Prices in Mexico

    OpenAIRE

    Josué Fernando Cortés Espada

    2013-01-01

    This paper estimates the magnitude of the exchange rate pass-through to consumer prices in Mexico. Moreover, it analyzes if the pass-through dynamics have changed in recent years. In particular, it uses a methodology that generates results consistent with the hierarchy implicit in the cpi. The results suggest that the exchange rate pass-through to the general price level is low and not statistically significant. However, the pass-through is positive and significant for goods prices. Furthermo...

  1. An estimation of the exchange rate pass-through to prices in Mexico

    OpenAIRE

    Josué Fernando Cortés Espada

    2013-01-01

    This paper estimates the magnitude of the exchange rate pass-through to consumer prices in Mexico. Moreover, it analyzes if the pass-through dynamics have changed in recent years. In particular, it uses a methodology that generates results consistent with the hierarchy implicit in the CPI. The results suggest that the exchange rate pass-through to the general price level is low and not statistically significant. However, the pass-through is positive and significant for goods prices. Furthermo...

  2. Kernel-Correlated Lévy Field Driven Forward Rate and Application to Derivative Pricing

    International Nuclear Information System (INIS)

    Bo Lijun; Wang Yongjin; Yang Xuewei

    2013-01-01

    We propose a term structure of forward rates driven by a kernel-correlated Lévy random field under the HJM framework. The kernel-correlated Lévy random field is composed of a kernel-correlated Gaussian random field and a centered Poisson random measure. We shall give a criterion to preclude arbitrage under the risk-neutral pricing measure. As applications, an interest rate derivative with general payoff functional is priced under this pricing measure

  3. Kernel-Correlated Levy Field Driven Forward Rate and Application to Derivative Pricing

    Energy Technology Data Exchange (ETDEWEB)

    Bo Lijun [Xidian University, Department of Mathematics (China); Wang Yongjin [Nankai University, School of Business (China); Yang Xuewei, E-mail: xwyangnk@yahoo.com.cn [Nanjing University, School of Management and Engineering (China)

    2013-08-01

    We propose a term structure of forward rates driven by a kernel-correlated Levy random field under the HJM framework. The kernel-correlated Levy random field is composed of a kernel-correlated Gaussian random field and a centered Poisson random measure. We shall give a criterion to preclude arbitrage under the risk-neutral pricing measure. As applications, an interest rate derivative with general payoff functional is priced under this pricing measure.

  4. Understanding the oil price-exchange rate nexus for the Fiji islands

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema; Prasad, Arti

    2008-01-01

    In this paper, we examine the relationship between oil price and the Fiji-US exchange rate using daily data for the period 2000-2006. We use the generalised autoregressive conditional heteroskedasticity (GARCH) and exponential GARCH (EGARCH) models to estimate the impact of oil price on the nominal exchange rate. We find that a rise in oil prices leads to an appreciation of the Fijian dollar vis-a-vis the US dollar. (author)

  5. Road pricing mechanisms - A game theoretic and multi-level approach

    NARCIS (Netherlands)

    Ohazulike, Anthony

    2014-01-01

    Road traffic externalities such as congestion, high noise levels, emission, accidents, are increasing due to the rise in vehicle ownership. Owing to financial, geographical and/or feasibility constraints, it could not be practically feasible to combat these externalities by expanding

  6. On the Information in the Interest Rate Term Structure and Option Prices

    NARCIS (Netherlands)

    de Jong, F.; Driessen, J.; Pelsser, A.

    2004-01-01

    We examine whether the information in cap and swaption prices is consistent with realized movements of the interest rate term structure. To extract an option-implied interest rate covariance matrix from cap and swaption prices, we use Libor market models as a modelling framework. We propose a

  7. Research on urban road congestion pricing strategy considering carbon dioxide emissions

    NARCIS (Netherlands)

    Wang, Y.; Peng, Z.; Wang, K.; Song, X.; Yao, B.; Feng, T.

    2015-01-01

    Congestion pricing strategy has been recognized as an effective countermeasure in the practical field of urban traffic congestion mitigation. In this paper, a bi-level programming model considering carbon dioxide emission is proposed to mitigate traffic congestion and reduce carbon dioxide

  8. Road crash fatality rates in France: a comparison of road user types, taking account of travel practices.

    Science.gov (United States)

    Bouaoun, Liacine; Haddak, Mohamed Mouloud; Amoros, Emmanuelle

    2015-02-01

    Travel practices are changing: bicycle and motorized two-wheeler (MTW) use are rising in some of France's large cities. These are cheaper modes of transport and therefore attractive at a time of economic crisis, but they also allow their users to avoid traffic congestion. At the same time, active transport modes such as walking and cycling are encouraged because they are beneficial to health and reduce pollution. It is therefore important to find out more about the road crash risks of the different modes of transport. To do this, we need to take account of the number of individuals who use each, and, even better, their travel levels. We estimated the exposure-based fatality rates for road traffic crashes in France, on the basis of the ratio between the number of fatalities and exposure to road accident risk. Fatality data were obtained from the French national police database of road traffic casualties in the period 2007-2008. Exposure data was estimated from the latest national household travel survey (ENTD) which was conducted from April 2007 to April 2008. Three quantities of travel were computed for each mode of transport: (1) the number of trips, (2) the distance traveled and (3) the time spent traveling. Annual fatality rates were assessed by road user type, age and sex. The overall annual fatality rates were 6.3 per 100 million trips, 5.8 per billion kilometers traveled and 0.20 per million hours spent traveling. The fatality rates differed according to road user type, age and sex. The risk of being killed was 20 to 32 times higher for motorized two-wheeler users than for car occupants. For cyclists, the risk of being killed, both on the basis of time spent traveling and the number of trips was about 1.5 times higher than for car occupants. Risk for pedestrians compared to car occupants was similar according to time spent traveling, lower according to the number of trips and higher according to the distance traveled. People from the 17-20 and 21-29 age

  9. Road Traffic Accident Rate as an Indicator of the Quality of Life

    Directory of Open Access Journals (Sweden)

    Artur Igorevich Petrov

    2016-07-01

    Full Text Available The paper considers the issues devoted to assessing the connection between the quality of life and road traffic accident rate in different countries. The hypothesis put forward in the paper is based on the idea that the organization and functioning of the state road traffic safety management system and the outcome characteristics of road traffic accident rate in the road complex are closely related and are derived from the level of development of non-governmental institutions in a particular country. In order to determine how true this hypothesis is, the author carried out statistical studies of the relations between the estimates of the Quality of Life presented for 60 countries in the US News & World Report and the Human Risk indicators estimated for these countries. This indicator proposed by R. Smeed in 1949 for assessing the state of affairs in the field of road safety allows us to evaluate adequately the position of countries in the world ranking of road traffic accident rate. The research aims to establish a regularity that identifies the statistical relationship between the characteristics of the quality of life and human risk (by R. Smeed. The method of construction of correlation-regression models of the processes under consideration is used to achieve this goal. It has been established that there exists a noticeable inverse statistical relationship between the variables of the Quality of Life in different countries (according to the US News & World Report and Human Risk (according to the World Health Organization. The paper discusses reasons for a decline in road traffic accident rate when the quality of life becomes better. The main conclusion of the study lies in the understanding that there exists a strong cause and effect relationship between the level of development of social institutions and the level of transport culture of the population; this relationship is implemented in the form of specific cases of transport

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

    Directory of Open Access Journals (Sweden)

    Buerhan Saiti

    2014-05-01

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

  11. Research on Urban Road Congestion Pricing Strategy Considering Carbon Dioxide Emissions

    Directory of Open Access Journals (Sweden)

    Yitian Wang

    2015-08-01

    Full Text Available Congestion pricing strategy has been recognized as an effective countermeasure in the practical field of urban traffic congestion mitigation. In this paper, a bi-level programming model considering carbon dioxide emission is proposed to mitigate traffic congestion and reduce carbon dioxide emissions. The objective function of the upper level model is to minimize the sum of travel costs and the carbon dioxide emissions costs. The lower level is a multi-modal transportation network equilibrium model. To solve the model, the method of successive averages (MSA and the shuffled frog leaping algorithm (SFLA are introduced. The proposed method and algorithm are tested through the numerical example. The results show that the proposed congestion pricing strategy can mitigate traffic congestion and reduce carbon emissions effectively.

  12. Evaluation of safety ratings of roads based on frontal crashes with known crash pulse and injury outcome.

    Science.gov (United States)

    Stigson, H

    2009-06-01

    The objective in this study, using data from crashed cars fitted with on-board crash pulse recorders, was to present differences in average crash severity, distribution of crash severity, and injury outcomes, based on an independent safety rating of roads, also taking road type and speed limit into consideration. Furthermore, the objective was to evaluate differences in injury risk, based on the distribution of crash severity. The investigation included both frontal two-vehicle crashes and single-vehicle crashes with known injury outcome. In total, 209 real-world crashes involving cars fitted with crash pulse recorders were included. For all crashes, average mean acceleration and change of velocity of the vehicle acceleration pulse were measured and calculated. All crash spots were classified according to an independent road safety rating program (European Road Assessment Programme Road Protection Score), where the safety quality of roads is rated in relation to posted speed limits. The crash severity and injury outcome in crashes that occurred on roads with good safety ratings were compared with crashes on roads with poor safety ratings. The data were also divided into subcategories according to posted speed limit and road type, to evaluate whether there was a difference in crash severity and injury outcome within the categories. In total, crash severity was statistically significantly lower in crashes occurring on roads with good safety ratings than in crashes occurring on roads with poor safety ratings. It was found that crash severity and injury risk were lower on roads with good safety ratings with a speed limit of above 90 km/h compared with roads with poor safety ratings, irrespective of speed limit. On the other hand, crash severity was higher on roads with good safety ratings with speed limit of 70 km/h than on roads with poor safety ratings with the same speed limit. Though it was found that a higher speed limit resulted in higher crash severity on roads

  13. Changes in heart rate and heart rate variability during transportation of horses by road and air.

    Science.gov (United States)

    Ohmura, Hajime; Hobo, Seiji; Hiraga, Atsushi; Jones, James H

    2012-04-01

    To determine the influence of transportation by road and air on heart rate (HR) and HR variability (HRV) in horses. Animals-6 healthy horses. ECG recordings were obtained from horses before (quarantine with stall rest [Q]; 24 hours) and during a journey that included transportation by road (RT; 4.5 hours), waiting on the ground in an air stall (W; 5.5 hours), and transportation by air (AT; 11 hours); HR was determined, and HRV indices of autonomic nervous activity (low-frequency [LF; 0.01 to 0.07 Hz] and high-frequency [HF; 0.07 to 0.6 Hz] power) were calculated. Mean ± SD HRs during Q, RT, W, and AT were 38.9 ± 1.5 beats/min, 41.7 ± 5.6 beats/min, 41.5 ± 4.3 beats/min, and 48.8 ± 5.6 beats/min, respectively; HR during AT was significantly higher than HR during Q. The LF power was significantly higher during Q (3,454 ± 1,087 milliseconds(2)) and AT (3,101 ± 567 milliseconds(2)) than it was during RT (1,824 ± 432 milliseconds(2)) and W (2,072 ± 616 milliseconds(2)). During Q, RT, W, and AT, neither HF powers (range, 509 to 927 milliseconds(2)) nor LF:HF ratios (range, 4.1 to 6.2) differed significantly. The HR during RT was highly correlated with LF power (R(2) = 0.979), and HR during AT was moderately correlated with the LF:HF ratio (R(2) = 0.477). In horses, HR and HRV indices during RT and AT differed, suggesting that exposure to different stressors results in different autonomic nervous influences on HR.

  14. The empirical role of the exchange rate on the crude-oil price formation

    International Nuclear Information System (INIS)

    Yousefi, A.; Wirjanto, T.S.; University of Waterloo, Ont.

    2004-01-01

    This paper adopts a novel empirical approach to the crude-oil price formation for the purpose of understanding the price reactions of OPEC member countries to changes in the exchange rate of the US dollar against other major currencies and prices of other members. The results are broadly consistent with the view of the absence of a unified OPEC determined price in the international crude market literature. In addition, the results also highlight a cross regional dimension of the crude oil market. (author)

  15. Mellin Transform Method for European Option Pricing with Hull-White Stochastic Interest Rate

    Directory of Open Access Journals (Sweden)

    Ji-Hun Yoon

    2014-01-01

    Full Text Available Even though interest rates fluctuate randomly in the marketplace, many option-pricing models do not fully consider their stochastic nature owing to their generally limited impact on option prices. However, stochastic dynamics in stochastic interest rates may have a significant impact on option prices as we take account of issues of maturity, hedging, or stochastic volatility. In this paper, we derive a closed form solution for European options in Black-Scholes model with stochastic interest rate using Mellin transform techniques.

  16. Energy performance ratings and house prices in Wales: An empirical study

    International Nuclear Information System (INIS)

    Fuerst, Franz; McAllister, Pat; Nanda, Anupam; Wyatt, Pete

    2016-01-01

    This paper investigates the effect of Energy Performance Certificate (EPC) ratings on residential prices in Wales. Drawing on a sample of approximately 192,000 transactions, the capitalisation of energy efficiency ratings into house prices is investigated using two approaches. The first adopts a cross-sectional framework to investigate the effect of EPC rating on price. The second approach applies a repeat-sales methodology to investigate the impact of EPC rating on house price appreciation. Statistically significant positive price premiums are estimated for dwellings in EPC bands A/B (12.8%) and C (3.5%) compared to houses in band D. For dwellings in band E (−3.6%) and F (−6.5%) there are statistically significant discounts. Such effects may not be the result of energy performance alone. In addition to energy cost differences, the price effect may be due to additional benefits of energy efficient features. An analysis of the private rental segment reveals that, in contrast to the general market, low-EPC rated dwellings were not traded at a significant discount. This suggests different implicit prices of potential energy savings for landlords and owner-occupiers.

  17. Oil prices and the rise and fall of the U.S. real exchange rate

    International Nuclear Information System (INIS)

    Amano, R.A.; Norden, S. van.

    1993-12-01

    It is examined whether a link exists between oil price shocks and the U.S. real effective exchange rate. Data used for the study are described and their time series properties and the long-run explanatory power of oil prices for the real exchange rate are examined. Apparent causal relationships between exchange rates and oil prices are examined. An unrestricted error correction model is reduced until an error correction model with reasonable properties is derived. Results show that the two variables appear to be cointegrated and that causality runs from oil prices to the exchange rate and not vice-versa. The single equation error correction model linking these two variables is stable and captures much of the in- and out-of-sample movement in the exchange rate in dynamic simulation. Tests are presented to show that the error correction model has significant post-sample predictive ability for both the size and sign of changes in the real effective exchange rate. The results suggest that oil prices may have been the dominant source of persistant real exchange rate shocks over the post-Bretton Woods period and that energy prices may have important implications for future work on exchange rate behaviour. 61 refs., 3 figs., 7 tabs

  18. Sustainable energy management in urban transport: The public's response of road congestion pricing in Thailand

    International Nuclear Information System (INIS)

    Kunchornrat, Janthana; Pairintra, Rattanachai; Namprakai, Pichai

    2008-01-01

    Fuel consumption of vehicles is one of the most vigorously debated issues in Thailand. Concerns about the effect of emissions from the vehicles and a significant reliance on imported oil provide legitimate reasons for government action to manage fuel consumption. There are several different policy measures available to affect the fuel-efficient vehicles as well as reduce the amount of driving. This paper presents the major policy measure studies namely congestion pricing, etc. In congestion pricing measure, we conducted a survey of 400 samples in Bangkok area. The purpose of the survey was to inform respondents about a policy designed to reduce freeway congestion and to estimate respondent support for this policy. After receiving extensive information about the policy, respondents were polled on whether they would support, i.e., vote for any or all of these options. The results of the congestion fee survey suggest that 22% of commuting motorists in Bangkok will support congestion fees on the freeways of the region. Public acceptance is substantially enhanced by promising to return at least some of the revenues in the form of reductions in other taxes. (author)

  19. A Simple Approach to Interest-Rate Option Pricing.

    OpenAIRE

    Turnbull, Stuart M; Milne, Frank

    1991-01-01

    A simple introduction to contingent claim valuation of risky assets in a discrete time, stochastic interest-rate economy is provided. Taking the term structure of interest rates as exogenous, closed-form solutions are derived for European options written on (1) Treasury bills, (2) interest-rate forward contracts, (3) interest-rate futures contracts, (4) Treasury bonds, (5) interest-rate caps, (6) stock options, (7) equity forward contracts, (8) equity futures contracts, (9) Eurodollar liabili...

  20. Granger Causalities Between Interest Rate, Price Level, Money Supply and Real Gdp in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Tomáš Urbanovský

    2017-01-01

    Full Text Available The main aim of this paper is to investigate relationships between selected macroeconomic variables – interest rate, price level, money supply and real GDP – in the Czech Republic in order to find out definite implications of its interactions and give recommendations to macroeconomic policy authorities. Two implemented vector autoregression models with different lag length reached slightly different conclusions. VAR(1 suggests that three pairs of Granger causality exist, in particular between price level and interest rate, between real GDP and interest rate and between real GDP and price level. VAR(2 uncovered two more pairs of Granger causality between money supply and interest rate and between money supply and price level. Despite better prediction power of VAR(2 in case of money supply, low correlation coefficient comprising variable money supply raises doubts about the factual existence of causality between money supply and other variables. However, both models allow forecasting the direction of change in case of variables interest rate and real GDP with the same success rate nearly 82 %. Both VARs also agreed that interest rate could be changed by change of price level and that interest rate could be changed by change of real GDP. These conclusions represent potential recommendations to macroeconomic policy authorities. For the purpose of further research, exchange rate variable will be included in the model instead of interest rate, because effect of interest rate turned out to be limited in times of weakened state of Czech economy.

  1. Binary Tree Pricing to Convertible Bonds with Credit Risk under Stochastic Interest Rates

    Directory of Open Access Journals (Sweden)

    Jianbo Huang

    2013-01-01

    Full Text Available The convertible bonds usually have multiple additional provisions that make their pricing problem more difficult than straight bonds and options. This paper uses the binary tree method to model the finance market. As the underlying stock prices and the interest rates are important to the convertible bonds, we describe their dynamic processes by different binary tree. Moreover, we consider the influence of the credit risks on the convertible bonds that is described by the default rate and the recovery rate; then the two-factor binary tree model involving the credit risk is established. On the basis of the theoretical analysis, we make numerical simulation and get the pricing results when the stock prices are CRR model and the interest rates follow the constant volatility and the time-varying volatility, respectively. This model can be extended to other financial derivative instruments.

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

    Science.gov (United States)

    2011-03-01

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

  3. Pricing Rate of Return Guarantees in Regular Premium Unit Linked Insurance

    NARCIS (Netherlands)

    Schrager, D.F.; Pelsser, A.

    2004-01-01

    We derive general pricing formulas for Rate of Return Guarantees in Regular Premium Unit Linked Insurance under stochastic interest rates. Our main contribution focusses on the effect of stochastic interest rates. First, we show the effect of stochastic interest rates can be interpreted as, what is

  4. Calibration of short rate term structure models from bid-ask coupon bond prices

    Science.gov (United States)

    Gomes-Gonçalves, Erika; Gzyl, Henryk; Mayoral, Silvia

    2018-02-01

    In this work we use the method of maximum entropy in the mean to provide a model free, non-parametric methodology that uses only market data to provide the prices of the zero coupon bonds, and then, a term structure of the short rates. The data used consists of the prices of the bid-ask ranges of a few coupon bonds quoted in the market. The prices of the zero coupon bonds obtained in the first stage, are then used as input to solve a recursive set of equations to determine a binomial recombinant model of the short term structure of the interest rates.

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

    OpenAIRE

    Ketelsen, Uwe; Kortelainen, Mika

    1996-01-01

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

  6. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2016-09-01

    Full Text Available The impact of exchange rate and oil prices fluctuation on the stock market has been a subject of hot debate among researchers. This study examined the impact of both the exchange rate volatility and oil price volatility on stock market volatility in Nigeria, so as to guide policy formulation based on the fact that the nation’s economy was foreign induced and mono-cultured with heavy dependence on oil. EGARCH estimation techniques were employed to examine if either the volatility in exchange rate, oil price volatility or both experts on stock market volatility in Nigeria. The result shows that share price volatility is induced by both the exchange rate volatility and oil price volatility. Thus, it is recommended that policymakers should pursue policies that tend to stabilize the exchange rate regime on the one hand, and guarantee the net oil exporting position for the economy, that market practitioners should formulate portfolio strategies in such a way that volatility in both exchange rates and oil price will be factored in time when investment decisions are being made.

  7. Time variation in European carbon pass-through rates in electricity futures prices

    International Nuclear Information System (INIS)

    Huisman, Ronald; Kiliç, Mehtap

    2015-01-01

    The European Union Emissions Trading Scheme is a means to price emission allowances. Electricity market prices should reflect these market prices of emission allowances as they are a cost factor for power producers. The pass-through rate is the fraction of the emission allowance price that is passed through to electricity market prices. It is often measured and presented as an average or a fixed estimate over some time period. However, we expect that the pass-through rates should actually vary over time as electricity supply curves reflect the marginal costs of different producers that differ in emission intensity. We apply a Kalman Filter approach to observe pass-through rates in Germany and U.K. and find strong support for time varying instead of fixed pass-through rates. Although policy makers are interested in the impact of a policy on average, our results indicate that one needs to be careful with the time-frame over which pass-through rates are measured for policy evaluation, as an incorrect chosen evaluation period could cause an under- or overestimation of the pass-through rate. In addition, our model helps to provide policy makers with insight in the development of pass-through rates when market circumstances change with respect to power production. - Highlights: • We analyse the time-variation of the emission pass-through rate in power prices. • We examine historical futures prices for Germany and the U.K. • We test the hypothesis by using the Kalman Filter methodology. • Strong support is found that pass-through rates vary over time. • The chosen time-frame for pass-through rates is important for policy evaluation.

  8. The performance of one belt and one road exchange rate: Based on improved singular spectrum analysis

    Science.gov (United States)

    Lai, Lin; Guo, Kun

    2017-10-01

    ;One Belt and One Road; strategy in China is on push of foreign trade openness at northwest, southwest and northeast, absorption of the excess capacity and new support for economic increase. However, the fluctuation in RMB exchange rate with the countries along the road is unstable so related Chinese enterprises will face high risk of exchange rate. Precise explanation or prediction for exchange rate has been the challengeable hop point in the international finance. This paper decomposed the One Belt One Road Exchange Rate Index (OBORR) and the RMB Effective Exchange Rate Index (CNYX) into trend term, market fluctuation term and noise term using improved singular spectrum analysis (SSA). It turns out that the increasing velocity of OBORR is greater than that of CNYX in the long term, and there is dynamic lead-lag structure in the medium term. In the short term, the fluctuation range and frequency of OBORR are greater than those of CNYX, which means there will be more exchange rate risks in One Belt and One Road countries.

  9. On the link between oil price and exchange rate: A time-varying VAR parameter approach

    International Nuclear Information System (INIS)

    Bremond, Vincent; Razafindrabe, Tovonony; Hache, Emmanuel

    2015-07-01

    The aim of this paper is to study the relationship between the effective exchange rate of the dollar and the oil price dynamics from 1976 to 2013. In this context, we propose to explore the economic literature dedicated to financial channels factors (exchange rate, monetary policy, and international liquidity) that could affect the oil price dynamics. In addition to oil prices and the effective exchange rate of the dollar, we use the dry cargo index as a proxy for the real economic activity and prices for precious and industrial raw materials. Using a Bayesian time-varying parameter vector auto-regressive estimation, our main results show that the US Dollar effective exchange rate elasticity of the crude oil prices is not constant across the time and remains negative from 1989. It then highlights that a depreciation of the effective exchange rate of the dollar leads to an increase of the crude oil prices. Our paper also demonstrates the growing influence of financial and commodities markets development upon the global economy. (authors)

  10. Photovoltaic systems for Malaysian islands: Effects of interest rates, diesel prices and load sizes

    International Nuclear Information System (INIS)

    Lau, K.Y.; Tan, C.W.; Yatim, A.H.M.

    2015-01-01

    Standalone diesel systems have been widely used on Malaysian islands due to the isolated locations of the islands. Nevertheless, the high diesel prices and the high cost of transporting diesel to islands cause the use of standalone diesel systems to be uneconomical. This study analyzes the feasibility of implementing PV (photovoltaic) systems as alternatives to standalone diesel systems by considering the effects of annual real interest rates, diesel prices and load sizes, using the HOMER (hybrid optimization of multiple energy resources) software. The results indicate that, at the ordinary diesel price of $ 0.61/L, low interest rates (0–3%) are desirable for the implementation of hybrid PV/diesel with battery systems over standalone diesel systems, regardless of the load sizes. Although different load sizes may affect the decisions on the implementation of PV systems at higher interest rates (6–9%), these effects become less pronounced as the price of diesel increases to $ 1.22/L or higher. Also, under high diesel prices, the choice of optimal system configurations obtained for small load sizes should be applicable for larger load sizes, albeit with different component ratings. Although the current study is intended for Malaysian islands, the findings can be generalized for other places with similar solar radiation levels. - Highlights: • Photovoltaic systems for Malaysian islands have been analyzed using HOMER. • Interest rates, diesel prices and load sizes affect optimal system configurations. • Effects of interest rates and load sizes reduce with increasing diesel prices. • Photovoltaic systems' implementation is feasible at high diesel prices. • The findings can be generalized for places with similar solar radiation levels

  11. Effects of exchange rate volatility on export volume and prices of forest products

    Science.gov (United States)

    Sijia Zhang; Joseph Buongiorno

    2010-01-01

    The relative value of currencies varies considerably over time. These fluctuations bring uncertainty to international traders. As a result, the volatility in exchange rate movements may influence the volume and the price of traded commodities. The volatility of exchange rates was measured by the variance of residuals in a GARCH(1,1) model of the exchange rate. We...

  12. Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?

    NARCIS (Netherlands)

    Botshekan, M.; Kraeussl, R.G.W.; Lucas, A.

    2012-01-01

    We test whether asymmetric preferences for losses versus gains affect the prices of cash flow versus discount rate risk. We construct a return decomposition distinguishing cash flow and discount rate betas in up and down markets. Using U.S. data, we find that downside cash flow and discount rate

  13. A generalized one-factor term structure model and pricing of interest rate derivative securities

    NARCIS (Netherlands)

    Jiang, George J.

    1997-01-01

    The purpose of this paper is to propose a nonparametric interest rate term structure model and investigate its implications on term structure dynamics and prices of interest rate derivative securities. The nonparametric spot interest rate process is estimated from the observed short-term interest

  14. Nonparametric modeling of US interest rate term structure dynamics and implications on the prices of derivative securities

    NARCIS (Netherlands)

    Jiang, GJ

    1998-01-01

    This paper develops a nonparametric model of interest rate term structure dynamics based an a spot rate process that permits only positive interest rates and a market price of interest rate risk that precludes arbitrage opportunities. Both the spot rate process and the market price of interest rate

  15. Pricing Asian Interest Rate Options with a Three-Factor HJM Model

    Directory of Open Access Journals (Sweden)

    Claudio Henrique Barbedo

    2010-04-01

    Full Text Available Pricing interest rate derivatives is a challenging task that has attracted the attention of many researchers in recent decades. Portfolio and risk managers, policymakers, traders and more generally all market participants are looking for valuable information from derivative instruments. We use a standard procedure to implement the HJM model and to price IDI options. We intend to assess the importance of the principal components of pricing and interest rate hedging derivatives in Brazil, one of the major emerging markets. Our results indicate that the HJM model consistently underprices IDI options traded in the over-the-counter market while it overprices long-term options traded in the exchange studied. We also find a direct relationship between time to maturity and pricing error and a negative relation with moneyness.

  16. Relationship between oil prices, interest rate, and unemployment. Evidence from an emerging market

    International Nuclear Information System (INIS)

    Dogrul, H. Guensel; Soytas, Ugur

    2010-01-01

    While the interrelation between oil price changes, economic activity and employment is an important issue that has been studied mainly for developed countries, little attention has been devoted to inquiries on fluctuations in the price of crude oil and its impact on employment for small open economies. Adopting an efficiency wage model for equilibrium employment that does not require any assumptions regarding labor supply, this paper contributes to the literature by investigating the causality between unemployment and two input prices, namely energy (crude oil) and capital (real interest rate) in an emerging market, Turkey for the period 2005:01-2009:08. Applying a relatively new technique, the Toda-Yamamoto procedure, we find that the real price of oil and interest rate improve the forecasts of unemployment in the long run. This finding supports the hypothesis that labor is a substitute factor of production for capital and energy. (author)

  17. South Africa and United States stock prices and the Rand/Dollar exchange rate

    Directory of Open Access Journals (Sweden)

    Matthew Ocran

    2010-09-01

    Full Text Available This paper seeks to examine the dynamic causal relations between the two major financial assets, stock prices of the US and South Africa and the rand/US$ exchange rate. The study uses a mixed bag of time series approaches such as cointegration, Granger causality, impulse response functions and forecasting error variance decompositions.  The paper identifies a bi-directional causality from the Standard & Poor’s 500 stock price index to the rand/US$ exchange rate in the Granger sense. It was also found that the Standard & Poor’s stock price index accounts for a significant portion of the variations in the Johannesburg Stock Exchange’s All Share index. Thus, while causality in the Granger sense could not be established for the relationship between the price indices of the two stock exchanges it can argued that there is some relationship between them. The results of the study have implications for both business and Government.

  18. 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…

  19. exchange rate pass-through to import and consumer prices

    African Journals Online (AJOL)

    Eyerusalem

    degree of pass-through is estimated by the means of impulse response functions. ..... through from exchange rate fluctuations to each stage of the distribution chain ..... exclusion test (which is asymptotically chi-square distributed) and the results ...... Endogenous variables: DLWCPI YGap DLNEER DLMPI DLCPI DLM2. Root.

  20. The Effects of Oil Price Changes And Exchange Rate Volatility On Unemployment: Evidence From Malaysia

    Directory of Open Access Journals (Sweden)

    Mohd Shahidan Shaari

    2016-01-01

    Full Text Available The study aims to examine the effects of oil price and exchange rate on unemployment in Malaysia. The empirical analysis commence by analyzing the time series property of data. The Johansen VAR-based co-integration technique was applied to examine the long run relationship between exchange rate, oil price and unemployment and found the long run relationship does exist. The vector error correction model was performed to check the short run dynamics and found that the short run dynamics are influenced by the estimated long run equilibrium. Granger causality was done and found that oil price does not affect unemployment but exchange rate has an influence on unemployment. Therefore, putting the exchange rate under control should be implemented to control unemployment.

