The term structure of oil futures prices

International Nuclear Information System (INIS)

Gabillon, J.

1991-01-01

In recent years, there has been a massive development of derivative financial products in oil markets. The main interest came from large energy end-users who found in them a welcome opportunity to lock in fixed or maximum prices for their supplies over a period of time. Oil companies and oil traders were able to provide tailor-made swaps or options for the specific needs of the end-users. In this paper, we present a two-variable model of the term structures of futures prices and volatilities assuming that the spot and long-term prices of oil are stochastic, and are the main determinants of the convenience yield function. Although the resulting convenience yield is stochastic, the model admits an analytic formulation under some restrictions. (author)

Distributional modeling and short-term forecasting of electricity prices by Generalized Additive Models for Location, Scale and Shape

International Nuclear Information System (INIS)

Serinaldi, Francesco

2011-01-01

In the context of the liberalized and deregulated electricity markets, price forecasting has become increasingly important for energy company's plans and market strategies. Within the class of the time series models that are used to perform price forecasting, the subclasses of methods based on stochastic time series and causal models commonly provide point forecasts, whereas the corresponding uncertainty is quantified by approximate or simulation-based confidence intervals. Aiming to improve the uncertainty assessment, this study introduces the Generalized Additive Models for Location, Scale and Shape (GAMLSS) to model the dynamically varying distribution of prices. The GAMLSS allow fitting a variety of distributions whose parameters change according to covariates via a number of linear and nonlinear relationships. In this way, price periodicities, trends and abrupt changes characterizing both the position parameter (linked to the expected value of prices), and the scale and shape parameters (related to price volatility, skewness, and kurtosis) can be explicitly incorporated in the model setup. Relying on the past behavior of the prices and exogenous variables, the GAMLSS enable the short-term (one-day ahead) forecast of the entire distribution of prices. The approach was tested on two datasets from the widely studied California Power Exchange (CalPX) market, and the less mature Italian Power Exchange (IPEX). CalPX data allow comparing the GAMLSS forecasting performance with published results obtained by different models. The study points out that the GAMLSS framework can be a flexible alternative to several linear and nonlinear stochastic models. - Research Highlights: ► Generalized Additive Models for Location, Scale and Shape (GAMLSS) are used to model electricity prices' time series. ► GAMLSS provide the entire dynamicaly varying distribution function of prices resorting to a suitable set of covariates that drive the instantaneous values of the parameters

Short-term differences in drug prices after implementation of the national essential medicines system: A case study in rural Jiangxi Province, China.

Science.gov (United States)

Wang, Junyong; Liu, Xia; Wang, Suzhen; Chen, Heli; Wang, Xun; Zhou, Wei; Wang, Li; Zhu, Yanchen; Zheng, Xianping; Hao, Mo

2015-01-01

China's 2009 national essential medicine system (NEMS) was designed to reduce prices through a zero-markup policy and a centralized bidding system. To analyze NEMS's short-term impact on drug prices, we estimated the retail and wholesale prices before and after the reform at health institutions in rural Jiangxi Province. We undertook two cross-sectional surveys of prices of 39 medicines in November 2008 and May 2010, calculated inflation adjusted prices, and used the Wilcoxon signed-rank and rank-sum tests to examine price changes at different health institutions. Retail prices at pilot (P health centers decreased significantly, whereas the declines at retail pharmacies (P = 0.57) and village clinics (P = 0.29) were insignificant. The decline at pilot township health centers was the largest, compared with other kinds of health institutions (P health institutions, the centralized bidding system was insufficient to lower wholesale prices. A drug price management system should be constructed to control medicine prices and a long-term price information system is needed to monitor price changes.

Short-term hydropower production planning by stochastic programming

DEFF Research Database (Denmark)

Fleten, Stein-Erik; Kristoffersen, Trine

2008-01-01

-term production planning a matter of spatial distribution among the reservoirs of the plant. Day-ahead market prices and reservoir inflows are, however, uncertain beyond the current operation day and water must be allocated among the reservoirs in order to strike a balance between current profits and expected......Within the framework of multi-stage mixed-integer linear stochastic programming we develop a short-term production plan for a price-taking hydropower plant operating under uncertainty. Current production must comply with the day-ahead commitments of the previous day which makes short...

Price computation in electricity auctions with complex rules: An analysis of investment signals

International Nuclear Information System (INIS)

Vazquez, Carlos; Hallack, Michelle; Vazquez, Miguel

2017-01-01

This paper discusses the problem of defining marginal costs when integer variables are present, in the context of short-term power auctions. Most of the proposals for price computation existing in the literature are concerned with short-term competitive equilibrium (generators should not be willing to change the dispatch assigned to them by the auctioneer), which implies operational-cost recovery for all of the generators accepted in the auction. However, this is in general not enough to choose between the different pricing schemes. We propose to include an additional criterion in order to discriminate among different pricing schemes: prices have to be also signals for generation expansion. Using this condition, we arrive to a single solution to the problem of defining prices, where they are computed as the shadow prices of the balance equations in a linear version of the unit commitment problem. Importantly, not every linearization of the unit commitment is valid; we develop the conditions for this linear model to provide adequate investment signals. Compared to other proposals in the literature, our results provide a strong motivation for the pricing scheme and a simple method for price computation. - Highlights: • Pricing proposals in power markets often deal with just accounting-cost recovery. • Including opportunity costs is an additional property required for efficient pricing. • We develop a framework to analyze the pricing proposals found in the literature. • We propose a pricing mechanism to include the costs of short-run integer decisions. • As it includes short-run opportunity costs, it provides efficient long-term signals.

Some risks related to the short-term trading of natural gas

International Nuclear Information System (INIS)

Mazighi, Ahmed El Hachemi

2004-01-01

Traditionally guided by long-term contracts, the international natural gas trade is experiencing new methods of operating, based on the short term and more flexibility. Today, indeed, the existence of uncommitted quantities of natural gas, combined with gas price discrepancies among different regions of the world, gives room for the expansion of the spot-trading of gas. The main objective of this paper is to discuss three fundamental risks related to the short-term trading of natural gas: volume risk, price risk and infrastructure risk. The defenders of globalisation argue that the transition from the long-term to the short-term trading of natural gas is mainly a question of access to gas reserves, decreasing costs of gas liquefaction, the building of liquefied natural gas (LNG) fleets and regasification facilities and third-party access to the infrastructure. This process needs to be as short as possible, so that the risks related to the transition process will disappear rapidly. On the other hand, the detractors of globalisation put the emphasis on the complexity of the gas value chain and on the fact that eliminating long-term contracts increases the risks inherent to the international natural gas business. In this paper, we try to untangle and assess the risks related to the short-term trading of natural gas. Our main conclusions are: the short-term trading of gas is far from riskless; volume risk requires stock-building in both consuming and producing countries; price risk, through the high volatility for gas, induces an increase in options prices; there is no evidence to suggest that money-lenders' appetite for financing gas infrastructure projects will continue in a short-term trading system. This would be a threat to consumers' security of supply. (Author)

Structuring spot, short and long term gas contracts

International Nuclear Information System (INIS)

Gretener, N.M.

1996-01-01

A review of the core clauses of the modern natural gas purchase and sales contracts, was presented. There exists a wide variety of terms which can be used by a seller and a buyer to customize such a contract to suit particular circumstances. On the basis of length of term, gas contracts may classified as spot contracts having a term of 30 days or less, short term contracts having a term of 30 days to one to two years, and long term contracts having terms greater than two years. The three key elements which are applicable to all gas sales contracts are the contract price, the seller's obligation to deliver, and the buyer's obligation to accept. Other provisions that may be included in any gas sales contract in addition to the basic three were reviewed, including market pricing, load factor incentive pricing, seasonal pricing, pipeline demand charges, market shares, and the seller's right to decontract

Pro short-term procurement - Broker/trader

International Nuclear Information System (INIS)

Hoellen, E.E.

1990-01-01

The author presents his opinion on the issue of short-term versus long-term procurement of uranium and enrichment and the impact on reliability of supply. The progression of the market has been one of increasing commoditization. Utility buyers have moved towards purchasing uranium on the spot market and linking long-term contracts to spot-market pricing. There is some logic to the argument that utilities and the industry in general would be best served by this approach. Inventories would be worked off much more quickly, and unnecessary supply would be shut off until prices recovered to profitable levels. The result would be a healthier market with no detriment to the reliability of supply

Short-term energy outlook. Quarterly projections, first quarter 1995

International Nuclear Information System (INIS)

1995-02-01

The Energy Information Administration (EIA) prepares quarterly, short-term energy supply, demand, and price projections for publication in February, May, August, and November in the Short-Term Energy Outlook (Outlook). The forecast period for this issue of the Outlook extends from the first quarter of 1995 through the fourth quarter of 1996. Values for the fourth quarter of 1994, however, are preliminary EIA estimates or are calculated from model simulations using the latest exogenous information available (for example, electricity sales and generation are simulated using actual weather data). The historical energy data, compiled into the first quarter 1995 version of the Short-Term Integrated Forecasting System (STIFS) database, are mostly EIA data regularly published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding. The STIFS database is archived quarterly and is available from the National Technical Information Service. The cases are produced using the Short-Term Integrated Forecasting System (STIFS). The STIFS model is driven principally by three sets of assumptions or inputs: estimates of key macroeconomic variables, world oil price assumptions, and assumptions about the severity of weather. Macroeconomic estimates are produced by DRI/McGraw-Hill but are adjusted by EIA to reflect EIA assumptions about the world price of crude oil, energy product prices, and other assumptions which may affect the macroeconomic outlook. The EIA model is available on computer tape from the National Technical Information Service

Pricing medicines: theory and practice, challenges and opportunities.

Science.gov (United States)

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

2005-02-01

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

Short-Term Expectation Formation Versus Long-Term Equilibrium Conditions: The Danish Housing Market

Directory of Open Access Journals (Sweden)

Andreas Hetland

2017-09-01

Full Text Available The primary contribution of this paper is to establish that the long-swings behavior observed in the market price of Danish housing since the 1970s can be understood by studying the interplay between short-term expectation formation and long-run equilibrium conditions. We introduce an asset market model for housing based on uncertainty rather than risk, which under mild assumptions allows for other forms of forecasting behavior than rational expectations. We test the theory via an I(2 cointegrated VAR model and find that the long-run equilibrium for the housing price corresponds closely to the predictions from the theoretical framework. Additionally, we corroborate previous findings that housing markets are well characterized by short-term momentum forecasting behavior. Our conclusions have wider relevance, since housing prices play a role in the wider Danish economy, and other developed economies, through wealth effects.

The economic benefit of short-term forecasting for wind energy in the UK electricity market

International Nuclear Information System (INIS)

Barthelmie, R.J.; Murray, F.; Pryor, S.C.

2008-01-01

In the UK market, the total price of renewable electricity is made up of the Renewables Obligation Certificate and the price achieved for the electricity. Accurate forecasting improves the price if electricity is traded via the power exchange. In order to understand the size of wind farm for which short-term forecasting becomes economically viable, we develop a model for wind energy. Simulations were carried out for 2003 electricity prices for different forecast accuracies and strategies. The results indicate that it is possible to increase the price obtained by around pound 5/MWh which is about 14% of the electricity price in 2003 and about 6% of the total price. We show that the economic benefit of using short-term forecasting is also dependant on the accuracy and cost of purchasing the forecast. As the amount of wind energy requiring integration into the grid increases, short-term forecasting becomes more important to both wind farm owners and the transmission/distribution operators. (author)

Determinants of Short-Term Export Performance in Pakistan

OpenAIRE

Subhani, Muhammad Imtiaz; Osman, Ms.Amber; Habib, Sukaina

2010-01-01

This research investigates the interdependency between independent (Increase of pricing strategy adaptation, Increase of export intensity, Firm's commitment to exporting, Export market development, Export market competition, Past Pricing Strategy Adaptation, Past Export Performance Satisfaction, Past Export Intensity, Export market distance) and dependent variables (i.e. Expected Short-Term Export Performance improvement) of export performance. The framework is tested via a survey through que...

Short-term energy outlook, January 1999

Energy Technology Data Exchange (ETDEWEB)

NONE

1999-01-01

The Energy Information Administration (EIA) prepares the Short-Term Energy Outlook (energy supply, demand, and price projections) monthly. The forecast period for this issue of the Outlook extends from January 1999 through December 2000. Data values for the fourth quarter 1998, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in EIA`s Weekly Petroleum Status Report) or are calculated from model simulations that use the latest exogenous information available (for example, electricity sales and generation are simulated by using actual weather data). The historical energy data, compiled in the January 1999 version of the Short-Term Integrated Forecasting System (STIFS) database, are mostly EIA data regularly published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding. The STIFS model is driven principally by three sets of assumptions or inputs: estimates of key macroeconomic variables, world oil price assumptions, and assumptions about the severity of weather. Macroeconomic estimates are produced by DRI/McGraw-Hill but are adjusted by EIA to reflect EIA assumptions about the world price of crude oil, energy product prices, and other assumptions which may affect the macroeconomic outlook. By varying the assumptions, alternative cases are produced by using the STIFS model. 28 figs., 19 tabs.

Evaluation of the price volatility of short-term in Brazil and its relation with the thermal generation; Avaliacao da volatilidade do preco de curto prazo no Brasil e sua relacao com a geracao termica

Energy Technology Data Exchange (ETDEWEB)

Heideier, R.B.; Prado, F.A.A.; Saidel, M.A.; Ueocka, M.Z. [Universidade de Sao Paulo (EPUSP), SP (Brazil). Escola Politecnica. Dept. de Energia e Automacao Eletricas], E-mails: fernando@sinerconsult.com.br, saidel@pea.usp.br, marcos.ueocka@poli.usp.br

2009-07-01

This article evaluate the intensity of volatility of the electric power prices in the short term market in selected countries. It were analyzed historical series of monthly prices of major energy markets worldwide, with assessment of the energy matrix of each region. The study, by analysis of data entry program for optimizing the operation of the SIN (NEWAVE and DECOM), concludes that the price volatility in short-term in Brazil is marked by the large variation of thermal power available, especially the lack of natural gas.

Effects of long-term price increases for oil

International Nuclear Information System (INIS)

Voehringer, F.; Mueller, A.; Boehringer, C.

2007-03-01

This comprehensive report for the Swiss Federal Office of Energy (SFOE) takes a look at the effects of higher oil prices in the long-term. Scenarios examined include those with high oil prices of 80 to 140 dollars per barrel and those with drastic shortages resulting from peak extraction in the years 2010 and 2020. Long-term economic balances form the basis of the report, short-term influences and psychological effects are not addressed. The possible dangers for the earth's climate caused by the substitution of oil by coal-based products are discussed, as well as the sequestration of carbon dioxide. Ethanol and the associated conflicts of land use are examined and the decreasing cost-effectiveness of co-generation power generation is looked at. Alternatives such as atomic power, hydropower, solar energy, geothermal energy, biogas and wind power are discussed. The effect of the changing energy scene on economic growth and welfare aspects in Switzerland are examined. The authors conclude that high oil prices have considerable impacts on the economy and are not a substitute for an internationally co-ordinated climate policy

The short-term impact of Ontario's generic pricing reforms.

Directory of Open Access Journals (Sweden)

Michael R Law

Full Text Available Canadians pay amongst the highest generic drug prices in the world. In July 2010, the province of Ontario enacted a policy that halved reimbursement for generic drugs from the public drug plan, and substantially lowered prices for private purchases. We quantified the impact of this policy on overall generic drug expenditures in the province, and projected the impact in other provinces had they mimicked this pricing change.We used quarterly prescription generic drug dispensing data from the IMS-Brogan CompuScript Audit. We used the price per unit in both the pre- and post-policy period and two economics price indexes to estimate the expenditure reduction in Ontario. Further, we used the post-policy Ontario prices to estimate the potential reduction in other provinces.We estimate that total expenditure on generic drugs in Ontario during the second half of 2010 was between $181 and $194 million below what would be expected if prices had remained at pre-policy level. Over half of the reduction in spending was due to savings on just 10 generic ingredients. If other provinces had matched Ontario's prices, their expenditures over during the latter half of 2010 would have been $445 million lower.We found that if Ontario's pricing scheme were adopted nationally, overall spending on generic drugs in Canada would drop at least $1.28 billion annually--a 5% decrease in total prescription drug expenditure. Other provinces should seriously consider both changes to their generic drug prices and the use of more competitive bulk purchasing policies.

IS THE PRICE RIGHT? PRICING FOR LONG TERM PROFITABILITY

Directory of Open Access Journals (Sweden)

Andrea Erika NYÁRÁDI

2007-01-01

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

Gas pricing in Europe. Pt. 1. Wholesale markets

International Nuclear Information System (INIS)

Donath, R.

1996-01-01

The article investigates gas pricing in the European procurement market and the wholesale markets of the most important EU consumer markets. It demonstrates that value-oriented pricing principles override cost-oriented pricing principles. For one thing, and independently of pricing principles, two- or three-part demand price systems or basic price systems are common. For another, the frequently encountered opportunities for the differentiation of prices show that as long as there is merely substitution competition instead of direct competition, gas suppliers have a certain degree of freedom in fixing their prices. By contrast, the introduction of direct competition in Great Britain has reduced suppliers' individual price fixing margins, because short-term supply and demand variations in the now created spot market are decisive for gas pricing. (orig.) [de

The short-term stress response - Mother nature's mechanism for enhancing protection and performance under conditions of threat, challenge, and opportunity.

Science.gov (United States)

Dhabhar, Firdaus S

2018-03-26

Our group has proposed that in contrast to chronic stress that can have harmful effects, the short-term (fight-or-flight) stress response (lasting for minutes to hours) is nature's fundamental survival mechanism that enhances protection and performance under conditions involving threat/challenge/opportunity. Short-term stress enhances innate/primary, adaptive/secondary, vaccine-induced, and anti-tumor immune responses, and post-surgical recovery. Mechanisms and mediators include stress hormones, dendritic cell, neutrophil, macrophage, and lymphocyte trafficking/function and local/systemic chemokine and cytokine production. Short-term stress may also enhance mental/cognitive and physical performance through effects on brain, musculo-skeletal, and cardiovascular function, reappraisal of threat/anxiety, and training-induced stress-optimization. Therefore, short-term stress psychology/physiology could be harnessed to enhance immuno-protection, as well as mental and physical performance. This review aims to provide a conceptual framework and targets for further investigation of mechanisms and conditions under which the protective/adaptive aspects of short-term stress/exercise can be optimized/harnessed, and for developing pharmacological/biobehavioral interventions to enhance health/healing, and mental/cognitive/physical performance. Copyright © 2018 Elsevier Inc. All rights reserved.

Short-term energy outlook. Quarterly projections, 2nd quarter 1994

Energy Technology Data Exchange (ETDEWEB)

1994-05-01

The Energy Information Administration (EIA) prepares quarterly, short-term energy supply, demand, and price projections for publication in February, May, August, and November in the Short-Term Energy Outlook (Outlook). An annual supplement analyzes the performance of previous forecasts, compares recent cases with those of other forecasting services, and discusses current topics related to the short-term energy markets. The forecast period for this issue of the Outlook extends from the second quarter of 1994 through the fourth quarter of 1995. Values for the first quarter of 1994, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in the Weekly Petroleum Status Report) or are calculated from model simulations using the latest exogenous information available. The historical energy data, compiled into the second quarter 1994 version of the Short-Term Integrated Forecasting System (STIFS) database, are mostly EIA data regularly published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding. The STIFS database is archived quarterly and is available from the National Technical Information Service. The cases are produced using the STIFS. The STIFS model is driven principally by three sets of assumptions or inputs: estimates of key macroeconomic variables, world oil price assumptions, and assumptions about the severity of weather. Macroeconomic estimates are produced by DRI/McGraw-Hill but are adjusted by EIA to reflect EIA assumptions about the world price of crude oil, energy product prices, and other assumptions which may affect the macroeconomic outlook. The EIA model is available on computer tape from the National Technical Information Service.

A least squares approach for efficient and reliable short-term versus long-term optimization

DEFF Research Database (Denmark)

Christiansen, Lasse Hjuler; Capolei, Andrea; Jørgensen, John Bagterp

2017-01-01

The uncertainties related to long-term forecasts of oil prices impose significant financial risk on ventures of oil production. To minimize risk, oil companies are inclined to maximize profit over short-term horizons ranging from months to a few years. In contrast, conventional production...... optimization maximizes long-term profits over horizons that span more than a decade. To address this challenge, the oil literature has introduced short-term versus long-term optimization. Ideally, this problem is solved by a posteriori multi-objective optimization methods that generate an approximation...... the balance between the objectives, leaving an unfulfilled potential to increase profits. To promote efficient and reliable short-term versus long-term optimization, this paper introduces a natural way to characterize desirable Pareto points and proposes a novel least squares (LS) method. Unlike hierarchical...

Some risks related to the short-term trading of natural gas

International Nuclear Information System (INIS)

Ahmed El Hachemi Mazighi

2004-01-01

Traditionally guided by long-term contracts, the international natural gas trade is experiencing new methods of operating, based on the short term and more flexibility. Today, indeed, the existence of uncommitted quantities of natural gas, combined with gas price discrepancies among different regions of the world, gives room for the expansion of the spot-trading of gas. The main objective of this paper is to discuss three fundamental risks related to the short-term trading of natural gas: volume risk, price risk and infrastructure risk. The defenders Of globalisation argue that the transition from the long-term to the short-term trading of natural gas is mainly a question of access to gas reserves, decreasing costs of gas liquefaction, the building of liquefied natural gas (LNG) fleets and regasification facilities and third-party access to the infrastructure. This process needs to be as short as possible, so that the risks related to the transition process will disappear rapidly. On the other hand, the detractors of globalisation put the emphasis on the complexity of the gas value chain and on the fact that eliminating long- term contracts increases the risks inherent to the international natural gas business. In this paper, we try to untangle and assess the risks related to the short-term trading of natural gas. Our main conclusions are: the short-term trading of gas is far from riskless; volume risk requires stock-building in both consuming and producing countries. (author)

Estimating the commodity market price of risk for energy prices

International Nuclear Information System (INIS)

Kolos, Sergey P.; Ronn, Ehud I.

2008-01-01

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

International crude oil prices and the stock prices of clean energy and technology companies: Evidence from non-linear cointegration tests with unknown structural breaks

International Nuclear Information System (INIS)

Bondia, Ripsy; Ghosh, Sajal; Kanjilal, Kakali

2016-01-01

Increasing greenhouse gas emissions, exhaustibility and geo-politics induced price volatility of crude oil has magnified the importance of looking for alternative sources of energy. In this paper, we investigate the long term relationship of stock prices of alternative energy companies with oil prices in a multivariate framework. To this end, we use threshold cointegration tests, which endogenously incorporate possible regime shifts in long run relationship of underlying variables. In contrast to the findings of the previous study by Managi and Okimoto (2013), our results indicate presence of cointegration among the variables with two endogenous structural breaks. This study confirms that ignoring the presence of structural breaks in a long time series data, as has been done in previous study, can produce misleading results. In terms of causality, while the stock prices of alternative energy companies are impacted by technology stock prices, oil prices and interest rates in the short run, there is no causality running towards prices of alternative energy stock prices in the long run. The study discusses the possible reasons behind the empirical findings and concludes with a discussion on short run and long run investment opportunities for the investors. - Highlights: • Cointegration between alternative energy companies stock price and oil price. • Threshold cointegration tests are employed. • Cointegration among the variables exists with two endogenous structural breaks. • Alternative energy companies stock price impacted by oil prices in short run. • No causality running towards prices of alternative energy stock prices in long run.

Structuring spot, short and long term gas contracts; CD-ROM ed.

Energy Technology Data Exchange (ETDEWEB)

Gretener, N.M.

1996-05-01

A review of the core clauses of the modern natural gas purchase and sales contracts, was presented. There exists a wide variety of terms which can be used by a seller and a buyer to customize such a contract to suit particular circumstances. On the basis of length of term, gas contracts may classified as spot contracts having a term of 30 days or less, short term contracts having a term of 30 days to one to two years, and long term contracts having terms greater than two years. The three key elements which are applicable to all gas sales contracts are the contract price, the seller`s obligation to deliver, and the buyer`s obligation to accept. Other provisions that may be included in any gas sales contract in addition to the basic three were reviewed, including market pricing, load factor incentive pricing, seasonal pricing, pipeline demand charges, market shares, and the seller`s right to decontract.

Panorama 2013 - Short term trends in the gas industry

International Nuclear Information System (INIS)

Lecarpentier, Armelle

2012-10-01

The outlook for gas industry development in the short term is clouded by uncertainties (impact of the economic slowdown, competition between energies, price fluctuations, etc.). However, as in 2012, many favorable factors in terms of natural gas supply and demand point to sustained and sustainable growth of this energy. (author)

Exploiting the opportunities of Internet and multi-channel pricing : An exploratory research

NARCIS (Netherlands)

Sotgiu, Francesca; Ancarani, Fabio

2004-01-01

Smart firms are not worried about the impact of the Internet on pricing, but realise that they have the unique opportunity to exploit new options and improve their marketing performance. Multi-channel pricing is one of the most interesting opportunities firms can exploit in the digital economy.

On Risks and Opportunities in Financial Markets

OpenAIRE

Lansdorp, Simon

2012-01-01

textabstractInvesting in financial securities inevitably involves risks on the one hand and opportunities on the other hand. This thesis bundles four different studies on risks and/or opportunities in financial markets. In one study, we examine the cross-sectional explanatory power of different risk-measures in pricing U.S. stocks and find that investors dislike downside risk. In the second study, we show that conventional short-term reversal strategies exhibit dynamic exposures to systematic...

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

Directory of Open Access Journals (Sweden)

Václav Adamec

2016-01-01

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

Influence of market factors on the pricing of exchange traded metals in the medium term

Science.gov (United States)

Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

2017-06-01

On the basis of comparison of the influence of the stock exchange factors on the pricing of nonferrous metals for medium term with similar results for short term, it has been established that the main attention should be paid to the changes in the pricing environment on the metal market as a function of the prices of exchange traded metals. The situation on the market of energy carriers (hydrocarbons) and the European, American, and Asian stock exchanges can be based on parity and even significantly influence the variation of the metal prices. In the medium term, constructive development of metal trade should be reasonably promoted by changing the elasticity of supply with regard to prices for exchange traded metals and by applying the stock exchange factors that positively influence the pricing on commodity and stock markets.

Aspects if stochastic models for short-term hydropower scheduling and bidding

Energy Technology Data Exchange (ETDEWEB)

Belsnes, Michael Martin [Sintef Energy, Trondheim (Norway); Follestad, Turid [Sintef Energy, Trondheim (Norway); Wolfgang, Ove [Sintef Energy, Trondheim (Norway); Fosso, Olav B. [Dep. of electric power engineering NTNU, Trondheim (Norway)

2012-07-01

This report discusses challenges met when turning from deterministic to stochastic decision support models for short-term hydropower scheduling and bidding. The report describes characteristics of the short-term scheduling and bidding problem, different market and bidding strategies, and how a stochastic optimization model can be formulated. A review of approaches for stochastic short-term modelling and stochastic modelling for the input variables inflow and market prices is given. The report discusses methods for approximating the predictive distribution of uncertain variables by scenario trees. Benefits of using a stochastic over a deterministic model are illustrated by a case study, where increased profit is obtained to a varying degree depending on the reservoir filling and price structure. Finally, an approach for assessing the effect of using a size restricted scenario tree to approximate the predictive distribution for stochastic input variables is described. The report is a summary of the findings of Work package 1 of the research project #Left Double Quotation Mark#Optimal short-term scheduling of wind and hydro resources#Right Double Quotation Mark#. The project aims at developing a prototype for an operational stochastic short-term scheduling model. Based on the investigations summarized in the report, it is concluded that using a deterministic equivalent formulation of the stochastic optimization problem is convenient and sufficient for obtaining a working prototype. (author)

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

Short-term energy outlook annual supplement, 1993

International Nuclear Information System (INIS)

1993-01-01

The Energy Information Administration (EIA) prepares quarterly, short-term energy supply, demand, and price projections for publication in February, May, August, and November in the Short-Term Energy Outlook (Outlook). An annual supplement analyzes the performance of previous forecasts, compares recent cases with those of other forecasting services, and discusses current topics related to the short-term energy markets. (See Short-Term Energy Outlook Annual Supplement, DOE/EIA-0202.) The forecast period for this issue of the Outlook extends from the third quarter of 1993 through the fourth quarter of 1994. Values for the second quarter of 1993, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in the Weekly Petroleum Status Report) or are calculated from model simulations using the latest exogenous information available (for example, electricity sales and generation are simulated using actual weather data). The historical energy data are EIA data published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding

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

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.

The pedagogy of Short-Term Study-Abroad Programs

Directory of Open Access Journals (Sweden)

Jude Gonsalvez

2013-10-01

Full Text Available This paper focuses on establishing guidelines on the pedagogy of short term study abroad programs. This study follows 33 students who participated in a short-term study-abroad program to India with the researcher from 2006 through 2011. The study relies heavily on the student reflections and expressions as they experienced them. It is qualitative in nature. Focus groups were the main method of data collection, where participants were invited to reflect, express, and share their experiences with one another. This provided an opportunity for the participants to come together, relive their experiences, and help provide information as to how and what type of an influence this short-term study-abroad program provided.

Another look on the relationships between oil prices and energy prices

International Nuclear Information System (INIS)

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

2017-01-01

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

Health Effects of Short-Term Fluctuations in Macroeconomic Conditions: The Case of Hypertension for Older Americans.

Science.gov (United States)

Angrisani, Marco; Lee, Jinkook

2016-11-01

We investigate the health effects of short-term macroeconomic fluctuations as described by changes in unemployment rate, house, and stock market price indexes. The 'Great Recession' provides the opportunity to conduct this analysis as it involved contemporaneous shocks to the labor, housing, and stock markets. Using panel data from the Health and Retirement Study over the period 2004-2010, we relate changes in hypertension status to changes in state-level unemployment rate and house prices and to changes in stock market prices. We consider hypertension, a disease related to stress and of high prevalence among older adults, that has received little attention in the literature linking macroeconomic conditions to individual health. Our analysis exploits self-reports of hypertension diagnosis as well as directly measured blood pressure readings. Using both measures, we find that the likelihood of developing hypertension is negatively related to changes in house prices. Also, decreasing house prices lower the probability of stopping hypertension medication treatment for individuals previously diagnosed with the condition. We do not observe significant associations between hypertension and either changes in unemployment rate or stock market prices. We document heterogeneity in the estimated health effects of the recession by gender, education, asset ownership, and work status. Copyright © 2016 John Wiley & Sons, Ltd. Copyright © 2016 John Wiley & Sons, Ltd.

An Asset Pricing Approach to Testing General Term Structure Models including Heath-Jarrow-Morton Specifications and Affine Subclasses

DEFF Research Database (Denmark)

Christensen, Bent Jesper; van der Wel, Michel

of the risk premium is associated with the slope factor, and individual risk prices depend on own past values, factor realizations, and past values of other risk prices, and are significantly related to the output gap, consumption, and the equity risk price. The absence of arbitrage opportunities is strongly...... is tested, but in addition to the standard bilinear term in factor loadings and market prices of risk, the relevant mean restriction in the term structure case involves an additional nonlinear (quadratic) term in factor loadings. We estimate our general model using likelihood-based dynamic factor model...... techniques for a variety of volatility factors, and implement the relevant likelihood ratio tests. Our factor model estimates are similar across a general state space implementation and an alternative robust two-step principal components approach. The evidence favors time-varying market prices of risk. Most...

Examining the short-run price elasticity of gasoline demand in the United States

Science.gov (United States)

Brannan, Michael James

Estimating the consumer demand response to changes in the price of gasoline has important implications regarding fuel tax policies and environmental concerns. There are reasons to believe that the short-run price elasticity of gasoline demand fluctuates due to changing structural and behavioral factors. In this paper I estimate the short-run price elasticity of gasoline demand in two time periods, from 2001 to 2006 and from 2007 to 2010. This study utilizes data at both the national and state levels to produce estimates. The short-run price elasticities range from -0.034 to -0.047 during 2001 to 2006, compared to -0.058 to -0.077 in the 2007 to 2010 period. This paper also examines whether there are regional differences in the short-run price elasticity of gasoline demand in the United States. However, there appears to only be modest variation in price elasticity values across regions.

Short-Term Energy Outlook: Quarterly projections. Fourth quarter 1993

Energy Technology Data Exchange (ETDEWEB)

1993-11-05

The Energy Information Administration (EIA) prepares quarterly, short-term energy supply, demand, and price projections for publication in February, May, August, and November in the Short-Term Energy Outlook (Outlook). An annual supplement analyzes the performance of previous forecasts, compares recent cases with those of other forecasting services, and discusses current topics related to the short-term energy markets. (See Short-Term Energy Outlook Annual Supplement, DOE/EIA-0202.) The forecast period for this issue of the Outlook extends from the fourth quarter of 1993 through the fourth quarter of 1994. Values for the third quarter of 1993, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in the Weekly Petroleum Status Report) or are calculated from model simulations using the latest exogenous information available (for example, electricity sales and generation are simulated using actual weather data). The historical energy data are EIA data published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications.

Predicting short-term stock fluctuations by using processing fluency

Science.gov (United States)

Alter, Adam L.; Oppenheimer, Daniel M.

2006-01-01

Three studies investigated the impact of the psychological principle of fluency (that people tend to prefer easily processed information) on short-term share price movements. In both a laboratory study and two analyses of naturalistic real-world stock market data, fluently named stocks robustly outperformed stocks with disfluent names in the short term. For example, in one study, an initial investment of $1,000 yielded a profit of $112 more after 1 day of trading for a basket of fluently named shares than for a basket of disfluently named shares. These results imply that simple, cognitive approaches to modeling human behavior sometimes outperform more typical, complex alternatives. PMID:16754871

Short-term electricity price forecast based on the improved hybrid model

International Nuclear Information System (INIS)

Dong Yao; Wang Jianzhou; Jiang He; Wu Jie

2011-01-01

Highlights: → The proposed models can detach high volatility and daily seasonality of electricity price. → The improved hybrid forecast models can make full use of the advantages of individual models. → The proposed models create commendable improvements that are relatively satisfactorily for current research. → The proposed models do not require making complicated decisions about the explicit form. - Abstract: Half-hourly electricity price in power system are volatile, electricity price forecast is significant information which can help market managers and participants involved in electricity market to prepare their corresponding bidding strategies to maximize their benefits and utilities. However, the fluctuation of electricity price depends on the common effect of many factors and there is a very complicated random in its evolution process. Therefore, it is difficult to forecast half-hourly prices with traditional only one model for different behaviors of half-hourly prices. This paper proposes the improved forecasting model that detaches high volatility and daily seasonality for electricity price of New South Wales in Australia based on Empirical Mode Decomposition, Seasonal Adjustment and Autoregressive Integrated Moving Average. The prediction errors are analyzed and compared with the ones obtained from the traditional Seasonal Autoregressive Integrated Moving Average model. The comparisons demonstrate that the proposed model can improve the prediction accuracy noticeably.

Short-term electricity price forecast based on the improved hybrid model

Energy Technology Data Exchange (ETDEWEB)

Dong Yao, E-mail: dongyao20051987@yahoo.cn [School of Mathematics and Statistics, Lanzhou University, Lanzhou 730000 (China); Wang Jianzhou, E-mail: wjz@lzu.edu.cn [School of Mathematics and Statistics, Lanzhou University, Lanzhou 730000 (China); Jiang He; Wu Jie [School of Mathematics and Statistics, Lanzhou University, Lanzhou 730000 (China)

2011-08-15

Highlights: {yields} The proposed models can detach high volatility and daily seasonality of electricity price. {yields} The improved hybrid forecast models can make full use of the advantages of individual models. {yields} The proposed models create commendable improvements that are relatively satisfactorily for current research. {yields} The proposed models do not require making complicated decisions about the explicit form. - Abstract: Half-hourly electricity price in power system are volatile, electricity price forecast is significant information which can help market managers and participants involved in electricity market to prepare their corresponding bidding strategies to maximize their benefits and utilities. However, the fluctuation of electricity price depends on the common effect of many factors and there is a very complicated random in its evolution process. Therefore, it is difficult to forecast half-hourly prices with traditional only one model for different behaviors of half-hourly prices. This paper proposes the improved forecasting model that detaches high volatility and daily seasonality for electricity price of New South Wales in Australia based on Empirical Mode Decomposition, Seasonal Adjustment and Autoregressive Integrated Moving Average. The prediction errors are analyzed and compared with the ones obtained from the traditional Seasonal Autoregressive Integrated Moving Average model. The comparisons demonstrate that the proposed model can improve the prediction accuracy noticeably.

Short-term trends in the gas industry - Panorama 2008

International Nuclear Information System (INIS)

2008-01-01

In a context of high investment costs and rising energy prices, and recurring unseasonably warm temperatures in recent years, the growth of natural gas demand is slowing. On the supply side, and on the demand side too, new trends are emerging, with potentially powerful impact on the short-and long-term development of the industry

Market opportunities: U.S. - PADD IV

International Nuclear Information System (INIS)

Garner, R.P.

1997-01-01

The current supply and demand balance, the short and long term expectations and marketing opportunities for Canadian crude oil in PADD IV, the Rocky Mountain region in the US, were reviewed. It was suggested that market opportunities in PADD IV are derived from the following four factors: (1) crude oil declines within that area, (2) federal regulations, (3) competitive presence with markets, and (4) population growth. The overall conclusion was that Canadian producers and PADD IV refiners will be looking at an ever-growing relationship based on freight equalized world crude prices. 8 tabs., 5 figs

Cheap oil benefits coal on the short term, not the long

Energy Technology Data Exchange (ETDEWEB)

Soras, C.G.; Stodden, J.R.

1986-03-01

This is a brief article describing the effects of the declining price of oil on the coal industry. The oil price explosion from 1973-1979 is described along with the present day situation. Oil consumption in the US and the general drop in production worldwide is represented. It is concluded that the coal industry will benefit in the short term from the present crisis but stands to make some losses in the long run.

Short-term influences and long-term fundamentals: stabilizing and destabilizing effects in the energy industries

Energy Technology Data Exchange (ETDEWEB)

Robinson, Silvan [Royal Inst. of International Affairs, London (United Kingdom)

1992-10-01

The ideology of the market economy has become dominant in all walks of economic life and the energy industries are no exception. In the oil business, the stabilizing structures of the international majors and of long-term prices have been replaced by industrial fragmentation and market price mechanisms. Monopolies in other energy industries are being progressively dismantled. This live experiment is being conducted on an industry which historically has suffered from feast and famine economics and has tried to protect itself through various forms of cartelization. The short-term effects of this open market have so far tended to improve flexibility and consumer choice. The price instability has proved manageable. The danger is that cash flow compression will reduced investments in the future and an ability to make very long lead time shifts in the energy mix. For this some government intervention in markets is necessary. (author).

