WorldWideScience

Sample records for unit price bid

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

    DEFF Research Database (Denmark)

    Boom, Anette

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

  2. Study on Comparison of Bidding and Pricing Behavior Distinction between Estimate Methods

    Science.gov (United States)

    Morimoto, Emi; Namerikawa, Susumu

    The most characteristic trend on bidding and pricing behavior distinction in recent years is the increasing number of bidders just above the criteria for low-price bidding investigations. The contractor's markup is the difference between the bidding price and the execution price. Therefore, the contractor's markup is the difference between criteria for low-price bidding investigations price and the execution price in the public works bid in Japan. Virtually, bidder's strategies and behavior have been controlled by public engineer's budgets. Estimation and bid are inseparably linked in the Japanese public works procurement system. The trial of the unit price-type estimation method begins in 2004. On another front, accumulated estimation method is one of the general methods in public works. So, there are two types of standard estimation methods in Japan. In this study, we did a statistical analysis on the bid information of civil engineering works for the Ministry of Land, Infrastructure, and Transportation in 2008. It presents several issues that bidding and pricing behavior is related to an estimation method (several estimation methods) for public works bid in Japan. The two types of standard estimation methods produce different results that number of bidders (decide on bid-no bid strategy) and distribution of bid price (decide on mark-up strategy).The comparison on the distribution of bid prices showed that the percentage of the bid concentrated on the criteria for low-price bidding investigations have had a tendency to get higher in the large-sized public works by the unit price-type estimation method, comparing with the accumulated estimation method. On one hand, the number of bidders who bids for public works estimated unit-price tends to increase significantly Public works estimated unit-price is likely to have been one of the factors for the construction companies to decide if they participate in the biddings.

  3. 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...

  4. 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...

  5. Research Note--Strategic Bid-Shading and Sequential Auctioning with Learning from Past Prices

    OpenAIRE

    Robert Zeithammer

    2007-01-01

    This paper analyzes sequential auctioning of single units of an indivisible good to a fluctuating population composed of overlapping generations of unit-demand bidders. Two phenomena emergent in such a market are investigated: forward-looking bidding strategies, and closed-loop selling strategies that involve learning from past prices. The buyers shade their bids down, i.e., bid less than they would in a single isolated auction, whenever they expect the seller to sell another unit of the good...

  6. A Generation Pricing Method with Capacity Bidding

    Institute of Scientific and Technical Information of China (English)

    2001-01-01

    Due to historic reasons China encounters some special difficulties in ESI (electricity system industry) restructuring. An easy and simple electricity value equivalent (es-EVE) method for day-ahead pool purchase pricing of China is therefore presented in this paper. The es-EVE method is different from two-part and one-part tariffs. It is more like the UK's method in form, but revised for China with some new concepts and procedure. The main contributions of it include: (1) Find two kinds of eigenvalue, namely EVEs, in an optimization model, (2) Define new concepts of virtual units and feasible region, (3) Twice merit orderings are employed successively to find marginal price. They are simple maximum and minimum comparison procedures and so on. The special economic significance of the method for China is discussed, and some suggestion for ESI restructuring based on es-EVE method are provided. A case study is offered at the end of the paper.

  7. Price-Taker Offering Strategy in Electricity Pay-as-Bid Markets

    DEFF Research Database (Denmark)

    Mazzi, Nicolò; Kazempour, Jalal; Pinson, Pierre

    2017-01-01

    operating region of such units can be modeled using a mixed-integer linear programming approach, and the trading problem as a linear programming problem. However, the existing models mostly assume a uniform pricing scheme in all market stages, while several European balancing markets (e.g., in Germany...... and Italy) are settled under a pay-as-bid pricing scheme. The existing tools for solving the trading problem in pay-as-bid electricity markets rely on non-linear optimization models, which, combined with the unit commitment constraints, result in a mixed-integer non-linear programming problem. In contrast......, we provide a linear formulation for that trading problem. Then, we extend the proposed approach by formulating a two-stage stochastic problem for optimal offering in a two-settlement electricity market with a pay-as-bid pricing scheme at the balancing stage. The resulting model is mixed...

  8. Model for Bidding and Tendering with Bill of Quantities Based on Bid-Winning Estimate at Reasonable Low Price

    Institute of Scientific and Technical Information of China (English)

    Song Jirong; Zhong Sheng; Guo Yaohuang

    2006-01-01

    The possibility and rationality of introducing an bid-winning estimate based on a reasonable low price into construction bidding mode with bill of quantities were analyzed by setting up a model for bidding and tendering, and the functions of the estimate of reasonable low price in the bidding were revealed. On this basis, a new bidding mode of the project with bill of quantities was proposed. The application of the new mode will be advantageous to the promotion of the bill of quantities in China.

  9. 7 CFR 3560.504 - Sales price and bidding process.

    Science.gov (United States)

    2010-01-01

    ... 3560.504 Agriculture Regulations of the Department of Agriculture (Continued) RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS Management and Disposition of Real Estate Owned (REO) Properties § 3560.504 Sales price and bidding process. (a) The loan documents...