  1. Road Accident Mortality Rate of the Iranian Elderly from 2006 to 2008

    Directory of Open Access Journals (Sweden)

    Mohammad reza Ghadirzadeh

    2012-04-01

    Full Text Available Objectives: Mortality rate in traffic accident is high for Iranian elderly. Twenty percent of elderly people are involved in traffic accident in Iran `s cities every year. Methods & Materials: This study is a descriptive cross sectional study. All data in this field from 2006 to 2008 collected from forensic medicine centers across the country and were analyzed with SPSS software. Results: In general, 12029 deaths due to traffic accident occurred in people over 60 years old in Iran from 2006 to 2008. On average 65% of deaths were occurred in young-old: 34.5% in old group and 0.5% in the old-old group. In these years 19.2% of death in elderly people was occurred in drivers, 56.9% in pedestrians and 23.2% in occupants. On average, each year 46% of deaths in traffic accidents were happened in cities 46.3% on suburban roads, and 6.8% were occurred on rural roads. Conclusion: The rate of traffic accident in Iran is about 20 folds in compare to those of other countries. In years of study mortality rate in old and old-old age groups were increased and in young-old group was decreased. The frequency of deaths in elderly people due to traffic accidents was decreased in suburban roads and increased in urban roads.

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

    OpenAIRE

    Janine Aron; Greg Farrell; John Muellbauer; Peter Sinclair

    2012-01-01

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

  3. Water and Wastewater Annual Price Escalation Rates for Selected Cities across the United States

    Energy Technology Data Exchange (ETDEWEB)

    None, None

    2017-10-27

    Pacific Northwest National Laboratory conducted this study for the Federal Energy Management Program to identify trends in annual water and wastewater price escalation rates across the United States. This study can be used to inform the selection of an appropriate escalation rates for inclusion in LCCA.

  4. An Auto Telematics System For Insurance Premium Rating amp Pricing.

    Directory of Open Access Journals (Sweden)

    Irode Philip Luvuga

    2017-12-01

    Full Text Available Insurance telematics is a new technology that has been poised to transform and change the way we buy and underwrite insurance by 2030. Insurance Premium Rate is a major variable that determines if a client will buy or take up a policy cover or not. With the current stiff competition being felt in the Industry the local insurance industry continues to suffer big losses due to unhealthy business practice of competitor undercutting among the insurers to attract more clients but exposing the underwriting companies to potential high risks. This in most cases means that the product is totally underpriced to the extent that it would be uneconomical and unsustainable in the long run for the insurance firms. This research outlines a technology defined model that should be used to determine the ideal premium rate payable in the Motor Insurance industry taking into account all the variables and the risk exposure of the policy holder. The system model is able to determine the insurable risk based on the drivers attributes and profile location of the vehicle in relation to risk geo-locations map monitoring the driving parameters of the vehicle by the driver and the driving style. This enable the insurance company determines costs associated with the risk cover based on factual facts which are scientifically determined by the real risks.

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

    OpenAIRE

    Guneratne Banda Wickremasinghe; Param Silvapulle

    2004-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Arintoko Arintoko

    2011-09-01

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

  7. FDI Inflows, Price and Exchange Rate Volatility: New Empirical Evidence from Latin America

    Directory of Open Access Journals (Sweden)

    Silvia Dal Bianco

    2017-02-01

    Full Text Available This paper investigates the impact of price and real exchange rate volatility on Foreign Direct Investment (FDI inflows in a panel of 10 Latin American and Caribbean countries, observed between 1990 and 2012. Both price and exchange rate volatility series are estimated through the Generalized Autoregressive Conditional Heteroscedasticity model (GARCH. Our results obtained, employing the Fixed Effects estimator, confirm the theory of hysteresis and option value, in so far as a statistically significant negative effect of exchange rate volatility on FDI is found. Price volatility, instead, turns out to be positive but insignificant. Moreover, we show that human capital and trade openness are key for attracting foreign capital. From the policy perspective, our analysis suggests the importance of stabilization policies as well as the policy of government credibility in promoting trade openness and human capital formation.

  8. ANALYSIS OF EXCHANGE RATE LINKED SUBSIDIES FOR NON-PRICE EXPORT PROMOTION: THE CASE OF COTTON

    OpenAIRE

    Paudel, Laxmi; Adhikari, Murali; Houston, Jack E.; Kinnucan, Henry W.

    2002-01-01

    An equilibrium displacement framework was developed to evaluate the effect of exchange rate linked subsidies for non-price export promotion for US cotton. Study results show that an increase in promotion expenditure increased the dollar value and producer welfare of cotton growers. The gross gain to the domestic cotton producers from the exchange-rate linked subsidy scheme was positive. These evidences support exchange rate linked subsidies for US cotton export promotion.

  9. Comprehensive evaluation of power grid enterprises' credit rating under the reform of transmission and distribution price

    Science.gov (United States)

    Wang, Yongli; Wang, Gang; Zuo, Yi; Fan, Lisha; Wei, Jiaxiang

    2017-03-01

    On March 15, 2015, the central office issued the "Opinions on Further Deepening the Reform of Electric Power System" (in the 2015 No. 9). This policy marks the central government officially opened a new round of electricity reform. As a programmatic document under the new situation to comprehensively promote the reform of the power system, No. 9 document will be approved as a separate transmission and distribution of electricity prices, which is the first task of promoting the reform of the power system. Grid tariff reform is not only the transmission and distribution price of a separate approval, more of the grid company input-output relationship and many other aspects of deep-level adjustments. Under the background of the reform of the transmission and distribution price, the main factors affecting the input-output relationship, such as the main business, electricity pricing, and investment approval, financial accounting and so on, have changed significantly. The paper designed the comprehensive evaluation index system of power grid enterprises' credit rating under the reform of transmission and distribution price to reduce the impact of the reform on the company's international rating results and the ability to raise funds.

  10. Pricing long-dated insurance contracts with stochastic interest rates and stochastic volatility

    NARCIS (Netherlands)

    van Haastrecht, A.; Lord, R.; Pelsser, A.; Schrager, D.

    2009-01-01

    We consider the pricing of long-dated insurance contracts under stochastic interest rates and stochastic volatility. In particular, we focus on the valuation of insurance options with long-term equity or foreign exchange exposures. Our modeling framework extends the stochastic volatility model of

  11. 78 FR 67951 - Price Cap Rules for Certain Postal Rate Adjustments; Corrections

    Science.gov (United States)

    2013-11-13

    ... POSTAL REGULATORY COMMISSION 39 CFR Part 3010 [Docket No. RM2013-2; Order No. 1786] Price Cap Rules for Certain Postal Rate Adjustments; Corrections AGENCY: Postal Regulatory Commission. ACTION: Correcting amendments. SUMMARY: The Postal Regulatory Commission published a document in the Federal Register...

  12. Empirical studies on the pricing of bonds and interest rate derivatives

    NARCIS (Netherlands)

    Driessen, J.J.A.G.

    2001-01-01

    Nowadays, both large financial and non-financial institutions use models for the term structure of interest rates for risk management and pricing purposes. This thesis focuses on these two important applications of term structure models. In the first part, the empirical performance of several term

  13. Looking beyond credit ratings : Factors investors consider In pricing European asset-backed securities

    NARCIS (Netherlands)

    Fabozzi, F.; Vink, D.

    2012-01-01

    In this paper, we empirically investigate what credit factors investors rely upon when pricing the spread at issue for European asset-backed securities. More specifically, we investigate how credit factors affect new issuance spreads after taking into account credit rating. We do so by investigating

  14. Pricing long-term options with stochastic volatility and stochastic interest rates

    NARCIS (Netherlands)

    van Haastrecht, A.

    2010-01-01

    The markets for long-term options have expanded tremendously over the last decade. Nowadays many of these derivatives along with pension schemes and insurance products depend on joint changes in stock prices, interest rates and inflation. As a result the dependencies between the underlying assets

  15. 77 FR 36528 - K Road Modesto Solar LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes...

    Science.gov (United States)

    2012-06-19

    ... DEPARTMENT OF ENERGY Federal Energy Regulatory Commission [Docket No. ER12-1995-000] K Road Modesto Solar LLC; Supplemental Notice That Initial Market-Based Rate Filing Includes Request for Blanket Section 204 Authorization This is a supplemental notice in the above-referenced proceeding of K Road...

  16. Effects of an oil price rise on inflation, output, and the exchange rate in the case of subsidization policy

    Energy Technology Data Exchange (ETDEWEB)

    Zandi, F R

    1982-01-01

    Since the Organization of Petroleum Exporting Countries raised the price of oil by 400% in 1974, the theory of supply inflation has received a great deal of attention. This study analyses the short and long run effects of an oil price rise on output, inflation, and the exchange rate. The study also analyses dynamic adjustments to the oil price rise in cases where oil-price subsidies are provided and where no subsidies are provided. In the no-subsidy case it is shown that the oil price rise can be inflationary or deflationary. The implications of the policy of subsidizing the price of oil is highlighted by taking account of a government budget constraint which in turn leads to the possibility of monetization as a source of financing the deficit, and thereby to higher output relative to the no subsidy case. As to the price level, the possibility is illustrated that subsidization can actually be more inflationary. The important element giving rise to the above possibility is the subsidy induced increase in the money supply. Exchange-rate flexibility is shown not to insulate the domestic price level against an oil price rise. In the long run the rate of inflation and exchange-rate variations are determined by the rate of growth of the money supply. The dynamic adjustment path of price and output is shown to be determined by the rate of adjustment of inflationary expectations.

  17. Asymmetric Effects of Global Liquidity Expansion on Foreign Portfolio Inflows, Exchange Rates, and Stock Prices

    Directory of Open Access Journals (Sweden)

    Dong-Eun Rhee

    2014-06-01

    Full Text Available This paper examines the effects of global liquidity expansion on advanced and emerging economies by using panel VAR methodology. The results show that global liquidity expansion tends to boost economy by increasing GDP growth and stock prices. However, we find that the effects are asymmetric. The effects of global liquidity on GDP and stock prices are greater and more persistent in emerging economies than in liquidity recipient advanced economies. Moreover, global liquidity appreciates emerging economies' exchange rates more persistently than those of advanced economies. Lastly, while global liquidity expansion increases foreign portfolio investment inflows to Asian countries and liquidity recipient advanced economies, there is no evidence for Latin American countries.

  18. Exchange rate prediction with multilayer perceptron neural network using gold price as external factor

    Directory of Open Access Journals (Sweden)

    Mohammad Fathian

    2012-04-01

    Full Text Available In this paper, the problem of predicting the exchange rate time series in the foreign exchange rate market is going to be solved using a time-delayed multilayer perceptron neural network with gold price as external factor. The input for the learning phase of the artificial neural network are the exchange rate data of the last five days plus the gold price in two different currencies of the exchange rate as the external factor for helping the artificial neural network improving its forecast accuracy. The five-day delay has been chosen because of the weekly cyclic behavior of the exchange rate time series with the consideration of two holidays in a week. The result of forecasts are then compared with using the multilayer peceptron neural network without gold price external factor by two most important evaluation techniques in the literature of exchange rate prediction. For the experimental analysis phase, the data of three important exchange rates of EUR/USD, GBP/USD, and USD/JPY are used.

  19. NON-PRICE PROMOTION IMPACTS ON COTTON AND SOYBEANS EXPORTS UNDER EXCHANGE RATE LINKED SUBSIDIES

    OpenAIRE

    Paudel, Laxmi; Adhikari, Murali; Houston, Jack E.; Kinnucan, Henry W.

    2003-01-01

    Issue of exchange rate-linked subsidies for non-price export promotion has recently emerged as an area of interest among marketing researchers because of fluctuating strength of US dollars and position of US agricultural goods in export markets. One solution to mitigate these impacts was to link the federal export promotion subsidies with the changing value of US dollars. In the study, an equilibrium displacement framework was developed to analyze the effectiveness of exchange rate-linked sub...

  20. Exchange Rate – Relative Price Nonlinear Cointegration Relationship in Malaysia

    OpenAIRE

    Venus Khim-Sen Liew; Chee-Keong Choong; Evan Lau; Kian-Ping Lim

    2005-01-01

    The finding of exchange rate–relative price nonlinear cointegration relationship in Malaysia, among others, suggests that nonlinear Purchasing Power Parity (PPP) equilibrium may be regarded as reference point in judging the short run misalignment of the Ringgit currency and thereby deducing effective policy actions. Moreover, economists who wish to extend the simple PPP exchange rate model into the more complicated monetary exchange models may do so comfortably, at least in the text of Mala...

  1. Essays in applied macroeconomics: Asymmetric price adjustment, exchange rate and treatment effect

    Science.gov (United States)

    Gu, Jingping

    This dissertation consists of three essays. Chapter II examines the possible asymmetric response of gasoline prices to crude oil price changes using an error correction model with GARCH errors. Recent papers have looked at this issue. Some of these papers estimate a form of error correction model, but none of them accounts for autoregressive heteroskedasticity in estimation and testing for asymmetry and none of them takes the response of crude oil price into consideration. We find that time-varying volatility of gasoline price disturbances is an important feature of the data, and when we allow for asymmetric GARCH errors and investigate the system wide impulse response function, we find evidence of asymmetric adjustment to crude oil price changes in weekly retail gasoline prices. Chapter III discusses the relationship between fiscal deficit and exchange rate. Economic theory predicts that fiscal deficits can significantly affect real exchange rate movements, but existing empirical evidence reports only a weak impact of fiscal deficits on exchange rates. Based on US dollar-based real exchange rates in G5 countries and a flexible varying coefficient model, we show that the previously documented weak relationship between fiscal deficits and exchange rates may be the result of additive specifications, and that the relationship is stronger if we allow fiscal deficits to impact real exchange rates non-additively as well as nonlinearly. We find that the speed of exchange rate adjustment toward equilibrium depends on the state of the fiscal deficit; a fiscal contraction in the US can lead to less persistence in the deviation of exchange rates from fundamentals, and faster mean reversion to the equilibrium. Chapter IV proposes a kernel method to deal with the nonparametric regression model with only discrete covariates as regressors. This new approach is based on recently developed least squares cross-validation kernel smoothing method. It can not only automatically smooth

  2. Automated Decisional Model for Optimum Economic Order Quantity Determination Using Price Regressive Rates

    Science.gov (United States)

    Roşu, M. M.; Tarbă, C. I.; Neagu, C.

    2016-11-01

    The current models for inventory management are complementary, but together they offer a large pallet of elements for solving complex problems of companies when wanting to establish the optimum economic order quantity for unfinished products, row of materials, goods etc. The main objective of this paper is to elaborate an automated decisional model for the calculus of the economic order quantity taking into account the price regressive rates for the total order quantity. This model has two main objectives: first, to determine the periodicity when to be done the order n or the quantity order q; second, to determine the levels of stock: lighting control, security stock etc. In this way we can provide the answer to two fundamental questions: How much must be ordered? When to Order? In the current practice, the business relationships with its suppliers are based on regressive rates for price. This means that suppliers may grant discounts, from a certain level of quantities ordered. Thus, the unit price of the products is a variable which depends on the order size. So, the most important element for choosing the optimum for the economic order quantity is the total cost for ordering and this cost depends on the following elements: the medium price per units, the stock cost, the ordering cost etc.

  3. The modified "Rockfall Hazard Rating System": a new tool for roads risk assessment

    Science.gov (United States)

    Budetta, P.

    2003-04-01

    This paper contains a modified method for the analysis of rockfall hazard along roads and motorways. The method is derived from that one developed by Pierson et alii at the Oregon State Highway Division. The Rockfall Hazard Rating System (RHRS) provides a rational way to make informed decisions on where and how to spend construction funds. An exponential scoring graph is used to represent the increase in hazard that is reflected in the nine categories forming the classification (slope height, ditch effectiveness, average vehicle risk, percent of decision site distance, roadway width, geological character, quantity of rockfall/event, climate and rock fall history). The resulting total score contains the essential elements regarding the evaluation of the consequences ("cost of failure"). In the modified method, the rating for the categories "ditch effectiveness", "decision sight distance", "rodway width", "geologic characteristic" and "climate and water circulation" have been rendered more easy and objective. The main modifications regard the introduction of the Romana's Slope Mass Rating improving the estimate of the geologic characteristics, of the volume of the potentially unstable blocks and underground water circulation. Other modifications regard the scoring determination for the categories "decision sight distance" and "road geometry". For these categories, the Italian National Council's standards (CNR) have been used. The method must be applied in both the traffic directions because the percentage of reduction in the "decision sight distance" greatly affects the results. An application of the method to a 2-km-long section of the Sorrentine road (n° 145) in Southern Italy was pointed out. A high traffic intensity affects the entire section of the road and rockfalls periodically cause casualties, as well as a large amount of damage and traffic interruptions. The method was applied on seven cross section traces of slopes adjacent to the Sorrentine road and the

  4. Road-surface properties affecting rates of energy dissipation from vehicles

    Energy Technology Data Exchange (ETDEWEB)

    Igwe, E.A. [Department of Civil Engineering, Rivers State University of Science and Technology, Port Harcourt, P.M.B 5080, Rivers State (Nigeria); Ayotamuno, M.J.; Okparanma, R.N. [Department of Agricultural and Environmental Engineering, Rivers State University of Science and Technology, Port Harcourt, P.M.B 5080, Rivers State (Nigeria); Ogaji, S.O.T.; Probert, S.D. [School of Engineering, Cranfield University, Bedfordshire Mk43 OAL (United Kingdom)

    2009-09-15

    The rates of energy that moving vehicles dissipate to road surfaces as well as noise emissions and their propensities for pitting (and hence their repair costs per year) all depend upon the structural properties of these surfaces. Thus, to increase the strength of bituminous concrete (i.e. a typical flexible road-surface) has been one of the major recent aims in highway engineering. The present study explored techniques that will increase these strength properties by modifying the material, using rubber latex, through rubberization and hence, improve the strength of the flexible trafficked surface when in contact with vehicles. At the optimal design asphalt (i.e. bitumen) content of 4.68%, the successive addition of various percentages of the rubber latex produced a design value of 1.65% rubber content, which increased the stability of the roadway from 1595 to 2639 N (i.e. an 65.5% increase) and the density from 2447 to 2520.8 kg/m{sup 3} (i.e. a 3.02% increase). This shows that the addition of rubber latex to bituminous concrete (a flexible road-surface) increased sustainability and the strength (in terms of stability and density). Similarly, the air voids and voids in the mineral aggregate (VMA) were reduced by introducing latex from 4.22% to 3.45% (i.e. a 17.06% reduction) and 16.25% to 13.43% (i.e. an 17.4% reduction), respectively. Whereas, the reduction in voidage volume added strength to the bituminous concrete by increasing its stability and density, the reduction in VMA had no positive impact on the strength properties of the flexible road-surface. (author)

  5. The Effect of Alcohol and Road Traffic Policies on Crash Rates in Botswana, 2004–2011: A Time-Series Analysis

    OpenAIRE

    Sebego, Miriam; Naumann, Rebecca B.; Rudd, Rose A.; Voetsch, Karen; Dellinger, Ann M.; Ndlovu, Christopher

    2014-01-01

    In Botswana, increased development and motorization have brought increased road traffic-related death rates. Between 1981 and 2001, the road traffic-related death rate in Botswana more than tripled. The country has taken several steps over the last several years to address the growing burden of road traffic crashes and particularly to address the burden of alcohol-related crashes. This study examines the impact of the implementation of alcohol and road safety-related policies on crash rates, ...

  6. Pricing Equity-Indexed Annuities under Stochastic Interest Rates Using Copulas

    Directory of Open Access Journals (Sweden)

    Patrice Gaillardetz

    2010-01-01

    Full Text Available We develop a consistent evaluation approach for equity-linked insurance products under stochastic interest rates. This pricing approach requires that the premium information of standard insurance products is given exogenously. In order to evaluate equity-linked products, we derive three martingale probability measures that reproduce the information from standard insurance products, interest rates, and equity index. These risk adjusted martingale probability measures are determined using copula theory and evolve with the stochastic interest rate process. A detailed numerical analysis is performed for existing equity-indexed annuities in the North American market.

  7. Ethnic, socioeconomic and geographical inequalities in road traffic injury rates in the Auckland region.

    Science.gov (United States)

    Hosking, Jamie; Ameratunga, Shanthi; Exeter, Daniel; Stewart, Joanna; Bell, Andrew

    2013-04-01

    To describe ethnic, socioeconomic and geographical differences in road traffic injury (RTI) within Auckland, New Zealand's largest city. We analysed rates of RTI deaths and non-fatal hospital admissions using the New Zealand Mortality Collection and the National Minimum Data Set 2000-08. Poisson regression examined the association of age, gender, prioritised ethnicity and small area deprivation (New Zealand Index of Deprivation) with RTI rates, and RTI rates were mapped for 21 local board areas within the Auckland region. While RTI rates increased with levels of deprivation in all age groups, the gradient was steepest among children (9% increase/decile) and adults aged 25-64 years (11% increase/decile). In all age groups, RTI risk was highest among Māori. Pacific children had an elevated risk of RTI compared with the NZ European/Other group, but Pacific youth (15-24 years) and adults (25-64 years) had a lower risk. While RTI rates were generally higher for those living in rural local board areas, all but one local board in the southern Auckland urban area had among the highest rates. There are substantial ethnic, socioeconomic and geographic inequalities in RTI risk in the Auckland region, with high rates among Māori (all ages), Pacific children, people living in socioeconomically deprived neighbourhoods, the urban south and rural regions. To meet the vision of regional plans, road safety efforts must prioritise vulnerable communities at greatest risk of RTI, and implement and monitor the effectiveness of strategies that specifically include a focus on reducing inequalities in RTI rates. © 2013 The Authors. ANZJPH © 2013 Public Health Association of Australia.

  8. Exchange rate pass-through and the frequency of price adjustment across different inflation regimes

    Directory of Open Access Journals (Sweden)

    Petrović Pavle

    2015-01-01

    Full Text Available The paper explores the link between the inflationary environment and the size of the exchange rate pass-through (ERPT into domestic prices, as inflation descends from an extreme, second highest and second longest hyperinflation in the 20th century, to high and then moderate inflation in Serbia. We found that ERPT decreases with a decline in the inflation level, variability and persistence, thus supplementing findings previously acquired in panel studies across countries. Our findings can be explained by surging empirical evidence on state contingent behavior of pricing, which indicates a sharp increase in the frequency of price adjustment as one moves from moderate, via high to hyperinflation, suggesting that the degree of price rigidities is a key determinant of the size and speed of ERPT. ERPT estimates are embedded in careful analysis of inflation episodes in Serbia, showing that hyper and high inflation episodes subscribe to the same, fiscal explanation, as opposed to the moderate inflation ones, where supply and demand shocks have been the main inflation drivers.

  9. Soverign Rating Events and bank Share Prices in the Italian Market

    OpenAIRE

    S. Caselli; G. Gandolfi; M. Soana

    2013-01-01

    The paper examines the spillover effect of Eurozone sovereign rating changes announced by Standard and Poor’s, Moody’s, and Fitch on domestic bank share prices in the period 2002–2012. This spillover effect appears strongly negative in the case of downgrades, but insignificant for upgrades. Bank losses following sovereign downgrades are greater during the financial crisis of 2008 and in the PIIGS countries (Portugal, Ireland, Italy, Greece, and Spain). Surprisingly, announcement of sovereign ...

  10. Decline in oil prices and the negative interest rate policy in Japan

    OpenAIRE

    Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad

    2016-01-01

    In April 2013, the Bank of Japan (BOJ) introduced an inflation target of 2% with the aim of overcoming deflation and achieving sustainable economic growth. But due to lower international oil prices it was unable to achieve this target and was forced to take further measures. Hence, in February 2016, the BOJ adopted a negative interest rate policy by massively increasing the money supply through purchasing long-term Japanese government bonds (JGBs). The BOJ had previously only purchased short-...

  11. PRICE REACTION TO CORPORATE GOVERNANCE RATING ANNOUNCEMENTS AT THE ISTANBUL STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Aslıhan BOZCUK

    2010-01-01

    Full Text Available The purpose of this paper is to investigate the price reaction to corporate governance rating announcements at the Istanbul Stock Exchange and to identify the factors which could be driving the results. Using an event study analysis framework, the cumulative abnormal returns (AR are calculated for various event windows surrounding the announcement day for each firm. The average AR is 0.5% on announcement day, followed by all positive average cumulative ARs for the next 18 days following the announcement. In the multivariate regression analysis, a number of variables are used to proxy for factors suggested as relevant by the agency theory and the corporate governance literature; such as the size of the Audit Committee, the size of the Board of Directors, Corporate Governance Rating of each firm, number of non-executive members on the board, percentage of firm’s stock traded on the market, number of blockholders, family ownership, the price-earnings ratio, the market-to-book ratio and firm size. Audit committee size (P: 0.012 and board size (P: 0.043 together explained 32% of the variation in announcement day returns (F: 5.215, P: 0.018. Surprisingly, the corporate governance rating per se was not found to be significant. Overall, the price reaction on announcement day tends to be higher for firms with larger boards and smaller audit committees.

  12. Rates of intentionally caused and road crash deaths of US citizens abroad.

    Science.gov (United States)

    Sherry, Melissa K; Mossallam, Mahmoud; Mulligan, Matthew; Hyder, Adnan A; Bishai, David

    2015-04-01

    Currently, little is known about rates of death by cause and country among US travellers. Understanding the risk by cause and country is imperative to risk communication and the development of risk reduction strategies. Publicly available data on non-natural deaths of US citizens abroad were gathered from January 2003 to December 2009 from the US Department of State's Department Bureau of Consular Affairs. Traveller information was gathered from the US Department of Commerce Office of Travel and Tourism for the same time period. Rates of death were calculated by dividing the number of non-natural deaths of US citizens abroad by the number of US outbound visits for each country. A total of 5417 non-natural death events were retrieved between 2003 and 2009 from the US State Department. Intentionally caused death rates ranged from 21.44 per 1 000 000 visits in the Philippines to 0 per 1 000 000 visits in several countries; the majority of countries had fewer than five intentionally caused deaths per 1 000 000 visits. Rates of road traffic crashes were higher than rates of intentionally caused deaths in almost every instance. Thailand had the highest rate of deaths due to road traffic crashes (16.49 per 1 000 000), followed by Vietnam, Morocco and South Africa (15.12 per 1 000 000, 11.96 per 1 000 000 and 10.90 per 1 000 000, respectively). Motorcycle deaths account for most of the heightened risk observed in Thailand and Vietnam. The leading cause of non-natural deaths in US travellers abroad was road crashes, which exceeds intentional injury as the leading cause of non-natural deaths in almost every country where US citizens travel. Southeast Asia had the highest unintentional injury death rates for US citizens abroad due to the high rates of deaths from motorcycle crashes. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://group.bmj.com/group/rights-licensing/permissions.

  13. Research on the trend of Yen exchange rate and international crude oil price fluctuation affected by Japan’s earthquake

    Directory of Open Access Journals (Sweden)

    Xiaoguang Li

    2014-05-01

    Full Text Available Purpose: Whether this earthquake would become a turning point of the high oil price and whether it would have big impact on yen exchange rate are two issues to be discussed in this paper.Design/methodology/approach: To analyze deeply the internal relations between changes in yen exchange rate caused by Japan’s earthquake and price fluctuation of international crude oil, this research chooses middle rate of yen exchange rate during the 45 days around Japan’s earthquake and price data of international crude oil to do an empirical study, uses VAR model and HP trend decomposition to estimate the mutual effect of yen exchange rate change and price fluctuation of international crude oil in this period.Findings: It has been found in the empirical study with VAR model and HP filter decomposition model on the yen exchange rate and the international crude oil price fluctuation during 45 days around Japan’s earthquake that: the fluctuation of yen exchange rate around the earthquake is one of the main reasons for the drastic fluctuation of international crude oil price in that period. The fluctuation of international crude oil price directly triggered by yen exchange rate occupies 13.54% of its total variance. There is a long-term interactive relationship between yen exchange rate and international crude oil price. The upward trend of international crude oil price after the earthquake was obvious, while yen exchange rate remained relatively stable after the earthquake.Originality/value: As economic globalization goes deeper, the influence of natural disasters on international financial market and world economy will become more and more obvious. It has a great revelatory meaning to studying further each kind of natural disaster’s impacts on international financial market and world economics.

  14. Prediction of Change in Prescription Ingredient Costs and Co-payment Rates under a Reference Pricing System in South Korea.

    Science.gov (United States)

    Heo, Ji Haeng; Rascati, Karen L; Lee, Eui-Kyung

    2017-05-01

    The reference pricing system (RPS) establishes reference prices within interchangeable reference groupings. For drugs priced higher than the reference point, patients pay the difference between the reference price and the total price. To predict potential changes in prescription ingredient costs and co-payment rates after implementation of an RPS in South Korea. Korean National Health Insurance claims data were used as a baseline to develop possible RPS models. Five components of a potential RPS policy were varied: reference groupings, reference pricing methods, co-pay reduction programs, manufacturer price reductions, and increased drug substitutions. The potential changes for prescription ingredient costs and co-payment rates were predicted for the various scenarios. It was predicted that transferring the difference (total price minus reference price) from the insurer to patients would reduce ingredient costs from 1.4% to 22.8% for the third-party payer (government), but patient co-payment rates would increase from a baseline of 20.4% to 22.0% using chemical groupings and to 25.0% using therapeutic groupings. Savings rates in prescription ingredient costs (government and patient combined) were predicted to range from 1.6% to 13.7% depending on various scenarios. Although the co-payment rate would increase, a 15% price reduction by manufacturers coupled with a substitution rate of 30% would result in a decrease in the co-payment amount (change in absolute dollars vs. change in rates). Our models predicted that the implementation of RPS in South Korea would lead to savings in ingredient costs for the third-party payer and co-payments for patients with potential scenarios. Copyright © 2017 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

  15. A PDE Pricing Framework for Cross-Currency Interest Rate Derivatives with Target Redemption Features

    Science.gov (United States)

    Christara, Christina C.; Minh Dang, Duy; Jackson, Kenneth R.; Lakhany, Asif

    2010-09-01

    We propose a general framework for efficient pricing via a partial differential equation (PDE) approach for exotic cross-currency interest rate (IR) derivatives, with strong emphasis on long-dated foreign exchange (FX) IR hybrids, namely Power Reverse Dual Currency (PRDC) swaps with a FX Target Redemption (FX-TARN) provision. The FX-TARN provision provides a cap on the FX-linked PRDC coupon amounts, and once the accumulated coupon amount reaches this cap, the underlying PRDC swap terminates. Our PDE pricing framework is based on an auxiliary state variable to keep track of the total accumulated PRDC coupon amount. Finite differences on uniform grids and the Alternating Direction Implicit (ADI) method are used for the spatial and time discretizations, respectively, of the model-dependent PDE corresponding to each discretized value of the auxiliary variable. Numerical examples illustrating the convergence properties of the numerical methods are provided.