Implications of short-term financial outlook for Canadian producers

International Nuclear Information System (INIS)

Shiry, J.

1997-01-01

The short-term outlook for the Western Canadian natural gas industry was reviewed. Based on the dramatic growth in the demand for gas, and the explosive growth of the industry in response to export opportunities, the outlook for the remainder of this decade remains good, notwithstanding low internal returns, below-average returns on equity, and increased competition for U.S. markets. The competition will come from offshore wells in the US Gulf, from offshore wells of Sable Island, and from offshore wells in the Gulf of Mexico. Despite the increasing sources of supply gas prices are actually expected to improve slightly in 1997 and beyond, giving rise to cautious optimism. Nevertheless, more favorable tax treatment is urgently required to head off the likelihood of investment dollars moving to Africa, the Middle East, South America, and most especially China and Russia. Once those countries open up for business in the not-too-distant future, the likelihood of them offering substantially better tax treatment than what is available in Canada could do serious damage to domestic gas industry development. 12 figs

Stochastic Optimal Wind Power Bidding Strategy in Short-Term Electricity Market

DEFF Research Database (Denmark)

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

2012-01-01

Due to the fluctuating nature and non-perfect forecast of the wind power, the wind power owners are penalized for the imbalance costs of the regulation, when they trade wind power in the short-term liberalized electricity market. Therefore, in this paper a formulation of an imbalance cost...... minimization problem for trading wind power in the short-term electricity market is described, to help the wind power owners optimize their bidding strategy. Stochastic optimization and a Monte Carlo method are adopted to find the optimal bidding strategy for trading wind power in the short-term electricity...... market in order to deal with the uncertainty of the regulation price, the activated regulation of the power system and the forecasted wind power generation. The Danish short-term electricity market and a wind farm in western Denmark are chosen as study cases due to the high wind power penetration here...

Short-term energy outlook: Quarterly projections, fourth quarter 1997

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-10-14

The Energy Information Administration (EIA) prepares quarterly short-term energy supply, demand, and price projections for printed publication in January, April, July, and October in the Short-Term Energy Outlook. The details of these projections, as well as monthly updates on or about the 6th of each interim month, are available on the internet at: www.eia.doe.gov/emeu/steo/pub/contents.html. The forecast period for this issue of the Outlook extends from the fourth quarter of 1997 through the fourth quarter of 1998. Values for the fourth quarter of 1997, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in EIA`s Weekly Petroleum Status Report) or are calculated from model simulations that use the latest exogenous information available (for example, electricity sales and generation are simulated by using actual weather data). The historical energy data, compiled in the fourth quarter 1997 version of the Short-Term Integrated Forecasting System (STIFS) database, are mostly EIA data regularly published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding. The STIFS model is driven principally by three sets of assumptions or inputs: estimates of key macroeconomic variables, world oil price assumptions, and assumptions about the severity of weather. 19 tabs.

Pediatric Price Transparency: Still Opaque With Opportunities for Improvement.

Science.gov (United States)

Faherty, Laura J; Wong, Charlene A; Feingold, Jordyn; Li, Joan; Town, Robert; Fieldston, Evan; Werner, Rachel M

2017-10-01

Price transparency is gaining importance as families' portion of health care costs rise. We describe (1) online price transparency data for pediatric care on children's hospital Web sites and state-based price transparency Web sites, and (2) the consumer experience of obtaining an out-of-pocket estimate from children's hospitals for a common procedure. From 2015 to 2016, we audited 45 children's hospital Web sites and 38 state-based price transparency Web sites, describing availability and characteristics of health care prices and personalized cost estimate tools. Using secret shopper methodology, we called children's hospitals and submitted online estimate requests posing as a self-paying family requesting an out-of-pocket estimate for a tonsillectomy-adenoidectomy. Eight children's hospital Web sites (18%) listed prices. Twelve (27%) provided personalized cost estimate tool (online form n = 5 and/or phone number n = 9). All 9 hospitals with a phone number for estimates provided the estimated patient liability for a tonsillectomy-adenoidectomy (mean $6008, range $2622-$9840). Of the remaining 36 hospitals without a dedicated price estimate phone number, 21 (58%) provided estimates (mean $7144, range $1200-$15 360). Two of 4 hospitals with online forms provided estimates. Fifteen (39%) state-based Web sites distinguished between prices for pediatric and adult care. One had a personalized cost estimate tool. Meaningful prices for pediatric care were not widely available online through children's hospital or state-based price transparency Web sites. A phone line or online form for price estimates were effective strategies for hospitals to provide out-of-pocket price information. Opportunities exist to improve pediatric price transparency. Copyright © 2017 by the American Academy of Pediatrics.

Short run pricing in competitive electricity markets

International Nuclear Information System (INIS)

Ring, B. J.; Read, E. G.

1996-01-01

In response to the need for more responsive, competitive and decentralized pricing strategies forced upon the industry by deregulation, this study reviewed the type of electricity pricing required to coordinate a competitive wholesale electricity market over time periods typically of the order of one hour. It was found that nodal spot pricing can provide a straight-forward mechanism for providing the correct signals to market participants, while reflecting the costs and complexities of transmission network operation. Provided that all binding constraints are represented in the pricing model, and assuming that they are used in conjunction with long term contracts and capacity rights, such pricing can potentially deliver most of the benefits promised by perfect coordination, while allowing competition to flourish. 4 refs

The uranium industry: long-term planning for short-term competition

International Nuclear Information System (INIS)

Vottero, X.; Georges Capus, G.

2001-01-01

Long term planning for short term competition Today, uranium producers face new challenges in terms of both production (new regulatory, environmental and social constraints) and market conditions (new sources of uranium supply, very low prices and tough competition). In such a context, long-term planning is not just a prerequisite to survive in the nuclear fuel cycle industry. In fact, it also contributes to sustaining nuclear electricity generation facing fierce competition from other energy sources in increasingly deregulated markets. Firstly, the risk of investing in new mining projects in western countries is growing because, on the one hand, of very erratic market conditions and, on the other hand, of increasingly lengthy, complex and unpredictable regulatory conditions. Secondly, the supply of other sources of uranium (uranium derived from nuclear weapons, uranium produced in CIS countries, ...) involve other risks, mainly related to politics and commercial restrictions. Consequently, competitive uranium supply requires not only technical competence but also financial strength and good marketing capabilities in order to anticipate long-term market trends, in terms of both demand and supply. It also requires taking into account new parameters such as politics, environment, regulations, etc. Today, a supplier dedicated to the sustainable production of nuclear electricity must manage a broad range of long-term risks inherent to the procurement of uranium. Taking into account all these parameters in a context of short-term, fast-changing market is a great challenge for the future generation. World Uranium Civilian Supply and Demand. (authors)

In search of the elusive long-term price

International Nuclear Information System (INIS)

Connor, M.J.; Combs, J.

1989-01-01

The Uranium Institute, WNFM, and past USCEA sessions described and compared existing price reporting systems. The McGraw-Hill conference led to a rather heated discussion as to the propriety of spot prices having the influence they do on amounts paid in long-term contracts. The Ux representative proposed a future's market as a way that producers could hedge against some of the uncertainty of volatile spot market. In discussing the search for the elusive long-term price, there are two interrelated issues. The first is obvious-the search for a starting or initializing price that is representative of recently-signed or pending long-term contracts. The second is less obvious, but perhaps more important-the search for a successful mechanism for determining later delivery values in long-term contracts. This paper addresses the question of pricing mechanisms first

The Electrification of Energy: Long-Term Trends and Opportunities

Energy Technology Data Exchange (ETDEWEB)

Tsao, Jeffrey Y. [Sandia National Lab. (SNL-NM), Albuquerque, NM (United States); Fouquet, Roger [London School of Economics and Political Science (United Kingdom); Schubert, E. Fred [Rensselaer Polytechnic Inst., Troy, NY (United States)

2017-11-01

Here, we present and analyze three powerful long-term historical trends in energy, particularly electrical energy, as well as the opportunities and challenges associated with these trends. The first trend is from a world containing a diversity of energy currencies to one whose predominant currency is electricity, driven by electricity’s transportability, exchangeability, and steadily decreasing cost. The second trend is from electricity generated from a diversity of sources to electricity generated predominantly by free-fuel sources, driven by their steadily decreasing cost and long-term abundance. These trends necessitate a just-emerging third trend: from a grid in which electricity is transported uni-directionally, traded at near-static prices, and consumed under direct human control; to a grid in which electricity is transported bi-directionally, traded at dynamic prices, and consumed under human-tailored agential control. Early acceptance and appreciation of these trends will accelerate their remaking of humanity’s energy landscape into one in which energy is much more affordable, abundant and efficiently deployed than it is today; with major economic, geo-political, and environmental benefits to human society.

Nonparametric NAR-ARCH Modelling of Stock Prices by the Kernel Methodology

Directory of Open Access Journals (Sweden)

Mohamed Chikhi

2018-02-01

Full Text Available This paper analyses cyclical behaviour of Orange stock price listed in French stock exchange over 01/03/2000 to 02/02/2017 by testing the nonlinearities through a class of conditional heteroscedastic nonparametric models. The linearity and Gaussianity assumptions are rejected for Orange Stock returns and informational shocks have transitory effects on returns and volatility. The forecasting results show that Orange stock prices are short-term predictable and nonparametric NAR-ARCH model has better performance over parametric MA-APARCH model for short horizons. Plus, the estimates of this model are also better comparing to the predictions of the random walk model. This finding provides evidence for weak form of inefficiency in Paris stock market with limited rationality, thus it emerges arbitrage opportunities.

Price discovery in European natural gas markets

International Nuclear Information System (INIS)

Schultz, Emma; Swieringa, John

2013-01-01

We provide the first high-frequency investigation of price discovery within the physical and financial layers of Europe's natural gas markets. Testing not only looks at short-term return dynamics, but also considers each security's contribution to price equilibrium in the longer-term. Results show that UK natural gas futures traded on the Intercontinental Exchange display greater price discovery than physical trading at various hubs throughout Europe. - Highlights: • We use intraday data to gauge price discovery in European natural gas markets. • We explore short and long-term dynamics in physical and financial market layers. • Results show ICE's UK natural gas futures are the main venue for price discovery

A long-term view of worldwide fossil fuel prices

International Nuclear Information System (INIS)

Shafiee, Shahriar; Topal, Erkan

2010-01-01

This paper reviews a long-term trend of worldwide fossil fuel prices in the future by introducing a new method to forecast oil, natural gas and coal prices. The first section of this study analyses the global fossil fuel market and the historical trend of real and nominal fossil fuel prices from 1950 to 2008. Historical fossil fuel price analysis shows that coal prices are decreasing, while natural gas prices are increasing. The second section reviews previously available price modelling techniques and proposes a new comprehensive version of the long-term trend reverting jump and dip diffusion model. The third section uses the new model to forecast fossil fuel prices in nominal and real terms from 2009 to 2018. The new model follows the extrapolation of the historical sinusoidal trend of nominal and real fossil fuel prices. The historical trends show an increase in nominal/real oil and natural gas prices plus nominal coal prices, as well as a decrease in real coal prices. Furthermore, the new model forecasts that oil, natural gas and coal will stay in jump for the next couple of years and after that they will revert back to the long-term trend until 2018. (author)

Short-term energy outlook, quarterly projections, second quarter 1998

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-04-01

The Energy Information Administration (EIA) prepares quarterly short-term energy supply, demand, and price projections. The details of these projections, as well as monthly updates, are available on the Internet at: www.eia.doe.gov/emeu/steo/pub/contents.html. The paper discusses outlook assumptions; US energy prices; world oil supply and the oil production cutback agreement of March 1998; international oil demand and supply; world oil stocks, capacity, and net trade; US oil demand and supply; US natural gas demand and supply; US coal demand and supply; US electricity demand and supply; US renewable energy demand; and US energy demand and supply sensitivities. 29 figs., 19 tabs.

Short-Term Market Risks Implied by Weekly Options

DEFF Research Database (Denmark)

Andersen, Torben Gustav; Fusari, Nicola; Todorov, Viktor

a direct way to study volatility and jump risks. Unlike longer-dated options, they are largely insensitive to the risk of intertemporal shifts in the economic environment. Adopting a novel semi-nonparametric approach, we uncover variation in the negative jump tail risk which is not spanned by market......We study short-term market risks implied by weekly S&P 500 index options. The introduction of weekly options has dramatically shifted the maturity profile of traded options over the last five years, with a substantial proportion now having expiry within one week. Such short-dated options provide......" by the level of market volatility and elude standard asset pricing models....

Analysis of commodity prices with the particle filter

International Nuclear Information System (INIS)

Aiube, Fernando Antonio Lucena; Baidya, Tara Keshar Nanda; Tito, Edison Americo Huarsaya

2008-01-01

The behavior of commodities prices is fundamental to real-asset investment decisions, hedging, and pricing financial derivatives. Schwartz and Smith [Schwartz, E.S., Smith, J.E. (2000). Short term-variations and long-term dynamics in commodity prices. Management Science, 46, 893-911.] proposed a two-factor model for describing the stochastic processes of commodity prices, in which the two factors are short-term variations and equilibrium prices. These are both unobserved state variables that are estimated using the Kalman filter. The estimation is based on the observation of future prices for different maturities. The authors have carried out this process without incorporating jumps in the short-term variation of prices. Here we aim to demonstrate that the inclusion of jumps better explains the behavior of oil prices, and in fact creates difficulties in the estimation of state variables. This is because the variables become non-Gaussian so the Kalman filter is not recommended. Another methodology, called the particle filter, is more suitable in this case, and we describe its application in this article

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

International Nuclear Information System (INIS)

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

1993-01-01

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

Emission intensity in New Zealand manufacturing and the short-run impacts of emissions pricing

International Nuclear Information System (INIS)

Bartleet, Matthew; Iyer, Kris; Numan-Parsons, Elisabeth

2010-01-01

This paper reports the greenhouse gas (GHG) emission intensity of the New Zealand (NZ) manufacturing sector at a combination of industry group and class levels (sub-sectors). The short-run impacts of a price on emissions are investigated with a focus on exporting activities. Sub-sectors that could be materially impacted by an expected range of emissions prices accounted for slightly over 9% of national gross domestic product. It is found that there is much variability of emission intensity within manufacturing and even within sub-sectors. An assessment of trade intensities further indicates that several emissions-intensive activities are also export-intensive. These activities are at most risk of losing competitiveness in the short-run if they are subjected to a price on GHG emissions that their competitors in other countries are not. Emissions reduction policies must take account of trade competitiveness imperatives if NZ is to meet its international GHG emissions target while maintaining manufacturing sector competitiveness. - Research Highlights: →Estimates initial short-term competitiveness impacts of ETS on NZ manufacturing. →Materiality of impacts determined based on firm level emissions and export intensity. →Results suggest that food processing sub-sectors are likely to be most impacted. →Iron and steel processing, and paper and pulp manufacture are impacted as well. →Cumulative GDP share of materially affected sub-sectors slightly over 9%.

Short-term energy outlook: Quarterly projections, Third quarter 1992

International Nuclear Information System (INIS)

1992-08-01

The Energy Information Administration (EIA) prepares quarterly, short-term energy supply, demand, and price projections for publication in February, May, August, and November in the Short-Term Energy Outlook (Outlook). An annual supplement analyzes the performance of previous forecasts, compares recent cases with those of other forecasting services, and discusses current topics related to the short-term energy markets. (See Short-Term Energy Outlook Annual Supplement, DOE/EIA-0202.) The principal users of the Outlook are managers and energy analysts in private industry and government. The forecast period for this issue of the Outlook extends from the third quarter of 1992 through the fourth quarter of 1993. Values for the second quarter of 1992, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in the Weekly Petroleum Status Report) or are calculated from model simulations using the latest exogenous information available (for example, electricity sales and generation are simulated using actual weather data). The historical energy data are EIA data published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding

Panorama 2016 - Short-term trends in the gas industry

International Nuclear Information System (INIS)

Lecarpentier, Armelle

2015-12-01

In an environment marked by slowing economic growth in emerging markets and developing countries, trends in gas market fundamentals varied widely across the regions during 2015. Structural economic factors stifled growth in natural gas demand, which was unable to take up all the excess supply, leading to imbalance in the global gas market and price weakness which is expected to continue in the short and medium-term. (author)

Modelling the short term interest with stochastic differential equation in continuous time: linear versus non-linear mode

OpenAIRE

2014-01-01

M.Com. (Financial Economics) Recently, there has been a growth in the bond market. This growth has brought with it an ever-increasing volume and range of interest rate depended derivative products known as interest rate derivatives. Amongst the variables used in pricing these derivative products is the short-term interest rate. A numbers of short-term interest rate models that are used to fit the short-term interest rate exist. Therefore, understanding the features characterised by various...

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)

Short-term energy outlook, July 1998

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-07-01

The Energy Information Administration (EIA) prepares The Short-Term Energy Outlook (energy supply, demand, and price projections) monthly for distribution on the internet at: www.eia.doe.gov/emeu/steo/pub/contents.html. In addition, printed versions of the report are available to subscribers in January, April, July and October. The forecast period for this issue of the Outlook extends from July 1998 through December 1999. Values for second quarter of 1998 data, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in EIA`s Weekly Petroleum Status Report) or are calculated from model simulations that use the latest exogenous information available (for example, electricity sales and generation are simulated by using actual weather data). The historical energy data, compiled in the July 1998 version of the Short-Term Integrated Forecasting System (STIFS) database, are mostly EIA data regularly published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding. 28 figs., 19 tabs.

Price-signals and long term equilibrium. Reconsidering the organisation of electricity markets

International Nuclear Information System (INIS)

Finon, Dominique; Defeuilley, Christophe; Marty, Frederic

2009-11-01

The purpose of this article is to show that the reform of the electricity sector, based on a framework of interpretation in which the short-term/long-term articulation is made by the market price, does not result in an efficient result in terms of investment. After a presentation of a bibliographical review on investment in an uncertain context, the authors present a model of decentralised electricity markets which backs reforms. They highlight issues related to production investment which remain unresolved, and which may result in socially inefficient choices on the long term. They report an analysis of two solutions of industrial organisations, long term contracts and vertical and horizontal integration, which could solve these problems

The determinants of oil prices

International Nuclear Information System (INIS)

Angelier, J-P.

1991-01-01

In recent years, swings in oil prices have been of unprecendented severity and frequency. Three factors work together to determine the price of oil: in the short term, the balance between supply and demand; in the medium term, the structure of the oil industry; and in the long term, the marginal production cost consistent with world oil demand. An oil price forecast is presented based on these considerations, and it is predicted that in the year 2000, oil prices will not be significantly different from those of today. 28 refs

SHORT, MEDIUM AND LONG-TERM OPPORTUNITIES AND NEEDS FOR RESEARCH FOR SUSTAINABLE FARM ANIMAL BREEDING AND REPRODUCTION TECHNOLOGY IN EU

Directory of Open Access Journals (Sweden)

D. Kompan

2007-06-01

Full Text Available The European landscape is characterised by a range of diverse farming systems. These relate not only to varied geographical environments, but also to different social and cultural environments for farming and food production. This diversity is unique to Europe and underlines the importance of European agriculture. Animal breeding is a knowledge intensive sector, and for the future competitiveness of animal breeding and animal production, high level European research is indispensable. The preparation of Strategic Research Agenda were in a full process: opportunities and problems, gaps, short, medium and long term opportunities and needs for research. Each country experts from different group have opportunity to help define his country dimension of animal breeding in its regional and country context, and also in relation to European and global developments. The Farm Animal Breeding and Reproduction European Technology Platform, brings together a wide range of interested parties to produce a vision of how livestock breeding might develop in the next 20 years, and constitutes the first step in achieving that vision.

Food versus fuel: What do prices tell us?

International Nuclear Information System (INIS)

Zhang Zibin; Lohr, Luanne; Escalante, Cesar; Wetzstein, Michael

2010-01-01

Sorting out the impacts of biofuels on global agricultural commodity prices is impossible without turning to data and distinguishing between the short-run versus the long-run impacts. Using time-series prices on fuels and agricultural commodities, the aim is to investigate the long-run cointegration of these prices simultaneously with their multivariate short-run interactions. Results indicate no direct long-run price relations between fuel and agricultural commodity prices, and limited if any direct short-run relationships. In terms of short-run price movements, sugar prices are influencing all the other agricultural commodity prices except rice. With sugar the number one world input for ethanol, results indicate increased ethanol production is potentially influencing short-run agricultural commodity prices. Overall, results support the effect of agricultural commodity prices as market signals which restore commodity markets to their equilibria after a demand or supply event (shock).

Electricity prices and fuel costs. Long-run relations and short-run dynamics

International Nuclear Information System (INIS)

Mohammadi, Hassan

2009-01-01

The paper examines the long-run relation and short-run dynamics between electricity prices and three fossil fuel prices - coal, natural gas and crude oil - using annual data for the U.S. for 1960-2007. The results suggest (1) a stable long-run relation between real prices for electricity and coal (2) Bi-directional long-run causality between coal and electricity prices. (3) Insignificant long-run relations between electricity and crude oil and/or natural gas prices. And (4) no evidence of asymmetries in the adjustment of electricity prices to deviations from equilibrium. A number of implications are addressed. (author)

Long-term contracts vs. short-term trade of natural gas - a European perspective

International Nuclear Information System (INIS)

Neuhoff, Karsten; Hirschhausen, Christian von

2005-01-01

This paper analyses the economics of long-term gas contracts under changing institutional conditions, mainly gas sector liberalisation. The paper is motivated by the increasingly tense debate in continental Europe, UK and the US on the security of long-term gas supply. We discuss the main issues regarding long-term contracts, i.e. the changing role of the flexibility clause, the effect of abandoning the destination clause, and the strategic behaviour of producers between long-term sales and spot-sales. The literature suggests consumers and producers benefit from risk hedging through long-term contracts. Furthermore long-term contracts may reduce exercise of market power. Our analysis adds an additional benefit if the long-run demand elasticity is significantly lower than the short-run elasticity, both strategic producers and consumers benefit from lower prices and larger market volume. Some policy implications of the findings are also discussed. (Author)

Short-term energy outlook, April 1999

Energy Technology Data Exchange (ETDEWEB)

NONE

1999-04-01

The forecast period for this issue of the Outlook extends from April 1999 through December 2000. Data values for the first quarter 1999, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in EIA`s Weekly Petroleum Status Report) or are calculated from model simulations that use the latest exogenous information available (for example, electricity sales and generation are simulated by using actual weather data). The historical energy data, compiled in the April 1999 version of the Short-Term Integrated forecasting system (STIFS) database, are mostly EIA data regularly published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding. The STIFS model is driven principally by three sets of assumptions or inputs: estimates of key macroeconomic variables, world oil price assumptions, and assumptions about the severity of weather. Macroeconomic estimates are produced by DRI/McGraw-Hill but are adjusted by EIA to reflect EIA assumptions about the world price of crude oil, energy product prices, and other assumptions which may affect the macroeconomic outlook. By varying the assumptions, alternative cases are produced by using the STIFS model. 25 figs., 19 tabs.

EVALUATING THE SHORT RUN EFFECTS OF U.S. CRUDE OIL INVENTORY LEVELS ON WTI CRUDE OIL PRICE FROM 1993 - 2013

Directory of Open Access Journals (Sweden)

Tobi Olasojiand

2016-07-01

Full Text Available The focus of this research was to investigate the short-term influence of U.S. crude oil inventories on WTI crude oil prices from 1993 to 2013. This study is important for policy makers who wish to reduce the persistent and growing price volatility of crude oil and its related products as well as businesses such as airline companies who wish to make annual budgetary sales decisions. Using OLS multiple regression, cointegration, VECM and Ex-post forecast techniques; we provide evidence of an inelastic relationship in which a 1% increase in U.S. crude oil inventories is associated with 0.46% decrease in WTI crude oil prices; however this was only valid for 22% of WTI crude oil price variation. We also find that past data on U.S. crude oil inventories could be used to predict future WTI crude oil prices movement. Contrary to literature, the results of the VECM analysis indicate there is no short-run relationship between both variables over the trajectory.

Forecasting short-run crude oil price using high- and low-inventory variables

International Nuclear Information System (INIS)

Ye, Michael; Zyren, John; Shore, Joanne

2006-01-01

Since inventories have a lower bound or a minimum operating level, economic literature suggests a nonlinear relationship between inventory level and commodity prices. This was found to be the case in the short-run crude oil market. In order to explore this inventory-price relationship, two nonlinear inventory variables are defined and derived from the monthly normal level and relative level of OECD crude oil inventories from post 1991 Gulf War to October 2003: one for the low inventory state and another for the high inventory state of the crude oil market. Incorporation of low- and high-inventory variables in a single equation model to forecast short-run WTI crude oil prices enhances the model fit and forecast ability

An enhanced radial basis function network for short-term electricity price forecasting

International Nuclear Information System (INIS)

Lin, Whei-Min; Gow, Hong-Jey; Tsai, Ming-Tang

2010-01-01

This paper proposed a price forecasting system for electric market participants to reduce the risk of price volatility. Combining the Radial Basis Function Network (RBFN) and Orthogonal Experimental Design (OED), an Enhanced Radial Basis Function Network (ERBFN) has been proposed for the solving process. The Locational Marginal Price (LMP), system load, transmission flow and temperature of the PJM system were collected and the data clusters were embedded in the Excel Database according to the year, season, workday and weekend. With the OED applied to learning rates in the ERBFN, the forecasting error can be reduced during the training process to improve both accuracy and reliability. This would mean that even the ''spikes'' could be tracked closely. The Back-propagation Neural Network (BPN), Probability Neural Network (PNN), other algorithms, and the proposed ERBFN were all developed and compared to check the performance. Simulation results demonstrated the effectiveness of the proposed ERBFN to provide quality information in a price volatile environment. (author)

The crucial relationship among energy commodity prices: Evidence from the Spanish electricity market

International Nuclear Information System (INIS)

Moutinho, Victor; Vieira, Joel; Carrizo Moreira, Antonio

2011-01-01

The main purpose of this article is twofold to analyze: (a) the long-term relation among the commodities prices and between spot electricity market price and commodity prices, and (b) the short-term dynamics among commodity prices and between electricity prices and commodity prices. Data between 2002 and 2005 from the Spanish electricity market was used. Econometric methods were used in the analysis of the commodity spot price, namely the vector autoregression model, the vector error correction model and the granger causality test. The co-integration approach was used to analyze the long-term relationship between the common stochastic trends of four fossil fuel prices. One of the findings in the long-term relation is that the prices of fuel and the prices of Brent are intertwined, though the prices of Brent ten to 'move' to reestablish the price equilibrium. Another finding is that the price of electricity is explained by the evolution of the natural gas series. - Highlights: → We model energy commodity prices in the Spanish electricity market. → We examine the short and long-term relationships among commodities prices. → We examine short and long-term relationships using co-integration techniques. → We found that in the long run the prices of fuel and Brent are intertwined. → The evolution of price of electricity is explained by the evolution of price of gas.

The effects of residential real-time pricing contracts on transco loads, pricing, and profitability: Simulations using the N-ABLE trademark agent-based model

International Nuclear Information System (INIS)

Ehlen, Mark A.; Scholand, Andrew J.; Stamber, Kevin L.

2007-01-01

An agent-based model is constructed in which a demand aggregator sells both uniform-price and real-time price (RTP) contracts to households as means for adding price elasticity in residential power use sectors, particularly during peak-price hours of the day. Simulations suggest that RTP contracts help a demand aggregator (1) shift its long-term contracts toward off-peak hours, thereby reducing its cost of power and (2) increase its short-run profits if it is one of the first aggregators to have large numbers of RTP contracts; but (3) create susceptibilities to short-term market demand and price volatilities. (author)

Determination of the fuel component in the cost price of the energy production in NPP

International Nuclear Information System (INIS)

Lakov, M.; Velev, V.

1997-01-01

An approach is proposed for the determination of the fuel component in the cost price of the nuclear units production with regards of the difference between the time of the fuel consumption and the energy production. This method gives the opportunity for fuel consumption prognostication, as well as an optimization of both short and long term fueling regimes. This approach permits current update of the economic conditions and the pre-history of the investments. It can be used both for the determination of the fuel component and the full cost price of the energy production in NPPs.(author)

48 CFR 52.249-1 - Termination for Convenience of the Government (Fixed-Price) (Short Form).

Science.gov (United States)

2010-10-01

... Convenience of the Government (Fixed-Price) (Short Form). 52.249-1 Section 52.249-1 Federal Acquisition... CONTRACT CLAUSES Text of Provisions and Clauses 52.249-1 Termination for Convenience of the Government... Convenience of the Government (Fixed-Price) (Short Form) (APR 1984) The Contracting Officer, by written notice...

Audit of long-term and short-term liabilities

Directory of Open Access Journals (Sweden)

Korinko M.D.

2017-03-01

Full Text Available The article determines the importance of long-term and short-term liabilities for the management of financial and material resources of an enterprise. It reviews the aim, objects and information generators for realization of audit of short-term and long-term obligations. The organizing and methodical providing of audit of long-term and short-term liabilities of an enterprise are generalized. The authors distinguish the stages of realization of audit of long-term and short-term liabilities, the aim of audit on each of the presented stages, and recommend methodical techniques. It is fixed that it is necessary to conduct the estimation of the systems of internal control and record-keeping of an enterprise by implementation of public accountant procedures for determination of volume and maintenance of selection realization. After estimating the indicated systems, a public accountant determines the methodology for realization of public accountant verification of long-term and short-term liabilities. The analytical procedures that public accountants are expedient to use for realization of audit of short-term and long-term obligations are determined. The authors suggest the classification of the educed defects on the results of the conducted public accountant verification of short-term and long-term obligations.

Short-term trends in the gas industry - Panorama 2008; Tendances a court terme de l'industrie gaziere - Panorama 2008

Energy Technology Data Exchange (ETDEWEB)

NONE

2008-07-01

In a context of high investment costs and rising energy prices, and recurring unseasonably warm temperatures in recent years, the growth of natural gas demand is slowing. On the supply side, and on the demand side too, new trends are emerging, with potentially powerful impact on the short-and long-term development of the industry.

The Multi-Frequency Correlation Between Eua and sCER Futures Prices: Evidence from the Emd Approach

Science.gov (United States)

Zhang, Yue-Jun; Huang, Yi-Song

2015-05-01

Currently European Union Allowances (EUA) and secondary Certified Emission Reduction (sCER) have become two dominant carbon trading assets for investors and their linkage attracts much attention from academia and practitioners in recent years. Under this circumstance, we use the empirical mode decomposition (EMD) approach to decompose the two carbon futures contract prices and discuss their correlation from the multi-frequency perspective. The empirical results indicate that, first, the EUA and sCER futures price movements can be divided into those triggered by the long-term, medium-term and short-term market impacts. Second, the price movements in the EUA and sCER futures markets are primarily caused by the long-term impact, while the short-term impact can only explain a small fraction. Finally, the long-term (short-term) effect on EUA prices is statistically uncorrelated with the short-term (long-term) effect of sCER prices, and there is a medium or strong lead-and-lag correlation between the EUA and sCER price components with the same time scales. These results may provide some important insights of price forecast and arbitraging activities for carbon futures market investors, analysts and regulators.

Crowdsourcing healthcare costs: Opportunities and challenges for patient centered price transparency.

Science.gov (United States)

Meisel, Zachary F; VonHoltz, Lauren A Houdek; Merchant, Raina M

2016-03-01

Efforts to improve health care price transparency have garnered significant attention from patients, policy makers, and health insurers. In response to increasing consumer demand, state governments, insurance plans, and health care providers are reporting health care prices. However, such data often do not provide consumers with the most salient information: their own actual out-of-pocket cost for medical care. Although untested, crowdsourcing, a mechanism for the public to help answer complex questions, represents a potential solution to the problem of opaque hospital costs. This article explores, the challenges and potential opportunities for crowdsourcing out-of-pocket costs for healthcare consumers. Copyright © 2015 Elsevier Inc. All rights reserved.

Food Prices and Climate Extremes: A Model of Global Grain Price Variability with Storage

Science.gov (United States)

Otto, C.; Schewe, J.; Frieler, K.

2015-12-01

Extreme climate events such as droughts, floods, or heat waves affect agricultural production in major cropping regions and therefore impact the world market prices of staple crops. In the last decade, crop prices exhibited two very prominent price peaks in 2007-2008 and 2010-2011, threatening food security especially for poorer countries that are net importers of grain. There is evidence that these spikes in grain prices were at least partly triggered by actual supply shortages and the expectation of bad harvests. However, the response of the market to supply shocks is nonlinear and depends on complex and interlinked processes such as warehousing, speculation, and trade policies. Quantifying the contributions of such different factors to short-term price variability remains difficult, not least because many existing models ignore the role of storage which becomes important on short timescales. This in turn impedes the assessment of future climate change impacts on food prices. Here, we present a simple model of annual world grain prices that integrates grain stocks into the supply and demand functions. This firstly allows us to model explicitly the effect of storage strategies on world market price, and thus, for the first time, to quantify the potential contribution of trade policies to price variability in a simple global framework. Driven only by reported production and by long--term demand trends of the past ca. 40 years, the model reproduces observed variations in both the global storage volume and price of wheat. We demonstrate how recent price peaks can be reproduced by accounting for documented changes in storage strategies and trade policies, contrasting and complementing previous explanations based on different mechanisms such as speculation. Secondly, we show how the integration of storage allows long-term projections of grain price variability under climate change, based on existing crop yield scenarios.

Opportunities for electricity storage in deregulating markets

International Nuclear Information System (INIS)

Graves, F.; Jenkin, T.; Murphy, D.

1999-01-01

This article addresses the value of electricity storage and its ability to take advantage of emerging energy arbitrage opportunities: buying power when it is inexpensive, and reselling it at a higher price. The focus of this article is on electricity markets and the opportunities they present for a merchant storage device, rather than on storage technologies themselves. There are a number of existing and emerging storage technologies: pumped hydro, various batteries, compressed air energy storage (CAES), superconducting magnetic energy storage (SMES), flywheels--even conventional hydro has storage-like properties. However, all these technologies operated on the same basic principle of exploiting short-term differentials in electricity prices: buy low, sell high (a strategy that is actually meaningful in electricity markets, unlike in financial markets). The object of this article is to develop and demonstrate a means for assessing the potential value of storage in different electricity markets, rather than to attempt to assess the prospects of a particular technology. The approach taken here is to look at price data from a number of actual electricity markets to determine what opportunities they might offer to a generic storage device. A storage technology is described here by its basic performance parameters--charge and generate capacity, energy inventory limits, and efficiency--which are sufficient to assess the basic economic potential of storage in a given market. The authors look primarily at US markets, but also compare and contrast findings with the situation in foreign markets in the U.K., Norway, Canada, and Australia, and discuss how market structure can influence the value of storage. Moreover, the authors use empirically observed relationships between hourly and 5 x 16 blocked prices to infer a rule for adjusting the value of storage assets in regions where only blocked price information is available

North American demand and supply dynamics - implications for pricing

International Nuclear Information System (INIS)

George, R.

1998-01-01

Key issues regarding the natural gas industry and the long-term outlook for North American supply and demand for natural gas were discussed. The North American market was characterized as not a mature market, meaning that demand will continue to increase in the coming years. It was confidently predicted that supplies will be available for development at reasonable costs. However, real prices will slowly increase over time. Short-term fundamentals, expectations and pricing outlook were also discussed. The influence of upstream activity levels, the health of the economy, weather and storage were all identified as factors that will impact on short-term price expectations. According to this author a minor increase in price may be expected during the winter of 1998/1999. tabs., figs

Modeling Long-term Behavior of Stock Market Prices Using Differential Equations

Science.gov (United States)

Yang, Xiaoxiang; Zhao, Conan; Mazilu, Irina

2015-03-01

Due to incomplete information available in the market and uncertainties associated with the price determination process, the stock prices fluctuate randomly during a short period of time. In the long run, however, certain economic factors, such as the interest rate, the inflation rate, and the company's revenue growth rate, will cause a gradual shift in the stock price. Thus, in this paper, a differential equation model has been constructed in order to study the effects of these factors on the stock prices. The model obtained accurately describes the general trends in the AAPL and XOM stock price changes over the last ten years.

A meta-analysis on the price elasticity of energy demand

International Nuclear Information System (INIS)

Labandeira, Xavier; Labeaga, José M.; López-Otero, Xiral

2017-01-01

Price elasticities of energy demand have become increasingly relevant in estimating the socio-economic and environmental effects of energy policies or other events that influence the price of energy goods. Since the 1970s, a large number of academic papers have provided both short and long-term price elasticity estimates for different countries using several models, data and estimation techniques. Yet the literature offers a rather wide range of estimates for the price elasticities of demand for energy. This paper quantitatively summarizes the recent, but sizeable, empirical evidence to facilitate a sounder economic assessment of (in some cases policy-related) energy price changes. It uses meta-analysis to identify the main factors affecting short and long term elasticity results for energy, in general, as well as for specific products, i.e., electricity, natural gas, gasoline, diesel and heating oil. - Highlights: • An updated and wider meta-analysis on price elasticities of energy demand. • Energy goods are shown to be price inelastic both in the short and long-term. • Results are relevant for a proper design and implementation of energy policies. • Our results refer to energy, as a whole, and specific energy goods.

Do Annual Stock Price Effects of Extreme Cash Dividend Pay-Out Events Differ from Their Short Term Effects?

NARCIS (Netherlands)

von Eije, Johan; Muckley, Cal

2015-01-01

In this paper, we assess the long-term stock price impact of 1327 cash dividend payment initiations and 1156 cash dividend payment omissions of firms listed on the NYSE and the NASDAQ, from 1972 to 2012. In particular we compare the annual returns of dividend initiating and omitting firms and firms

Predicting short term (1 week to 6 months) fuel prices using EIA data

International Nuclear Information System (INIS)

Felts, M.C.

1992-01-01

Events in the oil market from August 1990 to February 1991 provide an excellent case study for understanding the relationship of oil inventories, product inventories, refinery utilization rates and the prices of crude oil and products. This paper presents a basic overview of how the system works and demonstrates how anyone can predict what will happen next using EIA weekly data. The system of analysis require only that one think logically about the factors involved. The system never fails because it is based on certain conditions which do not change, such as the limited capacity of refineries, storage and transportation facilities. As one becomes familiar with the general theory behind this type of analysis, it is possible to accurately predict the behavior of gasoline and diesel prices in separate areas of the US. Because the US is the primary user of crude oil, conditions in the US refining market also significantly influence the price of crude oil. These price fluctuations can also be anticipated by watching the EIA data

Modelling short and long-term risks in power markets: Empirical evidence from Nord Pool

International Nuclear Information System (INIS)

Nomikos, Nikos K.; Soldatos, Orestes A.

