Dilemmas of Transfer Pricing Comparability Analysis in Manufacturing Entities. Polish-Czech Case Study

Science.gov (United States)

Sulik-Górecka, Aleksandra

2018-06-01

Modern manufacturing entities often operate in capital groups, and their role is sometimes limited to the function of cost centers. From the legal point of view, however, they are separate entities obliged to apply transfer pricing regulations. Meeting the requirements of the arm's length principle can be very difficult at this time, given the relationships and conflicts of interest in the capital group. Complexity increases in capital groups operating in different countries, due to differences in tax regulations. The main purpose of the paper is to demonstrate that the need to valuate the sale of finished goods to a manufacturing entity, which is a subject to a different tax jurisdiction, may lead to a problem of compliance with the arm's length principle. In addition, the paper proposes a methodology for comparability analysis that may be used by manufacturing entities to defend conditions of setting transfer pricing. The paper presents the different functional profiles of manufacturing entities and points out the difficulties that they may encounter when preparing the comparability analysis. It has also been noted that there are differences in transfer pricing regulations in different countries, for example by analyzing Polish and Czech regulations. The lack of uniform benchmarking legislation can cause inconsistencies in the selection of comparable data, resulting in differences in transfer pricing. The paper uses the method of legal regulation review and analysis of results of published studies concerning the scope of transfer pricing and comparability analysis. The paper also adopts a case study analysis.

Transfer pricing: van basismethoden tot systeem

NARCIS (Netherlands)

Steens, H.B.A.

The paper describes basic transfer pricing methods (e.g., cost plus, sales minus) and a framework for developing a consistent transfer pricing system as a consistent set of transfer prices for transactions using the basic methods and meeting managerial and fiscal requirements.

Abusive Transfer Pricing and Economic Activity

DEFF Research Database (Denmark)

Nielsen, Søren Bo; Schindler, Dirk; Schjelderup, Guttorm

This paper investigates how concealment costs of transfer pricing and the probability of detection affect transfer pricing and firm behavior. We find that transfer pricing in intermediate production factors does not affect real activity of a multinational firm if the firm’s concealment effort...... its production structure. A policy implication of the paper is that it should be preferable to condition audits on the amount of income shifted rather than on the distortion of the transfer price proper. Another policy finding is that improving the quality of tax law might be superior to higher...

Styring af international transfer pricing

DEFF Research Database (Denmark)

Reuther, Peter; Rossing, Christian Plesner

2011-01-01

Nærværende artikel introducerer international transfer pricing, dels som et skatteretligt fænomen og dels som et værktøj til planlægning og økonomisk styring af koncernforbundne selskaber i en multinational virksomhed (MNV). Med udgangspunkt i en case-analyse af MNV’en gives der et konkret eksempel...... på hvordan transfer pricing håndteres i praksis. Artiklens formål er at give et praktisk eksempel på at transfer pricing handler om at efterleve regler, ikke omgå dem. På baggrund af case-analysen argumenteres der for, at såvel akademikere som praktikere bør tage virksomhedens tilgang til...... international transfer pricing i betragtning, når økonomiske styringssystemer i en MNV skal anvendes til planlægning og opfølgning....

TRANSFER PRICING AS A SYSTEM-FACTOR

Directory of Open Access Journals (Sweden)

L. M. Guisin

2011-01-01

Full Text Available It is proposed that transfer pricing plays a system-building role for multi-profile commercial banks of today. Bank transfer pricing system properties are outlined. Examples of practical implementation of the transfer pricing to bank activities are brought about. Impact of transferprices on key aspects of the bank management and control system is discussed.

TRANSFER PRICES IN ROMANIAN ECONOMY

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ANDREEA-LAVINIA CAZACU (NEAMTU

2016-10-01

Full Text Available Transfer prices are a delicate subject and of major importance in jurisdictions to which they belong, as they are often used as a means of exploiting tax legislation. In proceedings of tax inspection and financial control carried out by the tax authorities, a special place is occupied by the transactions between affiliated entities with Romanian companies. The purpose of the tax inspection is: combating tax evasion and tracking these transactions to be carried out at market prices. The article aims to present how transfer prices affect the value of an enterprise, but also the methodological aspects relating to tax inspection and the necessary documents in order to deciphering the mode of transfer pricing in Romania.

Experimental Evidence on Transfer Pricing

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Tran Quoc H.

2016-06-01

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

CONFLICT OF INTERESTS IN TRANSFER PRICING

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M. Osvald

2014-09-01

Full Text Available In the conditions of globalization all the companies try to find the effective ways of maximizing their profit. One of the instruments is the system of the transfer pricing that helps to optimize the costs and allocate effective the resources of the company. Transfer pricing has detrimental effect on the economy of countries, though the governments use the regulations to minimize this effect on their economy. In this case the conflict of interests appears. Paper deals with an analysis of the functions and reasons of the economic agents which use the transfer prices to demonstrate the conflict of interests in transfer pricing. The purpose of the study is the determination of the best ways to solve the conflict situations in the process of transfer pricing according to the economic interests of the agents: company and government and within the company: headquarters and subsidiaries. The main point of resolving the conflict between company and government is to make clear regulations of transfer pricing for enterprises and productive relations between company and government. The methods to resolve the conflict within the company are: clear guidelines, decentralization and motivation for stuff members.

ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

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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.

Nye OECD-retningslinjer for transfer pricing dokumentation

DEFF Research Database (Denmark)

Rossing, Christian Plesner

2015-01-01

er vedtaget, erstatte det nuværende kapitel V om transfer pricing dokumentation i ‘OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations’. De gældende danske regler for transfer pricing dokumentation baserer sig på de eksisterende OECD-retningslinjer, og det må...

Strammere retningslinjer om transfer pricing

DEFF Research Database (Denmark)

Rossing, Christian Plesner

2015-01-01

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

Transfer Pricing and FDI

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Patricia-Sabina Macelaru

2013-08-01

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

Tax Anti-avoidance Through Transfer Pricing

DEFF Research Database (Denmark)

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

2016-01-01

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

Transfer Pricing in the European Union

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Gheorghe MATEI

2011-04-01

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

Transfer Pricing And Taxation Implications Disclosure In Segmental Reporting: Malaysian Evidence

OpenAIRE

Mohammad Talha; Syed Shah Alam; Abdullah Sallehhuddin

2011-01-01

Transfer pricing has emerged as common practice among highly diversified companies. Company goes for either domestic transfer pricing or international transfer pricing for several distinctive reasons. While domestic transfer pricing aims for enhancing divisional autonomy and divisions managers, international transfer pricing expects for less taxes, tariff, duties and excises. Therefore, international transfer pricing has significant taxation implication. With expansion of transfer pricing, fi...

Management control as basis for a transfer pricing system

NARCIS (Netherlands)

Steens, H.B.A.; Van Dam, Harmen; Casna, Richard

2003-01-01

The chapter documents the contribution to a international seminar on transfer pricing. The chapter describes how key management concepts can contribute to shaping transfer pricing systems and defining transfer pricing methods.

TRANSFER PRICING - ECONOMIC OUTLOOK FOR BUSSINESSES IN MOLDAVIA

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Cristina Ion DIACONU

2016-12-01

Full Text Available Transfer pricing is a complex , current and original topic for Moldovian enterprises. In terms of decentralization of responsibilities it is not so much a challenge as a necessity to determine a transfer price based on certain, rational, fair and effective fundamentals. From an economic perspective most empirical studies regarding the matters of transfer pricing, converge on delimitation of the methods for determining transfer prices fall into 3 groups: cost-based methods; methods based on market value and methods based on negotiation. But we can say with certainty that there is no perfect method of calculation that would meet all the criteria. Therefore, the main purpose of this article is to present methods for determining transfer prices from an economic point of view, highlighting the advantages and disadvantages of each of them.

Transfer pricing and the Czech tax policy

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Veronika Solilová

2010-01-01

Full Text Available The Czech Republic as a small open economy with an extensive network of the international tax treaties for the avoidance of the double taxation prevents from shifting the tax base of the associated enterprises to countries with preferential tax regime through transfer pricing rules. Transfer pricing as one of the important areas of international taxes determines how the profits of the multinational enterprises are split between the jurisdictions in which they operate and which countries get to tax those profits. This situation may affect the global budget of the multinational enterprises and the tax reve­nues of the jurisdictions. This paper is focused on the transfer pricing rules used in the Czech Republic and makes recommendations for the Czech tax policy in this area based on the analysis of the transfer pricing rules in the EU Member States.

THE CONCEPT OF TRANSFER PRICING SYSTEM IN RUSSIAN FEDERATION

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Alexey S. Besfamilnyy

2016-01-01

Full Text Available The article presents the author's denition of transfer prices and transfer pricing based on the analysis of the current legislation in Russia as well as on current economic practice. Considered state regulation of transfer pricing for the purpose of harmonization of relationship between government and business. Given the denition of the transfer pricing system in Russian Federation and the description of its main parts and connections between them, necessary for effective functioning.

Transfer pricing as tax avoidance under different legislative schemes

OpenAIRE

Holzmann, Carolin Maria

2016-01-01

This paper investigates transfer pricing as tax avoidance before and after reforms of anti-avoidance legislation. The reforms introduced and tightened obligatory documentation requirements for transfer prices to enforce that multinational enterprises (MNEs) set internal transfer prices at an arm’s-length. Linking data from the Microdatabase Statistics on International Trade in Services that comprehends prices of MNEs’ international service transactions to the Microdatabase Direct Investment, ...

Transfer Prices Implication Upon Tax System. The Romanian Experience

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Dumiter Florin

2017-06-01

Full Text Available Transfer prices are a top field in financial and legal scientific research and practical activity. Although this research field is still in the beginning, due to its complexity, as well as it’s inter-, multi- and transdisciplinarity, it can be noted that empirical studies, as well as practical researches in economic and legal matters, have intensified. Moreover, this field of transfer prices is in close connection with the area of international double taxation, which shows its international character. In this article we sought a holistic approach to the transfer price phenomenon, dealing with economic and legal technical aspects that we believed are important to emphasise. Without addressing the issue of transfer prices in an exhaustive manner, in this article we presented both the legal and the economic framework of transfer prices in Romania. The added value of this article lies in the approach to transfer prices, both legally and economically.

TRANSFER PRICING AS A TOOLFOR FINANCIAL ANALYSIS OFENTERPRISES

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Alexey S. Besfamilnyy

2015-01-01

Full Text Available The article outlines the basics of using transfer pricing methods applied to the financial analysis of the enterprise. It focuses on the application of transfer pricing methods not only over prices control between related organizations, but for analysis of the financial performance of companies. It proposes to use comparison of profitability of comparable companies during the reporting period. Shows an approach for the search and selection of comparable companies using information systems SPARKS or Bureau van Dijk. It analysis some examples in which the methodology is applicable transfer pricing as a tool of financial analysis.

TRANSFER PRICES: MECHANISMS, METHODS AND INTERNATIONAL APPROACHES

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Pop Cosmina

2008-05-01

Full Text Available Transfer prices are considered the prices paid for the goods or services in a cross-border transaction between affiliates companies, often significant reduced or increased in order to avoid the higher imposing rates from one jurisdiction. Presently, over 60% of cross-border transfers are represented by intra-group transfers. The paper presents the variety of methods and mechanisms used by the companies to transfer the funds from one tax jurisdiction to another in order to avoid over taxation.

Negotiating transfer pricing using the Nash bargaining solution

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Clempner Julio B.

2017-12-01

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

Transfer pricing file- a contextualized Approach. Case Study

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M. Boiţă

2013-12-01

Full Text Available The transfer price is basically the price used for transfer of tangible and intangible assets between related parties and it should be determined on the basis of market value without being influenced by the relationship of affiliation. However, if for services or tangible assets, the comparison of the transfer price to the market one is relatively easy to achieve, for the intangible ones, quantifying future benefits waived by the affiliated person compared to the situation in which it would be independent is harder to be established.

Strategic Control of Transfer Pricing in a BEPS Context

DEFF Research Database (Denmark)

Rossing, Christian Plesner; Pearson, Thomas C.; Nesimi, Ardit

2016-01-01

In the context of the BEPS Final Reports released by the OECD on 5 October 2015, the need to develop and implement strategies for international transfer pricing has been further intensified. Currently, the quality of transfer pricing strategies across multinational enterprises (multinationals......) varies significantly. Some multinationals have fairly advanced approaches to transfer pricing, while others still struggle with basic strategic formulation and implementation – or seem to have no formal strategic approach at all. This article provides an overview of key concepts for controlling transfer...

A European map regarding the strictness of the transfer pricing regulations

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Ioana Ignat

2017-12-01

Full Text Available In the context in which transfer pricing may represent a mechanism through which multinationals have the possibility to move funds internationally, in order to prevent the base erosion and profit shifting between multinationals, countries over the world have adopted various transfer pricing regulations. Furthermore, some of the countries adopted stricter regulations than others. The objective of our research was to identify the level of strictness for the transfer pricing regulations from the European countries. To achieve this objective, we analyzed the transfer pricing regulations of all European countries and we built a transfer pricing strictness index, based on which we defined 4 categories of countries (where category 1 includes the countries with the least strict transfer pricing regulations and category 4 countries with the strictest regulations. After that, we illustrated how these categories are distributed on the European map. In order to collect the information, we used the transfer pricing guides issued by the Big Four companies for the year 2015. The study`s results show that the strictness of the transfer pricing regulations decreases from the west of Europe to east. Moreover, most of the countries were included in category 2, respectively category 3, meaning that the transfer pricing regulations from the European continent are not so flexible, but in the same time are not so strict.

The Value of Negotiating Cost-Based Transfer Prices

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Anne Chwolka

2010-10-01

Full Text Available This paper analyzes the potential of one-step transfer prices based on either variable or full costs for coordinating decentralized production and quality-improving investment decisions. Transfer prices based on variable costs fail to induce investments on the upstream stage. In contrast, transfer prices based on full costs provide strong investment incentives for the upstream divisions. However, they fail to coordinate the investment decisions. We show that negotiations prevent such coordination failure. In particular, we find that the firm benefits from a higher degree of decentralization so that total profit increases in the number of parameters being subject to negotiations.

Transfer Pricing and Intangible Assets in Cross-Border Business Restructurings

OpenAIRE

Pätäri, Heidi Maria

2012-01-01

Transfer pricing can be described as the internal price setting between multinational group companies. In recent years the issue of jurisdiction’s tax revenue flowing out of the jurisdiction has been closely related with transfer pricing and the tax authorities all over the world have increasingly began to question the arm’s length nature of the intra-group transactions of multinational enterprises. In this thesis the focus is on the transfer pricing issues arising in situations w...

The Impact of Transfer Pricing on Tourism Entities

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Păiuşan Luminiţa

2017-01-01

Full Text Available The purpose of this document is desired to brought a significant contribution of the controlactivity, and to discuss new methods to ensure transparency and to eliminate constant disputesbetween the public and private sector. Starting with these aspects, we are looking to highlightinternational fraud as accompanying phenomena of transnational structures and economicrelations, to explain its impact on the Romanian economy and to discus the key to finding themetholodgy to eradicate this phenomenon, and also to indicate our recommendations and opinionsto what we believe is necessary to eradicate this phenomenon. Transfer pricing is basically theprice used in the transfer of tangible and intangible assets and / or transfer of services betweenrelated parties, and this price should be based on market price without influence of the relationshipof affiliation. For services or tangible assets, the transfer price comparison with the market isrelatively easy to perform, but in the case of intangible assets, quantification of future benefits thatit gives to an affiliated person, in comparison to a situation where this would be to an independent,is difficult to determine.

Transfer pricing. Fiscal and accounting treatments

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Carmen Elena ANTON

2015-12-01

Full Text Available This paper presents brief assertions on the issue of the transfer pricing and their fiscal and accounting treatment. The concept refers to the transactions between affiliated parties, namely aims at those transactions that are not exclusively governed by the rules of the free market, also considering other influence factors such as: the policy of the group of entities related to the minimization of the fiscal cost at the group level. The aimed goals are both fiscal and accounting and they see to the thoroughgoing study of the issues of the implications of practicing transfer pricing between the affiliated entities.

Transfer pricing and the Czech tax policy

OpenAIRE

Veronika Solilová; Veronika Sobotková

2010-01-01

The Czech Republic as a small open economy with an extensive network of the international tax treaties for the avoidance of the double taxation prevents from shifting the tax base of the associated enterprises to countries with preferential tax regime through transfer pricing rules. Transfer pricing as one of the important areas of international taxes determines how the profits of the multinational enterprises are split between the jurisdictions in which they operate and which countries get t...

Basic economic principles of road pricing: From theory to applications

NARCIS (Netherlands)

Rouwendal, J.; Verhoef, E.T.

2006-01-01

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

30 CFR 220.015 - Pricing of materiel purchases, transfers, and dispositions.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Pricing of materiel purchases, transfers, and... CONTINENTAL SHELF OIL AND GAS LEASES § 220.015 Pricing of materiel purchases, transfers, and dispositions. (a... shall be priced under the provisions for tubular goods pricing in paragraph (a)(2)(i)(A) of this section...

Transfer prices – a debate amongst multinational companies and tax authorities

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Gheorghe MATEI

2017-11-01

Full Text Available Transfer pricing is a topical subject because it has a strong impact on affiliated companies as well as on the countries in which these companies operate. Transfer pricing is one of the most important aspects of international tax, but a practical approach will help to focus on solutions to these problems, solutions that will help countries emerging to address evaluation issues transfer pricing in which is robust and equitable to all parties involved.

Fundamental principles of heat transfer

CERN Document Server

Whitaker, Stephen

1977-01-01

Fundamental Principles of Heat Transfer introduces the fundamental concepts of heat transfer: conduction, convection, and radiation. It presents theoretical developments and example and design problems and illustrates the practical applications of fundamental principles. The chapters in this book cover various topics such as one-dimensional and transient heat conduction, energy and turbulent transport, forced convection, thermal radiation, and radiant energy exchange. There are example problems and solutions at the end of every chapter dealing with design problems. This book is a valuable int

Pengaruh Pajak, Tunneling Incentive dan Mekanisme Bonus Terhadap Keputusan Transfer Pricing

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Mispiyanti Mispiyanti

2016-03-01

Full Text Available The aim of the research is to find empirical effidence of tax, tunneling incentive and bonus mecahnism toward transfer pricing decision taken by manufacturing companies listed in Indonesia Stock Exchange. The research population are manufacturing companies listed in Indonesia Stock Exchange arround 2010 to 2013. The samples were taken using purposive sampling method. The research results show that tax and bonus mechanism do not have effect toward companies’ transfer pricing decision. While, tunneling incentive has effect toward companies’transfer pricing decision.

On Transfer Pricing: Conceptual Thoughts on the Nature of the Multinational Firm

OpenAIRE

Brem Markus; Tucha Thomas

2005-01-01

This paper deploys Transaction Cost Economics (TCE) to elaborate on the shortcomings of “mainstream” transfer pricing in multinational firms. Departing from the notion that multinationals increasingly (re-)organize their business along multinational value chains irrespective of jurisdictional borders, the paper discusses the nature of the multinational firm and the problem of choosing the right intra-group (transfer) price. The mainstream transfer pricing approach derived from the Arm´s Lengt...

Electricity price forecasting through transfer function models

International Nuclear Information System (INIS)

Nogales, F.J.; Conejo, A.J.

2006-01-01

Forecasting electricity prices in present day competitive electricity markets is a must for both producers and consumers because both need price estimates to develop their respective market bidding strategies. This paper proposes a transfer function model to predict electricity prices based on both past electricity prices and demands, and discuss the rationale to build it. The importance of electricity demand information is assessed. Appropriate metrics to appraise prediction quality are identified and used. Realistic and extensive simulations based on data from the PJM Interconnection for year 2003 are conducted. The proposed model is compared with naive and other techniques. Journal of the Operational Research Society (2006) 57, 350-356.doi:10.1057/palgrave.jors.2601995; published online 18 May 2005. (author)

International Transfer Pricing Regulation: Nigerian Experience ...

African Journals Online (AJOL)

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

Internal and external factors on firms? transfer pricing decisions: Insights from organization studies

OpenAIRE

Dan Li; Manuel Portugal Ferreira

2007-01-01

Well understood in economics, accounting, finance, and legal research, transfer pricing has rarely been comprehensively explored in organization management literature. This paper explores some theoretical explanations of transfer pricing within multidivisional firms drawing insights from various organizational theories – primarily institutional theory, transaction cost economics, and social networks – to develop a conceptual model of transfer pricing. This model focuses on the nature of multi...

Theoretical and practical bases of transfer pricing formation at the microlevel in terms of national economy

OpenAIRE

Oksana Desyatniuk; Olga Cherevko

2015-01-01

The theoretical and methodological bases of transfer pricing formation at microlevel are studied. The factors acting upon transfer pricing are analysed and the algorithm to form transfer price at an enterprise is suggested. The model example to choose the method of transfer pricing and calculate the profitability interval meeting modern legal requirements is considered.

Advance Pricing Agreements and Double Taxation – Key Concepts in the Context of Transfer Pricing

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Ignat (Neacsu Ioana

2017-01-01

Results show that an APA presents more advantages than a transfer pricing file, but its disadvantages (regarding the cost and the period of time needed for the issuance have a big impact on the business of a company and determine most of the taxpayers to choose a transfer pricing documentation file rather than to apply for an APPA. The results of this research also show that countries which have concluded a big number of Double Tax Treaties tends to grant much more APAs compared with the other category of countries where the number of Double Tax Treaties is smaller.

Transfer prices assignment with integrated production and marketing optimization models

OpenAIRE

Enrique Parra

2018-01-01

Purpose: In decentralized organizations (today a great majority of the large multinational groups), much of the decision-making power is in its individual business units-BUs-. In these cases, the management control system (MCS) uses transfer prices to coordinate actions of the BUs and to evaluate their performance with the goal of guaranteeing the whole corporation optimum. The purpose of the investigation is to design transfer prices that suit this goal. Design/methodology/approach: Cons...

Transfer prices assignment with integrated production and marketing optimization models

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Enrique Parra

2018-04-01

Full Text Available Purpose: In decentralized organizations (today a great majority of the large multinational groups, much of the decision-making power is in its individual business units-BUs-. In these cases, the management control system (MCS uses transfer prices to coordinate actions of the BUs and to evaluate their performance with the goal of guaranteeing the whole corporation optimum. The purpose of the investigation is to design transfer prices that suit this goal. Design/methodology/approach: Considering the results of the whole company supply chain optimization models (in the presence of seasonality of demand the question is to design a mechanism that creates optimal incentives for the managers of each business unit to drive the corporation to the optimal performance. Mathematical programming models are used as a start point. Findings: Different transfer prices computation methods are introduced in this paper for decentralised organizations with two divisions (production and marketing. The methods take into account the results of the solution of the whole company supply chain optimization model, if exists, and can be adapted to the type of information available in the company. It is mainly focused on transport costs assignment. Practical implications: Using the methods proposed in this paper a decentralized corporation can implement more accurate transfer prices to drive the whole organization to the global optimum performance. Originality/value: The methods proposed are a new contribution to the literature on transfer prices with special emphasis on the practical and easy implementation in a modern corporation with several business units and with high seasonality of demand. Also, the methods proposed are very flexible and can be tuned depending on the type of information available in the company.

OECD Transfer Pricing Guidelines - Implementation by Norwegian Tax Administration

Energy Technology Data Exchange (ETDEWEB)

Sollund, Stig

1998-07-01

Presentation. The growth of multinational enterprises and integration of world markets across national borders has increased the importance of this issue: How should corporate tax systems at the national level be applied to the profits of companies engaging in the vast number of cross border transactions? The challenges and implications of the issue are tremendous both to the national governments and to the enterprises. The OECD countries have responded to these challenges by declaring that each enterprise within a multinational group of companies shall be treated as a separate entity. In order to apply the separate entity approach to intra group transactions, individual group members must be taxed on the basis that they act at arm's length with each other. The arm's length principle is more easily understood in theory than applied in practice. In some countries, therefore, the authorities have explored other methods than the traditional ones, as described in the 1979 Transfer Pricing Report of the OECD. A confirmed consensus between the governments was reached in the form of the revised 1995 guidelines. The Norwegian Ministry of Finance has given its full support to the efforts of defending the separate entity approach and the arm's length principle in the OECD committees.

Transfer prices and the excess cost of Canadian oil imports: New evidence on Bertrand versus Rugman

International Nuclear Information System (INIS)

Bernard, J.-T.; Weiner, R.J.

1992-01-01

Transfer pricing can be a source for contention between governments and multinational corporations, with suspicion that transfer prices are set so as to report higher income in countries where corporations are taxed more lightly. The first systematic empirical evidence on transfer pricing in multinational corporations is presented, through examination of the Canadian petroleum industry, which is dominated by foreign multinationals. The data cover the period 1974-84 and allow analysis of the allegation of excess cost paid by Canada for crude oil imports. After taking into account crude oil quality indicators, transaction characteristics, and countries of export, the merging of a comparable set of U.S. and Canadian data demonstrates evidence of transfer-price setting at levels significantly different from arm's-length prices for crude oil imports to Canada from 1974-84. However, the evidence runs contrary to Bertrand's assessment: the crude oil prices for affiliate transactions were found to be, in general, lower than comparable prices for third-party transactions. As to transport costs, the converse was found to be the case, however, the effect is much less important than transfer pricing. The overall result is that transfer prices have worked in Canada's favour. 15 refs., 7 tabs

TAX OPTIMIZATION THROUGH TRANSFER PRICING, COMMON AND MANIPULATIVE PRACTICE

Directory of Open Access Journals (Sweden)

Jurcau Anca Sabina

2009-05-01

Full Text Available This paper is about how multinational enterprises choose transfer prices in the presence of differential corporate income tax rates. A transfer prince is a value placed on the goods which are traded between divisions of an organization. We review and exte

An introduction to heat transfer principles and calculations

CERN Document Server

Ede, A J; Ower, E

1967-01-01

An Introduction to Heat Transfer Principles and Calculations is an introductory text to the principles and calculations of heat transfer. The theory underlying heat transfer is described, and the principal results and formulae are presented. Available techniques for obtaining rapid, approximate solutions to complicated problems are also considered. This book is comprised of 12 chapters and begins with a brief account of some of the concepts, methods, nomenclature, and other relevant information about heat transfer. The reader is then introduced to radiation, conduction, convection, and boiling

MECHANISM TRANSFER PRICING AND THE NEED INTRODUCTION COMMON CONSOLIDATED CORPORATE INCOME TAX TRANSNATIONAL

Directory of Open Access Journals (Sweden)

Gheorghe Grigorescu

2013-06-01

Full Text Available Transfer pricing mechanism is a tool commonly used to transfer the tax base in countries with high tax countries with lower taxation. In the European Union the financial operations generate tax revenue losses. In an attempt to limit manipulation by corporate tax systems, many public authorities have introduced transfer pricing rules, but these rules has shown limited efficacy, however, contribute to the increasing complexity of tax laws and the emergence of additional costs for companies. This paper deals with the concrete examples, the solution to solving the problem of transfer pricing in the European Union by the introduction of common consolidated corporate income tax.

Transfer Pricing: Is the Comparable Uncontrolled Price Method the Best Method in all Cases?

Directory of Open Access Journals (Sweden)

Pranvera Dalloshi

2012-12-01

Full Text Available The transfer price scope is becoming a very important issue for all companies that comprise from different departments or have a network of branches. These companies are obliged to present the way of price determination for transactions that they have with their branches or other relevant members of their network. The establishment of the multinational companies that develop their activities in various countries is being increased. It has increased the need to supervise their transactions and approval of laws and administrative orders that do not leave space for misuses. The paper is focused in the response to the question if the Comparable Uncontrolled Price Method is the best method to be used in all cases. It is presented through a concrete example that shows how the price of a product determined through the Comparable Uncontrolled Price Method or market price has an impact to the profit of the mother company and other subsidiaries.

Facilitating Transfer of Skills and Strategies in Occupational Therapy Practice: Practical Application of Transfer Principles.

Science.gov (United States)

Babulal, Ganesh M; Foster, Erin R; Wolf, Timothy J

2016-01-01

In Occupational Therapy (OT) practice, practitioners assume that the skills and strategies taught to clients during rehabilitation will transfer to performance and participation in everyday life. Despite transfer serving as a practice foundation, outcome studies conclude that this assumption of transfer is not occurring and it often results in decreased efficacy of rehabilitation. This paper investigated key aspects of transfer and found concepts in the psychology literature that can support transfer of skills and strategies in OT. Six key principles proposed from educational psychology can serve as a guide for practitioners to better train for transfer. In this paper, we discuss the six principles and apply concepts from psychology. Each principle is supported with examples of how they may be incorporated OT practice. If occupational therapists understand these principles and implement them in treatment, the efficacy of treatment may improve for many populations.

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

Science.gov (United States)

2010-04-01

... the FSC) by its choice of the three transfer pricing methods described in paragraphs (c)(2), (3), and... income method (the administrative pricing rules) of section 925(a)(1) and (2), respectively, and the...), any, or all, of the transfer pricing methods may be used in the same taxable year of the FSC for...

Shapley value based transfer pricing in supply chains with stochastic demand

Directory of Open Access Journals (Sweden)

Lihua Chen

2015-01-01

Full Text Available We study the question of how to ideally divide total profits among supply chain members, especially in a stochastic demand market. The Shapley value is used as the methodology solution to divide profits in a supply chain. To illustrate the Shapley value solution and procedures, a two-echelon supply chain consisting of one supplier and two heterogeneous retailers is examined. The goal is to figure out ideal transfer prices for products delivered among supply chain members. These transfer prices will achieve the suggested profit allocations among three companies.

Comments on OECD discussion draft on revisions to Chapter I of the Transfer Pricing Guidelines

NARCIS (Netherlands)

Burgers, Irene; van Herwaarden, A.J.