  16. Comparison of electricity prices in major North American cities : rates effective May 1, 2001

    International Nuclear Information System (INIS)

    2002-01-01

    This report presents the major findings of a comparative evaluation of electricity prices in major North American cities, by customer category, based on rates in effect on May 1, 2001. Besides Hydro-Quebec, the comparison includes 21 utilities, of which 11 serve the major cities across Canada and 10 utilities located in 10 American states. Hydro-Quebec is one of the largest electric utilities in North America with one of the most extensive systems. Of the 190 billion kilowatt-hours delivered annually, 37 billion are exported to neighbouring provinces in Canada and to the United States. 93 per cent of the generating facilities are hydroelectric. The report covers consumption levels, taxes, optional programs, location, time-of-use rates, exchange rates, and other factors that affect electricity prices such as fuel adjustment clauses for utilities that produce electricity in thermal power plants. It was noted that Hydro-Quebec has frozen its rates until April 2002, keeping them at the same level as those set on May 1, 1998. The report showed that Hydro-Quebec has maintained a competitive position at a level similar to or better than previous years. Three of the 11 Canadian utilities implemented rate increases between May 1, 2000 and May 1, 2001, and 2 utilities reduced their rates. Two utilities modified their rate structure following deregulation. During the same time period, 3 of the 10 utilities in the United States increased their rates, and one reduced them. The rates in the United States varied regardless of increases or freezes because many utilities had incorporated adjustment clauses. Quebec residential consumers enjoy the second lowest rates in North America. Only Winnipeg ranked higher. Hydro-Quebec has also remained competitive when it comes to small, medium and large power customers. It ranked fifth for small power customers, third for medium power customers, and third for large power customers. tabs., figs., appendices

  17. Landscape integration of freeways: how does it affect road kill rates?

    OpenAIRE

    Sanz, Luis

    2001-01-01

    Some ecological processes are affected by the transportation infrastructure development. The barrier effect caused by roads, which alters the movement patterns of terrestrial wildlife and increases its road kill risk, is just an example. Road kills must be considered both from environmental and highway safety perspectives, and are related to road permeability and to the surrounding environment. This paper compares the landscape fragmentation caused by two freeways in Navarra (north of Spain) ...

  18. Heterogeneity of road traffic accident rate in the Russian cities and the need of usage various methods of transport safety management

    Science.gov (United States)

    Petrov, A. I.; Petrova, D. A.

    2017-10-01

    The article considers one of the topical problems of road safety management at the federal level - the problem of the heterogeneity of road traffic accident rate in Russian cities. The article analyzes actual statistical data on road traffic accident rate in the administrative centers of Russia. The histograms of the distribution of the values of two most important road accidents characteristics - Social Risk HR and Severity Rate of Road Accidents - formed in 2016 in administrative centers of Russia are presented. On the basis of the regression model of the statistical connection between Severity Rate of Road Accidents and Social Risk HR, a classification of the Russian cities based on the level of actual road traffic accident rate was developed. On the basis of this classification a differentiated system of priority methods for organizing the safe functioning of transport systems in the cities of Russia is proposed.

  19. Comparison of heavy metal loads in stormwater runoff from major and minor urban roads using pollutant yield rating curves

    International Nuclear Information System (INIS)

    Davis, Brett; Birch, Gavin

    2010-01-01

    Trace metal export by stormwater runoff from a major road and local street in urban Sydney, Australia, is compared using pollutant yield rating curves derived from intensive sampling data. The event loads of copper, lead and zinc are well approximated by logarithmic relationships with respect to total event discharge owing to the reliable appearance of a first flush in pollutant mass loading from urban roads. Comparisons of the yield rating curves for these three metals show that copper and zinc export rates from the local street are comparable with that of the major road, while lead export from the local street is much higher, despite a 45-fold difference in traffic volume. The yield rating curve approach allows problematic environmental data to be presented in a simple yet meaningful manner with less information loss. - A simple method for representing data onroad runoff pollution allows comparisons among dissimilar sites and could form the basis for a pollution database.

  20. Assessment of skeletal muscle fatigue of road maintenance workers based on heart rate monitoring and myotonometry

    Directory of Open Access Journals (Sweden)

    Kalkis Henrijs

    2006-07-01

    Full Text Available Abstract Objective This research work is dedicated to occupational health problems caused by ergonomic risks. The research object was road building industry, where workers have to work very intensively, have long work hours, are working in forced/constrained work postures and overstrain during the work specific parts of their bodies. The aim of this study was to evaluate the work heaviness degree and to estimate the muscle fatigue of workers after one week work cycle. The study group consisted of 10 road construction and maintenance workers and 10 pavers aged between 20 and 60 years. Methods Physical load were analyzed by measuring heart rate (HR, work postures (OWAS and perceived exertion (RPE. Assessments of the muscles strain and functional state (tone were carried out using myotonometric (MYO measurements. The reliability of the statistical processing of heart rate monitoring and myotonometry data was determined using correlating analysis. Results This study showed that that road construction and repairing works should be considered as a hard work according to average metabolic energy consumption 8.1 ± 1.5 kcal/min; paving, in its turn, was a moderately hard work according to 7.2 ± 1.1 kcal/min. Several muscle tone levels were identified allowing subdivision of workers into three conditional categories basing on muscle tone and fatigue: I – absolute muscle relaxation and ability to relax; II – a state of equilibrium, when muscles are able to adapt to the work load and are partly able to relax; and III – muscle fatigue and increased tone. It was also found out that the increase of muscle tone and fatigue mainly depend on workers physical preparedness and length of service, and less – on their age. Conclusion We have concluded that a complex ergonomic analysis consisting of heart rate monitoring, assessment of compulsive working postures and myotonometry is appropriate to assess the work heaviness degree and can provide prognosis of

  1. Road pricing as an impetus for environment-friendly travel behavior : Results from a stated adaptation experiment

    NARCIS (Netherlands)

    Janssens, D.; Cools, M.; Moons, E.; Wets, G.; Arentze, Theo A.; Timmermans, Harry J P

    2009-01-01

    An important policy instrument for governments to modify travel behavior and manage the increasing travel demand is the introduction of a congestion pricing system. In this study, the influence of a detailed classification of activities is examined to assess likely traveler response to congestion

  2. Exchange rate volatility and oil prices shocks and its impact on economic sustainability

    Directory of Open Access Journals (Sweden)

    Khuram Shaf

    2015-01-01

    Full Text Available Impact of exchange rate volatility has received a great attention from the last century, its importance is certain in all sectors of the economy and it affects welfare as well as social life of the economy. Exchange rate between two currencies tells the value of one currency in terms of others one. Depreciation/Appreciation of exchange rate affects economic growth in terms of trade and shifts income to/from exporting countries from/to importing countries. The factors affecting exchange rate are inflation, interest rate, foreign direct investment, government consumption expenditure and balance of trade. This research study examines the impact of oil prices and exchange rate volatility on economic growth in Germany based on 40-year annual data. Cointegration technique is applied to check the impact of macroeconomic variables on exchange rate in the long run and short run. It is estimated that imports, exports, inflation, interest rate, government consumption expenditure and foreign direct investment had significant impacts on real effective exchange rate in the long run and short run. Sin addition, Engle Granger results indicate that relationship was significant for the long run and its error correction adjustment mechanism (ECM in short a run is significant and correctly signed for Germany.

  3. Emission rates of regulated pollutants from on-road heavy-duty diesel vehicles

    Science.gov (United States)

    Shah, Sandip D.; Johnson, Kent C.; Wayne Miller, J.; Cocker, David R.

    Emissions from heavy-duty diesel (HDD) vehicles are affected by many factors. Changes in engine technology, operating mode, fuel properties, vehicle speed and ambient conditions can have significant effects on emission rates of regulated species. This paper presents the results of on-road emissions testing of 11 HDD vehicles (model years 1996-2000) over the ARB Four Phase driving schedule and the urban dynamometer driving schedule (UDDS). Emission rates were found to be highly dependent on vehicle operating mode. Per mile NO x emission rates for vehicle operation at low speeds, in simulated congested traffic, were three times higher per mile emissions then while cruising on the freeway. Comparisons of NO x emission factors to EMFAC baseline emission factors were within 5-40% for vehicles of various model years tested over the UDDS. A comparison of NO x emission factors for a weighted average of the ARB four phase driving schedule yielded values within 17-57% of EMFAC values. Generally, particulate matter (PM) emission rates were lower than EMFAC values.

  4. Dynamic Pricing

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  5. Financial and fiscal crises, prices and EUR/USD rate of exchange

    Directory of Open Access Journals (Sweden)

    Slawomir I. Bukowski

    2017-09-01

    Full Text Available Purpose: The purpose of this paper is to answer the following question: How did the standard and non-standard ECB policy measures influence the price level and the EUR/USD rate of exchange in the period 2008 -2013? Design/methodology/approach: We formulated the following hypothesis: Depreciation of the Euro versus American dollar exchange rate occurred in the period of financial and fiscal crisis (2008-2014. The main reasons for that included: fiscal crisis in the euro area, implementation of standard and non–standard (quantitative easing ECB monetary policy measures and growth of money supply in the euro area. In that period, the economically and statistically significant impacts of money supply aggregate M2 and differences between interest rates and rates of inflation in the euro area and USA on changes in EUR/USD rate of exchange were noted. For verification of our hypothesis we used econometric modeling - model of regression estimated using the GARCH (0.1, using the monthly data for the period 1999:01-2013:12. Results of our research confirmed the hypothesis formulated by us. Findings: Our study confirmed the formulated hypothesis; the EBC monetary policy, both standard and non-standard, in the years 2008-2014 had a significant effect on the EUR/USD exchange rate, contributing largely to the depreciation of the euro in the same period. Research limitations/implications: The same method of research could be applied to other cases of currency area and central bank monetary policy. Originality/value: The results support the existence of statistically and economically significant impact of central bank policy on the rate of exchange, by the expansion of money supply, changes of differences between interest rates and rates of inflation inside and outside the currency rate area. Those results confirm conclusion formulated based on the theory of interest rate parity and assets theory of currency rates.

  6. Statistical properties of country risk ratings under oil price volatility: Evidence from selected oil-exporting countries

    International Nuclear Information System (INIS)

    Liu, Chang; Sun, Xiaolei; Chen, Jianming; Li, Jianping

    2016-01-01

    This paper focuses on the application of panel models for identification and analysis of influence of oil price volatility on statistical properties of country risk ratings which stem from uncertainty of macroeconomic fluctuations. Firstly, two statistical properties of country risk ratings, volatility clustering and asymmetrical revision were identified in a theoretical framework based on Cruces (2006). Secondly, considering the oil price volatility, numerical experiments were conducted based on extended models to test and verify specific properties of country risk ratings in selected oil-exporting countries. Empirical results suggest that properties of country risk remain comparatively steady despite oil price volatility. It is also found that the oil price volatility can obviously exaggerate the country risk volatility, as it happened during 2007–2009. Country clustering based on the properties of country risk ratings shows that the selected countries maintain a significant clustering tendency. These features are of great importance for estimating risk exposure of international trade and investments in oil export during extreme situations. - Highlights: •Relationship between oil price volatility and country risk is the focus. •An extended model based on Cruces (2006) is proposed. •Volatility clustering and asymmetrical revision of country risk ratings is explored. •Oil price volatility can obviously exaggerate properties of country risk volatility.

  7. An EPLS model for a variable production rate with stock-price sensitive demand and deterioration

    Directory of Open Access Journals (Sweden)

    Roy T.

    2012-01-01

    Full Text Available It is observed that large piles of consumer goods displayed in supermarkets lead consumers to buy more, which generates more profit to sellers. But a large number of on-hand display of stock leaves a negative impression on the buyer. Also, the amount of shelf or display space is limited. Due to this reason, we impose a restriction on the number of on-hand display of stock and also on initial and ending on-hand stock levels. We introduce an economic production lot size model, where production rate depends on stock and selling price per unit. A constant fraction deterioration rate is considered in this model. To illustrate the results of the model, four numerical examples are established. Sensitivity analysis of the changes of parameter values is also given.

  8. Dependence and risk assessment for oil prices and exchange rate portfolios: A wavelet based approach

    Science.gov (United States)

    Aloui, Chaker; Jammazi, Rania

    2015-10-01

    In this article, we propose a wavelet-based approach to accommodate the stylized facts and complex structure of financial data, caused by frequent and abrupt changes of markets and noises. Specifically, we show how the combination of both continuous and discrete wavelet transforms with traditional financial models helps improve portfolio's market risk assessment. In the empirical stage, three wavelet-based models (wavelet-EGARCH with dynamic conditional correlations, wavelet-copula, and wavelet-extreme value) are considered and applied to crude oil price and US dollar exchange rate data. Our findings show that the wavelet-based approach provides an effective and powerful tool for detecting extreme moments and improving the accuracy of VaR and Expected Shortfall estimates of oil-exchange rate portfolios after noise is removed from the original data.

  9. A game-theoretical pricing mechanism for multiuser rate allocation for video over WiMAX

    Science.gov (United States)

    Chen, Chao-An; Lo, Chi-Wen; Lin, Chia-Wen; Chen, Yung-Chang

    2010-07-01

    In multiuser rate allocation in a wireless network, strategic users can bias the rate allocation by misrepresenting their bandwidth demands to a base station, leading to an unfair allocation. Game-theoretical approaches have been proposed to address the unfair allocation problems caused by the strategic users. However, existing approaches rely on a timeconsuming iterative negotiation process. Besides, they cannot completely prevent unfair allocations caused by inconsistent strategic behaviors. To address these problems, we propose a Search Based Pricing Mechanism to reduce the communication time and to capture a user's strategic behavior. Our simulation results show that the proposed method significantly reduce the communication time as well as converges stably to an optimal allocation.

  10. A discrete-time two-factor model for pricing bonds and interest rate derivatives under random volatility

    OpenAIRE

    Heston, Steven L.; Nandi, Saikat

    1999-01-01

    This paper develops a discrete-time two-factor model of interest rates with analytical solutions for bonds and many interest rate derivatives when the volatility of the short rate follows a GARCH process that can be correlated with the level of the short rate itself. Besides bond and bond futures, the model yields analytical solutions for prices of European options on discount bonds (and futures) as well as other interest rate derivatives such as caps, floors, average rate options, yield curv...

  11. Children Receiving Free or Reduced-Price School Lunch Have Higher Food Insufficiency Rates in Summer.

    Science.gov (United States)

    Huang, Jin; Barnidge, Ellen; Kim, Youngmi

    2015-09-01

    In 2012, 20% of households in the United States with children lacked consistent access to adequate food. Food insufficiency has significant implications for children, including poor physical and mental health outcomes, behavior problems, and low educational achievements. The National School Lunch Program (NSLP) is one policy solution to reduce food insufficiency among children from low-income families. The objective of this project was to evaluate the association between NSLP participation and household food insufficiency by examining trajectories of food insufficiency over 10 calendar months. The calendar months included both nonsummer months when school is in session and summer months when school is out of session. The study used the data from the Survey of Income and Program Participation and conducted linear growth curve analyses in the multilevel modeling context. Comparisons were made between the trajectories of food insufficiencies among recipients of free or reduced-price lunch and their counterparts who are eligible but choose not to participate in the program. Heads of households that included children receiving free or reduced-price lunch (n = 6867) were more likely to be female, black, unmarried, and unemployed, and have a lower educational attainment than those whose children were eligible but did not receive free or reduced-price lunch (n = 11,396). For households participating in the NSLP, the food insufficiency rate was consistent from January to May at ∼4%, and then increased in June and July to >5%. Meanwhile, food insufficiency among eligible nonrecipients was constant throughout the year at nearly 2%. The NSLP protects households from food insufficiency. Policies should be instituted to make enrollment easier for households. © 2015 American Society for Nutrition.

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

    Directory of Open Access Journals (Sweden)

    Gulnara Moldasheva

    2013-01-01

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

  13. Optional time-of-use prices for electricity: Analysis of PG&E`s experimental TOU rates. Final report

    Energy Technology Data Exchange (ETDEWEB)

    Train, K.; Mehrez, G.

    1992-07-01

    We examine customers` time-of-use (TOU) demand for electricity and their choice between standard and TOU rate schedules. We specify an econometric model in which the customer`s demand curves determine the customer`s choice of rate schedule. We estimate the model on data from Pacific Gas & Electric Company`s experiment with optional TOU prices in the residential sector. With the model, we compare the TOU consumption and price elasticities of customers who chose TOU rates with those who chose standard rates. We also estimate the impact of the TOU rates on the utility`s revenues and costs. The analysis suggests that the TOU rates offered under PG&E`s experiment decreased PG&E`s profits and hence contributed to higher general rate levels. The model can be used, however, to design optional TOU rates that increase profits and lower general rate levels.

  14. Optional time-of-use prices for electricity: Analysis of PG E's experimental TOU rates

    Energy Technology Data Exchange (ETDEWEB)

    Train, K.; Mehrez, G.

    1992-07-01

    We examine customers' time-of-use (TOU) demand for electricity and their choice between standard and TOU rate schedules. We specify an econometric model in which the customer's demand curves determine the customer's choice of rate schedule. We estimate the model on data from Pacific Gas Electric Company's experiment with optional TOU prices in the residential sector. With the model, we compare the TOU consumption and price elasticities of customers who chose TOU rates with those who chose standard rates. We also estimate the impact of the TOU rates on the utility's revenues and costs. The analysis suggests that the TOU rates offered under PG E's experiment decreased PG E's profits and hence contributed to higher general rate levels. The model can be used, however, to design optional TOU rates that increase profits and lower general rate levels.

  15. Oil prices, inflation and interest rates in a structural cointegrated VAR model for the G-7 countries

    International Nuclear Information System (INIS)

    Cologni, Alessandro; Manera, Matteo

    2008-01-01

    Sharp increases in the price of oil are generally seen as a major contributor to business cycle asymmetries. Moreover, the very recent highs registered in the world oil market are causing concern about possible slowdowns in the economic performance of the most developed countries. In this paper a structural cointegrated VAR model has been considered for the G-7 countries in order to study the direct effects of oil price shocks on output and prices, and the reaction of monetary variables to external shocks. Our results can be summarized as follows: i) a stationary money demand, as suggested by the classic theory of money, can be identified for most countries; ii) according to the estimated coefficients of the structural part of the model, for all countries except Japan and U.K. the null hypothesis of an influence of oil prices on the inflation rate cannot be rejected. Inflation rate shocks are transmitted to the real economy by increasing interest rates; iii) impulse response analysis suggests, for most countries, the existence of an instantaneous, temporary effect of oil price innovations on prices; iv) impulse response functions indicate different monetary policy reactions to inflationary and growth shocks; v) the simulation exercises directed to estimate the total impact of the 1990 oil price shock indicate that for some countries (U.S.) a significant part of the effects of the oil price shock is due to the monetary policy reaction function. For other countries (Canada, France and Italy), however, the total impact is offset, at least in part, by an easing of monetary conditions. (author)

  16. Combined effects of compact cevelopment, transportation investments, and road user pricing on vehicle miles traveled in urbanized areas

    Science.gov (United States)

    Ewing, Reid; Hamidi, Shima; Gallivan, Frank; Nelson, Arthur C.; Grace, James B.

    2014-01-01

    Vehicle miles traveled (VMT) is the primary determinant of traffic congestion, vehicle crashes, greenhouse gas emissions, and other effects of transportation. Two previous studies have sought to explain VMT levels in urbanized areas. This study updates and expands on previous work with more recent data, additional metrics, and structural equation modeling (SEM) to explain VMT levels in 315 urbanized areas. According to SEM, population, income, and gasoline prices are primary exogenous drivers of VMT. Development density is a primary endogenous driver. Urbanized areas with more freeway capacity are significantly less dense and have significantly higher VMT per capita. Areas with more transit service coverage and service frequency have higher development densities and per capita transit use, which leads to lower VMT per capita. The indirect effect of transit on VMT through land use, the so-called land use multiplier, is more than three times greater than the direct effect through transit ridership.

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

    Science.gov (United States)

    Greenblatt, R. E.

    2014-12-01

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

  18. Libor and Swap Market Models for the Pricing of Interest Rate Derivatives : An Empirical Analysis

    NARCIS (Netherlands)

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

    2000-01-01

    In this paper we empirically analyze and compare the Libor and Swap Market Models, developed by Brace, Gatarek, and Musiela (1997) and Jamshidian (1997), using paneldata on prices of US caplets and swaptions.A Libor Market Model can directly be calibrated to observed prices of caplets, whereas a

  19. The CEE housing markets before, during and after the transition: an overview of property prices and home ownership rates

    Directory of Open Access Journals (Sweden)

    Elena IONASCU

    2017-10-01

    Full Text Available The purpose of this research is to investigate relevant economic aspects, which characterized housing markets from Central and Eastern European (CEE countries, to identify the factors which determine the house prices and to find the economic implications of property investments, under an international micro and macroeconomic environment. Methodological, the article uses the deduction and comparative analysis of collected statistical data, and strategic reforms in post-communist countries are qualitatively explored through content analysis. In the case of CEE region, fundamentals determinants, such as real income, real interest rate, demographic factors, play an extremely important role in explaining house price distortions. The principles of communist ideology added a special note in the evolution of prices, so the home ownership rate, the housing quality, the financial housing system, European integration represent a number of traditional factors with significant impact.

  20. Hourly rate of direct labor - contributions to its applicability in the pricing process inserted in a competitive market

    Directory of Open Access Journals (Sweden)

    Antonio Benedito Silva Oliveira

    2016-12-01

    Full Text Available The detailed cost analysis is currently required as a result of increasingly competitive markets. The strategic cost management, analyzed from the optic of the target costing, can be a powerful tool for companies to keep themselves competitive. In this way, this study aimed to present a meticulous analysis of the hourly rate of direct labor in the pricing process of a new product, in order to understand if its use is appropriate in a pricing process. We used the deductive method supported in a case study, and the result achieved is that the hourly rate of direct current labor cannot be used in the pricing process, otherwise will be determined unrealistic costs to the product. It is important to highlight that this analysis applies to micro and small until large corporations.

  1. Motor fuel prices in Turkey

    International Nuclear Information System (INIS)

    Erdogdu, Erkan

    2014-01-01

    The world's most expensive motor fuel (gasoline, diesel and LPG) is sold most likely in the Republic of Turkey. This paper investigates the key issues related to the motor fuel prices in Turkey. First of all, the paper analyses the main reason behind high prices, namely motor fuel taxes in Turkey. Then, it estimates the elasticity of motor fuel demand in Turkey using an econometric analysis. The findings indicate that motor fuel demand in Turkey is quite inelastic and, therefore, not responsive to price increases caused by an increase in either pre-tax prices or taxes. Therefore, fuel market in Turkey is open to opportunistic behavior by firms (through excessive profits) and the government (through excessive taxes). Besides, the paper focuses on the impact of high motor fuel prices on road transport associated activities, including the pattern of passenger transportation, motorization rate, fuel use, total kilometers traveled and CO 2 emissions from road transportation. The impact of motor fuel prices on income distribution in Turkey and Turkish public opinion about high motor fuel prices are also among the subjects investigated in the course of the study. - Highlights: • The key issues (e.g. taxes) related to motor fuel prices in Turkey are explored. • Their impact on transport activities and income distribution is also investigated. • An econometric analysis is performed to estimate motor fuel demand in Turkey. • Motor fuel demand in Turkey is found to be quite inelastic. • Turkish fuel market is open to opportunistic behavior by firms and the government

  2. New approach to brown coal pricing using internal rate of return methodology

    International Nuclear Information System (INIS)

    Bejbl, Jan; Bemš, Julius; Králík, Tomáš; Starý, Oldřich; Vastl, Jaromír

    2014-01-01

    Highlights: • We showed that brown coal is the substitute for black coal only at the time of the investment decision. • We compiled the model used in a calculation of the economically justified price for the productive and extractive component. • The resulting economically justified price is on a par with the current black coal price. • The proposed methodological approach is applicable to solve similar tasks not only in the energy sector. - Abstract: Brown coal is one of the dominant local strategic raw materials in Europe, used, to a large extent, in the power-generating industry. The current situation, where the price of gas and electricity precludes the efficient use of gas sources, leads to the extraction of older sources, chiefly brown coal ones. In tandem with a turning away from nuclear power, brown coal is experiencing a renaissance and the issue of brown coal price setting is, and will be, relevant. This paper deals with a proposal of a new method for determining the base price, consisting of defining the reference fuel chain for electricity and heat production based on brown coal. It builds on the notion that the degree of risk of the involved parties should be reflected in the modified amount of revenue per capital invested. The resulting price is then an economically justified price which encourages a respect for the specific features of the market in question and set the base price of the commodity in a way that is acceptable for both the extractive and the productive components of the fuel chain

  3. THE EVOLUTION OF CONSUMER PRICE INDEX (CPI AND INFLATION RATE IN ROMANIA IN JANUARY 2000 - DECEMBER 2010

    Directory of Open Access Journals (Sweden)

    ANIELA BĂLĂCESCU

    2011-06-01

    Full Text Available In the analysis of economic stability an important part is owned by consumer prices. The present study is devoted to an analysis of the evolution of CPI and inflation rate in the Rumanian economy. The analysis uses annual and monthly series for the period January 2000 - December 2010.

  4. Vertical integration, credit ratings and retail price settings in energy-only markets: Navigating the Resource Adequacy problem

    International Nuclear Information System (INIS)

    Simshauser, Paul

    2010-01-01

    Energy-only markets are prone to the Resource Adequacy problem, i.e. the timely entry of new plant. The reason for this is that competitive energy-only markets struggle to be remunerative given reliability constraints and market price caps. Historically, Australia's 45,000 MW National Electricity Market has managed to navigate this well understood problem, albeit with government entities directly or indirectly responsible for a surprisingly large 73% of all new plant investments to 2007. But government involvement in direct investment has now ceased. So what will enable the industry to navigate the Resource Adequacy problem into the future? Quite simply, industrial organisation, the presence of merchant utilities with investment-grade credit ratings and setting any regulated retail prices or 'price to beat' with an LRMC floor.

  5. Vertical integration, credit ratings and retail price settings in energy-only markets. Navigating the Resource Adequacy problem

    Energy Technology Data Exchange (ETDEWEB)

    Simshauser, Paul [Level 22, 101 Miller Street, North Sydney, NSW 2060 (Australia)

    2010-11-15

    Energy-only markets are prone to the Resource Adequacy problem, i.e. the timely entry of new plant. The reason for this is that competitive energy-only markets struggle to be remunerative given reliability constraints and market price caps. Historically, Australia's 45,000 MW National Electricity Market has managed to navigate this well understood problem, albeit with government entities directly or indirectly responsible for a surprisingly large 73% of all new plant investments to 2007. But government involvement in direct investment has now ceased. So what will enable the industry to navigate the Resource Adequacy problem into the future? Quite simply, industrial organisation, the presence of merchant utilities with investment-grade credit ratings and setting any regulated retail prices or 'price to beat' with an LRMC floor. (author)

  6. Vertical integration, credit ratings and retail price settings in energy-only markets: Navigating the Resource Adequacy problem

    Energy Technology Data Exchange (ETDEWEB)

    Simshauser, Paul, E-mail: psimshauser@agl.com.a [Level 22, 101 Miller Street, North Sydney, NSW 2060 (Australia)

    2010-11-15

    Energy-only markets are prone to the Resource Adequacy problem, i.e. the timely entry of new plant. The reason for this is that competitive energy-only markets struggle to be remunerative given reliability constraints and market price caps. Historically, Australia's 45,000 MW National Electricity Market has managed to navigate this well understood problem, albeit with government entities directly or indirectly responsible for a surprisingly large 73% of all new plant investments to 2007. But government involvement in direct investment has now ceased. So what will enable the industry to navigate the Resource Adequacy problem into the future? Quite simply, industrial organisation, the presence of merchant utilities with investment-grade credit ratings and setting any regulated retail prices or 'price to beat' with an LRMC floor.

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

    Energy Technology Data Exchange (ETDEWEB)

    1978-09-25

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

  8. The differentiated assessment of damage to economy of subjects of the Siberian Federal District from road and transport accident rate

    Science.gov (United States)

    Petrov, Artur I.; Svistunova, Vera A.; Petrova, Daria A.

    2018-01-01

    The results of assessment of damage from the road accident rate in subjects of the Siberian Federal District (SFD) of the Russian Federation are presented in the article. The thesis about spatial differentiation of the Gross Regional Product (GRP) losses in different regions of the country because of people’s death and injuries in the road accidents (RA) and due to formations of property and ecological damage was chosen as a working hypothesis. The calculations, carried out for 12 subjects of the SFD, confirmed this idea. The range of calculated values of economic damage from road accident rate (in % of GRP) was from 1.3 (Tomsk region) to 12.6 (Republic of Tyva) in 2015. In article the attempt to explain the received result by heterogeneous development of economics in various Russian regions is made. The consequence of it is a heterogeneous quality of people’s life and quite various perception of life value by inhabitants of different regions that influences their life safety level.

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

    Science.gov (United States)

    Crompton, John L.

    1981-01-01

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

  10. Environmental radiation monitoring: mobile gamma dose rate measurements along Mumbai-Hyderabad rail route and Hyderabad city roads

    International Nuclear Information System (INIS)

    Divkar, J.K.; Padmanabhan, N.; Chaudhury, Probal; Pradeepkumar, K.S.; Pujari, R.N.; Dogra, Santosh; Sharma, D.N.; Rajagopalan, S.; Srivastava, G.K.