2010-01-01

In this paper we propose a three-factor spike model that accounts for different speeds of mean reversion between normal and spiky shocks in the Scandinavian power market. In this model both short and long-run factors are unobservable and are hence estimated as latent variables using the Kalman filter. The proposed model has several advantages. First, it seems to capture in a parsimonious way the most important risks that practitioners face in the market, such as spike risk, short-term risk and long-term risk. Second, it explains the seasonal risk premium observed in the market and improves the fit between theoretical and observed forward prices, particularly for long-dated forward contracts. Finally, closed-form solutions for forward contracts, derived from the model, are consistent with the fact that the correlation between contracts of different maturities is imperfect. The resulting model is very promising, providing a very useful policy analysis and financial engineering tool to market participants for risk management and derivative pricing particularly for long-dated contracts.

Short-term optimal wind power generation capacity in liberalized electricity markets

International Nuclear Information System (INIS)

Olsina, Fernando; Roescher, Mark; Larisson, Carlos; Garces, Francisco

2007-01-01

Mainly because of environmental concerns and fuel price uncertainties, considerable amounts of wind-based generation capacity are being added to some deregulated power systems. The rapid wind development registered in some countries has essentially been driven by strong subsidizing programs. Since wind investments are commonly isolated from market signals, installed wind capacity can be higher than optimal, leading to distortions of the power prices with a consequent loss of social welfare. In this work, the influence of wind generation on power prices in the framework of a liberalized electricity market has been assessed by means of stochastic simulation techniques. The developed methodology allows investigating the maximal wind capacity that would be profitably deployed if wind investments were subject to market conditions only. For this purpose, stochastic variables determining power prices are accurately modeled. A test system resembling the size and characteristics of the German power system has been selected for this study. The expected value of the optimal, short-term wind capacity is evaluated for a considerable number of random realizations of power prices. The impact of dispersing the wind capacity over statistical independent wind sites has also been evaluated. The simulation results reveal that fuel prices, installation and financing costs of wind investments are very influential parameters on the maximal wind capacity that might be accommodated in a market-based manner

An Electricity Price Forecasting Model by Hybrid Structured Deep Neural Networks

Directory of Open Access Journals (Sweden)

Ping-Huan Kuo

2018-04-01

Full Text Available Electricity price is a key influencer in the electricity market. Electricity market trades by each participant are based on electricity price. The electricity price adjusted with the change in supply and demand relationship can reflect the real value of electricity in the transaction process. However, for the power generating party, bidding strategy determines the level of profit, and the accurate prediction of electricity price could make it possible to determine a more accurate bidding price. This cannot only reduce transaction risk, but also seize opportunities in the electricity market. In order to effectively estimate electricity price, this paper proposes an electricity price forecasting system based on the combination of 2 deep neural networks, the Convolutional Neural Network (CNN and the Long Short Term Memory (LSTM. In order to compare the overall performance of each algorithm, the Mean Absolute Error (MAE and Root-Mean-Square error (RMSE evaluating measures were applied in the experiments of this paper. Experiment results show that compared with other traditional machine learning methods, the prediction performance of the estimating model proposed in this paper is proven to be the best. By combining the CNN and LSTM models, the feasibility and practicality of electricity price prediction is also confirmed in this paper.

Energy price risk management

International Nuclear Information System (INIS)

Evans, J.W.G.

1998-01-01

While long term, fixed price contracts for fuel procurement and export of excess power may lock in the economics of a CHP plant, these do not necessarily give the best pricing opportunities that may exist during the life of those contracts. A more prudent approach may be to vary the length of the contracts and markets are now developing in gas and electricity to assist in the management of such a portfolio. (Author)

Pricing, hedging and risk management : practical tips for natural gas buyers and sellers

International Nuclear Information System (INIS)

Shields, D.

1998-01-01

Risk analysis and techniques to manage risk as it pertains to the natural gas industry were discussed. Portfolio allocations for long-term, short-term fixed price and variable price contracts were described. Options were defined as a market instrument offering the benefits of a fixed price purchase or sale without the obligation of incurring financial or opportunity losses if the market goes against the option buyer. Options should be used as a defence strategy to protect portfolios from price risk in times of uncertainty and to take advantage of current floating market conditions without making a full price commitment. Options can also be used as an offensive strategy to make a directional play on the market or on volatility. Options selling was regarded as a much higher risk than options buying. The variables that affect options premiums were: (1) volatility, (2) time to expiration, (3) underlying price versus strike price, and (4) flexibility. Williams Energy's new world class energy trading floor in Tulsa, Oklahoma was also described. Williams is the largest-volume transporter of natural gas in the U.S. with more than 27,000 miles of pipelines. Williams pipelines transport 16 per cent of all the natural gas used in the U.S. and the company is one of the nation's largest natural gas gatherers and processors. tabs., figs

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

International Nuclear Information System (INIS)

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

2014-01-01

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

Short-term Canadian natural gas deliverability 2008-2010 : an energy market assessment

International Nuclear Information System (INIS)

2008-10-01

This document examined the factors that affect gas supply in the short term and presented an outlook for deliverability through 2010. Its primary purpose was to advance public understanding of the short-term gas supply situation in Canada. For the past several years, Canadian natural gas has provided about 25 per cent of combined Canadian and U.S. production. Canadian gas deliverability remained within a narrow range from 2000 to mid-2007 at around 483 million cubic metres and has since begun to decline. About 98 per cent of the Canadian volume comes from the Western Canada Sedimentary Basin (WCSB), with most of the rest coming from Atlantic Canada. Although drilling and development activity in the WCSB has depended on the price of natural gas relative to costs, that price was influenced by uncertainties such as weather-driven market demand, changes in natural gas supply, cost, attractiveness of other basins, availability of imported liquefied natural gas and possible supply disruptions in the Gulf of Mexico. Shale gas and tight gas prospects in the Horn River and Montney plays of northeast British Columbia have attracted considerable interest from Canada's upstream industry. Early stages of shale gas development are also underway in Quebec and the Maritimes. However, the viability of large scale commercial development of shale gas in Canada has yet to be proven. In order to reflect the short-term uncertainty of the North American natural gas market, this report project deliverability under 3 cases that reflect different levels of drilling investment, namely reference case, high case and low case scenarios. 4 tabs., 12 figs

Short-term Canadian natural gas deliverability 2008-2010 : an energy market assessment

Energy Technology Data Exchange (ETDEWEB)

NONE

2008-10-15

This document examined the factors that affect gas supply in the short term and presented an outlook for deliverability through 2010. Its primary purpose was to advance public understanding of the short-term gas supply situation in Canada. For the past several years, Canadian natural gas has provided about 25 per cent of combined Canadian and U.S. production. Canadian gas deliverability remained within a narrow range from 2000 to mid-2007 at around 483 million cubic metres and has since begun to decline. About 98 per cent of the Canadian volume comes from the Western Canada Sedimentary Basin (WCSB), with most of the rest coming from Atlantic Canada. Although drilling and development activity in the WCSB has depended on the price of natural gas relative to costs, that price was influenced by uncertainties such as weather-driven market demand, changes in natural gas supply, cost, attractiveness of other basins, availability of imported liquefied natural gas and possible supply disruptions in the Gulf of Mexico. Shale gas and tight gas prospects in the Horn River and Montney plays of northeast British Columbia have attracted considerable interest from Canada's upstream industry. Early stages of shale gas development are also underway in Quebec and the Maritimes. However, the viability of large scale commercial development of shale gas in Canada has yet to be proven. In order to reflect the short-term uncertainty of the North American natural gas market, this report project deliverability under 3 cases that reflect different levels of drilling investment, namely reference case, high case and low case scenarios. 4 tabs., 12 figs.

Pricing decision model for new and remanufactured short-life cycle products with time-dependent demand

Directory of Open Access Journals (Sweden)

Shu San Gan

2015-12-01

Full Text Available In this study we develop a model that optimizes the price for new and remanufactured short life-cycle products where demands are time-dependent and price sensitive. While there has been very few published works that attempt to model remanufacturing decisions for products with short life cycle, we believe that there are many situations where remanufacturing short life cycle products is rewarding economically as well as environmentally. The system that we model consists of a retailer, a manufacturer, and a collector of used product from the end customers. Two different scenarios are evaluated for the system. The first is the independent situation where each party attempts to maximize his/her own total profit and the second is the joint profit model where we optimize the combined total profit for all three members of the supply chain. Manufacturer acts as the Stackelberg leader in the independently optimized scenario, while in the other the intermediate prices are determined by coordinated pricing policy. The results suggest that (i reducing the price of new products during the decline phase does not give better profit for the whole system, (ii the total profit obtained from optimizing each player is lower than the total profit of the integrated model, and (iii speed of change in demand influences the robustness of the prices as well as the total profit gained.

Petroleum price; Prix du petrole

Energy Technology Data Exchange (ETDEWEB)

Maurice, J

2001-07-01

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

Opportunities in independent gas storage

International Nuclear Information System (INIS)

Daniel, R.

1999-01-01

The range of business opportunities currently available for the midstream oil and gas business were discussed with particular focus on storage opportunities. Alberta Energy Co. (AEC) Ltd.'s two midstream business units include AEC Pipelines and Gas Processing, and AEC Storage and Hub Services. These two businesses provide the company with good investment returns, stable cash flow, and some significant strategic synergies with their exploration and production businesses. In 1988, the AECO C Hub in southeastern Alberta was created as an outgrowth of AEC's gas production operations on the Suffield block, where they had depleted gas reservoirs with high rock quality suitable for high deliverability storage. With the AECO C Hub, AEC was able to offer firm storage contracts of from 1 to 20 years, and to introduce short term interruptible parking and lending services, title exchange, a spot price index for greater price discovery, and an electronic nomination system. AEC is currently completing construction of their second commercial storage facility, the Wild Goose project, in northern California. D ebottlenecking' the Western Canada supply basin should provide additional opportunities for further expansion not only for AEC but also for other midstream service providers. Opportunities are especially available in the areas of new storage facilities to serve location-specific needs, replacement of declining storage capacity, replacement of retiring facilities, technological optimization of existing facilities, more flexible, higher deliverability facilities and commercial optimization of existing facilities. A map of the hubs and market centres of North America are included. 5 figs

The development in energy consumption, price sensitivity and allocation of power; Utviklingen i stroemforbruket, prisfoelsomheten og stroemmarkedet

Energy Technology Data Exchange (ETDEWEB)

Halvorsen, Bente

2012-11-15

This report discusses the development in energy consumption in households, service industries, primary industries and other small industries, both in the short run (hour to hour, day by day) and over a longer period, back to the 1960. The report discusses the main driving forces behind this development, as well as the demand price sensitivity and its role in the allocation of power between customers and over time. The analysis shows that for the short-term fluctuations in consumption from hour to hour, the temperature of the main driver, while price changes have less influence. For the long-term trend, however, changes in relative energy prices are a key driver, along with population and income growth. Even if the short term price sensitivity is low for end-users, it may still have a big influence on the short-term clearance of the market (from hour to hour), as it affects the short term price sensitivity in the spot market. The long-term price elasticities in the retail markets is more important for determining consumption over a time period, and is important in allocating energy resources over time in the spot market, e.g. over the winter months. Empirical analyses show that the Norwegian demand responds to price changes, both in the short term in the spot market and in the longer term in the retail market. It takes a few weeks before the price signals from spot market affects the consumer prise for most end-users, but by then, most of the price signal has been transmitted. It also follows from the analysis that it is important to let prices vary between regions of the market in the event of scarcity, so customers in regions where shortages occur, have the incentive to change their demand. The faster these price signals affect consumer prices, the more efficient the market will be able to handle a tight power situation.(Author)

Short Term Gain, Long Term Pain:Informal Job Search Methods and Post-Displacement Outcomes

OpenAIRE

Green, Colin

2012-01-01

This paper examines the role of informal job search methods on the labour market outcomes of displaced workers. Informal job search methods could alleviate short-term labour market difficulties of displaced workers by providing information on job opportunities, allowing them to signal their productivity and may mitigate wage losses through better post-displacement job matching. However if displacement results from reductions in demand for specific sectors/skills, the use of informal job searc...

Long- and short-run price asymmetries and hysteresis in the Italian gasoline market

International Nuclear Information System (INIS)

Bagnai, Alberto; Mongeau Ospina, Christian Alexander

2015-01-01

Using monthly data from 1994 to 2013 we study the long-run relation of the pre-tax retail prices of gasoline with crude price and the nominal exchange rate. We find a strongly significant long-run relation. We then use the nonlinear ARDL (NARDL) model to assess the asymmetries on both the short- and long-run elasticities, as well as the presence of hysteresis in the pricing behaviour. The estimation results confirm the presence of asymmetry in the long-run elasticities, with significant differences between the crude price and the exchange rate, as well as the presence of hysteresis in the relation between the retail price of gasoline and crude oil price. - Highlights: • The pass-through of crude oil prices and exchange rate into gasoline prices is examined. •We use an extended NARDL model to test for asymmetric reactions and hysteresis. • Asymmetric pricing behaviour features only in the long run. • The sign of the asymmetry differs between exchange rate and crude price changes. • The results are robust to the inclusion of several variables usually related to asymmetry

Price Discovery Function of Index Futures in China: Evidence from Daily Closing Prices

Institute of Scientific and Technical Information of China (English)

SHIQING; XIE; JIAJUN; HUANG

2013-01-01

Price discovery is one of the main functions of stock index futures.Using the daily closing prices of the CSI 300 index and its index futures from April 2010 to April 2012,this paper applies a vector error correction model(VECM)and an impulse response function to conduct an empirical analysis on the price discovery function of index futures in China.This paper has the following four findings:(1)a solid cointegration relationship between the CSI 300 index and its index futures exists in the long run;(2)when prices deviate from the longterm equilibrium,the stock index reverses weakly,while the reversal of index futures is much stronger;(3)the daily lead-lag relationship between the prices of the CSI 300 index and its index futures contracts is not significant in the short run;()shocks from the spot market have a lasting impact upon the futures market,but not vice versa,due to the limited short-term adjustment ability of the spot market.

Predicting Employment Outcomes for Consumers in Community College Short-Term Training Programs

Science.gov (United States)

Flannery, K. Brigid; Benz, Michael R.; Yovanoff, Paul; Kato, Mary McGrath; Lindstrom, Lauren

2011-01-01

Postsecondary education has been linked to improved access to employment opportunities for individuals with and without disabilities. The purpose of this study was to determine factors associated with increased employment outcomes for Vocational Rehabilitation consumers enrolled in community college short term occupational skill training programs.…

Pediatric polytrauma : Short-term and long-term outcomes

NARCIS (Netherlands)

vanderSluis, CK; Kingma, J; Eisma, WH; tenDuis, HJ

Objective: To assess the short-term and long-term outcomes of pediatric polytrauma patients and to analyze the extent to which short-term outcomes can predict long-term outcomes. Materials and Methods: Ail pediatric polytrauma patients (Injury Severity Score of greater than or equal to 16, less than

Gasoline prices and traffic crashes in Alabama, 1999-2009.

Science.gov (United States)

Chi, Guangqing; McClure, Timothy E; Brown, David B

2012-09-01

The price of gasoline has been found to be negatively associated with traffic crashes in a limited number of studies. However, most of the studies have focused either on fatal crashes only or on all crashes but measured over a very short time period. In this study, we examine gasoline price effects on all traffic crashes by demographic groups in the state of Alabama from 1999 to 2009. Using negative binomial regression techniques to examine monthly data from 1999 to 2009 in the state of Alabama, we estimate the effects of changes in gasoline price on changes in automobile crashes. We also examine how these effects differ by age group (16-20, 21-25, 26-30, 31-64, and 65+), gender (male and female), and race/ethnicity (non-Hispanic white, non-Hispanic black, and Hispanic). The results show that gasoline prices have both short-term and long-term effects on reducing total traffic crashes and crashes of each age, gender, and race/ethnicity group (except Hispanic due to data limitations). The short-term and long-term effects are not statistically different for each individual demographic group. Gasoline prices have a stronger effect in reducing crashes involving drivers aged 16 to 20 than crashes involving drivers aged 31 to 64 and 65+ in the short term; the effects, however, are not statistically different across other demographic groups. Although gasoline price increases are not favored, our findings show that gasoline price increases (or decreases) are associated with reductions (or increases) in the incidence of traffic crashes. If gasoline prices had remained at the 1999 level of $1.41 from 1999 to 2009, applying the estimated elasticities would result in a predicted increase in total crashes of 169,492 (or 11.3%) from the actual number of crashes. If decision makers wish to reduce traffic crashes, increasing gasoline taxes is a possible option-however, doing so would increase travel costs and lead to equity concerns. These findings may help to shape transportation

Is there an upward long term trend in Danish real house prices?

DEFF Research Database (Denmark)

Skak, Morten

2012-01-01

In Denmark, like in other countries, there is no agreement on the fundamental long term path of real house prices and the sustainability of the present price level. The paper presents Danish house price indices and discusses the question of quality correction of the indices. Subsequently, factors...... behind the long term trend in real house prices and its sustainability are discussed. The paper finds an annual real growth trend around 1.5 per cent for Danish single family house prices likely for the coming ten years....

Stochastic arbitrage return and its implication for option pricing

Science.gov (United States)

Fedotov, Sergei; Panayides, Stephanos

2005-01-01

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

THE LONG-RUN AND SHORT-RUN EFFECTS OF CRUDE OIL PRICE ON METHANOL MARKET IN IRAN

Directory of Open Access Journals (Sweden)

Akbar Komijani

2013-01-01

Full Text Available Substituting crude oil exports with value-added petrochemical products is one of the main strategies for policy makers in oil-driven economies to isolating the real sectors of economy from oil price volatility. This policy inclination has led to a body of literature in energy economics in recent decades. As a case study, this paper investigates the short-run and long-run relationship between Iran’s oil price and methanol price which is one of the most important non-oil exports of the oil-exporting country. To do so, the weekly data from 18 Jan. 2009 to 18 Sep. 2011 in a VECM framework is applied. The results show that in the long-run, oil price hikes leads to proportional increase in methanol price while in the short-run, this impact is not significant.

The Interval Slope Method for Long-Term Forecasting of Stock Price Trends

Directory of Open Access Journals (Sweden)

Chun-xue Nie

2016-01-01

Full Text Available A stock price is a typical but complex type of time series data. We used the effective prediction of long-term time series data to schedule an investment strategy and obtain higher profit. Due to economic, environmental, and other factors, it is very difficult to obtain a precise long-term stock price prediction. The exponentially segmented pattern (ESP is introduced here and used to predict the fluctuation of different stock data over five future prediction intervals. The new feature of stock pricing during the subinterval, named the interval slope, can characterize fluctuations in stock price over specific periods. The cumulative distribution function (CDF of MSE was compared to those of MMSE-BC and SVR. We concluded that the interval slope developed here can capture more complex dynamics of stock price trends. The mean stock price can then be predicted over specific time intervals relatively accurately, in which multiple mean values over time intervals are used to express the time series in the long term. In this way, the prediction of long-term stock price can be more precise and prevent the development of cumulative errors.

Need and design of short-term auctions in the EU gas markets

International Nuclear Information System (INIS)

Vazquez, Miguel; Hallack, Michelle

2013-01-01

In the EU, gas markets are based on socializing network flexibility services. However, shippers have different preferences on network flexibility, which are not reflected in current allocation models. We propose the introduction of auction mechanisms to allocate network services in the short run. The auction aims to represent simultaneously the diversity of players′ preferences and the trade-offs implied by network constraints. Two sealed-bid auctions are proposed: (a) an auction based on bids for gas, which allocates network services through the minimization of gas price differences; (b) an auction with explicit bids for line-pack, which allows shippers′ valuation of line-pack storage. - Highlights: • EU gas regulation faces serious difficulties in network resource allocation. • We propose two short-term auctions with implicit network allocation. • The difference between the two is the implicit or explicit allocation of line-pack. • The first auction considers line-pack as an instrument to arbitrage gas prices. • The second auction design considers line-pack as a tool to hedge volatility

Pricing Liquidity Risk with Heterogeneous Investment Horizons

NARCIS (Netherlands)

Beber, A.; Driessen, J.; Tuijp, P.F.A.

2012-01-01

We develop a new asset pricing model with stochastic transaction costs and investors with heterogenous horizons. Short-term investors hold only liquid assets in equilibrium. This generates segmentation effects in the pricing of liquid versus illiquid assets. Specifically, the liquidity (risk) premia

Simulation of demand side participation in Spanish short term electricity markets

International Nuclear Information System (INIS)

Valencia-Salazar, I.; Alvarez, C.; Escriva-Escriva, G.; Alcazar-Ortega, M.

2011-01-01

Highlights: → Benefits from customer active participation can be obtained with a proper generation of bids and offers. → Simulation of Spanish customers' participation is shown in daily, intra-daily and balancing markets. → Market efficiency and economics profits arise in balancing markets by using customer load reductions. → Real market prices and real customers' consumptions profiles are used in the simulations. -- Abstract: Demand response resources management is one of the most investigated solutions oriented to improve the efficiency in electricity markets. In this paper, the capability of customers to participate in short term markets is analyzed. An available methodology to analyze the daily and monthly energy consumptions of large customers is used to create energy offers and bids. This allows customers to participate in energy markets in order to buy, as first step, the usual electricity consumption and, additionally, to offer demand reductions in the short term electricity markets. Additionally, this paper shows the customer potential to participate in the Spanish electricity markets.

Long-term associative learning predicts verbal short-term memory performance

OpenAIRE

Jones, Gary; Macken, Bill

2017-01-01

Studies using tests such as digit span and nonword repetition have implicated short-term memory across a range of developmental domains. Such tests ostensibly assess specialized processes for the short-term manipulation and maintenance of information that are often argued to enable long-term learning. However, there is considerable evidence for an influence of long-term linguistic learning on performance in short-term memory tasks that brings into question the role of a specialized short-term...

Near-term oil prices

International Nuclear Information System (INIS)

Lynch, M.C.

2001-01-01

This PowerPoint presentation included 36 slides that described the state of oil prices and how to predict them. Prices are random, stochastic, chaotic, mean-reverting and driven by speculators, oil companies and OPEC. The many factors that enable price forecasting are economic growth, weather, industry behaviour, speculators, OPEC policy choices, Mexico/Russia production policy, non-OPEC supply and the interpretation of the above factors by OPEC, speculators, traders and the petroleum industry. Several graphs were included depicting such things as WTI price forecasts, differentials, oil market change in 2001, inventory levels, and WTI backwardation. The presentation provided some explanations for price uncertainties, price surges and collapses. U.S. GDP growth and the volatility of Iraq's production was also depicted. The author predicted that economic growth will occur and that oil demand will go up. Oil prices will fluctuate as the Middle East will be politically unstable and weather will be a major factor that will influence oil prices. The prices are likely to be more volatile than in the 1986 to 1995 period. 2 tabs., 22 figs

Long-term associative learning predicts verbal short-term memory performance.

Science.gov (United States)

Jones, Gary; Macken, Bill

2018-02-01

Studies using tests such as digit span and nonword repetition have implicated short-term memory across a range of developmental domains. Such tests ostensibly assess specialized processes for the short-term manipulation and maintenance of information that are often argued to enable long-term learning. However, there is considerable evidence for an influence of long-term linguistic learning on performance in short-term memory tasks that brings into question the role of a specialized short-term memory system separate from long-term knowledge. Using natural language corpora, we show experimentally and computationally that performance on three widely used measures of short-term memory (digit span, nonword repetition, and sentence recall) can be predicted from simple associative learning operating on the linguistic environment to which a typical child may have been exposed. The findings support the broad view that short-term verbal memory performance reflects the application of long-term language knowledge to the experimental setting.

Derivative markets, speculation and oil prices

International Nuclear Information System (INIS)

Babusiaux, D.; Lasserre, F.; Pierru, A.

2010-01-01

Recent movements in oil prices have been ascribed by a number of analysts and political leaders not to market fundamentals but to the speculative positions taken by financial investors in derivatives markets. Various economists including Nobel Prize Paul Krugman believe however that the constitution of stocks is a necessary element for speculation, a feature that was not very evident during the sudden price increase in 2008; but these points of view are not entirely incompatible. Various explanations can be put forward, among which the most important is demand inertia. On the very short run, demand price elasticity is significantly lower than that usually calculated for the short term, which can significantly reduce the impact - on stocks - of a temporary price increase provoked by financial investors' behavior. (authors)

Price formation of the salmon aquaculture futures market

DEFF Research Database (Denmark)

Ankamah-Yeboah, Isaac; Nielsen, Max; Nielsen, Rasmus

2017-01-01

This study examines price formation of the internationally traded salmon futures exchange. Analyzing data from 2006 to 2015, the study identifies the co-integration relationship between the spot market price and 1–6-, 9- and 12-month futures contract prices. With exception of the 12-month maturity....... Analysis of the term structure of futures volatilities reveal that the shorter the length of the futures contract, the more volatility there is. This is because salmon prices exhibit short-term cyclical and seasonal patterns like other agricultural commodities. As such, salmon producers will be better off...

A deep learning framework for financial time series using stacked autoencoders and long-short term memory.

Science.gov (United States)

Bao, Wei; Yue, Jun; Rao, Yulei

2017-01-01

The application of deep learning approaches to finance has received a great deal of attention from both investors and researchers. This study presents a novel deep learning framework where wavelet transforms (WT), stacked autoencoders (SAEs) and long-short term memory (LSTM) are combined for stock price forecasting. The SAEs for hierarchically extracted deep features is introduced into stock price forecasting for the first time. The deep learning framework comprises three stages. First, the stock price time series is decomposed by WT to eliminate noise. Second, SAEs is applied to generate deep high-level features for predicting the stock price. Third, high-level denoising features are fed into LSTM to forecast the next day's closing price. Six market indices and their corresponding index futures are chosen to examine the performance of the proposed model. Results show that the proposed model outperforms other similar models in both predictive accuracy and profitability performance.

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.

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.

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)

Crude oil price dynamics: A study on effects of market expectation and strategic supply on price movements

Science.gov (United States)

Jin, Xin

Recent years have seen dramatic fluctuations in crude oil prices. This dissertation attempts to better understand price behavior. The first chapter studies the behavior of crude oil spot and futures prices. Oil prices, particularly spot and short-term futures prices, appear to have switched from I(0) to I(1) in early 2000s. To better understand this apparent change in persistence, a factor model of oil prices is proposed, where the prices are decomposed into long-term and short-term components. The change in the persistence behavior can be explained by changes in the relative volatility of the underlying components. Fitting the model to weekly data on WTI prices, the volatility of the persistent shocks increased substantially relative to other shocks. In addition, the risk premiums in futures prices have changed their signs and become more volatile. The estimated net marginal convenience yield using the model also shows changes in its behavior. These observations suggest that a dramatic fundamental change occurred in the period from 2002 to 2004 in the dynamics of the crude oil market. The second chapter explores the short-run price-inventory dynamics in the presence of different shocks. Classical competitive storage model states that inventory decision considers both current and future market condition, and thus interacts with spot and expected future spot prices. We study competitive storage holding in an equilibrium framework, focusing on the dynamic response of price and inventory to different shocks. We show that news shock generates response profile different from traditional contemporaneous shocks in price and inventory. The model is applied to world crude oil market, where the market expectation is estimated to experience a sharp change in early 2000s, together with a persisting constrained supply relative to demand. The expectation change has limited effect on crude oil spot price though. The world oil market structure has been studied extensively but no

Correlation structures in short-term variabilities of stock indices and exchange rates

Science.gov (United States)

Nakamura, Tomomichi; Small, Michael

2007-09-01

Financial data usually show irregular fluctuations and some trends. We investigate whether there are correlation structures in short-term variabilities (irregular fluctuations) among financial data from the viewpoint of deterministic dynamical systems. Our method is based on the small-shuffle surrogate method. The data we use are daily closing price of Standard & Poor's 500 and the volume, and daily foreign exchange rates, Euro/US Dollar (USD), British Pound/USD and Japanese Yen/USD. We found that these data are not independent.

An Analysis of Short- Term Overreaction to Stock Market News: Iranian Evidence

OpenAIRE

Masoumeh Naderi; Sasan Mekanik

2012-01-01

In Financial markets information is in the form of signs, news and different predictions coming from inside or outside of the company which makes reactions and as a result changes in stock prices. Such as increase and decrease over the limit or long period of times. However, this behavior is non-rational behavior of market which can be a rational response to perceived uncertainty that is understood by investors. We investigate the stock market short –term overreaction. The Aim of this project...

Pricing of alcohol in Canada: A comparison of provincial policies and harm-reduction opportunities.

Science.gov (United States)

Giesbrecht, Norman; Wettlaufer, Ashley; Thomas, Gerald; Stockwell, Tim; Thompson, Kara; April, Nicole; Asbridge, Mark; Cukier, Samantha; Mann, Robert; McAllister, Janet; Murie, Andrew; Pauley, Chris; Plamondon, Laurie; Vallance, Kate

2016-05-01

Alcohol pricing is an effective prevention policy. This paper compares the 10 Canadian provinces on three research-based alcohol pricing policies-minimum pricing, pricing by alcohol content and maintaining prices relative to inflation. The selection of these three policies was based on systematic reviews and seminal research papers. Provincial data for 2012 were obtained from Statistics Canada and relevant provincial ministries, subsequently sent to provincial authorities for verification, and then scored by team members. All provinces, except for Alberta, have minimum prices for at least one beverage type sold in off-premise outlets. All provinces, except for British Columbia and Quebec, have separate (and higher) minimum pricing for on-premise establishments. Regarding pricing on alcohol content, western and central provinces typically scored higher than provinces in Eastern Canada. Generally, minimum prices were lower than the recommended $1.50 per standard drink for off-premise outlets and $3.00 per standard drink in on-premise venues. Seven of 10 provinces scored 60% or higher compared to the ideal on indexing prices to inflation. Prices for a representative basket of alcohol products in Ontario and Quebec have lagged significantly behind inflation since 2006. While examples of evidence-based alcohol pricing policies can be found in every jurisdiction in Canada, significant inter-provincial variation leaves substantial unrealised potential for further reducing alcohol-related harm and costs. This comparative assessment of alcohol price policies provides clear indications of how individual provinces could adjust their pricing policies and practices to improve public health and safety. [Giesbrecht N, Wettlaufer A, Thomas G, Stockwell T, Thompson K, April N, Asbridge M, Cukier S, Mann R, McAllister J, Murie A, Pauley C, Plamondon L, Vallance K. Pricing of alcohol in Canada: A comparison of provincial policies and harm-reduction opportunities. Drug Alcohol Rev

The logic of the primary energy prices evolution

International Nuclear Information System (INIS)

Giraud, P.N.

1992-01-01

This paper deals, very briefly, with the basis factors determining the prices levels of the primary energies and the logic of their evolution both in the short and in the long term. It first gives definitions: of the limits of mineral commodities prices fluctuations and of the long term equilibrium prices. Then, it tries to demonstrate three points: (1) Coal and nuclear electricity prices are driven in the long term only by their own production and environmental costs. Moreover, coal prices fluctuations are surrounded by factors which are basically independent from oil prices. (2) There is no such thing as one single equilibrium price for oil, but several ones, depending on political factors, and among them, on the degree of consensus between the 'Five' of the Gulf (Saudi Arabia, Iran, Irak, Koweit, The Emirates). (3) Natural gas prices are in an intermediate situation, but tend to get closer to the case of coal and nuclear prices. 4 figs

House Price, House Quality and Economic Growth

NARCIS (Netherlands)

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

2010-01-01

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

Photovoltaic (PV) Pricing Trends: Historical, Recent, and Near-Term Projections

Energy Technology Data Exchange (ETDEWEB)

Feldman, D.; Barbose, G.; Margolis, R.; Wiser, R.; Darghouth, N.; Goodrich, A.

2012-11-01

This report helps to clarify the confusion surrounding different estimates of system pricing by distinguishing between past, current, and near-term projected estimates. It also discusses the different methodologies and factors that impact the estimated price of a PV system, such as system size, location, technology, and reporting methods.These factors, including timing, can have a significant impact on system pricing.

Panorama 2011: Short-term trends in the gas industry

International Nuclear Information System (INIS)

Lecarpentier, A.

2011-01-01

2009 was a particularly bad year for the natural gas industry, with demand falling dramatically by 2.8% as a result of the world economic crisis. However, 2010 appears to have been a very positive year for the industry, with a sustained increase in production and trade. Increased economic activity, together with harsh winters and competitive gas prices are the reasons for the markets having rediscovered their buoyancy. Although the economic recovery has shown signs of fragility in OECD countries, global natural gas demand should continue to grow rapidly in the short-term, driven by consumption in developing countries, suggesting that the gas bubble will be reabsorbed faster than expected on the international markets. (author)

Oil price fluctuations and employment in Kern County: A Vector Error Correction approach

International Nuclear Information System (INIS)

Michieka, Nyakundi M.; Gearhart, Richard

2015-01-01

Kern County is one of the country's largest oil producing regions, in which the oil industry employs a significant fraction of the labor force in the county. In this study, the short- and long-run effects of oil price fluctuations on employment in Kern County are investigated using a Vector Error Correction model (VECM). Empirical results over the period 1990:01 to 2015:03 suggest long-run causality running from both WTI and Brent oil prices to employment. No causality is detected in the short-run. Kern County should formulate appropriate policies, which take into account the fact that changes in oil prices have long-term effects on employment rather than short term. - Highlights: • Kern County is California's largest oil producing region. • Historical data has shown increased employment during periods of high oil prices. • We study the short- and long run effects of oil prices on employment in Kern County. • Results suggest long run causality running from WTI and Brent to employment. • No causality is detected in the short run.

Business opportunities

Science.gov (United States)

Los Alamos National Laboratory Search Site submit About Mission Business Newsroom Publications Los : Environmental Documents, Reports LANL Home Calendar Search Contacts Business » Short- and long-term opportunities Business opportunities Setting new standards and developing small business initiatives within NNSA

A deep learning framework for financial time series using stacked autoencoders and long-short term memory

Science.gov (United States)

Bao, Wei; Rao, Yulei

2017-01-01

The application of deep learning approaches to finance has received a great deal of attention from both investors and researchers. This study presents a novel deep learning framework where wavelet transforms (WT), stacked autoencoders (SAEs) and long-short term memory (LSTM) are combined for stock price forecasting. The SAEs for hierarchically extracted deep features is introduced into stock price forecasting for the first time. The deep learning framework comprises three stages. First, the stock price time series is decomposed by WT to eliminate noise. Second, SAEs is applied to generate deep high-level features for predicting the stock price. Third, high-level denoising features are fed into LSTM to forecast the next day’s closing price. Six market indices and their corresponding index futures are chosen to examine the performance of the proposed model. Results show that the proposed model outperforms other similar models in both predictive accuracy and profitability performance. PMID:28708865

A deep learning framework for financial time series using stacked autoencoders and long-short term memory.

Directory of Open Access Journals (Sweden)

Wei Bao

Full Text Available The application of deep learning approaches to finance has received a great deal of attention from both investors and researchers. This study presents a novel deep learning framework where wavelet transforms (WT, stacked autoencoders (SAEs and long-short term memory (LSTM are combined for stock price forecasting. The SAEs for hierarchically extracted deep features is introduced into stock price forecasting for the first time. The deep learning framework comprises three stages. First, the stock price time series is decomposed by WT to eliminate noise. Second, SAEs is applied to generate deep high-level features for predicting the stock price. Third, high-level denoising features are fed into LSTM to forecast the next day's closing price. Six market indices and their corresponding index futures are chosen to examine the performance of the proposed model. Results show that the proposed model outperforms other similar models in both predictive accuracy and profitability performance.

Sentiment and art prices

NARCIS (Netherlands)

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

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

Short and Long-Term Disability and Workers' Compensation Health Care Programs: Management Project at Georgetown University Hospital

National Research Council Canada - National Science Library

Whippen, Thomas

2000-01-01

.... Recent acquisition discussions between Georgetown University medical Center and MedStar provide an opportunity to reengineer the Workers' Compensation and Short and Long-Term Disability Programs...

Price signals in the power market

International Nuclear Information System (INIS)

2000-01-01

Which price signals should be given to the players in the power market to promote a socio-economic power supply in the short term and the long term? In a model with perfect competition, without problems involving delivery quality, and with free scalable capacity in both transmission and production, price signals that reflect marginal losses and shortage of transmission capacity are all that is needed. Stepwise investments create a need for measures that are specific to the situation. Price signals reflecting delivery reliability are probably too weak today. Market power may create a need for greater transmission capacity, but gives no reason for new price signals. Tariffs that reduce installed capacity weakens delivery quality and increases the probability of market power

Short-Term Planning of Hybrid Power System

Science.gov (United States)

Knežević, Goran; Baus, Zoran; Nikolovski, Srete

2016-07-01

In this paper short-term planning algorithm for hybrid power system consist of different types of cascade hydropower plants (run-of-the river, pumped storage, conventional), thermal power plants (coal-fired power plants, combined cycle gas-fired power plants) and wind farms is presented. The optimization process provides a joint bid of the hybrid system, and thus making the operation schedule of hydro and thermal power plants, the operation condition of pumped-storage hydropower plants with the aim of maximizing profits on day ahead market, according to expected hourly electricity prices, the expected local water inflow in certain hydropower plants, and the expected production of electrical energy from the wind farm, taking into account previously contracted bilateral agreement for electricity generation. Optimization process is formulated as hourly-discretized mixed integer linear optimization problem. Optimization model is applied on the case study in order to show general features of the developed model.

Short-term contracts: Descending the career ladder

Science.gov (United States)

Griffin, Elizabeth

2002-12-01

Elizabeth Griffin brings a personal insight to the hurdles that women seeking a scientific career face, arguing that the only gender differences are those of attitude, tradition and style. The policy of employing some but not all academic researchers through short-term contracts is highly divisive, in that it creates a two-tier system not only of opportunities and expectations but also of personal worth and value. Far more women than men are trapped in these career cul-de-sacs, and a seriously large fraction is unable to stay in research until retirement. It is the employment policy that is at fault, not the potential of the researchers or the quality of their research.

Bridging the gap between theory and practice of transmission pricing

International Nuclear Information System (INIS)

Hughes, W.R.; Felak, R.

1996-01-01

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

Mothers with HIP - the short term and long-term impact, what is new?

Science.gov (United States)

Mecacci, Federico; Ottanelli, Serena; Petraglia, Felice

2018-05-03

Hyperglycemia is one of the most common medical conditions that women encounter during pregnancy and it is due to gestational diabetes (GDM) in the majority of cases [1]. GDM is associated with a higher incidence of maternal morbidity in pregnancy in term of hypertensive disorders/preclampsia and higher rate of cesarean delivery but also with long-term risk of type 2 diabetes and cardiovascular disease. Pregnancy can therefore be considered a stress test; diagnosis of HIP can unmask a preexisting susceptibility and consequently a future risk for type 2 diabetes and can be a useful marker of future cardiovascular risk. Postpartum follow up provides an excellent opportunity to implement healthy lifestyle behaviors to prevent or delay the development of diabetes or cardiovascular disease. The aim of the current review is to focus on short and long term maternal morbidity of HIP. Copyright © 2018. Published by Elsevier B.V.