2015-01-01

These comments provide recommendations for improved transfer pricing guidance and were submitted in response to an invitation by the OECD to interested parties to submit written comments on a discussion draft regarding the OECD Transfer Pricing Guidelines

Ownership Restrictions, Tax Competition and Transfer Pricing Policy

NARCIS (Netherlands)

Diaw, K.

2004-01-01

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

Transfer Fiyatlandırmasında Emsal Tespitine İlişkin Yeni Yöntemler

OpenAIRE

BÖBEK, Zinnur

2018-01-01

Hidden Profit Distribution Through Transfer Pricing regulated in Corporate Tax Law No: 5520 is a subject open to changes according toits nature. In parallel with the OECD regulations in particular, the studies carried out in order to prevent the transfer of the tax base and profit transfer contribute to the development of transfer pricing. Arm’s length principle based on OECD Transfer Pricing Guidelines For Multinational Enterprises and Tax Administration. Methods necessary for the implementa...

Small and medium sized enterprises (SMEs and transfer pricing

Directory of Open Access Journals (Sweden)

Veronika Solilová

2012-01-01

Full Text Available Small and medium sized enterprises have very important position in the EU economy, mainly in the area of growth and employment. However, most of SMEs are active only in their home country and only a few of them participate in cross-border activities. Furthermore, their activities in the internal market are limited by great deal of obstacles, mainly in the form of different tax systems which generate excessive compliance costs of taxation and the existence of different SMEs definitions for various purposes in Member states. In addition, from the view of the international taxation issues, the most important obstacles can be considered a transfer pricing and cross-border loss compensations. In this area, SMEs are facing specific problems and have specific needs. The aim of the paper is to analyze and evaluate the specific transfer pricing issues of SMEs and propose recommendations for them.

Transfer pricing: a bibliometric analysis of the international literature

Directory of Open Access Journals (Sweden)

Joice Denise Schäfer

2015-12-01

Full Text Available The decentralization of decision-making to ensure faster and more efficient process control has become commonplace among companies in the current market.  The performance of responsibility centers is periodically assessed and a decisive factor in this assessment is the correct definition of transfer prices for products and services. Thus, the aim of the present study is to search for and analyze studies conducted from 2000 onwards regarding transfer pricing as a tool for performance assessment using a process known as ProKnow-C (Knowledge Development Process – Constructivist, whose objective is to build knowledge from a constructivist perspective based on a researcher’s interests and limitations. The result was a  bibliographic profile of 14 articles. The bibliographic profile was analyzed in order to identify the scientific recognition of the articles, authors referenced and the most prominent journals in terms of publications on the topic under study.

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...

Transfer pricing-overvejelser i relation til det fælles europæiske momssystem

DEFF Research Database (Denmark)

Jensen, Dennis Ramsdahl

2008-01-01

kriterier. Transfer pricing-fænomenet har ikke desto mindre levet en noget upåagtet tilværelse i momsretten, hvilket primært skyldes, at fiksering af et afgiftsgrundlag som udgangspunkt har været i strid med fællesskabsretten. I august 2006 blev der imidlertid etableret en fakultativ værnsregel i...... momssystemdirektivets art. 80, som giver medlemsstaterne mulighed for at indføre deciderede transfer pricing-regler. Selv om denne mulighed af forskellige årsager må hilses velkommen, giver reglernes aktuelle udformning desværre anledning til betænkeligheder. I nærværende artikel undergives momssystemdirektivets...... fakultative transfer pricing-bestemmelser en nærmere analyse med henblik på at diskutere dem i lyset af neutralitets- og proportionalitetsprincippet....

THE USELESS OF THE TRANSFER PRICING FILE

Directory of Open Access Journals (Sweden)

DEACONU SORIN-CONSTANTIN

2017-10-01

Full Text Available In the context of the globalization and of the strengthening of the relations between the UE economical agents, it appears more and more the idea of groups of entities for the justification of the reciprocal deliveries, buying and loans. The transferring price is a concept that requires maximum attention from the affiliated parts, meaning the entities with reciprocal operations and common managers or associates. The theme of our study is the verification of the hypothesis when the transferring price documentary file is not useful. The research methodology of our study include: dedicated literature, study cases, etc. the conclusion is that all affiliated entities (according to the national legislation are legally imposed to establish such a documentary file and the tax authorities may require explanations and information related to the content of this file. Still, the file does not bring extra information for the tax authorities, because its establishing is partial from the start, because no tax payer will accuse himself in front of the tax authorities. We propose the elimination of this documentary file and its replacement with an electronic format of information to an international level, so the tax authority can perform an analysis of the intra-group operation without going to the premises of the economical operators

Exploring The Arm’s Length Transfer Pricing Strategy for Taxation Purpose: An Ethnographic Study in a Manufacturing Enterprise

OpenAIRE

Rahmiati, Alfa; Sandi, Resti

2016-01-01

Practices of transfer pricing in among companies having “special relationship” (hubungan istimewa in Bahasa Indonesia, this study uses a term of ‘related party’) to others are very common nowadays. However, the complexity of transfer pricing strategy and practices in many companies made the use of individual level data become insufficient, therefore we conduct an ethnographic study to explore how taxpayer determines the reasonable transfer pricing based on five methods (i.e. Comparable uncont...

Analysis Method of Transfer Pricing Used by Multinational Companies Related to Tax Avoidance and Its Consistencies to the Arm's Length Principle

OpenAIRE

Sari, Nuraini; Hunar, Ririn Susanti

2015-01-01

The purpose of this study is to evaluate about how Starbucks Corporation uses transfer pricing to minimize the tax bill. In addition, the study also will evaluate how Indonesia’s domestic rules can overcome the case if Starbucks UK case happens in Indonesia. There are three steps conducted in this study. First, using information provided by UK Her Majesty's Revenue and Customs (HMRC) and other related articles, find methods used by Starbucks UK to minimize the tax bill. Second, find Organisat...

ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

OpenAIRE

TÜNDE VERES

2011-01-01

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

THE PROBLEMS OF TRANSFER PRICING

OpenAIRE

Tursunova Nargiza

2015-01-01

Each item has a price, but not every company is able to independently set the price at which it wants to sell its goods. Firms need to have a streamlined method of setting prices for their goods, and their financial condition depends on it. When choosing a method of pricing, there must be considered and internal and external constraints. The paper discusses the stages of formation of prices in a continuous process of pricing, as well as methods of pricing, their advantages and disadvantages. ...

Business is not just war. Transferring the principle of double effect ...

African Journals Online (AJOL)

In this article the validity of transferring the Principle of Double Effect from the just war tradition to the domain of business is critically reviewed. If a case can be built for sufficient analogies between war and business, the principle of double effect can legitimately be transferred from war to business. If, on the other hand it can ...

Evaluating the Quality of Transfer versus Nontransfer Accounting Principles Grades.

Science.gov (United States)

Colley, J. R.; And Others

1996-01-01

Using 1989-92 student records from three colleges accepting large numbers of transfers from junior schools into accounting, regression analyses compared grades of transfer and nontransfer students. Quality of accounting principle grades of transfer students was not equivalent to that of nontransfer students. (SK)

Principles, effects and problems of differential power pricing policy for energy intensive industries in China

International Nuclear Information System (INIS)

Lin, Boqiang; Liu, Jianghua

2011-01-01

The Chinese government canceled the preferential power pricing policies for energy intensive industries and imposed a reverse differential pricing policy in order to promote energy efficiency and the adjustment and upgrading of the industrial structure. This article analyzes the principles of China's differential power pricing policy, the externalities of energy and the modified Ramsey pricing rule, and also points out the policy implications of China's differential power pricing policy. In our samples, we investigate eight power intensive products in the Henan province with respect to their power consumption per unit (power intensity), electricity cost, total cost, the electricity tariff and profit, in order to test the effects of the differential power pricing policy. The results show that the primary effect of the differential power pricing policy is that enterprises decrease their total costs and improve their productive efficiencies in advance, in anticipating a higher electricity tariff. -- Research highlights: → The article suggests a modified Ramsey pricing model where demand elasticity is replaced by elasticity of energy consumption and polluting elasticity to internalize the negative externality of high energy intensive industry. → The article assesses the effects of differential pricing policy through on-site survey of high energy intensive industries in Henan province and analyzes the reasons behind those effects. → The article presents the lessons and policy implications of implementing differential pricing policy aimed at energy conservation and emission reduction.

State transfer in highly connected networks and a quantum Babinet principle

Science.gov (United States)

Tsomokos, D. I.; Plenio, M. B.; de Vega, I.; Huelga, S. F.

2008-12-01

The transfer of a quantum state between distant nodes in two-dimensional networks is considered. The fidelity of state transfer is calculated as a function of the number of interactions in networks that are described by regular graphs. It is shown that perfect state transfer is achieved in a network of size N , whose structure is that of an (N/2) -cross polytope graph, if N is a multiple of 4 . The result is reminiscent of the Babinet principle of classical optics. A quantum Babinet principle is derived, which allows for the identification of complementary graphs leading to the same fidelity of state transfer, in analogy with complementary screens providing identical diffraction patterns.

Getting the message across: principles for developing brief-Knowledge Transfer (b-KT) communiqués.

Science.gov (United States)

Shaw, Lynn

2012-01-01

This feature article on knowledge transfer presents principles and strategies to support the development of short communiqués to end-users. Formal and informal knowledge brokers are the targeted users of the strategies. Research studies and conceptual literature in knowledge transfer informed the development of brief-Knowledge Transfer (b-KT) principles. Principles are explained and a sample of how they informed the development of KIT-Tip Sheets is offered to promote ways to use principles in knowledge dissemination. b-KT principles can be used as a framework to guide the development of short communiqués by knowledge brokers in work practice but also in the health, social and rehabilitation domains. In addition, these principles promote the participation of end-users in the development of knowledge transfer. Formal evaluation is needed on the use of these principles in achieving the uptake and use of knowledge by end-users.

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.

Revisiting port pricing : a proposal for seven port pricing principles

NARCIS (Netherlands)

Van Den Berg, R.; De Langen, P.W.; Van Zuijlen, P.C.J.

2017-01-01

A review of seven large landlord port authorities around the world reveals a notable diversity of pricing structures. While port authorities increasingly act as commercial undertakings, port pricing often seems to be not driven by commercial considerations. In this paper, we argue that ports can be

Intangible Property : Defining Intangible Property for Transfer Pricing Purposes and Exploring the Concept of Economic Ownership

OpenAIRE

Eriksson, Emma

2010-01-01

In this thesis the definition of intangible property contained in the Transfer Pricing Guidelines is analysed with the aim of exploring whether it is satisfactory or not. Furthermore, the need to have a definition of intangible property for transfer pricing purposes at all is explored. To properly allocate income and expenditure relating to intangible property one needs to first establish who is the owner of the property. In the light of this the economic ownership is explored as well. Two co...

The Transfer Pricing Problem in a Service Firm : A Case Study on a Swedish Multinational Enterprise

OpenAIRE

Husain, Shakir; Yilmaz, Emre

2015-01-01

The purpose of this study is to answer the research question of how a service company (ServiceCo) could achieve a transfer price of its services. This is of particular interest, due to the growth of service firms that have rapidly increased and surpassed the manufacturing firms, as well as the dominant logic shifting towards services. However, the problem with this field of study is that transfer pricing with regards to the service industry, is a rather unexplored phenomenon in which the guid...

Variational principles in terms of entransy for heat transfer

International Nuclear Information System (INIS)

Xu, Mingtian

2012-01-01

A variational principle for heat conduction is formulated which results in the steady state heat conduction equation established from the Fourier law. Furthermore based on the thermodynamics in terms of entransy a more general functional is defined for incompressible fluids. We show that extremizing this functional gives rise to the state described by the Navier-Stokes-Fourier equations with vanishing substantive derivatives of the temperature and velocity field. In this sense one may conclude that this variational principle is consistent with the Navier-Stokes-Fourier equations. Therefore the variational principle developed in the present work demonstrates a great advantage over the minimum entropy production principle. -- Highlights: ► A variational principle for heat transfer of incompressible fluid is established in terms of entransy. ► For pure heat conduction the variational principle leads to the classical steady state heat conduction equation. ► For heat convection the variational principle is consistent with the Navier-Stokes-Fourier equations.

Transfer Pricing - between Optimization and International Tax Evasion

Directory of Open Access Journals (Sweden)

Valentin SAVA

2017-06-01

Full Text Available Each enterprise in the private sector aims to increase financial return, which is achieved by obtaining a the higher net profit by increasing revenue and reducing expenditure. In this endeavor, compliance with tax obligations occupy a very important role because handling taxes may lead to an increase in revenue and / or a reduction of spending, and this action is called tax optimization. In the case of multinational companies, the main tool that can be used to lower the tax burden and increasing, sometimes in sizeable benefits in net, is the transfer prices or the prices they registered entities in the group transactions between them, along with another instrument with great impact, ie tax havens. Tax evasion, designating evading payment obligations of a company according to the national tax system, may be legal in the sense that tax optimization does not violate the rules, but exploiting loopholes that are in them. But when legal tax rules are violated, we deal with tax fraud, which will be subject to punitive measures by public authorities as it affects the whole population.

Key transfer pricing issues arising from the transfer of an ongoing concern : A comparison between the OECD TP Guidelines and the German and the U.S. legislations

OpenAIRE

Sjöberg, Daniel

2013-01-01

The purpose of this thesis is to analyse and compare the transfer pricing approaches held by the OECD, Germany and the United States when transferring an ongoing concern. The term “ongoing concern” in the OECD Transfer Pricing Guidelines is to be interpreted as very wide and to cover every case where a function is bundled with assets and risks. Even though there is no legal definition of the term , the definition of the OECD can still be said to represent the common definition of the term. Wh...

Ülkemizde Transfer Fiyatlandırmasının Yol Açtığı Tahmini Kurumlar Vergisi Kaybı(The Estimated Corporate Tax Loss Due To Transfer Pricing In Our Country

Directory of Open Access Journals (Sweden)

Serdar PEHLİVAN

2010-01-01

Full Text Available States, though in order to grasp taxable income have created legal infrastructure; with the reason of lack of efficient tax audit, they have been exposed to important tax losses due to transfer pricing.The amount of tax losses due to over invoiced imports and under invoiced exports that are determined as estimation; has shown that tax audit had not been efficient in transfer pricing. In order to minimize corporate tax losses that occured due to transfer pricing, it is required to take precautionary measures oriented in increasing efficiency in tax audit

First principles design of a core bioenergetic transmembrane electron-transfer protein

Energy Technology Data Exchange (ETDEWEB)

Goparaju, Geetha; Fry, Bryan A.; Chobot, Sarah E.; Wiedman, Gregory; Moser, Christopher C.; Leslie Dutton, P.; Discher, Bohdana M.

2016-05-01

Here we describe the design, Escherichia coli expression and characterization of a simplified, adaptable and functionally transparent single chain 4-α-helix transmembrane protein frame that binds multiple heme and light activatable porphyrins. Such man-made cofactor-binding oxidoreductases, designed from first principles with minimal reference to natural protein sequences, are known as maquettes. This design is an adaptable frame aiming to uncover core engineering principles governing bioenergetic transmembrane electron-transfer function and recapitulate protein archetypes proposed to represent the origins of photosynthesis. This article is part of a Special Issue entitled Biodesign for Bioenergetics — the design and engineering of electronic transfer cofactors, proteins and protein networks, edited by Ronald L. Koder and J.L. Ross Anderson.

Transfer Pricing – Between Optimization and International Tax Evasion

Directory of Open Access Journals (Sweden)

Valentin SAVA

2017-04-01

Full Text Available Each enterprise in the private sector aims to increase financial return, which is achieved by obtaining the higher net profit by increasing revenue and reducing expenditure. In this endeavor, compliance with tax obligations occupy a very important role because handling taxes may lead to an increase in revenue and / or a reduction of spending, and this action is called tax optimization. In the case of multinational companies, the main tool that can be used to lower the tax burden and increasing, sometimes in sizeable benefits in net, is the transfer prices or the prices they registered entities in the group transactions between them, along with another instrument with great impact, ie tax havens. Tax evasion, designating evading payment obligations of a company according to the national tax system, may be legal in the sense that tax optimization does not violate the rules, but exploiting loopholes that are in them. But when legal tax rules are violated, we deal with tax fraud, which will be subject to punitive measures by public authorities as it affects the whole population.

TRANSFER PRICING–A PRESENT-DAY ISSUE

Directory of Open Access Journals (Sweden)

Elena CHIȚIMUȘ

2013-06-01

Full Text Available Within the fiscal inspection procedures and financial control undertaken by the Romanian fiscal authorities, a special place and an everyday more increasing share is occupied by the transactions between Romanian companies with affiliated entities. The principle that should stay at the foundation of these transactions is that every agreement of purchase or sale between affiliates should be made at the market price. This paper aims to present methodological aspects regarding transfer pricing and to underline the evolution and the expectations related to this subject in Romania.

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

Transfer Pricing In Transnational Operations: A Case- And Literature-Based Analysis

OpenAIRE

Virginia A. Taylor; E.J. (Roy) Knaus; William E. Matthews

2011-01-01

This paper represents a combined case- and literature-based analysis of transnational pricing and highlights the difference in the issues and perspectives of the business and academic environments. Following an introduction to the issue (noting the growing importance of the transfer of goods from one organizational entity to another within a multinational firm), a short case - The Henderson Company - illustrates how a relatively simple announcement can lead to a lengthy and heated discussion ...

Simulating Price-Taking

Science.gov (United States)

Engelhardt, Lucas M.

2015-01-01

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

Creative pricing strategies for medical services.

Science.gov (United States)

Tellis, G J

1987-01-01

This paper discusses the strategic role of the pricing of medical services. Strategic pricing is a creative process that can be a vital means of defining marketing segments, differentiating services, and gaining a competitive advantage. The central issue in strategic pricing is creatively using the principle of cross-subsidies or shared economies over consumer groups, service sets, or competitors. This principle yields a rich set of pricing strategies that can be used in response to various environments.

MARKET ECONOMICS PRICING PARTICULARS

Directory of Open Access Journals (Sweden)

V. I. Parshin

2011-01-01

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

Transfer Pricing and Developing Economies : A Handbook for Policy Makers and Practitioners

OpenAIRE

Cooper, Joel; Fox, Randall; Loeprick, Jan; Mohindra, Komal

2016-01-01

Recent years have seen unprecedented public scrutiny over the tax practices of Multinational Enterprise (MNE) groups. Tax policy and administration concerning international transactions, aggressive tax planning, and tax avoidance have become an issue of extensive national and international debate in developed and developing countries alike. Within this context, transfer pricing, historically a subject of limited specialist interest, has attained name recognition amongst a broader global audie...

BUSINESS MODELS FOR TAX AND TRANSFER PRICING PURPOSES

Directory of Open Access Journals (Sweden)

Corlaciu Alexandra

2013-07-01

Full Text Available In order to remain competitive, the multinational enterprises (MNEs are forced by the globalization phenomenon (which manifestation has became more and more stringent to analyze continuously its effectiveness. In this respect, the structure of the business represents an element which might have an important impact for the enterprise’s overall results. This is why, in the last decades, the MNEs granted special attention to business structures and put significant efforts in business restructurings, where the case, with the scope to keep the efficiency and to remain on the market. Generally, the operational business restructuring process follows one of the business model globally developed, namely manufacturer or sales business models. Thus, according to the functions performed, assets used and risks assumed, the entities within the group are labeled into limited risk units (such as toll manufacturer or commission agent, medium risk (contract manufacturer, commissionaire, stripped distributor or high risk units (fully fledged manufacturer, fully fledged distributor. Notwithstanding the above, there should be emphasized that the operational business restructuring has to be undertaken with maximal care, as it might have important fiscal impact. Having this regard, the purpose of the present investigation is to provide, from a tax and transfer pricing point of view, a systematic and structured analysis of the generally characteristics of business models (manufacturer and sales business models used by multinational enterprises in the process of business reorganization, with the scope to increase their performance and the sustainable competitive advantages. Thus, by using the fundamental (theoretical and qualitative research type, this paper is aiming to present the most important characteristics of each business model (general overview of each model, the principal risk assumed, the usual transfer pricing method used for the remuneration of intra

Least-entropy generation: Variational principle of Onsager's type for transient hyperbolic heat and mass transfer

International Nuclear Information System (INIS)

Sieniutycz, S.; Berry, R.S.

1992-01-01

For coupled transfer of the energy and mass in a multicomponent system at mechanical equilibrium a simple thermodynamic theory is developed, and the damped wave equations of change are derived. We show that under nonstationary conditions, where relaxation of diffusive fluxes is essential, the evolution of the distributed coupled transfer of the energy and mass follows the path that minimizes the difference between the total entropy generated within the system and that exchanged by the system. The principle is also valid in the limit in which flux relaxation effects are negligible and the heat and mass transfer, whether steady or not, obeys Onsager's generalization of the Fourier and Fick laws. For coupled steady-state processes the principle goes into that of Onsager, yielding his phenomenological equations. In contrast to the local steady-state nature of Onsager's principle the new principle is global, valid for both stationary and transient situations, and requires no frozen fields. For an isolated, distributed system, in which transient relaxation to equilibrium is the only possible process, the principle implies the least possible increase of the system entropy between any two successive configurations

Transfer of single farm payment entitlements to farm successors: impact on structural change and rental prices in Switzerland

Directory of Open Access Journals (Sweden)

Gabriele Mack

2013-09-01

Full Text Available This paper analyses the impact of tradable and non-tradable single farm payment (SFP entitlements for farm successors on structural change and the lease market. Using the example of Swiss agriculture, the effects on rental-price trends and farm-exit rates are investigated. An ex-ante normative impact analysis is performed with the agent-based agricultural-sector model SWISSland, which simulates structural change processes and income trends in Swiss agriculture over a period of up to 15 years. A land market implemented at municipality level simulates the plot-by-plot leasing of land to surrounding neighbouring agents that is common in Switzerland. Allocation of plots to tenants as well as lease pricing is modelled taking into account the farm-specific land rents. The results show that personalised SFP entitlements which could not be transferred to a farm successor not only cause an intensification of structural change, but would also thus lead to a substantial reduction in rental prices. SFP entitlements which were successfully transferred to farm successors have only a slight impact on structural change and the rental prices of arable land. Only for grassland in the mountain region does a stronger shift result in a significant reduction in rental prices.

Three principles of competitive nonlinear pricing

OpenAIRE

Page Junior, Frank H.; Monteiro, P. K.

2002-01-01

We make three contributions to the theory of contracting under asymmetric information. First , we establish a competitive analog to the revelation principle which we call the implementation principle. This principle provides a complete characterization of all incentive compatible, indirect contracting mechanisms in terms of contract catalogs (or menus), and allows us to conclude that in competitive contracting situations, firms in choosing their contracting strategies can restrict attention, ...

Mathematical principles of road congestion pricing | Pienaar | ORiON

African Journals Online (AJOL)

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

THE PRINCIPLE OF NON-RETROACTIVITY OF CIVIL LAW - DEVIATIONS IDENTIFIED IN THE MATTER OF TAX LEGISLATION

Directory of Open Access Journals (Sweden)

Cristina-Simona Căpăţînă (Dumitrache

2016-11-01

Full Text Available This article aims to examine the effects of the principle of non-retroactivity of law. While the first section deals with the principle of non-retroactivity of the law in terms of Romanian civil law, the next section presents cases of compliance, but also several cases of violation/breach of the principle enunciated, identified in the tax matter. By researching the date when legal acts or deeds are concluded or, as the case may be, committed or produced, in relation to the effects of the new law over them, we are submitting to a non-retroactivity test some texts from tax laws governing the obligation of the taxpayers to pay tax on profit when no longer meet the conditions to be micro -enterprises, obligation of the individuals without revenue to pay social health insurance contributions, the obligations of the persons carrying out transactions with related parties to draw up transfer pricing file. The effect of the facta pendentia situation is presented and analyzed on a specific case of transfer pricing, which may be misinterpreted as a breach of the principle of non-retroactivity of the law. Precisely for this reason the conclusions present utility both for law theorists and practitioners.

STS pricing policy

Science.gov (United States)

Lee, C. M.; Stone, B.

1982-01-01

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

Making Benefit Transfers Work: Deriving and Testing Principles for Value Transfers for Similar and Dissimilar Sites Using a Case Study of the Non-Market Benefits of Water Quality Improvements Across Europe

DEFF Research Database (Denmark)

Bateman, Ian; Brouwer, Roy; Ferreri, Silvia

2011-01-01

We implement a controlled, multi-site experiment to develop and test guidance principles for benefits transfers. These argue that when transferring across relatively similar sites, simple mean value transfers are to be preferred but that when sites are relatively dissimilar then value function...... transfers will yield lower errors. The paper also provides guidance on the appropriate specification of transferable value functions arguing that these should be developed from theoretical rather than ad-hoc statistical approaches. These principles are tested via a common format valuation study of water...... quality improvements across five countries. While this provides an idealised tested, results support the above principles and suggest directions for future transfer studies....

Transferring and practicing the correspondence principle in the old quantum theory: Franck, Hund and the Ramsauer effect

Energy Technology Data Exchange (ETDEWEB)

Jaehnert, Martin [MPIWG, Berlin (Germany)

2013-07-01

In 1922 Niels Bohr wrote a letter to Arnold Sommerfeld complaining that: ''[i]n the last years my attempts to develop the principles of quantum theory were met with very little understanding.'' Looking for the correspondence idea in publications, one finds that the principle was indeed hardly applied by physicists outside of Copenhagen. Only by 1922 physicists from wider research networks of quantum theory started to transfer the principle into their research fields, often far removed from its initial realm of atomic spectroscopy. How and why did physicists suddenly become interested in the idea that Bohr*s writings had been promoting since 1918? How was the correspondence principle transferred to these fields and how did its transfer affect these fields and likewise the correspondence principle itself? To discuss these questions, my talk focuses on the work of James Franck and Friedrich Hund on the Ramsauer effect in 1922 and follows the interrelation of the developing understanding of a newly found effect and the adaptation of the correspondence idea in a new conceptual and sociological context.

Setting Fair Prices – Fundamental Principle Of Sustainable Marketing

OpenAIRE

Cătoiu, Iacob; Vrânceanu, Diana Maria; Filip, Alina

2010-01-01

In commercial area, the price has a major importance, being frequently considered among the main criteria used in buying decision process. Price fairness derives from equity theory and it is focused on assuring in a transaction a reasonable report between the customer’s sacrifice and the value offered by the seller. In three marketing experiments we have evaluated customers’ fairness perceptions of differential prices, this tactic being frequently used by sellers. One important finding was th...

Energy pricing. Economics and principles

Energy Technology Data Exchange (ETDEWEB)

Conkling, Roger L. [Portland Univ., OR (United States). School of Business Administration

2011-07-01

This book describes the processes through which rates for energy consumption are derived, ranging from initial analyses of the supply and demand parameters to the final forms and levels of end-use consumer prices. The author argues against aggressive accounting procedures, and suggests criteria for choosing firm's position on pending public policy issues. A handbook on energy formulae for non-professionals is included in the book. The author is adjunct professor at the University of Portland. (orig.)

The impact of high oil prices on natural gas

International Nuclear Information System (INIS)

Koevoet, H.

2003-01-01

The principle of gas-to-oil (oil prices determine the price of natural gas) in the Netherlands and several other developments elsewhere (war in Iraq and a cold winter in the USA) has caused high natural gas prices. The question is whether the liberalization of the energy market can change this principle [nl

Basic Knowledge for Market Principle: Approaches to the Price Coordination Mechanism by Using Optimization Theory and Algorithm

Science.gov (United States)

Aiyoshi, Eitaro; Masuda, Kazuaki

On the basis of market fundamentalism, new types of social systems with the market mechanism such as electricity trading markets and carbon dioxide (CO2) emission trading markets have been developed. However, there are few textbooks in science and technology which present the explanation that Lagrange multipliers can be interpreted as market prices. This tutorial paper explains that (1) the steepest descent method for dual problems in optimization, and (2) Gauss-Seidel method for solving the stationary conditions of Lagrange problems with market principles, can formulate the mechanism of market pricing, which works even in the information-oriented modern society. The authors expect readers to acquire basic knowledge on optimization theory and algorithms related to economics and to utilize them for designing the mechanism of more complicated markets.

Principles of the radiosity method versus radiative transfer for canopy reflectance modeling

Science.gov (United States)

Gerstl, Siegfried A. W.; Borel, Christoph C.

1992-01-01

The radiosity method is introduced to plant canopy reflectance modeling. We review the physics principles of the radiosity method which originates in thermal radiative transfer analyses when hot and cold surfaces are considered within a given enclosure. The radiosity equation, which is an energy balance equation for discrete surfaces, is described and contrasted with the radiative transfer equation, which is a volumetric energy balance equation. Comparing the strengths and weaknesses of the radiosity method and the radiative transfer method, we conclude that both methods are complementary to each other. Results of sample calculations are given for canopy models with up to 20,000 discrete leaves.

Imperfect Commitment and the Revelation Principle: the Multi-Agent Case with Transferable Utility

OpenAIRE

Evans, R.; Reich, S.

2007-01-01

Bester and Strausz (2000) showed that the revelation principle of Bester and Strausz (2001) does not apply in a setting of many agents and no commitment. In their counterexample only one agent has private information. We show that if the parties can make ex ante transfers the revelation principle does extend to this setting. However, we show that it does not extend to a setting in which more than one agent has private information.

Price regulation and international resource supply

Energy Technology Data Exchange (ETDEWEB)

Siebert, H

1982-03-01

Price regulation is an instrument between two diverging aims: The demand for low resource prices motivated by the principle of equal distribution in our day, and the desire for economical management of resources as a responsibility we have to future generations. The present publication investigates how price regulation influences intertemporal supply of resources. For the assumed cases constant resource price, constant admissible increase in resource price, expected release of resource price and deregulation of a price held constant for a period of time mathematical models are developmed.