    2005-01-01

    Environmental Radiation monitoring based on gamma dose rate logging on a mobile platform integrated with real time position from a Global Positioning System is an effective tool to acquire dose rate profile and generate radiological map of any geographical region. The microcontroller based dose rate data acquisition system capable of storing the acquired data and transferring to an attached laptop/PC and providing a graphical illustration of relative variations in gamma background can also be used for quick assessment of environmental radiological impact assessment. This paper describes the methodology and results of the environmental gamma dose rate monitoring surveys carried out: (i) on Mumbai-Hyderabad rail route with the systems installed in the trains guard's room and (ii) Hyderabad city roads with systems installed in a monitoring van. The results indicate significant difference in the gamma background measured along the rail route between Mumbai-Hyderabad and in the radiological map generated after the Hyderabad city survey. (author)

  11. Pricing stock options under stochastic volatility and interest rates with efficient method of moments estimation

    NARCIS (Netherlands)

    Jiang, George J.; Sluis, Pieter J. van der

    1999-01-01

    While the stochastic volatility (SV) generalization has been shown to improve the explanatory power over the Black-Scholes model, empirical implications of SV models on option pricing have not yet been adequately tested. The purpose of this paper is to first estimate a multivariate SV model using

  12. Integrated Supply Chain Cooperative Inventory Model with Payment Period Being Dependent on Purchasing Price under Defective Rate Condition

    Directory of Open Access Journals (Sweden)

    Ming-Feng Yang

    2015-01-01

    Full Text Available In most commercial transactions, the buyer and vendor may usually agree to postpone payment deadline. During such delayed period, the buyer is entitled to keep the products without having to pay the sale price. However, the vendor usually hopes to receive full payment as soon as possible, especially when the transaction involves valuable items; yet, the buyer would offer a higher purchasing price in exchange of a longer postponement. Therefore, we assumed such permissible delayed period is dependent on the purchasing price. As for the manufacturing side, defective products are inevitable from time to time, and not all of those defective products can be repaired. Hence, we would like to add defective production and repair rate to our proposed model and discuss how these factors may affect profits. In addition, holding cost, ordering cost, and transportation cost will also be considered as we develop the integrated inventory model with price-dependent payment period under the possible condition of defective products. We would like to find the maximum of the joint expected total profit for our model and come up with a suitable inventory policy accordingly. In the end, we have also provided a numerical example to clearly illustrate possible solutions.

  13. A Note on Forecasting the Rate of Change of the Price of Oil: Asymmetric Loss and Forecast Rationality

    Directory of Open Access Journals (Sweden)

    Christian Pierdzioch

    2013-03-01

    Full Text Available We study whether forecasts of the rate of change of the price of oil are rational. To this end, we consider a model that allows the shape of forecasters’ loss function to be studied. The shape of forecasters’ loss function may be consistent with a symmetric or an asymmetric loss function. We find that an asymmetric loss function often (but not always makes forecasts look rational, and we also report that forecast rationality may have changed over time.

  14. eRoads

    DEFF Research Database (Denmark)

    Connolly, David

    vehicles enable more renewable electricity to be integrated onto the electricity grid. This is particularly evident in 2050, since the price of fossil fuels increases while the price of renewable electricity and batteries decreases. Finally, the electric road scenarios can facilitate more reductions......This study compares electric roads with oil (petrol and diesel) and battery electric vehicles, using Denmark as a case study. Electric roads can reduce the cost of electric vehicles by supplying them with electricity directly from the road rather than via a battery for long-distance journeys....... In this paper, an electric road scenario is compared to both an oil and battery electric vehicle scenario using the 2010 Danish energy system, but for two sets of costs: one set based on historical costs from the year 2010 and one based on projected costs for the year 2050. The results indicate that electric...

  15. 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...

  16. Can increases in the cigarette tax rate be linked to cigarette retail prices? Solving mysteries related to the cigarette pricing mechanism in China.

    Science.gov (United States)

    Gao, Song; Zheng, Rong; Hu, Teh-wei

    2012-11-01

    To explain China's cigarette pricing mechanism and the role of the Chinese State Tobacco Monopoly Administration (STMA) on cigarette pricing and taxation. Published government tobacco tax documentation and statistics published by the Chinese STMA are used to analyse the interrelations among industry profits, taxes and retail price of cigarettes in China. The 2009 excise tax increase on cigarettes in China has not translated into higher retail prices because the Chinese STMA used its policy authority to ensure that retail cigarette prices did not change. The government tax increase is being collected at both the producer and wholesale levels. As a result, the 2009 excise tax increase in China has resulted in higher tax revenue for the government and lower profits for the tobacco industry, with no increase in the retail price of cigarettes for consumers. Numerous studies have found that taxation is one of the most effective policy instruments for tobacco control. However, these findings come from countries that have market economies where market forces determine prices and influence how cigarette taxes are passed to the consumers in retail prices. China's tobacco industry is not a market economy; therefore, non-market forces and the current Chinese tobacco monopoly system determine cigarette prices. The result is that tax increases do not necessarily get passed on to the retail price.

  17. Prices and Price Setting

    NARCIS (Netherlands)

    R.P. Faber (Riemer)

    2010-01-01

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

  18. The Effect of Zoning Laws on Housing Prices and BAH Rates

    Science.gov (United States)

    2014-12-01

    sources, gathering and maintaining the data needed , and completing and reviewing the collection of information. Send comments regarding this burden...Glaeser and Gyourko’s (2002) calculations for the implicit price of land from the hedonic method and the extensive value of land including zoning taxes...without the need to be particularly close to the industrial centers where people worked or near to the rail car tracks. The truck had a much more

  19. International hedging under concurrent risks of input/output prices and exchange rate : The case of Korean oil refinery

    Energy Technology Data Exchange (ETDEWEB)

    Yun, W C; Kim, S D [Korea Energy Economics Institute, Euiwang (Korea, Republic of)

    1997-11-01

    This study develops an international hedging model which accounts for the multiple risks of input and output prices and exchange rates. Considering a fixed production technology, we formulize simultaneous minimum variance hedge ratios, which reflects inter correlations among prices. To utilize the dynamic nature of prices, time-varying conditional procedures are specified to estimate the relevant variance and covariance matrix. The time-varying representations of the variance and covariance matrix are statistically appropriate, in general. The separate hedge ratios are similar to the simultaneous hedge ratios for alternative procedures. The ex post hedging effectiveness indicate that there are substantial reduction in the variance of returns for all the procedures. The contribution of foreign currency futures is minimal due to the low correlation between commodities and exchange rates. Based on the traditional definition of hedging effectiveness, the time-varying conditional procedure provide little gain to the hedgers over a constant procedure in terms of the mean and the variance reduction. However, the performance of conditional procedures could be improved by accounting for the potential problems: mis specification problem, inappropriate definition of hedging effectiveness, and conflicts between theoretical derivation and estimation of hedge ratios. (author). 39 refs., 6 tabs.

  20. Pass-Through of Exchange Rates to Domestic Prices in East European Countries and the Role of Economic Enviroment

    OpenAIRE

    Martins Bitans

    2004-01-01

    The paper examines the exchange rate pass-through in a set of 13 East European countries during the period of 1993–2003. The pass-through estimates are derived from a recursive VAR model in first differences, and the impact of exchange rate changes on both producer and consumer prices is studied. The estimates obtained for two sub-sample periods generally show an incomplete pass-through over a two-year horizon. In addition, the results imply a considerable cross-country variation and suggest ...

  1. The impact of monetary policy and exchange rate regime on real GDP and prices in the Republic of Macedonia

    Directory of Open Access Journals (Sweden)

    Zeqiri Izet

    2010-09-01

    Full Text Available This paper investigates the relative costs and benefits associated with introducing a more active monetary and a different exchange rate regime in the Republic of Macedonia. In this finding, the econometrics result show that introducing a more active monetary policy and a different strategy of the exchange rate targeting in order to promote rapid economic growth could easy disturb macroeconomic stability (after having achieved it at a substantial cost without any significant economic benefits. Therefore, introducing a more active monetary policy and a different strategy of the exchange rate regime is likely to incur more costs than benefits, since changes of the monetary policy and exchange rate regime type do not show a persistent effect on real GDP, while changes of money stock and exchange rate regime do show a strong and persistent effect on prices level.

  2. Increasing household debts and its relation to GDP, interest rate and house price: Malaysia’s perspective

    OpenAIRE

    Rahman, Sharezan; Masih, Mansur

    2014-01-01

    The increase in household debts in Malaysia which has escalated to about 86% of total GDP is deemed to be at worrying stage as it may in turn trigger another financial crisis. Thus, the aim of this study is to examine the increase in household debts and its relation to GDP, interest rate and house price via time series techniques. Data collected from Datastream and monthly statistical bulletin span from 1999 to 2014 on quarterly basis. The results show that there is a cointegrating long run r...

  3. Price increase

    CERN Multimedia

    2006-01-01

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

  4. Price increase

    CERN Multimedia

    2005-01-01

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

  5. Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts

    OpenAIRE

    Eichler, Stefan

    2012-01-01

    I.1 Motivation Exchange rates are a key issue in international economics and politics. While the determinants of exchange rates have been extensively studied in previous works, this dissertation contributes to the literature by deriving exchange rate expectations from stock market (ADR) data and analyzing their determinants. This exercise is done for three cases where one has to resort to exchange rate expectations since the national exchange rate is either manipulated by the central bank...

  6. Time-frequency causality between stock prices and exchange rates: Further evidences from cointegration and wavelet analysis

    Science.gov (United States)

    Afshan, Sahar; Sharif, Arshian; Loganathan, Nanthakumar; Jammazi, Rania

    2018-04-01

    The current study investigates the relationship between stock prices and exchange rate by using wavelets approach and more focused the continuous, power spectrum, cross and coherence wavelet. The result of Bayer and Hanck (2013) and Gregory and Hansen (1996) confirm the presence of long-run association between stock price and exchange rate in Pakistan. The results of wavelet coherence reveal the dominance of SP during 2005-2006 and 2011-2012 in the period of 8-16 and 16-32 weeks cycle in approximately all the exchange rates against Pakistani rupees. For almost the entire studied period in long scale, the study evidences the strong coherence between both the series. The most interesting part of this coherence is the existence of bidirectional causality in the long timescale. The arrows in this long region are pointing both left up and left down. This suggests that during the time period, our variables are exhibiting out phase relationship with mutually leading and lagging the market. These results are in contrast with many earlier studies of Pakistan.

  7. Overload road damage model

    CSIR Research Space (South Africa)

    Roux, MP

    2005-03-01

    Full Text Available Not only do overloaded vehicles pose an increased safety risk on the road (reduced stability and braking efficiency etc.), but they also accelerate the rate of deterioration of the road network and increase road maintenance costs, which in turn...

  8. articles: The implementation of marginal external cost pricing in road transport Long run vs short run and first-best vs second-best

    OpenAIRE

    Erik T. Verhoef

    2000-01-01

    This article discusses a number of issues that will become increasingly important now that the concept of marginal external cost pricing becomes more likely to be implemented as a policy strategy in transport in reality. The first part of the article deals with the long-run efficiency of marginal external cost pricing. It is shown that such prices not only optimize short-run mobility, given the shape and position of the relevant demand and cost curves, but even more importantly, also optimall...

  9. Changes in cortisol release and heart rate variability in sport horses during long-distance road transport.

    Science.gov (United States)

    Schmidt, A; Biau, S; Möstl, E; Becker-Birck, M; Morillon, B; Aurich, J; Faure, J-M; Aurich, C

    2010-04-01

    It is widely accepted that transport is stressful for horses, but only a few studies are available involving horses that are transported regularly and are accustomed to transport. We determined salivary cortisol immunoreactivity (IR), fecal cortisol metabolites, beat-to-beat (RR) interval, and heart rate variability (HRV) in transport-experienced horses (N=7) in response to a 2-d outbound road transport over 1370 km and 2-d return transport 8 d later. Salivary cortisol IR was low until 60 min before transport but had increased (PHRV variable standard deviation 2 (SD2) occurred (PHRV, which is indicative of stress. The degree of these changes tended to be most pronounced on the first day of both outbound and return transport. Copyright 2009 Elsevier Inc. All rights reserved.

  10. INFLUENCE OF MORTGAGE RATES PRICE FORMATION ON THE PRIMARY HOUSING MARKET

    Directory of Open Access Journals (Sweden)

    Nikolay I. Kornilov

    2015-01-01

    Full Text Available The article considers relationship of pricesin the primary market, depending on theregional origin and type of home, with thevalue of mortgage rates. Assesses thestrength of such a relationship and thepossible effects of changes in such rates.

  11. Optimal decisions of sharing rate and ticket price of different transportation modes in inter-city transportation corridor

    Directory of Open Access Journals (Sweden)

    Zhaoping Tang

    2015-11-01

    Full Text Available Purpose: The paper concerns competition of different transportation modes coexist in inter-city transportation corridor. The purpose of this paper is to express the competitive relationship by building mathematical model and obtain the best sharing rate and the optimal ticket price of different transportation modes. Design/methodology/approach: Firstly, analyzing influencing factors of passenger choice about transportation modes, we designed an utility function of transportation modes. Secondly, referring to the game theory and logit modle, a non-cooperative game model between railway and highway was built. Finally, the model was applied to Nanchang-Jiujiang transportation corridor in China for an empirical analysis. Findings: The results indicate that the proposed non-cooperative game model is rational and reliable, and it supplies a scientific method to determine the optimal ticket price and passenger sharing rate of different transportation modes, and can be applied to the competition study on different transportation modes in inter-city transportation corridor. Originality/value: The main contribution of this paper is to built the non-cooperative game model, which can consider the needs of different travelers, and achieve reasonable passenger divergence of different transportation modes and coordinated development of whole transport market.

  12. Credit ratings and the pricing of sovereign debt during the euro crisis

    OpenAIRE

    Joshua Aizenman; Mahir Binici; Michael Hutchison

    2013-01-01

    This paper investigates the impact of credit rating changes on the sovereign spreads in the European Union and investigates the macro and financial factors that account for the time-varying effects of a given credit rating change. We find that changes of ratings are informative, economically important, and highly statistically significant in panel models, even after controlling for a host of domestic and global fundamental factors and investigating various functional forms, time and country g...

  13. Macroeconomic Effects of Nominal Exchange Rate Regimes: New Insights into the Role of Price Dynamics

    OpenAIRE

    Kollmann, Robert

    2004-01-01

    This Paper analyses the effects of pegged and floating exchange rates using a two-country dynamic general equilibrium model that is calibrated to the US and a European aggregate. The model assumes shocks to money, productivity and the interest parity condition. It captures the fact that the sharp increase in nominal exchange rate volatility after the abandonment of the Bretton Woods (BW) system was accompanied by a commensurate rise in real exchange rate volatility, but had no pronounced effe...

  14. Rockfall Hazard Rating System along SH-72: a case study of Poladpur–Mahabaleshwar road (Western India, Maharashtra, India

    Directory of Open Access Journals (Sweden)

    Mohd Khalid Ansari

    2016-03-01

    Full Text Available Construction of railways, highways and roads around steep slopes is a challenging assignment and require special investigations by geologists and geotechnical engineers that help to identify critical slopes. Rockfall Hazard Rating System for India (RHRSI is a modified scheme for Indian subcontinent and used to define overall stability of slopes in mountainous region or rock cut slopes. Once this rating system identifies critical zones, proper protection measures can be applied to prevent rockfalls. In this article, RHRSI is adopted to identify slopes, prone to rockfalls so that proper preventive measure can be proposed to mitigate loss. State Highway-72 (SH-72 connecting Poladpur to Mahabaleshwar, is an important transportation corridor supporting high vehicle traffic within the well-known tourist area is chosen for rockfall hazard rating. Field observations show that up to 15 km corridor from Mahabaleshwar town has frequent rockfall problems with two most rockfall locations situated at about 12 and 6 km from Mahabaleshwar town. Also, an attempt has been made to focus on risk-consequence analysis for rockfall locations. To this aim, the RHRSI is applied to SH-72 corridor on two locations which are identified as very prone to rockfall hazard.

  15. Presenting a multi-objective generation scheduling model for pricing demand response rate in micro-grid energy management

    International Nuclear Information System (INIS)

    Aghajani, G.R.; Shayanfar, H.A.; Shayeghi, H.

    2015-01-01

    Highlights: • Using DRPs to cover the uncertainties resulted from power generation by WT and PV. • Proposing the use of price-offer packages and amount of DR for implement DRPs. • Considering a multi-objective scheduling model and use of MOPSO algorithm. - Abstract: In this paper, a multi-objective energy management system is proposed in order to optimize micro-grid (MG) performance in a short-term in the presence of Renewable Energy Sources (RESs) for wind and solar energy generation with a randomized natural behavior. Considering the existence of different types of customers including residential, commercial, and industrial consumers can participate in demand response programs. As with declare their interruptible/curtailable demand rate or select from among different proposed prices so as to assist the central micro-grid control in terms of optimizing micro-grid operation and covering energy generation uncertainty from the renewable sources. In this paper, to implement Demand Response (DR) schedules, incentive-based payment in the form of offered packages of price and DR quantity collected by Demand Response Providers (DRPs) is used. In the typical micro-grid, different technologies including Wind Turbine (WT), PhotoVoltaic (PV) cell, Micro-Turbine (MT), Full Cell (FC), battery hybrid power source and responsive loads are used. The simulation results are considered in six different cases in order to optimize operation cost and emission with/without DR. Considering the complexity and non-linearity of the proposed problem, Multi-Objective Particle Swarm Optimization (MOPSO) is utilized. Also, fuzzy-based mechanism and non-linear sorting system are applied to determine the best compromise considering the set of solutions from Pareto-front space. The numerical results represented the effect of the proposed Demand Side Management (DSM) scheduling model on reducing the effect of uncertainty obtained from generation power and predicted by WT and PV in a MG.

  16. Transport and fate of chloride from road salt within a mixed urban and agricultural watershed in Illinois (USA): assessing the influence of chloride application rates

    Science.gov (United States)

    Ludwikowski, Jessica J.; Peterson, Eric W.

    2018-01-01

    In a typical winter season, approximately 471,000 tons of road salt are deposited along roadways in Illinois, USA. An estimated 45% of the deposited road salt will infiltrate through the soils and into shallow aquifers. Transported through shallow aquifers, chloride associated with the road salts has the potential to reside within groundwater for years based on the pathway, the geologic material, and the recharge rate of the aquifer system. Utilizing MODFLOW and MT3D, simulations employing various road-salt application rates were conducted to assess the net accumulation of chloride and the residence times of chloride in an agriculture-dominated watershed that originates in an urban area. A positive-linear relationship was observed between the application rate of chloride and both the maximum chloride concentration and total mass accumulated within the watershed. Simulated annual recharge rates along impacted surfaces ranged from 1,000 to 10,000 mg/L. After 60 years of application, simulated chloride concentrations in groundwater ranged from 197 to 1,900 mg/L. For all application rates, chloride concentrations within the groundwater rose at an annual rate of >3 mg/L. While concentrations increase throughout the system, the majority of chloride accumulation occurs near the roads and the urban areas. Model simulations reveal a positive relationship between application rate and residence time of chloride (1,123-1,288 days based on application rate). The models indicate that continued accumulation of chloride in shallow aquifers can be expected, and methods that apply less chloride effectively need to be examined.

  17. An empirical analysis of freight rate and vessel price volatility transmission in global dry bulk shipping market

    Directory of Open Access Journals (Sweden)

    Lei Dai

    2015-10-01

    Full Text Available Global dry bulk shipping market is an important element of global economy and trade. Since newbuilding and secondhand vessels are often traded as assets and the freight rate is the key determinant of vessel price, it is important for shipping market participants to understand the market dynamics and price transmission mechanism over time to make suitable strategic decisions. To address this issue, a multi-variate GARCH model was applied in this paper to explore the volatility spillover effects across the vessel markets (including newbuilding and secondhand vessel markets and freight market. Specifically, the BEKK parameterization of the multi-variate GARCH model (BEKK GARCH was proposed to capture the volatility transmission effect from the freight market, newbuilding and secondhand vessel markets in the global dry bulk shipping industry. Empirical results reveal that significant volatility transmission effects exist in each market sector, i.e. capesize, panamax, handymax and handysize. Besides, the market volatility transmission mechanism varies among different vessel types. Moreover, some bilateral effects are found in the dry bulk shipping market, showing that lagged variances could affect the current variance in a counterpart market, regardless of the volatility transmission. A simple ratio is proposed to guide investors optimizing their portfolio allocations. The findings in this paper could provide unique insights for investors to understand the market and hedge their portfolios well.

  18. The Effects of Rising Interest Rates on Electric Utility Stock Prices: Regulatory Considerations and Approaches

    Energy Technology Data Exchange (ETDEWEB)

    Kihm, Steve [Seventhwave, Madison, WI (United States); Satchwell, Andrew [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Cappers, Peter [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2017-07-26

    This technical brief identifies conditions under which utility regulators should consider implementing policy approaches that seek to mitigate negative outcomes due to an increase in interest rates. Interest rates are a key factor in determining a utility’s cost of equity and investors find value when returns exceed the cost of equity. Through historical observations of periods of rising and falling interest rates and application of a pro forma financial tool, we identify the key drivers of utility stock valuations and estimate the degree to which those valuations might be affected by increasing interest rates.3 We also analyze the efficacy of responses by utility regulators to mitigate potential negative financial impacts. We find that regulators have several possible approaches to mitigate a decline in value in an environment of increasing interest rates, though regulators must weigh the tradeoffs of improving investor value with potential increases in customer costs. Furthermore, the range of approaches reflects today’s many different electric utility regulatory models and regulatory responses to a decline in investor value will fit within state-specific models.

  19. Affine Bond Pricing with a Mixture Distribution for Interest Rate Time-Series Dynamics

    DEFF Research Database (Denmark)

    Rasmussen, Torben B.

    model is able to let the variance of the one-period rate be higher and faster increasing in the variance factor, and to introduce negative skewness and positive excess kurtosis. When weights on the components depend on factors, the model produces a speed of mean reversion and variance of the one......-period rate that both increase fast with higher levels of the yield curve. The added second component is found to capture infrequent relatively large simultaneous shifts in direction of a yield curve that is at a lower level, is steeper, and is more positively curved....

  20. Index Option Pricing Models with Stochastic Volatility and Stochastic Interest Rates

    NARCIS (Netherlands)

    Jiang, G.J.; van der Sluis, P.J.

    2000-01-01

    This paper specifies a multivariate stochastic volatility (SV) model for the S&P500 index and spot interest rate processes. We first estimate the multivariate SV model via the efficient method of moments (EMM) technique based on observations of underlying state variables, and then investigate the

  1. It's the Prices, Advanced Capitalism, and the Need for Rate Setting - Stupid.

    Science.gov (United States)

    Frankford, David M

    2016-12-01

    Competition cannot stem the rise of health care expenditures because it leaves agency diffuse and transferred in part to the institutions of advanced capitalism, which excel in generating demand for their services. The United States should turn to state rate setting to concentrate purchasing power.

  2. Rental prices, rates of return, capital aggregation and productivity : Evidence from EU and US

    NARCIS (Netherlands)

    Erumban, 27675

    With the increasing importance of investment in information and communication technology, methods for measuring the contribution of capital to growth have re-assumed centre-stage in recent growth accounting literature. The importance of using capital service growth rates rather than capital stock

  3. Exchange rate and price dynamics in a small open economy - the role of the zero lower bound and monetary policy regimes

    OpenAIRE

    Gregor Bäurle; Daniel Kaufmann

    2014-01-01

    We analyse nominal exchange rate and price dynamics after risk premium shocks with short-term interest rates constrained by the zero lower bound (ZLB). In a small-open-economy DSGE model, temporary risk premium shocks lead to shifts of the exchange rate and the price level if a central bank implements an inflation target by means of a traditional Taylor rule. These shifts are strongly amplified and become more persistent once the ZLB is included in the model. We also provide empirical support...

  4. Causal Nexus between Stock Price, Demand for Money, Interest Rate, Foreign Institutional Investment, and Exchange Rates in India: A Post Subprime Crisis Analysis

    Directory of Open Access Journals (Sweden)

    Iti Vyas

    2014-08-01

    Full Text Available This  paper  makes  an  attempt  to  empirically  examine  the  causal  nexus  between  stock price, demand for money, interest rates, foreign institutional investment and exchange rates in India in the post subprime mortgage crisis period. The study employed Granger causality test, Vector Auto Regression and Johansen Maximum Likelihood procedure to examine the short  run  and  long  run  dynamic  interaction  among  the  above  mentioned  variables  for  the period January 1993 to May 2009. The major indings of the study are: stock return affects exchange rate return, net foreign institutional investment and growth of demand for money. Growth  of  demand  for  money,  in  turn,  affects  interest  rate.  Interest  rate  is  more  affected by exchange rate return. Foreign institutional investment also affects interest rate. The co-integration  test  conirms  that  there  does  not  exist  any  long  run  equilibrium  relationship between stock return and exchange rate return ";} // -->activate javascript

  5. Miscellaneous Roads

    Data.gov (United States)

    Minnesota Department of Natural Resources — This data set contains roadway centerlines for miscellanous roads, a catch-all category for all road types not present in the other DNR derived products. These road...

  6. 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

  7. A stock-flow consistent input-output model with applications to energy price shocks, interest rates, and heat emissions

    Science.gov (United States)

    Berg, Matthew; Hartley, Brian; Richters, Oliver

    2015-01-01

    By synthesizing stock-flow consistent models, input-output models, and aspects of ecological macroeconomics, a method is developed to simultaneously model monetary flows through the financial system, flows of produced goods and services through the real economy, and flows of physical materials through the natural environment. This paper highlights the linkages between the physical environment and the economic system by emphasizing the role of the energy industry. A conceptual model is developed in general form with an arbitrary number of sectors, while emphasizing connections with the agent-based, econophysics, and complexity economics literature. First, we use the model to challenge claims that 0% interest rates are a necessary condition for a stationary economy and conduct a stability analysis within the parameter space of interest rates and consumption parameters of an economy in stock-flow equilibrium. Second, we analyze the role of energy price shocks in contributing to recessions, incorporating several propagation and amplification mechanisms. Third, implied heat emissions from energy conversion and the effect of anthropogenic heat flux on climate change are considered in light of a minimal single-layer atmosphere climate model, although the model is only implicitly, not explicitly, linked to the economic model.

  8. Long range dependency and forecasting of housing price index and mortgage market rate: evidence of subprime crisis

    Directory of Open Access Journals (Sweden)

    Nadhem Selmi

    2015-05-01

    Full Text Available In this paper, we examine and forecast the House Price Index (HPI and mortgage market rate in terms of the description of the subprime crisis. We use a semi-parametric local polynomial Whittle estimator proposed by Shimotsu et al. (2005 [Shimotsu, K., & Phillips, P.C.B. (2005, Exact local Whittle estimation of fractional integration. The Annals of Statistics, 33(4, 1890-1933.] in a long memory parameter time series. Empirical investigation of HPI and mortgage market rate shows that these variables are more persistent when the d estimates are found on the Shimotsu method than on the one of Künsch (1987 [Künsch, H.R. (1987. Statistical aspects of self-similar processes. In Y. Prokhorov and V.V. Sazanov (eds., Proceedings of the First World Congress of the Bernoulli Society, VNU Science Press, Utrecht, 67-74.]. The estimating forecast values are more realistic and they strongly reflect the present US economy actuality in the two series as indicated by the forecast evaluation topics.

  9. Competitiveness in Road Transport

    DEFF Research Database (Denmark)

    Borgström, Benedikte; Gammelgaard, Britta; Bruun, Poul

    Road transport is an important sector, connecting time and space of production and consumption. Its market conditions has changed. The EU single market implementation has increased price pressure due to supply of low cost road freight transport from counties with lower cost structures. Changes...... in the market also encourage strategic development of some road hauliers into providers of unique services. Such road haulier strategic development contributes to efficiency and effectiveness in basically all business sectors of EU. Little research is available of such strategic and operational management....... In this paper we will explore that knowledge gap and analyze what value proposition(s) and capabilities can transform potential cost disadvantages of acting in a market that includes both high- and low-cost-country actors? And in conceptual terminology, how are capabilities deployed and developed to construct...

  10. Il cambio dollaro/euro, il prezzo del petrolio e la Banca Centrale Europea (Dollar/Euro Exchange Rate, Oil Price and the European Central Bank

    Directory of Open Access Journals (Sweden)

    Stefano Sylos Labini

    2000-09-01

    Full Text Available In this paper an analysis on dollar/euro exchange rate, oil price and European Central Bank monetary policy is worked out. Firstly, data on the main variables related with the exchange rate and an equation to explain the variation of the exchange rate in the period March 1998-September 2000 are presented; secondly, the consequences of oil price growth and eurodevaluation on the US and European economies are taken into account; lastly, different policy strategies to stop eurodevaluation are discussed. The European Central Bank strategy, that consists of small increases of the interest rate, is not reaching any result. An alternative strategy is based on innovative public demand, that should be financed by European bonds using "central bank excess funds" as security. Public demand of infrastructures and new technologies should aim at reducing oil dependence and would stimulate growth and sustainable development in Europe, with positive effects on the exchange rate.

  11. Jakarta Islamic Index-L 45: Rate Financial Performance, Beta Stocks and Stock Price in Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tajus Subqi

    2016-08-01

    Full Text Available This research had analyzed the effect of financial performance and stock beta (systematic risk towards stock price of eight listed companies in Jakarta Islamic Index (JII – LQ 45 for the time period of 2012-2014. The data was gathered by employing literature study and documentation of financial statements. Multiple regressions are used to measure the effect of independent variable towards dependent variable along with ttest and F test. The results based on overall test suggested that only ROE and NPM had opposite direction correlation with the stock price, meanwhile other variables had positive direction correlation. From partial test with 5% level of significance, only EPS and PER had significant effect on stock price while other variables had no effect.   Keywords: financial performance analysis, stock price, stock beta (systematic risk, Jakarta Islamic Index

  12. 5 CFR 591.228 - How does OPM convert the price index plus adjustment factor to a COLA rate?

    Science.gov (United States)

    2010-01-01

    ... MANAGEMENT CIVIL SERVICE REGULATIONS ALLOWANCES AND DIFFERENTIALS Cost-of-Living Allowance and Post Differential-Nonforeign Areas Cost-Of-Living Allowances § 591.228 How does OPM convert the price index plus...