Oil price volatility: An Econometric Analysis of the WTI Market

International Nuclear Information System (INIS)

Hache, Emmanuel; Lantz, Frederic

2011-04-01

The aim of this paper is to study the oil price volatility in West Texas Intermediate (WTI) market in the US. By using statistical and econometric tools, we first attempt to identify the long-term relationship between WTI spot prices and the prices of futures contracts on the New York Mercantile Exchange (NYMEX). Subsequently we model the short-term dynamic between these two prices and this analysis points up several breaks. On this basis, a short term Markov Switching Vectorial Error Correction model (MS-VECM) with two distinct states (standard state and crisis state) has been estimated. Finally we introduce the volumes of transactions observed on the NYMEX for the WTI contracts and we estimate the influence of the non-commercial players. We conclude that the hypothesis of an influence of noncommercial players on the probability for being in the crisis state cannot be rejected. In addition, we show that the rise in liquidity of the first financial contracts, as measured by the volume of open interest, is a key element to understand the dynamics in market prices. (authors)

North American natural gas storage, market and price outlook

International Nuclear Information System (INIS)

George, R.

1999-01-01

A series of overhead viewgraphs accompanied this presentation which dealt with the fundamental factors and short-term considerations that will impact Canadian and U.S. natural gas pricing. The short-term pricing outlook and some transportation issues were also highlighted. The major transportation issues for 1999/2000 are: (1) Nova tolling, (2) incentive tolling and negotiations, (3) decontracting, (4) pipeline project schedules, and (5) land use and environmental considerations. The major supply issues are: (1) impact of oil prices on gas drilling and production, (2) impact of merger and acquisition activity, and (3) land use and environmental considerations. The major demand issues for the same time period are: (1) greenhouse gas emissions, (2) electricity restructuring, and (3) new end-use technologies. 3 tabs., 21 figs

Managerial Incentives and Stock Price Manipulation

OpenAIRE

Peng, Lin; Röell, Ailsa A

2009-01-01

This paper presents a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices, and managers' propensity to manipulate is uncertain. Stock-based incentives elicit not only productive effort, but also costly information manipulation. We analyze the tradeoffs involved in conditioning pay on long- versus short-term performance and characterize a second-best optimal compensation scheme. The paper shows manipu...

Aspects of Price Discrimination in the Monopoly

Directory of Open Access Journals (Sweden)

Catalin Angelo Ioan

2012-06-01

Full Text Available The analysis allowed the determination in general of the consumer’s surplus or of the manufacturer’s surpluss in the case of monopoly and the determination of the allocative inefficiency in relation to the situation of perfect competition. Also, we broached the price discrimination of third order, analyzing, in terms of goods elasticities, the opportunity to separate prices in the conditions of differences existing between groups of firms.

Aspects of Price Discrimination in the Monopoly

OpenAIRE

Catalin Angelo Ioan; Gina Ioan

2012-01-01

The analysis allowed the determination in general of the consumer’s surplus or of the manufacturer’s surpluss in the case of monopoly and the determination of the allocative inefficiency in relation to the situation of perfect competition. Also, we broached the price discrimination of third order, analyzing, in terms of goods elasticities, the opportunity to separate prices in the conditions of differences existing between groups of firms.

The valuation of equity warrants under the fractional Vasicek process of the short-term interest rate

Science.gov (United States)

Xiao, Weilin; Zhang, Weiguo; Zhang, Xili; Chen, Xiaoyan

2014-01-01

Motivated by the empirical evidence of long range dependence in short-term interest rates and considering the long maturities of equity warrants, we propose the fractional Vasicek model to describe the dynamics of the short rate in the pricing environment of equity warrants. Using the partial differential equation approach, we present a valuation model for equity warrants under the assumption that the short rate follows the fractional Vasicek process. After identifying the pricing model for equity warrants, we provide the parameter estimation procedure for the proposed pricing model. Since obtaining the values of equity warrants from the proposed model needs to solve a nonlinear equation, we employ a hybrid intelligent algorithm to get around this optimization problem. Furthermore, to illustrate the practicality of our proposed model, we conduct an empirical study to ascertain the performance of our proposed model using the data from China’s warrant market and the China Foreign Exchange Trade System. The comparison of traditional models (such as the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model) with our proposed model is also presented. The empirical results show that the mean absolute percentage error of our pricing model is 10.30%. By contrast, the Black-Scholes model, the Noreen-Wolfson model, the Lauterbach-Schultz model, and the Ukhov model applied to the same warrant produce mean absolute errors of 35.26%, 37.67%, 33.40%, 32.81%, respectively. Thus the long memory property in stochastic interest rates cannot be ignored in determining the valuation of equity warrants.

Core Indicators of Japan's Consumer Price Index

OpenAIRE

Shigenori Shiratsuka

2006-01-01

The primary objective of the Bank of Japan (BOJ) in conducting monetary policy is to promote sustainable growth by achieving price stability. The price stability that needs to be achieved is regarded as not just short-term and temporary, but sustainable in the medium to long term, which is the common understanding among major central banks. To fulfill this mandate, the BOJ is required to identify the underlying trend of inflation by excluding various idiosyncratic disturbances from measured p...

Complexities of short-term mobility for sex work and migration among sex workers: violence and sexual risks, barriers to care, and enhanced social and economic opportunities.

Science.gov (United States)

Goldenberg, Shira M; Chettiar, Jill; Nguyen, Paul; Dobrer, Sabina; Montaner, Julio; Shannon, Kate

2014-08-01

Despite research on the health and safety of mobile and migrant populations in the formal and informal sectors globally, limited information is available regarding the working conditions, health, and safety of sex workers who engage in short-term mobility and migration. The objective of this study was to longitudinally examine work environment, health, and safety experiences linked to short-term mobility/migration (i.e., worked or lived in another city, province, or country) among sex workers in Vancouver, Canada, over a 2.5-year study period (2010-2012). We examined longitudinal correlates of short-term mobility/migration (i.e., worked or lived in another city, province, or country over the 3-year follow-up period) among 646 street and off-street sex workers in a longitudinal community-based study (AESHA). Of 646 sex workers, 10.84 % (n = 70) worked or lived in another city, province, or country during the study. In a multivariate generalized estimating equations (GEE) model, short-term mobility/migration was independently correlated with older age (adjusted odds ratio (AOR) 0.95, 95 % confidence interval (CI) 0.92-0.98), soliciting clients in indoor (in-call) establishments (AOR 2.25, 95 % CI 1.27-3.96), intimate partner condom refusal (AOR 3.00, 1.02-8.84), and barriers to health care (AOR 1.77, 95 % CI 1.08-2.89). In a second multivariate GEE model, short-term mobility for sex work (i.e., worked in another city, province, or country) was correlated with client physical/sexual violence (AOR 1.92, 95 % CI 1.02-3.61). In this study, mobile/migrant sex workers were more likely to be younger, work in indoor sex work establishments, and earn higher income, suggesting that short-term mobility for sex work and migration increase social and economic opportunities. However, mobility and migration also correlated with reduced control over sexual negotiation with intimate partners and reduced health care access, and mobility for sex work was associated with

Do Canadian electricity prices reflect costs?

International Nuclear Information System (INIS)

Jaccard, M.

1993-01-01

In an article by Cairns and Heyes (1993), it is argued that electricity pricing in Canada diverges from cost due to inter-class rate design that results in cross-subsidies, subsidized cost of capital, intra-class rate design that lacks time-of-use pricing, and failure to collect differential rent. Some problems with the key components of the initial assumption that prices diverge from cost are examined. The premise that inter-class rate design results in cross-subsidies may be correct, but is difficult to test since unregulated crown utilities are not required to make the necessary information public. Cairns and Heyes are on firmer ground in their assertion that provincial government backing of utility debts leads to lower costs of capital than would otherwise occur. Quebec and British Columbia governments have recently undertaken revenue collection initiatives justified under the rationale of addressing this situation. However, there are problems with the assumption that lack of time-of-use pricing indicates cost/price divergence, since such pricing is especially relevant in capacity-critical systems. Most hydroelectric systems are energy-critical and time-of-use differentials are not appropriate. Finally, recent evidence suggests reassessing the differential rent assumptions of the 1980s. The economic rents estimated in that period may be more accurately described as windfall rents existing in the short term while markets adjust to erratic fuel prices and cost changes in nuclear and hydro energy. There may be good economic efficiency arguments against short-term rent collection strategies involving erratic price adjustments. 1 ref

New Price, New Hope? An Examination of the Effects of Doubling the Ticket Price in UK Lotto.

Science.gov (United States)

Forrest, David; Gulley, O David

2018-03-01

The UK Lotto game was introduced in November 1994 with a standard 6/49 format and an entry fee of £1 per ticket. After several years, revenue began to fall despite extensive publicity and a variety of inducements. By 2013, nominal weekly revenue was less than half the 1995 level. In October 2013, the operator doubled the price of a ticket to £2 and made a number of changes to the pay-out structure of smaller prizes. The intent of the changes was to reverse the long downward trend in game revenue by encouraging higher jackpots and offering more pay-out opportunities for each ticket. We use draw by draw revenue and other data to evaluate how players responded to these changes and find that, while ticket sales fell dramatically, total revenue rose following the changes. Primarily this appears to have been the consequence of increased frequency of rollovers (and therefore of more frequent high jackpot draws) rather than ticket price inelasticity. However, although there was a short-term gain in revenue, the changes did not arrest, and indeed seem to have accentuated, the long-run trend decrease in the revenue generated by the game.

Effect of Price Determinants on World Cocoa Prices for Over the Last Three Decades: Error Correction Model (ECM Approach

Directory of Open Access Journals (Sweden)

Lya Aklimawati

2013-12-01

Full Text Available High  volatility  cocoa  price  movement  is  consequenced  by  imbalancing between power demand and power supply in commodity market. World economy expectation and market  liberalization would lead to instability on cocoa prices in  the  international  commerce.  Dynamic  prices  moving  erratically  influence the benefit  of market players, particularly  producers. The aim of this research is  (1  to  estimate  the  empirical  cocoa  prices  model  for  responding  market dynamics and (2 analyze short-term and long-term effect of price determinants variables  on cocoa prices.  This research  was  carried out by  analyzing  annualdata from 1980 to 2011, based on secondary data. Error correction mechanism (ECM  approach was  used  to  estimate the  econometric  model  of  cocoa  price.The  estimation  results  indicated  that  cocoa  price  was  significantly  affected  by exchange rate IDR-USD, world gross domestic product,  world inflation, worldcocoa production, world cocoa consumption, world cocoa stock and Robusta prices at varied significance level from 1 - 10%. All of these variables have a long run equilibrium relationship. In long run effect, world gross domestic product, world  cocoa  consumption  and  world  cocoa  stock  were  elastic  (E  >1,  while other  variables  were  inelastic  (E  <1.  Variables  that  affecting  cocoa  pricesin  short  run  equilibrium  were  exchange  rate  IDR-USD,  world  gross  domestic product,  world  inflation,  world  cocoa  consumption  and  world  cocoa  stock. The  analysis  results  showed  that  world  gross  domestic  product,  world  cocoa consumption  and  world  cocoa  stock  were  elastic  (E  >1  to  cocoa  prices  in short-term.  Whereas,  the  response  of  cocoa  prices  was  inelastic  to  change  of exchange rate IDR-USD and world inflation.Key words: Price

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

Science.gov (United States)

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

2018-01-01

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

What are the differences between long-term, short-term, and working memory?

Science.gov (United States)

Cowan, Nelson

2008-01-01

In the recent literature there has been considerable confusion about the three types of memory: long-term, short-term, and working memory. This chapter strives to reduce that confusion and makes up-to-date assessments of these types of memory. Long- and short-term memory could differ in two fundamental ways, with only short-term memory demonstrating (1) temporal decay and (2) chunk capacity limits. Both properties of short-term memory are still controversial but the current literature is rather encouraging regarding the existence of both decay and capacity limits. Working memory has been conceived and defined in three different, slightly discrepant ways: as short-term memory applied to cognitive tasks, as a multi-component system that holds and manipulates information in short-term memory, and as the use of attention to manage short-term memory. Regardless of the definition, there are some measures of memory in the short term that seem routine and do not correlate well with cognitive aptitudes and other measures (those usually identified with the term "working memory") that seem more attention demanding and do correlate well with these aptitudes. The evidence is evaluated and placed within a theoretical framework depicted in Fig. 1.

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

Directory of Open Access Journals (Sweden)

Gao Lu Zou

2015-04-01

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

Twitter as driver of stock price

OpenAIRE

Jubbega, Annika

2012-01-01

The goal of this research is to examine the dynamic relationship of Twitter and stock price, by examining the effects for the ten most valuable brands according Interbrand (2010): Coca-Cola, IBM, Microsoft, Google, McDonald’s, Intel, Nokia, Disney, Toyota and Cisco. A VAR modelling approach captures the short and long term effects of Twitter to stock price and stock price to Twitter. Effects were found for 5 of the 10 brand. For Coca-Cola and Toyota, the number of brand sentiment tweets dri...

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

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Firm-fixed-price, level-of-effort term contracts. 616.207 Section 616.207 Federal Acquisition Regulations System DEPARTMENT OF STATE CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 616.207 Firm-fixed-price...

Is the price effect on fuel consumption symmetric? some evidence from an empirical study

International Nuclear Information System (INIS)

Sentenac Chemin, E.

2009-04-01

We generally consider that the price elasticity of the energy demand is quite small. But it appears that strong increases in gasoline price lead to modifications in consumer behaviours. The high volatility of petroleum prices and thus gasoline prices and the strong increases since the beginning of 2000 justify an analysis of price effects on gasoline consumption. Thus, in this paper, we estimate the effects of price variations on gasoline consumption, in the short and the long-term, in two countries: the United States and India. We use a co-integration modelling to test for long-run relationship between gasoline consumption, income, price and vehicle ownership in the two countries. We use an error correction model to test for short-run prices effects and more precisely for asymmetric effects on demand of increases and decreases in gasoline prices. The main conclusions are the following. - The United States: (1) The long-term price elasticity is relatively high for an industrialised country because gasoline taxes are low (2) Households are more sensitive to a price increase than a price decrease. - India: (1) Price elasticity in the long-run is quite high but is quite small in the short run. It is not surprising for an emergent country (2) It seems that there is no asymmetric effect of price variations on gasoline consumption. (author)

Electricity pricing: optimal operation and investment by industrial consumers

Energy Technology Data Exchange (ETDEWEB)

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

1988-08-01

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

Considering extraction constraints in long-term oil price modelling

Energy Technology Data Exchange (ETDEWEB)

Rehrl, Tobias; Friedrich, Rainer; Voss, Alfred

2005-12-15

Apart from divergence about the remaining global oil resources, the peak oil discussion can be reduced to a dispute about the time rate at which these resources can be supplied. On the one hand it is problematic to project oil supply trends without taking both - prices as well as supply costs - explicitly into account. On the other hand are supply cost estimates however itself heavily dependent on the underlying extraction rates and are actually only valid within a certain business-as-usual extraction rate scenario (which itself is the task to determine). In fact, even after having applied enhanced recovery technologies, the rate at which an oil field can be exploited is quite restricted. Above a certain level an additional extraction rate increase can only be costly achieved at risks of losses in the overall recoverable amounts of the oil reservoir and causes much higher marginal cost. This inflexibility in extraction can be overcome in principle by the access to new oil fields. This indicates why the discovery trend may roughly form the long-term oil production curve, at least for price-taking suppliers. The long term oil discovery trend itself can be described as a logistic process with the two opposed effects of learning and depletion. This leads to the well-known Hubbert curve. Several attempts have been made to incorporate economic variables econometrically into the Hubbert model. With this work we follow a somewhat inverse approach and integrate Hubbert curves in our Long-term Oil Price and EXtraction model LOPEX. In LOPEX we assume that non-OPEC oil production - as long as the oil can be profitably discovered and extracted - is restricted to follow self-regulative discovery trends described by Hubbert curves. Non-OPEC production in LOPEX therefore consists of those Hubbert cycles that are profitable, depending on supply cost and price. Endogenous and exogenous technical progress is extra integrated in different ways. LOPEX determines extraction and price

Considering extraction constraints in long-term oil price modelling

International Nuclear Information System (INIS)

Rehrl, Tobias; Friedrich, Rainer; Voss, Alfred

2005-01-01

Apart from divergence about the remaining global oil resources, the peak oil discussion can be reduced to a dispute about the time rate at which these resources can be supplied. On the one hand it is problematic to project oil supply trends without taking both - prices as well as supply costs - explicitly into account. On the other hand are supply cost estimates however itself heavily dependent on the underlying extraction rates and are actually only valid within a certain business-as-usual extraction rate scenario (which itself is the task to determine). In fact, even after having applied enhanced recovery technologies, the rate at which an oil field can be exploited is quite restricted. Above a certain level an additional extraction rate increase can only be costly achieved at risks of losses in the overall recoverable amounts of the oil reservoir and causes much higher marginal cost. This inflexibility in extraction can be overcome in principle by the access to new oil fields. This indicates why the discovery trend may roughly form the long-term oil production curve, at least for price-taking suppliers. The long term oil discovery trend itself can be described as a logistic process with the two opposed effects of learning and depletion. This leads to the well-known Hubbert curve. Several attempts have been made to incorporate economic variables econometrically into the Hubbert model. With this work we follow a somewhat inverse approach and integrate Hubbert curves in our Long-term Oil Price and EXtraction model LOPEX. In LOPEX we assume that non-OPEC oil production - as long as the oil can be profitably discovered and extracted - is restricted to follow self-regulative discovery trends described by Hubbert curves. Non-OPEC production in LOPEX therefore consists of those Hubbert cycles that are profitable, depending on supply cost and price. Endogenous and exogenous technical progress is extra integrated in different ways. LOPEX determines extraction and price

The Demonstration of Short-Term Consolidation.

Science.gov (United States)

Jolicoeur, Pierre; Dell'Acqua, Roberto

1998-01-01

Results of seven experiments involving 112 college students or staff using a dual-task approach provide evidence that encoding information into short-term memory involves a distinct process termed short-term consolidation (STC). Results suggest that STC has limited capacity and that it requires central processing mechanisms. (SLD)

Natural Gas Year 2014 and Short-Term Outlook First Estimates

International Nuclear Information System (INIS)

Hureau, Geoffroy; Lecarpentier, Armelle

2015-01-01

CEDIGAZ first estimates confirm the slowdown in the growth of gas supply seen in the past two years. CEDIGAZ expects a moderate 1.1% growth, on a par with the previous year. Net slowdown in China's gas demand growth (+ 8% in 2014, versus 16%/y over 2008-13). European natural gas consumption decline worsened (- 10%), largely due to mild weather. Strong decline in CIS' gas production and consumption amidst the Ukraine conflict. Surging US production (+ 5.7%), driven by shale gas. Significant decline in international pipeline trade (- 4.8%): Russian gas exports at the lowest in decade: -13% (- 9.7% to Europe, - 24% to the CIS); US net pipeline imports down 5% (effect of shale gas). 2014 showed a turnaround on the LNG market, after four years of market tightening: Additional LNG supply in Asia, combined with weather-related weak demand. Dramatic reduction of both European and Asian spot LNG prices in this context. Positive developments of US LNG projects (Cameron, Cove Point, Freeport all took FID...), which will likely delay other competing LNG projects (Russia, Canada, East Africa). In the short term, global gas demand growth is likely to remain moderate. The European market will continue to suffer from strong competition with coal and renewables + slowdown in Chinese gas demand growth. Uncertainties on the future evolution of the well-supplied LNG market and international prices until 2020 (demand in price-sensitive emerging markets...). Increasing pressure to cut subsidies in emerging markets in order to increase supply for a more viable development of natural gas in the long term. Recent structural and not temporary factors which could affect long term gas demand growth, such as the competition with other energy fuels (coal). Energy policies and general environmental regulations will thus be critical factors influencing natural gas demand (China). The Asian market will keep a major influence on the global LNG market

Environmental prices in the long term; Miljoepriser paa lang sikt

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-12-31

Economic analyses may undervalue important long-time environmental impacts of economic activities if the calculated price of the impacts are wrong. This report discusses how one may estimate the future calculated price of some environmental services. The term environmental service denotes something the presence or absence of which has an impact on the environment that can be valued. Thus, puffins, NOx emissions and suspended dust are all environmental services. The calculated price of an environmental service is the price used in socio-economic benefit-cost analyses. A calculation method is proposed and evaluated by application to such diverse environmental services as the stock of puffins, impregnated wood, NOx emissions and suspended dust. None of these services are priced in the market. The proposed method can be used to estimate the future prices of environmental services that are not priced in the market. The most important difficulties experienced with the method have been (1) how to find data for the increase in the supply of environmental services and (2) how to define environmental services in a satisfactory way. 29 refs., 5 figs., 6 tabs.

Short-term energy outlook, October 1998. Quarterly projections, 1998 4. quarter

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-10-01

The Energy Information Administration (EIA) prepares The Short-Term Energy Outlook (energy supply, demand, and price projections) monthly for distribution on the Internet at: www.eia.doe.gov/emeu/steo/pub/contents.html. In addition, printed versions of the report are available to subscribers in January, April, July and October. The forecast period for this issue of the Outlook extends from October 1998 through December 1999. Values for third quarter of 1998 data, however, are preliminary EIA estimates (for example, some monthly values for petroleum supply and disposition are derived in part from weekly data reported in EIA`s Weekly Petroleum Status Report) or are calculated from model simulations that use the latest exogenous information available (for example, electricity sales and generation are simulated by using actual weather data). The historical energy data, compiled in the October 1998 version of the Short-term Integrated Forecasting System (STIFS) database, are mostly EIA data regularly published in the Monthly Energy Review, Petroleum Supply Monthly, and other EIA publications. Minor discrepancies between the data in these publications and the historical data in this Outlook are due to independent rounding.

THE PRICE ON THE ORGANIC PRODUCT MARKET

Directory of Open Access Journals (Sweden)

ATĂNĂSOAIE GEORGE SEBASTIAN

2013-08-01

Full Text Available The main objective of this paper is to present prices on PAE market (PAE- organic foods market. Prices areanalyzed in terms of importance and the main factors that contribute to their establishment (quality of products,distribution channels, certification and eco-labeling system, customer segments and market development stage.The paper shows that are used three strategic options of prices: prices with high rigidity located in a low or highlevel and fluctuating prices, characterized by variations on short periods of time. Price is a very importantbarrier to market development but this importance can be mitigated through appropriate communicationpolicies with the market, which are essential especially for markets in early stages of development

Modelling and Forecasting Stock Price Movements with Serially Dependent Determinants

Directory of Open Access Journals (Sweden)

Rasika Yatigammana

2018-05-01

Full Text Available The direction of price movements are analysed under an ordered probit framework, recognising the importance of accounting for discreteness in price changes. By extending the work of Hausman et al. (1972 and Yang and Parwada (2012,This paper focuses on improving the forecast performance of the model while infusing a more practical perspective by enhancing flexibility. This is achieved by extending the existing framework to generate short term multi period ahead forecasts for better decision making, whilst considering the serial dependence structure. This approach enhances the flexibility and adaptability of the model to future price changes, particularly targeting risk minimisation. Empirical evidence is provided, based on seven stocks listed on the Australian Securities Exchange (ASX. The prediction success varies between 78 and 91 per cent for in-sample and out-of-sample forecasts for both the short term and long term.

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

Energy Technology Data Exchange (ETDEWEB)

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

2009-07-15

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

What are the differences between long-term, short-term, and working memory?

OpenAIRE

Cowan, Nelson

2008-01-01

In the recent literature there has been considerable confusion about the three types of memory: long-term, short-term, and working memory. This chapter strives to reduce that confusion and makes up-to-date assessments of these types of memory. Long- and short-term memory could differ in two fundamental ways, with only short-term memory demonstrating (1) temporal decay and (2) chunk capacity limits. Both properties of short-term memory are still controversial but the current literature is rath...

Short-term memory across eye blinks.

Science.gov (United States)

Irwin, David E

2014-01-01

The effect of eye blinks on short-term memory was examined in two experiments. On each trial, participants viewed an initial display of coloured, oriented lines, then after a retention interval they viewed a test display that was either identical or different by one feature. Participants kept their eyes open throughout the retention interval on some blocks of trials, whereas on others they made a single eye blink. Accuracy was measured as a function of the number of items in the display to determine the capacity of short-term memory on blink and no-blink trials. In separate blocks of trials participants were instructed to remember colour only, orientation only, or both colour and orientation. Eye blinks reduced short-term memory capacity by approximately 0.6-0.8 items for both feature and conjunction stimuli. A third, control, experiment showed that a button press during the retention interval had no effect on short-term memory capacity, indicating that the effect of an eye blink was not due to general motoric dual-task interference. Eye blinks might instead reduce short-term memory capacity by interfering with attention-based rehearsal processes.

Short-term memory and dual task performance

Science.gov (United States)

Regan, J. E.

1982-01-01

Two hypotheses concerning the way in which short-term memory interacts with another task in a dual task situation are considered. It is noted that when two tasks are combined, the activity of controlling and organizing performance on both tasks simultaneously may compete with either task for a resource; this resource may be space in a central mechanism or general processing capacity or it may be some task-specific resource. If a special relationship exists between short-term memory and control, especially if there is an identity relationship between short-term and a central controlling mechanism, then short-term memory performance should show a decrement in a dual task situation. Even if short-term memory does not have any particular identity with a controlling mechanism, but both tasks draw on some common resource or resources, then a tradeoff between the two tasks in allocating resources is possible and could be reflected in performance. The persistent concurrence cost in memory performance in these experiments suggests that short-term memory may have a unique status in the information processing system.

Forecasting electricity market pricing using artificial neural networks

International Nuclear Information System (INIS)

Pao, Hsiao-Tien

2007-01-01

Electricity price forecasting is extremely important for all market players, in particular for generating companies: in the short term, they must set up bids for the spot market; in the medium term, they have to define contract policies; and in the long term, they must define their expansion plans. For forecasting long-term electricity market pricing, in order to avoid excessive round-off and prediction errors, this paper proposes a new artificial neural network (ANN) with single output node structure by using direct forecasting approach. The potentials of ANNs are investigated by employing a rolling cross validation scheme. Out of sample performance evaluated with three criteria across five forecasting horizons shows that the proposed ANNs are a more robust multi-step ahead forecasting method than autoregressive error models. Moreover, ANN predictions are quite accurate even when the length of the forecast horizon is relatively short or long

PRICE ON THE ORGANIC FOOD MARKET

Directory of Open Access Journals (Sweden)

GEORGE ATANASOAIE

2012-12-01

Full Text Available The main objective of this paper is to present prices on PAE market (PAE- organic foods market. Prices are analyzed in terms of importance and the main factors that contribute to their establishment (quality of products, distribution channels, certification and eco-labeling system, customer segments and market development stage. This paper is based on the investigation of secondary sources, of specialized literature related to PAE consumers. The paper shows that are used three strategic options of prices: prices with high rigidity located in a low or high level and fluctuating prices, characterized by variations on short periods of time. Price is a very important barrier to market development but this importance can be mitigated through appropriate communication policies with the market, which are essential especially for markets in early stages of development.

A dispatch based pricing model for the New Zealand electricity market

International Nuclear Information System (INIS)

Ring, B.J.; Read, E.G.

1996-01-01

Work undertaken for the New Zealand transmission grid is described. Prices derived from an observed system dispatch can be used in the short-run coordination of a competitive wholesale electricity market. These prices vary across space and time, reflecting differences in marginal costs and changing demand. Markets for emergency reserve generating capacity can be integrated with a market for power. Used in conjunction with longer term contracts, such short-run prices have the potential to allow competitive power system operation without significant loss of coordination efficiencies. 2 figs., 26 refs

Dynamics of heating oil market prices in Europe

International Nuclear Information System (INIS)

Indjehagopian, J.P.; Lantz, F.; Simon, V.

2000-01-01

This paper concerns the German and French heating oil market and attempts to establish long- and short-term relationships between German and French monthly heating oil prices in dollars, the Rotterdam spot price for the same product and the DM/US$ and FF/US$ exchange rates during the period from January 1987 to December 1997. To model the market over the period under consideration, incorporating the Gulf War, we have used conventional unit root tests and sequential tests allowing structural changes. Long-term relationships, with shifts in regime detected by cointegration tests taking structural breaks into consideration, are estimated. The short-term dynamics defined by a vector error correction (VEC) mechanism is derived in a classic manner when in presence of a cointegrated VAR system. The econometric results obtained are commented on from an economic point of view. Weak exogeneity tests are performed and the conditional VEC model is deduced, enabling measurement of the instantaneous impact of variations in weakly exogenous exchange rates on variations in heating oil prices in Germany and France. Lastly, a study is made of the asymmetric reaction of domestic prices to positive and negative variations in exchange rates and the Rotterdam spot quotation. 25 refs

"Overreaction" of Asset Prices in General Equilibrium

OpenAIRE

Aiyagari, S.R.; Gertler, M.

1998-01-01

We attempt to explain the overreaction of asset prices to movements in short-term interest rates, dividends, and asset supplies. The key element of our explanation is a margin constraint that traders face which limits their leverage to a fraction of the value of their assets. Traders may lever themselves, further, either directly by borrowing short term or indirectly by engaging in futures and options trading, so that the scenario is relevant to contemporary financial markets. When some shock...

Effect of oil price on Nigeria’s food price volatility

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

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

Short-term data forecasting based on wavelet transformation and chaos theory

Science.gov (United States)

Wang, Yi; Li, Cunbin; Zhang, Liang

2017-09-01

A sketch of wavelet transformation and its application was given. Concerning the characteristics of time sequence, Haar wavelet was used to do data reduction. After processing, the effect of “data nail” on forecasting was reduced. Chaos theory was also introduced, a new chaos time series forecasting flow based on wavelet transformation was proposed. The largest Lyapunov exponent was larger than zero from small data sets, it verified the data change behavior still met chaotic behavior. Based on this, chaos time series to forecast short-term change behavior could be used. At last, the example analysis of the price from a real electricity market showed that the forecasting method increased the precision of the forecasting more effectively and steadily.

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

Energy Technology Data Exchange (ETDEWEB)

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

2009-07-15

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

Modelling long-term oil price and extraction with a Hubbert approach: The LOPEX model

International Nuclear Information System (INIS)

Rehrl, Tobias; Friedrich, Rainer

2006-01-01

The LOPEX (Long-term Oil Price and EXtraction) model generates long-term scenarios about future world oil supply and corresponding price paths up to the year 2100. In order to determine oil production in non-OPEC countries, the model uses Hubbert curves. Hubbert curves reflect the logistic nature of the discovery process and the associated constraint on temporal availability of oil. Extraction paths and world oil price path are both derived endogenously from OPEC's intertemporally optimal cartel behaviour. Thereby OPEC is faced with both the price-dependent production of the non-OPEC competitive fringe and the price-dependent world oil demand. World oil demand is modelled with a constant price elasticity function and refers to a scenario from ACROPOLIS-POLES. LOPEX results indicate a significant higher oil price from around 2020 onwards compared to the reference scenario, and a stagnating market share of maximal 50% to be optimal for OPEC

Short Term Electric Production Technology Switching Under Carbon Cap and Trade

Directory of Open Access Journals (Sweden)

Donald F. Larson

2012-10-01

Full Text Available This study examines fuel switching in electricity production following the introduction of the European Union’s Emissions Trading System (EU ETS for greenhouse gas emissions. A short-run restricted cost equation is estimated with carbon permits, high-carbon fuels, and low carbon fuels as variable inputs. Shadow values and substitution elasticities for carbon-free energy resources from nuclear, hydroelectric and renewable sources are imputed from the cost equation. The empirical analysis examines 12 European countries using monthly data on fuel use, prices, and electricity generation during the first phase of the European Emissions Trading System. Despite low emission permit prices, this study finds statistically significant substitution between fossil fuels and carbon free sources of energy for electric power production. Significant substitution between fossil fuels and nuclear energy also was found. Still, while 18 of the 20 substitution elasticities are statistically significant, they are all less than unity, consistent with limited substitution. Overall, these results suggest that prices for carbon emission permits relative to prices for carbon and carbon free sources of energy do matter but that electric power producers have limited operational flexibility in the short-run to satisfy greenhouse gas emission limits.

Pricing in M/M/1 queues when cost of waiting in queue differs from cost of waiting in service

Directory of Open Access Journals (Sweden)

Görkem Sarıyer

2016-11-01

Full Text Available Service providers can adjust the entrance price to the state of the demand in real life service systems where the customers' decision to receive the service, is based on this price, state of demand and other system parameters. We analyzed service provider's short and long term pricing problems in unobservable M/M/1 queues having the rational customers, where, for customers, the unit cost of waiting in the queue is higher than unit cost of waiting in the service. We showed that waiting in the queue has a clear negative effect on customers’ utilities, hence the service provider's price values. We also showed that, in the short term, monopolistic pricing is optimal for congested systems with high server utilization levels, whereas in the long term, market capturing pricing is more profitable.

Short-term incentive schemes for hospital managers

Directory of Open Access Journals (Sweden)

Lucas Malambe

2013-10-01

Full Text Available Orientation: Short-term incentives, considered to be an extrinsic motivation, are commonly used to motivate performance. This study explored hospital managers’ perceptions of short term incentives in maximising performance and retention. Research purpose: The study explored the experiences, views and perceptions of private hospital managers in South Africa regarding the use of short-term incentives to maximise performance and retention, as well as the applicability of the findings to public hospitals. Motivation for the study: Whilst there is an established link between performance reward schemes and organisational performance, there is little understanding of the effects of short term incentives on the performance and retention of hospital managers within the South African context. Research design, approach, and method: The study used a qualitative research design: interviews were conducted with a purposive sample of 19 hospital managers, and a thematic content analysis was performed. Main findings: Short-term incentives may not be the primary motivator for hospital managers, but they do play a critical role in sustaining motivation. Participants indicated that these schemes could also be applicable to public hospitals. Practical/managerial implications: Hospital managers are inclined to be more motivated by intrinsic than extrinsic factors. However, hospital managers (as middle managers also seem to be motivated by short-term incentives. A combination of intrinsic and extrinsic motivators should thus be used to maximise performance and retention. Contribution/value-add: Whilst the study sought to explore hospital managers’ perceptions of short-term incentives, it also found that an adequate balance between internal and external motivators is key to implementing an effective short-term incentive scheme.

Short-Term Intercultural Psychotherapy: Ethnographic Inquiry

Science.gov (United States)

Seeley, Karen M.

2004-01-01

This article examines the challenges specific to short-term intercultural treatments and recently developed approaches to intercultural treatments based on notions of cultural knowledge and cultural competence. The article introduces alternative approaches to short-term intercultural treatments based on ethnographic inquiry adapted for clinical…

Why do short term workers have high mortality?

DEFF Research Database (Denmark)

Kolstad, Henrik; Olsen, Jørn

1999-01-01

or violence, the rate ratios for short term employment were 2.30 (95% Cl 1.74-3.06) and 1.86 (95% Cl 1.35-2.56), respectively. An unhealthy lifestyle may also be a determinant of short term employment. While it is possible in principle to adjust for lifestyle factors if proper data are collected, the health......Increased mortality is often reported among workers in short term employment. This may indicate either a health-related selection process or the presence of different lifestyle or social conditions among short term workers. The authors studied these two aspects of short term employment among 16...

Estimating short and long-term residential demand for electricity. New evidence from Sri Lanka

International Nuclear Information System (INIS)

Athukorala, P.P.A Wasantha; Wilson, Clevo

2010-01-01

This study investigates the short-run dynamics and long-run equilibrium relationship between residential electricity demand and factors influencing demand - per capita income, price of electricity, price of kerosene oil and price of liquefied petroleum gas - using annual data for Sri Lanka for the period, 1960-2007. The study uses unit root, cointegration and error-correction models. The long-run demand elasticities of income, own price and price of kerosene oil (substitute) were estimated to be 0.78, - 0.62, and 0.14 respectively. The short-run elasticities for the same variables were estimated to be 0.32, - 0.16 and 0.10 respectively. Liquefied petroleum (LP) gas is a substitute for electricity only in the short-run with an elasticity of 0.09. The main findings of the paper support the following (1) increasing the price of electricity is not the most effective tool to reduce electricity consumption (2) existing subsidies on electricity consumption can be removed without reducing government revenue (3) the long-run income elasticity of demand shows that any future increase in household incomes is likely to significantly increase the demand for electricity and (4) any power generation plans which consider only current per capita consumption and population growth should be revised taking into account the potential future income increases in order to avoid power shortages in the country. (author)

Estimating short and long-term residential demand for electricity. New evidence from Sri Lanka

Energy Technology Data Exchange (ETDEWEB)

Athukorala, P.P.A Wasantha; Wilson, Clevo [School of Economics and Finance, Queensland University of Technology, Brisbane (Australia)

2010-09-15

This study investigates the short-run dynamics and long-run equilibrium relationship between residential electricity demand and factors influencing demand - per capita income, price of electricity, price of kerosene oil and price of liquefied petroleum gas - using annual data for Sri Lanka for the period, 1960-2007. The study uses unit root, cointegration and error-correction models. The long-run demand elasticities of income, own price and price of kerosene oil (substitute) were estimated to be 0.78, - 0.62, and 0.14 respectively. The short-run elasticities for the same variables were estimated to be 0.32, - 0.16 and 0.10 respectively. Liquefied petroleum (LP) gas is a substitute for electricity only in the short-run with an elasticity of 0.09. The main findings of the paper support the following (1) increasing the price of electricity is not the most effective tool to reduce electricity consumption (2) existing subsidies on electricity consumption can be removed without reducing government revenue (3) the long-run income elasticity of demand shows that any future increase in household incomes is likely to significantly increase the demand for electricity and (4) any power generation plans which consider only current per capita consumption and population growth should be revised taking into account the potential future income increases in order to avoid power shortages in the country. (author)

The Delicate Analysis of Short-Term Load Forecasting

Science.gov (United States)

Song, Changwei; Zheng, Yuan

2017-05-01

This paper proposes a new method for short-term load forecasting based on the similar day method, correlation coefficient and Fast Fourier Transform (FFT) to achieve the precision analysis of load variation from three aspects (typical day, correlation coefficient, spectral analysis) and three dimensions (time dimension, industry dimensions, the main factors influencing the load characteristic such as national policies, regional economic, holidays, electricity and so on). First, the branch algorithm one-class-SVM is adopted to selection the typical day. Second, correlation coefficient method is used to obtain the direction and strength of the linear relationship between two random variables, which can reflect the influence caused by the customer macro policy and the scale of production to the electricity price. Third, Fourier transform residual error correction model is proposed to reflect the nature of load extracting from the residual error. Finally, simulation result indicates the validity and engineering practicability of the proposed method.