Design principles for global commons: Natural resources and emerging technologies

Directory of Open Access Journals (Sweden)

Paul C. Stern

2011-09-01

Full Text Available Ostrom’s design principles for managing common pool resources were developed largely by examining local commons involving natural resources. This paper enumerates several key characteristics that distinguish such commons from more complex commons involving global resources and the risks of emerging technologies. It considers the degree to which the design principles transfer to those commons and concludes that although they have considerable external validity, the list needs some modification and elaboration to apply to global resources and risk commons. A list of design principles is offered for global resource commons and the risks of emerging technologies. Applying Ostrom’s approach to global resources and emerging technologies can improve understanding and expand the solution set for these problems from international treaties, top-down national regulation, and interventions in market pricing systems to include non-governmental institutions that embody principles of self-governance.

TAX ASPECTS OF TRANSFER PRICE REGULATION: PERSPECTIVE OF IMPLEMENTATION IN THE REPUBLIC OF MOLDOVA

Directory of Open Access Journals (Sweden)

Veronica Vragaleva

2012-03-01

Full Text Available Within the past years, transfer pricing has become a significant issue to the tax authorities as well as broader business audience. In this context, studying the opportunity of implementation of such a mechanism in The Republic of Moldova it is a very important theme to discuss. Furthermore, based on the international experience (Croatia, The Czech Republic and Romania, in this paper is analyzed the most lacks which should be taken into consideration.

Using Cartoons to Transfer Knowledge Concerning the Principles of Work Disability Prevention Among Stakeholders.

Science.gov (United States)

Labrecque, Marie-Elise; Coutu, Marie-France; Durand, Marie-José; Fassier, Jean-Baptiste; Loisel, Patrick

2016-06-01

Purpose This study assesses how well two cartoons transfer knowledge of principles of work disability prevention among stakeholders, according to their level of experience. We also document stakeholders' perceptions of the usefulness of the cartoons. Method We performed a descriptive study. Two groups of stakeholders were recruited: (1) experienced (working for more than 2 years in work disability), (2) non-experienced (in training). A self-administered questionnaire with open-ended questions documented stakeholders' understanding of each cartoon box and their perception of the possible usefulness of the cartoons. We transformed qualitative responses into quantitative responses for descriptive purposes. We performed independent t tests to compare the groups' level of understanding, and content analysis for the perception of usefulness. Results Overall, 149 stakeholders (50 experienced and 99 non-experienced) participated and identified 79.4 and 61.4 % of all principles presented in each of the two cartoons respectively. Experienced stakeholders identified more principles compared to non-experienced stakeholders (p = 0.007). Both cartoons were perceived to be useful for knowledge transfer. Conclusions Principles were generally well identified in the cartoons by all participants. Cartoons can be used as an effective tool among stakeholders to achieve a common understanding in order to coordinate their actions.

Wealth Transfers from Implementing Real-Time Retail Electricity Pricing

OpenAIRE

Borenstein, Severin

2005-01-01

Adoption of real-time electricity pricing %u2014 retail prices that vary hourly to reflect changing wholesale prices %u2014 removes existing cross-subsidies to those customers that consume disproportionately more when wholesale prices are highest. If their losses are substantial, these customers are likely to oppose RTP initiatives unless there is a supplemental program to offset their loss. Using data on a random sample of 636 industrial and commercial customers in southern California, I sho...

Transmission pricing: paradigms and methodologies

Energy Technology Data Exchange (ETDEWEB)

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

1994-12-31

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

Pricing of electricity in a time of change - some key issues

International Nuclear Information System (INIS)

Mostert, W.

1995-01-01

The paper covers four topics: (I) what does full cost coverage mean in the Eastern European power sector, (II) LRMC (Long Run Marginal Cost) pricing in regulated utilities versus free market prices; (III) limits to the internalization of external costs in fuel pricing, (IV) pricing of IPPs (Independent Power Producer). The paper argues that the tariff which allows full cost coverage in the Eastern European power sector should be defined as the minimum tariff which allows 30% self-financing of investments and a rate of return of at least 5% on invested assets. The appropriate level of self-financing relates to the appropriate capital structure of the company; the rate of return to the ability to attract finance in the long run. During the last twenty years there has been general consensus among power economists that the application of the LRMC pricing principle for the setting of tariffs was the best principle to ensure efficiency on both the demand as well as the supply side. In free markets involving TPA (Third Party Access) and spot markets, that principle can no longer be applied. In times of scarcity, prices will be above LMRC; in times of surplus capacity below LRMC. Economists have argued for years that external costs and benefits have to be ''internalized'' in tariffs and prices in order to provide consumers and investors with the right pricing principles

Analysis of Cryptocurrencies Price Development

Directory of Open Access Journals (Sweden)

Jan Lansky

2016-12-01

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

Oil price stability and free markets

International Nuclear Information System (INIS)

Yamani, A.Z.

1992-01-01

The oil industry, like any capital-intensive industry with long supply lead times, is prone to price instability. Free markets in oil reflect this inherent instability, for prices are efficient signallers of imbalances between supply and demand. Free markets are desirable in principle, but entirely free oil markets are unstable. Volatile oil prices are undesirable. This article advocates trading some market freedom for more price stability, since such a trade off will be beneficial to the world as a whole. (author)

A Multiperiod Equilibrium Pricing Model

Directory of Open Access Journals (Sweden)

Minsuk Kwak

2014-01-01

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

Policy on energy pricing

Energy Technology Data Exchange (ETDEWEB)

Webb, M. G.

1977-10-15

Some economic principles of energy pricing in a market type economy in which there is consumer sovereignty are discussed. Thus resources will be allocated via the production processes in line with the preferences of consumers as revealed by their purchases of goods and services. Prices play the crucial role of coordinating instruments in this allocative process. It is assumed that all the energy industries are in the public sector. The following topics are discussed: the specification of objectives for the energy sector; marginal cost pricing; problems associated with the measurement of marginal costs; some aspects of the environmental costs associated with energy production and use, and some issues related to time differentiated tariffs; the modification of prices to achieve financial targets; and the use of energy prices to achieve income distribution objectives.

The Ground Rules for Effective OBAs: Principles for Addressing Carbon-Pricing Competitiveness Concerns through the Use of Output-Based Allocations

Directory of Open Access Journals (Sweden)

Sarah Dobson

2017-06-01

Full Text Available The federal government’s decision to impose a minimum national price on carbon emissions has the potential to make certain businesses in the country less competitive. Specifically, there are emissions-intensive and trade-exposed industries across Canada that compete against producers from other jurisdictions where governments do not put a price on carbon. For these industries, the obligation to pay a carbon price creates a competitive disadvantage. Specifically, these businesses will face higher costs and may encounter a loss of market share to international competitors from jurisdictions that lack the same emission-control measures. That not only hurts Canadian businesses, it could also negate any emissions reductions that carbon pricing in Canada achieves on a global scale. The federal government has opted to protect such emissions-intensive, tradeexposed businesses using subsidies called output-based allocations (OBAs. This is the same system that Alberta is introducing through its forthcoming Carbon Competiveness Regulation. It also shares certain similarities with cap-and-trade programs, such as those in Ontario and Quebec, which provide free allocations of emissions permits to certain firms. OBAs are a desirable complementary policy to a carbon price as they maintain the incentive for producers to invest in production methods and facilities that are less emissions intensive. So while producers are still, nevertheless, subsidized to offset the tax burden of the carbon price, they will, under an OBA system, see greater benefits the more they work to reduce their emissions intensity. Still, to function most effectively and most efficiently, an OBA policy should follow certain key principles. The most critical principle in the design of an OBA policy is ensuring that OBAs are allocated to facilities independent of their individual emission levels, and allocated equally (on a per unit basis to facilities producing the same product. One of the

Orphan Drug Pricing: An Original Exponential Model Relating Price to the Number of Patients

Directory of Open Access Journals (Sweden)

Andrea Messori

2016-10-01

Full Text Available In managing drug prices at the national level, orphan drugs represent a special case because the price of these agents is higher than that determined according to value-based principles. A common practice is to set the orphan drug price in an inverse relationship with the number of patients, so that the price increases as the number of patients decreases. Determination of prices in this context generally has a purely empirical nature, but a theoretical basis would be needed. The present paper describes an original exponential model that manages the relationship between price and number of patients for orphan drugs. Three real examples are analysed in detail (eculizumab, bosentan, and a data set of 17 orphan drugs published in 2010. These analyses have been aimed at identifying some objective criteria to rationally inform this relationship between prices and patients and at converting these criteria into explicit quantitative rules.

Spot Pricing When Lagrange Multipliers Are Not Unique

DEFF Research Database (Denmark)

Feng, Donghan; Xu, Zhao; Zhong, Jin

2012-01-01

Classical spot pricing theory is based on multipliers of the primal problem of an optimal market dispatch, i.e., the solution of the dual problem. However, the dual problem of market dispatch may yield multiple solutions. In these circumstances, spot pricing or any standard pricing practice based...... on a strict extension of the principles of spot pricing and surplus allocation, we propose a new pricing methodology that can yield unique, impartial, and robust solution. The new method has been analyzed and compared with other pricing approaches in accordance with spot pricing theory. Case studies support...

Non-Life Insurance Pricing: Multi Agents Model

OpenAIRE

Amir H. Darooneh

2004-01-01

We use the maximum entropy principle for pricing the non-life insurance and recover the B\\"{u}hlmann results for the economic premium principle. The concept of economic equilibrium is revised in this respect.

Applying Toyota Production System principles to a psychiatric hospital: making transfers safer and more timely.

Science.gov (United States)

Young, John Q; Wachter, Robert M

2009-09-01

Health care organizations have increasingly embraced industrial methods, such as the Toyota Production System (TPS), to improve quality, safety, timeliness, and efficiency. However, the use of such methods in psychiatric hospitals has been limited. A psychiatric hospital applied TPS principles to patient transfers to the outpatient medication management clinics (MMCs) from all other inpatient and outpatient services within the hospital's system. Sources of error and delay were identified, and a new process was designed to improve timely access (measured by elapsed time from request for transfer to scheduling of an appointment and to the actual visit) and patient safety by decreasing communication errors (measured by number of failed transfers). Complexity was substantially reduced, with one streamlined pathway replacing five distinct and more complicated pathways. To assess sustainability, the postintervention period was divided into Period 1 (first 12 months) and Period 2 (next 24 months). Time required to process the transfer and schedule the first appointment was reduced by 74.1% in Period 1 (p < .001) and by an additional 52.7% in Period 2 (p < .0001) for an overall reduction of 87% (p < .0001). Similarly, time to the actual appointment was reduced 31.2% in Period 1 (p < .0001), but was stable in Period 2 (p = .48). The number of transfers per month successfully processed and scheduled increased 95% in the postintervention period compared with the pre-implementation period (p = .015). Finally, data for failed transfers were only available for the postintervention period, and the rate decreased 89% in Period 2 compared with Period 1 (p = .017). The application of TPS principles enhanced access and safety through marked and sustained improvements in the transfer process's timeliness and reliability. Almost all transfer processes have now been standardized.

Hedonic price theory: Concept and applications

International Nuclear Information System (INIS)

Metz, W.C.; Lowry, J.; Morey, M.

1990-01-01

Direct and indirect techniques are being used to estimate economic consequences of proximity to existing or proposed public facilities. The hedonic price theory, an indirect technique, is the most logically suited, especially for capturing the shadow or implicit price of a characteristic such as proximity in the real estate market. While the theory is increasingly being used, there is also a growing tendency to draw inferences from the study of one or more hazards and situations and transfer the conclusions to a very different hazard and situation. The use of the hedonic price theory and the issue of transferability to radioactive waste facilities are addressed in this paper. 12 refs

Impactos tributários dos métodos de cálculo de preços de transferência em operações de importação Calculation methods for transfer pricing on import operations and its impacts on tax

Directory of Open Access Journals (Sweden)

Mônica Gisele Brancher Pedó

2011-04-01

Full Text Available Na medida em que a economia global se expande e os mercados se tornam mais abertos para os investimentos, as empresas dividem atividades entre as suas unidades estabelecidas em diferentes países. A determinação dos preços praticados em operações de transferência entre companhias associadas situadas em diferentes jurisdições fiscais é chamada de Preços de Transferência. Para fins tributários, os preços de transferência determinam o valor de receita que cada empresa recebe e o referente valor de tributos incidentes sobre receitas e/ou resultados no país exportador e no país importador, sendo um assunto relevante para as administrações tributárias dos países onde essas operações ocorrem e para as empresas com unidades em mais de um país. O presente estudo apresenta uma análise relacionada aos Preços de Transferência praticados por uma empresa brasileira que importa matéria-prima de suas empresas vinculadas estabelecidas em outras jurisdições tributárias. É apresentado um estudo de caso descritivo que ilustra essa situação e as regras brasileiras de Preço de Transferência. Ao final, conclui-se que o contribuinte deve aplicar mais de uma metodologia de cálculo dentre as disponibilizadas pela legislação brasileira, a fim de identificar a que resulte em menor ajuste tributário. Conclui-se, adicionalmente, que a temática dos preços de transferência depende de muitas variáveis individuais, as quais devem ser estudadas e analisadas caso a caso, de acordo com as particularidades envolvidas em cada situação.As the global economy continues to expand and markets become more open to investment, enterprises share activities among their units established in different countries. The prices determination for the transfer of goods between affiliated companies situated in different tax jurisdictions is called Transfer Pricing. For tax purposes, transfer pricing determines the amount of income that each party earns and

Electricity pricing

International Nuclear Information System (INIS)

Wijayatunga, P.D.C.

1994-01-01

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

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

Price dynamics in European petroleum markets

International Nuclear Information System (INIS)

Wlazlowski, Szymon; Giulietti, Monica; Binner, Jane; Milas, Costas

2009-01-01

This paper analyses horizontal and vertical price dynamics in the EU petroleum markets. The results indicate that the cross-country price differentials have significant impact on the local price adjustments. We investigate the cross-national price spill-overs and find that the extent of the welfare transfer due to asymmetric price transmission, when analysed in a cross-country setting, is less pronounced than claimed in previous contributions in this area. We also find empirical evidence, although indirect, for the politically charged concept of 'fuel tourism', using a pan-European cross-product time series dataset. (author)

Life cycle costing of waste management systems: Overview, calculation principles and case studies

DEFF Research Database (Denmark)

Martinez Sanchez, Veronica; Kromann, Mikkel A.; Astrup, Thomas Fruergaard

2015-01-01

This paper provides a detailed and comprehensive cost model for the economic assessment of solid waste management systems. The model was based on the principles of Life Cycle Costing (LCC) and followed a bottom-up calculation approach providing detailed cost items for all key technologies within...... regarding the cost assessment of waste management, namely system boundary equivalency, accounting for temporally distributed emissions and impacts, inclusions of transfers, the internalisation of environmental impacts and the coverage of shadow prices, and there was also significant confusion regarding...

Examining the Effect of World Price Transfer to Domestic Markets for Sensitive and Certain Agricultural Products in Iran

Directory of Open Access Journals (Sweden)

M. shabanzadeh

2016-03-01

Full Text Available Introduction: Agriculture as one of old sectors of economy has been important role in the supply food for peoples and raw materials. Globalization causes rapid growth of world trade and reduces information and communications costs. Globalization and rapid growth of trade increases the potential benefits of trade for agriculture from various aspects. The potential benefits of trade for agriculture increases from three aspects. Direct increase in the domain of agricultural sector activities for competition in the global market results in the benefits of access to global markets. This is especially true in cases where there is comparative advantage and the indirect effects of increased global trade on non-agricultural sectors that cause the domestic demand for food change from qualitative and quantitative aspects, are the benefits of this event. However, during the process of globalization, how to influence prices in different markets, including the impact of world prices on domestic prices is an important issue in trade policy analysis. During this process domestic prices are directly related to world prices. With this approach, the main objective of this study is to examine the effect of world price transfers to domestic markets for sensitive and certain agricultural products in Iran during 1360-91. Materials and Methods: To achieve this goal in this study, the Armington and the foreign currency elasticity of ten selected agricultural products in Iran including wheat, barley, rice, corn, soybean meal, vegetable oil (soybean and sunflower, sugar, eggs, poultry and beef, have been estimated and examined using Autoregressive Distribution lag Model (ARDL. In order to investigate speed of adjustment or in other words the speed of movement towards equilibrium, typically the error correction model (ECM is used. Existence of cointegration or in other words, long term relationship between a set of economic variables provide the basis for the use of error

Intangible asset valuation, damages, and transfer price analyses in the health care industry.

Science.gov (United States)

Reilly, Robert F

2010-01-01

Most health care industry participants own and operate intangible assets. These intangible assets can be industry-specific (e.g., patient charts and records, certificates of need, professional and other licenses), or they can be general commercial intangible assets (e.g., trademarks, systems and procedures, an assembled workforce). Many industry participants have valued their intangible assets for financial accounting or other purposes. This article summarizes the intangible assets that are common to health care industry participants. This article describes the different types of intangible asset analyses (including valuation, transfer price, damages estimates, etc.), and explains the many different transaction, accounting, taxation, regulatory, litigation, and other reasons why industry participants may wish to value (or otherwise analyze) health care intangible assets.

When Are Transport Pricing Policies Fair and Acceptable?

NARCIS (Netherlands)

Schuitema, Geertje; Steg, Linda; van Kruining, Monique

This study examines the relative importance of six policy outcomes related to different fairness principles for the perceived fairness and acceptability of pricing policies aimed at changing transport behaviour. The fairness and acceptability of six different types of transport pricing policies were

Composition of traders in live cattle futures contracts : behavior and implications to price discovery

OpenAIRE

Rowsell, John

1991-01-01

The concepts of risk transfer and price discovery are well developed roles for futures markets. The interaction between traders in futures markets in the transferring and acceptance of price risk contributes to the discovery of price. Interaction of traders in the risk transfer and price discovery processes is examined in this dissertation. Data employed were for live cattle futures at the Chicago Mercantile Exchange developed from the confidential daily records of reporting trader positions ...

PRICES - PREREQUISITE OF MARKET DEVELOPMENT

Directory of Open Access Journals (Sweden)

VĂDUVA MARIA

2017-08-01

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

Liquidity Traps and the Price (In)Determinacy of Monetary Rules

OpenAIRE

Eagle, David M

2012-01-01

This paper proposes a new methodology for assessing price indeterminacy to supplant the discredited nonexplosive criterion. Using this methodology, we find that nominal GDP targeting and price-level targeting do determine prices when the central bank follows a sufficiently strong feedback rule for setting the nominal interest rate. However, inflation targeting leads to price indeterminacy, a result consistent with the principles of calculus. This price indeterminacy of inflation targeting ...

A principle for the noninvasive measurement of steady-state heat transfer parameters in living tissues

Directory of Open Access Journals (Sweden)

S. Yu. Makarov

2014-01-01

Full Text Available Measuring the parameters of biological tissues (include in vivo is of great importance for medical diagnostics. For example, the value of the blood perfusion parameter is associated with the state of the blood microcirculation system and its functioning affects the state of the tissues of almost all organs. This work describes a previously proposed principle [1] in generalized terms. The principle is intended for noninvasive measuring the parameters of stationary heat transfer in biological tissues. The results of some experiments (natural and numeric are also presented in the research.For noninvasive measurement of thermophysical parameters a number of techniques have been developed using non-stationary thermal process in biological tissue [2][3]. But these techniques require the collecting a lot of data to represent the time-dependent thermal signal. In addition, subsequent processing with specialized algorithms is required for optimal selecting the parameters. The goal of this research is to develop an alternative approach using stationary thermal process for non-invasive measuring the parameters of stationary heat transfer in living tissues.A general principle can be formulated for the measurement methods based on this approach. Namely, the variations (changes of two physical values are measured in the experiment at the transition from one thermal stationary state to another. One of these two physical values unambiguously determines the stationary thermal field into the biological tissue under specified experimental conditions while the other one is unambiguously determined through the thermal field. Then, the parameters can be found from the numerical (or analytical functional dependencies linking the measured variations because the dependencies contain unknown parameters.The dependencies are expressed in terms of the formula:dqi = fi({pj},Ui dUi,Here dqi is a variation of a physical value q which is unambiguously determined from the

Analysis of Cryptocurrencies Price Development

OpenAIRE

Jan Lansky

2016-01-01

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

Application of EoEP principle with variable heat transfer coefficient in minimizing entropy production in heat exchangers

International Nuclear Information System (INIS)

Balkan, F.

2005-01-01

A more realistic application of the entropy minimization principle EoEP is presented. This principle dictates uniform local entropy generations along the heat exchanger in order to minimize the total entropy generation rate due only to heat transfer. For a certain heat duty and area of an existing exchanger, this is done by changing the temperatures of one fluid while the temperatures of the other fluid are held constant. Since the heat duty is fixed, the change in the temperatures of the fluid after the change, however, may sometimes cause a drastic change in its flow rate. This may cause considerable changes in the overall heat transfer coefficient (U) and, consequently, in the entropy generation rate. Depending on the choice of the fluid for changing, the new entropy generation rates may be higher or lower than those based on constant U as is the case in papers recently published. So, the classical application of the EoEP principle needs to be modified to achieve more realistic entropy generation rates. In this study, the principle of EoEP with variable U is applied to some cases of heat exchange, and a simple method is presented as a criterion for the proper choice of the fluid to be changed

Reexamining the Impact of Employee Relocation Assistance on Housing Prices

OpenAIRE

Marcus T. Allen; Ronald C. Rutherford; Thomas M. Springer

1997-01-01

In this paper, we reexamine the issue of whether corporate relocation assistance programs for transferred employees significantly affect sale prices of single-family homes. We estimate a hedonic price equation that includes physical housing characteristics, location factors, occupancy status, and type of seller for a sample of 2,441 transactions. Seller types include (a) transferred employees who were given direct relocation assistance, (b) transferred employees who were not given direct relo...

The replacement principle in networked economies with single-peaked preferences

DEFF Research Database (Denmark)

Szwagrzak, Karol

2016-01-01

disequilibrium prices, etc. In these contexts suppliers and demanders naturally have single-peaked preferences. We evaluate transfer rules on the basis of the “replacement principle” (Thomson, J Econ Theory 76(1):145–168 1997; Moulin, Q J Econ 102:769–783 1987), the requirement that a change in an agent......’s preferences affects all other agents in the same direction in terms of welfare. We find that the only Pareto-efficient, participation-compatible, replication-invariant, and envy-free rule satisfying an appropriate formulation of the replacement principle is the “egalitarian rule” introduced by Bochet et al....... (Theor Econ 7:395–423 2012)....

Physical Premium Principle: A New Way for Insurance Pricing

Science.gov (United States)

Darooneh, Amir H.

2005-03-01

In our previous work we suggested a way for computing the non-life insurance premium. The probable surplus of the insurer company assumed to be distributed according to the canonical ensemble theory. The Esscher premium principle appeared as its special case. The difference between our method and traditional principles for premium calculation was shown by simulation. Here we construct a theoretical foundation for the main assumption in our method, in this respect we present a new (physical) definition for the economic equilibrium. This approach let us to apply the maximum entropy principle in the economic systems. We also extend our method to deal with the problem of premium calculation for correlated risk categories. Like the Buhlman economic premium principle our method considers the effect of the market on the premium but in a different way.

Electricity prices in France: past trends and perspectives

International Nuclear Information System (INIS)

2014-03-01

At a time when the European Commission has published a complete report about energy prices in Europe, presenting their evolution during the past years, this article aims to recall the basic principles structuring the electricity bill in France, and to put the French electricity prices in their European context

Physical Premium Principle: A New Way for Insurance Pricing

Directory of Open Access Journals (Sweden)

Amir H. Darooneh

2005-02-01

Full Text Available Abstract: In our previous work we suggested a way for computing the non-life insurance premium. The probable surplus of the insurer company assumed to be distributed according to the canonical ensemble theory. The Esscher premium principle appeared as its special case. The difference between our method and traditional principles for premium calculation was shown by simulation. Here we construct a theoretical foundation for the main assumption in our method, in this respect we present a new (physical definition for the economic equilibrium. This approach let us to apply the maximum entropy principle in the economic systems. We also extend our method to deal with the problem of premium calculation for correlated risk categories. Like the Buhlman economic premium principle our method considers the effect of the market on the premium but in a different way.

DEVELOPMENT MANAGEMENT TRANSFER PRICING BY APPLICATION OF THE INTERVAL ESTIMATES

Directory of Open Access Journals (Sweden)

Elena B. Shuvalova

2013-01-01

Full Text Available The article discusses the application of the method of interval estimation of conformity of the transaction price the market price. A comparative analysis of interval and point estimate. Identified the positive and negative effects of using interval estimation.

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

International Nuclear Information System (INIS)

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

2017-01-01

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

Making benefit transfers work

DEFF Research Database (Denmark)

Bateman, I.J.; Brouwer, R.; Ferrini, S.

We develop and test guidance principles for benefits transfers. These argue that when transferring across relatively similar sites, simple mean value transfers are to be preferred but that when sites are relatively dissimilar then value function transfers will yield lower errors. The paper also...... provides guidance on the appropriate specification of transferable value functions arguing that these should be developed from theoretical rather than ad-hoc statistical principles. These principles are tested via a common format valuation study of water quality improvements across five countries. Results...... support our various hypotheses providing a set of principles for future transfer studies. The application also considers new ways of incorporating distance decay, substitution and framing effects within transfers and presents a novel water quality ladder....

Optimal transfer, ordering and payment policies for joint supplier-buyer inventory model with price-sensitive trapezoidal demand and net credit

Science.gov (United States)

Shah, Nita H.; Shah, Digeshkumar B.; Patel, Dushyantkumar G.

2015-07-01

This study aims at formulating an integrated supplier-buyer inventory model when market demand is variable price-sensitive trapezoidal and the supplier offers a choice between discount in unit price and permissible delay period for settling the accounts due against the purchases made. This type of trade credit is termed as 'net credit'. In this policy, if the buyer pays within offered time M1, then the buyer is entitled for a cash discount; otherwise the full account must be settled by the time M2; where M2 > M1 ⩾ 0. The goal is to determine the optimal selling price, procurement quantity, number of transfers from the supplier to the buyer and payment time to maximise the joint profit per unit time. An algorithm is worked out to obtain the optimal solution. A numerical example is given to validate the proposed model. The managerial insights based on sensitivity analysis are deduced.

Influence of the pro-ecological tax on the market prices of fuels and electricity

International Nuclear Information System (INIS)

Szargut, Jan; Stanek, Wojciech

2008-01-01

The proposed pro-ecological tax should be proportional to the cumulative consumption of non-renewable natural exergy burdening the considered product. It should replace the existing value-added tax (VAT). The income of the state after introducing the new tax, should remain without any change. That principle determines the coefficient of proportionality between the cumulative consumption of non-renewable exergy and the value of the tax. The total value of the tax should be paid to the state after extracting the minerals and fuels from nature and importing the fuels and semi-finished products, then transferred to the subsequent products in a form of their elevated price. Hence, the tax is eventually paid by the consumers in the form of an elevated price of goods and services. The total income of the society should remain without any changes. The largest price increase will appear in the case of fuels and electricity. The prices of electricity produced from renewable resources are calculated too, taking into account the accompanying unavoidable consumption of non-renewable exergy for the construction of the power plant. The new VAT should enhance the economy of the most energy-consuming products, stimulate the mitigation of the total consumption level of the society and increase the application of the renewable energy resources. (author)

Legal-Economic Barriers To Price Transfers in Food Supply Chains

NARCIS (Netherlands)

Bremmers, H.J.; Meulen, van der B.M.J.; Sredojevic, Z.; Wijnands, J.H.M.

2012-01-01

Recent price movements have put food supply chains under pressure. On the one side, upward price tendencies on commodity markets result in higher costs to processing firms. On the other side, these firms are confronted with a strong retail sector that is able to prevent compensation to protect

Natural gas tariffing principles for non-eligible consumers

International Nuclear Information System (INIS)

2005-01-01

This document explains the main principles and control means of natural gas tariffing in France for non-eligible consumers: marginal cost tariffing and equal terms between consumers, prices control regime and public utility contract between the Government and Gaz de France company for the smoothing of the strong volatility of petroleum products price, successive increase of prices due to import tariffs. The evolution of prices between 1998 and today are summarized in tables and graphs. (J.S.)

Electricity pricing policy and rational energy use and conservation

International Nuclear Information System (INIS)

Faure-Mallen, A.

1995-01-01

With a threefold combination of rate system /R and D industrial policy/ communication and information for customers, the French electrical system appears as a major actor in Demand Side Management. Especially, the electricity tariffs are a cost reflective rate system which had been implemented and adapted over several decades with an efficient impact on national electricity load curve. As a part of IRP (integrated resources planning), within the global regulation of the energy supply and demand system, tariffs based on marginal costs have a double function: 1) tariffs reflect costs of different kind of supplies; 2) tariffs are an economic signal for customers. These pricing principles alone provide incentive for energy savings through peak-day-demand-reduction of transfer to less costly off-peak period, when they are economically sound

Transparency in natural gas prices in Western Europe

International Nuclear Information System (INIS)

Vrieling, E.B.; Munksgaard, J.; Hopper, R.J.

1989-11-01

The present situation on price transparency in Western Europe and North america within the context of the European internal gas market is analyzed. In chapter one the ideas and policy proposals put forward by the European Commission are discussed. Special attention is paid to the situation of the large industrial consumers. It is argued that price transparency needs to be extended to more upstream price aspects. This includes information on city-gates prices, transmission and handling charges in addition to wellhead and import prices. In Western Europe (chapter two) two pricing principles can be distinguished at the final consumer level: pricing according to costs and prices according to market value. The first principle is applied in France, Belgium, the United Kingdom and Austria, as some cost elements are included in the tariff calculations in Italy. Countries where a market-evaluation methodology is applied are Denmark, the Netherlands, Germany, Spain and Switzerland. In North America (chapter three) price transparency is extensive and part of the necessary conditions of an open access contract carriage market. In order to integrate the aspect of price transparency in the broader framework of the internal gas market a model of an integrated natural gas market is described in chapter four. The model specifies the preconditions of a truly integrated gas market, i.e. accessible market entry at all levels of the gas sector and for all market players, equal market opportunity and a regulatory oversight system. A brief comparison between the model and the actual market situation in Western Europe showed that hardly any of these preconditions are met. The comparison points out which actions need to be taken to implement an internal gas market in Western Europe. 9 appendices

Simulation of the steady-state energy transfer in rigid bodies, with convective-radiative boundary conditions, employing a minimum principle

International Nuclear Information System (INIS)

Gama, R.M.S. da.