  13. Road accidents and business cycles in Spain.

    Science.gov (United States)

    Rodríguez-López, Jesús; Marrero, Gustavo A; González, Rosa Marina; Leal-Linares, Teresa

    2016-11-01

    This paper explores the causes behind the downturn in road accidents in Spain across the last decade. Possible causes are grouped into three categories: Institutional factors (a Penalty Point System, PPS, dating from 2006), technological factors (active safety and passive safety of vehicles), and macroeconomic factors (the Great recession starting in 2008, and an increase in fuel prices during the spring of 2008). The PPS has been blessed by incumbent authorities as responsible for the decline of road fatalities in Spain. Using cointegration techniques, the GDP growth rate, the fuel price, the PPS, and technological items embedded in motor vehicles appear to be statistically significantly related with accidents. Importantly, PPS is found to be significant in reducing fatal accidents. However, PPS is not significant for non-fatal accidents. In view of these results, we conclude that road accidents in Spain are very sensitive to the business cycle, and that the PPS influenced the severity (fatality) rather than the quantity of accidents in Spain. Importantly, technological items help explain a sizable fraction in accidents downturn, their effects dating back from the end of the nineties. Copyright © 2016 Elsevier Ltd. All rights reserved.

  14. The Exposure of Mortgage Borrowers to Interest Rate Risk, Income Risk and House Price Risk – Evidence from Swiss Loan Application Data

    OpenAIRE

    Guin, Benjamin; Brown, Martin

    2015-01-01

    We study the exposure of mortgage borrowers in Switzerland to interest rate, income and house price risks and examine how the households’ choice of risky mortgages is related to individual interest rate expectations and risk-aversion. Our analysis is based on a unique data set of household mortgage applications from September 2012 until January 2014. Our assessment of risk exposure among mortgage borrowers in Switzerland is highly sensitive to the underlying assumptions on mortgage costs, hou...

  15. 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)

  16. AN INVESTIGATION ON THE FOREST ROAD PLANNING AND ROAD GROUND

    Directory of Open Access Journals (Sweden)

    Hafız Hulusi ACAR

    2001-01-01

    Full Text Available It is required that the capital used for construction of road must be technical, economical and used in its location. For this reason, the projects must be prepared for forest roads and all operations belong to roads must be guided according to these projects. In this investigation, available forest road network plan and constructed forest roads were investigated at the point of view technical and forest transportation. After this, it were studied to reach the highest exploitation rate as can as possible. Available forest road density were found as 11.9 m/ha in forest areas for Yesiltepe District. In this condition, exploitation rate was 78 %. After that, optimum forest road network were planned and road density were reached to 22 m/ha and exploitation rate to 86 %. Directed sample method were used from taking soil sample methods and samples were took in mixed system. According to results of the experiments, available forest roads were found in a good degree at the point of view endurance, pressing and transportation capacity. With these results, it is aimed to reach higher exploitation rate with given attention to landslide areas during planning of forest roads on the mountain areas such as Black Sea Region. For this reason, required importance must be given to planning of truck and logging roads. Ground analysis must be done and took care before during planning process of forest road network.

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

    African Journals Online (AJOL)

    Admin

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

  18. Threshold effect of the economic growth rate on the renewable energy development from a change in energy price. Evidence from OECD countries

    International Nuclear Information System (INIS)

    Chang, Ting-Huan; Huang, Chien-Ming; Lee, Ming-Chih

    2009-01-01

    This paper uses a panel threshold regression (PTR) model to investigate the influence that energy prices have on renewable energy development under different economic growth rate regimes. The empirical data are obtained from each of the OECD member-countries over the period from 1997 to 2006. We show that there is one threshold in the regression relationship, which is 4.13% of a one-period lag in the annual gross domestic product (GDP) growth rate. The consumer price index (CPI), in so far as it relates to variations in energy, is significantly positively correlated with the contribution of renewables to energy supply in the regime with higher-economic growth, but there is no relationship in the regime with lower economic growth. Therefore, countries characterized by high-economic growth are able to respond to high energy prices with increases in renewable energy use, while countries characterized by low-economic growth countries tend to be unresponsive to energy price changes when they come to their level of renewable energy. (author)

  19. Mortality Rate and Activity Patterns of an Aesculapian Snake (Zamenis longissimus) Population Divided by a Busy Road

    Czech Academy of Sciences Publication Activity Database

    Kovář, R.; Brabec, Marek; Víta, R.; Bocek, R.

    2014-01-01

    Roč. 48, č. 1 (2014), s. 24-33 ISSN 0022-1511 Institutional research plan: CEZ:AV0Z10300504 Institutional support: RVO:67985807 Keywords : Zamenis longissimus * road-related snake mortality * poisson regression * generalized additive model * telemetric surveillance Subject RIV: BB - Applied Statistics, Operational Research Impact factor: 0.832, year: 2014 http://journalofherpetology.org/doi/abs/10.1670/12-090

  20. Evaluating the effectiveness of mixed-integer linear programming for day-ahead hydro-thermal self-scheduling considering price uncertainty and forced outage rate

    International Nuclear Information System (INIS)

    Esmaeily, Ali; Ahmadi, Abdollah; Raeisi, Fatima; Ahmadi, Mohammad Reza; Esmaeel Nezhad, Ali; Janghorbani, Mohammadreza

    2017-01-01

    A new optimization framework based on MILP model is introduced in the paper for the problem of stochastic self-scheduling of hydrothermal units known as HTSS Problem implemented in a joint energy and reserve electricity market with day-ahead mechanism. The proposed MILP framework includes some practical constraints such as the cost due to valve-loading effect, the limit due to DRR and also multi-POZs, which have been less investigated in electricity market models. For the sake of more accuracy, for hydro generating units’ model, multi performance curves are also used. The problem proposed in this paper is formulated using a model on the basis of a stochastic optimization technique while the objective function is maximizing the expected profit utilizing MILP technique. The suggested stochastic self-scheduling model employs the price forecast error in order to take into account the uncertainty due to price. Besides, LMCS is combined with roulette wheel mechanism so that the scenarios corresponding to the non-spinning reserve price and spinning reserve price as well as the energy price at each hour of the scheduling are generated. Finally, the IEEE 118-bus power system is used to indicate the performance and the efficiency of the suggested technique. - Highlights: • Characterizing the uncertainties of price and FOR of units. • Replacing the fixed ramping rate constraints with the dynamic ones. • Proposing linearized model for the valve-point effects of thermal units. • Taking into consideration the multi-POZs relating to the thermal units. • Taking into consideration the multi-performance curves of hydroelectric units.

  1. Road density

    Data.gov (United States)

    U.S. Environmental Protection Agency — Road density is generally highly correlated with amount of developed land cover. High road densities usually indicate high levels of ecological disturbance. More...

  2. Strabo's roads

    DEFF Research Database (Denmark)

    Bekker-Nielsen, Tønnes

    2017-01-01

    in the Geography, and the world-view, of Strabo. Strabo did not take much interest in roads as artefacts or monuments, in the technology of road construction, or in the mythological and historical background of individual roads. He is primarily interested in roads from a functional point of view. For the general......To ancient geographers, roads were important not only as arteries of communication, but also as sources of information, since mileages measured along the Roman highways were among the very few precise distances available to the ancient geographer. This chapter explores the place of roads...... or the statesman, roads provide routes of communication; for the systematic geographer, they provide measured distances and directions. Through case studies of Spain, Gaul, Italy, Greece and Anatolia, this chapter attempts to reach a better understanding of the place of roads in Strabo’s universe, especially two...

  3. Road Closures

    Data.gov (United States)

    Montgomery County of Maryland — This is an up to date map of current road closures in Montgomery County.This dataset is updated every few minutes from the Department of Transportation road closure...

  4. Road Edge of Pavement, Pavement Condition Ratings and Maintenance Designations per Street Centerline. Updated frequently by Public Works Streets Division, Published in 2006, 1:1200 (1in=100ft) scale, City of Asheville Government.

    Data.gov (United States)

    NSGIC Local Govt | GIS Inventory — Road Edge of Pavement dataset current as of 2006. Pavement Condition Ratings and Maintenance Designations per Street Centerline. Updated frequently by Public Works...

  5. Operational performance management of priced facilities

    Science.gov (United States)

    2011-03-01

    The Texas Department of Transportation and its agency partners have implemented various forms of lane management and pricing over the past three decades, including HOV lanes, managed lanes, and toll roads. As more of these complex transportation faci...

  6. Qualitative and quantitative combined nonlinear dynamics model and its application in analysis of price, supply–demand ratio and selling rate

    International Nuclear Information System (INIS)

    Zhu, Dingju

    2016-01-01

    The qualitative and quantitative combined nonlinear dynamics model proposed in this paper fill the gap in nonlinear dynamics model in terms of qualitative and quantitative combined methods, allowing the qualitative model and quantitative model to perfectly combine and overcome their weaknesses by learning from each other. These two types of models use their strengths to make up for the other’s deficiencies. The qualitative and quantitative combined models can surmount the weakness that the qualitative model cannot be applied and verified in a quantitative manner, and the high costs and long time of multiple construction as well as verification of the quantitative model. The combined model is more practical and efficient, which is of great significance for nonlinear dynamics. The qualitative and quantitative combined modeling and model analytical method raised in this paper is not only applied to nonlinear dynamics, but can be adopted and drawn on in the modeling and model analysis of other fields. Additionally, the analytical method of qualitative and quantitative combined nonlinear dynamics model proposed in this paper can satisfactorily resolve the problems with the price system’s existing nonlinear dynamics model analytical method. The three-dimensional dynamics model of price, supply–demand ratio and selling rate established in this paper make estimates about the best commodity prices using the model results, thereby providing a theoretical basis for the government’s macro-control of price. Meanwhile, this model also offer theoretical guidance to how to enhance people’s purchasing power and consumption levels through price regulation and hence to improve people’s living standards.

  7. The CEE housing markets before, during and after the transition: an overview of property prices and home ownership rates

    OpenAIRE

    Elena IONASCU

    2017-01-01

    The purpose of this research is to investigate relevant economic aspects, which characterized housing markets from Central and Eastern European (CEE) countries, to identify the factors which determine the house prices and to find the economic implications of property investments, under an international micro and macroeconomic environment. Methodological, the article uses the deduction and comparative analysis of collected statistical data, and strategic reforms in post-communist countries are...

  8. How Are Property Investment Returns Determined? : Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates

    OpenAIRE

    Shimizu, Chihiro

    2014-01-01

    How exactly should one estimate property investment returns? Investors in property aim to maximize capital gains from price increases and income generated by the property. How are the returns on investment in property determined based on its characteristics, and what kind of market characteristics does it have? Focusing on the Tokyo commercial property market and residential property market, the purpose of this paper was to break down and measure the micro-structure of property investment ret...

  9. Second Thoughts on the European Escape from Hunger: Famines, Price Elasticities, Entitlements, Chronic Malnutrition, and Mortality Rates

    OpenAIRE

    Robert W. Fogel

    1989-01-01

    The six principal findings of this paper are as follows: (1) crisis mortality accounted for less than 5 percent of total mortality in England prior to 1800 and the elimination of crisis mortality accounted for just 15 percent of the decline in total mortality between the eighteenth and nineteenth centuries. (2) The use of variations in wheat prices to measure variations in the food supply has led to gross overestimates of the variability of the food supply. (3) The famines that plagued Englan...

  10. Il cambio dollaro/euro, il prezzo del petrolio e la Banca Centrale Europea (Dollar/Euro Exchange Rate, Oil Price and the European Central Bank

    Directory of Open Access Journals (Sweden)

    Stefano Sylos Labini

    2012-04-01

    Full Text Available In this paper an analysis on dollar/euro exchange rate, oil price and European Central Bank monetary policy is worked out. Firstly, data on the main variables related with the exchange rate and an equation to explain the variation of the exchange rate in the period March 1998-September 2000 are presented; secondly, the consequences of oil price growth and eurodevaluation on the US and European economies are taken into account; lastly, different policy strategies to stop eurodevaluation are discussed. The European Central Bank strategy, that consists of small increases of the interest rate, is not reaching any result. An alternative strategy is based on innovative public demand, that should be financed by European bonds using "central bank excess funds" as security. Public demand of infrastructures and new technologies should aim at reducing oil dependence and would stimulate growth and sustainable development in Europe, with positive effects on the exchange rate.       JEL Codes: E58, F31Keywords: Devaluation, Exchange Rates, Monetary

  11. 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...

  12. Price Elasticity of Per-Credit-Hour Tuition Charges and the Effects on Four-Year Graduation Rates.

    Science.gov (United States)

    DeMoranville, Carol W.; O'Donnell, Paula Bogott

    2001-01-01

    Examined whether changing tuition rates to a sliding scale based on the number of credit hours taken will increase 4-year graduation rates. Found that a sliding tuition rate scale does not increase 4-year graduation rates. (EV)

  13. Rapid road repair vehicle

    Science.gov (United States)

    Mara, Leo M.

    1998-01-01

    Disclosed is a rapid road repair vehicle capable of moving over a surface to be repaired at near normal posted traffic speeds to scan for and find an the high rate of speed, imperfections in the pavement surface, prepare the surface imperfection for repair by air pressure and vacuum cleaning, applying a correct amount of the correct patching material to effect the repair, smooth the resulting repaired surface, and catalog the location and quality of the repairs for maintenance records of the road surface. The rapid road repair vehicle can repair surface imperfections at lower cost, improved quality, at a higher rate of speed than was was heretofor possible, with significantly reduced exposure to safety and health hazards associated with this kind of road repair activities in the past.

  14. A closed-loop supply chain inventory model for manufacturer - Collector system with inspection, waste disposal and price-quality dependent return rate

    Science.gov (United States)

    Putri, Anissa Rianda; Jauhari, Wakhid Ahmad; Rosyidi, Cucuk Nur

    2017-11-01

    This paper studies a closed-loop supply chain inventory model, where the primary market demand is fulfilled by newly produced products and remanufactured products. We intend to integrate a manufacturer and a collector as a supply chain system. Used items are collected and will be inspected and sorted by the collector, and the return rate of used items is depended upon price and quality factor. Used items that aren't pass this process, will be considered as waste and undergone waste disposal process. Recoverable used items will be sent to the manufacturer for recovery process. This paper applies two types of the recovery process for used products, i.e. remanufacture and refurbish. The refurbished items are sold to a secondary market with lower price than primary market price. Further, the amount of recoverable items depend upon the acceptance level of the returned items. This proposed model gives an optimal solution by maximizing the joint total profit. Moreover, a numerical example is presented to describe the application of the model.

  15. House Prices and Taxes

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads

    This paper is the first to consider a large scale natural experiment to estimate the effect of taxes on house prices. We find that a 1 percentage-point increase in income tax rates lead to a drop in house prices of at most 2.2%. This corresponds to a tax capitalization for the average household...... capitalization from earlier studies. Furthermore, we find no effect of property taxes on house prices. We attribute this to the low levels of Danish municipal property tax rates compared to income tax rates....

  16. Integrating transit with road pricing projects.

    Science.gov (United States)

    2013-06-01

    This study examined various levels of the treatment of public transportation in conjunction with the implementation of : managed lane highway projects. It details the ranges of transit investments identified in and associated with managed : lanes tha...

  17. Integrating transit with road pricing projects : [summary].

    Science.gov (United States)

    2013-01-01

    Floridas dramatic growth in residents and visitors : in recent decades has placed a heavy demand : on roadways. To accommodate this growth, : expressways have been added and expanded, : but for many heavily traveled highways, such as : those in Ja...

  18. Forecasting Exchange Rates and Relative Prices with the Hamburger Standard: Is What You Want What You Get With McParity?

    OpenAIRE

    Robert E. Cumby

    1996-01-01

    A decade ago the Economist began an annual survey of Big Mac prices as a guide to whether currencies are trading at the right exchange rates. This paper asks how well the hamburger standard has performed. Although average deviations from absolute Big Mac parity are large for several currencies, once estimates of these average deviations are removed from the data, the evidence suggests that convergence to relative Big Mac parity is quite rapid. The half-life of deviations from Big Mac parity a...

  19. Logistics: Price Rises Incurred by High Oil Price

    Institute of Scientific and Technical Information of China (English)

    Lai Zhihui

    2011-01-01

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

  20. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

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

  1. 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.

  2. Corporate debt pricing I.

    OpenAIRE

    Ilya, Gikhman

    2007-01-01

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

  3. 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.

  4. GPS Roads

    Data.gov (United States)

    Earth Data Analysis Center, University of New Mexico — This data set contains a 1:100,000 scale vector digital representation of all interstate highways, all US highways, most of the state highways, and some county roads...

  5. Major Roads

    Data.gov (United States)

    Minnesota Department of Natural Resources — This data set contains roadway centerlines for major roads (interstates and trunk highways) found on the USGS 1:24,000 mapping series. These roadways are current...

  6. Is road safety management linked to road safety performance?

    Science.gov (United States)

    Papadimitriou, Eleonora; Yannis, George

    2013-10-01

    This research aims to explore the relationship between road safety management and road safety performance at country level. For that purpose, an appropriate theoretical framework is selected, namely the 'SUNflower' pyramid, which describes road safety management systems in terms of a five-level hierarchy: (i) structure and culture, (ii) programmes and measures, (iii) 'intermediate' outcomes'--safety performance indicators (SPIs), (iv) final outcomes--fatalities and injuries, and (v) social costs. For each layer of the pyramid, a composite indicator is implemented, on the basis of data for 30 European countries. Especially as regards road safety management indicators, these are estimated on the basis of Categorical Principal Component Analysis upon the responses of a dedicated road safety management questionnaire, jointly created and dispatched by the ETSC/PIN group and the 'DaCoTA' research project. Then, quasi-Poisson models and Beta regression models are developed for linking road safety management indicators and other indicators (i.e. background characteristics, SPIs) with road safety performance. In this context, different indicators of road safety performance are explored: mortality and fatality rates, percentage reduction in fatalities over a given period, a composite indicator of road safety final outcomes, and a composite indicator of 'intermediate' outcomes (SPIs). The results of the analyses suggest that road safety management can be described on the basis of three composite indicators: "vision and strategy", "budget, evaluation and reporting", and "measurement of road user attitudes and behaviours". Moreover, no direct statistical relationship could be established between road safety management indicators and final outcomes. However, a statistical relationship was found between road safety management and 'intermediate' outcomes, which were in turn found to affect 'final' outcomes, confirming the SUNflower approach on the consecutive effect of each layer

  7. Viability of a New Road Infrastructure with Heterogeneous Users in Madrid Access

    OpenAIRE

    Pedro Cantos-Sanchez; Rafael Moner-Colonques; Jose J. Sempere-Monerris; Oscar Alvarez

    2008-01-01

    This paper explores the importance of heterogeneity in value of time when assessing the viability of a new road infrastructure to alleviate congestion problems. The Spanish government has developed a congestion pricing demonstration entering Madrid city centre, where road users have to choose between a free but highly congested road and a priced free-flowing road. We consider a continuum of users who differ in their value of time. Users dislike congestion and this is more so the more a user v...

  8. ASSESSING THE EFFICIENCY OF EXCHANGE RATE-LINKED SUBSIDIES FOR NON-PRICE EXPORT PROMOTION: THE CASE OF COTTON

    OpenAIRE

    Paudel, Laxmi; Adhikari, Murali; Houston, Jack E.; Kinnucan, Henry W.

    2002-01-01

    Notwithstanding substantial federal financial support for the export promotion of agricultural products, ways to improve the efficiency of federal funding have not been discussed in empirical research. In this study, an equilibrium displacement framework was developed to evaluate whether the efficiency of export promotion expenditures could be increased by linking them with changes in the exchange rate. In our analysis, the gross gain to domestic cotton producers from the exchange-rate linked...

  9. Influence of purchaser perceptions and intentions on price for forest land parcels: a hedonic pricing approach

    Science.gov (United States)

    Stephanie A. Snyder; Michael A. Kilgore; Rachel Hudson; Jacob Donnay

    2008-01-01

    A hedonic model was developed to analyze the market for undeveloped forest land in Minnesota. Variables describing in situ conditions, locational characteristics, buyer perceptions and intentions, and transactional terms were tested for their influence on sale price. The independent variables explained 67% of the per hectare sale price variation. Water frontage, road...

  10. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

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

  11. Louisiana ESI: ROADS (Road Lines)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — This data set contains the state maintained primary and secondary road network of Louisiana. Vector lines in the data set represent Interstates, U.S. Highways, and...

  12. A TWO-WAY ROAD: RATES OF HIV INFECTION AND BEHAVIORAL RISK FACTORS AMONG DEPORTED MEXICAN LABOR MIGRANTS

    Science.gov (United States)

    Rangel, M. Gudelia; Martinez-Donate, Ana P.; Hovell, Melbourne; Sipan, Carol L.; Zellner, Jennifer A.; Gonzalez-Fagoaga, Eduardo; Kelley, Norma J.; Asadi-Gonzalez, Ahmed; Amuedo-Dorantes, Catalina; Magis-Rodriguez, Carlos

    2012-01-01

    A large number of Mexican migrants are deported to Mexico and released in the North Mexican border region every year. Despite their volume and high vulnerability, little is known about the level of HIV infection and related risk behaviors among this hard-to-reach population. We conducted a cross-sectional, probability survey with deported Mexican migrants in Tijuana, Mexico (N=693) and estimated levels of HIV infection and behavioral risk factors among this migrant flow. The sample and population estimated rates of HIV for deported males were 1.23% and 0.80%, respectively. No positive cases were found among the female sample. We found high lifetime rates of reported sexually transmitted infections (22.3%) and last 12-months rates of unprotected sex (63.0%), sex with multiple sexual partners (18.1%), casual partners (25.7%), and sex workers (8.6%), compared to U.S. and Mexico adults. HIV prevention, testing, and treatment programs for this large, vulnerable, and transnational population need to be implemented in both the U.S. and Mexico. PMID:22562390

  13. Distributed road assessment system

    Science.gov (United States)

    Beer, N. Reginald; Paglieroni, David W

    2014-03-25

    A system that detects damage on or below the surface of a paved structure or pavement is provided. A distributed road assessment system includes road assessment pods and a road assessment server. Each road assessment pod includes a ground-penetrating radar antenna array and a detection system that detects road damage from the return signals as the vehicle on which the pod is mounted travels down a road. Each road assessment pod transmits to the road assessment server occurrence information describing each occurrence of road damage that is newly detected on a current scan of a road. The road assessment server maintains a road damage database of occurrence information describing the previously detected occurrences of road damage. After the road assessment server receives occurrence information for newly detected occurrences of road damage for a portion of a road, the road assessment server determines which newly detected occurrences correspond to which previously detected occurrences of road damage.

  14. 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.)

  15. Oil market prices 1989/1990

    International Nuclear Information System (INIS)

    Jenkins, G.

    1991-01-01

    There are many oil markets. Oil Market Prices lists the markets, provides statistics on prices and the volumes of trade, analyses the price structures in the markets and provides supplementary information on ocean freight rates and oil refining margins. Oil Market Prices will serve as a permanent record of crude oil prices including those quoted on the futures and forward markets, the many wholesale prices for refined oil products, prices consumers pay and the average prices received by the oil companies. In all instances the sources of the statistics are given together with comprehensive listing of alternative sources. (Author)

  16. Towards socially and economically sustainable urban developments : impacts of toll pricing on residential developments.

    Science.gov (United States)

    2013-12-01

    The goal of this research is to investigate the effects of road pricing on residential land use choices and to : help select pricing policies that foster socially and economically sustainable residential development in : urbanized residential areas. ...

  17. Price setting in turbulent times

    DEFF Research Database (Denmark)

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

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

  18. Safety impacts of rural road construction

    Science.gov (United States)

    2001-02-01

    Crash data in Kentucky show that the fatal crash rate on two-lane rural roads is substantially higher than on any other type of road. Improvements have been proposed at some locations on this type of road which involve either upgrading the existing t...

  19. 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

  20. Road works

    CERN Multimedia

    GS Department

    2010-01-01

    From Monday 11 October until Friday 29 October 2010, the flow of traffic will be disrupted by road works at the roundabout in front of Restaurant No. 2; The number of spaces available in the car park in front of Rest. No. 2 will be reduced. Thank you for your understanding during this period. GS/SEM Group

  1. Private Roads

    NARCIS (Netherlands)

    Verhoef, Erik T.

    2007-01-01

    This paper studies the efficiency impacts of private toll roads in initially untolled networks. The analysis allows for capacity and toll choice by private operators, and endogenizes entry and therewith the degree of competition, distinguishing and allowing for both parallel and serial competition.

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

    Science.gov (United States)

    Puig-Junoy, Jaume

    2010-01-01

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

  3. 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...

  4. 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)

  5. Price transmission and market integration: a test of the central ...

    African Journals Online (AJOL)

    Price transmission and market integration: a test of the central market ... cassava production but to improvements in marketing efficiency of the traditional food market ... Improvements in road network and other communication infrastructure will ...

  6. Price transparency on the market for automotive fuels. Final report

    International Nuclear Information System (INIS)

    Meindert, L.; Van Schijndel, M.; Volkerink, B.

    2011-05-01

    The objective of this study is to answer the main question: which bottlenecks may obstruct the road to up-to-date, reliable and fully market covering price comparison services for the Dutch market for automotive fuels. [nl

  7. 48 CFR 1615.402 - Pricing policy.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pricing policy. 1615.402... Contract Pricing 1615.402 Pricing policy. Pricing of FEHB contracts is governed by 5 U.S.C. 8902(i), 5 U.S....403-4(a)(1), OPM will not require the carrier to provide cost or pricing data in the rate proposal for...

  8. 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

  9. 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

  10. A Regular Production-Remanufacturing Inventory Model for a Two-Echelon System with Price-dependent Return Rate and Environmental Effects Investigation

    Science.gov (United States)

    Dwicahyani, A. R.; Jauhari, W. A.; Jonrinaldi

    2017-06-01

    Product take-back recovery has currently became a promising effort for companies in order to create a sustainable supply chain. In addition, some restrictions including government regulations, social-ethical responsibilities, and up to economic factors have contributed to the reasons for the importance of product take-back recovery. This study aims to develop an inventory model in a system of reverse logistic management consisting of a manufacturer and a collector. Recycle dealer collects used products from the market and ships it to manufacturer. Manufacturer then recovers the used products and sell it eventually to the market. Some recovered products that can not be recovered as good as new one will be sold to the secondary market. In this study, we investigate the effects of environmental factors including GHG emissions and energy usage from transportation, regular production, and remanufacturing operations conducted by manufacturer and solve the model to get the maximum annual joint total profit for both parties. The model also considers price-dependent return rate and determine it as a decision variable as well as number of shipments from collector to manufacturer and optimal cycle period. An iterative procedure is proposed to determine the optimal solutions. We present a numerical example to illustrate the application of the model and perform a sensitivity analysis to study the effects of the changes in environmental related costs on the model’s decision.

  11. Analysis of the Exchange Rate and Pricing Foreign Currency Options on the Croatian Market: the NGARCH Model as an Alternative to the Black-Scholes Model

    Directory of Open Access Journals (Sweden)

    Petra Posedel

    2006-12-01

    Full Text Available The interest of professional investors in financial derivatives on the Croatian market is steadily increasing and trading is expected to start after the establishment of the legal framework. The quantification of the fair price of such financial instruments is therefore becoming increasingly important. Once the derivatives market is formed, the use of the Black-Scholes option pricing model is also expected. However, contrary to the assumptions of the Black-Scholes model, research in the field of option markets worldwide suggests that the volatility of the time-series returns is not constant over time. The present study analyzes the implications of volatility that changes over time for option pricing. The nonlinear-in-mean asymmetric GARCH model that reflects asymmetry in the distribution of returns and the correlation between returns and variance is recommended. For the purpose of illustration, we use the NGARCH model for the pricing of foreign currency options. Possible prices for such options having different strikes and maturities are then determined using Monte Carlo simulations. The improvement provided by the NGARCH model is that the option price is a function of the risk premium embedded in the underlying asset. This contrasts with the standard preference-free option pricing result that is obtained in the Black-Scholes model.

  12. Evaluating the effects of urban congestion pricing: Geographical accessibility versus social surplus

    NARCIS (Netherlands)

    Tillema, T.; Verhoef, E.T.; van Wee, G.P.; van Amelsfort, D.

    2011-01-01

    In urbanised areas around the world, road pricing policies are considered more and more frequently, the aim often being to alleviate (some of the) external traffic-related costs. To assess the effects of a proposed road pricing measure, several evaluation measures can be used, coming from different

  13. Evaluating the effects of urban congestion pricing : geographical accessibility versus social surplus

    NARCIS (Netherlands)

    Tillema, Taede; Verhoef, Erik; van Wee, Bert; van Amelsfort, Dirk; van Wee, G.P

    2011-01-01

    In urbanised areas around the world, road pricing policies are considered more and more frequently, the aim often being to alleviate (some of the) external traffic-related costs. To assess the effects of a proposed road pricing measure, several evaluation measures can be used, coming from different

  14. Hour of the brave. While the prices of turnkey solar power plants are getting lower, there is still uncertainty about reimbursement rates; Die Stunde der Mutigen. Die Preise fuer schluesselfertige Solarstromanlagen sinken, die Verguetungshoehe bleibt ungewiss

    Energy Technology Data Exchange (ETDEWEB)

    Krause, Matthias B.

    2012-07-15

    More than two months of uncertainty about reimbursement rates for solar power have left their mark in Germany. Customers are confused, demand is waning, and prices have decreased again as a new market survey shows. Manufacturers and fitters try to react by various different strategies.

  15. Invasive Brown Treesnake movements at road edges indicate road-crossing avoidance

    Science.gov (United States)

    Siers, Shane R.; Savidge, Julie S; Reed, Robert N.

    2014-01-01

    Roads have significant impacts on the dispersal of wildlife. Although this poses a threat to the abundance and diversity of desirable flora and fauna, it also affords some opportunity for enhancing control of invasive species. Roads are the most common terrain features that may affect the rate of landscape-scale movements of invasive Brown Treesnakes (Boiga irregularis) throughout Guam. We radio tracked 45 free-ranging Brown Treesnakes in close proximity to two roads in Guam and recorded instances where daily relocations of snakes spanned roads. Then we reconstructed observed movement histories with randomized turning angles, which served as a useful null hypothesis for assessing the effect of roads or road edge habitat on Brown Treesnake movement patterns. Random walk simulations demonstrated that Brown Treesnakes crossed these roads at a rate far lower than would be expected if snake movement was random with respect to roads and road edge habitat. We discuss two alternative hypotheses for these results: 1) habitat gaps posed by roads physically or behaviorally restrict snake movement; or 2) road edges provide preferred foraging habitat from which snakes are reluctant to depart. Because roads often form the boundaries of jurisdictional and management units, the effects of roads on the movement of invasive Brown Treesnakes will influence the prospects for success of future landscape-level suppression efforts.