The uranium industry: long term planning for short term competition

International Nuclear Information System (INIS)

Vottero, X.

2000-01-01

Today, uranium producers face new challenges in terms of both production (new regulatory, environmental and social constraints) and market conditions (new sources of uranium supply, very low prices and tough competition). In such a context, long-term planning is not just a prerequisite to survive in the nuclear fuel cycle industry. In fact, it also contributes to sustaining nuclear electricity generation facing fierce competition from other energy sources in increasingly deregulated markets. (authors)

Asset prices and priceless assets

NARCIS (Netherlands)

Penasse, J.N.G.

2014-01-01

The doctoral thesis studies several aspects of asset returns dynamics. The first three chapters focus on returns in the fine art market. The first chapter provides evidence for the existence of a slow-moving fad component in art prices that induces short-term return predictability. The article has

Stock Price Manipulation: The Role of Intermediaries

Directory of Open Access Journals (Sweden)

Hammad Siddiqi

2017-10-01

Full Text Available We model a scenario in which there are three types of investors: fundamentalists, speculators, and trend-followers and an intermediary who cares about his reputation. Fundamentalists are rational investors with long horizons who are interested in the dividend stream. Speculators are rational investors who have short horizons and are interested in profiting from short-term price movements or capital gains. Trend-followers are behavioral investors who extrapolate price trends, and, consequently, are late entrants in the market. We show that an informed intermediary (broker can manipulate demand (consequently stock price without losing his reputation when there is information asymmetry. We also show that there is a trade-off between broker level competition for reputation and market liquidity. Broker level competition checks manipulation, but it adversely affects market liquidity.

Nonlinear joint dynamics between prices of crude oil and refined products

Science.gov (United States)

Zhang, Tao; Ma, Guofeng; Liu, Guangsheng

2015-02-01

In this paper, we investigate the relationships between crude oil and refined product prices. We find that nonlinear correlations are stronger in the long-term than in the short-term. Crude oil and product prices are cointegrated and financial crisis in 2007-2008 caused a structural break of the cointegrating relationship. Moreover, different from the findings in most studies, we reveal that the relationships are almost symmetric based on a threshold error correction model. The so-called 'asymmetric relationships' are caused by some outliers and financial crisis. Most of the time, crude oil prices play the major role in the adjustment process of the long-term equilibrium. However, refined product prices dominated crude oil prices during the period of financial crisis. Important policy and risk management implications can be learned from the empirical findings.

Short Sales, Price Pressure, and the Stock Price Response to Convertible Bond Calls

DEFF Research Database (Denmark)

Bechmann, Ken L.

2004-01-01

The announcement of a convertible bond call is associated with an average contemporaneous abnormal stock price decline of 1.75% and an ensuing price recovery in the conversion period. A price fall and the subsequent recovery suggest price pressure as the explanation for the announcement effect...

Short-term mechanisms influencing volumetric brain dynamics

Directory of Open Access Journals (Sweden)

Nikki Dieleman

2017-01-01

Full Text Available With the use of magnetic resonance imaging (MRI and brain analysis tools, it has become possible to measure brain volume changes up to around 0.5%. Besides long-term brain changes caused by atrophy in aging or neurodegenerative disease, short-term mechanisms that influence brain volume may exist. When we focus on short-term changes of the brain, changes may be either physiological or pathological. As such determining the cause of volumetric dynamics of the brain is essential. Additionally for an accurate interpretation of longitudinal brain volume measures by means of neurodegeneration, knowledge about the short-term changes is needed. Therefore, in this review, we discuss the possible mechanisms influencing brain volumes on a short-term basis and set-out a framework of MRI techniques to be used for volumetric changes as well as the used analysis tools. 3D T1-weighted images are the images of choice when it comes to MRI of brain volume. These images are excellent to determine brain volume and can be used together with an analysis tool to determine the degree of volume change. Mechanisms that decrease global brain volume are: fluid restriction, evening MRI measurements, corticosteroids, antipsychotics and short-term effects of pathological processes like Alzheimer's disease, hypertension and Diabetes mellitus type II. Mechanisms increasing the brain volume include fluid intake, morning MRI measurements, surgical revascularization and probably medications like anti-inflammatory drugs and anti-hypertensive medication. Exercise was found to have no effect on brain volume on a short-term basis, which may imply that dehydration caused by exercise differs from dehydration by fluid restriction. In the upcoming years, attention should be directed towards studies investigating physiological short-term changes within the light of long-term pathological changes. Ultimately this may lead to a better understanding of the physiological short-term effects of

Ontario electricity outlook : smaller reserve margins and higher prices

International Nuclear Information System (INIS)

Alexander, C.; Kalevar, P.

2002-01-01

Privatization of Hydro One has been delayed, but this will not postpone the scheduled launch of restructuring the electricity markets in Ontario on May 1, 2002. The main concern of Ontario consumers is whether they will undergo an energy crisis such as the one experienced in California. A report released in February 2002 stated that electricity bills will be higher under the new electricity regime. It appears that electricity supply reserve margins will be tighter than originally thought, raising price volatility in the summer and fall. The authors claim that the chance for an energy crisis are low because of the added generating capacity. However, regardless of whether consumers sign a fixed term price contract with retailers, it is likely that electricity bills will be higher in 2002 and 2003. The Independent Electricity Market Operator (IMO) is assuring the public that the power generation resources currently available are sufficient to meet expected demand. However, in June through July, it is possible that reserves will fall short. It is also evident that charges for distribution, transmission and other services will be higher under the restructured system. Electricity bills are likely to be about 5 to 15 per cent higher in 2003 than they were before March 1, 2002. Higher prices might not last indefinitely. Initially, they will be used to pay off the debt, but competition and opportunities for profit should allow for greater efficiencies and innovation in Ontario's electricity system and prices could potentially fall lower than pre-deregulation prices. 1 tab., 3 figs

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

International Nuclear Information System (INIS)

Ouvry, V.

1998-01-01

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

Verbal Short-Term Memory Span in Speech-Disordered Children: Implications for Articulatory Coding in Short-Term Memory.

Science.gov (United States)

Raine, Adrian; And Others

1991-01-01

Children with speech disorders had lower short-term memory capacity and smaller word length effect than control children. Children with speech disorders also had reduced speech-motor activity during rehearsal. Results suggest that speech rate may be a causal determinant of verbal short-term memory capacity. (BC)

Real-time energy resources scheduling considering short-term and very short-term wind forecast

Energy Technology Data Exchange (ETDEWEB)

Silva, Marco; Sousa, Tiago; Morais, Hugo; Vale, Zita [Polytechnic of Porto (Portugal). GECAD - Knowledge Engineering and Decision Support Research Center

2012-07-01

This paper proposes an energy resources management methodology based on three distinct time horizons: day-ahead scheduling, hour-ahead scheduling, and real-time scheduling. In each scheduling process the update of generation and consumption operation and of the storage and electric vehicles storage status are used. Besides the new operation conditions, the most accurate forecast values of wind generation and of consumption using results of short-term and very short-term methods are used. A case study considering a distribution network with intensive use of distributed generation and electric vehicles is presented. (orig.)

The Mind and Brain of Short-Term Memory

OpenAIRE

Jonides, John; Lewis, Richard L.; Nee, Derek Evan; Lustig, Cindy A.; Berman, Marc G.; Moore, Katherine Sledge

2008-01-01

The past 10 years have brought near-revolutionary changes in psychological theories about short-term memory, with similarly great advances in the neurosciences. Here, we critically examine the major psychological theories (the “mind”) of short-term memory and how they relate to evidence about underlying brain mechanisms. We focus on three features that must be addressed by any satisfactory theory of short-term memory. First, we examine the evidence for the architecture of short-term memory, w...

Very-long-term and short-term chromatic adaptation: are their influences cumulative?

Science.gov (United States)

Belmore, Suzanne C; Shevell, Steven K

2011-02-09

Very-long-term (VLT) chromatic adaptation results from exposure to an altered chromatic environment for days or weeks. Color shifts from VLT adaptation are observed hours or days after leaving the altered environment. Short-term chromatic adaptation, on the other hand, results from exposure for a few minutes or less, with color shifts measured within seconds or a few minutes after the adapting light is extinguished; recovery to the pre-adapted state is complete in less than an hour. Here, both types of adaptation were combined. All adaptation was to reddish-appearing long-wavelength light. Shifts in unique yellow were measured following adaptation. Previous studies demonstrate shifts in unique yellow due to VLT chromatic adaptation, but shifts from short-term chromatic adaptation to comparable adapting light can be far greater than from VLT adaptation. The question considered here is whether the color shifts from VLT adaptation are cumulative with large shifts from short-term adaptation or, alternatively, does simultaneous short-term adaptation eliminate color shifts caused by VLT adaptation. The results show the color shifts from VLT and short-term adaptation together are cumulative, which indicates that both short-term and very-long-term chromatic adaptation affect color perception during natural viewing. Copyright © 2010 Elsevier Ltd. All rights reserved.

Forecast of oil price and consumption in the short term under three scenarios: Parabolic, linear and chaotic behaviour

International Nuclear Information System (INIS)

Gori, F.; Ludovisi, D.; Cerritelli, P.F.

2007-01-01

The paper examines the evolution of price and consumption of oil in the last decades to construct a relationship between them. Then the work considers three possible scenarios of oil price: parabolic, linear and chaotic behaviour, to predict the evolution of price and consumption of oil up to December 2003

What about oil reserve depletion and crude oil price evolution?

International Nuclear Information System (INIS)

2007-01-01

The objective of this report is to give a synthesis of different points of view with respect to the 'Peak Oil' perspective and to the crude oil price evolution. In the first part, the authors examine the evolutions and assessments of oil reserves and productions, by discussing the different types of reserve, the optimistic and pessimistic points of views. Then, in the second part, they analyse the long term price formation, the various production technical costs (conventional oils, heavy oils and asphaltic sands, coal- and gas-based synthetic hydrocarbons, bio-fuels), the external costs (notably in relationship with greenhouse emissions), the relationship between geopolitical issues and short and middle term price formation. In the third and last part, they discuss the possible evolutions and scenarios in terms of demand, production, and prices

Capturing Option Anomalies with a Variance-Dependent Pricing Kernel

DEFF Research Database (Denmark)

Christoffersen, Peter; Heston, Steven; Jacobs, Kris

2013-01-01

We develop a GARCH option model with a new pricing kernel allowing for a variance premium. While the pricing kernel is monotonic in the stock return and in variance, its projection onto the stock return is nonmonotonic. A negative variance premium makes it U shaped. We present new semiparametric...... evidence to confirm this U-shaped relationship between the risk-neutral and physical probability densities. The new pricing kernel substantially improves our ability to reconcile the time-series properties of stock returns with the cross-section of option prices. It provides a unified explanation...... for the implied volatility puzzle, the overreaction of long-term options to changes in short-term variance, and the fat tails of the risk-neutral return distribution relative to the physical distribution....

Short-Term Price Forecasting Models Based on Artificial Neural Networks for Intraday Sessions in the Iberian Electricity Market

Directory of Open Access Journals (Sweden)

Claudio Monteiro

2016-09-01

Full Text Available This paper presents novel intraday session models for price forecasts (ISMPF models for hourly price forecasting in the six intraday sessions of the Iberian electricity market (MIBEL and the analysis of mean absolute percentage errors (MAPEs obtained with suitable combinations of their input variables in order to find the best ISMPF models. Comparisons of errors from different ISMPF models identified the most important variables for forecasting purposes. Similar analyses were applied to determine the best daily session models for price forecasts (DSMPF models for the day-ahead price forecasting in the daily session of the MIBEL, considering as input variables extensive hourly time series records of recent prices, power demands and power generations in the previous day, forecasts of demand, wind power generation and weather for the day-ahead, and chronological variables. ISMPF models include the input variables of DSMPF models as well as the daily session prices and prices of preceding intraday sessions. The best ISMPF models achieved lower MAPEs for most of the intraday sessions compared to the error of the best DSMPF model; furthermore, such DSMPF error was very close to the lowest limit error for the daily session. The best ISMPF models can be useful for MIBEL agents of the electricity intraday market and the electric energy industry.

Photovoltaic System Pricing Trends. Historical, Recent, and Near-Term Projections, 2015 Edition

Energy Technology Data Exchange (ETDEWEB)

Feldman, David [National Renewable Energy Lab. (NREL), Golden, CO (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Margolis, Robert [National Renewable Energy Lab. (NREL), Golden, CO (United States); Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Chung, Donald [National Renewable Energy Lab. (NREL), Golden, CO (United States); Fu, Ran [National Renewable Energy Lab. (NREL), Golden, CO (United States); Seel, Joachim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Davidson, Carolyn [National Renewable Energy Lab. (NREL), Golden, CO (United States); Darghouth, Naïm [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

2015-08-25

This presentation, based on research at Lawrence Berkeley National Laboratory and the National Renewable Energy Laboratory, provides a high-level overview of historical, recent, and projected near-term PV pricing trends in the United States focusing on the installed price of PV systems. It also attempts to provide clarity surrounding the wide variety of potentially conflicting data available about PV system prices. This PowerPoint is the fourth edition from this series.

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

Cryptocurrency price drivers: Wavelet coherence analysis revisited.

Science.gov (United States)

Phillips, Ross C; Gorse, Denise

2018-01-01

Cryptocurrencies have experienced recent surges in interest and price. It has been discovered that there are time intervals where cryptocurrency prices and certain online and social media factors appear related. In addition it has been noted that cryptocurrencies are prone to experience intervals of bubble-like price growth. The hypothesis investigated here is that relationships between online factors and price are dependent on market regime. In this paper, wavelet coherence is used to study co-movement between a cryptocurrency price and its related factors, for a number of examples. This is used alongside a well-known test for financial asset bubbles to explore whether relationships change dependent on regime. The primary finding of this work is that medium-term positive correlations between online factors and price strengthen significantly during bubble-like regimes of the price series; this explains why these relationships have previously been seen to appear and disappear over time. A secondary finding is that short-term relationships between the chosen factors and price appear to be caused by particular market events (such as hacks / security breaches), and are not consistent from one time interval to another in the effect of the factor upon the price. In addition, for the first time, wavelet coherence is used to explore the relationships between different cryptocurrencies.

Two-part pricing structure in long-term gas sales contracts

International Nuclear Information System (INIS)

Slocum, J.C.; Lee, S.Y.

1992-01-01

Although the incremental electricity generation market has the potential to be a major growth area for natural gas demand in the U.S., it may never live up to such promise unless gas suppliers are more willing to enter into long-term gas sales agreements necessary to nurture this segment of the industry. The authors submit that producer reluctance to enter into such long-term sales agreements can be traced, at least in part to the differing contract price requirements between gas producers and buyers. This paper will address an evolving solution to this contracting dilemma - the development of a two-part pricing structure for the gas commodity. A two-part pricing structure includes a usage or throughput charge established in a way to yield a marginal gas cost competitive with electric utility avoided costs, and a reservation charge established to guarantee a minimum cash flow to the producer. Moreover, the combined effect of the two charges may yield total revenues that better reflect the producer's replacement cost of the reserves committed under the contract. 2 tabs

Prospects for oil prices

International Nuclear Information System (INIS)

Stevens, P.

1992-01-01

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

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

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Firm-fixed-price, level-of-effort term contracts. 16.207 Section 16.207 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES TYPES OF CONTRACTS Fixed-Price Contracts 16.207 Firm-fixed...

17 CFR 242.201 - Price test.

Science.gov (United States)

2010-04-01

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

Canadian natural gas price forecast

International Nuclear Information System (INIS)

Jones, D.

1998-01-01

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

Short term memory in echo state networks

OpenAIRE

Jaeger, H.

2001-01-01

The report investigates the short-term memory capacity of echo state recurrent neural networks. A quantitative measure MC of short-term memory capacity is introduced. The main result is that MC 5 N for networks with linear Output units and i.i.d. input, where N is network size. Conditions under which these maximal memory capacities are realized are described. Several theoretical and practical examples demonstrate how the short-term memory capacities of echo state networks can be exploited for...

The pricing of long and short run variance and correlation risk in stock returns

NARCIS (Netherlands)

Cosemans, M.

2011-01-01

This paper studies the pricing of long and short run variance and correlation risk. The predictive power of the market variance risk premium for returns is driven by the correlation risk premium and the systematic part of individual variance premia. Furthermore, I find that aggregate volatility risk

Forecasting short-term wind farm production in complex terrain. Volume 1

International Nuclear Information System (INIS)

LeBlanc, M.

2005-01-01

Wind energy forecasting adds financial value to wind farms and may soon become a regulatory requirement. A robust information technology system is essential for addressing industry demands. Various forecasting methodologies for short-term wind production in complex terrain were presented. Numerical weather predictions were discussed with reference to supervisory control and data acquisition (SCADA) system site measurements. Forecasting methods using wind speed, direction, temperature and pressure, as well as issues concerning statistical modelling were presented. Model output statistics and neural networks were reviewed, as well as significant components of error. Results from a Garrad Hassan forecaster with a European wind farm were presented, including wind speed evaluation, and forecast horizon for T + 1 hours, T + 12 hours, and T + 36 hours. It was suggested that buy prices often reflect the cost of under-prediction, and that forecasting has more potential where the spread is greatest. Accurate T + 19 hours to T + 31 hours could enable participation in the day-ahead market, which is less volatile and prices are usually better. Estimates of possible profits per annum through the use of GH forecaster power predictions were presented, calculated over and above spilling power to the grid. It was concluded that accurate forecasts combined with certainty evaluation enables the optimization of wind energy in the market, and is applicable to a wide range of weather regimes and terrain types. It was suggested that site feedback is essential for good forecasts at short horizons, and that the value of forecasting is dependent on the market. refs., tabs., figs

Depletion of petroleum reserves and oil price trends

International Nuclear Information System (INIS)

Babusiaux, D.; Bauquis, P.R.

2007-11-01

This document is the report of the 'Petroleum' working group from the French Academy of Technology, coordinated by the authors in the framework of the Energy and Climate Change Commission chaired by Gilbert Ruelle. Firstly, it present a synthesis of the different points of view about reserves and the peak of world oil production (optimists, pessimists and official organizations). Secondly, it analyzes the mechanisms of oil price formation focusing on the long term without addressing the question of short term market behaviour. The last section is devoted to possible scenarios of the evolution of production profiles and prices in the medium and long term. (authors)

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

Short term and medium term power distribution load forecasting by neural networks

International Nuclear Information System (INIS)

Yalcinoz, T.; Eminoglu, U.

2005-01-01

Load forecasting is an important subject for power distribution systems and has been studied from different points of view. In general, load forecasts should be performed over a broad spectrum of time intervals, which could be classified into short term, medium term and long term forecasts. Several research groups have proposed various techniques for either short term load forecasting or medium term load forecasting or long term load forecasting. This paper presents a neural network (NN) model for short term peak load forecasting, short term total load forecasting and medium term monthly load forecasting in power distribution systems. The NN is used to learn the relationships among past, current and future temperatures and loads. The neural network was trained to recognize the peak load of the day, total load of the day and monthly electricity consumption. The suitability of the proposed approach is illustrated through an application to real load shapes from the Turkish Electricity Distribution Corporation (TEDAS) in Nigde. The data represents the daily and monthly electricity consumption in Nigde, Turkey

World oil prices flat to declining

International Nuclear Information System (INIS)

Adelman, M.A.

1993-01-01

A forecast is presented of the likely trends in world oil prices over the short to medium term. A historical background is presented of the OPEC cartel and its role in influencing oil prices. The incentives and disincentives for OPEC to raise prices, and the tensions within the cartel are explored. Slower demand growth and the expansion of natural gas are expected to put downward pressure on oil prices, which are currently artificially high. The impacts of high taxes on development and exploration are examined, and it is shown that state ownership poses an obstacle to improved performance. Threats of price decline are expected to continue to lead to threats of hasty, or even violent action on the part of OPEC members, as happened in 1990. Privatization and tax codes designed to skim rent are positive trends

Short-term predictability of crude oil markets: A detrended fluctuation analysis approach

International Nuclear Information System (INIS)

Alvarez-Ramirez, Jose; Alvarez, Jesus; Rodriguez, Eduardo

2008-01-01

This paper analyzes the auto-correlations of international crude oil prices on the basis of the estimation of the Hurst exponent dynamics for returns over the period from 1987 to 2007. In doing so, a model-free statistical approach - detrended fluctuation analysis - that reduces the effects of non-stationary market trends and focuses on the intrinsic auto-correlation structure of market fluctuations over different time horizons, is used. Tests for time variations of the Hurst exponent indicate that over long horizons the crude oil market is consistent with the efficient market hypothesis. However, meaningful auto-correlations cannot be excluded for time horizons smaller than one month where the Hurst exponent manifests cyclic, non-periodic dynamics. This means that the market exhibits a time-varying short-term inefficient behavior that becomes efficient in the long term. The proposed methodology and its findings are put in perspective with previous studies and results. (author)

Short-Term Memory and Aphasia: From Theory to Treatment.

Science.gov (United States)

Minkina, Irene; Rosenberg, Samantha; Kalinyak-Fliszar, Michelene; Martin, Nadine

2017-02-01

This article reviews existing research on the interactions between verbal short-term memory and language processing impairments in aphasia. Theoretical models of short-term memory are reviewed, starting with a model assuming a separation between short-term memory and language, and progressing to models that view verbal short-term memory as a cognitive requirement of language processing. The review highlights a verbal short-term memory model derived from an interactive activation model of word retrieval. This model holds that verbal short-term memory encompasses the temporary activation of linguistic knowledge (e.g., semantic, lexical, and phonological features) during language production and comprehension tasks. Empirical evidence supporting this model, which views short-term memory in the context of the processes it subserves, is outlined. Studies that use a classic measure of verbal short-term memory (i.e., number of words/digits correctly recalled in immediate serial recall) as well as those that use more intricate measures (e.g., serial position effects in immediate serial recall) are discussed. Treatment research that uses verbal short-term memory tasks in an attempt to improve language processing is then summarized, with a particular focus on word retrieval. A discussion of the limitations of current research and possible future directions concludes the review. Thieme Medical Publishers 333 Seventh Avenue, New York, NY 10001, USA.

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.

Estimation of Iranian price elasticities of residential electricity demand

Directory of Open Access Journals (Sweden)

Yeganeh Mousavi Jahromi

2014-06-01

Full Text Available This paper presents a study to determine demand for electricity in city of Yazd, Iran over the period of 1998-2008. Using vector error correction model (VECM based on seasonal information, the study determines that electricity has no elasticity in short term in household expenditure. Therefore, government policy on increasing price of electricity will not influence demand. However, electricity maintains elasticity over the long-term period and an increase on price of electricity could motivate consumers to reduce their consumption by purchasing energy efficient facilities. Therefore, any governmental strategy to increase price may have positive impact on economy. The study also detects a positive and meaningful relationship between temperature and electricity consumption.

Short- and long-run time-of-use price elasticities in Swiss residential electricity demand

International Nuclear Information System (INIS)

Filippini, Massimo

2011-01-01

This paper presents an empirical analysis on the residential demand for electricity by time-of-day. This analysis has been performed using aggregate data at the city level for 22 Swiss cities for the period 2000-2006. For this purpose, we estimated two log-log demand equations for peak and off-peak electricity consumption using static and dynamic partial adjustment approaches. These demand functions were estimated using several econometric approaches for panel data, for example LSDV and RE for static models, and LSDV and corrected LSDV estimators for dynamic models. The attempt of this empirical analysis has been to highlight some of the characteristics of the Swiss residential electricity demand. The estimated short-run own price elasticities are lower than 1, whereas in the long-run these values are higher than 1. The estimated short-run and long-run cross-price elasticities are positive. This result shows that peak and off-peak electricity are substitutes. In this context, time differentiated prices should provide an economic incentive to customers so that they can modify consumption patterns by reducing peak demand and shifting electricity consumption from peak to off-peak periods. - Highlights: → Empirical analysis on the residential demand for electricity by time-of-day. → Estimators for dynamic panel data. → Peak and off-peak residential electricity are substitutes.

An assessment of innovative pricing schemes for the communication of value: is price discrimination and two-part pricing a way forward?

Science.gov (United States)

Hertzman, Peter; Miller, Paul; Tolley, Keith

2018-02-01

With the introduction of new expensive medicines, traditional pricing schemes based on constructs such as price per pill/vial have been challenged. Potential innovative schemes could be either financial-based or performance-based. Within financial-based schemes the use of price discrimination is an emerging option, which we explore in this assessment. Areas covered: In the short term the price per indication approach is likely to become more prevalent for high cost, high benefit new pharmaceuticals, such as those emerging in oncology (e.g. new combination immunotherapies). 'Two-Part Pricing' (2PP) is a frequently used payment method in other industries, which consists of an Entry Fee, giving the buyer the right to use the product, and a Usage Price charged every time the product is purchased. Introducing 2PP into biopharma could have cross-stakeholder benefits including broader patient access, and improvement in budget/revenue predictability. A concern however is the potential complexity of the negotiation between manufacturer and payer. Expert commentary: We believe 'price discrimination' and 2PP in particular can be relevant for some new, expensive specialist medicines. A recommended first step would be to initiate pilots to test to what degree the 2PP approach meets stakeholder objectives and is practical to implement within specialty care.

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

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

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

Dynamic Relationships between Price and Net Asset Value for Asian Real Estate Stocks

Directory of Open Access Journals (Sweden)

Kim Hiang LIOW

2018-03-01

Full Text Available This paper examines short- and long-term behavior of the price-to net asset value ratio in six Asian public real estate markets. We find mean-reverting behavior of the ratio and spillover effects, where each of the examined public real estate markets correlates with other markets. Additionally, the unexpected shock correlating with the price-to-net asset value ratio in one market has a positive or negative correlation with the ratios of other markets. Our results offer fresh insights to portfolio managers, policymakers, and academic researchers into the regional and country market dynamics of public real estate valuation and cross-country interaction from the long-term and short-term perspectives.

Short-term memories with a stochastic perturbation

International Nuclear Information System (INIS)

Pontes, Jose C.A. de; Batista, Antonio M.; Viana, Ricardo L.; Lopes, Sergio R.

2005-01-01

We investigate short-term memories in linear and weakly nonlinear coupled map lattices with a periodic external input. We use locally coupled maps to present numerical results about short-term memory formation adding a stochastic perturbation in the maps and in the external input

Oil price assumptions in macroeconomic forecasts: should we follow future market expectations?

International Nuclear Information System (INIS)

Coimbra, C.; Esteves, P.S.

2004-01-01

In macroeconomic forecasting, in spite of its important role in price and activity developments, oil prices are usually taken as an exogenous variable, for which assumptions have to be made. This paper evaluates the forecasting performance of futures market prices against the other popular technical procedure, the carry-over assumption. The results suggest that there is almost no difference between opting for futures market prices or using the carry-over assumption for short-term forecasting horizons (up to 12 months), while, for longer-term horizons, they favour the use of futures market prices. However, as futures market prices reflect market expectations for world economic activity, futures oil prices should be adjusted whenever market expectations for world economic growth are different to the values underlying the macroeconomic scenarios, in order to fully ensure the internal consistency of those scenarios. (Author)

Short-term memory

Science.gov (United States)

Toulouse, G.

This is a rather bold attempt to bridge the gap between neuron structure and psychological data. We try to answer the question: Is there a relation between the neuronal connectivity in the human cortex (around 5,000) and the short-term memory capacity (7±2)? Our starting point is the Hopfield model (Hopfield 1982), presented in this volume by D.J. Amit.

How does market concern derived from the Internet affect oil prices?

International Nuclear Information System (INIS)

Guo, Jian-Feng; Ji, Qiang

2013-01-01

Highlights: • The impact of market concern derived from the Web on oil volatility is analysed. • It has an equilibrium relationship between oil prices and long-run market concern. • The short-run market concerns have an asymmetric influence on oil price volatility. • The Internet can exaggerate the impact of information shocks on oil price. - Abstract: With the acceleration of oil marketisation and the rapid development of electronic information carriers, external information shocks can be easily and quickly transmitted to the oil market through the Internet. This paper analyses the impact of short- and long-run market concerns, derived from search query volumes in Google for different domains around the oil market on oil volatility using co-integration and the modified EGARCH model. Empirical results suggest there is a long-term equilibrium relationship between oil prices and long-run market concern for oil prices and oil demand. The short-run market concerns for the 2008 financial crisis and the Libyan war convulsion have a significant and asymmetric influence on oil price volatility. This indicates that market concern transmitted through the Internet can strengthen the linkage between oil price changes and external events by influencing the expectation of market traders, and to some extent it can exaggerate the impact of nonfundamental information shocks

Comment on the UPS (and past and future downs) of the oil price

International Nuclear Information System (INIS)

Walde, T.

2000-01-01

Crude oil has been rising to levels over 35 US$ per barrel from the very low prices of early 1999 - close to 10 $. In real, inflation-adjusted terms, this leaves it still at a third of the prices prevailing during the peak of 1981. This trend has been accelerated currently by short-term influences market factors. Who could have forecasted such price evolution by January 1999, when crude prices were collapsing, following the series of financial crises in Asia, Russia and Brazil? The current oil price surge has been breaking once again every 'crystal ball' and mathematical model designed to predict short-or-long-term oil price evolution - foremost the models used by the international oil companies and their advisers, chastened by the embarrassment of earlier optimism. Old ghosts that used to scare the world during the energy crisis of the 1970's and 1980's are waking up again. Traditional forces that have since 1985 and throughout the whole 1990's given economic rationality to crude price behaviour, seem to be losing ground and are unable to restore a more sustainable level of oil prices. Political forces, silent since the price collapse of 1985/86, have again raised their head and bringing to the fore historic contradictions and problems never solved. This paper covers this new reality. We are too cautions to dare to forecast, but rather identify factors that have to be considered in speculating about the future evolution of oil prices. The changing weight of those factors will continue to influence the future of the oil price - without much interest (apart from the producers) when low but again greatly debated when, as now, up again. (authors)

Forecasting short-term power prices in the Ontario Electricity Market (OEM) with a fuzzy logic based inference system

International Nuclear Information System (INIS)

Arciniegas, Alvaro I.; Arciniegas Rueda, Ismael E.

2008-01-01

The Ontario Electricity Market (OEM), which opened in May 2002, is relatively new and is still under change. In addition, the bidding strategies of the participants are such that the relationships between price and fundamentals are non-linear and dynamic. The lack of market maturity and high complexity hinders the use of traditional statistical methodologies (e.g., regression analysis) for price forecasting. Therefore, a flexible model is needed to achieve good forecasting in OEM. This paper uses a Takagi-Sugeno-Kang (TSK) fuzzy inference system in forecasting the one-day-ahead real-time peak price of the OEM. The forecasting results of TSK are compared with those obtained by traditional statistical and neural network based forecasting. The comparison suggests that TSK has considerable value in forecasting one-day-ahead peak price in OEM. (author)

Effects of long-term price increases for oil; Auswirkungen langfristig hoher Oelpreise. Einfluss eines hohen langfristigen Oelpreises auf Wirtschaftswachstum, Strukturwandel sowie Energieangebot und -nachfrage

Energy Technology Data Exchange (ETDEWEB)

Voehringer, F.; Mueller, A. [Ecoplan, Berne (Switzerland); Boehringer, C. [Zentrum fuer Europaeische Wirtschaftsforschung ZEW, Mannheim (Germany)

2007-03-15

This comprehensive report for the Swiss Federal Office of Energy (SFOE) takes a look at the effects of higher oil prices in the long-term. Scenarios examined include those with high oil prices of 80 to 140 dollars per barrel and those with drastic shortages resulting from peak extraction in the years 2010 and 2020. Long-term economic balances form the basis of the report, short-term influences and psychological effects are not addressed. The possible dangers for the earth's climate caused by the substitution of oil by coal-based products are discussed, as well as the sequestration of carbon dioxide. Ethanol and the associated conflicts of land use are examined and the decreasing cost-effectiveness of co-generation power generation is looked at. Alternatives such as atomic power, hydropower, solar energy, geothermal energy, biogas and wind power are discussed. The effect of the changing energy scene on economic growth and welfare aspects in Switzerland are examined. The authors conclude that high oil prices have considerable impacts on the economy and are not a substitute for an internationally co-ordinated climate policy.

Competitive short-term and long-term memory processes in spatial habituation.

Science.gov (United States)

Sanderson, David J; Bannerman, David M

2011-04-01

Exposure to a spatial location leads to habituation of exploration such that, in a novelty preference test, rodents subsequently prefer exploring a novel location to the familiar location. According to Wagner's (1981) theory of memory, short-term and long-term habituation are caused by separate and sometimes opponent processes. In the present study, this dual-process account of memory was tested. Mice received a series of exposure training trials to a location before receiving a novelty preference test. The novelty preference was greater when tested after a short, rather than a long, interval. In contrast, the novelty preference was weaker when exposure training trials were separated by a short, rather than a long interval. Furthermore, it was found that long-term habituation was determined by the independent effects of the amount of exposure training and the number of exposure training trials when factors such as the intertrial interval and the cumulative intertrial interval were controlled. A final experiment demonstrated that a long-term reduction of exploration could be caused by a negative priming effect due to associations formed during exploration. These results provide evidence against a single-process account of habituation and suggest that spatial habituation is determined by both short-term, recency-based memory and long-term, incrementally strengthened memory.

Retrieval-Induced Inhibition in Short-Term Memory.

Science.gov (United States)

Kang, Min-Suk; Choi, Joongrul

2015-07-01

We used a visual illusion called motion repulsion as a model system for investigating competition between two mental representations. Subjects were asked to remember two random-dot-motion displays presented in sequence and then to report the motion directions for each. Remembered motion directions were shifted away from the actual motion directions, an effect similar to the motion repulsion observed during perception. More important, the item retrieved second showed greater repulsion than the item retrieved first. This suggests that earlier retrieval exerted greater inhibition on the other item being held in short-term memory. This retrieval-induced motion repulsion could be explained neither by reduced cognitive resources for maintaining short-term memory nor by continued inhibition between short-term memory representations. These results indicate that retrieval of memory representations inhibits other representations in short-term memory. We discuss mechanisms of retrieval-induced inhibition and their implications for the structure of memory. © The Author(s) 2015.

PRICE CATEGORIES USED IN FOREIGN TRADE TRANSACTIONS IN THE LIGHT OF THE DELIVERY TERMS INCOTERMS 2010

Directory of Open Access Journals (Sweden)

Paliu - Popa Lucia

2011-12-01

Full Text Available On the international markets of goods, pricing is usually done by the confrontation between supply and demand, under pressure from global competition; such pricing is influenced by many other factors that reflect the structural crisis phenomena triggered in the world economy, or factors specific to different groups of goods. After negotiation, the contracting parties should obtain the best price, taking into account the circumstantial situation of the world market upon the transaction, the quality and the technical and functional parameters of the goods subject to negotiations, comparable to those of the competition, the delivery terms and the payment method. From this perspective, we believe that the provision of substantiated external prices makes it easier to obtain maximum benefits and achieve the trade with foreign countries under the best terms. Because the external price is an essential element of the agreement of international sale of goods that contributes substantially to the profitability of an entity, we will deal below with the main categories of prices used in foreign trade activities, both in intra-Community and international transactions, taking into account the models for calculating the external price, compared to the delivery terms Incoterms 2010.

Evaluation of Short Term Memory Span Function In Children

Directory of Open Access Journals (Sweden)

Barış ERGÜL

2016-12-01

Full Text Available Although details of the information encoded in the short-term memory where it is stored temporarily be recorded in the working memory in the next stage. Repeating the information mentally makes it remain in memory for a long time. Studies investigating the relationship between short-term memory and reading skills that are carried out to examine the relationship between short-term memory processes and reading comprehension. In this study information coming to short-term memory and the factors affecting operation of short term memory are investigated with regression model. The aim of the research is to examine the factors (age, IQ and reading skills that are expected the have an effect on short-term memory in children through regression analysis. One of the assumptions of regression analysis is to examine which has constant variance and normal distribution of the error term. In this study, because the error term is not normally distributed, robust regression techniques were applied. Also, for each technique; coefficient of determination is determined. According to the findings, the increase in age, IQ and reading skills caused the increase in short term memory in children. After applying robust regression techniques, the Winsorized Least Squares (WLS technique gives the highest coefficient of determination.

Fuel switching? Demand destruction? Gas market responses to price spikes

International Nuclear Information System (INIS)

Lippe, D.

2004-01-01

This presentation defined fuel switching and addressed the issue regarding which consumers have the capability to switch fuels. In response to short term price aberrations, consumers with fuel switching capabilities reduce their use of one fuel and increase consumption of an alternative fuel. For example, natural gas consumption by some consumers declines in response to price spikes relative to prices of alternative fuels. This presentation also addressed the issue of differentiating between fuel switching and demand destruction. It also demonstrated how to compare gas prices versus alternative fuel prices and how to determine when consumers will likely switch fuels. Price spikes have implications for long term trends in natural gas demand, supply/demand balances and prices. The power generating sector represents a particular class of gas consumers that reduce operating rates of gas fired plants and increase operating rates of other plants. Some gas consumers even shut down plants until gas prices declines and relative economies improve. Some practical considerations for fuel switching include storage tank capacity, domestic refinery production, winter heating season, and decline in working gas storage. tabs., figs

Internet pricing: una breve rassegna critica (Internet Pricing: A Short Critical Survey

Directory of Open Access Journals (Sweden)

Claudio Sardoni

2012-04-01

Full Text Available In the article, some recent literature on Internet pricing is surveyed. The author looks at the topic by setting it in the more general framework of the analysis of activities that can be regarded as similar to Internet from the technological and economic point of view. In particular, attention is focused on the problem of the divergence between private and social costs when there occurs network congestion and the problem of efficient prices in activities characterized by the existence of peak-loads. The author argues that dealing with such issues in the context of Internet cannot be reduced to a straightforward application of traditional results of welfare economics and the literature on peak-load pricing. In a competitive market with similar features to the market for Internet services, it is well possible that there do not exist incentives that induce firms to adopt price systems such as to prevent and/or eliminate congestion. Further theoretical and analytical developments are then in order.  JEL Codes: L86, L11Keywords: Pricing

Evaluation of Short Term Memory Span Function In Children

OpenAIRE

Barış ERGÜL; Arzu ALTIN YAVUZ; Ebru GÜNDOĞAN AŞIK

2016-01-01

Although details of the information encoded in the short-term memory where it is stored temporarily be recorded in the working memory in the next stage. Repeating the information mentally makes it remain in memory for a long time. Studies investigating the relationship between short-term memory and reading skills that are carried out to examine the relationship between short-term memory processes and reading comprehension. In this study information coming to short-term memory and the factors ...