  10. On bid-price controls for network revenue management

    Directory of Open Access Journals (Sweden)

    Bariş Ata

    2015-12-01

    Full Text Available We consider a network revenue management problem and advance its dual formulation. The dual formulation reveals that the (optimal shadow price of capacity forms a nonnegative martingale. This result is proved under minimal assumptions on network topology and stochastic nature of demand, allowing an arbitrary statistical dependence structure across time and products. Next, we consider a quadratic perturbation of the network revenue management problem and show that a simple (perturbed bid-price control is optimal for the perturbed problem; and it is ε-optimal for the original network revenue management problem. Finally, we consider a predictable version of this control, where the bid prices used in the current period are last updated in the previous period, and provide an upper bound on its optimality gap in terms of the (quadratic variation of demand. Using this upper bound we show that there exists a near-optimal such control in the usual case when periods are small compared to the planning horizon provided that either demand or the incremental information arriving during each period is small. We establish the martingale property of the (near optimal bid prices in both settings. The martingale property can have important implications in practice as it may offer a tool for monitoring the revenue management systems.

  11. Strategic Bidding in Multi-Unit Auctions with Capacity Constrained Bidders

    DEFF Research Database (Denmark)

    Schwenen, Sebastian

    2015-01-01

    This article employs a simple model to describe bidding behavior in multi-unit uniform price procurement auctions when firms are capacity constrained. Using data from the New York City procurement auctions for power generating capacity, I find that firms use simple bidding strategies to coordinate...

  12. Elicited Bid Functions in a (a)Symmetric First-Price Auctions

    NARCIS (Netherlands)

    Pezanis-Christou, P.; Sadrieh, A.

    2003-01-01

    We report on a series of experiments that examine bidding behavior in first-price sealed bid auctions with symmetric and asymmetric bidders.To study the extent of strategic behavior, we use an experimental design that elicits bidders complete bid functions in each round (auction) of the

  13. The Clustering of Bid/Ask Prices and the Spread in the Foreign Exchange Market

    OpenAIRE

    Riccardo Curcio; Charles Goodhart

    1991-01-01

    Following Lawrence Harris (1989b) study of price clustering in stock prices, we examine the smae phenomenon in the forex market. The pattern of clustering in the final digit of bid/ask prices depends on the desired degree of price resolution. The selection of spreads also involves clustering, but this is driven by a different behavioural pattern, consistent with the pure attraction hypothesis. The combination of the two patterns can explain the differing frequencies of final digits in the bid...

  14. On bidding and pricing strategies and skills%投标报价策略与技巧

    Institute of Scientific and Technical Information of China (English)

    谢彬兴

    2011-01-01

    According to the bidding and pricing status of the current engineering bill model, the paper explores the bidding strategies and skills, illustrates the main bidding strategies, including the low-price strategy, the reasonable optimization strategy and the future strategy, and indicates the unbalanced unit cost method and the sudden price adjustment method, so as to direct the practice.%针对目前工程量清单报价模式下招标现状,探讨了投标报价策略及技巧,分别阐述了低价策略,合理优化策略及未来策略等几种主要的投标策略,并着重阐述了不平衡单价法和突然调价法两种技巧,以期指导实践。

  15. A comparison of pay-as-bid and marginal pricing in electricity markets

    Science.gov (United States)

    Ren, Yongjun

    This thesis investigates the behaviour of electricity markets under marginal and pay-as-bid pricing. Marginal pricing is believed to yield the maximum social welfare and is currently implemented by most electricity markets. However, in view of recent electricity market failures, pay-as-bid has been extensively discussed as a possible alternative to marginal pricing. In this research, marginal and pay-as-bid pricing have been analyzed in electricity markets with both perfect and imperfect competition. The perfect competition case is studied under both exact and uncertain system marginal cost prediction. The comparison of the two pricing methods is conducted through two steps: (i) identify the best offer strategy of the generating companies (gencos); (ii) analyze the market performance under these optimum genco strategies. The analysis results together with numerical simulations show that pay-as-bid and marginal pricing are equivalent in a perfect market with exact system marginal cost prediction. In perfect markets with uncertain demand prediction, the two pricing methods are also equivalent but in an expected value sense. If we compare from the perspective of second order statistics, all market performance measures exhibit much lower values under pay-as-bid than under marginal pricing. The risk of deviating from the mean is therefore much higher under marginal pricing than under pay-as-bid. In an imperfect competition market with exact demand prediction, the research shows that pay-as-bid pricing yields lower consumer payments and lower genco profits. This research provides quantitative evidence that challenges some common claims about pay-as-bid pricing. One is that under pay-as-bid, participants would soon learn how to offer so as to obtain the same or higher profits than what they would have obtained under marginal pricing. This research however shows that, under pay-as-bid, participants can at best earn the same profit or expected profit as under marginal

  16. Pricing strategies, the strength of bidding intentions, and online auction performance: a cross-cultural study.

    Science.gov (United States)

    Peng, Yu-Shu; Jan, Lih-Tsyr

    2009-10-01

    Over the past decade, electronic markets based on the Internet, particularly online auctions, have become popular venues for conducting business. Previous studies often focused on the construction of the best bidding model, while few studies have tried to integrate multiple pricing strategies to predict the probability of closing an auction and the price premium. This study constructs a mediated model to examine the relationship among pricing strategies, the strength of bidding intentions, and online auction performance. The sample consists of 1,055 auctions of iPod MP3 players from eBay Web sites in Hong Kong, Singapore, Belgium, and France. Empirical results show that the pricing strategies directly influence both the probability of closing an auction and the level of price premium. The pricing strategies also indirectly influence the price premium through the mediating effect of the strength of bidding intentions.