1992-08-01

The energy transfer phenomenon in a rigid and opaque body that exchanges energy, with the environment, by convection and by diffuse thermal radiation is studied. The considered phenomenon is described by a partial differential equation, subjected to (nonlinear) boundary conditions. A minimum principle, suitable for a large class of energy transfer problems is presented. Some particular cases are simulated. (author)

Wealth Transfers Among Large Customers from Implementing Real-Time Retail Electricity Pricing

OpenAIRE

Borenstein, Severin

2007-01-01

Adoption of real-time electricity pricing — retail prices that vary hourly to reflect changing wholesale prices — removes existing cross-subsidies to those customers that consume disproportionately more when wholesale prices are highest. If their losses are substantial, these customers are likely to oppose RTP initiatives unless there is a supplemental program to offset their loss. Using data on a sample of 1142 large industrial and commercial customers in northern California, I show that RTP...

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

Science.gov (United States)

Puig-Junoy, Jaume

2010-01-01

, the entry of new generic competitors is useful for lowering the real transaction price of purchases made by pharmacies (dynamic price competition at ex-factory level), although this effect is weaker or non-significant for official ex-factory prices and consumer prices in some countries. When maximum reimbursement systems such as reference pricing or similar types are applied, pharmacies are seen to receive large discounts on the price they pay for the pharmaceuticals, although these discounts are not transferred to the consumer price. The percentage discount offered to pharmacies in a country that uses a price-cap system combined with reference pricing is positively and significantly related to the number of generic competitors in the market for the pharmaceutical (dynamic price competition at ex-factory level).

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

International Nuclear Information System (INIS)

Mazighi, A.E.H.

2005-01-01

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

Prices and tariffs in a liberalized electricity market

International Nuclear Information System (INIS)

Rijkers, F.; Wals, A.; Battjes, C.; Scheepers, M.

2000-01-01

First, it is described how prices and tariffs were determined before the introduction of the liberalization. Next, a brief overview is given of the transfer to the liberalized market and how the situation is on this market at present. Special attention is paid to the pricing of electricity in a free market, which is determined by competition between electricity producers in the Netherlands and abroad. Finally, a comparison is made between the expected prices and tariffs in a liberalized market and the prices before the liberalization

Principles Involving Marketing Policies: An Empirical Assessment

OpenAIRE

JS Armstrong; Randall L. Schultz

2005-01-01

We examined nine marketing textbooks, published since 1927, to see if they contained useful marketing principles. Four doctoral students found 566 normative statements about pricing, product, place, or promotion in these texts. None of these stateinents were supported by empirical evidence. Four raters agreed on only twenty of these 566 statements as providing meaningful principles. Twenty marketing professors rated whether the twenty meaningful principles were correct, supported by empirical...

Pricing Policies in Academic Libraries.

Science.gov (United States)

King, Donald W.

1979-01-01

Economic considerations of user charges are presented along with economic principles and implications of charging for specific library materials and services. Alternative pricing policies and their implications are described, and, to illustrate the complexity and subtle effects of charging, a numerical example for interlibrary loans is also given.…

Transmission of prices and price volatility in Australian electricity spot markets: a multivariate GARCH analysis

International Nuclear Information System (INIS)

Worthington, A.; Kay-Spratley, A.; Higgs, H.

2005-01-01

This paper examines the transmission of spot electricity prices and price volatility among the five regional electricity markets in the Australian National Electricity Market: namely, New South Wales, Queensland, South Australia, the Snowy Mountains Hydroelectric Scheme and Victoria. A multivariate generalised autoregressive conditional heteroskedasticity model is used to identify the source and magnitude of price and price volatility spillovers. The results indicate the presence of positive own mean spillovers in only a small number of markets and no mean spillovers between any of the markets. This appears to be directly related to the physical transfer limitations of the present system of regional interconnection. Nevertheless, the large number of significant own-volatility and cross-volatility spillovers in all five markets indicates the presence of strong autoregressive conditional heteroskedasticity and generalised autoregressive conditional heteroskedasticity effects. This indicates that shocks in some markets will affect price volatility in others. Finally, and contrary to evidence from studies in North American electricity markets, the results also indicate that Australian electricity spot prices are stationary. (author)

Grain price spikes and beggar-thy-neighbor policy responses

DEFF Research Database (Denmark)

Jensen, Hans Grinsted; Anderson, Kym

2017-01-01

When prices spike in international grain markets, national governments often reduce the extent to which that spike affects their domestic food markets. Those actions exacerbate the price spike and international welfare transfer associated with that terms of trade change. Several recent analyses...

Repeat Assessed Values Model for Housing Price Index

Directory of Open Access Journals (Sweden)

Carini Manuela

2017-12-01

Full Text Available This study proposes an innovative methodology, named Repeat Appraised Price Model (RAV, useful for determining the price index numbers for real estate markets and the corresponding index numbers of hedonic prices of main real estate characteristics in the case of a lack of data. The methodological approach proposed in this paper aims to appraise the time series of price index numbers. It integrates the principles of the method of repeat sales with the peculiarities of the Hedonic Price Method, overcoming the problem of an almost total absence of repeat sales for the same property in a given time range; on the other hand, the technique aims to overcome the limitation of the repeat sales technique concerning the inability to take into account the characteristics of individual properties.

Global Quality Management in Adjusting Prices

OpenAIRE

Bunta Levente Zoltán

2013-01-01

The following paper describes the basic principles of global quality management (T and the way that these influence pricing in a domain where due to the nature of the provided service, the provider who administers the network has a monopoly over the field.

European Option Pricing with Transaction Costs in Lévy Jump Environment

Directory of Open Access Journals (Sweden)

Jiayin Li

2014-01-01

Full Text Available The European option pricing problem with transaction costs is investigated for a risky asset price model with Lévy jump. By the aid of arbitrage pricing theory and the generalized Itô formula (which includes Poisson jump, the explicit solution to the risk asset price model is given. According to arbitrage-free principle, we first discretize the continuous-time model. Then, in each small time interval, the transaction costs are introduced. By using the Δ-hedging strategy, the explicit solutions of the European options pricing formula with transaction costs are given for the risky asset price model with Lévy jump.

Pricing unit-linked insurance with guaranteed benefit

Science.gov (United States)

Iqbal, M.; Novkaniza, F.; Novita, M.

2017-07-01

Unit-linked insurance is an investment-linked insurance, that is, the given benefit is the premium investment out-come. Recently, the most widely marketed insurance in the industry is unit-linked insurance with guaranteed benefit. With guaranteed benefit applied, the insurance benefits form is similar to the payoff form of European call option. Thereby, pricing European call option is involved in pricing unit-linked insurance with guaranteed benefit. The dynamics of investment outcome is assumed to follow stochastic interest rate. Hence, change of measure methods is used in pricing unit-linked insurance. The discount factor with stochastic interest rate needs to be modified as well to be zero coupon bond price. Eventually, the insurance premium is calculated by equivalence principle with guaranteed benefit and insurance period explicitly given.

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

International Nuclear Information System (INIS)

Kynev, K.

1994-01-01

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

Price Setting Mechanisms in Complementary Currencies in Argentina's Redes de Trueque

NARCIS (Netherlands)

G.M. Gómez (Georgina)

2015-01-01

textabstractComplementary currency systems are based on principles of solidarity and contestation of the regular currency systems, so their prices may differ from those in the regular economy. This study aims to explore that assumption and discusses in what ways and for what reasons some prices are

Energy prices, equalization and Canadian federalism : comparing Canada's energy price shocks

International Nuclear Information System (INIS)

Courchene, T.J.

2006-01-01

Revenues from natural resources during periods of high energy prices can create problems with the way the Canadian federal government distributes wealth through equalization. This paper traced the history of equalization in comparison with energy prices from the years 1973 to 2003. It was noted that the National Energy Program, section 92A of the Constitution, and the 5-province standard were all federal responses to initial energy price increases. It was suggested that current increases in energy prices demand a different response. The author examined a method of using the national average standard to calculate equalization payments as a means of eliminating the inequities created by the current 5-province standard, which excludes both Alberta and the Atlantic provinces. It was argued that the exclusion of Alberta's energy resources creates a false impression that other provinces such as British Columbia and Saskatchewan are rich in resources. It was suggested that fiscal imbalance between provinces is a significant challenge to the current Canadian government. New approaches to cash transfers to the provinces were discussed. A 2-tier equalization scheme was proposed that separated natural resource revenues from other revenues. It was concluded that the government's previous response to high energy prices will not be appropriate for addressing the current price shock. A 2-tier equalization scheme will mean that resource-rich provinces have an opportunity to participate more fully in federal decision-making. 53 refs., 3 figs

41 CFR 102-85.25 - What is the basic principle governing OAs?

Science.gov (United States)

2010-07-01

... Property Management Regulations System (Continued) FEDERAL MANAGEMENT REGULATION REAL PROPERTY 85-PRICING POLICY FOR OCCUPANCY IN GSA SPACE Pricing Policy-General § 102-85.25 What is the basic principle...

A study of the improvement of the district heat price cap system

Energy Technology Data Exchange (ETDEWEB)

Yoo, S.J. [Korea Energy Economics Institute, Euiwang (Korea)

2001-11-01

This study proposes revision of the price cap mechanism applied to the district heating company, which was introduced in 1999. The revision aims at the provision of the incentives to lower the production cost to the heat producers and preventing the monopoly price from being charged to the consumer. It is proposed to extend the application period of the price cap to 3 or 5 years. 3 year application period is recommended because of lack of the experiences of the price cap mechanism and information of its performance in the public utility industries in Korea. The calculation of the price cap is better to be set based upon the minimum of the full cost of heat production in the last year of the previous application periods or the prices actually charged to the consumer during the previous application period. As the opportunity cost of the equity capital, the interest rate of the 5 year government bond or the actual interest cost of the debt financed capital is recommended to increase the share of the equity capital and to reflect the investment risk of the district heating industry. Production efficiency index applicable to the district heating company is estimated with 3 different methods. Among three different results, 3% is the first choice from a conservative perspective. It is also recommended to adjust production efficiency index as the data are accumulated and to be implemented with a profit sharing mechanism between the consumer and the monopoly supplier. In application of the price index, producer price index is applicable if the price cap is calculated from the full production cost. consumer price index is applicable if the price cap is set from the previous year's actual district heat prices (tariffs). Transfer of the ownership either by transferring stocks or by asset selling could affect the price cap determined by the full cost of the district heat production. In order to keep the consumer's welfare from being decreased, it is necessary to set

Statistical Studies of Non-price Competition in the Structure of Public Procurement in the Russian Federation

OpenAIRE

Svetlana Aleksandrovna Sergeeva; Alexander Alexandrovich Arionchik

2016-01-01

The principle of securing competition is one of the basic principles of the contract system in public procurement in the Russian Federation. The law on the contract system in procurement stipulates that the contract system in procurement is aimed at creating equal conditions to ensure competition between the parties to procurement. An important aspect is that the competition for procurement should be based on compliance with the principle of fair price and non-price competition. The purpose o...

The Pricing of natural gas

International Nuclear Information System (INIS)

Nese, Gjermund

2004-11-01

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

Determinants of the energy price system in the Federal Republic of Germany

Energy Technology Data Exchange (ETDEWEB)

Hennicke, P.

1983-01-01

The seven theses presented in this article are to illustrate some basic determinants of the West German energy price system systematically and - at present mainly - empirically. The theses are related to the following sub-aspects: - relation between the consumption structure of primary energy and the heat-price relations, - influence of energy imports on the domestic energy price level, - existence and dimensions of differential revenues, - reproaches of bulling made to the petroleum industry, - extent and development of the differentiation of energy prices, - influence of governmental interventions on the energy price level, - theoretical price fixing principles and actual tariff policy.

A STUDY ON THE REASONS WHY ADVANCE PRICE AGREEMENTS ARE NOT WIDELY USED IN TURKEY

OpenAIRE

ERTÜRK, Erkan; YALÇINER, Kürşat

2017-01-01

Multinationalcompanies (MNCs) have a permanent business relationship between branchesoperating in different countries, and the branches exchange goods, services andtechnology among themselves. The prices that a MNC determines for goods andservices produced by its subsidiaries in various countries are transfer prices.Transfer prices are determined to increase the profitability of the MNC as awhole. Member countries of the OECD have agreed that profit from transactionsbetween related parties sh...

Comparison of the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program on household food security and dietary diversity in the face of rising food prices: ways forward for a more nutrition-sensitive program.

Science.gov (United States)

Baye, Kaleab; Retta, Negussie; Abuye, Cherinet

2014-09-01

In light of the continuing rise in food prices during and after the 2008 world food crisis, whether food and cash transfers are equally effective in improving food security and diet quality is debatable. To compare the effects of conditional food and cash transfers of the Ethiopian Productive Safety Net Program (PSNP) on household food security and dietary diversity. Data on household dietary diversity, child anthropometry, food security, and preference of transfer modalities (food, cash, or mixed) were generated from a cross-sectional survey of 195 PSNP beneficiary households (67 receiving food and 128 receiving cash) in Hawella Tulla District, Sidama, southern Ethiopia. Most beneficiaries (96%) reported food shortages, and 47% reported food shortages that exceeded 3 months. Households receiving cash had better household dietary diversity scores (p = .02) and higher consumption of oils and fats (p = .003) and vitamin A-rich foods (p = .002). Compared with households receiving food, households receiving cash were more affected by increases in food prices that forced them to reduce their number of daily meals (p diversity than households receiving food, a result suggesting that cash transfers may be more effective. However, the continuing rise infood prices may offset these benefits unless cash transfers are index-linked to food price fluctuations.

The evolution of electricity prices in an uncertain world. Contracting and managing the price risk

International Nuclear Information System (INIS)

Vassilopoulos, Ph.; Rapin, D.

2004-01-01

With the liberalization of the electricity market, the large industrial consumers saw their electric bill changing nature. Before, this price reflected a long term negotiation with the monopoly, now it is established in a free way via wholesale markets. This evolution marks a transfer of the management of price risk from the producer towards the consumer. This change is not in itself a problem if the hedging instruments are adapted. We note a contamination of the price of the derivative products by the spot while at the same time the traditional relation between cash and term is not always valid for electricity because of its non storability. When well even the price of the derivative products would be formed in an autonomous way, it poses a second problem: that of their indexing on price references like Platt's whose result is assimilated more to a survey of large producers than a true confrontation of supply and demand. This article proposes to examine this change of nature and behaviour of electricity prices. After having explained the intrinsically volatile characteristic of spot prices, we will recall that the products in the long term are not always optimal solutions to decrease this price risk. Lastly, we will highlight a solution of skirting at the risks mentioned above: contracting between producers and consumers. (authors)

The Economics of Advance Pricing Agreements

OpenAIRE

Johannes Becker; Ronald B. Davies; Gitte Jakobs

2014-01-01

Advance pricing agreements (APAs) determine transfer prices for intra-firm transactions in advance. This paper interprets these contracts as a means to overcome a hold-up problem that occurs because governments cannot commit to non-excessive future tax rates. In addition, with private information, just as in practice, our APAs will be complex and require lengthy negotiations. Never- theless, implemented APAs lead to a Pareto improvement even when all agents are risk neutral. However, not all ...

Historical Cost Dan General Price Level Accounting: Analisis Relevansi Indikator Keuangan

OpenAIRE

-, Meythi; Teresa, Sheffie

2012-01-01

In conventional accounting, financial statements are based on the historical cost principle that assumes that prices (monetary unit) are stable. Conventional accounting recognizes neither changes in the general price level nor changes in the specific price level. Consequently, if there are any changes in purchasing power such as in inflation period, the historical financial statement are not economically relevant and also income is usually overstated, and the fixed assets are usually understa...

Basic Concepts and Principles of Marketing.

Science.gov (United States)

Beder, Hal

1986-01-01

Presents an overview of marketing concepts and principles. These include (1) organizational objectives, (2) exchange, (3) value, (4) market segmentation, (5) market position, (6) consumer analysis, (7) product, (8) promotion, (9) place, and (10) price. (CH)

Proceedings of the Fourth Forum: Energy Day of Croatia, Prices and Tariff Policy in Energy Supply

International Nuclear Information System (INIS)

1995-01-01

The principle topic of the four Forums ''Croatian Energy Day'' was ''prices and tariff policy in energy supply''. 23 papers were presented, which were subdivided into four groups: 16th World Energy Council Congress, planning and prices in energetics, oil and natural gas prices and tariffs, and electric energy prices and tariffs

Pricing and University Autonomy: Tuition Deregulation in Texas

Directory of Open Access Journals (Sweden)

Jeongeun Kim

2016-04-01

Full Text Available This paper investigates changes in tuition policies in the wake of tuition deregulation in Texas, which in 2003 transferred tuition-setting authority from the state legislature to institutions. We find that price increases accelerated, particularly at the most selective institutions. Institutions also began differentiating price by undergraduate program, raising relative prices for the most costly and lucrative majors, including engineering, business, nursing, and architecture. Price increases were particularly large for institutions with the highest initial costs and for programs with a high earnings premium within institutions, though lower for institutions with more low-income students. These distinctions suggest that public postsecondary institutions respond to microeconomic incentives when given greater autonomy to set price, and take some measures to alleviate impacts on low-income students. The Texas experience suggests that decentralized price-setting generates greater price differentiation within the public higher education system, both across and within institutions.

Pelningumo rodiklių naudojimas siekiant nustatyti sandorių tarp asocijuotų asmenų kainodarą

OpenAIRE

Poškaitė, Dalia Ona; Novikovas, Martynas

2006-01-01

Since 2004, all the transactions in Lithuania between associated parties have to be concluded at the market price, i.e. the transfer prices should be in line with the arm’s length principle. In practice, the arm’s length price usually is determined applying profit level indicators. This article aims to present the methodology for application of the profit level indicators in transfer pricing: the selection of transfer pricing method, calculation of profit level indicators and establishment of...

Excessive Pricing and the Prohibition of the Abuse of a Dominant Position

OpenAIRE

Pozdnakova, Alla

2010-01-01

This article contributes to the European debate on exploitative pricing abuses by dominant undertakings. Although it is questionable whether competition policy should interfere with such market behaviour, case law shows that Article 82 EC applies, in principle, to exploitative pricing abuses by dominant undertakings. The legal test for excessive pricing needs further clarification and simplification, although the test must remain sufficiently flexible for application on a case-by-case basis. ...

The effectiveness of signaling principle in virtual reality courseware towards achievement of transfer learning among students with different spatial ability

Science.gov (United States)

Yahaya, Wan Ahmad Jaafar Wan; Ahmad, Awaatif

2017-10-01

Past research revealed that students and society, in general, are relatively under-skilled in performing the practice of Islamic funeral management which is one of the "ibadah fardu kifayah" (a legal obligation that must be discharged by the Muslim community as a whole) in Islam. Participation among youth in managing funerals is relatively low, partly due to the ineffectiveness of the instructional approach. This paper aims to examine the effectiveness of the signaling principle in virtual reality courseware pertaining to the topic of Islamic Funeral Management in the Islamic Education subject to ensure the accomplishment of transfer learning among students with different spatial abilities. The study comprises of two phases namely the courseware development phase and treatment phase. The courseware development employs the Instructional Design Model by Alessi and Trollip. Besides that, the courseware is integrated with components of CLE, principles in Theory of CATLM and signaling principle in multimedia learning. The sample consisted of 130 Form Two students who were selected randomly from four Malaysian secondary schools. They were divided into two experimental groups with 63 students in group one and 67 students in group two. The experimental group one used VR courseware without the signaling principle (VRTI) while experimental group two used the VR courseware with the signaling principle (VRDI). The experiment lasted for three weeks. ANOVA was utilised to analyse the data from this research. The findings showed significant differences between students who used VRDI in the transfer of learning compared to students who used VRTI.

Energy prices, equalization and Canadian federalism : comparing Canada's energy price shocks

Energy Technology Data Exchange (ETDEWEB)

Courchene, T.J. [Queen' s Univ., Kingston, ON (Canada). School of Policy Studies; Institute for Research on Public Policy, Montreal, PQ (Canada)

2006-04-01

Revenues from natural resources during periods of high energy prices can create problems with the way the Canadian federal government distributes wealth through equalization. This paper traced the history of equalization in comparison with energy prices from the years 1973 to 2003. It was noted that the National Energy Program, section 92A of the Constitution, and the 5-province standard were all federal responses to initial energy price increases. It was suggested that current increases in energy prices demand a different response. The author examined a method of using the national average standard to calculate equalization payments as a means of eliminating the inequities created by the current 5-province standard, which excludes both Alberta and the Atlantic provinces. It was argued that the exclusion of Alberta's energy resources creates a false impression that other provinces such as British Columbia and Saskatchewan are rich in resources. It was suggested that fiscal imbalance between provinces is a significant challenge to the current Canadian government. New approaches to cash transfers to the provinces were discussed. A 2-tier equalization scheme was proposed that separated natural resource revenues from other revenues. It was concluded that the government's previous response to high energy prices will not be appropriate for addressing the current price shock. A 2-tier equalization scheme will mean that resource-rich provinces have an opportunity to participate more fully in federal decision-making. 53 refs., 3 figs.

Application of field synergy principle for optimization fluid flow and convective heat transfer in a tube bundle of a pre-heater

International Nuclear Information System (INIS)

Hamid, Mohammed O.A.; Zhang, Bo; Yang, Luopeng

2014-01-01

The big problems facing solar-assisted MED (multiple-effect distillation) desalination unit are the low efficiency and bulky heat exchangers, which worsen its systematic economic feasibility. In an attempt to develop heat transfer technologies with high energy efficiency, a mathematical study is established, and optimization analysis using FSP (field synergy principle) is proposed to support meaning of heat transfer enhancement of a pre-heater in a solar-assisted MED desalination unit. Numerical simulations are performed on fluid flow and heat transfer characteristics in a circular and elliptical tube bundle. The numerical results are analyzed using the concept of synergy angle and synergy number as an indication of synergy between velocity vector and temperature gradient fields. Heat transfer in elliptical tube bundle is enhanced significantly with increasing initial velocity of the feed seawater and field synergy number and decreasing of synergy angle. Under the same operating conditions of the two designs, the total average synergy angle is 78.97° and 66.31° in circular and elliptical tube bundle, respectively. Optimization of the pre-heater by FSP shows that in case of elliptical tube bundle design, the average synergy number and heat transfer rate are increased by 22.68% and 35.98% respectively. - Highlights: • FSP (field synergy principle) is used to investigate heat transfer enhancement. • Numerical simulations are performed in circular and elliptical tubes pre-heater. • Numerical results are analyzed using concept of synergy angle and synergy number. • Optimization of elliptical tube bundle by FSP has better performance

PRICE AND PRICING STRATEGIES

OpenAIRE

SUCIU Titus

2013-01-01

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

Cuba's transition to market-based energy prices

International Nuclear Information System (INIS)

Perez-Lopez, J.F.

1992-01-01

Since 1960 the Soviet Union has been, for all practical purposes, Cuba's exclusive supplier of energy products. For certain time periods, Soviet sales of oil and oil products to Cuba were made at concessional prices; prior to 1991, they were priced using transferable rubles and were essentially bartered for Cuban goods, especially sugar. Effective January 1, 1991, the Soviet Union shifted to world market prices and convertible currency payments for all traded commodities, including energy products. The shift to market prices and convertible currencies in Cuban-Soviet energy trade has already brought - or is likely to bring - a number of adjustments in four areas: (1) the trade balance; (2) the ability to reexport oil and oil products; (3) energy consumption patterns; (4) and the structure of energy supplies. 33 refs., 8 tabs

The economic cost of fuel price subsidies in Ghana

Science.gov (United States)

Ofori, Roland Oduro

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

Method of moments approach to pricing double barrier contracts in polynomial jump-diffusion models

NARCIS (Netherlands)

Eriksson, B.; Pistorius, M.

2011-01-01

Abstract: We present a method of moments approach to pricing double barrier contracts when the underlying is modelled by a polynomial jump-diffusion. By general principles the price is linked to certain infinite dimensional linear programming problems. Subsequently approximating these by finite

Numerical simulation of conjugate heat transfer in electronic cooling and analysis based on field synergy principle

International Nuclear Information System (INIS)

Cheng, Y.P.; Lee, T.S.; Low, H.T.

2008-01-01

In this paper, the conjugate heat transfer in electronic cooling is numerically simulated with the newly proposed algorithm CLEARER on collocated grid. Because the solid heat source and substrate are isolated from the boundary, special attention is given to deal with the velocity and temperature in the solid region in the full field computation. The influence of openings on the substrate, heat source height and their distribution along the substrate on the maximum temperature and overall Nusselt number is investigated. The numerical results show that the openings on the substrate can enhance the heat transfer as well as increasing the heat source height, meanwhile, by arranging the heat sources coarsely in the front part and densely in the rear part of the substrate, the thermal performance can also be increased. Then the results are analyzed from the viewpoint of field synergy principle, and it is shown that the heat transfer improvement can all be attributed to the better synergy between the velocity field and temperature field, which may offer some guidance in the design of electronic devices

Prices and Price Setting

NARCIS (Netherlands)

R.P. Faber (Riemer)

2010-01-01

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

Auction Mechanism of Micro-Grid Project Transfer

Directory of Open Access Journals (Sweden)

Yong Long

2017-10-01

Full Text Available Micro-grid project transfer is the primary issue of micro-grid development. The efficiency and quality of the micro-grid project transfer directly affect the quality of micro-grid project construction and development, which is very important for the sustainable development of micro-grid. This paper constructs a multi-attribute auction model of micro-grid project transfer, which reflects the characteristics of micro-grid system and the interests of stakeholders, calculates the optimal bidding strategy and analyzes the influence of relevant factors on auction equilibrium by multi-stage dynamic game with complete information, and makes a numerical simulation analysis. Results indicate that the optimal strategy of auction mechanism is positively related to power quality, energy storage quality, and carbon emissions. Different from the previous lowest price winning mechanism, the auction mechanism formed in this paper emphasizes that the energy suppliers which provide the comprehensive optimization of power quality, energy storage quality, carbon emissions, and price will win the auction, when both the project owners and energy suppliers maximize their benefits under this auction mechanism. The auction mechanism is effective because it is in line with the principle of individual rationality and incentive compatibility. In addition, the number of energy suppliers participating in the auction and the cost of the previous auction are positively related to the auction equilibrium, both of which are adjusting the equilibrium results of the auction. At the same time, the utilization rate of renewable energy and the comprehensive utilization of energy also have a positive impact on the auction equilibrium. In the end, this paper puts forward a series of policy suggestions about micro-grid project auction. The research in this paper is of great significance to improve the auction quality of micro-grid projects and promote the sustainable development of micro-grid.

Price-structure of electricity and district-heating. A background study for energy conservation programme

International Nuclear Information System (INIS)

1994-01-01

The present report deals with the pricing and price-structure of electricity and district-heating with their effects on energy saving. It constitutes part of the groundwork for the new Government Energy Conservation Programme. The report describes principles for the pricing of electricity and district-heating in Finland, and gives some examples of tariffs in foreign countries, which are interesting from the point of view of energy saving. Different utilities apply quite similar pricing principles but there are big differences in price levels between the utilities. The difference in consumer prices can be almost 100 % in the case of electricity and over 150 % as concerns district-heating. The change in retail prices in the last ten years has not had a big general impact on the consumption of electricity or on energy saving. On the other hand, when the price increases of individual utilities are studied, the impact on energy saving at least in the short term can be seen. It seems that an increase of the fixed charges in relation to energy rates has been as a general trend after 1990. To promote energy saving the changing energy rates should be given special emphasis in determining electricity and district-heating tariffs. The opening of the electricity market means that the electricity suppliers face a new situation also when pricing their products. Customers and their expectations will play an increasingly role. (orig.)

Differential pricing of new pharmaceuticals in lower income European countries.

Science.gov (United States)

Kaló, Zoltán; Annemans, Lieven; Garrison, Louis P

2013-12-01

Pharmaceutical companies adjust the pricing strategy of innovative medicines to the imperatives of their major markets. The ability of payers to influence the ex-factory price of new drugs depends on country population size and income per capita, among other factors. Differential pricing based on Ramsey principles is a 'second-best' solution to correct the imperfections of the global market for innovative pharmaceuticals, and it is also consistent with standard norms of equity. This analysis summarizes the boundaries of differential pharmaceutical pricing for policymakers, payers and other stakeholders in lower-income countries, with special focus on Central-Eastern Europe, and describes the feasibility and implications of potential solutions to ensure lower pharmaceutical prices as compared to higher-income countries. European stakeholders, especially in Central-Eastern Europe and at the EU level, should understand the implications of increased transparency of pricing and should develop solutions to prevent the limited accessibility of new medicines in lower-income countries.

Understanding transmission and distribution pricing options and proposals

International Nuclear Information System (INIS)

Shalaby, A.

1998-01-01

Issues regarding power transmission and distribution pricing were addressed in view of the importance of pricing to electricity restructuring and policy developments. Specific facts, policy directions, options and challenges peculiar to Ontario were highlighted, and recent Ontario legislation affecting the electricity industry was updated. The importance of transmission tariffs to open markets was reviewed with special reference to Canada because of their role in internal restructuring and in gaining fuller access to U.S. markets. The objectives of transmission and distribution pricing, the principles for network pricing, and the range of available options were considered with specific reference to Ontario. In comparing Ontario to other jurisdictions, it was acknowledged that the same problems that plagued other jurisdictions introducing deregulation, are also prominent in Ontario. As has been observed elsewhere, there has been no progress on transmission and distribution pricing options. There are significant implementation and transition challenges waiting for solutions. Issues beyond Ontario, such as trading with the United States, wider reach of the Independent Market Operator, agreements with other IMOs, etc., are still largely unresolved

Transmission pricing and expansion methodology: lessons from Argentina

International Nuclear Information System (INIS)

Anderson, K.P.; McCarthy, A.