Short-term Memory as a Processing Shift

Science.gov (United States)

Lewis-Smith, Marion Quinn

1975-01-01

The series of experiments described here examined the predictions for free recall from sequential models and the shift formulation, focusing on the roles of short- and long-term memory in the primacy/recency shift and on the effects of expectancies on short- and long-term memory. (Author/RK)

Short-term electricity demand and gas price forecasts using wavelet transforms and adaptive models

International Nuclear Information System (INIS)

Nguyen, Hang T.; Nabney, Ian T.

2010-01-01

This paper presents some forecasting techniques for energy demand and price prediction, one day ahead. These techniques combine wavelet transform (WT) with fixed and adaptive machine learning/time series models (multi-layer perceptron (MLP), radial basis functions, linear regression, or GARCH). To create an adaptive model, we use an extended Kalman filter or particle filter to update the parameters continuously on the test set. The adaptive GARCH model is a new contribution, broadening the applicability of GARCH methods. We empirically compared two approaches of combining the WT with prediction models: multicomponent forecasts and direct forecasts. These techniques are applied to large sets of real data (both stationary and non-stationary) from the UK energy markets, so as to provide comparative results that are statistically stronger than those previously reported. The results showed that the forecasting accuracy is significantly improved by using the WT and adaptive models. The best models on the electricity demand/gas price forecast are the adaptive MLP/GARCH with the multicomponent forecast; their NMSEs are 0.02314 and 0.15384 respectively. (author)

On the relationship between short- and long-term memory

DEFF Research Database (Denmark)

Sørensen, Thomas Alrik

James (1890) divided memory into separate stores; primary and secondary – or short-term and long-term memory. The interaction between the two stores often assumes that information initially is represented in volatile short-term store before entering and consolidating in the more durable long-term......, accepted). Counter to popular beliefs this suggest that long-term memory precedes short-term memory and not vice versa....... memory system (e.g. Atkinson & Shiffrin, 1968). Short-term memory seems to provide a surprising processing bottleneck where only a very limited amount of information can be represented at any given moment (Miller, 1956; Cowan, 2001). A number of studies have investigated the nature of this processing...

A three-stage short-term electric power planning procedure for a generation company in a liberalized market

International Nuclear Information System (INIS)

Nabona, Narcis; Pages, Adela

2007-01-01

In liberalized electricity markets, generation companies bid their hourly generation in order to maximize their profit. The optimization of the generation bids over a short-term weekly period must take into account the action of the competing generation companies and the market-price formation rules and must be coordinated with long-term planning results. This paper presents a three stage optimization process with a data analysis and parameter calculation, a linearized unit commitment, and a nonlinear generation scheduling refinement. Although the procedure has been developed from the experience with the Spanish power market, with minor adaptations it is also applicable to any generation company participating in a competitive market system. (author)

A short-term scheduling for the optimal operation of biorefineries

International Nuclear Information System (INIS)

Grisi, E.F.; Yusta, J.M.; Khodr, H.M.

2011-01-01

This work presents an analysis of the inherent potentialities and characteristics of the sugarcane industries that produce sugar, bioethanol, biogas and bioelectricity and that are being described as ''Biorefineries''. These Biorefineries are capable of producing bio-energy under diverse forms, intended for their own internal consumption and for external sales and marketing. A complex model and simulation are carried out of the processes of a sugarcane industry, with the data characteristic as well as the production costs, prices of products and considerations on the energy demand by basic processes. A Mixed-Integer Linear Programming (MILP) optimization problem formulation and an analysis of optimal solutions in short-term operation are described, taking into account the production cost functions of each commodity and the incomes obtained from selling electricity and other products. The objective is to maximize the hourly plant economic profit in the different scenarios considered in a real case study. (author)

Short-term memory and long-term memory are still different.

Science.gov (United States)

Norris, Dennis

2017-09-01

A commonly expressed view is that short-term memory (STM) is nothing more than activated long-term memory. If true, this would overturn a central tenet of cognitive psychology-the idea that there are functionally and neurobiologically distinct short- and long-term stores. Here I present an updated case for a separation between short- and long-term stores, focusing on the computational demands placed on any STM system. STM must support memory for previously unencountered information, the storage of multiple tokens of the same type, and variable binding. None of these can be achieved simply by activating long-term memory. For example, even a simple sequence of digits such as "1, 3, 1" where there are 2 tokens of the digit "1" cannot be stored in the correct order simply by activating the representations of the digits "1" and "3" in LTM. I also review recent neuroimaging data that has been presented as evidence that STM is activated LTM and show that these data are exactly what one would expect to see based on a conventional 2-store view. (PsycINFO Database Record (c) 2017 APA, all rights reserved).

Fast Weight Long Short-Term Memory

OpenAIRE

Keller, T. Anderson; Sridhar, Sharath Nittur; Wang, Xin

2018-01-01

Associative memory using fast weights is a short-term memory mechanism that substantially improves the memory capacity and time scale of recurrent neural networks (RNNs). As recent studies introduced fast weights only to regular RNNs, it is unknown whether fast weight memory is beneficial to gated RNNs. In this work, we report a significant synergy between long short-term memory (LSTM) networks and fast weight associative memories. We show that this combination, in learning associative retrie...

PRICE ELASTICITY OF SUPPLY OF BOTTLED QUALITY WHITE WINE IN THE CZECH REPUBLIC

Directory of Open Access Journals (Sweden)

Pavel SYROVÁTKA

2014-11-01

Full Text Available This paper is focused on the supply of the Czech producers of bottled quality white wine. Namely, a dependence of their sales of this wine category on the market price of bottled quality white wine was examined. Monthly data from the CZSO and SZIF database, years 2004–2012, were used for the price-supply analysis. Price-supply reactions of the Czech wine producers were investigated through two-stage cointegration method developed by Engle and Granger. Short-term and long-term price elasticity of studied market supply was based on the error correction model designed and statistically verified by the authors.

Analysis Of Coppers Market And Price-Focus On The Last Decades Change And Its Future Trend

OpenAIRE

Eugie Kabwe; Wang Yiming

2015-01-01

Abstract it is important to analyse the major players within a copper supply chain as well as current market dynamics relevant international guidelines major impacts affecting the sustainability of the whole system and policy drivers affecting its price on the global market. Focusis on understanding major and provisional factors affecting copper price on themarketlong-term copper prices are determined by the fundamentals of supply and demand. Short term however are driven by financial market...

Energy prices and the promotion of energy conservation. A background study for energy conservation programme

International Nuclear Information System (INIS)

1994-01-01

The prices of fuels in the international markets affect the development of consumer prices of energy in Finland. In the near future no factors can be foreseen, which would cause major increases in the prices of oil, coal or gas. It can thus not be expected that increased fuel prices would motivate more efficient energy conservation. In international comparison, consumer prices of energy have been relatively low in Finland. This applies especially to electricity. After the removal of price controls, energy prices have been determined by the markets. The influence of the public authorities in energy pricing is put into effect through taxation. The price of energy has a fairly small effect on energy consumption in a short term, but longer term effects are more significant. Energy products are faxed in all western countries. (orig.)

Electricity prices in France. From reality to perspectives in competition

International Nuclear Information System (INIS)

Leban, R.

1999-01-01

The French system of electricity pricing is based upon the principle of 'sale at development cost' or 'marginal long-term cost'. Drawing up prices is based upon a calculation of the marginal production costs carried out from time to time on the margins of the network for the years to come in accordance with demand forecasts and based upon a statistical but detailed appreciation of marginal transport costs. Gradually refined in order to take account of changes in demand and increases in the capacity of clients to respond to price signals, the system today appears to be highly complex. On the other hand this system possesses unequaled properties to encourage clients to consume wisely and boasts a recognised theoretical force. The long-term failure of the network to adapt may lead to an increasing focus on marginal short-term real costs, with as consequence the drastic reduction of seasonal variations. The difference with development cost pricing is fairly imperceptible in fine if, in order for a stable signal to exist, the short-term costs are averaged over future years. The continued existence of non-eligible customer segments and the existence (at least for several years) of dominant positions in those open to competition mean that there is a risk of cross-subsidies and predatory pricing being employed, risk that the regulator must restrict. The idea of avoiding cross-subsidies by imposing prices at marginal development costs as the ceiling for the prices charged to non-eligible clients, the use of the marginal short-term real costs of the operator to define the variable costs below which there is a predatory situation, and the use of the above mentioned marginal development costs to specify the total supply costs above which a predatory situation is no longer applicable appears tempting for three reasons. These costs always make sense on a legal and economic level, they may be determined easily due to the pricing decisions agreed with the EDF and the mechanisms

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

Energy Technology Data Exchange (ETDEWEB)

Rui, Chen

2010-09-15

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

The Performance of Multi-Factor Term Structure Models for Pricing and Hedging Caps and Swaptions

NARCIS (Netherlands)

Driessen, J.J.A.G.; Klaassen, P.; Melenberg, B.

2000-01-01

In this paper we empirically compare different term structure models when it comes to the pricing and hedging of caps and swaptions.We analyze the influence of the number of factors on the pricing and hedging results, and investigate which type of data -interest rate data or derivative price data-

Internet pricing: una breve rassegna critica (Internet Pricing: A Short Critical Survey

Directory of Open Access Journals (Sweden)

Claudio Sardoni

2001-03-01

Full Text Available In the article, some recent literature on Internet pricing is surveyed. The author looks at the topic by setting it in the more general framework of the analysis of activities that can be regarded as similar to Internet from the technological and economic point of view. In particular, attention is focused on the problem of the divergence between private and social costs when there occurs network congestion and the problem of efficient prices in activities characterized by the existence of peak-loads. The author argues that dealing with such issues in the context of Internet cannot be reduced to a straightforward application of traditional results of welfare economics and the literature on peak-load pricing. In a competitive market with similar features to the market for Internet services, it is well possible that there do not exist incentives that induce firms to adopt price systems such as to prevent and/or eliminate congestion. Further theoretical and analytical developments are then in order.

Improving creativity performance by short-term meditation

Science.gov (United States)

2014-01-01

Background One form of meditation intervention, the integrative body-mind training (IBMT) has been shown to improve attention, reduce stress and change self-reports of mood. In this paper we examine whether short-term IBMT can improve performance related to creativity and determine the role that mood may play in such improvement. Methods Forty Chinese undergraduates were randomly assigned to short-term IBMT group or a relaxation training (RT) control group. Mood and creativity performance were assessed by the Positive and Negative Affect Schedule (PANAS) and Torrance Tests of Creative Thinking (TTCT) questionnaire respectively. Results As predicted, the results indicated that short-term (30 min per day for 7 days) IBMT improved creativity performance on the divergent thinking task, and yielded better emotional regulation than RT. In addition, cross-lagged analysis indicated that both positive and negative affect may influence creativity in IBMT group (not RT group). Conclusions Our results suggested that emotion-related creativity-promoting mechanism may be attributed to short-term meditation. PMID:24645871

Price Conduction Mechanism of China’s Wheat Industry Chain Based on VECM

OpenAIRE

ZHU, Haiyan

2015-01-01

With the aid of the VECM (vector error correction model), this paper studied dynamic effect of wheat price and flour price conduction mechanism in the wheat industry chain. Study results indicate that in a long term, wheat price and flour price have equilibrium relationship. Through threshold co-integration test, it found that there is no threshold co-integration relationship between wheat price and flour price. This can be adjusted using the linear error correction mode (LECM). In a short te...

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.

The Structure and Content of Long-Term and Short-Term Mate Preferences

Directory of Open Access Journals (Sweden)

Peter K. Jonason

2013-12-01

Full Text Available This study addresses two limitations in the mate preferences literature. First, research all-too-often relies on single-item assessments of mate preferences precluding more advanced statistical techniques like factor analysis. Second, when factor analysis could be done, it exclusively has done for long-term mate preferences, at the exclusion of short-term mate preferences. In this study (N = 401, we subjected 20 items designed to measure short- and long-term mate preferences to both principle components (n = 200 and confirmatory factor analysis (n = 201. In the long-term context, we replicated previous findings that there are three different categories of preferences: physical attractiveness, interpersonal warmth, and social status. In the short-term context, physical attractiveness occupied two parts of the structure, social status dropped out, and interpersonal warmth remained. Across short- and long-term contexts, there were slight changes in what defined the shared dimensions (i.e., physical attractiveness and interpersonal warmth, suggesting prior work that applies the same inventory to each context might be flawed. We also replicated sex differences and similarities in mate preferences and correlates with sociosexuality and mate value. We adopt an evolutionary paradigm to understand our results.

Short-term energy outlook, annual supplement 1994

International Nuclear Information System (INIS)

1994-08-01

The Short-Term Energy Outlook Annual Supplement (Supplement) is published once a year as a complement to the Short-Term Energy Outlook (Outlook), Quarterly Projections. The purpose of the Supplement is to review the accuracy of the forecasts published in the Outlook, make comparisons with other independent energy forecasts, and examine current energy topics that affect the forecasts

Short-term energy outlook annual supplement, 1993

Energy Technology Data Exchange (ETDEWEB)

NONE

1993-08-06

The Short-Term Energy Outlook Annual Supplement (supplement) is published once a year as a complement to the Short-Term Energy Outlook (Outlook), Quarterly Projections. The purpose of the Supplement is to review the accuracy of the forecasts published in the Outlook, make comparisons with other independent energy forecasts, and examine current energy topics that affect the forecasts.

Oil prices and economic growth

International Nuclear Information System (INIS)

Babusiaux, D.; Lescaroux, F.

2006-01-01

There is no limit to the sources of hydrocarbons (whether pumped out of the earth or produced in factories) for the next few decades, but there is and will be a need for increasingly complex and costly techniques as the usual sources of petroleum run out. Does this mean that prices will keep on rising? Probably, since environmental costs must be added onto direct costs. The mining of oil out of 'tar sands', for example, or the production of hydrocarbons by the chemical industry will have a significant impact owing to the emission of greenhouse gases. If prices do rise in the short or middle term, the cause will have to do more with the calendar of investments than with the availability of energy and its costs. In the long run however, price hikes are not all that certain. A few points for analyzing and predicting the macro-and micro-economic effects of fluctuating oil prices are discussed. (author)

Short-term economics of virtual power plants

International Nuclear Information System (INIS)

Kok, J.K.

2009-08-01

The Virtual Power Plant (VPP) has gained an increasing interest over the last few years. A VPP is a flexible representation of a portfolio of Distributed Energy Resources (DER: distributed generation, demand response and electricity storage). One of the key activities of a VPP is the delivery of (near-)real-time balancing services. In order to operate such a (near-)real-time coordination activity optimally, the VPP needs to maintain a dynamic merit-order list of all DER participating in the VPP. In order to make optimal decisions based on this list, the merit order needs to be based on the true marginal cost (or marginal benefit in case of demand response) of the individual DER units. The marginal electricity costs of most types of DER are highly dependent on local context and, hence, change over time. From analysis of the short-term bid strategies of various DER units, the existence of a bid strategy spectrum becomes clear. On one end of the spectrum, bidding strategies are based straightforwardly on true marginal cost or benefit. Further along the spectrum, optimal bidding strategies become less dependent on marginal cost levels and more on the price dynamics in the (VPP) market context. These results are relevant for VPP operations both from business and technical perspectives.

In Search of Decay in Verbal Short-Term Memory

Science.gov (United States)

Berman, Marc G.; Jonides, John; Lewis, Richard L.

2009-01-01

Is forgetting in the short term due to decay with the mere passage of time, interference from other memoranda, or both? Past research on short-term memory has revealed some evidence for decay and a plethora of evidence showing that short-term memory is worsened by interference. However, none of these studies has directly contrasted decay and…

Attention Problems, Phonological Short-Term Memory, and Visuospatial Short-Term Memory: Differential Effects on Near- and Long-Term Scholastic Achievement

Science.gov (United States)

Sarver, Dustin E.; Rapport, Mark D.; Kofler, Michael J.; Scanlan, Sean W.; Raiker, Joseph S.; Altro, Thomas A.; Bolden, Jennifer

2012-01-01

The current study examined individual differences in children's phonological and visuospatial short-term memory as potential mediators of the relationship among attention problems and near- and long-term scholastic achievement. Nested structural equation models revealed that teacher-reported attention problems were associated negatively with…

An improved quantum-behaved particle swarm optimization method for short-term combined economic emission hydrothermal scheduling

Energy Technology Data Exchange (ETDEWEB)

Lu, Songfeng; Sun, Chengfu; Lu, Zhengding [School of Computer Science and Technology, Huazhong University of Science and Technology, Wuhan 430074 (China)

2010-03-15

This paper presents a modified quantum-behaved particle swarm optimization (QPSO) for short-term combined economic emission scheduling (CEES) of hydrothermal power systems with several equality and inequality constraints. The hydrothermal scheduling is formulated as a bi-objective problem: (i) minimizing fuel cost and (ii) minimizing pollutant emission. The bi-objective problem is converted into a single objective one by price penalty factor. The proposed method, denoted as QPSO-DM, combines the QPSO algorithm with differential mutation operation to enhance the global search ability. In this study, heuristic strategies are proposed to handle the equality constraints especially water dynamic balance constraints and active power balance constraints. A feasibility-based selection technique is also employed to meet the reservoir storage volumes constraints. To show the efficiency of the proposed method, different case studies are carried out and QPSO-DM is compared with the differential evolution (DE), the particle swarm optimization (PSO) with same heuristic strategies in terms of the solution quality, robustness and convergence property. The simulation results show that the proposed method is capable of yielding higher-quality solutions stably and efficiently in the short-term hydrothermal scheduling than any other tested optimization algorithms. (author)

An improved quantum-behaved particle swarm optimization method for short-term combined economic emission hydrothermal scheduling

Energy Technology Data Exchange (ETDEWEB)

Lu Songfeng [School of Computer Science and Technology, Huazhong University of Science and Technology, Wuhan 430074 (China); Sun Chengfu, E-mail: ajason_369@sina.co [School of Computer Science and Technology, Huazhong University of Science and Technology, Wuhan 430074 (China); Lu Zhengding [School of Computer Science and Technology, Huazhong University of Science and Technology, Wuhan 430074 (China)

2010-03-15

This paper presents a modified quantum-behaved particle swarm optimization (QPSO) for short-term combined economic emission scheduling (CEES) of hydrothermal power systems with several equality and inequality constraints. The hydrothermal scheduling is formulated as a bi-objective problem: (i) minimizing fuel cost and (ii) minimizing pollutant emission. The bi-objective problem is converted into a single objective one by price penalty factor. The proposed method, denoted as QPSO-DM, combines the QPSO algorithm with differential mutation operation to enhance the global search ability. In this study, heuristic strategies are proposed to handle the equality constraints especially water dynamic balance constraints and active power balance constraints. A feasibility-based selection technique is also employed to meet the reservoir storage volumes constraints. To show the efficiency of the proposed method, different case studies are carried out and QPSO-DM is compared with the differential evolution (DE), the particle swarm optimization (PSO) with same heuristic strategies in terms of the solution quality, robustness and convergence property. The simulation results show that the proposed method is capable of yielding higher-quality solutions stably and efficiently in the short-term hydrothermal scheduling than any other tested optimization algorithms.

An improved quantum-behaved particle swarm optimization method for short-term combined economic emission hydrothermal scheduling

International Nuclear Information System (INIS)

Lu Songfeng; Sun Chengfu; Lu Zhengding

2010-01-01

This paper presents a modified quantum-behaved particle swarm optimization (QPSO) for short-term combined economic emission scheduling (CEES) of hydrothermal power systems with several equality and inequality constraints. The hydrothermal scheduling is formulated as a bi-objective problem: (i) minimizing fuel cost and (ii) minimizing pollutant emission. The bi-objective problem is converted into a single objective one by price penalty factor. The proposed method, denoted as QPSO-DM, combines the QPSO algorithm with differential mutation operation to enhance the global search ability. In this study, heuristic strategies are proposed to handle the equality constraints especially water dynamic balance constraints and active power balance constraints. A feasibility-based selection technique is also employed to meet the reservoir storage volumes constraints. To show the efficiency of the proposed method, different case studies are carried out and QPSO-DM is compared with the differential evolution (DE), the particle swarm optimization (PSO) with same heuristic strategies in terms of the solution quality, robustness and convergence property. The simulation results show that the proposed method is capable of yielding higher-quality solutions stably and efficiently in the short-term hydrothermal scheduling than any other tested optimization algorithms.

Short-Term Reciprocity in Late Parent-Child Relationships

Science.gov (United States)

Leopold, Thomas; Raab, Marcel

2011-01-01

Long-term concepts of parent-child reciprocity assume that the amount of support given and received is only balanced in a generalized fashion over the life course. We argue that reciprocity in parent-child relationships also operates in the short term. Our analysis of short-term reciprocity focuses on concurrent exchange in its main upward and…

Implementing a short-term loyalty program : case: Bosch Lawn & Garden and the Ventum short-term loyalty program

OpenAIRE

Logvinova, Veronika

2015-01-01

In 2015, one of the Bosch Home and Garden divisions, Bosch Lawn and Garden, has made a strategic decision to adopt a points-based short-term loyalty program called Ventum LG in the German supermarkets and petrol stations. It was decided that the base of this program will be completed Ventum PT short-term loyalty program which was managed by another division, Bosch Power Tools, and proved to be successful. This thesis aims to evaluate the worthiness of the Ventum LG loyalty program for Bosch L...

Gas pricing in developing countries: A case study of Pakistan

International Nuclear Information System (INIS)

Sohail, H.M.; Abid, M.S.; Ansari, A.M.

1994-01-01

Pakistan, a developing country, has gone through various phases of formulating gas pricing policies during its 40-year history of natural gas production and consumption. This paper identifies critical factors that influenced gas pricing policies in Pakistan and adverse effects experienced when any of these factors was not given proper consideration. For instance, on the producer's side, discounted pricing formulas discouraged further exploration and development, leaving high-potential areas unexplored and discovered fields dormant for more than a decade. On the consumer's side, subsidized gas prices encouraged consumption to rise steeply without new discoveries to offset additional surplus consumption. The paper also discusses various short- and long-term variables that should go into a gas pricing policy for developing countries. References to recent policies are also given, indicating how these variables were incorporated in real terms. The conclusions and recommendations, based on Pakistan's long experience with the gas industry, should be useful for other oil-importing countries rich in indigenous gas resources

Aggregate modeling of fast-acting demand response and control under real-time pricing

International Nuclear Information System (INIS)

Chassin, David P.; Rondeau, Daniel

2016-01-01

Highlights: • Demand elasticity for fast-acting demand response load under real-time pricing. • Validated first-principles logistic demand curve matches random utility model. • Logistic demand curve suitable for diversified aggregate loads market-based transactive control systems. - Abstract: This paper develops and assesses the performance of a short-term demand response (DR) model for utility load control with applications to resource planning and control design. Long term response models tend to underestimate short-term demand response when induced by prices. This has two important consequences. First, planning studies tend to undervalue DR and often overlook its benefits in utility demand management program development. Second, when DR is not overlooked, the open-loop DR control gain estimate may be too low. This can result in overuse of load resources, control instability and excessive price volatility. Our objective is therefore to develop a more accurate and better performing short-term demand response model. We construct the model from first principles about the nature of thermostatic load control and show that the resulting formulation corresponds exactly to the Random Utility Model employed in economics to study consumer choice. The model is tested against empirical data collected from field demonstration projects and is shown to perform better than alternative models commonly used to forecast demand in normal operating conditions. The results suggest that (1) existing utility tariffs appear to be inadequate to incentivize demand response, particularly in the presence of high renewables, and (2) existing load control systems run the risk of becoming unstable if utilities close the loop on real-time prices.

Decay uncovered in nonverbal short-term memory.

Science.gov (United States)

Mercer, Tom; McKeown, Denis

2014-02-01

Decay theory posits that memory traces gradually fade away over the passage of time unless they are actively rehearsed. Much recent work exploring verbal short-term memory has challenged this theory, but there does appear to be evidence for trace decay in nonverbal auditory short-term memory. Numerous discrimination studies have reported a performance decline as the interval separating two tones is increased, consistent with a decay process. However, most of this tone comparison research can be explained in other ways, without reference to decay, and these alternative accounts were tested in the present study. In Experiment 1, signals were employed toward the end of extended retention intervals to ensure that listeners were alert to the presence and frequency content of the memoranda. In Experiment 2, a mask stimulus was employed in an attempt to distinguish between a highly detailed sensory trace and a longer-lasting short-term memory, and the distinctiveness of the stimuli was varied. Despite these precautions, slow-acting trace decay was observed. It therefore appears that the mere passage of time can lead to forgetting in some forms of short-term memory.

The Access Pricing Problem: A Synthesis.

OpenAIRE

Armstrong, Mark; Doyle, Chris; Vickers, John

1996-01-01

The Baumol-Willig efficient component pricing rule states that it is efficient to set the price of access to an essential facility equal to the direct cost of access plus the opportunity cost to the integrated access provider. The authors analyze the relevant notion of 'opportunity cost' under various assumptions about demand and supply conditions, including product differentiation, bypass, and substitution possibilities, which all reduce opportunity cost compared to the benchmark case. They ...

Parent-Offspring Conflict over Short-Term Mating Strategies

Directory of Open Access Journals (Sweden)

Spyroulla Georgiou

2011-12-01

Full Text Available Individuals engage in short-term mating strategies that enable them to obtain fitness benefits from casual relationships. These benefits, however, count for less and cost more to their parents. On this basis three hypotheses are tested. First, parents and offspring are likely to disagree over short-term mating strategies, with the former considering these as less acceptable than the latter. Second, parents are more likely to disapprove of the short-term mating strategies of their daughters than of their sons. Finally, mothers and fathers are expected to agree on how much they disagree over the short-term mating strategies of their children. Evidence from a sample of 148 Greek-Cypriot families (140 mothers, 105 fathers, 119 daughters, 77 sons provides support for the first two hypotheses and partial support for the third hypothesis. The implications of these findings for understanding family dynamics are further discussed.

Opening remarks for a panel discussion on short-term vs long-term procurement

International Nuclear Information System (INIS)

Courtenay, R.H.

1990-01-01

Long-term contracting in the late 1970's and early 1980's is blamed for some of the inequities that plague the uranium industry today. Utilities are obliged to pay prices far above prevailing levels and relatively low cost producers are forced to shut down while watching less efficient suppliers stay in business thanks to their long term supply agreements. Furthermore, it is argued that long-term contracts have contributed to supply instability by forcing the buildup of surplus inventories and by supporting excess incremental production by suppliers who have a baseload of long-term contracts. The depressed prices resulting from this oversupply are in turn jeopardizing future resource development and damaging supply reliability. In summary, the author's argument is that supply reliability will be greatly enhanced by the assurance of adequate primary supply from traditional sources such as Canada. This will not happen without long-term contracts. This conclusion may not be expected coming from a representative of Canada's largest uranium producer. But the final comment is less self serving. Many of the critics of long term contracts apparently expect a continuing and plentiful supply of East Bloc uranium to the spot market. A further question is to what extent East Bloc suppliers will eventually require long-term contracts in order to maintain production facilitates in economies that are no longer centrally planned, and where there is open competition for capital. Ultimately, reliability of supply from the non-traditional suppliers may also depend on long-term contracts

Robust estimation and forecasting of the long-term seasonal component of electricity spot prices

International Nuclear Information System (INIS)

Nowotarski, Jakub; Tomczyk, Jakub; Weron, Rafał

2013-01-01

We present the results of an extensive study on estimation and forecasting of the long-term seasonal component (LTSC) of electricity spot prices. We consider a battery of over 300 models, including monthly dummies and models based on Fourier or wavelet decomposition combined with linear or exponential decay. We find that the considered wavelet-based models are significantly better in terms of forecasting spot prices up to a year ahead than the commonly used monthly dummies and sine-based models. This result questions the validity and usefulness of stochastic models of spot electricity prices built on the latter two types of LTSC models. - Highlights: • First comprehensive study on the forecasting of the long-term seasonal components • Over 300 models examined, including commonly used and new approaches • Wavelet-based models outperform sine-based and monthly dummy models. • Validity of stochastic models built on sines or monthly dummies is questionable

Long-term projections for electricity and gas prices

International Nuclear Information System (INIS)

Borggrefe, Frieder; Lochner, Stefan

2009-01-01

The article analyses potential developments of wholesale electricity prices in Germany until 2030. The relevant determinants and their effects on prices are shown. Several projections demonstrate the impact of future fuel prices taking the political framework into account. The importance of carbon and gas prices - and the latter's relationship to oil prices - are discussed extensively. Although forecasting electricity prices is associated with great uncertainties, the article illustrates the relative impacts of the various price determinants and their interactions. (orig.)

Circadian modulation of short-term memory in Drosophila.

Science.gov (United States)

Lyons, Lisa C; Roman, Gregg

2009-01-01

Endogenous biological clocks are widespread regulators of behavior and physiology, allowing for a more efficient allocation of efforts and resources over the course of a day. The extent that different processes are regulated by circadian oscillators, however, is not fully understood. We investigated the role of the circadian clock on short-term associative memory formation using a negatively reinforced olfactory-learning paradigm in Drosophila melanogaster. We found that memory formation was regulated in a circadian manner. The peak performance in short-term memory (STM) occurred during the early subjective night with a twofold performance amplitude after a single pairing of conditioned and unconditioned stimuli. This rhythm in memory is eliminated in both timeless and period mutants and is absent during constant light conditions. Circadian gating of sensory perception does not appear to underlie the rhythm in short-term memory as evidenced by the nonrhythmic shock avoidance and olfactory avoidance behaviors. Moreover, central brain oscillators appear to be responsible for the modulation as cryptochrome mutants, in which the antennal circadian oscillators are nonfunctional, demonstrate robust circadian rhythms in short-term memory. Together these data suggest that central, rather than peripheral, circadian oscillators modulate the formation of short-term associative memory and not the perception of the stimuli.

Flying Under the Radar: The Effects of Short-Sale Disclosure Rules on Investor Behavior and Stock Prices

NARCIS (Netherlands)

S. Jank (Stephan); C. Roling (Christoph); E. Smajlbegovic (Esad)

2016-01-01

textabstractThis paper analyzes how newly introduced transparency requirements for short positions affect investors' behavior and security prices. Employing a unique data set, which contains both public positions above and confidential positions below the regulatory disclosure threshold, we offer

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

The Role of Short-term Consolidation in Memory Persistence

OpenAIRE

Timothy J. Ricker

2015-01-01

Short-term memory, often described as working memory, is one of the most fundamental information processing systems of the human brain. Short-term memory function is necessary for language, spatial navigation, problem solving, and many other daily activities. Given its importance to cognitive function, understanding the architecture of short-term memory is of crucial importance to understanding human behavior. Recent work from several laboratories investigating the entry of information into s...

The interaction of short-term and long-term memory in phonetic category formation

Science.gov (United States)

Harnsberger, James D.

2002-05-01

This study examined the role that short-term memory capacity plays in the relationship between novel stimuli (e.g., non-native speech sounds, native nonsense words) and phonetic categories in long-term memory. Thirty native speakers of American English were administered five tests: categorial AXB discrimination using nasal consonants from Malayalam; categorial identification, also using Malayalam nasals, which measured the influence of phonetic categories in long-term memory; digit span; nonword span, a short-term memory measure mediated by phonetic categories in long-term memory; and paired-associate word learning (word-word and word-nonword pairs). The results showed that almost all measures were significantly correlated with one another. The strongest predictor for the discrimination and word-nonword learning results was nonword (r=+0.62) and digit span (r=+0.51), respectively. When the identification test results were partialed out, only nonword span significantly correlated with discrimination. The results show a strong influence of short-term memory capacity on the encoding of phonetic detail within phonetic categories and suggest that long-term memory representations regulate the capacity of short-term memory to preserve information for subsequent encoding. The results of this study will also be discussed with regards to resolving the tension between episodic and abstract models of phonetic category structure.

Semantic and phonological contributions to short-term repetition and long-term cued sentence recall.

Science.gov (United States)

Meltzer, Jed A; Rose, Nathan S; Deschamps, Tiffany; Leigh, Rosie C; Panamsky, Lilia; Silberberg, Alexandra; Madani, Noushin; Links, Kira A

2016-02-01

The function of verbal short-term memory is supported not only by the phonological loop, but also by semantic resources that may operate on both short and long time scales. Elucidation of the neural underpinnings of these mechanisms requires effective behavioral manipulations that can selectively engage them. We developed a novel cued sentence recall paradigm to assess the effects of two factors on sentence recall accuracy at short-term and long-term stages. Participants initially repeated auditory sentences immediately following a 14-s retention period. After this task was complete, long-term memory for each sentence was probed by a two-word recall cue. The sentences were either concrete (high imageability) or abstract (low imageability), and the initial 14-s retention period was filled with either an undemanding finger-tapping task or a more engaging articulatory suppression task (Exp. 1, counting backward by threes; Exp. 2, repeating a four-syllable nonword). Recall was always better for the concrete sentences. Articulatory suppression reduced accuracy in short-term recall, especially for abstract sentences, but the sentences initially recalled following articulatory suppression were retained better at the subsequent cued-recall test, suggesting that the engagement of semantic mechanisms for short-term retention promoted encoding of the sentence meaning into long-term memory. These results provide a basis for using sentence imageability and subsequent memory performance as probes of semantic engagement in short-term memory for sentences.

The world market for soybeans: price transmission into Brazil and effects from the timing of crop and trade

Directory of Open Access Journals (Sweden)

Frederico A. Turolla

2007-08-01

Full Text Available This paper investigates the price transmission in the world market for soybeans using time series econometrics models. The theoretical model developed by Mundlack and Larson (1992 is based on the Law of the One Price, which assumes price equalization across all local markets in the long run and allows for deviations in the short run. The international market was characterized by three relevant soybean prices: Rotterdam Port, Argentina and the United States. The paper estimates the elasticity of transmission of these prices into soybean prices in Brazil. There were carried causality and cointegration tests in order to identify whether there is significant long-term relationship among these variables. There was also calculated the impulse-response function and forecast error variance decomposition to analyze the transmission of variations in the international prices over Brazilian prices. An exogeneity test was also carried out so as to check whether the variables respond to short term deviations from equilibrium values. Results validated the Law of the One Price in the long run. In line with many studies, this paper showed that Brazil and Argentina can be seen as price takers as long as the speed of their adjustment to shocks is faster than in the United States, the latter being a price maker.

Short-term and long-term sick-leave in Sweden

DEFF Research Database (Denmark)

Blank, N; Diderichsen, Finn

1995-01-01

The primary aim of the study was to analyse similarities and differences between repeated spells of short-term sick-leave (more than 3 spells of less than 7 days' duration in a 12-month period) and long-term absence through sickness (at least 1 spell of more than 59 days' duration in a 12-month p...

The economic-engineering of smart-meter-enabled dynamic water pricing

Science.gov (United States)

Rougé, Charles; Harou, Julien

2016-04-01

The introduction of smart metering is set to revolutionize in many ways how water utilities conduct their business and interact with customers. Among those is the possibility of changing water prices during the day or seasonally. This work presents the engineering and economic implications of dynamic pricing implemented at two distinct timescales, 1) a seasonal scarcity tariff aimed at reducing consumption during drier period or droughts, and 2) time-of-day tariffs aimed at reducing peak-hour water use. Sophisticated dynamic pricing schemes are hard to understand for many users, and this reduces their social acceptability because it gives the impression that they help the water utility charge more for water. Therefore, we focus on simple pricing mechanisms, and estimating their short- and long-term benefits for communication with regulators and consumers. Seasonal scarcity tariffs are designed by adjusting prices such that the increased expenditure is commensurate with economic gains in other uses such as the environment and recreation. These tariffs could promote efficient use of limited supplies during relatively dry periods. In the long term, consistently reducing water consumption when it is scarce delays the need to invest in new sources of supply meant only for dry periods (e.g. desalination) which can bring down supply costs in the long-term. Reducing peak-hour use through time-of-day tariffs in the short run decreases peak-hour energy consumption and delays maintenance by reducing the likelihood of pipe burst. In the long run it delays capacity expansion of the distribution network. We develop and demonstrate a simple economic model of water supply to a generic city to demonstrate these concepts. This simple model is applied to London's water supply to better understand the scale of potential price changes and savings given London's environmental flow demands.

Financial market pressure, tacit collusion and oil price formation

International Nuclear Information System (INIS)

Aune, Finn Roar; Rosendahl, Knut Einar; Mohn, Klaus; Osmundsen, Petter

2010-01-01

We explore a hypothesis that a change in investment behaviour among international oil companies (IOC) towards the end of the 1990s had long-lived effects on OPEC strategies, and on oil price formation. Coordinated investment constraints were imposed on the IOCs through financial market pressures for improved short-term profitability in the wake of the Asian economic crisis. A partial equilibrium model for the global oil market is applied to compare the effects of these tacitly collusive capital constraints on oil supply with an alternative characterised by industrial stability. Our results suggest that even temporary economic and financial shocks may have a long-term impact on oil price formation. (author)

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

Science.gov (United States)

Khrennikova, Polina

2016-05-01

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

Trends and prospects of international major commodity prices

Directory of Open Access Journals (Sweden)

Maria Cartas

2013-04-01

Full Text Available Trends and prospects of international major commodity prices. In 2012, the international commodity markets have seen declining prices, especially during the first half of the year, with some improvement mainly in the last quarter. On the whole, most of major commodity prices declined, following generally weaker demand and the uncertain global economic situation. The short term outlook shows broad declines of prices for all major commodity groups, including oil and excepting metal prices, which are expected to be sustained by the global economic recovery and increasing demand, mainly in China. This country represents a major player, with a great contribution to the movement of prices on most of international commodity markets, as she has a great role in the world consumption and trade of commodities, as well as in the world production of some of these goods, on the one hand, and enjoys huge financial resources, on the other.

On the link between oil and commodity prices: a panel VAR approach

International Nuclear Information System (INIS)

Bremond, Vincent; Hache, Emmanuel; Joets, Marc

2013-12-01

The aim of this paper is to study the relationships between the price of oil and a large dataset of commodity prices, relying on panel data settings. Using second generation panel co-integration tests, our findings show that the WTI and commodity prices are not linked in the long term. Nevertheless, considering our results in causality tests, we show that short-run relations exist, mainly from the price of crude oil to commodity prices. We thus implement a panel VAR estimation with an impulse response function analysis. Two main conclusions emerge: (i) fast co-movements are highlighted, while (ii) market efficiency is emphasized. (authors)

The relationship between spot and futures prices in the Nord Pool electricity market

International Nuclear Information System (INIS)

Botterud, Audun; Kristiansen, Tarjei; Ilic, Marija D.