  17. Existence and computation of equilibria of first-price auctions with integral valuations and bids

    DEFF Research Database (Denmark)

    Escamocher, Guillaume; Miltersen, Peter Bro; Santillan, Rocio

    2009-01-01

    We consider existence and computation of symmetric Pure Strategy Nash Equilibrium (PSNE) in single-item, sealed-bid, first-price auctions with integral valuations and bids. For the most general case, we show that existence of PSNE is NP-hard. Then, we present algorithmic results for the case...

  18. Existence and computation of equilibria of first-price auctions with integral valuations and bids

    DEFF Research Database (Denmark)

    Escamocher, Guillaume; Miltersen, Peter Bro; Santillan, Rocio

    2009-01-01

    We consider existence and computation of symmetric Pure Strategy Nash Equilibrium (PSNE) in single-item, sealed-bid, first-price auctions with integral valuations and bids. For the most general case, we show that existence of PSNE is NP-hard. Then, we present algorithmic results for the case...

  19. Forecasting Winning Bid Prices in an Online Auction Market:Data Mining Approaches

    Institute of Scientific and Technical Information of China (English)

    KIM Hongil; BAEK Seung

    2004-01-01

    To solve information asymmetry problem on online auction, this study suggests and validates a forecasting model of winning bid prices. Especially, it explores the usability of data mining approaches, such as neural network and Bayesian network in building a forecasting model. This research empirically shows that, in forecasting winning bid prices on online auction, data mining techniques have shown better performance than traditional statistical analysis, such as logistic regression and multivariate regression.

  20. A Data-Driven Bidding Model for a Cluster of Price-Responsive Consumers of Electricity

    DEFF Research Database (Denmark)

    Saez Gallego, Javier; Morales González, Juan Miguel; Zugno, Marco

    2016-01-01

    This paper deals with the market-bidding problem of a cluster of price-responsive consumers of electricity. We develop an inverse optimization scheme that, recast as a bilevel programming problem, uses price-consumption data to estimate the complex market bid that best captures the price.......g., weather conditions and calendar effects. We test the proposed methodology for a particular application: forecasting the power consumption of a small aggregation of households that took part in the Olympic Peninsula project. Results show that the price-sensitive consumption of the cluster of flexible loads......-response of the cluster. The complex market bid is defined as a series of marginal utility functions plus some constraints on demand, such as maximum pick-up and drop-off rates. The proposed modeling approach also leverages information on exogenous factors that may influence the consumption behavior of the cluster, e...

  1. On low bidding price in construction project bidding%对建设工程招投标中低价竞标的探讨

    Institute of Scientific and Technical Information of China (English)

    司宏卫

    2009-01-01

    根据我国建筑行业招投标的现状,阐述了实行低价竞标的利弊,分析了造成低于成本价竞标的原因,并提出了关于招投标工作的几点建议,从而使建筑企业获取一定的合理利润,促进整个建筑业健康发展.%According to the current situation of Chinese construction industry bidding, the author describes the advantages and disadvantages of carrying out low bidding price, analyzes the causes of bidding with price lower than cost price, and provides some suggestions about bidding work, thus making the construction enterprise get certain reasonable benefit and promoting the healthy development of whole construction industry.

  2. Chaotic behavior of price in the power markets with pay-as-bid payment mechanism

    Energy Technology Data Exchange (ETDEWEB)

    Bigdeli, N. [Linear Systems Control Lab., EE Department, Imam Khomeini International University, Qazvin (Iran, Islamic Republic of)], E-mail: bigdeli@ee.sharif.edu; Afshar, K. [Electrical Machinery Lab., EE Department, Imam Khomeini International University, Qazvin (Iran, Islamic Republic of)], E-mail: k_afshar@ee.sharif.edu

    2009-11-30

    Price forecasting in the current deregulated power markets is an important requirement for deriving proper bidding strategy and profit maximization of producers. On the other hand, the energy price in the power market experiences lots of fluctuations which may affect the accuracy of the price forecasting seriously. Seeking for predictability, in this paper, the characteristics of these fluctuations are investigated through time series analysis methods. The results of analyses are representative of the existence of a deterministic chaos in the system with a mimic predictability. Besides, it is observed that because of existing the seasonality and non-stationarity in the system dynamics, a fixed model cannot perform properly even in case of normalized input data, but the developed models should be updated regularly.

  3. 13 CFR 126.613 - How does a price evaluation preference affect the bid of a qualified HUBZone SBC in full and open...