1999-01-01

This paper focuses on the pricing of electric transmission service in Argentina and on the mechanisms for expanding the transmission system as of late 1998. We also discuss the pricing of energy and generating capacity, since locational differences in their prices constitute charges for transmission service. We find that the methods in place for pricing transmission service are, in the main, consistent with the principles of efficient pricing but that the incentives and mechanisms established for expanding transmission are deficient in some respects. Most notable is the failure to provide for transmission rights, given the system's heavy reliance on user-driven expansion. We find that Argentina can improve upon its pioneering effort to implement user-driven expansion and indeed is exploring ways to do so. The most important tasks are to investigate (a) whether a system of financial transmission rights can be made to work as part of the process of user-driven expansion and (b) whether a backstop role for centrally planned expansion can be preserved without inhibiting or preempting the user-driven process. (author)

ISSUES ON THE ROLE OF EFFICIENT WATER PRICING FOR SUSTAINABLE WATER MANAGEMENT

Directory of Open Access Journals (Sweden)

Simona FRONE

2012-06-01

Full Text Available This paper aims to highlight some of the main issues raised by developing and implementing the most appropriate approach to water pricing, and to induce a sustainable water management. Therefore, we define the concept and utility of water demand management as one objective of efficient water pricing. Next we analyse the basic economics and some important theoretical insights of water pricing. We further with state the main four inter-correlated principles of sustainable water pricing (full-cost recovery, economic efficiency,equity and administrative feasability and the trends and challenges of their actual implementing in the water pricing policy of Romania and other EU countries. We end with a review of opinions, personal conclusions and recommendations on the actual opportunity, effectiveness and role of efficient water pricing in fulfilling the goals of sustainabilty.

The Character of Price Transmission Within Milk Commodity Chain in the Czech Republic

Directory of Open Access Journals (Sweden)

Barbora Dudová

2015-01-01

Full Text Available The article is focused on price transmission within milk commodity chain in the Czech Republic. The article distinct on milk products with low value added – cow milk/paper box milk and products with higher value added – cow milk/butter. Price transmission is measured by the coefficient of elasticity of the price transmission (EPT; price transfer is examined in demand as well as supply direction. Next part of the analysis measures price differences (by coefficient determination – R2 in supply direction. Last step in this analysis is the impact of time delay at the price transmission process (measured by R2. The price transmission is asymmetric in the supply direction on both parts of commodity chain (EPT = 0.29 and 0.62, in the demand direction is more symmetric (EPT = 0.31 and 1.02. The assumption of better transfer of positive price changes was confirmed. At the commodity chain of milk/dairy products the time delay is not so much important. With both tested commodity chains there was found higher power of downstream markets, proving demand driven behaviour of these commodity chains, and there was detected oligopsony market structure as well. The data represent monthly prices on both chosen vertical levels in the period of 1/2000–8/2013.

Stem cell bioprocessing: fundamentals and principles.

Science.gov (United States)

Placzek, Mark R; Chung, I-Ming; Macedo, Hugo M; Ismail, Siti; Mortera Blanco, Teresa; Lim, Mayasari; Cha, Jae Min; Fauzi, Iliana; Kang, Yunyi; Yeo, David C L; Ma, Chi Yip Joan; Polak, Julia M; Panoskaltsis, Nicki; Mantalaris, Athanasios

2009-03-06

In recent years, the potential of stem cell research for tissue engineering-based therapies and regenerative medicine clinical applications has become well established. In 2006, Chung pioneered the first entire organ transplant using adult stem cells and a scaffold for clinical evaluation. With this a new milestone was achieved, with seven patients with myelomeningocele receiving stem cell-derived bladder transplants resulting in substantial improvements in their quality of life. While a bladder is a relatively simple organ, the breakthrough highlights the incredible benefits that can be gained from the cross-disciplinary nature of tissue engineering and regenerative medicine (TERM) that encompasses stem cell research and stem cell bioprocessing. Unquestionably, the development of bioprocess technologies for the transfer of the current laboratory-based practice of stem cell tissue culture to the clinic as therapeutics necessitates the application of engineering principles and practices to achieve control, reproducibility, automation, validation and safety of the process and the product. The successful translation will require contributions from fundamental research (from developmental biology to the 'omics' technologies and advances in immunology) and from existing industrial practice (biologics), especially on automation, quality assurance and regulation. The timely development, integration and execution of various components will be critical-failures of the past (such as in the commercialization of skin equivalents) on marketing, pricing, production and advertising should not be repeated. This review aims to address the principles required for successful stem cell bioprocessing so that they can be applied deftly to clinical applications.

The Opec basket price at $21/b

International Nuclear Information System (INIS)

Anon.

1996-01-01

The increase of petroleum prices are explained by speculative buying for a part, others reasons have to be emphasized: the tension between China and Taiwan, the Usa implication in this area and the conflicts risks have increased market excitability. The petroleum demand stays dynamic in Usa, due to a rigorous winter when the petroleum storage has been at the lowest level for twenty years, refiners and distributors being used to work with low storage. Recent declarations of the United Nations secretary, Mister Boutros Boutros-Gali, according to which a lot of problems are still to solve before concluding an agreement with Iraq, have taken the Damocles sword away from petroleum prices. Certainly the petroleum prices are going to decrease but the principle question is to know at which level they will be stabilized. (N.C.). 1 tab

Price and distribution policies in healthcare marketing in Romania.

Science.gov (United States)

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

2017-01-01

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

Decommissioning Cost Estimating -The ''Price'' Approach

International Nuclear Information System (INIS)

Manning, R.; Gilmour, J.

2002-01-01

Over the past 9 years UKAEA has developed a formalized approach to decommissioning cost estimating. The estimating methodology and computer-based application are known collectively as the PRICE system. At the heart of the system is a database (the knowledge base) which holds resource demand data on a comprehensive range of decommissioning activities. This data is used in conjunction with project specific information (the quantities of specific components) to produce decommissioning cost estimates. PRICE is a dynamic cost-estimating tool, which can satisfy both strategic planning and project management needs. With a relatively limited analysis a basic PRICE estimate can be produced and used for the purposes of strategic planning. This same estimate can be enhanced and improved, primarily by the improvement of detail, to support sanction expenditure proposals, and also as a tender assessment and project management tool. The paper will: describe the principles of the PRICE estimating system; report on the experiences of applying the system to a wide range of projects from contaminated car parks to nuclear reactors; provide information on the performance of the system in relation to historic estimates, tender bids, and outturn costs

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

Science.gov (United States)

2010-01-01

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

Equilibrium and matching under price controls

NARCIS (Netherlands)

Herings, P.J.J.

2015-01-01

The paper considers a one-to-one matching with contracts model in the presence of price controls. This set-up contains two important streams in the matching literature, those with and those without monetary transfers, as special cases and allows for intermediate cases with some restrictions on the

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

Science.gov (United States)

Takada, Hellinton Hatsuo; de Oliveira Siqueira, José

2008-11-01

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

Communication: Charge-transfer rate constants in zinc-porphyrin-porphyrin-derived dyads: A Fermi golden rule first-principles-based study

International Nuclear Information System (INIS)

Manna, Arun K.; Dunietz, Barry D.

2014-01-01

We investigate photoinduced charge transfer (CT) processes within dyads consisting of porphyrin derivatives in which one ring ligates a Zn metal center and where the rings vary by their degree of conjugation. Using a first-principles approach, we show that molecular-scale means can tune CT rates through stabilization affected by the polar environment. Such means of CT tuning are important for achieving high efficiency optoelectronic applications using organic semiconducting materials. Our fully quantum mechanical scheme is necessary for reliably modeling the CT process across different regimes, in contrast to the pervading semi-classical Marcus picture that grossly underestimates transfer in the far-inverted regime

Uncertainty Principles on Two Step Nilpotent Lie Groups

Indian Academy of Sciences (India)

Abstract. We extend an uncertainty principle due to Cowling and Price to two step nilpotent Lie groups, which generalizes a classical theorem of Hardy. We also prove an analogue of Heisenberg inequality on two step nilpotent Lie groups.

Can and should value-based pricing be applied to molecular diagnostics?

Science.gov (United States)

Garau, Martina; Towse, Adrian; Garrison, Louis; Housman, Laura; Ossa, Diego

2013-01-01

Current pricing and reimbursement systems for diagnostics are not efficient. Prices for diagnostics are often driven by administrative practices and expected production cost. The purpose of the paper is to discuss how a value-based pricing framework being used to ensure efficient use and price of medicines could also be applied to diagnostics. Diagnostics not only facilitates health gain and cost savings, but also information to guide patients' decisions on interventions and their future 'behaviors'. For value assessment processes we recommend a two-part approach. Companion diagnostics introduced at the launch of the drug should be assessed through new drug assessment processes considering a broad range of value elements and a balanced analysis of diagnostic impacts. A separate diagnostic-dedicated committee using value-based pricing principles should review other diagnostics lying outside the companion diagnostics-and-drug 'at-launch' situation.

Pricing Employee Stock Options (ESOs) with Random Lattice

Science.gov (United States)

Chendra, E.; Chin, L.; Sukmana, A.

2018-04-01

Employee Stock Options (ESOs) are stock options granted by companies to their employees. Unlike standard options that can be traded by typical institutional or individual investors, employees cannot sell or transfer their ESOs to other investors. The sale restrictions may induce the ESO’s holder to exercise them earlier. In much cited paper, Hull and White propose a binomial lattice in valuing ESOs which assumes that employees will exercise voluntarily their ESOs if the stock price reaches a horizontal psychological barrier. Due to nonlinearity errors, the numerical pricing results oscillate significantly so they may lead to large pricing errors. In this paper, we use the random lattice method to price the Hull-White ESOs model. This method can reduce the nonlinearity error by aligning a layer of nodes of the random lattice with a psychological barrier.

Valuating Privacy with Option Pricing Theory

Science.gov (United States)

Berthold, Stefan; Böhme, Rainer

One of the key challenges in the information society is responsible handling of personal data. An often-cited reason why people fail to make rational decisions regarding their own informational privacy is the high uncertainty about future consequences of information disclosures today. This chapter builds an analogy to financial options and draws on principles of option pricing to account for this uncertainty in the valuation of privacy. For this purpose, the development of a data subject's personal attributes over time and the development of the attribute distribution in the population are modeled as two stochastic processes, which fit into the Binomial Option Pricing Model (BOPM). Possible applications of such valuation methods to guide decision support in future privacy-enhancing technologies (PETs) are sketched.

Numerical simulation of turbulent flow and heat transfer in a parallel channel. Verification of the field synergy principle

International Nuclear Information System (INIS)

Tian Wenxi; Su, G.H.; Qiu Suizheng; Jia Dounan

2004-01-01

The field synergy principle was proposed by Guo(1998) which is based on 2-D boundary laminar flow and it resulted from a second look at the mechanism of convective heat transfer. Numerical verification of this principle's validity for turbulent flow has been carried out by very few researchers, and mostly commercial software such as FLUENT, CFX etc. were used in their study. In this paper, numerical simulation of turbulent flow with recirculation was developed using SIMPLE algorithm with two-equation k-ε model. Extension of computational region method and wall function method were quoted to regulate the whole computational region geometrically. Given the inlet Reynold number keeps constant: 10000, by changing the height of the solid obstacle, simulation was conducted and the result showed that the wall heat flux decreased with the angle between the velocity vector and the temperature gradient. Thus it is validated that the field synergy principle based on 2-D boundary laminar flow can also be applied to complex turbulent flow even with recirculation. (author)

Energy prices, equalization and federalism

International Nuclear Information System (INIS)

Courchene, T.J.

2005-01-01

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

Energy prices, equalization and federalism

Energy Technology Data Exchange (ETDEWEB)

Courchene, T.J. [Queen' s Univ., Kingston, ON (Canada). School of Policy Studies

2005-10-01

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

Applying the behavioral economics principle of unit price to DRO schedule thinning.

Science.gov (United States)

Roane, Henry S; Falcomata, Terry S; Fisher, Wayne W

2007-01-01

Within the context of behavioral economics, the ratio of response requirements to reinforcer magnitude is called unit price. In this investigation, we yoked increases in reinforcer magnitude with increases in intervals of differential reinforcement of other behavior (DRO) to thin DRO intervals to a terminal value.

Utilizing TOPSIS intensified with adjustment similarity factor to determine price of technology

Directory of Open Access Journals (Sweden)

Seyed Mohammad Seyedhosseini

2012-08-01

Full Text Available Technology transfer has been a very frequent activity in the industrial world nowadays. Technology valuation, and in particular technology pricing, has played a considerable role in these transactions, in spite of a huge amount of limitations in the pricing methodologies applied. Making a sound, traceable and reliable means for applying the price evaluation procedure, seems as a technological requirement to be traced for. The objective of delivering this paper is to introduce a new numerical technology pricing method to provide the two transacting parties a unique compromised price. A three-dimensional model for technology pricing is proposed and The TOPSPS algorithm has been utilized to select the most similar technologies to the intended one and the constructed scoring system is applied to calculate the final technology price accordingly.

Incentive pricing and cost recovery at the basin scale.

Science.gov (United States)

Ward, Frank A; Pulido-Velazquez, Manuel

2009-01-01

Incentive pricing programs have potential to promote economically efficient water use patterns and provide a revenue source to compensate for environmental damages. However, incentive pricing may impose disproportionate costs and aggravate poverty where high prices are levied for basic human needs. This paper presents an analysis of a two-tiered water pricing system that sets a low price for subsistence needs, while charging a price equal to marginal cost, including environmental cost, for discretionary uses. This pricing arrangement can promote efficient and sustainable water use patterns, goals set by the European Water Framework Directive, while meeting subsistence needs of poor households. Using data from the Rio Grande Basin of North America, a dynamic nonlinear program, maximizes the basin's total net economic and environmental benefits subject to several hydrological and institutional constraints. Supply costs, environmental costs, and resource costs are integrated in a model of a river basin's hydrology, economics, and institutions. Three programs are compared: (1) Law of the River, in which water allocations and prices are determined by rules governing water transfers; (2) marginal cost pricing, in which households pay the full marginal cost of supplying treated water; (3) two-tiered pricing, in which households' subsistence water needs are priced cheaply, while discretionary uses are priced at efficient levels. Compared to the Law of the River and marginal cost pricing, two-tiered pricing performs well for efficiency and adequately for sustainability and equity. Findings provide a general framework for formulating water pricing programs that promote economically and environmentally efficient water use programs while also addressing other policy goals.

Applying the Behavioral Economics Principle of Unit Price to DRO Schedule Thinning

Science.gov (United States)

Roane, Henry S.; Falcomata, Terry S.; Fisher, Wayne W.

2007-01-01

Within the context of behavioral economics, the ratio of response requirements to reinforcer magnitude is called "unit price." In this investigation, we yoked increases in reinforcer magnitude with increases in intervals of differential reinforcement of other behavior (DRO) to thin DRO intervals to a terminal value. (Contains 1 figure.)

Pricing of Licenses on CERN Technology

CERN Document Server

Eide, V; Gaivoronski, Alexei; Huuse, H; Streit-Bianchi, M; Le Goff, J M

2006-01-01

This Master thesis develops a framework for the pricing of licenses on technology, suitable for a Technology Transfer (TT) context that is characterized by a goal of dissemination, early-stage technologies, limited market information, and great variations between technologies. The chosen context is defined by comparing the policy and the specificity of the initial recipient, CERN, to other public research institutions, thereby aiming at the development of a general framework. A conceptual model of the framework is thereafter developed to accommodate considerations of all the indicated characteristics through three main subparts: 1)~the target price, 2)~the walk-away point, and 3)~the royalty structure. For estimation of a suitable target price, valuation methodologies from academic and business literature are reviewed and discussed with regard to their suitability for the chosen TT context, thus selecting six methods of different approaches and varying information dependency. A method for quantifying the appr...

Taking the Concept of Citizenship in Mental Health across Countries. Reflections on Transferring Principles and Practice to Different Sociocultural Contexts

Science.gov (United States)

Eiroa-Orosa, Francisco José; Rowe, Michael

2017-01-01

Transferring principles and practices to different sociocultural and professional contexts in the field of mental health can be very complex. Previous research on public health policy points to difficulties in different areas such as the understanding the new concepts, their applicability in different health systems, and suitable approaches to its effective implementation. The purpose of this article is to describe and analyze the process of transferring the concept of Citizenship, from its United States origins in mental health outreach work with persons who are homeless to Catalonia, Spain. We define Citizenship as promoting the rights, responsibilities, roles, resources and relationships of persons with mental illnesses, along with a sense of belonging that is validated by other citizens. The process of this transition involves embedding Citizenship in the mental health “first-person” (internationally known as Consumer/Survivor/Peer) movement in Catalonia. The paper includes a discussion of the concept of transference, including a case example of the adoption of the concept of mental health recovery in different countries. Following this, we describe the United States Citizenship model and key elements of its development. We then turn to Spain and the evolution of its mental health system, and then to Catalonia for a brief case history of transference of the principles and practices of Citizenship to that region. The “take home message” of this work is that concepts being brought from one sociocultural and national context to another, must focus on contextualization in the ‘adoptee’s’ practices, including the balance between personal involvement and professional rigor, the involvement of key actors, and ongoing evaluation of actions taken. PMID:28680412

Taking the Concept of Citizenship in Mental Health across Countries. Reflections on Transferring Principles and Practice to Different Sociocultural Contexts.

Science.gov (United States)

Eiroa-Orosa, Francisco José; Rowe, Michael

2017-01-01

Transferring principles and practices to different sociocultural and professional contexts in the field of mental health can be very complex. Previous research on public health policy points to difficulties in different areas such as the understanding the new concepts, their applicability in different health systems, and suitable approaches to its effective implementation. The purpose of this article is to describe and analyze the process of transferring the concept of Citizenship, from its United States origins in mental health outreach work with persons who are homeless to Catalonia, Spain. We define Citizenship as promoting the rights, responsibilities, roles, resources and relationships of persons with mental illnesses, along with a sense of belonging that is validated by other citizens. The process of this transition involves embedding Citizenship in the mental health "first-person" (internationally known as Consumer/Survivor/Peer) movement in Catalonia. The paper includes a discussion of the concept of transference, including a case example of the adoption of the concept of mental health recovery in different countries. Following this, we describe the United States Citizenship model and key elements of its development. We then turn to Spain and the evolution of its mental health system, and then to Catalonia for a brief case history of transference of the principles and practices of Citizenship to that region. The "take home message" of this work is that concepts being brought from one sociocultural and national context to another, must focus on contextualization in the 'adoptee's' practices, including the balance between personal involvement and professional rigor, the involvement of key actors, and ongoing evaluation of actions taken.

Taking the Concept of Citizenship in Mental Health across Countries. Reflections on Transferring Principles and Practice to Different Sociocultural Contexts

Directory of Open Access Journals (Sweden)

Francisco José Eiroa-Orosa

2017-06-01

Full Text Available Transferring principles and practices to different sociocultural and professional contexts in the field of mental health can be very complex. Previous research on public health policy points to difficulties in different areas such as the understanding the new concepts, their applicability in different health systems, and suitable approaches to its effective implementation. The purpose of this article is to describe and analyze the process of transferring the concept of Citizenship, from its United States origins in mental health outreach work with persons who are homeless to Catalonia, Spain. We define Citizenship as promoting the rights, responsibilities, roles, resources and relationships of persons with mental illnesses, along with a sense of belonging that is validated by other citizens. The process of this transition involves embedding Citizenship in the mental health “first-person” (internationally known as Consumer/Survivor/Peer movement in Catalonia. The paper includes a discussion of the concept of transference, including a case example of the adoption of the concept of mental health recovery in different countries. Following this, we describe the United States Citizenship model and key elements of its development. We then turn to Spain and the evolution of its mental health system, and then to Catalonia for a brief case history of transference of the principles and practices of Citizenship to that region. The “take home message” of this work is that concepts being brought from one sociocultural and national context to another, must focus on contextualization in the ‘adoptee’s’ practices, including the balance between personal involvement and professional rigor, the involvement of key actors, and ongoing evaluation of actions taken.

BASIC METHODS OF CLASSIFICATION AND CHARACTERISTICS OF METHODS OF PRICING IN UKRAINE

Directory of Open Access Journals (Sweden)

A. Boguslavskiy

2014-12-01

Full Text Available The article provided definitions and shows the need to use different methods of pricing of enterprises. Exposed the reasons of the absence of a universal classification of pricing methods. The approaches of different authors to classify groups of pricing methods: 1 the cost method; 2 methods with a focus on competition; 3 methods for pricing based on demand, 4 pricing with a focus on maximum profit, 5 parametric methods, 6 pricing under risk and uncertainty, etc. An improved classification pricing methods with the release of the following groups: 1 the methods of cost pricing; 2 methods based on demand; 3 methods, based on competition; 4 microeconomic methods; 5 methods which are based on product life cycles; 6 methods, depending on economic conditions; 7 econometric and statistical techniques 8 Methods of transfer pricing; 9 methods in accordance with the terms of agreements; 10 Methods of assortment pricing; 11 combined methods of pricing and so on. The basic directions of use of combined methods of pricing and analysis of their possible use in Ukraine are shown.

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

DEFF Research Database (Denmark)

Nørgård, Per Bromand; Isleifsson, Fridrik Rafn

2013-01-01

the grid voltage. The algorithms generating the local prices are dynamically adjusted according to the actual realised responses to the dynamic prices. Results are presented from an adapted version of the control principle implemented and tested in DTUs experimental research power system, SYSLAB, including...... wind power, solar power, flexible load and electrical storage. The local power price generation is based on the actual Nord Pool DK2 Spot prices on hourly basis as the quasi-stationary global electricity price, and the local SYSLAB's power exchange with the national grid as basis for the dynamic price...... system. A challenge is to find a cheap, simple and robust way to requests the proper power regulation by the DER power units. The use of broadcasted, dynamic power prices and volunteer responses is one option. The paper presents a proposal for and an illustration of advanced generation of local, dynamic...

Second-best Pricing for Imperfect Substitutes in Urban Networks

NARCIS (Netherlands)

Rouwendal, J.; Verhoef, Erik

2003-01-01

This paper considers second-best pricing as it arises through incomplete coverage of full networks. The main principles are first reviewed by considering the classic two-route problem and some extensions that have been studied more recently. In most of these studies the competing routes are assumed

Second Best Pricing for Imperfect Substitutes in Urban Networks

NARCIS (Netherlands)

Rouwendal, J.; Verhoef, Erik

2004-01-01

This paper considers second-best pricing as it arises through incomplete coverage of full networks. The main principles are first reviewed by considering the classic two-route problem and some extensions that have been studied more recently. In most of these studies the competing routes are assumed

Distributional impacts of the 2008 global food price spike in Vietnam

DEFF Research Database (Denmark)

McKay, Andy; Tarp, Finn

macro-data, this paper investigates how global price changes appear to have impacted on rural welfare in Vietnam during 2006-12. In this paper we study the case of rice in Vietnam, in the context of the 2008 food price spike. We analyse the responses of domestic producer and consumer prices, and discuss......Agriculture and food cultivation production remains a key sector in the Vietnamese economy in terms of productive activities, income generation, and national export earnings. Higher world market prices should therefore in principle have a beneficial impact on rural farmers. This is based however...... the policy actions taken by the government to help reduce the impact on consumers, as well as to continue to encourage production. We also look at the distributional impact of the resulting domestic price changes, using data from a specialist rural household survey to look at production response. Vietnam...

Importance of Electricity Transport Pricing in Liberalised Energy Markets

International Nuclear Information System (INIS)

Wohlgemuth, N.

2001-01-01

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

Numerical simulation of turbulent flow and heat transfer in parallel channel with an obstacle and verification of the field synergy principle

Energy Technology Data Exchange (ETDEWEB)

Tian, W.; Aye, M.; Qiu, S.; Jia, D. [Xi' an Jiaotong Univ., Dept. of Nuclear and Thermal Power Engineering, Xi' an (China)]. E-mail: wxtian_xjtu@163.com

2004-07-01

The field synergy principle was proposed by Guo Z. Y based on 2-D boundary laminar flow and it resulted from a second look at the mechanism of convective heat transfer. The objective of this paper is to numerically verify the applicability of this theory under turbulent flow or even with recirculating flow condition. (author)

Water transfer and major environmental provisions of the Central Valley Project Improvement Act: A preliminary economic evaluation

Science.gov (United States)

Loomis, John B.

1994-06-01

Increasing block water pricing, water transfer, and wildlife refuge water supply provisions of the Central Valley Project (CVP) Improvement Act are analyzed in terms of likely farmer response and economic efficiency of these provisions. Based on a simplified partial equilibrium analysis, we estimate small, but significant water conservation savings due to pricing reform, the potential for substantial water transfers to non-CVP customers in severe drought years when the water price exceeds 110 per acre foot (1 acre foot equals 1.234 × 103 m3) and positive net benefits for implementation of the wildlife refuge water supply provisions. The high threshold water price is partly a result of requiring farmers to pay full cost on transferred water plus a surcharge of 25 per acre foot if the water is transferred to a non-CVP user. The act also sets an important precedent for water pricing reform, water transfer provisions, and environmental surcharges on water users that may find their way to other Bureau of Reclamation projects.

The capital-asset-pricing model and arbitrage pricing theory: a unification.

Science.gov (United States)

Ali Khan, M; Sun, Y

1997-04-15

We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset's return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen-Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting.

Three-dimensional numerical study of heat transfer characteristics of plain plate fin-and-tube heat exchangers from view point of field synergy principle

International Nuclear Information System (INIS)

He, Y.L.; Tao, W.Q.; Song, F.Q.; Zhang, W.

2005-01-01

In this paper, 3-D numerical simulations were performed for laminar heat transfer and fluid flow characteristics of plate fin-and-tube heat exchanger. The effects of five factors were examined: Re number, fin pitch, tube row number, spanwise and longitudinal tube pitch. The Reynolds number based on the tube diameter varied from 288 to 5000, the non-dimensional fin pitch based on the tube diameter varied from 0.04 to 0.5, the tube row number from 1 to 4, the spanwise tube pitch S 1 /d varies from 1.2 to 3, and the longitudinal tube pitch S 2 /d from 1.0 to 2.4. The numerical results were analyzed from the view point of field synergy principle, which says that the reduction of the intersection angle between velocity and fluid temperature gradient is the basic mechanism to enhance convective heat transfer. It is found that the effects of the five parameters on the heat transfer performance of the finned tube banks can be well described by the field synergy principle, i.e., the enhancement or deterioration of the convective heat transfer across the finned tube banks is inherently related to the variation of the intersection angle between the velocity and the fluid temperature gradient. It is also recommended that to further enhance the convective heat transfer, the enhancement techniques, such as slotting the fin, should be adopted mainly in the rear part of the fin where the synergy between local velocity and temperature gradient become worse

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

Gas prices and price process

International Nuclear Information System (INIS)

Groenewegen, G.G.

1992-01-01

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

Modelling prices in competitive electricity markets

International Nuclear Information System (INIS)

Bunn, D.W.

2004-04-01

Electricity markets are structurally different to other commodities, and the real-time dynamic balancing of the electricity network involves many external factors. Because of this, it is not a simple matter to transfer conventional models of financial time series analysis to wholesale electricity prices. The rationale for this compilation of chapters from international authors is, therefore, to provide econometric analysis of wholesale power markets around the world, to give greater understanding of their particular characteristics, and to assess the applicability of various methods of price modelling. Researchers and professionals in this sector will find the book an invaluable guide to the most important state-of-the-art modelling techniques which are converging to define the special approaches necessary for unravelling and forecasting the behaviour of electricity prices. It is a high-quality synthesis of the work of financial engineering, industrial economics and power systems analysis, as they relate to the behaviour of competitive electricity markets. (author)

Preço de transferência e seus impactos contábeis e fiscais dentro de uma empresa de filtros automobilísticos na importação e exportação de mercadorias = Transfer price and its accounting and tax impacts within a automotive filters company in imports and exports of goods

Directory of Open Access Journals (Sweden)

Josiane Gattis Correa Giacomelli

2017-12-01

Full Text Available A legislação brasileira exige lançamentos contábeis específicos, quando o assunto é Preço de Transferência. Essas regras existentes foram criadas para evitar que as empresas brasileiras com subsidiárias no exterior possam utilizar a estratégia de evasão de divisas, já que sem ordenamento jurídico adequado os preços poderiam ser subavaliados para que não houvesse o devido pagamento dos tributos, na transferência de produtos ao exterior. O objetivo deste estudo consiste em verificar os impactos contábeis e fiscais no uso do preço de transferência na importação e exportação de mercadorias, para uma empresa do ramo automobilístico. Para tanto, utilizou-se a pesquisa aplicada, por meio da coleta de dados documentais e entrevista não estruturada. Considerando as penalidades legais quando a legislação não é aplicada corretamente, apresentou-se o seguinte problema de pesquisa: Quais os impactos contábeis e fiscais, quando aplicados as formas de cálculo adequadas ao preço de transferência? Os resultados obtidos para o cálculo da importação para o produto P603 mostraram que o método PRL Revenda, por obter o menor ajuste comparado ao método PIC no ano de 2014, foi o mais adequado a ser utilizado no cálculo do preço de transferência. No momento da exportação o método CAP foi o mais adequado contábil e fiscalmente, para os produtos F175F13 e R161F042, por ser o único método possível para calcular o preço de transferência para a empresa estudada. Como conclusão da pesquisa, verificou-se que a utilização dos métodos recomendados pela legislação fiscal vigente no Brasil poderiam contribuir para a qualidade da informação contábil e, ao mesmo tempo, resultariam num aumento da base de cálculo dos tributos incidentes sobre a receita. Brazilian law require specific accounting entries, when the subject is Transfer Price. These existing rules were created to prevent Brazilian companies with foreign

Wind energy and electricity prices. Exploring the 'merit order effect'

International Nuclear Information System (INIS)

Morthost, P.E.; Ray, S.; Munksgaard, J.; Sinner, A.F.