2010-01-01

We analyze 11 years of historical spot- and futures prices from the hydro-dominated Nord Pool electricity market. We find that futures prices tend to be higher than spot prices. The average convenience yield is therefore negative, but varies by season and depends on the storage levels in hydro reservoirs. The average realized return on holding a long position in the futures market is also negative. The negative convenience yield and risk premium contrast empirical findings in most other commodity markets. We argue that differences between the supply and demand sides in terms of risk preferences and the ability to take advantage of short-term price variations can contribute to explain the observed relationship between spot- and futures prices. In addition, our analysis shows that the relationship between spot and futures prices is clearly linked to the physical state of the system, such as hydro inflow, reservoir levels, and demand. (author)

Musical and Verbal Memory in Alzheimer's Disease: A Study of Long-Term and Short-Term Memory

Science.gov (United States)

Menard, Marie-Claude; Belleville, Sylvie

2009-01-01

Musical memory was tested in Alzheimer patients and in healthy older adults using long-term and short-term memory tasks. Long-term memory (LTM) was tested with a recognition procedure using unfamiliar melodies. Short-term memory (STM) was evaluated with same/different judgment tasks on short series of notes. Musical memory was compared to verbal…

A branch-and-price algorithm for the long-term home care scheduling problem

DEFF Research Database (Denmark)

Gamst, Mette; Jensen, Thomas Sejr

2012-01-01

In several countries, home care is provided for certain citizens living at home. The long-term home care scheduling problem is to generate work plans such that a high quality of service is maintained, the work hours of the employees are respected, and the overall cost is kept as low as possible. We...... propose a branchand-price algorithm for the long-term home care scheduling problem. The pricing problem generates a one-day plan for an employee, and the master problem merges the plans with respect to regularity constraints. The method is capable of generating plans with up to 44 visits during one week....

An empirical examination of the relationship between naked shorting and share prices around the announcement of a firm’s need for external capital

Directory of Open Access Journals (Sweden)

Austin Murphy

2012-12-01

Full Text Available This research finds some empirical evidence that the sale of stock without delivering shares can contribute to pressuring down the equity prices of companies seeking to raise capital. By allowing for the delayed effects on prices of limit orders by naked shorts, a significant negative impact on equity value per share is discovered but only for naked short selling by market makers and only on stocks of firms in urgent need of external financing.

Stochastic short-term maintenance scheduling of GENCOs in an oligopolistic electricity market

International Nuclear Information System (INIS)

Fotouhi Ghazvini, Mohammad Ali; Canizes, Bruno; Vale, Zita; Morais, Hugo

2013-01-01

Highlights: ► Decision making under uncertainty. ► Stochastic Mixed Integer Quadratic Programming applied to short-term maintenance scheduling. ► Outage scheduling in Oligopolistic electricity markets. ► Generation companies maintenance scheduling. -- Abstract: In the proposed model, the independent system operator (ISO) provides the opportunity for maintenance outage rescheduling of generating units before each short-term (ST) time interval. Long-term (LT) scheduling for 1 or 2 years in advance is essential for the ISO and the generation companies (GENCOs) to decide their LT strategies; however, it is not possible to be exactly followed and requires slight adjustments. The Cournot-Nash equilibrium is used to characterize the decision-making procedure of an individual GENCO for ST intervals considering the effective coordination with LT plans. Random inputs, such as parameters of the demand function of loads, hourly demand during the following ST time interval and the expected generation pattern of the rivals, are included as scenarios in the stochastic mixed integer program defined to model the payoff-maximizing objective of a GENCO. Scenario reduction algorithms are used to deal with the computational burden. Two reliability test systems were chosen to illustrate the effectiveness of the proposed model for the ST decision-making process for future planned outages from the point of view of a GENCO.

Sleep Quality, Short-Term and Long-Term CPAP Adherence

Science.gov (United States)

Somiah, Manya; Taxin, Zachary; Keating, Joseph; Mooney, Anne M.; Norman, Robert G.; Rapoport, David M.; Ayappa, Indu

2012-01-01

Study Objectives: Adherence to CPAP therapy is low in patients with obstructive sleep apnea/hypopnea syndrome (OSAHS). The purpose of the present study was to evaluate the utility of measures of sleep architecture and sleep continuity on the CPAP titration study as predictors of both short- and long-term CPAP adherence. Methods: 93 patients with OSAHS (RDI 42.8 ± 34.3/h) underwent in-laboratory diagnostic polysomnography, CPAP titration, and follow-up polysomnography (NPSG) on CPAP. Adherence to CPAP was objectively monitored. Short-term (ST) CPAP adherence was averaged over 14 days immediately following the titration study. Long-term (LT) CPAP adherence was obtained in 56/93 patients after approximately 2 months of CPAP use. Patients were grouped into CPAP adherence groups for ST ( 4 h) and LT adherence ( 4 h). Sleep architecture, sleep disordered breathing (SDB) indices, and daytime outcome variables from the diagnostic and titration NPSGs were compared between CPAP adherence groups. Results: There was a significant relationship between ST and LT CPAP adherence (r = 0.81, p CPAP adherence groups had significantly lower %N2 and greater %REM on the titration NPSG. A model combining change in sleep efficiency and change in sleep continuity between the diagnostic and titration NPSGs predicted 17% of the variance in LT adherence (p = 0.006). Conclusions: These findings demonstrate that characteristics of sleep architecture, even on the titration NPSG, may predict some of the variance in CPAP adherence. Better sleep quality on the titration night was related to better CPAP adherence, suggesting that interventions to improve sleep on/prior to the CPAP titration study might be used as a therapeutic intervention to improve CPAP adherence. Citation: Somiah M; Taxin Z; Keating J; Mooney AM; Norman RG; Rapoport DM; Ayappa I. Sleep quality, short-term and long-term CPAP adherence. J Clin Sleep Med 2012;8(5):489-500. PMID:23066359

Is the price effect on fuel consumption symmetric? Some evidence from an empirical study

International Nuclear Information System (INIS)

Sentenac-Chemin, Elodie

2012-01-01

We generally consider that the price elasticity of the energy demand is quite small. But it appears that strong increases in gasoline price lead to modifications in consumer behaviors. The high volatility of petroleum prices and the strong increases since the beginning of 2000 justify an analysis of price effects on gasoline consumption. We estimate the effects of price variations on gasoline consumption, in the United States and India. We use a co-integration modelling to test for long-run relationship between gasoline consumption, income, price and vehicle ownership in the two countries. We use an error correction model to test for short-run prices effects and more precisely for asymmetric effects on demand of increases and decreases in gasoline prices. The main conclusions are the following. Concerning the United States, the long-term price elasticity is relatively high for an industrialised country because gasoline taxes are low, but we show that households are more sensitive to a price increase than a price decrease. About India, price elasticity in the long-run is quite high but is quite small in the short-run. It is not surprising for an emergent country. It seems that there is no asymmetric effect of price variations on gasoline consumption.

Assessing the associative deficit of older adults in long-term and short-term/working memory.

Science.gov (United States)

Chen, Tina; Naveh-Benjamin, Moshe

2012-09-01

Older adults exhibit a deficit in associative long-term memory relative to younger adults. However, the literature is inconclusive regarding whether this deficit is attenuated in short-term/working memory. To elucidate the issue, three experiments assessed younger and older adults' item and interitem associative memory and the effects of several variables that might potentially contribute to the inconsistent pattern of results in previous studies. In Experiment 1, participants were tested on item and associative recognition memory with both long-term and short-term retention intervals in a single, continuous recognition paradigm. There was an associative deficit for older adults in the short-term and long-term intervals. Using only short-term intervals, Experiment 2 utilized mixed and blocked test designs to examine the effect of test event salience. Blocking the test did not attenuate the age-related associative deficit seen in the mixed test blocks. Finally, an age-related associative deficit was found in Experiment 3, under both sequential and simultaneous presentation conditions. Even while accounting for some methodological issues, the associative deficit of older adults is evident in short-term/working memory.

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

Energy Technology Data Exchange (ETDEWEB)

Ouvry, V

1998-01-30

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

25 CFR 141.16 - Price marking.

Science.gov (United States)

2010-04-01

... 25 Indians 1 2010-04-01 2010-04-01 false Price marking. 141.16 Section 141.16 Indians BUREAU OF... AND ZUNI RESERVATIONS General Business Practices § 141.16 Price marking. The price of each article... visible to the customer and that affords the customer a reasonable opportunity to learn the price of the...

The Impact of Macroeconomic Fundamentals on Stock Prices Revisited: Evidence from Indian Data

Directory of Open Access Journals (Sweden)

Pramod Kumar NAIK

2012-11-01

Full Text Available The study investigates the relationships between the Indian stock market index (BSE Sensex and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that macroeconomic variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, macroeconomic variable causes the stock prices in the long-run but not in the short-run. There is bidirectional causality exists between industrial production and stock prices whereas, unidirectional causality from money supply to stock price, stock price to inflation and interest rates to stock prices are found.

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

Decrease in oil prices: which consequences for the World economy and for France?

International Nuclear Information System (INIS)

Camatte, Hadrien; Darmet-Cucchiarini, Maxime; Gillet, Thomas; Masson, Emmanuelle; Meslin, Olivier; Padieu, Ysaline; Tavin, Alexandre

2016-04-01

Based of various statistics, this public publication first describes that, since summer 2014, oil price has been sharply decreasing (70 per cent) and keeping on decreasing due to a still abundant supply (with non conventional oil in the USA, and a still high production by OPEC countries) and a rather disappointing demand. It also outlines that production commitments stated by producers are still uncertain. This paper then notices that this oil price decrease could remain positive for World economy, but that some short term factors still impair these effects. This positive effect is indeed slow to appear in importing countries. Negative effects in exporting countries are emphasized by local economic policies. Moreover, there could be a transmission of this oil price decrease to the financial sphere, oil price decrease makes monetary policy more complex, and the USA are increasingly exposed to the energy sector activity. The third part shows that oil prices have positive effects on the French economy. They favour a wealth transfer from the rest of the world to the French economy, positively impacts companies margins and household purchase power on the short and medium terms, induces external effects as it also affects trade partners, and could result in an activity gain in the finance bill

Reference-based transitions in short-run price elasticity

NARCIS (Netherlands)

K.H. Pauwels (Koen); Ph.H.B.F. Franses (Philip Hans); S. Srinivasan (Shuba)

2003-01-01

textabstractMarketing literature has long recognized that price response need not be monotonic and symmetric, but has yet to provide generalizable market-level insights on reference price type, asymmetric thresholds and sign and magnitude of elasticity transitions. In this paper, we introduce smooth

Genetic deletion of melanin-concentrating hormone neurons impairs hippocampal short-term synaptic plasticity and hippocampal-dependent forms of short-term memory.

Science.gov (United States)

Le Barillier, Léa; Léger, Lucienne; Luppi, Pierre-Hervé; Fort, Patrice; Malleret, Gaël; Salin, Paul-Antoine

2015-11-01

The cognitive role of melanin-concentrating hormone (MCH) neurons, a neuronal population located in the mammalian postero-lateral hypothalamus sending projections to all cortical areas, remains poorly understood. Mainly activated during paradoxical sleep (PS), MCH neurons have been implicated in sleep regulation. The genetic deletion of the only known MCH receptor in rodent leads to an impairment of hippocampal dependent forms of memory and to an alteration of hippocampal long-term synaptic plasticity. By using MCH/ataxin3 mice, a genetic model characterized by a selective deletion of MCH neurons in the adult, we investigated the role of MCH neurons in hippocampal synaptic plasticity and hippocampal-dependent forms of memory. MCH/ataxin3 mice exhibited a deficit in the early part of both long-term potentiation and depression in the CA1 area of the hippocampus. Post-tetanic potentiation (PTP) was diminished while synaptic depression induced by repetitive stimulation was enhanced suggesting an alteration of pre-synaptic forms of short-term plasticity in these mice. Behaviorally, MCH/ataxin3 mice spent more time and showed a higher level of hesitation as compared to their controls in performing a short-term memory T-maze task, displayed retardation in acquiring a reference memory task in a Morris water maze, and showed a habituation deficit in an open field task. Deletion of MCH neurons could thus alter spatial short-term memory by impairing short-term plasticity in the hippocampus. Altogether, these findings could provide a cellular mechanism by which PS may facilitate memory encoding. Via MCH neuron activation, PS could prepare the day's learning by increasing and modulating short-term synaptic plasticity in the hippocampus. © 2015 Wiley Periodicals, Inc.

Relationship between short and long term radon measurements

International Nuclear Information System (INIS)

Martinez, T.; Ramirez, D.; Navarrete, M.; Cabrera, L.; Ramirez, A.; Gonzalez, P.

2000-01-01

In this work the radon group of the Faculty of Chemistry at the National University of Mexico presents the results obtained in the establishment of a relation between the short and long term radon measures made with passive electret detectors E-PERM type LLT and HST. The measures were carried out inside single family dwellings (open house condition) located in the southeast of Mexico City (in Xochimilco) during the four seasons of the year 1997. A correlation was established between the short term measures (five days) and those of a long term for every season as well as an annual average, with an equation that relates them. The objective and advantage of this correlation are that with a short term measure it is possible to predict the annual mean radon concentration, that represents a saving of human and economic resources. (author)

Impact of short-term severe accident management actions in a long-term perspective. Final Report

International Nuclear Information System (INIS)

2000-03-01

The present systems for severe accident management are focused on mitigating the consequences of special severe accident phenomena and to reach a safe plant state. However, in the development of strategies and procedures for severe accident management, it is also important to consider the long-term perspective of accident management and especially to secure the safe state of the plant. The main reason for this is that certain short-term actions have an impact on the long-term scenario. Both positive and negative effects from short-term actions on the accident management in the long-term perspective have been included in this paper. Short-term actions are accident management measures taken within about 24 hours after the initiating event. The purpose of short-term actions is to reach a stable status of the plant. The main goal in the long-term perspective is to maintain the reactor in a stable state and prevent uncontrolled releases of activity. The purpose of this short Technical Note, deliberately limited in scope, is to draw attention to potential long-term problems, important to utilities and regulatory authorities, arising from the way a severe accident would be managed during the first hours. Its objective is to encourage discussions on the safest - and maybe also most economical - way to manage a severe accident in the long term by not making the situation worse through inappropriate short-term actions, and on the identification of short-term actions likely to make long-term management easier and safer. The Note is intended as a contribution to the knowledge base put at the disposal of Member countries through international collaboration. The scope of the work has been limited to a literature search. Useful further activities have been identified. However, there is no proposal, at this stage, for more detailed work to be undertaken under the auspices of the CSNI. Plant-specific applications would need to be developed by utilities

The Cushing OK Crude Oil Futures Price Pass - Through to New York Harbor Reformulated RBOB Regular Gasoline Futures Price

Directory of Open Access Journals (Sweden)

Chu V. Nguyen

2017-04-01

Full Text Available This study utilizes an Autoregressive Distributed Lag model to investigate the nature of crude oil futures price pass-through since 2006. The empirical results reveal a very high but incomplete short-run pass-through rate from the crude oil futures price to the gasoline futures price of 0.849298 with a corresponding negative long-run pass-through rate of -0.2440894. These empirical findings suggest that traders in the U.S. oil and gasoline futures markets overreact to fluctuations in the crude oil futures price as evidenced by subsequent corrections made over the sample period. The result of the bounds test for a long-term relationship between these two futures prices is inconclusive. The empirical findings further suggest that U.S. futures market traders considered futures prices of gasoline three weeks earlier in determining the current trading price while taking only one week to respond completely to the shock in the crude oil futures price.  The empirical findings of this investigation may address the core elements of the price dynamics of the crude oil and gasoline futures markets and advance inquiry into assessment tools that could manage a very complex market challenge, especially for policy makers in countries with transitional economies in Eastern Europe, Caucasus and Central Asia.

Short-term Canadian natural gas deliverability 2005-2007 : an energy market assessment

International Nuclear Information System (INIS)

2005-10-01

This document examined the factors that influence gas supply in the short-term and presented an outlook for deliverability from 2005 to 2007. Recent trends in the production characteristics of the Western Canada Sedimentary Basin (WCSB) and the east coast offshore provide a better understanding of the short-term gas supply situation. High natural gas prices have resulted in record levels of drilling in Canada's natural gas exploration and production industry. Drilling levels are expected to remain high as industry will continue to maximize efforts to increase production. However, due to the maturity of the WCSB, the effort will result in only a modest increase in production over the next 2 years. The low decline characteristics of natural gas from coal (NGC) wells will have a stabilizing effect on WCSB deliverability over the long-term. It was noted that approximately 98 per cent of Canadian gas is produced from the WCSB with Alberta accounting for 80 per cent of the output. This assessment provided separate deliverability estimates for conventional gas in the WCSB, NGC, and offshore Nova Scotia. The contribution from offshore Nova Scotia will likely remain in the range of 10 to 11 million cubic metres per day until late 2006, and rise to an average of 13 million cubic metres per day in 2007 with added compression. It was concluded that Canadian deliverability will increase slightly through an increase in drilling activity. It was also noted that the province of Alberta and the petroleum industry are addressing the issue of drilling density, access to resources, noise and other environmental aspects of the expected increase in NGC activity. 3 tabs., 16 figs., 3 appendices

Ordered short-term memory differs in signers and speakers: Implications for models of short-term memory

OpenAIRE

Bavelier, Daphne; Newport, Elissa L.; Hall, Matt; Supalla, Ted; Boutla, Mrim

2008-01-01

Capacity limits in linguistic short-term memory (STM) are typically measured with forward span tasks in which participants are asked to recall lists of words in the order presented. Using such tasks, native signers of American Sign Language (ASL) exhibit smaller spans than native speakers (Boutla, Supalla, Newport, & Bavelier, 2004). Here, we test the hypothesis that this population difference reflects differences in the way speakers and signers maintain temporal order information in short-te...

The futures and forward price differential in the Nordic electricity market

Energy Technology Data Exchange (ETDEWEB)

Wimschulte, Jens [University of Regensburg (Germany)

2010-08-15

This note investigates price differentials between electricity forwards and portfolios of short-term futures with identical delivery periods at the Nordic Power Exchange (Nord Pool). Since both contracts are traded at the same exchange, there is no influence of, for example, different market microstructure and default risk when examining the effect of the marking-to-market of futures on the price differential. Although the prices of the futures portfolios are, on average, below the corresponding forward prices, these price differentials are, on average, not statistically significant and not economically significant when taking transaction costs into account. Given the characteristics of the electricity contracts under observation, this is consistent with the predictions of the model and indicates efficient pricing in the Nord Pool forward market in contrast to previous results. (author)

The futures and forward price differential in the Nordic electricity market

International Nuclear Information System (INIS)

Wimschulte, Jens

2010-01-01

This note investigates price differentials between electricity forwards and portfolios of short-term futures with identical delivery periods at the Nordic Power Exchange (Nord Pool). Since both contracts are traded at the same exchange, there is no influence of, for example, different market microstructure and default risk when examining the effect of the marking-to-market of futures on the price differential. Although the prices of the futures portfolios are, on average, below the corresponding forward prices, these price differentials are, on average, not statistically significant and not economically significant when taking transaction costs into account. Given the characteristics of the electricity contracts under observation, this is consistent with the predictions of the model and indicates efficient pricing in the Nord Pool forward market in contrast to previous results. (author)

Essays on Commodity Prices and Macroeconomic Performance of Developing and Resources Rich Economies: Evidence from Kazakhstan

Science.gov (United States)

Bilgin, Ferhat I.

My dissertation consists of three essays in empirical macroeconomics. The objective of this research is to use rigorous time-series econometric analysis to investigate the impact of commodity prices on macroeconomic performance of a small, developing and resource-rich country, which is in the process of transition from a purely command and control economy to a market oriented one. Essay 1 studies the relationship between Kazakhstan's GDP, total government expenditure, real effective exchange rate and the world oil price. Specifically, I use the cointegrated vector autoregression (CVAR) and error correction modeling (ECM) approach to identify the long and short-run relations that may exist among these macroeconomic variables. I found a long-run relationship for Kazakhstan's GDP, which depends on government spending and the oil price positively, and on the real effective exchange rate negatively. In the short run, the growth rate of GDP depends on the growth rates of the oil price, investment and the magnitude of the deviation from the long-run equilibrium. Essay 2 studies the inflation process in Kazakhstan based on the analysis of price formation in the following sectors: monetary, external, labor and goods and services. The modeling is conducted from two different perspectives: the first is the monetary model of inflation framework and the second is the mark-up modeling framework. Encompassing test results show that the mark-up model performs better than the monetary model in explaining inflation in Kazakhstan. According to the mark-up inflation model, in the long run, the price level is positively related to unit labor costs, import prices and government administered prices as well the world oil prices. In the short run, the inflation is positively influenced by the previous quarter's inflation, the contemporaneous changes in the government administered prices, oil prices and by the changes of contemporaneous and lagged unit labor costs, and negatively affected

Short-term and long-term deflection of reinforced hollow core ...

African Journals Online (AJOL)

This paper presents a study on different methods of analysis that are currently used by design codes to predict the short-term and long-term deflection of reinforced concrete slab systems and compares the predicted deflections with measured deflections. The experimental work to measure deflections involved the testing of ...

Robust short-term memory without synaptic learning.

Directory of Open Access Journals (Sweden)

Samuel Johnson

Full Text Available Short-term memory in the brain cannot in general be explained the way long-term memory can--as a gradual modification of synaptic weights--since it takes place too quickly. Theories based on some form of cellular bistability, however, do not seem able to account for the fact that noisy neurons can collectively store information in a robust manner. We show how a sufficiently clustered network of simple model neurons can be instantly induced into metastable states capable of retaining information for a short time (a few seconds. The mechanism is robust to different network topologies and kinds of neural model. This could constitute a viable means available to the brain for sensory and/or short-term memory with no need of synaptic learning. Relevant phenomena described by neurobiology and psychology, such as local synchronization of synaptic inputs and power-law statistics of forgetting avalanches, emerge naturally from this mechanism, and we suggest possible experiments to test its viability in more biological settings.

Robust short-term memory without synaptic learning.

Science.gov (United States)

Johnson, Samuel; Marro, J; Torres, Joaquín J

2013-01-01

Short-term memory in the brain cannot in general be explained the way long-term memory can--as a gradual modification of synaptic weights--since it takes place too quickly. Theories based on some form of cellular bistability, however, do not seem able to account for the fact that noisy neurons can collectively store information in a robust manner. We show how a sufficiently clustered network of simple model neurons can be instantly induced into metastable states capable of retaining information for a short time (a few seconds). The mechanism is robust to different network topologies and kinds of neural model. This could constitute a viable means available to the brain for sensory and/or short-term memory with no need of synaptic learning. Relevant phenomena described by neurobiology and psychology, such as local synchronization of synaptic inputs and power-law statistics of forgetting avalanches, emerge naturally from this mechanism, and we suggest possible experiments to test its viability in more biological settings.

Robust Short-Term Memory without Synaptic Learning

Science.gov (United States)

Johnson, Samuel; Marro, J.; Torres, Joaquín J.

2013-01-01

Short-term memory in the brain cannot in general be explained the way long-term memory can – as a gradual modification of synaptic weights – since it takes place too quickly. Theories based on some form of cellular bistability, however, do not seem able to account for the fact that noisy neurons can collectively store information in a robust manner. We show how a sufficiently clustered network of simple model neurons can be instantly induced into metastable states capable of retaining information for a short time (a few seconds). The mechanism is robust to different network topologies and kinds of neural model. This could constitute a viable means available to the brain for sensory and/or short-term memory with no need of synaptic learning. Relevant phenomena described by neurobiology and psychology, such as local synchronization of synaptic inputs and power-law statistics of forgetting avalanches, emerge naturally from this mechanism, and we suggest possible experiments to test its viability in more biological settings. PMID:23349664

Port pricing : principles, structure and models

OpenAIRE

Meersman, Hilde; Strandenes, Siri Pettersen; Van de Voorde, Eddy

2014-01-01

Price level and price transparency are input to shippers’ choice of supply chain and transport mode. In this paper, we analyse current port pricing structures in the light of the pricing literature and consider opportunities for improvement. We present a detailed overview of pricing criteria, who sets prices and who ultimately foots the bill for port-of-call charges, cargo-handling fees and congestion charges. Current port pricing practice is based on a rather linear structure and fails to in...

Evaluating the Mechanism of Oil Price Shocks and Fiscal Policy Responses in the Malaysian Economy

International Nuclear Information System (INIS)

Bekhet, Hussain A; Yusoff, Nora Yusma Mohamed

2013-01-01

The paper aims to explore the symmetric impact of oil price shock on economy, to understand its mechanism channel and how fiscal policy response towards it. The Generalized Impulse Response Function and Variance Decomposition under the VAR methodology were employed. The empirical findings suggest that symmetric oil price shock has a positive and direct impact on oil revenue and government expenditure. However, the real GDP is vulnerable in a short-term but not in the long term period. These results would confirm that fiscal policy is the main mechanism channel that mitigates the adverse effects oil price shocks to the economy.

Evaluating the Mechanism of Oil Price Shocks and Fiscal Policy Responses in the Malaysian Economy

Science.gov (United States)

Bekhet, Hussain A.; Yusoff, Nora Yusma Mohamed

2013-06-01

The paper aims to explore the symmetric impact of oil price shock on economy, to understand its mechanism channel and how fiscal policy response towards it. The Generalized Impulse Response Function and Variance Decomposition under the VAR methodology were employed. The empirical findings suggest that symmetric oil price shock has a positive and direct impact on oil revenue and government expenditure. However, the real GDP is vulnerable in a short-term but not in the long term period. These results would confirm that fiscal policy is the main mechanism channel that mitigates the adverse effects oil price shocks to the economy.

The spot market and the spot price: applicability and limitations

International Nuclear Information System (INIS)

White, G. Jr.

1987-01-01

The subject of spot prices and their relationship to long-term contracting is addressed. The author is associated with Nuexco, which originally was called the Nuclear Exchange Corporation. They use the term Exchange Value which originated in the idea that Nuexco operated an exchange 'bank' - those with too much uranium could 'bank it', those with short-term needs could borrow from the 'bank'. If the borrower repaid slightly more or less the difference was settled using the 'exchange value'. This became used for longer-term transactions and now settling the monthly value is an important part of Nuexco's activities. The exact nature of the Exchange Value is defined. Now more and more buyers are insisting on spot market related pricing even where this is not meaningfully related to uranium production costs. (U.K.)

Near-Term Opportunities for Carbon Dioxide Capture and Storage 2007

Energy Technology Data Exchange (ETDEWEB)

NONE

2007-07-01

This document contains the summary report of the workshop on global assessments for near-term opportunities for carbon dioxide capture and storage (CCS), which took place on 21-22 June 2007 in Oslo, Norway. It provided an opportunity for direct dialogue between concerned stakeholders in the global effort to accelerate the development and commercialisation of CCS technology. This is part of a series of three workshops on near-term opportunities for this important mitigation option that will feed into the G8 Plan of Action on Climate Change, Clean Energy and Sustainable Development. The ultimate goal of this effort is to present a report and policy recommendations to the G8 leaders at their 2008 summit meeting in Japan.

Short-term memory binding deficits in Alzheimer's disease

OpenAIRE

Parra, Mario; Abrahams, S.; Fabi, K.; Logie, R.; Luzzi, S.; Della Sala, Sergio

2009-01-01

Alzheimer's disease impairs long term memories for related events (e.g. faces with names) more than for single events (e.g. list of faces or names). Whether or not this associative or ‘binding’ deficit is also found in short-term memory has not yet been explored. In two experiments we investigated binding deficits in verbal short-term memory in Alzheimer's disease. Experiment 1 : 23 patients with Alzheimer's disease and 23 age and education matched healthy elderly were recruited. Participants...

Relationship between short-term sexual strategies and sexual jealousy.

Science.gov (United States)

Mathes, Eugene W

2005-02-01

In a classic study, Buss, Larson, Westen, and Semmelroth reported that men were more distressed by the thought of a partner's sexual infidelity (sexual jealousy) and women were more distressed by the thought of a partner's emotional infidelity (emotional jealousy). Initially, Buss and his associates explained these results by suggesting that men are concerned about uncertainty of paternity, that is, the possibility of raising another man's child while believing the child is their own. However, later they explained the results in terms of men's preference for short-term sexual strategies. The purpose of this research was to test the explanation of short-term sexual strategies. Men and women subjects were instructed to imagine themselves in a relationship which was either short-term (primarily sexual) or long-term (involving commitment) and then respond to Buss's jealousy items. It was hypothesized that, when both men and women imagined a short-term relationship, they would be more threatened by a partner's sexual infidelity, and, when they imagined a long-term relationship, they would be more threatened by a partner's emotional infidelity. Support was found for this hypothesis.

Impact of long-term and short-term therapies on seminal parameters

Directory of Open Access Journals (Sweden)

Jlenia Elia

2013-04-01

Full Text Available Aim: The aim of this work was: i to evaluate the prevalence of male partners of subfertile couples being treated with long/short term therapies for non andrological diseases; ii to study their seminal profile for the possible effects of their treatments on spermatogenesis and/or epididymal maturation. Methods: The study group was made up of 723 subjects, aged between 25 and 47 years. Semen analysis was performed according to World Health Organization (WHO guidelines (1999. The Superimposed Image Analysis System (SIAS, which is based on the computerized superimposition of spermatozoa images, was used to assess sperm motility parameters. Results: The prevalence of subjects taking pharmacological treatments was 22.7% (164/723. The prevalence was 3.7% (27/723 for the Short-Term Group and 18.9% (137/723 for the Long-Term Group. The subjects of each group were also subdivided into subgroups according to the treatments being received. Regarding the seminal profile, we did not observe a significant difference between the Long-Term, Short-Term or the Control Group. However, regarding the subgroups, we found a significant decrease in sperm number and progressive motility percentage in the subjects receiving treatment with antihypertensive drugs compared with the other subgroups and the Control Group. Conclusions: In the management of infertile couples, the potential negative impact on seminal parameters of any drugs being taken as Long-Term Therapy should be considered. The pathogenic mechanism needs to be clarified.

Asymmetric and nonlinear pass-through of crude oil prices to gasoline and natural gas prices

International Nuclear Information System (INIS)

Atil, Ahmed; Lahiani, Amine; Nguyen, Duc Khuong

2014-01-01

In this article, we use the recently developed nonlinear autoregressive distributed lags (NARDL) model to examine the pass-through of crude oil prices into gasoline and natural gas prices. Our approach allows us to simultaneously test the short- and long-run nonlinearities through positive and negative partial sum decompositions of the predetermined explanatory variables. It also offers the possibility to quantify the respective responses of gasoline and natural gas prices to positive and negative oil price shocks from the asymmetric dynamic multipliers. The obtained results indicate that oil prices affect gasoline prices and natural gas prices in an asymmetric and nonlinear manner, but the price transmission mechanism is not the same. Important policy implications can be learned from the empirical findings. - Highlights: • The pass-through of crude oil prices into gasoline and natural gas prices is examined. • We use a NARDL model to test for the long-run and short-run asymmetric reactions. • Both gasoline and natural gas prices significantly adjust to changes in the price of oil. • Negative oil shocks have greater effects than positive oil shocks. • Policy implications are discussed

Pricing Natural Gas. The Outlook for the European Market (Summary)

International Nuclear Information System (INIS)

2008-01-01

Long-term gas supply contracts contain price formulae, in which the gas price is usually linked to the price of another commodity, or to the spot price of gas in a particular market. In continental Europe the gas price in international long-term supply contracts is predominantly linked to oil products. At the same time, spot markets for gas in which gas prices are determined by supply and demand are developing in various EU markets. This paper addresses the question of to what extent the traditional form of oil-based price indexation is sustainable and/or will be sustained by the market players. It discusses the considerations the market players may have in favour of one or the other form of indexation, the external forces that may influence the choice of indexation in the short and longer terms and the consequences of change. It argues that pricing systems are a fundamental part of a market organisation, and that a shift to different pricing structures only happens if and when the main actors are convinced that they understand and accept the consequences of such change. It concludes that there is no strong evidence that the current hybrid situation, in which both forms of gas pricing co-exist, cannot continue. There are also no overriding reasons to intervene in the market practices of price formation. Both systems have their advantages and disadvantages under different market conditions, and to some extent complement each other in the current markets. Different types of risk and the appreciation thereof by the trading parties will determine particular choices of pricing rules and contracting conditions. More importantly, in today's market, in which new supplies are slow to come forward, the choice should be left to the market parties, particularly as sellers and buyers do not seem to be in strong disagreement

Model documentation report: Short-Term Hydroelectric Generation Model

International Nuclear Information System (INIS)

1993-08-01

The purpose of this report is to define the objectives of the Short- Term Hydroelectric Generation Model (STHGM), describe its basic approach, and to provide details on the model structure. This report is intended as a reference document for model analysts, users, and the general public. Documentation of the model is in accordance with the Energy Information Administration's (AYE) legal obligation to provide adequate documentation in support of its models (Public Law 94-385, Section 57.b.2). The STHGM performs a short-term (18 to 27- month) forecast of hydroelectric generation in the United States using an autoregressive integrated moving average (UREMIA) time series model with precipitation as an explanatory variable. The model results are used as input for the short-term Energy Outlook

Carbon price volatility: Evidence from EU ETS

International Nuclear Information System (INIS)

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

2011-01-01

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

Boom or bust : developing countries' rough ride on the commodity price rollercoaster

International Nuclear Information System (INIS)

Brown, O.; Gibson, J.

2006-10-01

Current high commodity prices are driven by strong demand from the emerging economies of China and India in addition to high consumption in the United States. Many developing countries are experiencing massive windfall revenues from high commodity prices. However, commodity prices are highly volatile in the short term, and can vary as much as 50 per cent in a single year. While developed country producers are supported by subsidies and social safety nets, developing countries and smallholder producers feel the extent of commodity price volatility more directly. Many developing countries are becoming locked into the production and export of primary commodities whose volatile prices are declining over the long term, and over which they have very little control. Price volatility makes sound fiscal planning difficult for both countries and producers. Price booms and busts also drive social inequalities, livelihood inequalities, and corruption. Price swings can cause conflict over valuable land and resources, and does not create incentives for sound environmental stewardship. This paper described the impacts of commodity price volatility in developing countries with the aim of promoting discussion about what can be done to help stabilize revenues for countries as well as producers. Price trends and their importance were reviewed, and the theoretical benefits of liberalized commodity markets were examined. Previous attempts to stabilize commodity prices were reviewed. It was concluded that the best long-term solution to the commodity price problem is economic diversification. Recommendations for promoting economic diversification were provided. 43 refs., 1 tab., 2 figs

Short-term flow induced crystallization in isotactic polypropylene : how short is short?

NARCIS (Netherlands)

Ma, Z.; Balzano, L.; Portale, G.; Peters, G.W.M.

2013-01-01

The so-called "short-term flow" protocol is widely applied in experimental flow-induced crystallization studies on polymers in order to separate the nucleation and subsequent growth processes [Liedauer et al. Int. Polym. Proc. 1993, 8, 236–244]. The basis of this protocol is the assumption that

The performance of multi-factor term structure models for pricing and hedging caps and swaptions

NARCIS (Netherlands)

Driessen, J.J.A.G.; Klaassen, P.; Melenberg, B.

2000-01-01

In this paper we empirically compare a wide range of different term structure models when it comes to the pricing and, in particular, hedging of caps and swaptions. We analyze the influence of the number of factors on the hedging and pricing results, and investigate which type of data "interest rate

Comparison of Short Term with Long Term Catheterization after Anterior Colporrhaphy Surgery

Directory of Open Access Journals (Sweden)

F. Movahed

2010-07-01

Full Text Available Introduction & Objective: This belief that overfilling the bladder after anterior colporrhaphy might have a negative influence on surgical outcome, causes routine catheterization after operation. This study was done to compare short term (24h with long term (72h catheterization after anterior colporrhaphy.Materials & Methods: This randomized clinical trial was carried out at Kosar Hospital , Qazvin (Iran in 2005-2006. One hundred cases candidating for anterior colporrhaphy , were divided in two equal groups . In the first group foley catheter was removed 24 hours and in the second group 72 hours after the operation. Before removing catheter, urine sample was obtained for culture . After removal and urination, residual volume was determinded. If the volume exceeded 200 ml or retention occured, the catheter would be fixed for more 72 hours. Need for recatheterization, urinary retention, positive urine culture,and hospital stay were surveyed. The data was analyzed using T and Fisher tests.Results: Residual volume exceeding 200 ml and the need for recatheterization occurred in one case (2% in the short term group but in the long term group none of the subjects needed recatheterization (P=1. Retention was not seen. In the both groups, one case (2% had positive urine culture with no statistically significant difference (P=1. Mean hospital stay was short in the first group (P=0.00.Conclusion: Short term catheterization after anterior colporrhaphy does not cause urinary retention and decreases hospital stay.

Short-term cessation of sex work and injection drug use: evidence from a recurrent event survival analysis.

Science.gov (United States)

Gaines, Tommi L; Urada, Lianne A; Martinez, Gustavo; Goldenberg, Shira M; Rangel, Gudelia; Reed, Elizabeth; Patterson, Thomas L; Strathdee, Steffanie A

2015-06-01

This study quantitatively examined the prevalence and correlates of short-term sex work cessation among female sex workers who inject drugs (FSW-IDUs) and determined whether injection drug use was independently associated with cessation. We used data from FSW-IDUs (n=467) enrolled into an intervention designed to increase condom use and decrease sharing of injection equipment but was not designed to promote sex work cessation. We applied a survival analysis that accounted for quit-re-entry patterns of sex work over 1-year stratified by city, Tijuana and Ciudad Juarez, Mexico. Overall, 55% of participants stopped sex work at least once during follow-up. Controlling for other characteristics and intervention assignment, injection drug use was inversely associated with short-term sex work cessation in both cities. In Ciudad Juarez, women receiving drug treatment during follow-up had a 2-fold increase in the hazard of stopping sex work. In both cities, income from sources other than sex work, police interactions and healthcare access were independently and significantly associated with shorter-term cessation. Short-term sex work cessation was significantly affected by injection drug use. Expanded drug treatment and counseling coupled with supportive services such as relapse prevention, job training, and provision of alternate employment opportunities may promote longer-term cessation among women motivated to leave the sex industry. Copyright © 2015 Elsevier Ltd. All rights reserved.

Are Negative Option Prices Possible? The Callable U.S. Treasury-Bond Puzzle.

OpenAIRE

Longstaff, Francis A

1992-01-01

Market prices for callable Treasury bonds often imply negative values for the implicit call option. The author considers a variety of possible explanations for these negative values including the Treasury's track record in calling bonds optimally, tax-related effects, tax-timing options, and bond liquidity. None of these factors accounts for the negative values. Although the costs of short selling may explain why these apparent arbitrage opportunities persist over time, why these implicit cal...