    Science.gov (United States)

    2010-01-01

    ... preference affect the bid of a qualified HUBZone SBC in full and open competition? 126.613 Section 126.613....613 How does a price evaluation preference affect the bid of a qualified HUBZone SBC in full and open... deem the price offered by a qualified HUBZone SBC to be lower than the price offered by another...

  4. Agricultural Water Pricing: United States

    OpenAIRE

    2010-01-01

    In summary, irrigation costs and prices are rising in most regions of the United States, due to a combination of increasing scarcity, changes in public preferences regarding water allocation among competing uses, increasing budget scrutiny in the national and state legislatures, rising energy prices, and increasing awareness of climate change and the potential implications for rainfall and the availability of surface water resources. These issues likely will continue encouraging public offici...

  5. 推行合理低价法的意义%Meaning of promoting reasonable low bidding price

    Institute of Scientific and Technical Information of China (English)

    董卫亭

    2011-01-01

    从现阶段合理低价法的现状入手,总结了合理低价法在实际操作中存在的问题,重点论述了实施合理低价法的必要性及意义,并给出了实施合理低价法必须坚持的原则,从而最终实现最低价中标。%Starting from the status of reasonable low price, the essay summarizes the problems existing in actual low price bidding, mainly discusses the necessity and meaning of implementing reasonable low price, and shows principles which should be held in implementing reasonable low price, so as to realize the lowest bidding price.

  6. Discussion on base bid price controlling strategies in engineering tendering%谈工程招标中的标底控制策略

    Institute of Scientific and Technical Information of China (English)

    李学兵

    2012-01-01

    On the basis of introducing the definition and functions of base bid price, the paper comprehensively explores base bid price control- ling strategies from aspects of determining engineering project, compiling basic principles of base bid price, common compiling base bid price methods, improving rationality of base bid price, and common methods and points of determining base bid price and so on, with a view to guar- antee smooth operation of bidding and tendering work.%在介绍了标底的定义和分析了标底作用的基础上,从工程项目确定和编制标底的基本原则、编制工程项目标底的常用方法、提高工程项目标底合理性、确定工程项目标底的常用方法和要点等几个方面,全面探讨了工程招标中的标底控制策略,以期保障招投标工作的顺利进行。

  7. Does the Lowest Bid Price Evaluation Criterion Make for a More Efficient Public Procurement Selection Criterion? (Case of the Czech Republic

    Directory of Open Access Journals (Sweden)

    Ochrana František

    2015-06-01

    Full Text Available Through the institute of public procurement a considerable volume of financial resources is allocated. It is therefore in the interest of contracting entities to seek ways of how to achieve an efficient allocation of resources. Some public contract-awarding entities, along with some public-administration authorities in the Czech Republic, believe that the use of a single evaluation criterion (the lowest bid price results in a more efficient tender for a public contract. It was found that contracting entities in the Czech Republic strongly prefer to use the lowest bid price criterion. Within the examined sample, 86.5 % of public procurements were evaluated this way. The analysis of the examined sample of public contracts proved that the choice of an evaluation criterion, even the preference of the lowest bid price criterion, does not have any obvious impact on the final cost of a public contract. The study concludes that it is inappropriate to prefer the criterion of the lowest bid price within the evaluation of public contracts that are characterised by their complexity (including public contracts for construction works and public service contracts. The findings of the Supreme Audit Office related to the inspection of public contracts indicate that when using the lowest bid price as an evaluation criterion, a public contract may indeed be tendered with the lowest bid price, but not necessarily the best offer in terms of supplied quality. It is therefore not appropriate to use the lowest bid price evaluation criterion to such an extent for the purpose of evaluating work and services. Any improvement to this situation requires a corresponding amendment to the Law on Public Contracts and mainly a radical change in the attitude of the Office for the Protection of Competition towards proposed changes, as indicated within the conclusions and recommendations proposed by this study.

  8. 48 CFR 52.214-27 - Price Reduction for Defective Certified Cost or Pricing Data-Modifications-Sealed Bidding.

    Science.gov (United States)

    2010-10-01

    ... were not complete, accurate, and current as certified in its Certificate of Current Cost or Pricing... Current Cost or Pricing Data, or (3) any of these parties furnished data of any description that were not... accurate, complete, and current certified cost or pricing data had been submitted; (ii) The...

  9. Unit Price Scaling Trends for Chemical Products

    Energy Technology Data Exchange (ETDEWEB)

    Qi, Wei [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Sathre, Roger [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Morrow, III, William R. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Shehabi, Arman [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2015-08-01

    To facilitate early-stage life-cycle techno-economic modeling of emerging technologies, here we identify scaling relations between unit price and sales quantity for a variety of chemical products of three categories - metal salts, organic compounds, and solvents. We collect price quotations for lab-scale and bulk purchases of chemicals from both U.S. and Chinese suppliers. We apply a log-log linear regression model to estimate the price discount effect. Using the median discount factor of each category, one can infer bulk prices of products for which only lab-scale prices are available. We conduct out-of-sample tests showing that most of the price proxies deviate from their actual reference prices by a factor less than ten. We also apply the bootstrap method to determine if a sample median discount factor should be accepted for price approximation. We find that appropriate discount factors for metal salts and for solvents are both -0.56, while that for organic compounds is -0.67 and is less representative due to greater extent of product heterogeneity within this category.