  16. Determinants of Price Dynamics in Ethiopia

    African Journals Online (AJOL)

    The result also indicates that the relationship between inflation and foreign prices is rather ..... domestic and foreign borrowing to monetary finance, the level of fiscal gap .... rate and petroleum prices have no significant impact on expectation.

  17. 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)

  18. Energy pricing under uncertain supply

    International Nuclear Information System (INIS)

    Serra, P.J.

    1997-01-01

    This paper introduces a new pricing system - based on the Chilean tariff regulations - to deal with an uncertain energy supply. It consists of a basic rate for each unit actually consumed and a compensation that the utilities pay their customers for each unit of energy that they voluntarily reduce below their normal consumption during an energy shortage. Within the framework of a model that portrays the stylized facts of the Chilean electric system, and assumes risk-neutral agents, this paper shows the equivalency of the new pricing system with both contingent pricing and priority pricing. (Author)

  19. Defense Acquisitions: Prices of Marine Corps Spare Parts Have Increased

    National Research Council Canada - National Science Library

    2000-01-01

    ...) examine spare part prices to determine whether these were increasing at a rate faster than inflation and the extent to which surcharges, suppliers' prices, and other factors contributed to price increases...

  20. Does responsive pricing smooth demand shocks?

    OpenAIRE

    Pascal, Courty; Mario, Pagliero

    2011-01-01

    Using data from a unique pricing experiment, we investigate Vickrey’s conjecture that responsive pricing can be used to smooth both predictable and unpredictable demand shocks. Our evidence shows that increasing the responsiveness of price to demand conditions reduces the magnitude of deviations in capacity utilization rates from a pre-determined target level. A 10 percent increase in price variability leads to a decrease in the variability of capacity utilization rates between...

  1. 48 CFR 1602.170-5 - Cost or pricing data.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Cost or pricing data. 1602... Terms 1602.170-5 Cost or pricing data. (a) Experience-rated carriers. Cost or pricing data for... pricing data for community rated carriers is the specialized rating data used by carriers in computing a...

  2. Pricing Volatility Referenced Assets

    Directory of Open Access Journals (Sweden)

    Alan De Genaro Dario

    2006-12-01

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

  3. 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.

  4. Armenia - Rural Road Rehabilitation

    Data.gov (United States)

    Millennium Challenge Corporation — The key research questions guiding our design of the RRRP evaluation are: • Did rehabilitating roads affect the quality of roads? • Did rehabilitating roads improve...

  5. Domestic Price, (Expected) Foreign Price, and Travel Spending by Canadians in the United States

    OpenAIRE

    Jan Vilasuso; Fredric C. Menz

    1998-01-01

    In this paper, the authors develop and test a model to explain travel expenditures in the United States by Canadians. The model examines a consumer's choice problem where income is allocated between domestic and foreign consumption. Consumers do not know the foreign price level and base their spending in part on expected foreign price. In addition to expected foreign price, domestic price, exchange rates, income, and foreign price uncertainty influence travel spending. Empirically, each deter...

  6. Influência da taxa de câmbio e do dólar sobre os preços da borracha natural brasileira Influence of exchange rate and dollar over the Brazilian natural rubber price

    Directory of Open Access Journals (Sweden)

    Naisy Silva Soares

    2013-04-01

    Full Text Available Este estudo analisou a influência da taxa de câmbio adotada pelo Brasil e do dólar sobre os preços da borracha natural em moeda brasileira, de janeiro de 2000 a dezembro de 2009. Para isso, fez-se uso do método "shift-share". Considerando os resultados obtidos, observou-se que as variações ocorridas nos preços da borracha natural em moeda brasileira sofreram maior influência das variações do dólar que das variações da taxa de câmbio, mostrando a importância dos preços da borracha natural na Malásia sobre o comportamento dos preços da borracha natural no Brasil.This study analyzed the influence of exchange rate adopted by Brazil and of the dollar over the prices of the Brazilian Natural Rubber in Brazilian currency, from January 2003 to December 2009. Thus, the shift-share method was used. By considering the results achieved in this study, it was found that changes in prices of natural rubber in Brazilian currency were more influenced by the dollar variations than variations in exchange rate, showing the importance of prices in Malasya over the performance of natural rubber prices in Brazil.

  7. Stock price prediction using geometric Brownian motion

    Science.gov (United States)

    Farida Agustini, W.; Restu Affianti, Ika; Putri, Endah RM

    2018-03-01

    Geometric Brownian motion is a mathematical model for predicting the future price of stock. The phase that done before stock price prediction is determine stock expected price formulation and determine the confidence level of 95%. On stock price prediction using geometric Brownian Motion model, the algorithm starts from calculating the value of return, followed by estimating value of volatility and drift, obtain the stock price forecast, calculating the forecast MAPE, calculating the stock expected price and calculating the confidence level of 95%. Based on the research, the output analysis shows that geometric Brownian motion model is the prediction technique with high rate of accuracy. It is proven with forecast MAPE value ≤ 20%.

  8. Extended investigation on road fatality in Brunei.

    Science.gov (United States)

    Yusof, N B; Hoque, M A; Steele, M C; Yong, S Y

    2018-06-08

    Road fatality is one of the leading causes of death in Brunei with 79 deaths in 1993, the highest ever recorded. The Brunei government has been trying to reduce this by implementing new traffic measures and successfully reduced fatalities to 24 fatalities in 2014. Yearly road fatality has been fluctuating, but there has been a declining tendency overall. The aim of this study is to investigate road fatality in Brunei by extending the research. We developed a multiple regression model and carried out an analysis on road fatality in Brunei. Our analysis indicates that the road fatality appears to rise depending on the increase in the number of young drivers between 15 to 24 years and the number of unemployed people. Comparisons of Brunei road fatality rate per 10,000 vehicles are made with some other countries and we conclude that Brunei has approximately the same rate as Australia in 2014.

  9. Pricing Strategies for CD-ROM Products.

    Science.gov (United States)

    Rowley, J. E.

    1994-01-01

    Pricing strategies for subscriptions and licenses for CD-ROMs are different for single users and networks. The basic components of pricing strategies are charges for subscription, connect line, display/print, telecommunication, session rate, special commands, and special services. Highlights selected supplier pricing strategies for single users…

  10. The impact of energy price shocks on the UK economy

    International Nuclear Information System (INIS)

    2007-01-01

    This report describes the results of six scenarios considering the impact of energy price shocks on the UK economy. The six scenarios considered are: UK aggregate energy price scenario; pan-Europe aggregate energy price; global aggregate energy price; UK temporary gas price; UK permanent gas price; crude (Brent) oil price. As expected, shocks to aggregate energy prices cause the largest macroeconomic and energy demand effects (in terms of growth rate volatility). Shocks to gas prices produce a greater growth volatility for macroeconomic and energy demand than shocks to oil prices. In general terms, shocks specific to the UK market tend to produce more growth rate volatility than wider ranging price shocks (global or pan-European). All of the price shocks considered have a recursive effect on the main indicators, which tend to stabilise around the baseline level in the long run. The report summarises the results obtained in the different scenarios

  11. Demonstrating a correlation between the maturity of road safety practices and road safety incidents.

    Science.gov (United States)

    Amador, Luis; Willis, Christopher Joseph

    2014-01-01

    The objective of this study is to demonstrate a correlation between the maturity of a country's road safety practices and road safety incidents. Firstly, data on a number of road injuries and fatalities for 129 countries were extracted from the United Nations Global Status on Road Safety database. These data were subdivided according to road safety incident and accident causation factors and normalized based on vehicular fleet (per 1000 vehicles) and road network (per meter of paved road). Secondly, a road safety maturity model was developed based on an adaptation of the concept of process maturity modeling. The maturity of countries with respect to 10 road safety practices was determined through the identification of indicators recorded in the United Nations Global Status of Road Safety Database. Plots of normalized road safety performance of the 129 countries against their maturity scores for each road safety practice as well as an aggregation of the road safety practices were developed. An analysis of variance was done to determine the extent of the correlation between the road safety maturity of the countries and their performance. In addition, a full Bayesian analysis was done to confirm the correlation of each of the road safety practices with injuries and fatalities. Regression analysis for fatalities, injuries, and combined accidents identified maturity with respect to road safety practices associated with speed limits and use of alternative modes as being the most significant predictors of traffic fatalities. A full Bayesian regression confirms that there is a correlation between the maturity of road safety practices and road safety incidents. Road safety practices associated with enforcement of speed limits and promotion of alternative modes are the most significant road safety practices toward which mature countries have concentrated their efforts, resulting in a lower frequency of fatalities, injury rates, and property damage accidents. The authors

  12. Pay-what-you-want pricing schemes

    DEFF Research Database (Denmark)

    Kahsay, Goytom Abraha; Samahita, Margaret

    2015-01-01

    Pay-What-You-Want (PWYW) pricing schemes are becoming increasingly popular. We develop a model incorporating self-image into the buyer’s utility function and introduce heterogeneity in consumption utility and image-sensitivity, generating different purchase decisions and optimal prices across...... individuals. When a good’s fixed price is lower than a threshold fair value, PWYW can lead to a lower utility. This may result in a lower purchase rate and higher average price, accounting for previously unexplained field experimental evidence. An increase in the threshold value decreases the buyer’s utility...... and may further lower the purchase rate, resulting in a further increase in purchase price....

  13. 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.

  14. Road Maintenance in Africa: Approaches and Perspectives

    Directory of Open Access Journals (Sweden)

    M Mostafa Hassan

    2018-01-01

    Full Text Available In Africa, roads are the dominant mode of passenger and freight transport, for which the need is growing rapidly. It is noticeable that most of the African countries do not do enough to ensure the sustainability of road infrastructure as it has been widely reported that roads are affected, to varying degrees, by premature deterioration. Most of the African countries have adopted institutional reforms, notably entailing the creation of road funds and road agencies, and made significant progress on road maintenance. However, many challenges remain to be addressed in all of them to ensure appropriate maintenance. Although spending on road maintenance has increased over time in all African countries it remains insufficient to cover the needs. Poorly maintained roads constrain mobility, significantly raise vehicle operating costs, increase accident rates and their associated human and property costs, and aggravate isolation, poverty, poor health, and illiteracy in rural communities. This paper focuses, in particular, on road maintenance in some African countries considering types of road maintenance and the different approaches aiming at a comparison to reflect on similarities and differences.

  15. Road Maintenance in Africa: Approaches and Perspectives

    Science.gov (United States)

    M, Mostafa Hassan

    2018-06-01

    In Africa, roads are the dominant mode of passenger and freight transport, for which the need is growing rapidly. It is noticeable that most of the African countries do not do enough to ensure the sustainability of road infrastructure as it has been widely reported that roads are affected, to varying degrees, by premature deterioration. Most of the African countries have adopted institutional reforms, notably entailing the creation of road funds and road agencies, and made significant progress on road maintenance. However, many challenges remain to be addressed in all of them to ensure appropriate maintenance. Although spending on road maintenance has increased over time in all African countries it remains insufficient to cover the needs. Poorly maintained roads constrain mobility, significantly raise vehicle operating costs, increase accident rates and their associated human and property costs, and aggravate isolation, poverty, poor health, and illiteracy in rural communities. This paper focuses, in particular, on road maintenance in some African countries considering types of road maintenance and the different approaches aiming at a comparison to reflect on similarities and differences.

  16. The road safety audit and road safety inspection.

    NARCIS (Netherlands)

    2007-01-01

    A road safety audit (RSA) and a road safety inspection (RSI) are used to test the safety level of the road infrastructure. The RSA tests the design of new roads or the reconstruction of existing roads, whereas the RSI is used for testing existing roads. An RSA, therefore, aims to 'improve' the road

  17. 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

  18. 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.

  19. ACCESSIBILITY TO CENTER BUSINESS DISTRICT AND LAND PRICE

    Directory of Open Access Journals (Sweden)

    Suparmono Suparmono

    2014-10-01

    Full Text Available AbstractThis paper models land price for housing in Sleman district. It uses a multiple regression model to estimate the land price based on various variables. It finds six variables that influence the land price, namely the land width, width of the nearest road, width of the nearest main road, distance to the nearest main road, distance to Yogyakarta ring road, and the travel time to Gadjah Mada University campus. It also finds four insignificant variables, namely distance to Malioboro road, distance to Gadjah Mada University campus, travel time to Yogyakarta ring road, and travel time to Malioboro. Keyword: Land price, center of business district, accessibilityJEL classification numbers: D46, D49AbstrakPaper ini memodelkan harga tanah untuk perumahan di Kabupaten Sleman menggunakan model regresi berganda untuk memperkirakan harga tanah berdasarkan berbagai variabel. Paper ini menemukan enam variabel yang mempengaruhi harga tanah, yaitu lebar tanah, lebar jalan terdekat, lebar jalan utama terdekat, jarak ke jalan utama terdekat, jarak ke jalan lingkar Yogyakarta, dan waktu perjalanan ke Universitas Gadjah Mada. Paper ini juga menemukan empat variabel yang tidak signifikan, yaitu jarak ke jalan Malioboro, jarak ke kampus Universitas Gadjah Mada, waktu tempuh ke jalan lingkar Yogyakarta, dan waktu tempuh ke Malioboro.Keyword: Harga tanah, center of business district, aksesibilitasJEL classification numbers: D46, D49

  20. How Are Property Investment Returns Determined? — Estimating the Micro-Structure of Asset Prices, Property Income, and Discount Rates

    OpenAIRE

    清水, 千弘; Chihiro, Shimizu

    2014-01-01

    How exactly should one estimate property investment returns? Investors in property aim to maximize capital gains from price increases and income generated by the property. How are the returns on investment in property determined based on its characteristics, and what kind of market characteristics does it have? Focusing on the Tokyo commer-cial property market and residential property market, the purpose of this paper was to break down and measure the micro-structure of property investment re...

  1. Sediment deposition from forest roads at stream crossings as influenced by road characteristics

    Science.gov (United States)

    A.J. Lang; W.M. Aust; M.C. Bolding; K.J. McGuire

    2015-01-01

    Recent controversies associated with ditched forest roads and stream crossings in the Pacific Northwest have focused national attention on sediment production and best management practices (BMPs) at stream crossings. Few studies have quantified soil erosion rates at stream crossings as influenced by road characteristics and compared them to modeled rates. Soil erosion...

  2. Cigarette price minimization strategies in the United States: price reductions and responsiveness to excise taxes.

    Science.gov (United States)

    Pesko, Michael F; Licht, Andrea S; Kruger, Judy M

    2013-11-01

    Because cigarette price minimization strategies can provide substantial price reductions for individuals continuing their usual smoking behaviors following federal and state cigarette excise tax increases, we examined independent price reductions compensating for overlapping strategies. The possible availability of larger independent price reduction opportunities in states with higher cigarette excise taxes is explored. Regression analysis used the 2006-2007 Tobacco Use Supplement of the Current Population Survey (N = 26,826) to explore national and state-level independent price reductions that smokers obtained from purchasing cigarettes (a) by the carton, (b) in a state with a lower average after-tax cigarette price than in the state of residence, and (c) in "some other way," including online or in another country. Price reductions from these strategies are estimated jointly to compensate for known overlapping strategies. Each strategy reduced the price of cigarettes by 64-94 cents per pack. These price reductions are 9%-22% lower than conventionally estimated results not compensating for overlapping strategies. Price reductions vary substantially by state. Following cigarette excise tax increases, the price reduction available from purchasing cigarettes by cartons increased. Additionally, the price reduction from purchasing cigarettes in a state with a lower average after-tax cigarette price is positively associated with state cigarette excise tax rates and border state cigarette excise tax rate differentials. Findings from this large, nationally representative study of cigarette smokers suggest that price reductions are larger in states with higher cigarette excise taxes, and increase as cigarette excise taxes rise.

  3. How do minimum cigarette price laws affect cigarette prices at the retail level?

    Science.gov (United States)

    Feighery, E C; Ribisl, K M; Schleicher, N C; Zellers, L; Wellington, N

    2005-04-01

    Half of US states have minimum cigarette price laws that were originally passed to protect small independent retailers from unfair price competition with larger retailers. These laws prohibit cigarettes from being sold below a minimum price that is set by a formula. Many of these laws allow cigarette company promotional incentives offered to retailers, such as buydowns and master-type programmes, to be calculated into the formula. Allowing this provision has the potential to lower the allowable minimum price. This study assesses whether stores in states with minimum price laws have higher cigarette prices and lower rates of retailer participation in cigarette company promotional incentive programmes. Retail cigarette prices and retailer participation in cigarette company incentive programmes in 2001 were compared in eight states with minimum price laws and seven states without them. New York State had the most stringent minimum price law at the time of the study because it excluded promotional incentive programmes in its price setting formula; cigarette prices in New York were compared to all other states included in the study. Cigarette prices were not significantly different in our sample of US states with and without cigarette minimum price laws. Cigarette prices were significantly higher in New York stores than in the 14 other states combined. Most existing minimum cigarette price laws appear to have little impact on the retail price of cigarettes. This may be because they allow the use of promotional programmes, which are used by manufacturers to reduce cigarette prices. New York's strategy to disallow these types of incentive programmes may result in higher minimum cigarette prices, and should also be explored as a potential policy strategy to control cigarette company marketing practices in stores. Strict cigarette minimum price laws may have the potential to reduce cigarette consumption by decreasing demand through increased cigarette prices and reduced

  4. 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.

  5. Using endemic road features to create self-explaining roads and reduce vehicle speeds.

    Science.gov (United States)

    Charlton, Samuel G; Mackie, Hamish W; Baas, Peter H; Hay, Karen; Menezes, Miguel; Dixon, Claire

    2010-11-01

    This paper describes a project undertaken to establish a self-explaining roads (SER) design programme on existing streets in an urban area. The methodology focussed on developing a process to identify functional road categories and designs based on endemic road characteristics taken from functional exemplars in the study area. The study area was divided into two sections, one to receive SER treatments designed to maximise visual differences between road categories, and a matched control area to remain untreated for purposes of comparison. The SER design for local roads included increased landscaping and community islands to limit forward visibility, and removal of road markings to create a visually distinct road environment. In comparison, roads categorised as collectors received increased delineation, addition of cycle lanes, and improved amenity for pedestrians. Speed data collected 3 months after implementation showed a significant reduction in vehicle speeds on local roads and increased homogeneity of speeds on both local and collector roads. The objective speed data, combined with residents' speed choice ratings, indicated that the project was successful in creating two discriminably different road categories. 2010 Elsevier Ltd. All rights reserved.

  6. Electricity prices in the Finnish retail market

    International Nuclear Information System (INIS)

    Lehto, Eero

    2011-01-01

    This study focuses, firstly, on the pricing of electricity in the Finnish retail market. In particular, the impact of the ownership structure on prices is tested empirically. Secondly, the influence of low-cost electricity sources on retail prices is considered. The question about whether the average fuel costs rather than the wholesale price determine the retail prices is thus addressed. The supply side behaviour characterised may explain the passivity of client activity in the seemingly competitive Finnish market. - Research highlights: → Ownership has a strong impact on retail prices in the Finnish electricity market. → Locally owned companies' rates are 5-15 per cent lower than investor owned companies' rates. → Own low cost acquisition of electricity helps local firms to keep prices at low levels.

  7. Non-equilibrium price theories

    Science.gov (United States)

    Helbing, Dirk; Kern, Daniel

    2000-11-01

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

  8. Assessing the safety of the road network : a simple method.

    NARCIS (Netherlands)

    Janssen, S.T.M.C.

    1993-01-01

    Research by the SWOV Institute for Road Safety Research in The Netherlands assessing the safety of the Dutch road network is presented. In The Netherlands urban and rural roads and motorways are used roughly equally, however accident rates vary greatly. These are discussed in this paper. Tables show

  9. Road safety analysis on Achmad Yani frontage road Surabaya

    Science.gov (United States)

    Machsus; Prayogo, I.; Chomaedhi; Hayati, D. W.; Utanaka, A.

    2017-11-01

    This research discusses road safety analysis on the operation of frontage road on the west side of Achmad Yani Road Surabaya. This research began by conducting survey on secondary data of traffic accidents. In addition, primary data survey was conducted to obtain traffic data, geometric road data, and other supporting data at the study site along the west side frontage of Ahmad Yani Road Surabaya. Devices used in this research include camera, handy cam, speed gun, counters of vehicles, rolling meter, computer and others. In outline, the stages to conduct this research are divided into 4 stages, namely 1.the preparation stage, 2.data collection and processing, 3. analysis and discussion, and 4. conclusion. The results of this study showed that the accident characteristics of the frontage road are (i) 3 accidents occured per month, (ii) motorcycles was accounted for the largest proportion of accidents which amounted to 74.6 percent, (iii) there were 3 accident victims per month, and (iv) material losses per month worths 1.2 million. The accident rate in 2016 was 0.04 crashes per one million vehicle travels per kilometer, while during 2 months in 2017 it was 0.15 accidents per one million vehicle travels per kilometer. Black spot area of accident is located on Sta 2 + 800 to 2 + 900 which is in front of Graha Pena building and DBL Arena. The high rate of accidents is influenced by the speed of the vehicle which 85 percentile exceeds the speed limit of 40km per hour.

  10. Analysis of thermal coal pricing and the coal price distortion in China from the perspective of market forces

    International Nuclear Information System (INIS)

    Cui, Herui; Wei, Pengbang

    2017-01-01

    The price of thermal coal has always been the focus of the debate between coal mining industry and electric power industry. The thermal coal price is always lower than other same quality coal, and this phenomenon of thermal coal price distortion has been existing in China for a long time. The distortion coal price can not reflect the external cost and the resource scarcity of coal, which could result in environment deteriorating and inefficient resource allocation. This paper studied the phenomenon of thermal coal price distortion through economic theoretical modeling and empirical cointegration analysis from the perspective of market forces. The results show that thermal coal price is determined by electricity price, the prediction elasticity of a electricity enterprise, price elasticity of demand of electricity, the input prediction elasticity of a electricity enterprise and the price elasticity of supply of thermal coal. The main reason of coal price distortion is the unbalance market force of coal industry and thermal coal generation industry. The distortion rate of coal price is positively related to the market force of electric power industry and negatively related to the industrial concentration of coal industry. - Highlights: • This paper studied thermal coal pricing and the coal price distortion in China. • The main reason of coal price distortion is the unbalance market force. • Thermal coal price is also influenced by electricity price and price elasticity of demand of electricity. • The distortion rate of coal price is negatively related to the industrial concentration of coal industry.

  11. EFFECTIVE ANNUAL INTEREST SIGNIFIANCE ON BANKING PRODUCTS PRICE STRUCTURE

    Directory of Open Access Journals (Sweden)

    Medar Lucian-Ion

    2011-06-01

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

  12. Food consumption and food prices in Kenya : a review

    NARCIS (Netherlands)

    Meilink, H.A.

    1987-01-01

    Abr. sum.: This report reviews government policies concerning consumer food prices in Kenya. In respect of official food pricing, Kenya can be said to pursue a 'cheap food' policy. It was found that most foods falling under price control measures showed less price increases than the average rate of

  13. Road Accidents and Road Fatalities in Denmark from 1968 to 2004

    DEFF Research Database (Denmark)

    Orozova-Bekkevold, Ivanka; Hels, Tove; Bernhoft, Inger Marie

    2008-01-01

    The purpose of this article is to describe the road accidents and road fatalities in Denmark in the period 1968-2004. Only accidents registered by the police were used. Crude and gender & age specific fatality rates (counts per 1,000,000 inhabitants) were estimated for all road users...... and for bicyclists. The accident and fatality rates have decreased by around 70% from 1968 to 2004, while the motorisation rate has increased by approximately 90%. The sharpest decrease in the fatality rate was observed among the youngest (below 18 years old) and the older (above 64) road users. Gender related...... and actions targeted to improve road safety have indeed led to a significant reduction in injury accidents and fatalities. Further research and more detailed data, especially on traffic volume and individual exposure are necessary in order to investigate properly a causal relation between the number...

  14. Future Roads Near Streams

    Data.gov (United States)

    U.S. Environmental Protection Agency — Roads are a source of auto related pollutants (e.g. gasoline, oil and other engine fluids). When roads are near streams, rain can wash these pollutants directly into...

  15. Roads Near Streams

    Data.gov (United States)

    U.S. Environmental Protection Agency — Roads are a source of auto related pollutants (e.g. gasoline, oil and other engine fluids). When roads are near streams, rain can wash these pollutants directly into...

  16. Future Road Density

    Data.gov (United States)

    U.S. Environmental Protection Agency — Road density is generally highly correlated with amount of developed land cover. High road densities usually indicate high levels of ecological disturbance. More...

  17. VT Road Centerline

    Data.gov (United States)

    Vermont Center for Geographic Information — (Link to Metadata)(User Guide)(Symbology layer files: aotclass_only.lyr aotclass_surfacetyp.lyr)The Vermont Road Centerline data layer (TransRoad_RDS) contains all...

  18. EOQ model for perishable products with price-dependent demand, pre and post discounted selling price

    Science.gov (United States)

    Santhi, G.; Karthikeyan, K.

    2017-11-01

    In this article we introduce an economic order quantity model for perishable products like vegetables, fruits, milk, flowers, meat, etc.,with price-dependent demand, pre and post discounted selling price. Here we consider the demand is depending on selling price and deterioration rate is constant. Here we developed mathematical model to determine optimal discounton the unit selling price to maximize total profit. Numerical examples are given for illustrated.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2016-08-01

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

  20. Pricing and Trust

    DEFF Research Database (Denmark)

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

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

  1. 7 CFR 1000.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing... advanced pricing factors. Class prices per hundredweight of milk containing 3.5 percent butterfat, component prices, and advanced pricing factors shall be as follows. The prices and pricing factors described...

  2. Pay-what-you-want pricing schemes

    DEFF Research Database (Denmark)

    Kahsay, Goytom Abraha; Samahita, Margaret

    this threshold, however, PWYW can lead to a lower utility. This may result in a lower purchase rate and higher average price, in line with previously unexplained evidence from field experiments. Moreover, an increase in the threshold value decreases the buyer's utility and may further lower the purchase rate......Pay-What-You-Want (PWYW) pricing schemes are becoming increasingly popular in a wide range of industries. We develop a model incorporating self-image into the buyer's utility function and introduce heterogeneity in consumption utility and image-sensitivity, which generates different purchase...... decisions and optimal prices across individuals. When a good is sold at a fixed price higher than a threshold value, a price that the individual thinks is fair, the adoption of PWYW increases his utility and hence results in a weakly higher purchase rate. When a good is sold at a fixed price lower than...

  3. FEATURES ROAD SAFETY AUDIT

    Directory of Open Access Journals (Sweden)

    L. Abramova

    2015-07-01

    Full Text Available Development of the road network, increasing motorization of the population significantly increase the risk of accidents. Experts in the field of traffic are developing methods to reduce the probability of accidents. The ways of solving the problems of road safety audit at various stages of the «life» of roads are considered.

  4. 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...

  5. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    Directory of Open Access Journals (Sweden)

    TÜNDE VERES

    2011-01-01

    Full Text Available The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from management accounting aspects to show out the role of the accounting system in the short term and long term pricing and transfer pricing decisions.

  6. The Effects of High and Volatile Oil Prices

    International Nuclear Information System (INIS)

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

    2010-01-01

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

  7. Reducing tobacco use and access through strengthened minimum price laws.

    Science.gov (United States)

    McLaughlin, Ian; Pearson, Anne; Laird-Metke, Elisa; Ribisl, Kurt

    2014-10-01

    Higher prices reduce consumption and initiation of tobacco products. A minimum price law that establishes a high statutory minimum price and prohibits the industry's discounting tactics for tobacco products is a promising pricing strategy as an alternative to excise tax increases. Although some states have adopted minimum price laws on the basis of statutorily defined price "markups" over the invoice price, existing state laws have been largely ineffective at increasing the retail price. We analyzed 3 new variations of minimum price laws that hold great potential for raising tobacco prices and reducing consumption: (1) a flat rate minimum price law similar to a recent enactment in New York City, (2) an enhanced markup law, and (3) a law that incorporates both elements.

  8. 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)

  9. 5 CFR 591.217 - In which outlets does OPM collect prices?

    Science.gov (United States)

    2010-01-01

    ... data collection areas, accessibility by road, physical size, advertising, and other characteristics that reflect sales volume. To the extent practical, OPM prices like items in the same types of outlets...

  10. Electricity price modeling with stochastic time change

    International Nuclear Information System (INIS)

    Borovkova, Svetlana; Schmeck, Maren Diane

    2017-01-01

    In this paper, we develop a novel approach to electricity price modeling, based on the powerful technique of stochastic time change. This technique allows us to incorporate the characteristic features of electricity prices (such as seasonal volatility, time varying mean reversion and seasonally occurring price spikes) into the model in an elegant and economically justifiable way. The stochastic time change introduces stochastic as well as deterministic (e.g., seasonal) features in the price process' volatility and in the jump component. We specify the base process as a mean reverting jump diffusion and the time change as an absolutely continuous stochastic process with seasonal component. The activity rate of the stochastic time change can be related to the factors that influence supply and demand. Here we use the temperature as a proxy for the demand and hence, as the driving factor of the stochastic time change, and show that this choice leads to realistic price paths. We derive properties of the resulting price process and develop the model calibration procedure. We calibrate the model to the historical EEX power prices and apply it to generating realistic price paths by Monte Carlo simulations. We show that the simulated price process matches the distributional characteristics of the observed electricity prices in periods of both high and low demand. - Highlights: • We develop a novel approach to electricity price modeling, based on the powerful technique of stochastic time change. • We incorporate the characteristic features of electricity prices, such as seasonal volatility and spikes into the model. • We use the temperature as a proxy for the demand and hence, as the driving factor of the stochastic time change • We derive properties of the resulting price process and develop the model calibration procedure. • We calibrate the model to the historical EEX power prices and apply it to generating realistic price paths.

  11. 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.

  12. Dynamic Oligopoly Pricing: Evidence from the Airline Industry

    OpenAIRE

    Siegert, Caspar; Ulbricht, Robert

    2014-01-01

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

  13. [Accidents on Iceland's most dangerous roads].