Short/Medium-Term Macroeconomic Impact of Investment Associated with 'Grenelle de l'Environnement' Investments on Growth and Employment

International Nuclear Information System (INIS)

Guillerminet, Marie-Laure; Briard, Philippe; Fery, Pierre; Galko, Elodie; Klein, Caroline; Ollivier, Timothee

2016-01-01

The 'Grenelle de l'Environnement' is a French policy aimed at achieving the objectives defined in the EU climate and energy package. This study evaluates the short- to medium-term impact of the main economic measures of 'Grenelle' on employment and growth. The simulations run with the macro-econometric model Mesange show a positive impact of these measures on GDP and employment in the short run, mainly via the investment multiplier. The impact turns negative from 2020 on because investment slows and taxes increase to finance the latter. These results are robust to different assumptions on oil prices, household saving behaviour, public funding, and productivity gains associated with new transport projects. However, they do not factor in the impact of 'Grenelle' on the environment, competitiveness, and well-being

High oil prices: A non-OPEC capacity game

International Nuclear Information System (INIS)

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

2005-08-01

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

Committing to coal and gas: Long-term contracts, regulation, and fuel switching in power generation

Science.gov (United States)

Rice, Michael

Fuel switching in the electricity sector has important economic and environmental consequences. In the United States, the increased supply of gas during the last decade has led to substantial switching in the short term. Fuel switching is constrained, however, by the existing infrastructure. The power generation infrastructure, in turn, represents commitments to specific sources of energy over the long term. This dissertation explores fuel contracts as the link between short-term price response and long-term plant investments. Contracting choices enable power plant investments that are relationship-specific, often regulated, and face uncertainty. Many power plants are subject to both hold-up in investment and cost-of-service regulation. I find that capital bias is robust when considering either irreversibility or hold-up due to the uncertain arrival of an outside option. For sunk capital, the rental rate is inappropriate for determining capital bias. Instead, capital bias depends on the regulated rate of return, discount rate, and depreciation schedule. If policies such as emissions regulations increase fuel-switching flexibility, this can lead to capital bias. Cost-of-service regulation can shorten the duration of a long-term contract. From the firm's perspective, the existing literature provides limited guidance when bargaining and writing contracts for fuel procurement. I develop a stochastic programming framework to optimize long-term contracting decisions under both endogenous and exogenous sources of hold-up risk. These typically include policy changes, price shocks, availability of fuel, and volatility in derived demand. For price risks, the optimal contract duration is the moment when the expected benefits of the contract are just outweighed by the expected opportunity costs of remaining in the contract. I prove that imposing early renegotiation costs decreases contract duration. Finally, I provide an empirical approach to show how coal contracts can limit

Short-Term Group Treatment for Adult Children of Alcoholics.

Science.gov (United States)

Cooper, Alvin; McCormack, WIlliam A.

1992-01-01

Adult children of alcoholics (n=24) were tested on measures of loneliness, anxiety, hostility, depression, and interpersonal dependency before and after participation in short-term group therapy. Highly significant test score changes supported effectiveness of individual therapy in short-term groups. (Author/NB)

Design and Delivery of Professional Development Through Partnerships: Long-Term, Short-Term, and Everything In-Between

Science.gov (United States)

Urquhart, M. L.; Curry, B.; Hairston, M. R.

2009-12-01

Professional development for teachers can take a variety of forms, each with unique challenges and needs. At the University of Texas at Dallas (UTD), we have leveraged partnerships between multiple groups including the Masters of Arts in Teaching program in Science Education, the joint US Air Force/NASA CINDI mission, an ionospheric explorer built at UTD, and the UTD Regional Collaborative for Excellence in Science Teaching. Each effort models, and in the case of the later two has created, inquiry-based lessons around Earth-systems science. A space science mission, currently in low Earth orbit aboard the Air Force satellite C/NOFS, provides real world connections to classroom science, scientific data and visualizations, and funding to support delivery of professional development in short courses and workshops at teacher conferences. Workshops and short course in turn often serve to recruit teachers into our longer-term programs. Long-term professional development programs such as the Collaborative provide opportunities to test curriculum and teacher learning, an interface to high-quality sustained efforts within talented communities of teachers, and much more. From the birth of our CINDI Educational Outreach program to the Collaborative project that produced geoscience kit-based modules and associated professional development adopted throughout the state of Texas, we will share highlights of our major professional development initiatives and how our partnerships have enabled us to better serve the needs of K-12 teachers expected to deliver geoscience and space science content in their classrooms.

Frequency-specific insight into short-term memory capacity

OpenAIRE

Feurra, Matteo; Galli, Giulia; Pavone, Enea Francesco; Rossi, Alessandro; Rossi, Simone

2016-01-01

We provided novel evidence of a frequency-specific effect by transcranial alternating current stimulation (tACS) of the left posterior parietal cortex on short-term memory, during a digit span task. the effect was prominent with stimulation at beta frequency for young and not for middle-aged adults and correlated with age. Our findings highlighted a short-term memory capacity improvement by tACS application.

Reconciling long-term cultural diversity and short-term collective social behavior.

Science.gov (United States)

Valori, Luca; Picciolo, Francesco; Allansdottir, Agnes; Garlaschelli, Diego

2012-01-24

An outstanding open problem is whether collective social phenomena occurring over short timescales can systematically reduce cultural heterogeneity in the long run, and whether offline and online human interactions contribute differently to the process. Theoretical models suggest that short-term collective behavior and long-term cultural diversity are mutually excluding, since they require very different levels of social influence. The latter jointly depends on two factors: the topology of the underlying social network and the overlap between individuals in multidimensional cultural space. However, while the empirical properties of social networks are intensively studied, little is known about the large-scale organization of real societies in cultural space, so that random input specifications are necessarily used in models. Here we use a large dataset to perform a high-dimensional analysis of the scientific beliefs of thousands of Europeans. We find that interopinion correlations determine a nontrivial ultrametric hierarchy of individuals in cultural space. When empirical data are used as inputs in models, ultrametricity has strong and counterintuitive effects. On short timescales, it facilitates a symmetry-breaking phase transition triggering coordinated social behavior. On long timescales, it suppresses cultural convergence by restricting it within disjoint groups. Moreover, ultrametricity implies that these results are surprisingly robust to modifications of the dynamical rules considered. Thus the empirical distribution of individuals in cultural space appears to systematically optimize the coexistence of short-term collective behavior and long-term cultural diversity, which can be realized simultaneously for the same moderate level of mutual influence in a diverse range of online and offline settings.

Short-Term Robustness of Production Management Systems : New Methodology

NARCIS (Netherlands)

Kleijnen, J.P.C.; Gaury, E.G.A.

2000-01-01

This paper investigates the short-term robustness of production planning and control systems. This robustness is defined here as the systems ability to maintain short-term service probabilities (i.e., the probability that the fill rate remains within a prespecified range), in a variety of

Differences in health status between long-term and short-term benzodiazepine users.

NARCIS (Netherlands)

Zandstra, S.M.; Furer, J.W.; Lisdonk, E.H. van de; Bor, J.H.J.; Zitman, F.G.; Weel, C. van

2002-01-01

BACKGROUND: Despite generally accepted advice to keep treatment short, benzodiazepines are often prescibed for more than six months. Prevention of long-term benzodiazepine use could be facilitated by the utilisation of risk indicators for long-term use. However, the characteristics of long-term

The roles of long-term phonotactic and lexical prosodic knowledge in phonological short-term memory.

Science.gov (United States)

Tanida, Yuki; Ueno, Taiji; Lambon Ralph, Matthew A; Saito, Satoru

2015-04-01

Many previous studies have explored and confirmed the influence of long-term phonological representations on phonological short-term memory. In most investigations, phonological effects have been explored with respect to phonotactic constraints or frequency. If interaction between long-term memory and phonological short-term memory is a generalized principle, then other phonological characteristics-that is, suprasegmental aspects of phonology-should also exert similar effects on phonological short-term memory. We explored this hypothesis through three immediate serial-recall experiments that manipulated Japanese nonwords with respect to lexical prosody (pitch-accent type, reflecting suprasegmental characteristics) as well as phonotactic frequency (reflecting segmental characteristics). The results showed that phonotactic frequency affected the retention not only of the phonemic sequences, but also of pitch-accent patterns, when participants were instructed to recall both the phoneme sequence and accent pattern of nonwords. In addition, accent pattern typicality influenced the retention of the accent pattern: Typical accent patterns were recalled more accurately than atypical ones. These results indicate that both long-term phonotactic and lexical prosodic knowledge contribute to phonological short-term memory performance.

Visual Short-Term Memory Complexity

DEFF Research Database (Denmark)

Sørensen, Thomas Alrik

Several recent studies have explored the nature and limits of visual short-term memory (VSTM) (e.g. Luck & Vogel, 1997). A general VSTM capacity limit of about 3 to 4 letters has been found, thus confirming results from earlier studies (e.g. Cattell, 1885; Sperling, 1960). However, Alvarez...

Brain oscillatory substrates of visual short-term memory capacity.

Science.gov (United States)

Sauseng, Paul; Klimesch, Wolfgang; Heise, Kirstin F; Gruber, Walter R; Holz, Elisa; Karim, Ahmed A; Glennon, Mark; Gerloff, Christian; Birbaumer, Niels; Hummel, Friedhelm C

2009-11-17

The amount of information that can be stored in visual short-term memory is strictly limited to about four items. Therefore, memory capacity relies not only on the successful retention of relevant information but also on efficient suppression of distracting information, visual attention, and executive functions. However, completely separable neural signatures for these memory capacity-limiting factors remain to be identified. Because of its functional diversity, oscillatory brain activity may offer a utile solution. In the present study, we show that capacity-determining mechanisms, namely retention of relevant information and suppression of distracting information, are based on neural substrates independent of each other: the successful maintenance of relevant material in short-term memory is associated with cross-frequency phase synchronization between theta (rhythmical neural activity around 5 Hz) and gamma (> 50 Hz) oscillations at posterior parietal recording sites. On the other hand, electroencephalographic alpha activity (around 10 Hz) predicts memory capacity based on efficient suppression of irrelevant information in short-term memory. Moreover, repetitive transcranial magnetic stimulation at alpha frequency can modulate short-term memory capacity by influencing the ability to suppress distracting information. Taken together, the current study provides evidence for a double dissociation of brain oscillatory correlates of visual short-term memory capacity.

SHORT-TERM MEMORY IS INDEPENDENT OF BRAIN PROTEIN SYNTHESIS

Energy Technology Data Exchange (ETDEWEB)

Davis, Hasker P.; Rosenzweig, Mark R.; Jones, Oliver W.

1980-09-01

Male Swiss albino CD-1 mice given a single injection of a cerebral protein synthesis inhibitor, anisomycin (ANI) (1 mg/animal), 20 min prior to single trial passive avoidance training demonstrated impaired retention at tests given 3 hr, 6 hr, 1 day, and 7 days after training. Retention was not significantly different from saline controls when tests were given 0.5 or 1.5 hr after training. Prolonging inhibition of brain protein synthesis by giving either 1 or 2 additional injections of ANI 2 or 2 and 4 hr after training did not prolong short-term retention performance. The temporal development of impaired retention in ANI treated mice could not be accounted for by drug dosage, duration of protein synthesis inhibition, or nonspecific sickness at test. In contrast to the suggestion that protein synthesis inhibition prolongs short-term memory (Quinton, 1978), the results of this experiment indicate that short-term memory is not prolonged by antibiotic drugs that inhibit cerebral protein synthesis. All evidence seems consistent with the hypothesis that short-term memory is protein synthesis independent and that the establishment of long-term memory depends upon protein synthesis during or shortly after training. Evidence for a role of protein synthesis in memory maintenance is discussed.

Impaired short-term memory for pitch in congenital amusia.

Science.gov (United States)

Tillmann, Barbara; Lévêque, Yohana; Fornoni, Lesly; Albouy, Philippe; Caclin, Anne

2016-06-01

Congenital amusia is a neuro-developmental disorder of music perception and production. The hypothesis is that the musical deficits arise from altered pitch processing, with impairments in pitch discrimination (i.e., pitch change detection, pitch direction discrimination and identification) and short-term memory. The present review article focuses on the deficit of short-term memory for pitch. Overall, the data discussed here suggest impairments at each level of processing in short-term memory tasks; starting with the encoding of the pitch information and the creation of the adequate memory trace, the retention of the pitch traces over time as well as the recollection and comparison of the stored information with newly incoming information. These impairments have been related to altered brain responses in a distributed fronto-temporal network, associated with decreased connectivity between these structures, as well as in abnormalities in the connectivity between the two auditory cortices. In contrast, amusic participants׳ short-term memory abilities for verbal material are preserved. These findings show that short-term memory deficits in congenital amusia are specific to pitch, suggesting a pitch-memory system that is, at least partly, separated from verbal memory. This article is part of a Special Issue entitled SI: Auditory working memory. Copyright © 2015 Elsevier B.V. All rights reserved.

Option Price Decomposition in Spot-Dependent Volatility Models and Some Applications

Directory of Open Access Journals (Sweden)

Raúl Merino

2017-01-01

Full Text Available We obtain a Hull and White type option price decomposition for a general local volatility model. We apply the obtained formula to CEV model. As an application we give an approximated closed formula for the call option price under a CEV model and an approximated short term implied volatility surface. These approximated formulas are used to estimate model parameters. Numerical comparison is performed for our new method with exact and approximated formulas existing in the literature.

Panorama 2010: Short-term trends in the gas industry

International Nuclear Information System (INIS)

Lecarpentier, A.

2010-01-01

After a period of strong expansion that lasted for most of 2008, the gas industry was hard hit by the impact of the economic recession. Although the competitiveness of the gas price was often an advantage in 2009, the natural gas market saw a net decline in consumption that led to a historic decrease in world production and international trade. In addition, the subsequent collapse of market prices gave LNG a competitive edge in the Atlantic Basin, where surplus gas continued to accumulate, heralding a long 'gas bubble' period that the industry will have to adjust to permit harmonious, long-term development of the gas markets. (author)

43 CFR 27.5 - Equal opportunity terms.

Science.gov (United States)

2010-10-01

... contract will not exceed $10,000). (2) Recipient will make every good faith effort to secure the compliance... Public Law 93-153. (iv) Contractor's noncompliance with the nondiscrimination clauses of this contract or... UNDER TITLE II OF PUBLIC LAW 93-153 § 27.5 Equal opportunity terms. Each permit, right-of-way, public...

Nonlinear price impact from linear models

Science.gov (United States)

Patzelt, Felix; Bouchaud, Jean-Philippe

2017-12-01

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

The price of crude oil between 1973 et 2014: a cyclical trend over the long term

International Nuclear Information System (INIS)

Bui Xuan Hoi

2015-01-01

In 2014, given the geopolitical events occurring in regions that are highly sensitive for oil markets - Iraq, Iran, Syria, Russia, the Ukraine, etc. -, one could have expected a hike in the price of a barrel of crude oil. In fact, the opposite happened. Does this mean the end of a cycle characterised by high prices and the beginning of a new cycle epitomised by low prices on the international market place? What is really the mechanism behind long term price formation? Some of the answers emanate from the analysis of the 1973-2014 period. (author)

What to think about the shortage of oil resources and of the evolution of crude oil price?

International Nuclear Information System (INIS)

Babusiaux, Denis; Bauquis, Pierre-Rene

2007-09-01

Produced by the 'Oil' work-group of the French Academy of Technologies, this report first proposes a synthesis of different points of view (optimistic, pessimistic, public bodies) on the issue of oil reserves and of oil world peak production. A second part analyzes the mechanisms of oil pricing while highlighting the long term dimension, but without addressing the market short-term operation. The last part discusses various possible evolution scenarios for production and price profiles on a middle and on a long term

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...

Decrease of oil prices: economic boom, ecologic challenge

International Nuclear Information System (INIS)

Saussay, Aurelien; Guillou, Antoine; Boissel, Charles

2015-01-01

After having outlined how oil price collapse changes the economic deal, the authors analyse the determining factors of this collapse: slowing demand, exceeding supply, financialization of oil markets, no decision of reduction of production by the OPEC, decision by major companies to postpone investments rather than to re-balance short-term supply, production adjustment related to shale oil production. The second part analyses and discusses the economic consequences of oil price collapse: immediate impact on the French economy (reduction of the energy bill, different effects on the different economic actors, main related risks), economic scenarios on a medium term (contribution of models of macro-economic balance, possible economic growth of 0.4 due to oil price reduction, uncertain behaviour of economic actors, risk of deflation). In the third part, the authors make some proposals aimed at adapting the economy in order to take advantage of oil price reduction: to support energy transition with a required reform of energy taxing (for example for automotive fuels), to invest associated savings in energy transition and in transport infrastructure, to help households and companies in their energy transition

Insensitivity of visual short-term memory to irrelevant visual information.

Science.gov (United States)

Andrade, Jackie; Kemps, Eva; Werniers, Yves; May, Jon; Szmalec, Arnaud

2002-07-01

Several authors have hypothesized that visuo-spatial working memory is functionally analogous to verbal working memory. Irrelevant background speech impairs verbal short-term memory. We investigated whether irrelevant visual information has an analogous effect on visual short-term memory, using a dynamic visual noise (DVN) technique known to disrupt visual imagery (Quinn & McConnell, 1996b). Experiment I replicated the effect of DVN on pegword imagery. Experiments 2 and 3 showed no effect of DVN on recall of static matrix patterns, despite a significant effect of a concurrent spatial tapping task. Experiment 4 showed no effect of DVN on encoding or maintenance of arrays of matrix patterns, despite testing memory by a recognition procedure to encourage visual rather than spatial processing. Serial position curves showed a one-item recency effect typical of visual short-term memory. Experiment 5 showed no effect of DVN on short-term recognition of Chinese characters, despite effects of visual similarity and a concurrent colour memory task that confirmed visual processing of the characters. We conclude that irrelevant visual noise does not impair visual short-term memory. Visual working memory may not be functionally analogous to verbal working memory, and different cognitive processes may underlie visual short-term memory and visual imagery.

Determinants of food price inflation in Finland—The role of energy

International Nuclear Information System (INIS)

Irz, Xavier; Niemi, Jyrki; Liu, Xing

2013-01-01

The agricultural commodity crisis of 2006–2008 and the recent evolution of commodity markets have reignited anxieties in Finland over fast-rising food prices and food security. Little is known about the strength of the linkages between food markets and input markets, such as the energy market. Using monthly series of price indices from 1995 to 2010, we estimate a vector error-correction (VEC) model in a cointegration framework in order to investigate the short-term and long-term dynamics of food price formation. The results indicate that a statistically significant long-run equilibrium relationship exists between the prices of food and those of the main variable inputs consumed by the food chain, namely agricultural commodities, labour, and energy. When judged by the magnitude of long-run pass-through rates, farm prices represent the main determinant of food prices, followed by wages in food retail and the price of energy. The parsimonious VEC model suggests that the dynamics of food price formation are dominated by a relatively quick process of adjustment to the long-run equilibrium, the half life of the transitional dynamics being six to eight months following a shock. - Highlights: • We investigate the dynamics of food price formation in Finland. • We establish the existence of a long-run equilibrium relationship between the prices of food, energy, agricultural commodities, and wages. • Energy price plays a significant but limited role in determining the equilibrium level of food prices

Remembering over the short-term: the case against the standard model.

Science.gov (United States)

Nairne, James S

2002-01-01

Psychologists often assume that short-term storage is synonymous with activation, a mnemonic property that keeps information in an immediately accessible form. Permanent knowledge is activated, as a result of on-line cognitive processing, and an activity trace is established "in" short-term (or working) memory. Activation is assumed to decay spontaneously with the passage of time, so a refreshing process-rehearsal-is needed to maintain availability. Most of the phenomena of immediate retention, such as capacity limitations and word length effects, are assumed to arise from trade-offs between rehearsal and decay. This "standard model" of how we remember over the short-term still enjoys considerable popularity, although recent research questions most of its main assumptions. In this chapter I review the recent research and identify the empirical and conceptual problems that plague traditional conceptions of short-term memory. Increasingly, researchers are recognizing that short-term retention is cue driven, much like long-term memory, and that neither rehearsal nor decay is likely to explain the particulars of short-term forgetting.

Gummed-up memory: chewing gum impairs short-term recall.

Science.gov (United States)

Kozlov, Michail D; Hughes, Robert W; Jones, Dylan M

2012-01-01

Several studies have suggested that short-term memory is generally improved by chewing gum. However, we report the first studies to show that chewing gum impairs short-term memory for both item order and item identity. Experiment 1 showed that chewing gum reduces serial recall of letter lists. Experiment 2 indicated that chewing does not simply disrupt vocal-articulatory planning required for order retention: Chewing equally impairs a matched task that required retention of list item identity. Experiment 3 demonstrated that manual tapping produces a similar pattern of impairment to that of chewing gum. These results clearly qualify the assertion that chewing gum improves short-term memory. They also pose a problem for short-term memory theories asserting that forgetting is based on domain-specific interference given that chewing does not interfere with verbal memory any more than tapping. It is suggested that tapping and chewing reduce the general capacity to process sequences.

Introduction of Thorium in the Nuclear Fuel Cycle. Short- to long-term considerations

International Nuclear Information System (INIS)

Allibert, M.; Merle-Lucotte, E.; Ghetta, V.; Ault, T.; Krahn, S.; Wymer, R.; Croff, A.; Baron, P.; Chauvin, N.; Eschbach, R.; Rimpault, G.; Serp, J.; Bergeron, A.; Bromley, B.; Floyd, M.; Hamilton, H.; Hyland, B.; Wojtaszek, D.; McDonald, M.; Collins, E.; Cornet, S.; Michel-Sendis, F.; ); Feinberg, O.; Ignatiev, V.; Hesketh, K.; Kelly, J.F.; Porsch, D.; Vidal, J.; Taiwo, T.; Uhlir, J.; Van Den Durpel, L.; Van Den Eynde, G.; Vitanza, C.; Butler, Gregg; Cornet, Stephanie; Dujardin, Thierry; Greneche, Dominique; Nordborg, Claes; Rimpault, Gerald; Van Den Durpel, Luc; Michel-Sendis, Franco

2015-01-01

Since the beginning of the nuclear era, significant scientific attention has been given to thorium's potential as a nuclear fuel. Although the thorium fuel cycle has never been fully developed, the opportunities and challenges that might arise from the use of thorium in the nuclear fuel cycle are still being studied in many countries and in the context of diverse international programmes around the world. This report provides a scientific assessment of thorium's potential role in nuclear energy both in the short to longer term, addressing diverse options, potential drivers and current impediments to be considered if thorium fuel cycles are to be pursued. (authors)

Price signals and end consumer flexibility in shortage situations

International Nuclear Information System (INIS)

Hunnes, Arngrim; Grande, Ove S.

2002-08-01

This report is written as a part of the project ''Consumer flexibility and efficient use of ICT''. The project aim is 1) to provide a decision basis and suggest external conditions for a priority guided development of an infrastructure based on future ICT solutions and 2) develop, test and evaluate various measures which stimulate flexibility in consumption with consideration to power price, network rent and new market solutions. The central question in the report is how to stimulate the end consumer to be flexible in the consumption of electric power. The use of power price and system rent is desired tools for communicating the right price signals to the end consumers and thereby give the end users an incentive. The focus is primarily on the short term flexibility. The first chapter in the report gives an introduction to the price signals and the two way communication. There is a clear distinction between price signals from power suppliers and price signals from network companies. The two following chapters contain a more thorough discussion. As to the price signals from the power suppliers it is pointed out that most of the existing power contracts have a design so that they in the short term do not give the right price signals to the end users. It is proposed that two new contract types are tested: 1) Spot price and time settling. 2) Contract for reduced power price in a certain period provided the consumer is willing to reduce the load when 1) the spot price exceeds a level given by the end user, 2) the present load exceeds the subscribed level. In the chapter about the price signals from network companies there is first a brief introduction to the natural monopoly and the demands of the authorities to network tariffs. There is also a survey of the size of the system tariffs in the various counties. The central section of the chapter contains suggestions for designing network tariffs. Based on the deductions it is proposed that the project will test the

THE NEW ERA OF FINANCIAL INNOVATION: THE DETERMINANTS OF BITCOIN’S PRICE

Directory of Open Access Journals (Sweden)

Sukmawati Sukamulja

2018-01-01

Full Text Available Financial innovation has entered a new era in which a digitalized system and cryptocurrency have been created. This paper examines the factors that influence the price movement of bitcoin. This is not a legal currency in Indonesia; the Indonesian government has not made any regulations legalizing bitcoin’s use, but it has also not issued any new laws to prohibit the trade in bitcoins and other digital currencies. The demand for, and price growth of, bitcoin are interesting matters to study, especially for Indonesians who still have questions about the progress of Bitcoin transactions and the factors that influent them. In Indonesia itself, without any protection from the government, the bitcoin price on December 14, 2017 had already reached more than IDR224.5 million, compare to IDR60 million in October 2017. Bitcoin is the first peer-to-peer currency, and was introduced by Satoshi Nakamoto in 2008. Since its inception, bitcoin has served more than 17 million users, including Indonesians. Bitcoin behaves in a different manner, compared to traditional currencies and the one that affects bitcoin’s price is its attractiveness for investors. The Vector Error Correction Model (VECM is applied to analyze the short-term and long-term influences. VECM is used in this research because the data is stationary in the first difference and has a cointegration relationship. To make the interpretation clearer, the impulse response function and variance decomposition also are included in this research. The result indicates that the macroeconomic indicator, represented by the Dow Jones Industrial Average (DJIA, the demand for bitcoins and the gold price influence bitcoin’s price fluctuations in the short-run and long-run. Bitcoin’s supply does not influence its price fluctuation in the long-run but does influence it in the short-run. The implication of this research is bitcoin could compete as an alternative investment compared to the capital markets and

A Short Term Analogue Memory

DEFF Research Database (Denmark)

Shah, Peter Jivan

1992-01-01

A short term analogue memory is described. It is based on a well-known sample-hold topology in which leakage currents have been minimized partly by circuit design and partly by layout techniques. Measurements on a test chip implemented in a standard 2.4 micron analogue CMOS process show a droop...

Clinical and no-clinical setting specificities in first session short-term psychotherapy psychodrama group.

Science.gov (United States)

Drakulić, Aleksandra Mindoljević

2011-03-01

Modern history of short-term group psychotherapy dates back to the late 1950-ies. From then to present day, this psychotherapeutic method has been used in various forms, from dynamic-oriented to cognitive behavioural psychotherapies. Although it has always been considered rather controversial, due its cost-effectiveness, it has been capturing more and more popularity. This paper presents the specificities of first session short-term psychotherapy psychodrama group through session work with two examined groups: a group of 20 adult women who suffer from mild or moderate forms of unipolar depression and a group of 20 students of the School of Medicine in Zagreb without any psychiatric symptomatology. The results indicate the high importance of having structure in first psychodrama session, of relating it with the previously thoroughly conducted, initial, clinical, interviews, and of the clarity and focus in terms of determining the goals of therapy, especially in a clinical context. This study also confirmed assumptions regarding the need for different approaches of warming-up in psychodrama, both in the clinical and in non-clinical samples. A psychodrama psychotherapist should have good time managing skills and capability to convert the time available into an opportunity for directly boosting the group energy and work on therapeutic alliance.

Long story short: an introduction to the short-term and long-term Six Sigma quality and its importance in the laboratory medicine for the management of extra-analytical processes.

Science.gov (United States)

Ialongo, Cristiano; Bernardini, Sergio

2018-06-18

There is a compelling need for quality tools that enable effective control of the extra-analytical phase. In this regard, Six Sigma seems to offer a valid methodological and conceptual opportunity, and in recent times, the International Federation of Clinical Chemistry and Laboratory Medicine has adopted it for indicating the performance requirements for non-analytical laboratory processes. However, the Six Sigma implies a distinction between short-term and long-term quality that is based on the dynamics of the processes. These concepts are still not widespread and applied in the field of laboratory medicine although they are of fundamental importance to exploit the full potential of this methodology. This paper reviews the Six Sigma quality concepts and shows how they originated from Shewhart's control charts, in respect of which they are not an alternative but a completion. It also discusses the dynamic nature of process and how it arises, concerning particularly the long-term dynamic mean variation, and explains why this leads to the fundamental distinction of quality we previously mentioned.

Retention interval affects visual short-term memory encoding.

Science.gov (United States)

Bankó, Eva M; Vidnyánszky, Zoltán

2010-03-01

Humans can efficiently store fine-detailed facial emotional information in visual short-term memory for several seconds. However, an unresolved question is whether the same neural mechanisms underlie high-fidelity short-term memory for emotional expressions at different retention intervals. Here we show that retention interval affects the neural processes of short-term memory encoding using a delayed facial emotion discrimination task. The early sensory P100 component of the event-related potentials (ERP) was larger in the 1-s interstimulus interval (ISI) condition than in the 6-s ISI condition, whereas the face-specific N170 component was larger in the longer ISI condition. Furthermore, the memory-related late P3b component of the ERP responses was also modulated by retention interval: it was reduced in the 1-s ISI as compared with the 6-s condition. The present findings cannot be explained based on differences in sensory processing demands or overall task difficulty because there was no difference in the stimulus information and subjects' performance between the two different ISI conditions. These results reveal that encoding processes underlying high-precision short-term memory for facial emotional expressions are modulated depending on whether information has to be stored for one or for several seconds.

Comparison of Sugammadex and Neostigmine in Short Term Surgery

Directory of Open Access Journals (Sweden)

Fatih Koc

2014-03-01

Full Text Available Aim: This study compared the efficacy and cost effectivines of sugammadex and neostigmine for reversal of neuromuscular blockade induced by rocuronium for short term elective surgery. Material and Method: After written informed consent, 33 patients aged 18%u201365, ASA I-III, who were undergoing short term surgery (

Stochastic risk-constrained short-term scheduling of industrial cogeneration systems in the presence of demand response programs

International Nuclear Information System (INIS)

Alipour, Manijeh; Mohammadi-Ivatloo, Behnam; Zare, Kazem

2014-01-01

Highlights: • Short-term self-scheduling problem of customers with CHP units is conducted. • Power demand and pool prices are forecasted using ARIMA models. • Risk management problem is conducted by implementing CVaR methodology. • The demand response program is implemented in self-scheduling problem of CHP units. • Non-convex feasible operation region in different types of CHP units is modeled. - Abstract: This paper presents a stochastic programming framework for solving the scheduling problem faced by an industrial customer with cogeneration facilities, conventional power production system, and heat only units. The power and heat demands of the customer are supplied considering demand response (DR) programs. In the proposed DR program, the responsive load can vary in different time intervals. In the paper, the heat-power dual dependency characteristic in different types of CHP units is taken into account. In addition, a heat buffer tank, with the ability of heat storage, has been incorporated in the proposed framework. The impact of the market and load uncertainties on the scheduling problem is characterized through a stochastic programming formulation. Autoregressive integrated moving average (ARIMA) technique is used to generate the electricity price and the customer demand scenarios. The daily and weekly seasonalities of demand and market prices are taken into account in the scenario generation procedure. The conditional value-at-risk (CVaR) methodology is implemented in order to limit the risk of expected profit due to market price and load forecast volatilities

Short-term memory for scenes with affective content

OpenAIRE

Maljkovic, Vera; Martini, Paolo

2005-01-01

The emotional content of visual images can be parameterized along two dimensions: valence (pleasantness) and arousal (intensity of emotion). In this study we ask how these distinct emotional dimensions affect the short-term memory of human observers viewing a rapid stream of images and trying to remember their content. We show that valence and arousal modulate short-term memory as independent factors. Arousal influences dramatically the average speed of data accumulation in memory: Higher aro...

Post-hit dynamics of price limit hits in the Chinese stock markets

Science.gov (United States)

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

2017-01-01

Price limit trading rules are useful to cool off traders short-term trading mania on individual stocks. The price dynamics approaching the limit boards are known as the magnet effect. However, the price dynamics after opening price limit hits are not well investigated. Here, we provide a detailed analysis on the price dynamics after the hits of up-limit or down-limit is open based on all A-share stocks traded in the Chinese stock markets. A "W" shape is found in the expected return, which reveals high probability of a continuous price limit hit on the following day. We also find that price dynamics after opening limit hits are dependent on the market trends. The time span of continuously hitting the price limit is found to an influence factor of the expected profit after the limit hit is open. Our analysis provides a better understanding of the price dynamics around the limit boards and contributes potential practical values for investors.

LANGUAGE REPETITION AND SHORT-TERM MEMORY: AN INTEGRATIVE FRAMEWORK

Directory of Open Access Journals (Sweden)

Steve eMajerus

2013-07-01

Full Text Available Short-term maintenance of verbal information is a core factor of language repetition, especially when reproducing multiple or unfamiliar stimuli. Many models of language processing locate the verbal short-term maintenance function in the left posterior superior temporo-parietal area and its connections with the inferior frontal gyrus. However, research in the field of short-term memory has implicated bilateral fronto-parietal networks, involved in attention and serial order processing, as being critical for the maintenance and reproduction of verbal sequences. We present here an integrative framework aimed at bridging research in the language processing and short-term memory fields. This framework considers verbal short-term maintenance as an emergent function resulting from synchronized and integrated activation in dorsal and ventral language processing networks as well as fronto-parietal attention and serial order processing networks. To-be-maintained item representations are temporarily activated in the dorsal and ventral language processing networks, novel phoneme and word serial order information is proposed to be maintained via a right fronto-parietal serial order processing network, and activation in these different networks is proposed to be coordinated and maintained via a left fronto-parietal attention processing network. This framework provides new perspectives for our understanding of information maintenance at the nonword-, word- and sentence-level as well as of verbal maintenance deficits in case of brain injury.

Language repetition and short-term memory: an integrative framework.

Science.gov (United States)

Majerus, Steve

2013-01-01

Short-term maintenance of verbal information is a core factor of language repetition, especially when reproducing multiple or unfamiliar stimuli. Many models of language processing locate the verbal short-term maintenance function in the left posterior superior temporo-parietal area and its connections with the inferior frontal gyrus. However, research in the field of short-term memory has implicated bilateral fronto-parietal networks, involved in attention and serial order processing, as being critical for the maintenance and reproduction of verbal sequences. We present here an integrative framework aimed at bridging research in the language processing and short-term memory fields. This framework considers verbal short-term maintenance as an emergent function resulting from synchronized and integrated activation in dorsal and ventral language processing networks as well as fronto-parietal attention and serial order processing networks. To-be-maintained item representations are temporarily activated in the dorsal and ventral language processing networks, novel phoneme and word serial order information is proposed to be maintained via a right fronto-parietal serial order processing network, and activation in these different networks is proposed to be coordinated and maintained via a left fronto-parietal attention processing network. This framework provides new perspectives for our understanding of information maintenance at the non-word-, word- and sentence-level as well as of verbal maintenance deficits in case of brain injury.

Short-horizon regulation for long-term investors

NARCIS (Netherlands)

Shi, Z.; Werker, B.J.M.

2012-01-01

We study the effects of imposing repeated short-horizon regulatory constraints on long-term investors. We show that Value-at-Risk and Expected Shortfall constraints, when imposed dynamically, lead to similar optimal portfolios and wealth distributions. We also show that, in utility terms, the costs

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...

Timber Price Dynamics Following a Natural Catastrophe

OpenAIRE

Jeffrey P. Prestemon; Thomas P. Holmes

2000-01-01

Catastrophic shocks to existing stocks of a renewable resource can cause long-run price shifts. With timber, these long-run price shifts may be accompanied by a short-run price drop due to salvage. Hurricane Hugo damaged 20% of southern pine timber in the South Carolina Coastal Plain in 1989. To estimate the short- and long-run effects of the hurricane on the prices of timber stocks, we estimated an intervention model of the residuals of cointegration of South Carolina sawtimber and pulpwood ...

Verbal short-term memory and vocabulary learning in polyglots.

Science.gov (United States)

Papagno, C; Vallar, G

1995-02-01

Polyglot and non-polyglot Italian subjects were given tests assessing verbal (phonological) and visuo-spatial short-term and long-term memory, general intelligence, and vocabulary knowledge in their native language. Polyglots had a superior level of performance in verbal short-term memory tasks (auditory digit span and nonword repetition) and in a paired-associate learning test, which assessed the subjects' ability to acquire new (Russian) words. By contrast, the two groups had comparable performance levels in tasks assessing general intelligence, visuo-spatial short-term memory and learning, and paired-associate learning of Italian words. These findings, which are in line with neuropsychological and developmental evidence, as well as with data from normal subjects, suggest a close relationship between the capacity of phonological memory and the acquisition of foreign languages.

The stimulation of hematosis on short-term and prolong irradiation

International Nuclear Information System (INIS)

Tukhtaev, T.M.

1978-01-01

This book studies the stimulation of hematosis on short-term and prolong irradiation, pathogenetic mechanisms of lesion and reconstruction of hematosis at critical radiation sickness, action hematosis stimulators in short-term irradiation conditions

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

Rapid effects of estrogens on short-term memory: Possible mechanisms.

Science.gov (United States)

Paletta, Pietro; Sheppard, Paul A S; Matta, Richard; Ervin, Kelsy S J; Choleris, Elena

2018-06-01

Estrogens affect learning and memory through rapid and delayed mechanisms. Here we review studies on rapid effects on short-term memory. Estradiol rapidly improves social and object recognition memory, spatial memory, and social learning when administered systemically. The dorsal hippocampus mediates estrogen rapid facilitation of object, social and spatial short-term memory. The medial amygdala mediates rapid facilitation of social recognition. The three estrogen receptors, α (ERα), β (ERβ) and the G-protein coupled estrogen receptor (GPER) appear to play different roles depending on the task and brain region. Both ERα and GPER agonists rapidly facilitate short-term social and object recognition and spatial memory when administered systemically or into the dorsal hippocampus and facilitate social recognition in the medial amygdala. Conversely, only GPER can facilitate social learning after systemic treatment and an ERβ agonist only rapidly improved short-term spatial memory when given systemically or into the hippocampus, but also facilitates social recognition in the medial amygdala. Investigations into the mechanisms behind estrogens' rapid effects on short term memory showed an involvement of the extracellular signal-regulated kinase (ERK) and the phosphoinositide 3-kinase (PI3K) kinase pathways. Recent evidence also showed that estrogens interact with the neuropeptide oxytocin in rapidly facilitating social recognition. Estrogens can increase the production and/or release of oxytocin and other neurotransmitters, such as dopamine and acetylcholine. Therefore, it is possible that estrogens' rapid effects on short-term memory may occur through the regulation of various neurotransmitters, although more research is need on these interactions as well as the mechanisms of estrogens' actions on short-term memory. Copyright © 2018 Elsevier Inc. All rights reserved.

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

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

Science.gov (United States)

Hamid, Mohd Fahmi Abdul; Shabri, Ani

2017-05-01

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

The capital-asset pricing model reconsidered: tests in real terms on ...

African Journals Online (AJOL)

This paper extends previous work of the authors to reconsider the capital-asset pricing model (CAPM) in South Africa in real terms. As in that work, the main question this study aimed to answer remains: Can the CAPM be accepted in the South African market for the purposes of the stochastic modelling of investment returns ...

Energy transition: constraint or opportunity for growth and employment?

International Nuclear Information System (INIS)