  10. Marginal Bidding: An Application of the Equimarginal Principle to Bidding in TAC SCM

    Science.gov (United States)

    Greenwald, Amy; Naroditskiy, Victor; Odean, Tyler; Ramirez, Mauricio; Sodomka, Eric; Zimmerman, Joe; Cutler, Clark

    We present a fast and effective bidding strategy for the Trading Agent Competition in Supply Chain Management (TAC SCM). In TAC SCM, manufacturers compete to procure computer parts from suppliers (the procurement problem), and then sell assembled computers to customers in reverse auctions (the bidding problem). This paper is concerned only with bidding, in which an agent must decide how many computers to sell and at what prices to sell them. We propose a greedy solution, Marginal Bidding, inspired by the Equimarginal Principle, which states that revenue is maximized among possible uses of a resource when the return on the last unit of the resource is the same across all areas of use. We show experimentally that certain variations of Marginal Bidding can compute bids faster than our ILP solution, which enables Marginal Bidders to consider future demand as well as current demand, and hence achieve greater revenues when knowledge of the future is valuable.

  11. Assessing Unit-Price Related Remifentanil Choice in Rhesus Monkeys

    Science.gov (United States)

    Galuska, Chad M.; Winger, Gail; Woods, James H.; Hursh, Steven R.

    2006-01-01

    Given a commodity available at different prices, a unit-price account of choice predicts preference for the cheaper alternative. This experiment determined if rhesus monkeys preferred remifentanil (an ultra-short-acting [mu]-opioid agonist) delivered at a lower unit price over a higher-priced remifentanil alternative (Phases 1 and 3). Choice…

  12. Unit Pricing and Alternatives: Developing an Individualized Shopping Strategy.

    Science.gov (United States)

    Cude, Brenda; Walker, Rosemary

    1985-01-01

    This article offers a new perspective on the teaching of unit pricing in consumer economics classes by identifying ways to teach the costs as well as the benefits of unit pricing and realistic guidelines for suggesting situations in which it is most appropriate. Alternatives to unit pricing will also be explored. (CT)

  13. Price Differences Reasons and Determination Skills of Project Bidding%工程项目投标价格差异原因与确定技巧

    Institute of Scientific and Technical Information of China (English)

    雷蕾

    2014-01-01

    The determination and control of project price in the bidding stage should be based on the management level of construction enterprises and the market price under normal circumstances, but for successful bidder, in addition to their own strength and project circumstances, bidding skills are extra important in market contract. On the basis of introducing the difference reasons of bidding offer, this paper elaborates budgeting and bidding decision-making skills, which can play a guiding role in future project contract.%在投标阶段工程项目价格的确定与控制,通常情况下应根据施工企业自身的管理水平及市场价格情况确定,但要成功中标除了自身实力和工程项目情况外,投标技巧也在市场承揽中额外重要,本文在介绍投标报价形成差异原因的基础上,详细阐述了预算编制和投标报价决策技巧,可对今后工程承揽起到一定指导作用。

  14. Research on method of the lowest evaluated bid price%经评审的最低投标价法评审研究

    Institute of Scientific and Technical Information of China (English)

    可淑玲

    2016-01-01

    The conditions for the method of the lowest evaluated bid price were analyzed systematically. The review system and content of the lowest evaluated bid price method were expounded on the three aspects including qualification examination, technical bid review and commercial bid review. The definition method of individual cost of enterprise was put forward for further promotion of the reviewing methods.%为推动企业提高管理水平,准确掌握经评审的最低价评标方法,文章系统分析了经评审的最低投标价法评标应满足的条件,并从资格审查、技术标评审、商务标评审三方面系统阐述了经评审的最低投标价法的评价体系、评审内容,提出了企业个别成本的界定方法,为该种评标方法的进一步推广起到了良好的引领作用。

  15. Mergers in Bidding Markets

    NARCIS (Netherlands)

    M.C.W. Janssen (Maarten); V.A. Karamychev (Vladimir)

    2013-01-01

    textabstractWe analyze the effects of mergers in first-price sealed-bid auctions on bidders' equilibrium bidding functions and on revenue. We also study the incentives of bidders to merge given the private information they have. We develop two models, depending on how after-merger valuations are cre

  16. 75 FR 13345 - Pricing for Certain United States Mint Products

    Science.gov (United States)

    2010-03-19

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for Certain United States Mint Products AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The United States Mint is announcing the price of...

  17. 工程量清单模式下招标控制价存在的问题及对策%Problems and Countermeasures in the Bidding Controlling Price under the mode of BOQ

    Institute of Scientific and Technical Information of China (English)

    梁玉玲

    2012-01-01

    There are a lot of problems existing in the bidding controlling price under the mode of BOQ (bill of quantity). After analyzing the causes of the problems like inaccurate calculation of quantities and wrong aggregative unit price, countermeasures to solve these problems were suggested.%工程量清单模式下编制的招标控制价,存在的问题很多.本文通过工程案例对招标控制价出现工程量计算不准确、综合单价不对的问题,进行分析其原因;并提出解决问题对策.