2010-04-01

This report focuses on the effect of wind energy on the electricity price in the power market. As the report will discuss, adding wind into the power mix has a significant influence on the resulting price of electricity, the so called merit order effect (MOE). The merit order effect has been quantified and discussed in many scientific publications. This report ends the first phase of a study on the MOE, evaluating the impact of EWEA's 2020 scenarios on future European electricity prices. The basic principles of the merit order effect are provided in the first part of the document. The literature review itself contains methods and tools not only to quantify the merit order effect but also in order to forecast its future range and volume.

Application for Single Price Auction Model (SPA) in AC Network

Science.gov (United States)

Wachi, Tsunehisa; Fukutome, Suguru; Chen, Luonan; Makino, Yoshinori; Koshimizu, Gentarou

This paper aims to develop a single price auction model with AC transmission network, based on the principle of maximizing social surplus of electricity market. Specifically, we first formulate the auction market as a nonlinear optimization problem, which has almost the same form as the conventional optimal power flow problem, and then propose an algorithm to derive both market clearing price and trade volume of each player even for the case of market-splitting. As indicated in the paper, the proposed approach can be used not only for the price evaluation of auction or bidding market but also for analysis of bidding strategy, congestion effect and other constraints or factors. Several numerical examples are used to demonstrate effectiveness of our method.

Lowering Saudi Arabia's fuel consumption and energy system costs without increasing end consumer prices

International Nuclear Information System (INIS)

Matar, Walid; Murphy, Frederic; Pierru, Axel; Rioux, Bertrand

2015-01-01

Using a multi-sector equilibrium model of the Saudi energy system that handles administered prices in a mixed-complementarity formulation, we present results from a set of policy scenarios that lower oil consumption in the country. Some of these scenarios are the solutions to Mathematical Programs subject to Equilibrium Constraints (MPECs) that maximize the net economic gain for the Saudi economy. The policies examined have the potential to generate economic gains exceeding 23 billion USD in 2011, or about 4% of Saudi Arabia's GDP. This economic gain comes mainly from inter-sectoral fuel pricing policies that incent shifting the mix in technologies that generate electricity and produce water from energy intensive technologies to more efficient ones. We show that when complemented by credits for investments in solar and nuclear power generation capacities, a modest increase in the transfer prices of fuels among sectors is sufficient to produce economic gains close to those achieved by deregulating transfer prices. The approach we develop here is an alternative to the classic recommendation of deregulating inter-sectoral fuel prices in situations where the conditions for successful liberalized markets do not exist. It is a template for introducing the notions of incentivizing behavior using prices into countries that rely more on administrative procedures than markets, leading to a deeper understanding of how markets can lead to economic gain. - Highlights: • The policies examined would have potentially generated economic gains exceeding 23 billion USD in 2011. • We design policies that produce economic benefits close to those achieved by deregulating inter-sectoral fuel prices. • This paper provides a template for building multi-sector models when transfer prices between sectors are administered

Theories Supporting Transfer of Training.

Science.gov (United States)

Yamnill, Siriporn; McLean, Gary N.

2001-01-01

Reviews theories about factors affecting the transfer of training, including theories on motivation (expectancy, equity, goal setting), training transfer design (identical elements, principle, near and far), and transfer climate (organizational). (Contains 36 references.) (SK)

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

International Nuclear Information System (INIS)

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

2004-01-01

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

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

Energy Technology Data Exchange (ETDEWEB)

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

2004-12-01

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

Charge transfer of edge states in zigzag silicene nanoribbons with Stone–Wales defects from first-principles

Energy Technology Data Exchange (ETDEWEB)

Ting, Xie [College of Mathematics and Statistics, Chongqing University, Chongqing 401331 (China); School of Mathematics and Statistic, Chongqing University of Technology, Chongqing 400054 (China); Rui, Wang, E-mail: rcwang@cqu.edu.cn [Institute for Structure and Function and Department of Physics, Chongqing University, Chongqing 400044 (China); State Key Laboratory of Theoretical Physics, Institute of Theoretical Physics, Chinese Academy of Science, Beijing 100190 (China); Shaofeng, Wang [Institute for Structure and Function and Department of Physics, Chongqing University, Chongqing 400044 (China); Xiaozhi, Wu, E-mail: xiaozhiwu@cqu.edu.cn [Institute for Structure and Function and Department of Physics, Chongqing University, Chongqing 400044 (China)

2016-10-15

Highlights: • The properties of SW defects in silicene and ZSNRs are obtained. • The SW defects at the edge of ZSNRs induce a sizable gap. • The charge transfer of edge states is resulted from SW defects in ZSNRS. - Abstract: Stone–Wales (SW) defects are favorably existed in graphene-like materials with honeycomb lattice structure and potentially employed to change the electronic properties in band engineering. In this paper, we investigate structural and electronic properties of SW defects in silicene sheet and its nanoribbons as a function of their concentration using the methods of periodic boundary conditions with first-principles calculations. We first calculate the formation energy, structural properties, and electronic band structures of SW defects in silicene sheet, with dependence on the concentration of SW defects. Our results show a good agreement with available values from the previous first-principles calculations. The energetics, structural aspects, and electronic properties of SW defects with dependence on defect concentration and location in edge-hydrogenated zigzag silicene nanoribbons are obtained. For all calculated concentrations, the SW defects prefer to locate at the edge due to the lower formation energy. The SW defects at the center of silicene nanoribbons slightly influence on the electronic properties, whereas the SW defects at the edge of silicene nanoribbons split the degenerate edge states and induce a sizable gap, which depends on the concentration of defects. It is worth to find that the SW defects produce a perturbation repulsive potential, which leads the decomposed charge of edge states at the side with defect to transfer to the other side without defect.

Study on the expectation differences between the both sides of farmland transfer at the level of farmer

Science.gov (United States)

Yang, Liyong; Liu, Dejiang; Qiu, Cheng; Wu, Xianhua

2017-12-01

The expected consistency between the both sides of farmland transfer is the key to the success or failure of transfer. We use the participatory rural appraisal method, carry out a questionnaire survey of farmers in Yunnan Province, and analysis empirically the expectation differences on the will, price, duration, objects and contract between the both sides of farmland transfer. The research shows that: farmers in the suburban village tend to be willing to transfer out rather than transfer in, while farmers in the outer suburbs village tend to prefer to transfer in rather than transfer out. They are relatively small in the expectation of will, duration, objects and contract between the both sides of farmland transfer, and the transfer price "gap" is the most important factor that impedes the farmland transfer. Measures should be taken to promote the farmland transfer from three aspects, such as the promotion of farmland protection regulations, the establishment and improvement of transfer institutions and the opening of transfer price.

Relating price strategies and price-setting practices

NARCIS (Netherlands)

Ingenbleek, P.T.M.; Lans, van der I.A.

2013-01-01

Purpose - This article addresses the relationship between price strategies and price-setting practices. The first derive from a normative tradition in the pricing literature and the latter from a descriptive tradition. Price strategies are visible in the market, whereas price-setting practices are

Firm-specific investment, sticky prices and the Taylor principle

OpenAIRE

Sveen, Tommy; Weinke, Lutz

2005-01-01

According to the Taylor principle a central bank should adjust the nominal interest rate by more than one-for-one in response to changes in current inflation. Most of the existing literature supports the view that by following this simple recommendation a central bank can avoid being a source of unnecessary fluctuations in economic activity. The present paper shows that this conclusion is not robust with respect to the modelling of capital accumulation. We use our insights to discuss the desi...

Grain price spikes and beggar-thy-neighbor policy responses

DEFF Research Database (Denmark)

Jensen, Hans Grinsted; Anderson, Kym

When prices spike in international grain markets, national governments often reduce the extent to which that spike affects their domestic food markets. Those actions exacerbate the price spike and international welfare transfer associated with that terms of trade change. Several recent analyses...... have assessed the extent to which those policies contributed to the 2006-08 international price rise, but only by focusing on one commodity or using a back-of-the envelope (BOTE) method. This paper provides a more-comprehensive analysis using a global economy-wide model that is able to take account...... of the interactions between markets for farm products that are closely related in production and/or consumption, and able to estimate the impacts of those insulating policies on grain prices and on the grain trade and economic welfare of the world’s various countries. Our results support the conclusion from earlier...

Oil prices and financial stress: A volatility spillover analysis

International Nuclear Information System (INIS)

Nazlioglu, Saban; Soytas, Ugur; Gupta, Rangan

2015-01-01

This paper examines whether there is a volatility transmission between oil prices and financial stress by means of the volatility spillover test. We employ WTI crude oil prices and Cleveland financial stress index for the period 1991–2014 and divide the sample into pre-crisis, in-crisis, and post-crisis periods due to the downward trend in oil price in 2008. The volatility model estimations indicate that oil prices and financial stress index are dominated by long-run volatility. The volatility spillover causality test supports evidence on risk transfer from oil prices to financial stress before the crisis and from financial stress to oil prices after the crisis. The impulse response analysis shows that the volatility transmission pattern has similar dynamics before and after the crisis and is characterized by higher and long-lived effects during the crisis. Our results have implications for both policy makers and investors, and for future work. -- Highlights: •Volatility spillover between oil prices and financial stress index is examined. •Analysis is conducted for sub-periods: pre-crisis, in-crisis, and post-crisis •Oil prices spill on financial stress before the crisis, but spillover reversed after the crisis. •Volatility transmission pattern has similar dynamics before and after the crisis. •Implications for investors and policy makers are discussed

Taxation, Transfer Income and Stock Market Participation

DEFF Research Database (Denmark)

Fischer, Marcel; Astrup Jensen, Bjarne

2015-01-01

This article studies the impact of a redistributive tax system on consumption, portfolio decisions, and asset prices in a dynamic general equilibrium model. Poorer agents, which receive more in transfers than they pay in taxes, optimally reduce their exposure to equity, because the transfer income...

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

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

Science.gov (United States)

2010-01-01

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

7 CFR 1033.50 - Class prices, component prices, and advanced pricing factors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1033.50 Section 1033.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

7 CFR 1005.50 - Class prices, component prices, and advanced pricing factors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1005.50 Section 1005.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

7 CFR 1001.50 - Class prices, component prices, and advanced pricing factors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1001.50 Section 1001.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

7 CFR 1006.50 - Class prices, component prices, and advanced pricing factors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1006.50 Section 1006.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

7 CFR 1126.50 - Class prices, component prices, and advanced pricing factors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1126.50 Section 1126.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

7 CFR 1032.50 - Class prices, component prices, and advanced pricing factors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1032.50 Section 1032.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

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

Science.gov (United States)

2010-01-01

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

7 CFR 1007.50 - Class prices, component prices, and advanced pricing factors.

Science.gov (United States)

2010-01-01

... 7 Agriculture 9 2010-01-01 2009-01-01 true Class prices, component prices, and advanced pricing factors. 1007.50 Section 1007.50 Agriculture Regulations of the Department of Agriculture (Continued..., and advanced pricing factors. See § 1000.50. ...

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

Science.gov (United States)

2010-01-01

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

Edgeworth Price Cycles, Cost-Based Pricing, and Sticky Pricing in Retail Gasoline Markets

OpenAIRE

Michael D. Noel

2007-01-01

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

Locational Pricing to Mitigate Voltage Problems Caused by High PV Penetration

Directory of Open Access Journals (Sweden)

Sam Weckx

2015-05-01

Full Text Available In this paper, a locational marginal pricing algorithm is proposed to control the voltage in unbalanced distribution grids. The increasing amount of photovoltaic (PV generation installed in the grid may cause the voltage to rise to unacceptable levels during periods of low consumption. With locational prices, the distribution system operator can steer the reactive power consumption and active power curtailment of PV panels to guarantee a safe network operation. Flexible loads also respond to these prices. A distributed gradient algorithm automatically defines the locational prices that avoid voltage problems. Using these locational prices results in a minimum cost for the distribution operator to control the voltage. Locational prices can differ between the three phases in unbalanced grids. This is caused by a higher consumption or production in one of the phases compared to the other phases and provides the opportunity for arbitrage, where power is transferred from a phase with a low price to a phase with a high price. The effect of arbitrage is analyzed. The proposed algorithm is applied to an existing three-phase four-wire radial grid. Several simulations with realistic data are performed.

Competitive Pricing by a Price Leader

OpenAIRE

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

1994-01-01

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

Electrical and electronic principles

CERN Document Server

Knight, SA

1988-01-01

Electrical and Electronic Principles, 3 focuses on the principles involved in electrical and electronic circuits, including impedance, inductance, capacitance, and resistance.The book first deals with circuit elements and theorems, D.C. transients, and the series circuits of alternating current. Discussions focus on inductance and resistance in series, resistance and capacitance in series, power factor, impedance, circuit magnification, equation of charge, discharge of a capacitor, transfer of power, and decibels and attenuation. The manuscript then examines the parallel circuits of alternatin

Cordon Pricing Considering Air Pollutants Emission

Directory of Open Access Journals (Sweden)

Shahriar Afandizadeh

2016-04-01

Full Text Available This paper considers the issue of air pollutants emission for the optimal and sustainable determination of cordon location, toll level, and price of park and ride (P&R. Although air pollutants emission decreases within the cordon by the implementation of cordon pricing scheme, it may increase outside the cordon and the whole network. Hence, air pollutants emission may only transfer from inside of the cordon to its outside. Therefore, in this paper, a multi-objective bi-level optimization model is developed. A solution algorithm is also presented based on the second version of strength Pareto evolutionary algorithm (SPEA2. The results reveal that this multi-objective model can be a useful tool for the sustainable and optimal design of the cordon and P&R scheme. In addition, cordon pricing is a multi-objective problem. Therefore, it is necessary to consider air pollutants emission. By choosing another non-dominated result in the solution space, air pollutants emission outside the cordon and the whole network can be reduced without a significant reduction in social welfare.

List prices vs. bargain prices: which solution to estimate consumer price indices?

OpenAIRE

Carlo De Gregorio

2010-01-01

Alternative approaches to CPI surveys are here evaluated, in markets where final prices are based on some sort of price listing. Three types of surveys are compared: local surveys (LOC), with small samples and a local price collection; list price surveys (LIS), with huge samples and centralised collection; mixed surveys (MXD), in which LOC and LIS are jointly used. Based on a multiplicative pricing model, some conditions are derived to establish the relative efficiency of these approaches. Th...

Studi Banding Penyusunan Laporan Keuangan Dengan Metode Historical Cost Accounting Dan General Price Level Accounting Pada Masa Inflasi

OpenAIRE

Kodrat, David Sukardi

2006-01-01

Generally, Financial Statements are based on Historical Cost Accounting (HCA) that assumes that prices are stable. Actually, there are several methods on accounting for the effect of changing prices, such as Current Cost Accounting (Replacement Cost Accounting) and Constant Dollar Accounting or General Price Level Accounting (GPLA)). GPLA will do restatement the components of financial statement to be a rupiah on a similar level of purchasing power, but without changes in accounting principle...

STUDI BANDING PENYUSUNAN LAPORAN KEUANGAN DENGAN METODE HISTORICAL COST ACCOUNTING DAN GENERAL PRICE LEVEL ACCOUNTING PADA MASA INFLASI

OpenAIRE

David Sukardi Kodrat

2006-01-01

Generally, Financial Statements are based on Historical Cost Accounting (HCA) that assumes that prices are stable. Actually, there are several methods on accounting for the effect of changing prices, such as Current Cost Accounting (Replacement Cost Accounting) and Constant Dollar Accounting or General Price Level Accounting (GPLA)). GPLA will do restatement the components of financial statement to be a rupiah on a similar level of purchasing power, but without changes in accounting principle...

Arbitrage Pricing, Capital Asset Pricing, and Agricultural Assets

OpenAIRE

Louise M. Arthur; Colin A. Carter; Fay Abizadeh

1988-01-01

A new asset pricing model, the arbitrage pricing theory, has been developed as an alternative to the capital asset pricing model. The arbitrage pricing theory model is used to analyze the relationship between risk and return for agricultural assets. The major conclusion is that the arbitrage pricing theory results support previous capital asset pricing model findings that the estimated risk associated with agricultural assets is low. This conclusion is more robust for the arbitrage pricing th...

Output Price Risk, Material Input Price Risk, and Price Margins: Evidence from the US Catfish Industry.

Directory of Open Access Journals (Sweden)

David Bouras

2017-07-01

Full Text Available Aim/purpose - To develop a conceptual model for analyzing the impact of output price risk and material input price risk on price margins. Design/methodology/approach - To analyze the combined effect of output price risk and material input risk on price margins, we use a series of comparative static analyses, GARCH models, and data ranging from 1990/01 to 2012/12. Findings - The theoretical results indicate that the impact of output price risk and the impact of material input price risk on price margins are ambiguous and, to a great extent, hinge on the correlation between output price and material input price. The empirical results show that whole frozen catfish price risk and live catfish price risk negatively affect the price margin for frozen catfish. The empirical results, however, indicate that the risk of the price of live catfish affects markedly the price margin for frozen whole catfish in contrast to the impact of the risk of the price of frozen whole catfish. Research implications/limitations - The empirical results have significant implications for managerial decision-making especially when crafting strategies for improving price margins. Accordingly, in order to beef up the price margin for frozen whole catfish, catfish processors may consider engaging in vertical integration. This paper has some limitations: first, it assumes that firms operate in competitive markets; second, it assumes that firms produce and sell a single product. Originality/value/contribution - Unlike earlier studies that focused solely on the effect of output price risk on price margins, this paper analyzes theoretically and empirically the impact of output price risk and material input price risk on price margins.

Marketing environment dynamics and implications for pricing strategies: the case of home health care.

Science.gov (United States)

Ponsford, B J; Barlow, D

1999-01-01

This research reviews the factors affecting the pricing or rate schedules of home health care agencies. A large number of factors affect costs and thus rate structures. The major factors include reimbursement structures with accompanying discount structures, administrative burdens, and risks. Channel issues include bargaining power, competition, and size. Staffing issues affect pricing and product through the provider level, productivity, and quality outcomes. Physician and patient issues include quality concerns and choices. These factors are discussed in light of overall marketing strategy and the interaction of pricing with other marketing controllables such as product, place/distribution, and promotion. Economic and accounting principles are also reviewed with consideration to understanding direct and indirect costs in order to enable negotiators to effectively price health care services.

DEVELOPMENT OF LOW POWER WIRELESS POWER TRANSFER SYSTEM USING RESONANCE PRINCIPLE WITH SECURITY FEATURES

Directory of Open Access Journals (Sweden)

Chandrasekharan Nataraj

2017-12-01

Full Text Available This research describes a resonance principle-based low power Wireless Power Transfer (WPT system. The reflective impedance model is derived to evaluate the resonance coupling between coils. Additionally, Cockroft Walton voltage boosting circuit is incorporated to boost up the received voltage to the appropriate level, instead of using traditional conditioning circuits. The prototype model, operating at 130 kHz, is demonstrated experimentally and analysed graphically to validate the performance of designed circuit. For an overall span of 100 mm coil separation distance, the maximum efficiency of 60% with no load and 36% loaded system, is observed at a distance of 55 mm with the approximate (e.g., manual axial orientation of coils. It can be supported widely for the portable electronic products and biomedical devices. As an added contribution, the WPT circuit were enabled by a password security feature using an arduino nicrocontroller.

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

Science.gov (United States)

2010-01-01

... advanced pricing factors. 1000.53 Section 1000.53 Agriculture Regulations of the Department of Agriculture..., component prices, and advanced pricing factors. (a) On or before the 5th day of the month, the market... administrator for each Federal milk marketing order shall announce the following prices and pricing factors for...

The capital-asset-pricing model and arbitrage pricing theory: A unification

Science.gov (United States)

Khan, M. Ali; Sun, Yeneng

1997-01-01

We present a model of a financial market in which naive diversification, based simply on portfolio size and obtained as a consequence of the law of large numbers, is distinguished from efficient diversification, based on mean-variance analysis. This distinction yields a valuation formula involving only the essential risk embodied in an asset’s return, where the overall risk can be decomposed into a systematic and an unsystematic part, as in the arbitrage pricing theory; and the systematic component further decomposed into an essential and an inessential part, as in the capital-asset-pricing model. The two theories are thus unified, and their individual asset-pricing formulas shown to be equivalent to the pervasive economic principle of no arbitrage. The factors in the model are endogenously chosen by a procedure analogous to the Karhunen–Loéve expansion of continuous time stochastic processes; it has an optimality property justifying the use of a relatively small number of them to describe the underlying correlational structures. Our idealized limit model is based on a continuum of assets indexed by a hyperfinite Loeb measure space, and it is asymptotically implementable in a setting with a large but finite number of assets. Because the difficulties in the formulation of the law of large numbers with a standard continuum of random variables are well known, the model uncovers some basic phenomena not amenable to classical methods, and whose approximate counterparts are not already, or even readily, apparent in the asymptotic setting. PMID:11038614

Ex-vessel Fish Price Database: Disaggregating Prices for Low-Priced Species from Reduction Fisheries

Directory of Open Access Journals (Sweden)

Travis C. Tai

2017-11-01

Full Text Available Ex-vessel fish prices are essential for comprehensive fisheries management and socioeconomic analyses for fisheries science. In this paper, we reconstructed a global ex-vessel price database with the following areas of improvement: (1 compiling reported prices explicitly listed as “for reduction to fishmeal and fish oil” to estimate prices separately for catches destined for fishmeal and fish oil production, and other non-direct human consumption purposes; (2 including 95% confidence limit estimates for each price estimation; and (3 increasing the number of input data and the number of price estimates to match the reconstructed Sea Around Us catch database. Our primary focus was to address this first area of improvement as ex-vessel prices for catches destined for non-direct human consumption purposes were substantially overestimated, notably in countries with large reduction fisheries. For example in Peru, 2010 landed values were estimated as 3.8 billion real 2010 USD when using separate prices for reduction fisheries, compared with 5.8 billion using previous methods with only one price for all end-products. This update of the price database has significant global and country-specific impacts on fisheries price and landed value trends over time.

Two 100 m Invar® Transfer Lines at CERN : Design Principles and Operating Experience for Helium Refrigeration

CERN Document Server

Claudet, S; Millet, F; Roussel, E; Sengelin, J P

2005-01-01

The distribution of helium for the Large Hadron Collider (LHC), at CERN, will require a large variety of transfer lines. At the time of qualification of possible technologies, Invar® was investigated as potential material for internal tubes. Intensive developments were made in industry to qualify the use of Invar® M93 and its associated welding parameters. Although all tests showed good perspective, the risk associated with the lack of proven reference turned out to be dissuasive with respect to the possible cost savings for the LHC cryogenic system. However, since DN100 transfer lines were necessary for the supply and return of a test facility over a distance of 100 m, an Invar® based solution was considered, as repair or exchange would have been less dramatic than in the LHC accelerator tunnel. After recalling the technical requirements, the required material qualification will be presented as well as the design principles and operating features. This equipment has been first cooled-down to 4.5 K and acc...

Technology Transfer and Technology Transfer Intermediaries

Science.gov (United States)

Bauer, Stephen M.; Flagg, Jennifer L.

2010-01-01

A standard and comprehensive model is needed to evaluate and compare technology transfer systems and the stakeholders within these systems. The principle systems considered include federal laboratories, U.S. universities, the rehabilitation engineering research centers (RERCs), and large small business innovation research programs. An earlier…

Elucidating the hard/soft acid/base principle: A perspective based on half-reactions

International Nuclear Information System (INIS)

Ayers, Paul W.; Parr, Robert G.; Pearson, Ralph G.

2006-01-01

A comprehensive analysis is presented for the acid-base double-exchange reaction as well as the associated acid-displacement and base-displacement 'half-reactions' with the goal of elucidating the meaning of the hard/soft acid/base (HSAB) principle and the conditions for its validity. When electron-transfer effects are important and other effects are negligible, the HSAB principle is driven by the surpassing stability of the soft acid/soft base product. When electrostatic effects dominate the reactivity, the HSAB principle is driven by the surpassing stability of the hard acid/hard base product. Because electron-transfer effects favor soft/soft interactions, while electrostatic effects favor hard/hard interactions, acid-base exchange reactions may be used to determine whether a reagent's reactivity is dominated by electron-transfer or by electrostatic effects. Because electron-transfer and electrostatic considerations separately favor the HSAB principle whenever the electronic chemical potentials of the acids and bases involved in the reaction are similar, our analysis provides strong support for the HSAB principle. The electronic chemical potential measures the intrinsic strength of acids and bases

Gas pricing in Europe. Pt. 2. End-use consumption markets

International Nuclear Information System (INIS)

Donath, R.

1996-01-01

In the end-use consumption markets, gas is supplied to households, small consumers and industrial customers of retail distributors. As regards the delimitation of industrial customers receiving gas from retail distributors, there are great differences from one country to another, similarly to the market segmentation of wholesale markets.- First of all, the article points out structures and regulations in the investigated end-use consumption markets. The second part investigates cost-oriented and value-oriented pricing principles, followed by a comparison of price structures based on the Eurostat gas purchasing criteria for households and small consumers in the third part. A fourth part summarizes the results. (orig./UA) [de

Principles of heat and mass transfer

CERN Document Server

Incropera, Frank P; Bergman, Theodore L; Lavine, Adrienne S

2013-01-01

Completely updated, the seventh edition provides engineers with an in-depth look at the key concepts in the field. It incorporates new discussions on emerging areas of heat transfer, discussing technologies that are related to nanotechnology, biomedical engineering and alternative energy. The example problems are also updated to better show how to apply the material. And as engineers follow the rigorous and systematic problem-solving methodology, they'll gain an appreciation for the richness and beauty of the discipline.

Value based pricing: the least valued pricing strategy

OpenAIRE

Hoenen, Bob

2017-01-01

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

48 CFR 36.207 - Pricing fixed-price construction contracts.

Science.gov (United States)

2010-10-01

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

Field Synergy Principle for Energy Conservation Analysis and Application

Directory of Open Access Journals (Sweden)

Qun Chen

2010-01-01

Full Text Available Optimization of mass and energy transfer process is critical to improve energy efficiency. In this contribution we introduce the field synergy principle as a unified principle for analyzing and improving the performance of the transfer process. Three field synergy numbers are introduced for heat, mass, and momentum transfer, respectively, and three cases are demonstrated for validation. The results indicate that the field synergy numbers will increase when reducing the angle between the velocity vector and the temperature gradient or the species concentration gradient fields in the convective heat or mass transfer, and the overall heat or mass transfer capability is therefore enhanced. In fluid flows, it will reduce the fluid flow drag to decrease the synergy number between the velocity and the velocity gradient fields over the entire domain and to decrease the product between the fluid viscosity and the velocity gradient at the boundary simultaneously.

Logistics: Price Rises Incurred by High Oil Price

Institute of Scientific and Technical Information of China (English)

Lai Zhihui

2011-01-01

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

Nicotine reduction as an increase in the unit price of cigarettes: a behavioral economics approach.

Science.gov (United States)

Smith, Tracy T; Sved, Alan F; Hatsukami, Dorothy K; Donny, Eric C

2014-11-01

Urgent action is needed to reduce the harm caused by smoking. Product standards that reduce the addictiveness of cigarettes are now possible both in the U.S. and in countries party to the Framework Convention on Tobacco Control. Specifically, standards that required substantially reduced nicotine content in cigarettes could enable cessation in smokers and prevent future smoking among current non-smokers. Behavioral economics uses principles from the field of microeconomics to characterize how consumption of a reinforcer changes as a function of the unit price of that reinforcer (unit price=cost/reinforcer magnitude). A nicotine reduction policy might be considered an increase in the unit price of nicotine because smokers are paying more per unit of nicotine. This perspective allows principles from behavioral economics to be applied to nicotine reduction research questions, including how nicotine consumption, smoking behavior, use of other tobacco products, and use of other drugs of abuse are likely to be affected. This paper reviews the utility of this approach and evaluates the notion that a reduction in nicotine content is equivalent to a reduction in the reinforcement value of smoking-an assumption made by the unit price approach. Copyright © 2014 Elsevier Inc. All rights reserved.

Normative foundations of technology transfer and transnational benefit principles in the UNESCO Universal Declaration on Bioethics and Human Rights.

Science.gov (United States)

Faunce, Thomas Alured; Nasu, Hitoshi

2009-06-01

The United Nations Scientific, Education, and Cultural Organization Universal Declaration on Bioethics and Human Rights (UDBHR) expresses in its title and substance a controversial linkage of two normative systems: international human rights law and bioethics. The UDBHR has the status of what is known as a "nonbinding" declaration under public international law. The UDBHR's foundation within bioethics (and association, e.g., with virtue-based or principlist bioethical theories) is more problematic. Nonetheless, the UDBHR contains socially important principles of technology transfer and transnational benefit (articles 14, 15, and 21). This paper is one of the first to explore how the disciplines of bioethics and international human rights law may interact in the UDBHR to advance the policy relevance and health impact of such principles. It investigates their normative ancestry in the UDBHR, as well as relevant conceptual differences between bioethics and public international law in this respect, and how these may be relevant to their conceptual evolution and application.

Enhancing medicine price transparency through price information mechanisms.