    Science.gov (United States)

    Bjarnason, Thóroddur; Arnarsson, Sveinn

    2012-02-01

    The objective of this paper was to identify the most dangerous segments of the Icelandic road system in terms of the number of accidents pr km and the rate of accidents pr million km travelled. First to identify the segments where the number of accidents is highest and where the risk of the individual traveller is the greatest. Second to evaluate if the association between the number and the rate of accidents is positive or negative. Third to identify the road segments that are the most dangerous in the sense of many accidents and great risk to individual travellers. Main roads outside urban centers were divided into 45 segments that were on average 78 km in length. Infrequently travelled roads and roads within urban centers were omitted. Information on the length of roads, traffic density and number of accidents was used to calculate the number of accidents per km and the rate of accidents per million km travelled. The correlation between the number and rate of accidents was calculated and the most dangerous road segments were identified by the average rank order on both dimensions. Most accidents pr km occurred on the main roads to and from the capital region, but also east towards Hvolsvöllur, north towards Akureyri and in the Mideast region of the country. The rate of accidents pr million km travelled was highest in the northeast region, in northern Snæfellsnes and in the Westfjords. The most dangerous roads on both dimensions were in Mideast, northern Westfjords, in the north between Blönduós and Akureyri and in northern Snæfellsnes. Most accidents pr km occurred on roads with a low accident rate pr million km travelled. It is therefore possible to reduce accidents the most by increasing road safety where it is already the greatest but that would however increase inequalities in road safety. Policy development in transportation is therefore in part a question of priorities in healthcare. Individual equality in safety and health are not always fully

  14. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    On April 1, 2005, Denmark changed the way references prices, a main determinant of reimbursements for pharmaceutical purchases, are calculated. The previous reference prices, which were based on average EU prices, were substituted to minimum domestic prices. Novel to the literature, we estimate...... the joint eects of this reform on prices and quantities. Prices decreased more than 26 percent due to the reform, which reduced patient and government expenditures by 3.0 percent and 5.6 percent, respectively, and producer revenues by 5.0 percent. The prices of expensive products decreased more than...

  15. Effects of roads on survival of San Clemente Island foxes

    Science.gov (United States)

    Snow, N.P.; Andelt, William F.; Stanley, T.R.; Resnik, J.R.; Munson, L.

    2012-01-01

    Roads generate a variety of influences on wildlife populations; however, little is known about the effects of roads on endemic wildlife on islands. Specifically, road-kills of island foxes (Urocyon littoralis) on San Clemente Island (SCI), Channel Islands, California, USA are a concern for resource managers. To determine the effects of roads on island foxes, we radiocollared foxes using a 3-tiered sampling design to represent the entire population in the study area, a sub-population near roads, and a sub-population away from roads on SCI. We examined annual survival rates using nest-survival models, causes of mortalities, and movements for each sample. We found the population had high annual survival (0.90), although survival declined with use of road habitat, particularly for intermediate-aged foxes. Foxes living near roads suffered lower annual survival (0.76), resulting from high frequencies of road-kills (7 of 11 mortalities). Foxes living away from roads had the highest annual survival (0.97). Road-kill was the most prominent cause of mortality detected on SCI, which we estimated as killing 3-8% of the population in the study area annually. Based on movements, we were unable to detect any responses by foxes that minimized their risks from roads. The probabilities of road-kills increased with use of the road habitat, volume of traffic, and decreasing road sinuosity. We recommend that managers should attempt to reduce road-kills by deterring or excluding foxes from entering roads, and attempting to modify behaviors of motorists to be vigilant for foxes. ?? 2011 The Wildlife Society.

  16. Do higher-priced generic medicines enjoy a competitive advantage under reference pricing?

    Science.gov (United States)

    Puig-Junoy, Jaume

    2012-11-01

    In many countries with generic reference pricing, generic producers and distributors compete by means of undisclosed discounts offered to pharmacies in order to reduce acquisition costs and to induce them to dispense their generic to patients in preference over others. The objective of this article is to test the hypothesis that under prevailing reference pricing systems for generic medicines, those medicines sold at a higher consumer price may enjoy a competitive advantage. Real transaction prices for 179 generic medicines acquired by pharmacies in Spain have been used to calculate the discount rate on acquisition versus reimbursed costs to pharmacies. Two empirical hypotheses are tested: the discount rate at which pharmacies acquire generic medicines is higher for those pharmaceutical presentations for which there are more generic competitors; and, the discount rate at which pharmacies acquire generic medicines is higher for those pharmaceutical forms for which the consumer price has declined less in relation to the consumer price of the brand drug before generic entry (higher-priced generic medicines). An average discount rate of 39.3% on acquisition versus reimbursed costs to pharmacies has been observed. The magnitude of the discount positively depends on the number of competitors in the market. The higher the ratio of the consumer price of the generic to that of the brand drug prior to generic entry (i.e. the smaller the price reduction of the generic in relation to the brand drug), the larger the discount rate. Under reference pricing there is intense price competition among generic firms in the form of unusually high discounts to pharmacies on official ex-factory prices reimbursed to pharmacies. However, this effect is highly distorting because it favours those medicines with a higher relative price in relation to the brand price before generic entry.

  17. Road Transport Entrepreneurs and Road Transportation Revolution ...

    African Journals Online (AJOL)

    Toshiba

    upon a massive road-building programme throughout the colony. The rapid expansion ..... transportation problems of his textile customers and palm produce producers and ... unflinching loyalty and solidarity with their illustrious son, General.

  18. One TV, One Price?

    OpenAIRE

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

    2009-01-01

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

  19. Value-based pricing

    OpenAIRE

    Netseva-Porcheva Tatyana

    2010-01-01

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

  20. The nuclear power implications of OPEC prices

    International Nuclear Information System (INIS)

    Brookes, L.G.

    1975-01-01

    It is generally assumed - not unreasonably - that quadrupling oil prices offers a great opportunity to nuclear power and that installation rates should now be much than if prices had stayed down. It is argued that this view is too facile: the effect of raised oil prices on Western economies is complex and longlasting; nuclear power prospects are at least as likely to be depressed as enhanced - unless more weight is given to long-term strategic factors. (author)

  1. How long do the dead survive on the road? Carcass persistence probability and implications for road-kill monitoring surveys.

    Directory of Open Access Journals (Sweden)

    Sara M Santos

    Full Text Available BACKGROUND: Road mortality is probably the best-known and visible impact of roads upon wildlife. Although several factors influence road-kill counts, carcass persistence time is considered the most important determinant underlying underestimates of road mortality. The present study aims to describe and model carcass persistence variability on the road for different taxonomic groups under different environmental conditions throughout the year; and also to assess the effect of sampling frequency on the relative variation in road-kill estimates registered within a survey. METHODOLOGY/PRINCIPAL FINDINGS: Daily surveys of road-killed vertebrates were conducted over one year along four road sections with different traffic volumes. Survival analysis was then used to i describe carcass persistence timings for overall and for specific animal groups; ii assess optimal sampling designs according to research objectives; and iii model the influence of road, animal and weather factors on carcass persistence probabilities. Most animal carcasses persisted on the road for the first day only, with some groups disappearing at very high rates. The advisable periodicity of road monitoring that minimizes bias in road mortality estimates is daily monitoring for bats (in the morning and lizards (in the afternoon, daily monitoring for toads, small birds, small mammals, snakes, salamanders, and lagomorphs; 1 day-interval (alternate days for large birds, birds of prey, hedgehogs, and freshwater turtles; and 2 day-interval for carnivores. Multiple factors influenced the persistence probabilities of vertebrate carcasses on the road. Overall, the persistence was much lower for small animals, on roads with lower traffic volumes, for carcasses located on road lanes, and during humid conditions and high temperatures during the wet season and dry seasons, respectively. CONCLUSION/SIGNIFICANCE: The guidance given here on monitoring frequencies is particularly relevant to provide

  2. How long do the dead survive on the road? Carcass persistence probability and implications for road-kill monitoring surveys.

    Science.gov (United States)

    Santos, Sara M; Carvalho, Filipe; Mira, António

    2011-01-01

    Road mortality is probably the best-known and visible impact of roads upon wildlife. Although several factors influence road-kill counts, carcass persistence time is considered the most important determinant underlying underestimates of road mortality. The present study aims to describe and model carcass persistence variability on the road for different taxonomic groups under different environmental conditions throughout the year; and also to assess the effect of sampling frequency on the relative variation in road-kill estimates registered within a survey. Daily surveys of road-killed vertebrates were conducted over one year along four road sections with different traffic volumes. Survival analysis was then used to i) describe carcass persistence timings for overall and for specific animal groups; ii) assess optimal sampling designs according to research objectives; and iii) model the influence of road, animal and weather factors on carcass persistence probabilities. Most animal carcasses persisted on the road for the first day only, with some groups disappearing at very high rates. The advisable periodicity of road monitoring that minimizes bias in road mortality estimates is daily monitoring for bats (in the morning) and lizards (in the afternoon), daily monitoring for toads, small birds, small mammals, snakes, salamanders, and lagomorphs; 1 day-interval (alternate days) for large birds, birds of prey, hedgehogs, and freshwater turtles; and 2 day-interval for carnivores. Multiple factors influenced the persistence probabilities of vertebrate carcasses on the road. Overall, the persistence was much lower for small animals, on roads with lower traffic volumes, for carcasses located on road lanes, and during humid conditions and high temperatures during the wet season and dry seasons, respectively. The guidance given here on monitoring frequencies is particularly relevant to provide conservation and transportation agencies with accurate numbers of road

  3. Park Accessibility Impacts Housing Prices in Seoul

    Directory of Open Access Journals (Sweden)

    Jin Han Park

    2017-01-01

    Full Text Available Housing prices are determined by a variety of factors, including the features of the building and the neighborhood environment, and a potential buyer decides to buy a house after reviewing these factors and concluding that it is worth the price. We used Hedonic Price Methods to find the relationship between monetary value of house and access conditions to urban parks. Two meaningful results were discovered in this study: first, as the distance from the park increases, the value of the park inherent in the housing price decreases; second, the greater walking accessibility, to the park, the higher the park value inherent in housing prices. Despite presenting shorter distances to walk and more entrances, poorly accessible zones were deemed as such due to the necessity of crossing an arterial road. This indicates that the results can define accessibility not as the Euclidian distance but as the shortest walking distance while considering crossroads and park entrances. The results of this study have significant implications for urban park economic impact analyses in Seoul. Also, the increase in housing prices closer to parks supports the idea that access is dependent on the residents’ socioeconomic status. Lastly, the results of this study can improve walking accessibility to the park.

  4. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    OpenAIRE

    TÜNDE VERES

    2011-01-01

    The pricing methods in practice need really complex view of the business situation and depend on the strategy and market position of a company. The structure of a price seems simple: cost plus margin. Both categories are special area in the management accounting. Information about the product costs, the allocation methodologies in cost accounting, the analyzing of revenue and different level of the margin needs information from accounting system. This paper analyzes the pricing methods from m...

  5. Automatic Road Centerline Extraction from Imagery Using Road GPS Data

    Directory of Open Access Journals (Sweden)

    Chuqing Cao

    2014-09-01

    Full Text Available Road centerline extraction from imagery constitutes a key element in numerous geospatial applications, which has been addressed through a variety of approaches. However, most of the existing methods are not capable of dealing with challenges such as different road shapes, complex scenes, and variable resolutions. This paper presents a novel method for road centerline extraction from imagery in a fully automatic approach that addresses the aforementioned challenges by exploiting road GPS data. The proposed method combines road color feature with road GPS data to detect road centerline seed points. After global alignment of road GPS data, a novel road centerline extraction algorithm is developed to extract each individual road centerline in local regions. Through road connection, road centerline network is generated as the final output. Extensive experiments demonstrate that our proposed method can rapidly and accurately extract road centerline from remotely sensed imagery.

  6. Traffic Noise as a Factor Influencing Apartment Prices in Large Cities

    OpenAIRE

    Szczepańska Agnieszka; Senetra Adam; Wasilewicz Monika

    2014-01-01

    Environmental factors are among the key determinants of real estate prices. They include landscape attractiveness, land relief, exposure to sunlight and proximity to natural features. In large urban centers, traffic noise emissions significantly affect decision-making on the real estate market. Weakly developed road networks and the absence of ring roads that shift road traffic outside residential districts are a widespread problem in the cities of Central-Eastern Europe. The prevention of tr...

  7. Investigating price clustering in the oil futures market

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Deakin University (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology, Melbourne (Australia); Popp, Stephan [Department of Economics, University of Duisburg-Essen (Germany)

    2011-01-15

    Price clustering can be a source of market inefficiency. It follows that searching for price clustering in markets have gone beyond share prices into real estate, interest rate, and exchange rate markets. In this paper, we extend this line of research to oil futures markets. In particular, we consider five different forms of oil futures contracts and test for evidence of price clustering. Our results reveal strong presence of price clustering in the oil futures market. This finding implies that price clustering can potentially be a source of oil market inefficiency, which can influence trading strategies. (author)

  8. Investigating price clustering in the oil futures market

    International Nuclear Information System (INIS)

    Narayan, Paresh Kumar; Narayan, Seema; Popp, Stephan

    2011-01-01

    Price clustering can be a source of market inefficiency. It follows that searching for price clustering in markets have gone beyond share prices into real estate, interest rate, and exchange rate markets. In this paper, we extend this line of research to oil futures markets. In particular, we consider five different forms of oil futures contracts and test for evidence of price clustering. Our results reveal strong presence of price clustering in the oil futures market. This finding implies that price clustering can potentially be a source of oil market inefficiency, which can influence trading strategies. (author)

  9. 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...

  10. 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.

  11. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    of creating political markets, and political prices, here understood as market distortion. This paper studies the ‘politics’ of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several...... public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...

  12. Aggregated Marcoeconomic News and Price Discovery

    NARCIS (Netherlands)

    J. Brazys (Justinas)

    2015-01-01

    markdownabstract__Abstract__ Is there a link between asset prices and economic fundamentals? Many studies fail to find a convincing link and conclude that asset prices and economic fundamentals are disconnected. A famous example of the disconnect between exchange rates and macroeconomic

  13. Credit price optimisation within retail banking

    African Journals Online (AJOL)

    2014-02-14

    Feb 14, 2014 ... function. Cross and Dixit [5] state that the key to customer-centric pricing is to set prices that accurately reflect the perceived value of products per customer segment, .... 1The interest rate at which commercial banks can borrow money from the Reserve Bank. ..... following additional parameters are required:.

  14. 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)

  15. Australian Coal Company Risk Factors: Coal and Oil Prices

    OpenAIRE

    M. Zahid Hasan; Ronald A. Ratti

    2014-01-01

    Examination of panel data on listed coal companies on the Australian exchange over January 1999 to February 2010 suggests that market return, interest rate premium, foreign exchange rate risk, and coal price returns are statistically significant in determining the excess return on coal companies’ stock. Coal price return and oil price return increases have statistically significant positive effects on coal company stock returns. A one per cent rise in coal price raises coal company returns ...

  16. BUDGET NORMALIZATION AND PRICING FEATURES IN CONSTRUCTION

    Directory of Open Access Journals (Sweden)

    M. I. Gadzhieva

    2016-01-01

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

  17. Oil price fluctuations and the Nigerian economy

    International Nuclear Information System (INIS)

    Ayadi, O.F.

    2005-01-01

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

  18. Incorporating traveler response to pricing policies in comprehensive activity-based models of transport demand

    NARCIS (Netherlands)

    Khademi, E.; Timmermans, H.J.P.

    2011-01-01

    The growing number of studies and continued policy interest in road pricing strategies and technologies represent new challenges to transportation researchers in their attempt to better understand and predict the impact of various pricing strategies on travel behavior. We contend that these policies

  19. ECONOMICAL PLANS EFFECTS ON CHARCOAL PRICES

    Directory of Open Access Journals (Sweden)

    José Luiz Pereira Rezende

    2007-06-01

    Full Text Available Energy is essential for human needs satisfaction. With the evolution of machinery, man becomes more and more dependent on the energy stocked in fossil fuels, comparatively to the primitive economy. Wood charcoal is a thermal-reducer used in Brazilian pig iron and steel industries, and its price is formed in an oligopsonic market. Over time, the charcoal prices have varied in function of endogenous and exogenous factors, needing, therefore, to be deflated so that they can be compared in two or more points in time. This work analyzed the variations of charcoal real prices, in national currency; compared and analyzed the real charcoal price in nominal and in real US Dollar and; analyzed the real prices of charcoal, comparatively to the real oil prices. The analyses were accomplished in the period from January 1975 to December 2002. The time series of charcoal prices, in domestic currency were deflated using IGP-DI, considering august, 1994=100, and charcoal prices were also converted to American dollar and deflated using CPI, considering the period 1982-84=100. It was compared, then, the real and nominal charcoal prices. It concluded that the real charcoal prices in Brazilian domestic currency, or in American dollar, presented a decreasing tendency along time. The inflationary disarray, in the 80´s and the first half of the 90 ´s, provoked a big price variation in the period; from the beginning the XXI century, charcoal prices were more influenced by the exchange rate; in the energy crisis period, charcoal prices suffered big changes that, however, did not persist along time.

  20. Trajectory of a road vehicle during road maintenance

    OpenAIRE

    Stachová Darina

    2017-01-01

    Consider a vehicle moving on a road whose usage over time creates an uneven surface on the road. Road unevenness that we encounter on surface communications often arises as a consequence of dynamical effects of moving vehicles, of weather changes, and due to road construction works. This article concerns with mathematical modeling of the trajectory of a road vehicle moving on such a surface during the course of road maintenance.

  1. Pricing products: juxtaposing affordability with quality appeal.

    Science.gov (United States)

    1984-01-01

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

  2. Frequency of Loaded Road March Training and Performance on a Loaded Road March

    Science.gov (United States)

    1990-04-01

    heart rate through the use of beta - blockers can substantially improve shooting accuracy (29, 44). Post road march decrements in the grenade throw may...the road march. An Increase in body tremors due to fatigue or an elevated post exercise heart rate may account for this. Whole body sway while aiming...a rifle is substantially increased even after a short period of exercise (39) and this may effect accuracy. Muscle tremors increase after brief or

  3. 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.

  4. Retail Price Model

    Science.gov (United States)

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

  5. 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

  6. 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....

  7. A socio-economic assessment of proposed road user charging schemes in Copenhagen

    DEFF Research Database (Denmark)

    Rich, Jeppe; Nielsen, Otto Anker

    2007-01-01

    -economic analysis of four different proposed road pricing schemes for the Copenhagen area. The purpose was to assess all benefits and costs involved, including impacts on traffic and environment, maintenance and financing costs as well as tax distortion effects. It was concluded that the socio-economic surplus......Road pricing. congestion charging, toll-systems and other road charging instruments are intensively discussed in many countries. Although many partial analyses of the consequences have been published, few overall socio-economic analyses have been carried out. The article presents such a socio...... of the projects depends crucially on the congestion level. With the Current traffic level, road pricing will not yet be socially expedient in Copenhagen. However, if the opening year is postponed to 2015, the two most favourable schemes will turn positive. The analyses also showed that the magnitude of demand...

  8. NUKEM adjusts price definitions

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

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

  9. Delegating Pricing Decisions

    OpenAIRE

    Pradeep Bhardwaj

    2001-01-01

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

  10. What is vision Hampton Roads?

    Science.gov (United States)

    2010-01-01

    What is Vision Hampton Roads? : Vision Hampton Roads is... : A regionwide economic development strategy based on the collective strengths of all : localities of Hampton Roads, created with the input of business, academia, nonprofits, : government,...

  11. Road crash costs.

    NARCIS (Netherlands)

    2010-01-01

    Road crashes result in all kinds of social costs, such as medical costs, production loss, human losses, property damage, settlement costs and costs due to congestion. Studies into road crash costs and their trends are carried out quite regularly. In 2009, the costs amounted to € 12.5 billion, or

  12. Mayan Forest Road Projects

    DEFF Research Database (Denmark)

    Conde, Dalia Amor

    2008-01-01

    Road-building projects in the Mayan Biosphere Reserve to connect Mexico and Guatemala were subjected to a cost-benefit evaluation. Up to an estimated 311,000 hectares of jaguar habitat were found to be at risk of deforestation due to these projects. Some of the projects were shown to have negativ...... of continued conservation rather than road development....

  13. Road diet informational guide.

    Science.gov (United States)

    2014-11-01

    A classic Road Diet converts an existing four-lane undivided roadway segment to a three-lane segment consisting of two : through lanes and a center two-way left turn lane (TWLTL). A Road Diet improves safety by including a protected left-turn lane : ...

  14. ERGONOMICS AND ROAD SAFETY

    NARCIS (Netherlands)

    BROOKHUIS, K; BROWN, [No Value

    1992-01-01

    Modifications to the design of vehicles and road infrastructures have improved road safety significantly over the past decades, but all such developments depend upon user acceptance and institutional backing for their success. New R&D programmes combining ergonomic and engineering approaches are

  15. Price competition on graphs

    NARCIS (Netherlands)

    Soetevent, A.R.

    2010-01-01

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

  16. Press point on prices

    International Nuclear Information System (INIS)

    Schilansky, J.L.

    2005-06-01

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

  17. 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.

  18. 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…

  19. Dutch house price fundamentals

    NARCIS (Netherlands)

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

    2009-01-01

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

  20. Inflation persistence and flexible prices

    OpenAIRE

    Robert Dittmar; William T. Gavin; Finn E. Kydland

    2004-01-01

    If the central bank follows an interest rate rule, then inflation is likely to be persistence, even when prices are fully flexible. Any shock, whether persistent or not, may lead to inflation persistence. In equilibrium, the dynamics of inflation are determined by the evolution of the spread between the real interest rate and the central bank’s target. Inflation persistence in U.S. data can be characterized by a vector autocorrelation function relating inflation and deviations of output from ...

  1. Bank Share Prices and Profitability

    OpenAIRE

    Daniel Daugaard; Tom Valentine

    1993-01-01

    This paper considers the influence of economic conditions and financial markets on Australian bank share prices and profitability. It uses time series analysis to obtain an indication of the effectiveness of banks in managing their exposure to interest rates and exchange rates. The results give rise to some comments on the extent to which banks actively manage their exposure to financial and economic variables. The discussion of risk management activities necessarily raises the question of ho...

  2. Energy consumption and energy prices

    International Nuclear Information System (INIS)

    Bentzen, J.

    1993-01-01

    Data are presented on energy consumption and energy prices related to a number of OECD (Organisation for Economic Co-operation and Development) lands covering the period 1951-1990. The information sources are described and the development of energy consumption and prices in Denmark are illustrated in relation to these other countries. The energy intensity (the relation between energy consumption and the gross national product) is dealt with. Here it is possible to follow development during the whole post-war period. It is generally understood that Denmark saved large amounts of energy after 1973-74 but, taken over the whole post-war period, savings and decline in energy-gross national product relations are less dramatic compared to conditions in other OECD countries. Energy coefficients or elasticities show the relative rise in consumption compared to the relative rise in gross national product (growth rate). This is shown to be typically unstable and an eventual connection with the amount of energy price increase and/or the growth rate of the national economy is considered. Results of Granger causuality tests on energy consumption, national income and energy prices are presented. Effective energy prices were very low in Denmark up to 1970 when they suddenly began to increase. Since the oil crisis Denmark's energy consumption has fallen whereas the other countries have used rather more energy than before. Effective promotion of energy savings must be seen in relation to the fact that the 1970 basis level of energy consumption and intensity was unusually high. The high effective energy prices have also encouraged energy savings in Denmark. (AB)

  3. Access road reclamation

    International Nuclear Information System (INIS)

    Manson, T.; Blok, M.

    1997-01-01

    A general review of the measures involved in restoring abandoned access road sites in British Columbia was presented. Permits and licences are needed for the use of crown land for roads used by the petroleum and natural gas industry for exploration activities. However, the regulatory framework for road site reclamation is not well developed. The nature of access road reclamation is very site-specific. Some of the issues that are considered for all reclamation projects include slope stability, water control, revegetation, soil rehabilitation, access management and monitoring. The primary objective of reclaiming access road sites is to return the site to conditions that are equal or better than pre-disturbance conditions. Restoration measures must be approved by BC Environment and by the Department of Fisheries and Oceans where federal fisheries responsibilities are involved. 54 refs., 5 tabs., 3 figs

  4. Compound Option Pricing under Fuzzy Environment

    Directory of Open Access Journals (Sweden)

    Xiandong Wang

    2014-01-01

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

  5. Variation in the price of the energy in function of the rate of return applied at the cost of the uranium

    International Nuclear Information System (INIS)

    Domingos, Douglas Borges; Kosoka, Nanami; Maio, Mireia

    2009-01-01

    The Brazilian Nuclear Plan (BNP) forecasts the construction of, at least, four nuclear power plant besides Angra-3 till 2030. It also contemplates the possibility of other eight 1000 MWe nuclear power plants being built. Brazil holds the 6th largest uranium reserves in the world. Considering that only about one third of the territory has been prospected to date, fuel supply for those nuclear plants, as far as uranium ore reserves are concerned, is already assured. Fuel cycle technology dominance also guarantees to the country a position in an exclusive group of nations. The BNP outlooks the expansion of the nuclear fuel cycle looking for independence of foreign sources of supply. Estimating the nuclear fuel cost from national fuel cycle cost is still difficult due to lack of real cost data. Based on these facts it is presented a sensibility analysis of the nuclear fuel cost, taking into consideration exchange rate variation and the investment in internal rate of return. (author)

  6. 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...

  7. AN AUTOMATED ROAD ROUGHNESS DETECTION FROM MOBILE LASER SCANNING DATA

    Directory of Open Access Journals (Sweden)

    P. Kumar

    2017-05-01

    Full Text Available Rough roads influence the safety of the road users as accident rate increases with increasing unevenness of the road surface. Road roughness regions are required to be efficiently detected and located in order to ensure their maintenance. Mobile Laser Scanning (MLS systems provide a rapid and cost-effective alternative by providing accurate and dense point cloud data along route corridor. In this paper, an automated algorithm is presented for detecting road roughness from MLS data. The presented algorithm is based on interpolating smooth intensity raster surface from LiDAR point cloud data using point thinning process. The interpolated surface is further processed using morphological and multi-level Otsu thresholding operations to identify candidate road roughness regions. The candidate regions are finally filtered based on spatial density and standard deviation of elevation criteria to detect the roughness along the road surface. The test results of road roughness detection algorithm on two road sections are presented. The developed approach can be used to provide comprehensive information to road authorities in order to schedule maintenance and ensure maximum safety conditions for road users.

  8. An Automated Road Roughness Detection from Mobile Laser Scanning Data

    Science.gov (United States)

    Kumar, P.; Angelats, E.

    2017-05-01

    Rough roads influence the safety of the road users as accident rate increases with increasing unevenness of the road surface. Road roughness regions are required to be efficiently detected and located in order to ensure their maintenance. Mobile Laser Scanning (MLS) systems provide a rapid and cost-effective alternative by providing accurate and dense point cloud data along route corridor. In this paper, an automated algorithm is presented for detecting road roughness from MLS data. The presented algorithm is based on interpolating smooth intensity raster surface from LiDAR point cloud data using point thinning process. The interpolated surface is further processed using morphological and multi-level Otsu thresholding operations to identify candidate road roughness regions. The candidate regions are finally filtered based on spatial density and standard deviation of elevation criteria to detect the roughness along the road surface. The test results of road roughness detection algorithm on two road sections are presented. The developed approach can be used to provide comprehensive information to road authorities in order to schedule maintenance and ensure maximum safety conditions for road users.

  9. 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

  10. 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. .

  11. Coal Price Forecasting and Structural Analysis in China

    Directory of Open Access Journals (Sweden)

    Xiaopeng Guo

    2016-01-01

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

  12. Analysis of Individual and Environmental Factors for Road Traffic Accidents in Sirjan-Bandarabbas Road between 2010 and 2011, Iran

    Directory of Open Access Journals (Sweden)

    Ghorbanali Mohammadi

    2016-10-01

    Full Text Available Sirjan -Bandarabbas road is one of the important commercial roads in Iran and for Sirjan’s area situation and relevance between Sirjan and other states in Iran so high percentage of goods that forwarded from Bandarabbas to other states transit from Sirjan .Therefore this road is as one important transition road and traffic road too .This study analyzed road traffic accidents were occurred between 2010 and 201in Sirjan- Bandarabbas road. Individual and demographic factors include Time of accidents, Drivers age, time of the days, seat belt and safety laws, Guilty vehicle, Mode of accident and education Level. Time of day analyses suggested that the highest percentage of road traffic injuries occurred in the time group between 12-18 hours. Drivers with the age group of 36-50 had more involvement in death accidents. The findings of this study also revealed that most of the collisions was front to back and front to side. Female drivers were found to be generally safer drivers than their male counterparts; male drivers had a higher involvement rate in road traffic accidents. This study indicated that Observe safety laws, Guilty vehicle and Mode of accidents have a meaningful relationship with Type of accidents in road traffic accidents in Sirjan Bandarabbas road.

  13. Semi-analytical MBS Pricing

    DEFF Research Database (Denmark)

    Rom-Poulsen, Niels

    2007-01-01

    This paper presents a multi-factor valuation model for fixed-rate callable mortgage backed securities (MBS). The model yields semi-analytic solutions for the value of MBS in the sense that the MBS value is found by solving a system of ordinary differential equations. Instead of modelling the cond......This paper presents a multi-factor valuation model for fixed-rate callable mortgage backed securities (MBS). The model yields semi-analytic solutions for the value of MBS in the sense that the MBS value is found by solving a system of ordinary differential equations. Instead of modelling...... interest rate model. However, if the pool size is specified in a way that makes the expectations solvable using transform methods, semi-analytic pricing formulas are achieved. The affine and quadratic pricing frameworks are combined to get flexible and sophisticated prepayment functions. We show...

  14. Effects of pricing policy in traffic and transport. Overview of knowledge

    International Nuclear Information System (INIS)

    Geilenkirchen, G.P.; Geurs, K.; Van Essen, H.P.; Schroten, A.; Boon, B.

    2010-05-01

    Pricing policies play an important role in transport policy making. The results of pricing policy studies, however, are often debated. This report presents a literature overview of the price sensitivities of transport demand and the effects of transport pricing policies in passenger transport, freight transport and aviation. The study concludes that the demand for passenger and freight transport is typically inelastic; the relative price change is greater than the resulting change in transport demand. Fuel demand for cars, public transport demand and air travel demand are, however, relatively sensitive to price changes. Car use is relatively insensitive to price changes. The demand for road freight is, in contrast to what is often assumed, relatively sensitive to changes in total transport costs. Relatively little empirical evidence is available on the impacts of pricing policies on rail freight transport, shipping and aviation. [nl

  15. Asymmetric adaptations to energy price changes

    International Nuclear Information System (INIS)

    Kuper, G.H.; Van Soest, D.P.