  18. 工程投标报价的常用技巧%Commonly Used Skills for Engineering Bidding Price Quotations

    Institute of Scientific and Technical Information of China (English)

    王雪芬; 王雪军

    2014-01-01

    Engineering bidding skills involves the whole process of tender offer. The scientific and reasonable use of bidding skills is the key to the whole project bidding quotation. This article first introduces the bidding skill before bid opening, including pre-qualification stage, research the tender stage, on-site inspection stages. Then several engineering bidding skills and their respective scope of application and matters needing attention are introduced. At last, specific engineering bidding cases are used to analyze the skills.%工程投标技巧所包含的内容涉及投标报价过程的全部过程,能否科学、合理地运用投标技巧,是整个工程投标报价工作的关键所在。为此,文章首先介绍了开标前的投标技巧,资格预审阶段、研究标书阶段、现场考察阶段等阶段的投标技巧。然后介绍了几种工程投标技巧及各自的适用范围和注意事项,最后通过具体的工程投标技巧案例分析来说明。

  19. Metal prices in the United States through 2010

    Science.gov (United States)

    ,

    2013-01-01

    This report, which updates and revises the U.S. Geological Survey (USGS) (1999) publication, “Metal Prices in the United States Through 1998,” presents an extended price history for a wide range of metals available in a single document. Such information can be useful for the analysis of mineral commodity issues, as well as for other purposes. The chapter for each mineral commodity includes a graph of annual current and constant dollar prices for 1970 through 2010, where available; a list of significant events that affected prices; a brief discussion of the metal and its history; and one or more tables that list current dollar prices. In some cases, the metal prices presented herein are for some alternative form of an element or, instead of a price, a value, such as the value for an import as appraised by the U.S. Customs Service. Also included are the prices for steel, steel scrap, and iron ore—steel because of its importance to the elements used to alloy with it, and steel scrap and iron ore because of their use in steelmaking. A few minor metals, such as calcium, potassium, sodium, strontium, and thorium, for which price histories were insufficient, were excluded. The annual prices given may be averages for the year, yearend prices, or some other price as appropriate for a particular commodity. Certain trade journals have been the source of much of this price information—American Metal Market, ICIS Chemical Business, Engineering and Mining Journal, Industrial Minerals, Metal Bulletin, Mining Journal, Platts Metals Week, Roskill Information Services Ltd. commodity reports, and Ryan’s Notes. Price information also is available in minerals information publications of the USGS (1880–1925, 1996–present) and the U.S. Bureau of Mines (1926–95), such as Mineral Commodity Summaries, Mineral Facts and Problems, Mineral Industry Surveys, and Minerals Yearbook. In addition to prices themselves, these journals and publications contain information relevant to

  20. Market data analysis and short-term price forecasting in the Iran electricity market with pay-as-bid payment mechanism

    Energy Technology Data Exchange (ETDEWEB)

    Bigdeli, N.; Afshar, K. [EE Department, IKIU, Qazvin (Iran); Amjady, N. [EE Department, Semnan University, Semnan (Iran)

    2009-06-15

    Market data analysis and short-term price forecasting in Iran electricity market as a market with pay-as-bid payment mechanism has been considered in this paper. The data analysis procedure includes both correlation and predictability analysis of the most important load and price indices. The employed data are the experimental time series from Iran electricity market in its real size and is long enough to make it possible to take properties such as non-stationarity of market into account. For predictability analysis, the bifurcation diagrams and recurrence plots of the data have been investigated. The results of these analyses indicate existence of deterministic chaos in addition to non-stationarity property of the system which implies short-term predictability. In the next step, two artificial neural networks have been developed for forecasting the two price indices in Iran's electricity market. The models' input sets are selected regarding four aspects: the correlation properties of the available data, the critiques of Iran's electricity market, a proper convergence rate in case of sudden variations in the market price behavior, and the omission of cumulative forecasting errors. The simulation results based on experimental data from Iran electricity market are representative of good performance of the developed neural networks in coping with and forecasting of the market behavior, even in the case of severe volatility in the market price indices. (author)

  1. Breakeven Prices for Photovoltaics on Supermarkets in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Ong, S.; Clark, N.; Denholm, P.; Margolis, R.

    2013-03-01

    The photovoltaic (PV) breakeven price is the PV system price at which the cost of PV-generated electricity equals the cost of electricity purchased from the grid. This point is also called 'grid parity' and can be expressed as dollars per watt ($/W) of installed PV system capacity. Achieving the PV breakeven price depends on many factors, including the solar resource, local electricity prices, customer load profile, PV incentives, and financing. In the United States, where these factors vary substantially across regions, breakeven prices vary substantially across regions as well. In this study, we estimate current and future breakeven prices for PV systems installed on supermarkets in the United States. We also evaluate key drivers of current and future commercial PV breakeven prices by region. The results suggest that breakeven prices for PV systems installed on supermarkets vary significantly across the United States. Non-technical factors -- including electricity rates, rate structures, incentives, and the availability of system financing -- drive break-even prices more than technical factors like solar resource or system orientation. In 2020 (where we assume higher electricity prices and lower PV incentives), under base-case assumptions, we estimate that about 17% of supermarkets will be in utility territories where breakeven conditions exist at a PV system price of $3/W; this increases to 79% at $1.25/W (the DOE SunShot Initiative's commercial PV price target for 2020). These percentages increase to 26% and 91%, respectively, when rate structures favorable to PV are used.