Science.gov (United States)

Hinsch, Michael; Kaddar, Miloud; Schmitt, Sarah

2014-05-08

Medicine price information mechanisms provide an essential tool to countries that seek a better understanding of product availability, market prices and price compositions of individual medicines. To be effective and contribute to cost savings, these mechanisms need to consider prices in their particular contexts when comparing between countries. This article discusses in what ways medicine price information mechanisms can contribute to increased price transparency and how this may affect access to medicines for developing countries. We used data collected during the course of a WHO project focusing on the development of a vaccine price and procurement information mechanism. The project collected information from six medicine price information mechanisms and interviewed data managers and technical experts on key aspects as well as observed market effects of these mechanisms.The reviewed mechanisms were broken down into categories including objective and target audience, as well as the sources, types and volumes of data included. Information provided by the mechanisms was reviewed according to data available on medicine prices, product characteristics, and procurement modalities. We found indications of positive effects on access to medicines resulting from the utilization of the reviewed mechanisms. These include the uptake of higher quality medicines, more favorable results from contract negotiations, changes in national pricing policies, and the decrease of prices in certain segments for countries participating in or deriving data from the various mechanisms. The reviewed mechanisms avoid the methodological challenges observed for medicine price comparisons that only use national price databases. They work with high quality data and display prices in the appropriate context of procurement modalities as well as the peculiarities of purchasing countries. Medicine price information mechanisms respond to the need for increased medicine price transparency and have the

Dynamic Pricing

DEFF Research Database (Denmark)

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

2017-01-01

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

Experimental research on the relation between food price changes and food-purchasing patterns: a targeted review.

Science.gov (United States)

Epstein, Leonard H; Jankowiak, Noelle; Nederkoorn, Chantal; Raynor, Hollie A; French, Simone A; Finkelstein, Eric

2012-04-01

One way in which to modify food purchases is to change prices through tax policy, subsidy policy, or both. We reviewed the growing body of experimental research conducted in the laboratory and in the field that investigates the following: the extent to which price changes influence purchases of targeted and nontargeted foods, total energy, or macronutrients purchased; the interaction of price changes with adjunctive interventions; and moderators of sensitivity to price changes. After a brief overview of economic principles and observational research that addresses these issues, we present a targeted review of experimental research. Experimental research suggests that price changes modify purchases of targeted foods, but research on the overall nutritional quality of purchases is mixed because of substitution effects. There is mixed support for combining price changes with adjunctive interventions, and there are no replicated findings on moderators to price sensitivity in experiments. Additional focused research is needed to better inform food policy development with the aim of improving eating behavior and preventing obesity.

Differences in price elasticities of demand for health insurance: a systematic review.

Science.gov (United States)

Pendzialek, Jonas B; Simic, Dusan; Stock, Stephanie

2016-01-01

Many health insurance systems apply managed competition principles to control costs and quality of health care. Besides other factors, managed competition relies on a sufficient price-elastic demand. This paper presents a systematic review of empirical studies on price elasticity of demand for health insurance. The objective was to identify the differing international ranges of price elasticity and to find socio-economic as well as setting-oriented factors that influence price elasticity. Relevant literature for the topic was identified through a two-step identification process including a systematic search in appropriate databases and further searches within the references of the results. A total of 45 studies from countries such as the USA, Germany, the Netherlands, and Switzerland were found. Clear differences in price elasticity by countries were identified. While empirical studies showed a range between -0.2 and -1.0 for optional primary health insurance in the US, higher price elasticities between -0.6 and -4.2 for Germany and around -2 for Switzerland were calculated for mandatory primary health insurance. Dutch studies found price elasticities below -0.5. In consideration of all relevant studies, age and poorer health status were identified to decrease price elasticity. Other socio-economic factors had an unclear impact or too limited evidence. Premium level, range of premiums, homogeneity of benefits/coverage and degree of forced decision were found to have a major influence on price elasticity in their settings. Further influence was found from supplementary insurance and premium-dependent employer contribution.

A fair price for energy? Ownership versus market opening in the EU15

Energy Technology Data Exchange (ETDEWEB)

Fiorio, Carlo V.; Florio, Massimo [Milan Univ. (Italy). Dept. of Economics, Business and Statistics

2010-07-15

In the past two decades privatisation and liberalisation of network industries providing services of general economic interest (SGEI), have been particularly significant in the European Union. Wide variations around a common policy trend can, however, be observed across countries and sectors. We focus on electricity and gas sectors because energy sectors have usually been profit makers, not affected by direct government transfers, in contrast to other SGEI. We study the effects of privatisation and other reforms on consumer prices using both subjective data on consumers' perception of utility prices and data on average prices paid. (orig.)

Handbook of heat and mass transfer. Volume 2

International Nuclear Information System (INIS)

Cheremisinoff, N.P.

1986-01-01

This two-volume series, the work of more than 100 contributors, presents advanced topics in industrial heat and mass transfer operations and reactor design technology. Volume 2 emphasizes mass transfer and reactor design. Some of the contents discussed are: MASS TRANSFER PRINCIPLES - Effect of turbulence promoters on mass transfer. Mass transfer principles with homogeneous and heterogeneous reactions. Convective diffusion with reactions in a tube. Transient mass transfer onto small particles and drops. Modeling heat and mass transport in falling liquid films. Heat and mass transfer in film absorption. Multicomponent mass transfer: theory and applications. Diffusion limitation for reaction in porous catalysts. Kinetics and mechanisms of catalytic deactivation. DISTILLATION AND EXTRACTION - Generalized equations of state for process design. Mixture boiling. Estimating vapor pressure from normal boiling points of hydrocarbons. Estimating liquid and vapor molar fractions in distillation columns. Principles of multicomponent distillation. Generalized design methods for multicomponent distillation. Interfacial films in inorganic substances extraction. Liquid-liquid extraction in suspended slugs. MULTIPHASE REACTOR SYSTEMS - Reaction and mass transport in two-phase reactors. Mass transfer and kinetics in three-phase reactors. Estimating liquid film mass transfer coefficients in randomly packed columns. Designing packed tower wet scrubbers - emphasis on nitrogen oxides. Gas absorption in aerated mixers. Axial dispersion and heat transfer in gas-liquid bubble columns. Operation and design of trickle-bed reactors

Oil price volatility and the asymmetric response of gasoline prices to oil price increases and decreases

International Nuclear Information System (INIS)

Radchenko, S.

2005-01-01

This paper analyzes the effect of volatility in oil prices on the degree of asymmetry in the response of gasoline prices to oil price increases and decreases. Several time series measures of the asymmetry between the responses of gasoline prices to oil price increases and decreases and several measures of the oil price volatility are constructed. In all models, the degree of asymmetry in gasoline prices declines with an increase in oil price volatility. The results support the oligopolistic coordination theory as a likely explanation of the observed asymmetry and are not consistent with the standard search theory and the search theory with Bayesian updating. (author)

Stochastic processes in the social sciences: Markets, prices and wealth distributions

Science.gov (United States)

Romero, Natalia E.

The present work uses statistical mechanics tools to investigate the dynamics of markets, prices, trades and wealth distribution. We studied the evolution of market dynamics in different stages of historical development by analyzing commodity prices from two distinct periods ancient Babylon, and medieval and early modern England. We find that the first-digit distributions of both Babylon and England commodity prices follow Benfords law, indicating that the data represent empirical observations typically arising from a free market. Further, we find that the normalized prices of both Babylon and England agricultural commodities are characterized by stretched exponential distributions, and exhibit persistent correlations of a power law type over long periods of up to several centuries, in contrast to contemporary markets. Our findings suggest that similar market interactions may underlie the dynamics of ancient agricultural commodity prices, and that these interactions may remain stable across centuries. To further investigate the dynamics of markets we present the analogy between transfers of money between individuals and the transfer of energy through particle collisions by means of the kinetic theory of gases. We introduce a theoretical framework of how the micro rules of trading lead to the emergence of income and wealth distribution. Particularly, we study the effects of different types of distribution of savings/investments among individuals in a society and different welfare/subsidies redistribution policies. Results show that while considering savings propensities the models approach empirical distributions of wealth quite well the effect of redistribution better captures specific features of the distributions which earlier models failed to do; moreover the models still preserve the exponential decay observed in empirical income distributions reported by tax data and surveys.

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.

Patients' views on price shopping and price transparency.

Science.gov (United States)

Semigran, Hannah L; Gourevitch, Rebecca; Sinaiko, Anna D; Cowling, David; Mehrotra, Ateev

2017-06-01

Driven by the growth of high deductibles and price transparency initiatives, patients are being encouraged to search for prices before seeking care, yet few do so. To understand why this is the case, we interviewed individuals who were offered access to a widely used price transparency website through their employer. Qualitative interviews. We interviewed individuals enrolled in a preferred provider organization product through their health plan about their experience using the price transparency tool (if they had done so), their past medical experiences, and their opinions on shopping for care. All interviews were transcribed and manually coded using a thematic coding guide. In general, respondents expressed frustration with healthcare costs and had a positive opinion of the idea of price shopping in theory, but 2 sets of barriers limited their ability to do so in reality. The first was the salience of searching for price information. For example, respondents recognized that due to their health plan benefits design, they would not save money by switching to a lower-cost provider. Second, other factors were more important than price for respondents when choosing a provider, including quality and loyalty to current providers. We found a disconnect between respondents' enthusiasm for price shopping and their reported use of a price transparency tool to shop for care. However, many did find the tool useful for other purposes, including checking their claims history. Addressing the barriers to price shopping identified by respondents can help inform ongoing and future price transparency initiatives.

Analyzing the effects of past prices on reference price formation

OpenAIRE

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

2004-01-01

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

Forecasting Day-Ahead Electricity Prices : Utilizing Hourly Prices

NARCIS (Netherlands)

E. Raviv (Eran); K.E. Bouwman (Kees); D.J.C. van Dijk (Dick)

2013-01-01

textabstractThe daily average price of electricity represents the price of electricity to be delivered over the full next day and serves as a key reference price in the electricity market. It is an aggregate that equals the average of hourly prices for delivery during each of the 24 individual

Promoting learning transfer in preceptor preparation.

Science.gov (United States)

Finn, Frances L; Chesser-Smyth, Patricia

2013-01-01

An understanding of learning transfer principles is essential for professional development educators and managers to ensure that new skills and knowledge learned are applied to practice. This article presents a collaborative project involving the planning, design, and implementation of a preceptor training program for registered nurses. The theories and principles discussed in this article could be applied to a number of different settings and contexts in health care to promote learning transfer in professional development activities.

Charge Pricing Optimization Model for Private Charging Piles in Beijing

Directory of Open Access Journals (Sweden)

Xingping Zhang

2017-11-01

Full Text Available This paper develops a charge pricing model for private charging piles (PCPs by considering the environmental and economic effects of private electric vehicle (PEV charging energy sources and the impact of PCP charging load on the total load. This model simulates users’ responses to different combinations of peak-valley prices based on the charging power of PCPs and user charging transfer rate. According to the regional power structure, it calculates the real-time coal consumption, carbon dioxide emissions reduction, and power generation costs of PEVs on the power generation side. The empirical results demonstrate that the proposed peak-valley time-of-use charging price can not only minimize the peak-valley difference of the total load but also improve the environmental effects of PEVs and the economic income of the power system. The sensitivity analysis shows that the load-shifting effect of PCPs will be more obvious when magnifying the number of PEVs by using the proposed charging price. The case study indicates that the proposed peak, average, and valley price in Beijing should be 1.8, 1, and 0.4 yuan/kWh, which can promote the large-scale adoption of PEVs.

Experimental research on the relation between food price changes and food-purchasing patterns: a targeted review1234

Science.gov (United States)

Epstein, Leonard H; Jankowiak, Noelle; Nederkoorn, Chantal; Raynor, Hollie A; French, Simone A; Finkelstein, Eric

2012-01-01

One way in which to modify food purchases is to change prices through tax policy, subsidy policy, or both. We reviewed the growing body of experimental research conducted in the laboratory and in the field that investigates the following: the extent to which price changes influence purchases of targeted and nontargeted foods, total energy, or macronutrients purchased; the interaction of price changes with adjunctive interventions; and moderators of sensitivity to price changes. After a brief overview of economic principles and observational research that addresses these issues, we present a targeted review of experimental research. Experimental research suggests that price changes modify purchases of targeted foods, but research on the overall nutritional quality of purchases is mixed because of substitution effects. There is mixed support for combining price changes with adjunctive interventions, and there are no replicated findings on moderators to price sensitivity in experiments. Additional focused research is needed to better inform food policy development with the aim of improving eating behavior and preventing obesity. PMID:22378726

Oil prices and the stock prices of alternative energy companies

International Nuclear Information System (INIS)

Henriques, Irene; Sadorsky, Perry

2008-01-01

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

Forecasting Day-Ahead Electricity Prices: Utilizing Hourly Prices

OpenAIRE

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

2013-01-01

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

Higher Education Prices and Price Indexes. 1976 Supplement.

Science.gov (United States)

Halstead, Kent D.

The 1976 supplement presents higher education price index data for fiscal years 1971 through 1976. The basic study, "Higher Education Prices and Price Indexes" (ED 123 996) presents complete descriptions of the indexes together with index values and price data for fiscal years 1961 through 1974. Indexes are presented for research and development,…

Another look on the relationships between oil prices and energy prices

International Nuclear Information System (INIS)

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

2017-01-01

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

Handling value added tax (VAT) in economic evaluations: should prices include VAT?

Science.gov (United States)

Bech, Mickael; Christiansen, Terkel; Gyrd-Hansen, Dorte

2006-01-01

In health economic evaluations, value added tax is commonly treated as a transfer payment. Following this argument, resources are valued equal to their net-of-tax prices in economic evaluations applying a societal perspective. In this article we argue that if there is the possibility that a new healthcare intervention may expand the healthcare budget, the social cost of input factors should be the gross-of-tax prices and not the net-of-tax prices. The rising interest in cost-benefit analysis and the use of absolute thresholds, net benefit estimates and acceptability curves in cost-effectiveness analysis makes this argument highly relevant for an appropriate use of these tools in prioritisation.

The Model of Lake Operation in Water Transfer Projects Based on the Theory of Water- right

Science.gov (United States)

Bi-peng, Yan; Chao, Liu; Fang-ping, Tang

the lake operation is a very important content in Water Transfer Projects. The previous studies have not any related to water-right and water- price previous. In this paper, water right is divided into three parts, one is initialization waterright, another is by investment, and the third is government's water- right re-distribution. The water-right distribution model is also build. After analyzing the cost in water transfer project, a model and computation method for the capacity price as well as quantity price is proposed. The model of lake operation in water transfer projects base on the theory of water- right is also build. The simulation regulation for the lake was carried out by using historical data and Genetic Algorithms. Water supply and impoundment control line of the lake was proposed. The result can be used by south to north water transfer projects.

Optimal Load Response to Time-of-Use Power Price for Demand Side Management in Denmark

DEFF Research Database (Denmark)

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

2010-01-01

-of-use power price for demand side management in order to save the energy costs as much as possible. 3 typical different kinds of loads (industrial load, residential load and commercial load) in Denmark are chosen as study cases. The energy costs decrease up to 9.6% with optimal load response to time......-of-use power price for different loads. Simulation results show that the optimal load response to time-of-use power price for demand side management generates different load profiles and reduces the load peaks. This kind of load patterns may also have significant effects on the power system normal operation.......Since the hourly spot market price is available one day ahead in Denmark, the price could be transferred to the consumers and they may shift their loads from high price periods to the low price periods in order to save their energy costs. This paper presents a load optimization method to time...

Proceedings of the Fourth Forum: Energy Day of Croatia, Prices and Tariff Policy in Energy Supply; Zbornik radova Cetvrtoga foruma: Dan energije u Hrvatskoj, Cijene i tarifna politika u energetici

Energy Technology Data Exchange (ETDEWEB)

NONE

1996-12-31

The principle topic of the four Forums ``Croatian Energy Day`` was ``prices and tariff policy in energy supply``. 23 papers were presented, which were subdivided into four groups: 16th World Energy Council Congress, planning and prices in energetics, oil and natural gas prices and tariffs, and electric energy prices and tariffs.

Pricing Mining Concessions Based on Combined Multinomial Pricing Model

Directory of Open Access Journals (Sweden)

Chang Xiao

2017-01-01

Full Text Available A combined multinomial pricing model is proposed for pricing mining concession in which the annualized volatility of the price of mineral products follows a multinomial distribution. First, a combined multinomial pricing model is proposed which consists of binomial pricing models calculated according to different volatility values. Second, a method is provided to calculate the annualized volatility and the distribution. Third, the value of convenience yields is calculated based on the relationship between the futures price and the spot price. The notion of convenience yields is used to adjust our model as well. Based on an empirical study of a Chinese copper mine concession, we verify that our model is easy to use and better than the model with constant volatility when considering the changing annualized volatility of the price of the mineral product.

Resonant Inductive Power Transfer for Noncontact Launcher-Missile Interface

Science.gov (United States)

2016-08-01

implementation of a wireless power transfer system based on the concept of non-radiating inductive coupling. 14. SUBJECT TERMS Resonant Inductive Coupling... Wireless Power Transfer 15. NUMBER OF PAGES 18 16. PRICE CODE 17. SECURITY CLASSIFICATION OF REPORT UNCLASSIFIED 18. SECURITY...2 In contrast to the ideal transformer, wireless inductive power transfer assumes that the coils are no longer physically connected by an iron core

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

International Nuclear Information System (INIS)

Lim, Seul-Ye; Yoo, Seung-Hoon

2013-01-01

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

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

International Nuclear Information System (INIS)

2010-01-01

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

Reforming residential electricity tariff in China: Block tariffs pricing approach

International Nuclear Information System (INIS)

Sun, Chuanwang; Lin, Boqiang

2013-01-01

The Chinese households that make up approximately a quarter of world households are facing a residential power tariff reform in which a rising block tariff structure will be implemented, and this tariff mechanism is widely used around the world. The basic principle of the structure is to assign a higher price for higher income consumers with low price elasticity of power demand. To capture the non-linear effects of price and income on elasticities, we set up a translog demand model. The empirical findings indicate that the higher income consumers are less sensitive than those with lower income to price changes. We further put forward three proposals of Chinese residential electricity tariffs. Compared to a flat tariff, the reasonable block tariff structure generates more efficient allocation of cross-subsidies, better incentives for raising the efficiency of electricity usage and reducing emissions from power generation, which also supports the living standards of low income households. - Highlights: • We design a rising block tariff structure of residential electricity in China. • We set up a translog demand model to find the non-linear effects on elasticities. • The higher income groups are less sensitive to price changes. • Block tariff structure generates more efficient allocation of cross-subsidies. • Block tariff structure supports the living standards of low income households

Impact of optimal load response to real-time electricity price on power system constraints in Denmark

DEFF Research Database (Denmark)

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

2010-01-01

Since the hourly spot market price is available one day ahead in Denmark, the price could be transferred to the consumers and they may shift their loads from high price periods to the low price periods in order to save their energy costs. The optimal load response to a real-time electricity price...... and may represent the future of electricity markets in some ways, is chosen as the studied power system in this paper. A distribution system where wind power capacity is 126% of maximum loads is chosen as the study case. This paper presents a nonlinear load optimization method to real-time power price...... for demand side management in order to save the energy costs as much as possible. Simulation results show that the optimal load response to a real-time electricity price has some good impacts on power system constraints in a distribution system with high wind power penetrations....

Pricing strategy for aesthetic surgery: economic analysis of a resident clinic's change in fees.

Science.gov (United States)

Krieger, L M; Shaw, W W

1999-02-01

The laws of microeconomics explain how prices affect consumer purchasing decisions and thus overall revenues and profits. These principles can easily be applied to the behavior aesthetic plastic surgery patients. The UCLA Division of Plastic Surgery resident aesthetics clinic recently offered a radical price change for its services. The effects of this change on demand for services and revenue were tracked. Economic analysis was applied to see if this price change resulted in the maximization of total revenues, or if additional price changes could further optimize them. Economic analysis of pricing involves several steps. The first step is to assess demand. The number of procedures performed by a given practice at different price levels can be plotted to create a demand curve. From this curve, price sensitivities of consumers can be calculated (price elasticity of demand). This information can then be used to determine the pricing level that creates demand for the exact number of procedures that yield optimal revenues. In economic parlance, revenues are maximized by pricing services such that elasticity is equal to 1 (the point of unit elasticity). At the UCLA resident clinic, average total fees per procedure were reduced by 40 percent. This resulted in a 250-percent increase in procedures performed for representative 4-month periods before and after the price change. Net revenues increased by 52 percent. Economic analysis showed that the price elasticity of demand before the price change was 6.2. After the price change it was 1. We conclude that the magnitude of the price change resulted in a fee schedule that yielded the highest possible revenues from the resident clinic. These results show that changes in price do affect total revenue and that the nature of these effects can be understood, predicted, and maximized using the tools of microeconomics.

Insights: Simple Models for Teaching Equilibrium and Le Chatelier's Principle.

Science.gov (United States)

Russell, Joan M.

1988-01-01

Presents three models that have been effective for teaching chemical equilibrium and Le Chatelier's principle: (1) the liquid transfer model, (2) the fish model, and (3) the teeter-totter model. Explains each model and its relation to Le Chatelier's principle. (MVL)

Pricing the Services of the Computer Center at the Catholic University of Louvain. Program on Institutional Management in Higher Education.

Science.gov (United States)

Hecquet, Ignace; And Others

Principles are outlined that are used as a basis for the system of pricing the services of the Computer Centre. The system illustrates the use of a management method to secure better utilization of university resources. Departments decide how to use the appropriations granted to them and establish a system of internal prices that reflect the cost…

Price fairness

OpenAIRE

Diller, Hermann

2013-01-01

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

Effect of oil price on Nigeria’s food price volatility

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

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

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.

Delivered Pricing, FOB Pricing, and Collusion in Spatial Markets

OpenAIRE

Maria Paz Espinosa

1992-01-01

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

Regulation of electricity prices?

International Nuclear Information System (INIS)

Mihok, P.

2006-01-01

In this paper author deals with the regulation of electricity prices in the Slovak Republic. Author contests the social policy of the government through doped prices of electricity. Two thirds of electricity is generated in nuclear power plants in Slovakia. Hence, it is necessary to focus on the solution of problem of nuclear waste. In 2004 Ministry of Economy stated, that the deficit in nuclear fund, from which the country have to fully cover the costs of liquidation and final disposal of nuclear waste, is estimated in the amount of around 89 billion Slovak crowns (≅ 3.7 billion $). From it, so called historical deficit, which originated because of late foundation of fund, represents officially 15 billion Slovak crowns (≅ 0.62 billion $). In Slovakia exists the real risk, that by maintenance of present state by creation and draw of the fund, it will be possible to ensure only 39 per cent of financial sources necessary for full financial handling of the back part of nuclear energetic. Even though the Ministry of Economy in connection with privatisation of Slovenske elektrarne designed to decrease the transfers of operators of nuclear power plants into nuclear fund. In 2006 the Parliament decreased by the law the level of gains of the fund from sale of nuclear electricity (the second from two components of the gains of the fund) from 6.8 to 5.95 per cent from annual revenues. So the tax of forced reduction of the price of nuclear electricity will be represented by loading of the further generations

Pricing and Trust

DEFF Research Database (Denmark)

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

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

Engineering calculations in radiative heat transfer

CERN Document Server

Gray, W A; Hopkins, D W

1974-01-01

Engineering Calculations in Radiative Heat Transfer is a six-chapter book that first explains the basic principles of thermal radiation and direct radiative transfer. Total exchange of radiation within an enclosure containing an absorbing or non-absorbing medium is then described. Subsequent chapters detail the radiative heat transfer applications and measurement of radiation and temperature.

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

International Nuclear Information System (INIS)

Ewing, Bradley T.; Thompson, Mark A.

2007-01-01

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

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

International Nuclear Information System (INIS)

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

2015-01-01

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

Understanding Price Controls and Non-Price Competition with Matching Theory

OpenAIRE

Hatfield, John William; Plott, Charles R.; Tanaka, Tomomi

2012-01-01

We develop a quality competition model to understand how price controls affect market outcomes in buyer-seller markets with discrete goods of varying quality. While competitive equilibria do not necessarily exist in such markets when price controls are imposed, we show that stable outcomes do exist and characterize the set of stable outcomes in the presence of price restrictions. In particular, we show that price controls induce non-price competition: price floors induce the trade of ineffici...

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

International Nuclear Information System (INIS)

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

2014-01-01

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

Distributional impacts of carbon pricing: A general equilibrium approach with micro-data for households

International Nuclear Information System (INIS)

Rausch, Sebastian; Metcalf, Gilbert E.; Reilly, John M.

2011-01-01

Many policies to limit greenhouse gas emissions have at their core efforts to put a price on carbon emissions. Carbon pricing impacts households both by raising the cost of carbon intensive products and by changing factor prices. A complete analysis requires taking both effects into account. The impact of carbon pricing is determined by heterogeneity in household spending patterns across income groups as well as heterogeneity in factor income patterns across income groups. It is also affected by precise formulation of the policy (how is the revenue from carbon pricing distributed) as well as the treatment of other government policies (e.g. the treatment of transfer payments). What is often neglected in analyses of policy is the heterogeneity of impacts across households even within income or regional groups. In this paper, we incorporate 15,588 households from the U.S. Consumer and Expenditure Survey data as individual agents in a comparative-static general equilibrium framework. These households are represented within the MIT USREP model, a detailed general equilibrium model of the U.S. economy. In particular, we categorize households by full household income (factor income as well as transfer income) and apply various measures of lifetime income to distinguish households that are temporarily low-income (e.g., retired households drawing down their financial assets) from permanently low-income households. We also provide detailed within-group distributional measures of burden impacts from various policy scenarios. - Highlights: → We develop a simulation model with 15,588 households to study the distributional impacts of carbon pricing in the US. → Sources side impacts have typically been ignored in the literature biasing studies towards finding carbon pricing to be regressive. → Our general equilibrium framework allows us to capture uses and sources side impacts from carbon pricing. → We find that variation in impacts within broad socioeconomic groups may

Symmetries in jump-diffusion models with applications in option pricing and credit risk

NARCIS (Netherlands)

J.K. Hoogland (Jiri); C.D.D. Neumann; M.H. Vellekoop

2002-01-01

textabstractIt is a well known fact that local scale invariance plays a fundamental role in the theory of derivative pricing. Specific applications of this principle have been used quite often under the name of `change of numeraire', but in recent work it was shown that when invoked as a fundamental

Symmetries in Jump-Diffusion Models with Applications in Option Pricing and Credit Risk

NARCIS (Netherlands)

Hoogland, J.K.; Neumann, C.D.D.; Vellekoop, M.H.

It is a well known fact that local scale invariance plays a fundamental role in the theory of derivative pricing. Specific applications of this principle have been used quite often under the name of 'change of numeraire', but in recent work it was shown that when invoked as a fundamental first

The gas tariffing principles in France and the tariffs evolution

International Nuclear Information System (INIS)

2003-04-01

The gas tariffing, in France, is based on the cast tariffing and on the equality of treatment of the consumers. To respect these principles the gas utilities uses two actions: the prices control and the group contract between the State and Gaz de France. To illustrate this policy the tariffs evolution since 1997 are analyzed. (A.L.B.)

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

Science.gov (United States)

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

2018-01-01

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

Estimating the commodity market price of risk for energy prices

International Nuclear Information System (INIS)

Kolos, Sergey P.; Ronn, Ehud I.

2008-01-01

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

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

Directory of Open Access Journals (Sweden)

Ijeoma C. Nwoko

2016-12-01

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

Why do stumpage prices increase more than lumber prices?

Science.gov (United States)

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

1998-01-01

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

From quantum mechanics to finance: Microfoundations for jumps, spikes and high volatility phases in diffusion price processes

Science.gov (United States)

Henkel, Christof

2017-03-01

We present an agent behavior based microscopic model that induces jumps, spikes and high volatility phases in the price process of a traded asset. We transfer dynamics of thermally activated jumps of an unexcited/excited two state system discussed in the context of quantum mechanics to agent socio-economic behavior and provide microfoundations. After we link the endogenous agent behavior to price dynamics we establish the circumstances under which the dynamics converge to an Itô-diffusion price processes in the large market limit.

Option pricing: Stock price, stock velocity and the acceleration Lagrangian

Science.gov (United States)

Baaquie, Belal E.; Du, Xin; Bhanap, Jitendra

2014-12-01

The industry standard Black-Scholes option pricing formula is based on the current value of the underlying security and other fixed parameters of the model. The Black-Scholes formula, with a fixed volatility, cannot match the market's option price; instead, it has come to be used as a formula for generating the option price, once the so called implied volatility of the option is provided as additional input. The implied volatility not only is an entire surface, depending on the strike price and maturity of the option, but also depends on calendar time, changing from day to day. The point of view adopted in this paper is that the instantaneous rate of return of the security carries part of the information that is provided by implied volatility, and with a few (time-independent) parameters required for a complete pricing formula. An option pricing formula is developed that is based on knowing the value of both the current price and rate of return of the underlying security which in physics is called velocity. Using an acceleration Lagrangian model based on the formalism of quantum mathematics, we derive the pricing formula for European call options. The implied volatility of the market can be generated by our pricing formula. Our option price is applied to foreign exchange rates and equities and the accuracy is compared with Black-Scholes pricing formula and with the market price.

Transfer vibration through spine

OpenAIRE

Benyovszky, Adam

2012-01-01

Transfer Vibration through Spine Abstract In the bachelor project we deal with the topic of Transfer Vibration through Spine. The problem of TVS is trying to be solved by the critical review method. We analyse some diagnostic methods and methods of treatment based on this principle. Close attention is paid to the method of Transfer Vibration through Spine that is being currently solved by The Research Institute of Thermomechanics in The Czech Academy of Sciences in cooperation with Faculty of...

Consistent Estimation of Pricing Kernels from Noisy Price Data

OpenAIRE

Vladislav Kargin

2003-01-01

If pricing kernels are assumed non-negative then the inverse problem of finding the pricing kernel is well-posed. The constrained least squares method provides a consistent estimate of the pricing kernel. When the data are limited, a new method is suggested: relaxed maximization of the relative entropy. This estimator is also consistent. Keywords: $\\epsilon$-entropy, non-parametric estimation, pricing kernel, inverse problems.