    1999-01-01

    The effectiveness of policies to reduce the use of energy depend on the elasticity of substitution between the various inputs and on the rate of technological progress. This paper presents a theoretical model emphasising energy investment characteristics of uncertainty and irreversibility that result in testable hypotheses concerning the relative values of substitution parameters and rates of technological change in periods of high and increasing energy prices and in periods of low prices. Estimation results for a panel of sectors of the Dutch economy show that the elasticity of substitution between energy and other inputs is low in periods of low energy prices, whereas it is significantly higher in the preceding period of high and increasing energy prices. Furthermore, energy-saving technological progress in periods of high and increasing energy prices is also significantly higher than if energy prices are low and falling. The regression results suggest that, due this asymmetric response of firms to changes in energy prices, taxing energy in the current period of low energy prices will not yield substantial reductions in energy use of Dutch industry. 21 refs

  16. Robust policy choice under Calvo and Rotemberg pricing

    OpenAIRE

    Sienknecht, Sebastian

    2012-01-01

    This paper examines the robustness of welfare-based policy choices across the nonlinear Calvo and Rotemberg pricing assumptions. Comparisons between simple interest rate rules turn out to be robust and independent of the price dispersion inherent in the Calvo setting. This robustness is violated if there is a policy alternative that controls for price dispersion.

  17. U.S. monetary shocks and global stock prices

    NARCIS (Netherlands)

    Laeven, L.; Tong, H.

    2012-01-01

    This paper studies how US monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in US interest rates, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for sectors that

  18. 7 CFR 1030.62 - Announcement of producer prices.

    Science.gov (United States)

    2010-01-01

    ... cell adjustment rate; (g) The average butterfat, nonfat solids, protein and other solids content of... publicly the following prices and information: (a) The producer price differential; (b) The protein price....62 Agriculture Regulations of the Department of Agriculture (Continued) AGRICULTURAL MARKETING...

  19. 76 FR 77271 - Competitive Product Postal Price Changes

    Science.gov (United States)

    2011-12-12

    ... POSTAL REGULATORY COMMISSION [Docket No. CP2012-2; Order No. 997] Competitive Product Postal Price... recently-filed Postal Service request for a change in competitive products prices. The changes will take... and justification for the changes, the effective date, and a schedule of the changed rates. The price...

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

    Science.gov (United States)

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

    2016-01-01

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

  1. Environmental factors influencing fluctuation of share prices on ...

    African Journals Online (AJOL)

    Environmental factors influencing fluctuation of share prices on Nigeria stock exchange market. ... What are these environmental variables that affect the fluctuation of share prices in Nigeria? ... The results show inflation, money supply, total deficits index of industrial production, interest rate and GDP influence stock prices.

  2. Nonlinear Pricing in Energy and Environmental Markets

    Science.gov (United States)

    Ito, Koichiro

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

  3. Predictability by recognizable road design. [previously called: Recognizable road design.

    NARCIS (Netherlands)

    2007-01-01

    One of the Sustainable Safety principles is that a road should have a recognizable design and a predictable alignment. If this is the case, road users know how they are expected to behave and what they can expect from other road users, so that crashes may be prevented. For roads to be recognizable,

  4. Understanding fatal older road user crash circumstances and risk factors.

    Science.gov (United States)

    Koppel, Sjaan; Bugeja, Lyndal; Smith, Daisy; Lamb, Ashne; Dwyer, Jeremy; Fitzharris, Michael; Newstead, Stuart; D'Elia, Angelo; Charlton, Judith

    2018-02-28

    This study used medicolegal data to investigate fatal older road user (ORU) crash circumstances and risk factors relating to four key components of the Safe System approach (e.g., roads and roadsides, vehicles, road users, and speeds) to identify areas of priority for targeted prevention activity. The Coroners Court of Victoria's Surveillance Database was searched to identify coronial records with at least one deceased ORU in the state of Victoria, Australia, for 2013-2014. Information relating to the ORU, crash characteristics and circumstances, and risk factors was extracted and analyzed. The average rate of fatal ORU crashes per 100,000 population was 8.1 (95% confidence interval [CI] 6.0-10.2), which was more than double the average rate of fatal middle-aged road user crashes (3.6, 95% CI 2.5-4.6). There was a significant relationship between age group and deceased road user type (χ 2 (15, N = 226) = 3.56, p road" (87.0%), on roads that were paved (94.2%), dry (74.2%), and had light traffic volume (38.3%). Road user error was identified by the police and/or coroner for the majority of fatal ORU crashes (57.9%), with a significant proportion of deceased ORU deemed to have "misjudged" (40.9%) or "failed to yield" (37.9%). Road user error was the most significant risk factor identified in fatal ORU crashes, which suggests that there is a limited capacity of the Victorian road system to fully accommodate road user errors. Initiatives related to safer roads and roadsides, vehicles, and speed zones, as well as behavioral approaches, are key areas of priority for targeted activity to prevent fatal older road user crashes in the future.

  5. The Impact of Oil Prices on Irish Inflation

    OpenAIRE

    O'Brien, Derry; Weymes, Laura

    2010-01-01

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

  6. Batteries for electric road vehicles.

    Science.gov (United States)

    Goodenough, John B; Braga, M Helena

    2018-01-15

    The dependence of modern society on the energy stored in a fossil fuel is not sustainable. An immediate challenge is to eliminate the polluting gases emitted from the roads of the world by replacing road vehicles powered by the internal combustion engine with those powered by rechargeable batteries. These batteries must be safe and competitive in cost, performance, driving range between charges, and convenience. The competitive performance of an electric car has been demonstrated, but the cost of fabrication, management to ensure safety, and a short cycle life have prevented large-scale penetration of the all-electric road vehicle into the market. Low-cost, safe all-solid-state cells from which dendrite-free alkali-metal anodes can be plated are now available; they have an operating temperature range from -20 °C to 80 °C and they permit the design of novel high-capacity, high-voltage cathodes providing fast charge/discharge rates. Scale-up to large multicell batteries is feasible.

  7. 7 CFR 1131.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1131.53 Section 1131.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  8. 7 CFR 1005.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1005.53 Section 1005.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  9. 7 CFR 1124.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1124.53 Section 1124.53 Agriculture Regulations of the Department of Agriculture... Announcement of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  10. 7 CFR 1126.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1126.53 Section 1126.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  11. 7 CFR 1032.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

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

  12. 7 CFR 1030.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1030.53 Section 1030.53 Agriculture Regulations of the Department of Agriculture... of class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  13. 7 CFR 1033.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1033.53 Section 1033.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  14. 7 CFR 1001.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

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

  15. 7 CFR 1007.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

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

  16. 7 CFR 1006.53 - Announcement of class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 9 2010-01-01 2009-01-01 true Announcement of class prices, component prices, and advanced pricing factors. 1006.53 Section 1006.53 Agriculture Regulations of the Department of Agriculture... class prices, component prices, and advanced pricing factors. See § 1000.53. ...

  17. Characteristics of public roads operation

    OpenAIRE

    Pryimak, V.; Kyiashko, I.

    2009-01-01

    Characteristics of public roads operation have been considered and factors influencing TEC of public roads that go via urban areas have been determined. There have been revealed contradictions in the normative-legal base concerning maintenance of public roads and municipal roads that merge into them.

  18. Hydrologically Connected Road Segments

    Data.gov (United States)

    Vermont Center for Geographic Information — Link it ArcGIS Item is HERE.The connectivity layer was created to assist municipalities in preparing for the forthcoming DEC Municipal Roads General Permit in 2018....

  19. Unsurfaced Road Maintenance Management

    Science.gov (United States)

    1992-12-01

    This draft manual describes an unsurfaced road maintenance management system for use on military installations. This system is available in either a manual or computerized mode (Micro PAVER). The maintenance standards prescribed should protect Govern...

  20. Seerley Road Fire Site

    Science.gov (United States)

    A barn caught fire at on Seerley Road, Indianapolis. Five storage drums believed to contain metallic potassium were involved in the fire. EPA will perform additional sampling as part of removal operations and safe offsite transportation.

  1. State Forest Roads

    Data.gov (United States)

    Minnesota Department of Natural Resources — ArcView shape file of roads administered by the Commissioner of Natural Resources to provide access to lands administered by the Division of Forestry. Most, but not...

  2. Australian road rules

    Science.gov (United States)

    2009-02-01

    *These are national-level rules. Australian Road Rules - 2009 Version, Part 18, Division 1, Rule 300 "Use of Mobile Phones" describes restrictions of mobile phone use while driving. The rule basically states that drivers cannot make or receive calls ...

  3. Taos County Roads

    Data.gov (United States)

    Earth Data Analysis Center, University of New Mexico — Vector line shapefile under the stewardship of the Taos County Planning Department depicting roads in Taos County, New Mexico. Originally under the Emergency...

  4. Township Administered Roads

    Data.gov (United States)

    Minnesota Department of Natural Resources — This data set contains roadway centerlines for township administered roads found on the USGS 1:24,000 mapping series. In some areas, these roadways are current...

  5. A history of prices in Canada, 1840-1871: a new wholesale price index

    OpenAIRE

    Donald G. Paterson; Ronald A. Shearer

    2003-01-01

    We present a new monthly wholesale price index for Canada, 1840-71, comparing fluctuations in the Canadian macroeconomy with fluctuations in similar U.S. and British indexes. Canadian prices move through distinct phases: the 1840s rise in prices and the decline in the depression of 1848-49; the mid-century economic boom and the 1857 depression; U.S. Civil War inflation and apparent Canadian price insulation through a flexible exchange rate created by U.S. withdrawal from gold; and the non-inf...

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

    OpenAIRE

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

    1988-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Panasenko Tetyana

    2015-11-01

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

  8. Swedish district heating - owners, prices and profitability

    International Nuclear Information System (INIS)

    Andersson, Sofie; Werner, S.

    2001-01-01

    Owners, prices and profitability are examined in this report for 152 Swedish district heating companies during 1999. Only public information available has been used: Prices from a national annual consumer study, energy supplied, lengths of district heating pipes installed, and average prices for energy supplied. These companies are responsible for 96 % of all district heat supplied in Sweden. District heating systems owned by municipalities were responsible for 65 % of all district heat supply, while the share of power companies was 34 %. Other private owners accounted for 1 %. Only 12 % of the board members are women and more than 40 % of the companies have no woman in the board. The prices gathered by the annual consumer study are good estimates of the price level of district heating in Sweden. The average revenues are only 4,1 % lower than the effective average of prices gathered. Price of district heating decrease with size and market share. Use of combined heat and power plants decrease prices slightly. Lower prices with size can mainly be explained by lower energy supply costs. Calculated rates of return in relation to calculated replacement values increase slightly by size and are almost independent of age and market share. The purport of these conclusions is that the district heating companies share the cost reduction from size with their customers, while the whole benefit from high market shares is repaid to the customers. Calculated rates of return vary among the owner groups examined. Lower rates are accepted by municipalities, while power companies have higher rates at the average costs used. Total replacement costs for the 152 companies has been estimated to 89 billion Swedish crowns or 10 billion Euro. Only correlation analyses using one dimension have been used in this study. A higher degree of quality can be obtained by using multi-dimensional analyses

  9. STS pricing policy

    Science.gov (United States)

    Lee, C. M.; Stone, B.

    1982-01-01

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

  10. 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.

  11. Kilburn High Road Revisited

    Directory of Open Access Journals (Sweden)

    Cristina Capineri

    2016-07-01

    Full Text Available Drawing on John Agnew’s (1987 theoretical framework for the analysis of place (location, locale and sense of place and on Doreen Massey’s (1991 interpretation of Kilburn High Road (London, the contribution develops an analysis of the notion of place in the case study of Kilburn High Road by comparing the semantics emerging from Doreen Massey’s interpretation of Kilburn High Road in the late Nineties with those from a selection of noisy and unstructured volunteered geographic information collected from Flickr photos and Tweets harvested in 2014–2015. The comparison shows how sense of place is dynamic and changing over time and explores Kilburn High Road through the categories of location, locale and sense of place derived from the qualitative analysis of VGI content and annotations. The contribution shows how VGI can contribute to discovering the unique relationship between people and place which takes the form given by Doreen Massey to Kilburn High Road and then moves on to the many forms given by people experiencing Kilburn High Road through a photo, a Tweet or a simple narrative. Finally, the paper suggests that the analysis of VGI content can contribute to detect the relevant features of street life, from infrastructure to citizens’ perceptions, which should be taken into account for a more human-centered approach in planning or service management.

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

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar [School of Accounting, Economics and Finance, Deakin University, Victoria 3125 (Australia); Narayan, Seema [School of Economics, Finance and Marketing, Royal Melbourne Institute of Technology University, Melbourne (Australia)

    2010-01-15

    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)

  13. 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...

  14. Land Prices and Fundamentals

    OpenAIRE

    Koji Nakamura; Yumi Saita

    2007-01-01

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

  15. Introduction to pricing issues

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

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

  16. Cost and Price Collaboration

    Science.gov (United States)

    2016-04-30

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

  17. Road safety in Poland: magnitude, causes and injuries.

    Science.gov (United States)

    Goniewicz, Krzysztof; Goniewicz, Mariusz; Pawłowski, Witold; Fiedor, Piotr; Lasota, Dorota

    2017-01-01

    Road accidents are a serious problem of the modern world. They are one of the main causes of injuries and are the third most frequent cause of death. Every year, about one million people, adults and children, die on the roads and several millions get injured. Mortality rate due to injuries from road accidents amounts to 2.2% of all deaths in the world. The research presents epidemiology of road accidents in the period 2004-2015 with particular emphasis on the key issues of road safety in Poland, related to the dangerous behaviour of road users (disregard toward traffic rules). Between years 2004 and 2015 on Polish roads took place more than 508000 accidents with 53155 fatalities and more then 572000 casualties. Despite the various measures which are taken to improve safety on Polish roads, the number of dead and wounded in the vehicle mishap is still large, and losses borne by society are high. To improve safety on Polish roads, it is necessary to continue multi- action plan to systematically progress in the level of road safety.

  18. Road grip test in Arjeplog

    OpenAIRE

    Engström, Niclas; Andrén, Henrik; Nybacka, Mikael; Fransson, Lennart; Larsson, Roland

    2008-01-01

    The Swedish road administration sees a need to improve the road grip estimation capacity for the Swedish road system. The challenge is to find methods to measure road grip fast and reliable. There where six different system types at the tests in Arjeplog, three continuous, two system measuring road grip through deceleration and one system based on GPS and accelerometers. Two system types used air craft runway tires. The other systems used either studded winter tires or friction winter tires. ...

  19. 1988 coal price negotiation

    Energy Technology Data Exchange (ETDEWEB)

    Senmura, Akira

    1988-12-01

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

  20. Are internet prices sticky?

    OpenAIRE

    Lünnemann, Patrick; Wintr, Ladislav

    2006-01-01

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

  1. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    2014-01-01

    Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...

  2. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

    Reference prices constitute a main determinant of patient health care reimbursement in many countries. We study the effects of a change from an "external" (based on a basket of prices in other countries) to an "internal" (based on comparable domestic products) reference price system. We find...... that while our estimated consumer compensating variation is small, the reform led to substantial reductions in list and reference prices as well as co-payments, and to sizeable decreases in overall producer revenues, health care expenditures, and co-payments. These effects differ markedly between branded...

  3. 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

  4. Negotiation of coal price in 1987

    Energy Technology Data Exchange (ETDEWEB)

    Chimura, Akira

    1987-12-01

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

  5. Energy pricing. Economics and principles

    Energy Technology Data Exchange (ETDEWEB)

    Conkling, Roger L. [Portland Univ., OR (United States). School of Business Administration

    2011-07-01

    This book describes the processes through which rates for energy consumption are derived, ranging from initial analyses of the supply and demand parameters to the final forms and levels of end-use consumer prices. The author argues against aggressive accounting procedures, and suggests criteria for choosing firm's position on pending public policy issues. A handbook on energy formulae for non-professionals is included in the book. The author is adjunct professor at the University of Portland. (orig.)

  6. Smart Pricing for Smart Grid

    OpenAIRE

    Wang, Zhimin

    2014-01-01

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

  7. Race and Subprime Loan Pricing

    OpenAIRE

    Hernandez, Ruben; Owyang, Michael; Ghent, Andra

    2011-01-01

    In this paper we investigate whether race and ethnicity influenced subprime loan pricing during 2005, the peak of the subprime mortgage expansion. We combine loan-level data on the performance of non-prime securitized mortgages with individual- and neighborhood-level data on racial and ethnic characteristics for metropolitan areas in California and Florida. Using a model of rate determination that accounts for predicted loan performance, we evaluate the presence of disparate impact and dispar...

  8. Determinants of contractor pricing strategy

    OpenAIRE

    Moses, O. Douglas

    1988-01-01

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

  9. Customizing Prices in Online Markets

    OpenAIRE

    Werner Reinartz

    2002-01-01

    Dynamic pricing is the dynamic adjustment of prices to consumers depending on the value these customers attribute to a good. Underlying the concept of dynamic pricing is what marketers call price customization. Price customization is the charging of different prices to end consumers based on a discriminatory variable. Internet technology will serve as a great enabling tool for making dynamic pricing accessible to many industries.

  10. 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

  11. 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...

  12. International comparison of energy price using a purchasing power parity

    Energy Technology Data Exchange (ETDEWEB)

    Yoo, Dong Hun; Jo, Sung Han [Korea Energy Economics Institute, Euiwang (Korea)

    1999-05-01

    The price control of government results in price distortion as well as lowering efficiency of energy market and distortion of allocating resources. Consequently, such a price policy leads to energy overconsumption and has negative influences on other policies trying to reduce environmental burden resulted from energy consumption. When the energy price does not reflect the market price properly, it results in inefficiency of energy industry and it makes very difficult to supply investment funds. Therefore, the government is planning to implement liberalization of energy price step by step. The purpose of this study is to provide basic materials for establishing a reasonable energy price policy through the international comparison among OECD countries on major products price focusing on petroleum products. To overcome problems of exchange rate, a purchasing power indicator from OECD was used for comparative analysis with OECD countries. 11 refs. 1 fig., 23 tabs.

  13. Price discrimination in two-sided markets

    Directory of Open Access Journals (Sweden)

    Kai Zhang

    2016-03-01

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

  14. The influence of road curvature on fatal crashes in New Zealand

    DEFF Research Database (Denmark)

    Haynes, Robin; Lake, Iain R.; Kingham, Simon

    2008-01-01

    Bends in roads can cause crashes but a recent study in the UK found that areas with mostly curved roads had lower crash rates than areas with straighter roads. This present study aimed to replicate the previous research in a different country. Variations in the number of fatal road crashes...... occurring between 1996 and 2005 in 73 territorial local authorities across New Zealand were modelled against possible predictors. The predictors were traffic flow, population counts and characteristics, car use, socio-economic deprivation, climate, altitude and road characteristics including four measures...... of average road curvature. The best predictors of the number of fatal crashes on urban roads, rural state highways and other rural roads were traffic flow, speed limitation and socio-economic deprivation. Holding significant factors constant, there was no evidence that TLAs with the most curved roads had...

  15. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

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

  16. Assessing the effects of a road surfacing cartel in Switzerland

    OpenAIRE

    Hüschelrath, Kai; Leheyda, Nina; Beschorner, Patrick Frank Ernst

    2009-01-01

    The paper assesses the impact of the detection of a hard-core cartel in the Swiss market for road surfacing on post-cartel competition. In addition to an investigation of supply-side factors, demand-side factors, and market prices, the paper also derives estimates of the economic effects of the decision. The results indicate that the detection of the cartel may have led to short-term price reductions; however, the persistent collusion-friendly industry structure forecloses larger and durable ...

  17. The volatility of stock market prices.

    Science.gov (United States)

    Shiller, R J

    1987-01-02

    If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.

  18. All-terrain vehicle fatalities on paved roads, unpaved roads, and off-road: Evidence for informed roadway safety warnings and legislation.

    Science.gov (United States)

    Denning, Gerene M; Jennissen, Charles A

    2016-05-18

    All-terrain vehicles (ATVs) are designed for off-highway use only, and many of their features create increased risk with roadway travel. Over half of all ATV-related fatalities occur on roadways, and nonfatal roadway crashes result in more serious injuries than those off the road. A number of jurisdictions have passed or have considered legislation allowing ATVs on public roadways, sometimes limiting them to those unpaved, arguing that they are safe for ATVs. However, no studies have determined the epidemiology of ATV-related fatalities on different road surface types. The objective of the study was to compare ATV-related deaths on paved versus unpaved roads and to contrast them with off-road fatalities. Retrospective descriptive and multivariable analyses were performed using U.S. Consumer Product Safety Commission fatality data from 1982 through 2012. After 1998, ATV-related deaths increased at twice the rate on paved versus unpaved roads. Still, 42% of all roadway deaths during the study period occurred on unpaved surfaces. States varied considerably, ranging from 18% to 79% of their ATV-related roadway deaths occurring on unpaved roads. Paved road crashes were more likely than those on unpaved surfaces to involve males, adolescents and younger adults, passengers, and collisions with other vehicles. Both the pattern of other vehicles involved in collisions and which vehicle hit the other were different for the 2 road types. Alcohol use was higher, helmet use was lower, and head injuries were more likely in paved versus unpaved roadway crashes. However, head injuries still occurred in 76% of fatalities on unpaved roads. Helmets were associated with lower proportions of head injuries among riders, regardless of road surface type. Relative to off-road crashes, both paved and unpaved roads were more likely to involve collisions with another vehicle. The vast majority of roadway crashes, however, did not involve a traffic collision on either paved or unpaved roads

  19. 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

  20. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

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

  1. Essays on asset pricing

    NARCIS (Netherlands)

    Nazliben, Kamil

    2015-01-01

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

  2. Pricing transmission services

    International Nuclear Information System (INIS)

    Haaden, E.

    1995-01-01

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

  3. Selecting Lower Priced Items.

    Science.gov (United States)

    Kleinert, Harold L.; And Others

    1988-01-01

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

  4. Petroleum: Price trends

    International Nuclear Information System (INIS)

    Babusiaux, Denis; Pierru, Axel

    2010-01-01

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

  5. Pricing Mechanism in Information Goods

    OpenAIRE

    Li, Xinming; Wang, Huaqing

    2018-01-01

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

  6. 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

  7. Inflation and Intramarket Price Variability: Empirical Evidence from U.S. Food Products

    OpenAIRE

    Baek, Jungho

    2010-01-01

    The objective of this paper is to examine the response of relative price variability on U.S. food markets to food price inflation to identify whether such inflation influences the structure of relative prices between different food products. Results show that changes in food price inflation rate have a strong positive effect on the structure of relative prices across food products. In addition, the expected rate of inflation is found to be more important than the unexpected components as a de...

  8. Policy on energy pricing

    Energy Technology Data Exchange (ETDEWEB)

    Webb, M. G.

    1977-10-15

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

  9. The Economics of Advance Pricing Agreements

    OpenAIRE

    Johannes Becker; Ronald B. Davies; Gitte Jakobs

    2014-01-01

    Advance pricing agreements (APAs) determine transfer prices for intra-firm transactions in advance. This paper interprets these contracts as a means to overcome a hold-up problem that occurs because governments cannot commit to non-excessive future tax rates. In addition, with private information, just as in practice, our APAs will be complex and require lengthy negotiations. Never- theless, implemented APAs lead to a Pareto improvement even when all agents are risk neutral. However, not all ...

  10. Mind your pricing cues.

    Science.gov (United States)

    Anderson, Eric; Simester, Duncan

    2003-09-01

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

  11. Demand for road-fuel in a small developing economy: The case of Sri Lanka

    International Nuclear Information System (INIS)

    Chandrasiri, Sunil

    2006-01-01

    This paper estimates the demand for road fuel (petrol and auto-diesel) in the context of a small developing economy-Sri Lanka. The data set covers a period of 39 years from 1964 to 2002 representing both close economy and open economy policy regimes. The estimation procedure is based on seemingly unrelated regression equation (SURE) methodology mainly to capture substitutability of petrol and diesel in road transportation. The effect of auto-fuel prices on vehicle demand is also analyzed as a part of the analysis. In addition to confirming existing evidence on road-fuel demand, the findings reveal some interesting evidence with respect to own-price elasticity, cross-price elasticity, lag effects, income and vehicle mix variables

  12. 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...

  13. Why are some animal populations unaffected or positively affected by roads?

    Science.gov (United States)

    Rytwinski, Trina; Fahrig, Lenore

    2013-11-01

    In reviews on effects of roads on animal population abundance we found that most effects are negative; however, there are also many neutral and positive responses [Fahrig and Rytwinski (Ecol Soc 14:21, 2009; Rytwinski and Fahrig (Biol Conserv 147:87-98, 2012)]. Here we use an individual-based simulation model to: (1) confirm predictions from the existing literature of the combinations of species traits and behavioural responses to roads that lead to negative effects of roads on animal population abundance, and (2) improve prediction of the combinations of species traits and behavioural responses to roads that lead to neutral and positive effects of roads on animal population abundance. Simulations represented a typical situation in which road mitigation is contemplated, i.e. rural landscapes containing a relatively low density (up to 1.86 km/km(2)) of high-traffic roads, with continuous habitat between the roads. In these landscapes, the simulations predict that populations of species with small territories and movement ranges, and high reproductive rates, i.e. many small mammals and birds, should not be reduced by roads. Contrary to previous suggestions, the results also predict that populations of species that obtain a resource from roads (e.g. vultures) do not increase with increasing road density. In addition, our simulations support the predation release hypothesis for positive road effects on prey (both small- and large-bodied prey), whereby abundance of a prey species increased with increasing road density due to reduced predation by generalist road-affected predators. The simulations also predict an optimal road density for the large-bodied prey species if it avoids roads or traffic emissions. Overall, the simulation results suggest that in rural landscapes containing high-traffic roads, there are many species for which road mitigation may not be necessary; mitigation efforts should be tailored to the species that show negative population responses to roads.

  14. Assessment of rockfall risk along roads

    Science.gov (United States)

    Budetta, P.

    2004-03-01

    This paper contains a method for the analysis of rockfall risk along roads and motorways. The method is derived from the Rockfall Hazard Rating System (RHRS) developed by Pierson et al. (1990) at the Oregon State Highway Division. The RHRS provides a rational way to make informed decisions on where and how to spend construction funds. Exponential scoring functions are used to represent the increases, respectively, in hazard and in vulnerability that are reflected in the nine categories forming the classification. The resulting total score contains the essential elements regarding the evaluation of the degree of the exposition to the risk along roads. In the modified method, the ratings for the categories "ditch effectiveness", "geologic characteristic", "volume of rockfall/block size", "climate and water circulation" and "rockfall history" have been rendered more easy and objective. The main modifications regard the introduction of Slope Mass Rating by Romana (1985, 1988, 1991) improving the estimate of the geologic characteristics, of the volume of the potentially unstable blocks and the underground water circulation. Other modifications regard the scoring for the categories "decision sight distance" and "road geometry". For these categories, the Italian National Council's standards (Consiglio Nazionale delle Ricerche - CNR) have been used (CNR, 1980). The method must be applied in both the traffic directions because the percentage of reduction in the decision sight distance greatly affects the results. An application of the modified method to a 2km long section of the Sorrentine road (no 145) in Southern Italy was developed. A high traffic intensity affects the entire section of the road and rockfalls periodically cause casualties, as well as a large amount of damage and traffic interruptions. The method was applied to seven cross sections of slopes adjacent to the Sorrentine road. For these slopes, the analysis shows that the risk is unacceptable and it should

  15. Assessment of rockfall risk along roads

    Directory of Open Access Journals (Sweden)

    P. Budetta

    2004-01-01

    Full Text Available This paper contains a method for the analysis of rockfall risk along roads and motorways. The method is derived from the Rockfall Hazard Rating System (RHRS developed by Pierson et al. (1990 at the Oregon State Highway Division. The RHRS provides a rational way to make informed decisions on where and how to spend construction funds. Exponential scoring functions are used to represent the increases, respectively, in hazard and in vulnerability that are reflected in the nine categories forming the classification. The resulting total score contains the essential elements regarding the evaluation of the degree of the exposition to the risk along roads. In the modified method, the ratings for the categories 'ditch effectiveness', 'geologic characteristic', 'volume of rockfall/block size', 'climate and water circulation' and 'rockfall history' have been rendered more easy and objective. The main modifications regard the introduction of Slope Mass Rating by Romana (1985, 1988, 1991 improving the estimate of the geologic characteristics, of the volume of the potentially unstable blocks and the underground water circulation. Other modifications regard the scoring for the categories 'decision sight distance' and 'road geometry'. For these categories, the Italian National Council's standards (Consiglio Nazionale delle Ricerche - CNR have been used (CNR, 1980. The method must be applied in both the traffic directions because the percentage of reduction in the decision sight distance greatly affects the results. An application of the modified method to a 2km long section of the Sorrentine road (no 145 in Southern Italy was developed. A high traffic intensity affects the entire section of the road and rockfalls periodically cause casualties, as well as a large amount of damage and traffic interruptions. The method was applied to seven cross sections of slopes adjacent to the Sorrentine road. For these slopes, the analysis shows that the risk is

  16. Gravel roads management : volume 1, gravel roads management.

    Science.gov (United States)

    2010-10-01

    This report establishes procedures for managing dirt and gravel roads, with a primary focus on smaller agencies, such as Wyoming counties, that must manage their roads with very limited resources. The report strives, first, to guide and assist smalle...

  17. Gravel roads management : volume 2, gravel roads management : implementation guide.

    Science.gov (United States)

    2011-10-01

    This report establishes procedures for managing dirt and gravel roads, with a primary focus on smaller agencies, such as Wyoming counties, that must manage their roads with very limited resources. The report strives, first, to guide and assist smalle...

  18. Gravel roads management : volume 3, gravel roads management : programming guide.

    Science.gov (United States)

    2010-10-01

    This report establishes procedures for managing dirt and gravel roads, with a primary focus on smaller agencies, such as Wyoming counties, that must manage their roads with very limited resources. The report strives, first, to guide and assist smalle...

  19. 7 CFR 1124.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

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

  20. 7 CFR 1030.50 - Class prices, component prices, and advanced pricing factors.

    Science.gov (United States)

    2010-01-01

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