  2. 48 CFR 14.404-2 - Rejection of individual bids.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Rejection of individual... of individual bids. (a) Any bid that fails to conform to the essential requirements of the invitation... total price of the bid, but the prices for individual line items as well. (g) Any bid may be rejected...

  3. 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.

  4. Study of impacts of physical contracts and financial contracts on bidding strategies of GENCOs

    Energy Technology Data Exchange (ETDEWEB)

    Xiaoling Chen [Sichuan Electric Power Company, Chengdu (China); He, Y.; Song, Y.H. [Brunel Univ., Uxbridge (United Kingdom). Inst. of Power Systems; Nakanishi, Yosuke; Nakanishi, Chikashi; Takahashi, Satoru; Sekine, Yoshinori [Fuji Electric Group (Japan)

    2004-11-01

    This paper studies the impacts of physical contracts and financial contracts on the bidding strategies of GENCOs, including Physical Bilateral Contracts, Contracts for Difference (CfDs), Call Options and Put Options under discriminatory pricing mechanism. The integrated bidding decision model is applied, which has three main modules - probabilistic local marginal price simulator, market-oriented unit commitment model and multi-criteria decision system. The numerical results show that the GENCO will choose different bidding strategies if it holds different types of contract. The results also suggest that CfDs have the best performance for risk alleviation. (author)

  5. Minimizing forced outage risk in generator bidding

    Science.gov (United States)

    Das, Dibyendu

    Competition in power markets has exposed the participating companies to physical and financial uncertainties. Generator companies bid to supply power in a day-ahead market. Once their bids are accepted by the ISO they are bound to supply power. A random outage after acceptance of bids forces a generator to buy power from the expensive real-time hourly spot market and sell to the ISO at the set day-ahead market clearing price, incurring losses. A risk management technique is developed to assess this financial risk associated with forced outages of generators and then minimize it. This work presents a risk assessment module which measures the financial risk of generators bidding in an open market for different bidding scenarios. The day-ahead power market auction is modeled using a Unit Commitment algorithm and a combination of Normal and Cauchy distributions generate the real time hourly spot market. Risk profiles are derived and VaRs are calculated at 98 percent confidence level as a measure of financial risk. Risk Profiles and VaRs help the generators to analyze the forced outage risk and different factors affecting it. The VaRs and the estimated total earning for different bidding scenarios are used to develop a risk minimization module. This module will develop a bidding strategy of the generator company such that its estimated total earning is maximized keeping the VaR below a tolerable limit. This general framework of a risk management technique for the generating companies bidding in competitive day-ahead market can also help them in decisions related to building new generators.

  6. 房地产项目最低价中标法的投标报价合理性研究%On Rationality of the Tender Offer in the Lowest Bid Price Method in Real Estate Projects

    Institute of Scientific and Technical Information of China (English)

    杨琳琳

    2012-01-01

    最低价中标法是国际上通用的建筑工程招投标方法,投标报价是招标文件中最精密的部分,对建设工程至关重要。目前我国建筑市场主要采用最低价中标法。本文通过研究招标文件中关键指标即工程量清单计价标底,招标控制价、投标单位履约能力,以更好的促进房地产项目投标合理报价。%The lowest bid price method, as internationally practiced architecture engineering bidding method, requires an essential and sophisticated part in the tender documents: the tender offer. This article probes into the rationality of tender offer in the bid documents by analyzing following aspects : BOQ basic bidding price, bidding price control, bidder~ performance capabilities, so that rational tender offers can be delivered in real estate pro- jects.

  7. Environmental activism and dynamics of unit-based pricing systems

    Energy Technology Data Exchange (ETDEWEB)

    Dijkgraaf, Elbert [SEOR-ECRi and Erasmus School of Economics, Erasmus University Rotterdam, Room H 7-25, P.O. Box 1738, 3000 DR Rotterdam (Netherlands); Gradus, Raymond [Vrije Universiteit Amsterdam and ECRi, De Boelelaan 1105, Room 1E-66, 1081 HV Amsterdam (Netherlands)

    2009-01-15

    It is well-known that unit-based pricing systems have a significant effect on the quantity of collected waste. Part of this effect may, however, result from a selection bias or environmental activism effect. Based on a pooled cross-section for the Netherlands for 1998-2005 we show that despite the correction for environmental activism the effect of the weight and bag unit-based pricing system on the quantity of waste is sizeable. Moreover, this environmental activism effect is decreasing over time, so that the most environmental friendly municipalities implement unit-based pricing systems at first. In addition, we show that the volume effects of the different unit-based pricing systems are rather stable over time. Although we find some evidence for a learning effect, nearly no evidence is found for an awareness erosion effect. This means at least that the effect of unit-based pricing does not decrease over time, which is reassuring from an environmental point of view. Pricing waste helps. (author)

  8. Essays on bid rigging

    NARCIS (Netherlands)

    Seres, Gyula

    2016-01-01

    Manipulating prices in auctions raises antitrust concerns. Collusion lowers the revenue of the auctioneer and creates information rents. Bid rigging is a prevalent phenomenon and the affected market is enormous. Public procurement amounts to between 10 and 25 percent of national GDP in industrialize

  9. Acceleration of option pricing technique on graphics processing units

    NARCIS (Netherlands)

    Zhang, B.; Oosterlee, C.W.