Controlling market power and price spikes in electricity networks: Demand-side bidding.

Science.gov (United States)

Rassenti, Stephen J; Smith, Vernon L; Wilson, Bart J

2003-03-04

In this article we report an experiment that examines how demand-side bidding can discipline generators in a market for electric power. First we develop a treatment without demand-side bidding; two large firms are allocated baseload and intermediate cost generators such that either firm might unilaterally withhold the capacity of its intermediate cost generators from the market to benefit from the supracompetitive prices that would result from only selling its baseload units. In a converse treatment, ownership of some of the intermediate cost generators is transferred from each of these firms to two other firms such that no one firm could unilaterally restrict output to spawn supracompetitive prices. Having established a well controlled data set with price spikes paralleling those observed in the naturally occurring economy, we also extend the design to include demand-side bidding. We find that demand-side bidding completely neutralizes the exercise of market power and eliminates price spikes even in the presence of structural market power.

Pricing Decisions of a Dual-Channel Closed-Loop Supply Chain under Uncertain Demand of Indirect Channel

Directory of Open Access Journals (Sweden)

Jie Gao

2016-01-01

Full Text Available The dual-channel closed-loop supply chain (CLSC which is composed of one manufacturer and one retailer under uncertain demand of an indirect channel is constructed. In this paper, we establish three pricing models under decentralized decision making, namely, the Nash game between the manufacturer and the retailer, the manufacturer-Stackelberg game, and the retailer-Stackelberg game, to investigate pricing decisions of the CLSC in which the manufacturer uses the direct channel and indirect channel to sell products and entrusts the retailer to collect the used products. We numerically analyze the impact of customer acceptance of the direct channel (θ on pricing decisions and excepted profits of the CLSC. The results show that when the variable θ changes in a certain range, the wholesale price, retail price, and expected profits of the retailer all decrease when θ increases, while the direct online sales price and manufacturer’s expected profits in the retailer-Stackelberg game all increase when θ increases. However, the optimal recycling transfer price and optimal acquisition price of used product are unaffected by θ.

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

Science.gov (United States)

2010-10-01

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

Mass Transfer Operations for the Practicing Engineer

CERN Document Server

Theodore, Louis

2011-01-01

Part of the Essential Engineering Calculations Series, this book presents step-by-step solutions of the basic principles of mass transfer operations, including sample problems and solutions and their applications, such as distillation, absorption, and stripping. Presenting the subject from a strictly pragmatic point of view, providing both the principles of mass transfer operations and their applications, with clear instructions on how to carry out the basic calculations needed, the book also covers topics useful for readers taking their professional exams.

Principles of Logistics Applied to Railway Passenger Transport

Directory of Open Access Journals (Sweden)

Vojtek Martin

2017-01-01

Full Text Available Main challenge of logistics is delivering right assortment of products in exact amount, to exact place, in exact time, ecologically and for exact price. Logistics deals with freight transport but when the word ‘products’ is changed to ‘passengers’, then many principles can be applied to passenger transport. Railway passenger transport is the key part of passenger transport system, so it is necessary to optimize it on logistics philosophy at first.

Optimal dynamic pricing and replenishment policy for perishable items with inventory-level-dependent demand

Science.gov (United States)

Lu, Lihao; Zhang, Jianxiong; Tang, Wansheng

2016-04-01

An inventory system for perishable items with limited replenishment capacity is introduced in this paper. The demand rate depends on the stock quantity displayed in the store as well as the sales price. With the goal to realise profit maximisation, an optimisation problem is addressed to seek for the optimal joint dynamic pricing and replenishment policy which is obtained by solving the optimisation problem with Pontryagin's maximum principle. A joint mixed policy, in which the sales price is a static decision variable and the replenishment rate remains to be a dynamic decision variable, is presented to compare with the joint dynamic policy. Numerical results demonstrate the advantages of the joint dynamic one, and further show the effects of different system parameters on the optimal joint dynamic policy and the maximal total profit.

Price Regulations in a Multi-unit Uniform Price Auction

DEFF Research Database (Denmark)

Boom, Anette

not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small......Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...

Price Regulations in a Multi-unit Uniform Price Auction

DEFF Research Database (Denmark)

Boom, Anette

Inspired by recent regulations in the New York ICAP market we examine the effect of different price regulations on a multi-unit uniform price auction. We investigate a bid cap and a bid foor. Given suffciently high total capacities general bid caps always ensure that the market price does...... not exceed the price cap whereas a selective bid cap for only the larger firms, does not guarantee this outcome. A sufficiently high bid floor always destroys pure strategy equilibria with equilibrium prices above the marginal costs, no matter whether the floor applies to all or only to relatively small...

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

Science.gov (United States)

2010-10-01

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

Risk Contagion in Chinese Banking Industry: A Transfer Entropy-Based Analysis

Directory of Open Access Journals (Sweden)

Jianping Li

2013-12-01

Full Text Available What is the impact of a bank failure on the whole banking industry? To resolve this issue, the paper develops a transfer entropy-based method to determine the interbank exposure matrix between banks. This method constructs the interbank market structure by calculating the transfer entropy matrix using bank stock price sequences. This paper also evaluates the stability of Chinese banking system by simulating the risk contagion process. This paper contributes to the literature on interbank contagion mainly in two ways: it establishes a convincing connection between interbank market and transfer entropy, and exploits the market information (stock price rather than presumptions to determine the interbank exposure matrix. Second, the empirical analysis provides an in depth understanding of the stability of the current Chinese banking system.

The Impact of Economic Agents Perceptions on Stock Price Volatility

Directory of Open Access Journals (Sweden)

Jaroslav Bukovina

2015-01-01

Full Text Available This paper studies perceptions of economic subjects and its impact on stock prices. Perceptions are represented by stock market indexes and Facebook activity. The contribution of this paper is twofold. In the first place, this paper analyzes the unique data of Facebook activity and proposes the methodology for employment of social networks as a proxy variable which represents the perceptions of information in society related to the specific company. The second contribution is the proposal of potential link between social network principles and theories of behavioral economics. Overall, the author finds the negative impact of Facebook activity on stock prices and the positive impact of stock market indices. The author points the implications of findings to protection of company reputation and to investment strategy based on the existence of undervalued stocks.

Exporter Price Premia?

DEFF Research Database (Denmark)

Jäkel, Ina Charlotte; Sørensen, Allan

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

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

Science.gov (United States)

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

2015-07-01

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

A Dynamic Programming Approach for Pricing Weather Derivatives under Issuer Default Risk

Directory of Open Access Journals (Sweden)

Wolfgang Karl Härdle

2017-10-01

Full Text Available Weather derivatives are contingent claims with payoff based on a pre-specified weather index. Firms exposed to weather risk can transfer it to financial markets via weather derivatives. We develop a utility-based model for pricing baskets of weather derivatives under default risk on the issuer side in over-the-counter markets. In our model, agents maximise the expected utility of their terminal wealth, while they dynamically rebalance their weather portfolios over a finite investment horizon. Using dynamic programming approach, we obtain semi-closed forms for the equilibrium prices of weather derivatives and for the optimal strategies of the agents. We give an example on how to price rainfall derivatives on selected stations in China in the universe of a financial investor and a weather exposed crop insurer.

TRANSFER OF MARKETING KNOWLEDGE IN THAI INTERNATIONAL JOINT VENTURE FIRMS

Directory of Open Access Journals (Sweden)

Osman Mohamad

2010-07-01

Full Text Available The focus of this study is the transfer of marketing knowledge within Thai joint venture firms. The perspectives of Thai managers were surveyed using a structured instrument. The analysis identifies seven dimensions of marketing management knowledge: promotion management, price management, logistics management, product innovation management, strategic marketing management, cross-cultural management, and target marketing management. The incidence of transfer is highest for activities in strategic marketing management, followed by price management. Transfer in product innovation management and target marketing management tends to vary with the age of the joint venture. Joint venture firms with foreign partners originating from Western, advanced, industrialised nations recorded the highest incidence of knowledge transfer occurring within product innovation management. This trend also holds true for the management of promotion activities. The incidence of transfer in target marketing management is lowest among firms with foreign partners from neighbouring nations. The incidence of knowledge transfer within product innovation and target marketing also tends to vary with the age of the joint venture. An analysis based on industry classification revealed that the transfer of knowledge regarding logistics management occurs most for firms in the manufacturing sector. In the service sector, the highest incidence of knowledge transfer within the areas of promotion management and target marketing management occurred in the agricultural sector.

LEGAL PRINCIPLES IN FUNCTION AND PERFORMANCE OF BOT CONTRACT

Directory of Open Access Journals (Sweden)

Reifon Cristabella Eventia

2017-09-01

Full Text Available Build, Operate and Transfer (BOT represents a long term partnership of the government and private sector. In BOT project, either the government or a private sector identifies a need for a development project. The philosophy in BOT contract begins from the increasing infrastructural needs in all areas and with a limited budget, government are required to commit the duties and functions state governance so that the concept of BOT give a solution through a partnership with the private sector. The government then gives a concession to the private sector to build the project and operate it for a fixed period years, after the period ended, the building shall be transferred to the government. Through BOT, the country is able to gain asset without government spending while maintaining a measure of regulatory control over the project. BOT permits the government to use private sector fund to finance public infrastructure development. The main issues elaborated in this article are the legal principle in the formation of BOT contract and the legal principle in the performance of BOT contract. There are two results; firstly, in the formation of a BOT contract, the principles of partnership and the principle of transparency should be emphasized. Secondly, in performance of the BOT contract, the principle of risk management and the principle of proportionality should be clearly stated in the rules and legal norms.

The transfer of nuclear technology: necessities and limitations

International Nuclear Information System (INIS)

Haunschild, H.-H.

1978-01-01

Political and economical importance of the transfer of nuclear technologies to less developed countries is examined. Energy needs of the world create the necessity of technology transfer. Three levels are distinguished: 1) Basic elements of cooperation are agreed between the two Governments, 2) scientific cooperation and 3) industrial cooperation. Technology transfer is more than mere technology export. Limitations of nuclear technology transfer are: the lack of infrastructure, the high price of a nuclear power station but above all the problem of proliferation. In conclusion the solution of international problems of nuclear energy is the concept of cooperation on the basis of equal rights

Price Recall, Bertrand Paradox and Price Dispersion With Elastic Demand

NARCIS (Netherlands)

Carvalho, M.

2009-01-01

This paper studies the consequence of an imprecise recall of the price by the consumers in the Bertrand price competition model for a homogeneous good. It is shown that firms can exploit this weakness and charge prices above the competitive price. This markup increases for rougher recall of the

Analyzing the effects of past prices on reference price formation

NARCIS (Netherlands)

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

2004-01-01

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

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

International Nuclear Information System (INIS)

Narayan, Paresh Kumar; Narayan, Seema

2010-01-01

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

Drug Pricing Reforms

DEFF Research Database (Denmark)

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

2015-01-01

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

On the instance of misuse of unprofitable energy prices under cartel law

International Nuclear Information System (INIS)

Schoening, M.

1993-01-01

The practice of fixing prices which do not cover the costs can on principle not be considered an instance of misuse pursuant to Articles 22 Section 4 Clause 2 No. 2, 103 Section 5 Clause 2 No. 2 of the GWB (cartel laws). If the authority for the supervision of cartels takes action against companies operating with unprofitable prices, this constitutes a violation not only of cartel law, but also of the constitution. The cartel authorities have no right to dismiss a dominating company's referral to poor business prospects on the ground that its business report is theoretically manipulable. Rather, the burden of proof of concealment is on the authorities. (orig.) [de

House prices and the macroeconomic environment in Turkey: The examination of a dynamic relationship

Directory of Open Access Journals (Sweden)

Yıldırım Mustafa Ozan

2017-01-01

Full Text Available The aim of this paper is to examine the dynamic relationship between house prices, income, interest rates, housing permits, and share prices in Turkey, using Structural Vector Autoregressive (SVAR models. This paper uses both monthly and quarterly data for the Turkish economy and applies four different SVAR models to reveal this dynamic relationship over the 2003-2016 period. The results show statistically significant and substantial relationships between the variables. The analysis also shows that house prices and housing permits as housing market variables are very sensitive to monetary policy and income shocks. The key finding of the study for policymakers is that a change in mortgage rates is the factor that most changes house prices. The study also shows that the housing market plays an important role in transferring monetary policy to the real economy in Turkey.

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

OpenAIRE

Delgado, Fernanda Jose Cuadra

2013-01-01

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

Transfer Mispricing as an Argument for Corporate Social Responsibility

OpenAIRE

Asongu, Simplice; Nwachukwu, Jacinta C.

2016-01-01

This article presents a case for transfer mispricing as an argument for Corporate Social Responsibility (CSR). The argument builds on the position that in order to compensate for potential loss of brand image and reputation, Multinational Companies (MNCs) would be more socially responsible when they are operating in countries where the legislation and laws in place are not effective at identifying and sanctioning transfer mispricing. We first discuss the dark side of transfer pricing (TP), ne...

Sources of Funding and Academic Performance in Economics Principles Courses

Science.gov (United States)

Faulk, Dagney; Srinivasan, Arun K.; Bingham, Jon

2012-01-01

The authors examine two factors that may affect student achievement in economics principles courses: working for pay and the primary source of funds (employer tuition reimbursement, loans, scholarships, financial aid, self-financing, parental transfers, other) used to pay for college for a sample of students in economics principles classes at a…

Natural gas pricing

International Nuclear Information System (INIS)

Freedenthal, C.

1993-01-01

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

Testing causal relationships between wholesale electricity prices and primary energy prices

International Nuclear Information System (INIS)

Nakajima, Tadahiro; Hamori, Shigeyuki

2013-01-01

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

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

Science.gov (United States)

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

2011-12-01

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

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

Science.gov (United States)

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

2003-01-01

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

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

Science.gov (United States)

Herr, Annika; Suppliet, Moritz

2017-12-01

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

The European carbon market (2005-2007): banking, pricing and risk hedging strategies

International Nuclear Information System (INIS)

Chevallier, J.

2008-11-01

This thesis investigates the market rules of the European carbon market (EU ETS) during 2005-2007. We provide theoretical and empirical analyses of banking and borrowing provisions, price drivers and risk hedging strategies attached to tradable quotas, which were introduced to cover the CO 2 emissions of around 10,600 installations in Europe. In Chapter 1, we outline the economic and environmental effects of banking and borrowing on tradable permits markets. More specifically, we examine the banking and borrowing provisions adopted in the EU ETS, and the effects of banning banking between Phases I and II on CO 2 price changes. We show statistically that the low levels of CO 2 prices recorded until the end of Phase I may be explained by the restriction on the inter-period transfer of allowances, besides the main explanations that were identified by market observers. In Chapter 2, we identify the carbon price drivers since the launch of the EU ETS on January 1, 2005. We emphasize the central role played by the 2005 yearly compliance event imposed by the European Commission in revealing the net short/long position at the installation level in terms of allowances allocated with respect to verified emissions. The main result of this study features that price drivers of CO 2 allowances linked to energy market prices and unanticipated weather events vary around institutional events. Moreover, we show the influence of the variation of industrial production in three sectors covered by the EU ETS on CO 2 price changes by applying a disentangling analysis, that has also been extended at the country-level. In Chapter 3, we focus on the risk hedging strategies linked to holding CO 2 allowances. By using a methodology applied on stock markets, we recover the changes in investors' average risk aversion. This study shows that, during the time period considered, risk aversion has been higher on the carbon market than on the stock market, and that the risk is linked to an increasing

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

OpenAIRE

Ekström, Erik; Hobson, David

2009-01-01

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

The Hotelling Principle, backwardation of futures prices and the values of developed petroleum reserves. The production constraint hypothesis

International Nuclear Information System (INIS)

Thompson, A.C.

2001-01-01

We explore the practitioner-stylized facts that petroleum wells require large initial investments, have daily production capacities, and have small marginal costs for production rates meaningfully below these capacities. Long-run backwardation of futures prices is required to induce drilling new wells. In contrast to Miller and Upton (1985a,b) and Litzenberger and Rabinowitz (1995), production from developed reserves is essentially a corner solution at capacity regardless of backwardation or price volatility. Economically interesting supply decisions take the form of investment in exploration and drilling. Empirical evidence strongly rejects the Miller and Upton hypothesis in favor of our more general model

Prospects for Money Transfer Models

OpenAIRE

Yougui Wang; Ning Ding; Ning Xi

2005-01-01

Recently, in order to explore the mechanism behind wealth or income distribution, several models have been proposed by applying principles of statistical mechanics. These models share some characteristics, such as consisting of a group of individual agents, a pile of money and a specific trading rule. Whatever the trading rule is, the most noteworthy fact is that money is always transferred from one agent to another in the transferring process. So we call them money transfer models. Besides e...

How Does Pricing of Day-ahead Electricity Market Affect Put Option Pricing?

Directory of Open Access Journals (Sweden)

H. Raouf Sheybani

2016-09-01

Full Text Available In this paper, impacts of day-ahead market pricing on behavior of producers and consumers in option and day-ahead markets and on option pricing are studied. To this end, two comprehensive equilibrium models for joint put option and day-ahead markets under pay-as-bid and uniform pricing in day-ahead market are presented, respectively. Interaction between put option and day-ahead markets, uncertainty in fuel price, day-ahead market pricing, and elasticity of consumers to strike price, premium price, and day-ahead price are taken into account in these models. By applying the presented models to a test system impact of day-ahead market pricing on equilibrium of joint put option and day-ahead markets are studied.

Gold prices

OpenAIRE

Joseph G. Haubrich

1998-01-01

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

Transfer function analysis of radiographic imaging systems

International Nuclear Information System (INIS)

Metz, C.E.; Doi, K.

1979-01-01

The theoretical and experimental aspects of the techniques of transfer function analysis used in radiographic imaging systems are reviewed. The mathematical principles of transfer function analysis are developed for linear, shift-invariant imaging systems, for the relation between object and image and for the image due to a sinusoidal plane wave object. The other basic mathematical principle discussed is 'Fourier analysis' and its application to an input function. Other aspects of transfer function analysis included are alternative expressions for the 'optical transfer function' of imaging systems and expressions are derived for both serial and parallel transfer image sub-systems. The applications of transfer function analysis to radiographic imaging systems are discussed in relation to the linearisation of the radiographic imaging system, the object, the geometrical unsharpness, the screen-film system unsharpness, other unsharpness effects and finally noise analysis. It is concluded that extensive theoretical, computer simulation and experimental studies have demonstrated that the techniques of transfer function analysis provide an accurate and reliable means for predicting and understanding the effects of various radiographic imaging system components in most practical diagnostic medical imaging situations. (U.K.)

On the Trade-off Between Real-time Pricing and the Social Acceptability Costs of Demand Response

DEFF Research Database (Denmark)

da Silva, Hendrigo Batista; Santiago, Leonardo

2018-01-01

on the social acceptability costs of implementing demand response programs, and we discuss the key features of implementing a real-time price to energy. Although the literature acknowledges the existence of a social acceptability cost, it does not propose an explicit approach to dealing with this issue. A model...... for investigating the implications of the social acceptability cost is thus introduced and through it, we discuss thoroughly the joint impact of the elasticity and externality parameters on the tariff design of a demand response program. We explore how the increases in elasticity and in externality effects...... influence price changes in such programs and how the social acceptability cost could be reduced as a function of pricing policies. We conclude by discussing the policy design mechanisms in line with demand elasticity and their role in decreasing price variations to cope with the minimum volatility principle...

Value-based differential pricing: efficient prices for drugs in a global context.

Science.gov (United States)

Danzon, Patricia; Towse, Adrian; Mestre-Ferrandiz, Jorge

2015-03-01

This paper analyzes pharmaceutical pricing between and within countries to achieve second-best static and dynamic efficiency. We distinguish countries with and without universal insurance, because insurance undermines patients' price sensitivity, potentially leading to prices above second-best efficient levels. In countries with universal insurance, if each payer unilaterally sets an incremental cost-effectiveness ratio (ICER) threshold based on its citizens' willingness-to-pay for health; manufacturers price to that ICER threshold; and payers limit reimbursement to patients for whom a drug is cost-effective at that price and ICER, then the resulting price levels and use within each country and price differentials across countries are roughly consistent with second-best static and dynamic efficiency. These value-based prices are expected to differ cross-nationally with per capita income and be broadly consistent with Ramsey optimal prices. Countries without comprehensive insurance avoid its distorting effects on prices but also lack financial protection and affordability for the poor. Improving pricing efficiency in these self-pay countries includes improving regulation and consumer information about product quality and enabling firms to price discriminate within and between countries. © 2013 The Authors. Health Economics published by John Wiley & Sons Ltd.

Landgericht Stuttgart condemns power price boycotters to payment

International Nuclear Information System (INIS)

Anon.

1981-01-01

With its judgment of 18th December 1980 - 10 0 164/80 - the LG Stuttgart has condemned an electricity customer who, being an opponent of nuclear energy, had been keeping back ten per cent of the power price and transfering this amount to a trust account to the payment of the arrears. A public utility company cooperating with a nuclear power plant and supplying its customers with electric power from this npp had submitted its claim. (orig./HP) [de

Strategies for price reduction of HIV medicines under a monopoly situation in Brazil

Directory of Open Access Journals (Sweden)

Gabriela Costa Chaves

2015-01-01

Full Text Available ABSTRACT OBJECTIVE To analyze Government strategies for reducing prices of antiretroviral medicines for HIV in Brazil. METHODS Analysis of Ministry of Health purchases of antiretroviral medicines, from 2005 to 2013. Expenditures and costs of the treatment per year were analyzed and compared to international prices of atazanavir. Price reductions were estimated based on the terms of a voluntary license of patent rights and technology transfer in the Partnership for Productive Development Agreement for atazanavir. RESULTS Atazanavir, a patented medicine, represented a significant share of the expenditures on antiretrovirals purchased from the private sector. Prices in Brazil were higher than international references, and no evidence was found of a relationship between purchase volume and price paid by the Ministry of Health. Concerning the latest strategy to reduce prices, involving local production of the 200 mg capsule, the price reduction was greater than the estimated reduction. As for the 300 mg capsule, the amounts paid in the first two years after the Partnership for Productive Development Agreement were close to the estimated values. Prices in nominal values for both dosage forms remained virtually constant between 2011 (the signature of the Partnership for Productive Development Agreement, 2012 and 2013 (after the establishment of the Partnership. CONCLUSIONS Price reduction of medicines is complex in limited-competition environments. The use of a Partnership for Productive Development Agreement as a strategy to increase the capacity of local production and to reduce prices raises issues regarding its effectiveness in reducing prices and to overcome patent barriers. Investments in research and development that can stimulate technological accumulation should be considered by the Government to strengthen its bargaining power to negotiate medicines prices under a monopoly situation.

Strategies for price reduction of HIV medicines under a monopoly situation in Brazil

Science.gov (United States)

Chaves, Gabriela Costa; Hasenclever, Lia; Osorio-de-Castro, Claudia Garcia Serpa; Oliveira, Maria Auxiliadora

2016-01-01

ABSTRACT OBJECTIVE To analyze Government strategies for reducing prices of antiretroviral medicines for HIV in Brazil. METHODS Analysis of Ministry of Health purchases of antiretroviral medicines, from 2005 to 2013. Expenditures and costs of the treatment per year were analyzed and compared to international prices of atazanavir. Price reductions were estimated based on the terms of a voluntary license of patent rights and technology transfer in the Partnership for Productive Development Agreement for atazanavir. RESULTS Atazanavir, a patented medicine, represented a significant share of the expenditures on antiretrovirals purchased from the private sector. Prices in Brazil were higher than international references, and no evidence was found of a relationship between purchase volume and price paid by the Ministry of Health. Concerning the latest strategy to reduce prices, involving local production of the 200 mg capsule, the price reduction was greater than the estimated reduction. As for the 300 mg capsule, the amounts paid in the first two years after the Partnership for Productive Development Agreement were close to the estimated values. Prices in nominal values for both dosage forms remained virtually constant between 2011 (the signature of the Partnership for Productive Development Agreement), 2012 and 2013 (after the establishment of the Partnership). CONCLUSIONS Price reduction of medicines is complex in limited-competition environments. The use of a Partnership for Productive Development Agreement as a strategy to increase the capacity of local production and to reduce prices raises issues regarding its effectiveness in reducing prices and to overcome patent barriers. Investments in research and development that can stimulate technological accumulation should be considered by the Government to strengthen its bargaining power to negotiate medicines prices under a monopoly situation. PMID:26759969

Modeling the relationship between the oil price and global food prices

International Nuclear Information System (INIS)

Chen, Sheng-Tung; Kuo, Hsiao-I; Chen, Chi-Chung

2010-01-01

The growth of corn-based ethanol production and soybean-based bio-diesel production following the increase in the oil prices have significantly affect the world agricultural grain productions and its prices. The main purpose of this paper is to investigate the relationships between the crude oil price and the global grain prices for corn, soybean, and wheat. The empirical results show that the change in each grain price is significantly influenced by the changes in the crude oil price and other grain prices during the period extending from the 3rd week in 2005 to the 20th week in 2008 which implies that grain commodities are competing with the derived demand for bio-fuels by using soybean or corn to produce ethanol or bio-diesel during the period of higher crude oil prices in these recent years. The subsidy policies in relation to the bio-fuel industries in some nations engaging in bio-fuel production should be considered to avoid the consequences resulting from high oil prices. (author)

Energy prices and taxes

International Nuclear Information System (INIS)

2004-01-01

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

Test Pricing and Reimbursement in Genomic Medicine: Towards a General Strategy.

Science.gov (United States)

Vozikis, Athanassios; Cooper, David N; Mitropoulou, Christina; Kambouris, Manousos E; Brand, Angela; Dolzan, Vita; Fortina, Paolo; Innocenti, Federico; Lee, Ming Ta Michael; Leyens, Lada; Macek, Milan; Al-Mulla, Fahd; Prainsack, Barbara; Squassina, Alessio; Taruscio, Domenica; van Schaik, Ron H; Vayena, Effy; Williams, Marc S; Patrinos, George P

2016-01-01

This paper aims to provide an overview of the rationale and basic principles guiding the governance of genomic testing services, to clarify their objectives, and allocate and define responsibilities among stakeholders in a health-care system, with a special focus on the EU countries. Particular attention is paid to issues pertaining to pricing and reimbursement policies, the availability of essential genomic tests which differs between various countries owing to differences in disease prevalence and public health relevance, the prescribing and use of genomic testing services according to existing or new guidelines, budgetary and fiscal control, the balance between price and access to innovative testing, monitoring and evaluation for cost-effectiveness and safety, and the development of research capacity. We conclude that addressing the specific items put forward in this article will help to create a robust policy in relation to pricing and reimbursement in genomic medicine. This will contribute to an effective and sustainable health-care system and will prove beneficial to the economy at large. © 2016 S. Karger AG, Basel.

Psychological Prices and Price Rigidity in Grocery Retailing: Analysis of German Scanner Data

OpenAIRE

Herrmann, Roland; Moeser, Anke

2005-01-01

A substantial degree of price rigidity has been reported for branded foods in various studies with scanner data. One possible explanation for price rigidity is the existence of psychological pricing points. We analyze to which extent psychological pricing plays a role in grocery retailing and whether it contributes to price rigidity of branded foods in Germany. Psychological pricing defined here as just-below-the-round-figure-pricing is empirically analyzed with scanner data of weekly prices ...

Value-based pricing

OpenAIRE

Netseva-Porcheva Tatyana

2010-01-01

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

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

Science.gov (United States)

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

2005-04-01

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

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

Science.gov (United States)

2010-10-01

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

The Earnings/Price Risk Factor in Capital Asset Pricing Models

Directory of Open Access Journals (Sweden)

Rafael Falcão Noda

2015-01-01

Full Text Available This article integrates the ideas from two major lines of research on cost of equity and asset pricing: multi-factor models and ex ante accounting models. The earnings/price ratio is used as a proxy for the ex ante cost of equity, in order to explain realized returns of Brazilian companies within the period from 1995 to 2013. The initial finding was that stocks with high (low earnings/price ratios have higher (lower risk-adjusted realized returns, already controlled by the capital asset pricing model's beta. The results show that selecting stocks based on high earnings/price ratios has led to significantly higher risk-adjusted returns in the Brazilian market, with average abnormal returns close to 1.3% per month. We design asset pricing models including an earnings/price risk factor, i.e. high earnings minus low earnings, based on the Fama and French three-factor model. We conclude that such a risk factor is significant to explain returns on portfolios, even when controlled by size and market/book ratios. Models including the high earnings minus low earnings risk factor were better to explain stock returns in Brazil when compared to the capital asset pricing model and to the Fama and French three-factor model, having the lowest number of significant intercepts. These findings may be due to the impact of historically high inflation rates, which reduce the information content of book values, thus making the models based on earnings/price ratios better than those based on market/book ratios. Such results are different from those obtained in more developed markets and the superiority of the earnings/price ratio for asset pricing may also exist in other emerging markets.

Stochastic control theory dynamic programming principle

CERN Document Server

Nisio, Makiko

2015-01-01

This book offers a systematic introduction to the optimal stochastic control theory via the dynamic programming principle, which is a powerful tool to analyze control problems. First we consider completely observable control problems with finite horizons. Using a time discretization we construct a nonlinear semigroup related to the dynamic programming principle (DPP), whose generator provides the Hamilton–Jacobi–Bellman (HJB) equation, and we characterize the value function via the nonlinear semigroup, besides the viscosity solution theory. When we control not only the dynamics of a system but also the terminal time of its evolution, control-stopping problems arise. This problem is treated in the same frameworks, via the nonlinear semigroup. Its results are applicable to the American option price problem. Zero-sum two-player time-homogeneous stochastic differential games and viscosity solutions of the Isaacs equations arising from such games are studied via a nonlinear semigroup related to DPP (the min-ma...

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

Science.gov (United States)

2010-10-01

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