    2010-01-01

    The acceleration of an option pricing technique based on Fourier cosine expansions on the Graphics Processing Unit (GPU) is reported. European options, in particular with multiple strikes, and Bermudan options will be discussed. The influence of the number of terms in the Fourier cosine series expan

  10. Acceleration of option pricing technique on graphics processing units

    NARCIS (Netherlands)

    Zhang, B.; Oosterlee, C.W.

    2014-01-01

    The acceleration of an option pricing technique based on Fourier cosine expansions on the graphics processing unit (GPU) is reported. European options, in particular with multiple strikes, and Bermudan options will be discussed. The influence of the number of terms in the Fourier cosine series expan

  11. 建筑招投标价格博弈与市场均衡%Bidding price game and market equilibrium of construction products

    Institute of Scientific and Technical Information of China (English)

    张镇森; 王孟钧; 陆洋; 刘慧

    2012-01-01

    Price distortion seriously hinders the healthy development of the construction market. The construction bidding price game model was studied to solve this problem. The game theory was used to set up a double price used car model between the owner and the contractor which belongs to incomplete information dynamic non - cooperative game. The game process and the equilibrium price were analyzed on the price game between owners and contractors. The construction market was divided into three kinds,i. e. the completely successful market, the completely unsuccessful market and the partial successful market, and the existence conditions were discussed. It will be useful for the market regulator to use economic incentive means to control the market, and to safeguard the healthy development of the market.%建筑市场价格扭曲带来了一系列质量和安全问题,严重制约建筑市场的健康发展.为解决这一问题,应首先对建筑招投标价格的博弈模型进行分析.运用博弈论原理,构建建筑招投标过程中业主与承包商不完全信息动态非合作的双价二手车交易博弈模型.探讨业主与承包商就建筑产品价格所展开的博弈过程以及最终的市场均衡成交价格.将建筑招投标的价格均衡划分为市场完全成功、市场完全失败和市场部分成功,分别讨论3种市场类型存在的条件.对建筑招投标价格博弈模型及市场均衡的分析,有助于市场管理者运用经济激励手段调控市场,保障市场的健康发展.

  12. On tendering and bidding system development under quantity pricing model%工程量清单计价模式下招投标制度发展的探讨

    Institute of Scientific and Technical Information of China (English)

    李勇

    2009-01-01

    介绍了工程量清单计价的含义和工程量清单的分类,阐述了工程量清单计价模式下招投标活动遵循的原则及其对招投标机制的促进作用,并对工程量清单招标的相关问题进行了探讨并提出建议,以期完善工程量清单计价模式下招投标制度.%The paper introduces definition of quantity pricing and classification of quantity list, it states rules that must be follow under quantity pricing modal and it' s pushing effects to completion of tendering and bidding system, it also discusses about problems of tendering and bidding system development under quantity pricing model and proposes relative suggestion, so as to consummate tendering and bidding system under quantity pricing model.

  13. Allocating multiple units

    DEFF Research Database (Denmark)

    Tranæs, Torben; Krishna, Kala

    2002-01-01

    This paper studies the allocation and rent distribution in multi-unit, combinatorial-bid auctions under complete information. We focus on the natural multi-unit analogue of the first-price auction, where buyers bid total payments, pay their bids, and where the seller allocates goods to maximize his...... revenue. While there are many equilibria in this auction, only efficient equilibria remain when the truthful equilibrium restriction of the menu-auction literature is used. Focusing on these equilibria we first show that the first-price auction just described is revenue and outcome equivalent to a Vickrey...

  14. 工程保险无标底招标报价基准研究%The Study on Project Insurance the Non-price Bottom Bidding Quotation Benchmark

    Institute of Scientific and Technical Information of China (English)

    马志刚; 郑伟; 白荣霞

    2012-01-01

    在工程项目保险招投标时,标底在评标过程中对业主项目预算管理和中标者的利益有着荭接影响。目前为止,保险招标中,站在第三方立场上:,既考虑客观的市场反应又考虑投标人投标报价的整体水平的报价基准研究较少,研究保险招标中具有切实可行、易操作、较客观的报价基准确定方法成为在项目操作过程中亟待解决的问题。%In the large scale project insurance bidding, pricing benchmark will directly affect the owners' budges managemen and the interests of the winning bidder. So far, during the insurance bid, there is less study on pricing benchmark which considers bc,th objective market response and the bids price overall level standing in the third party position, How to solve this problem both practical ,easy to operate and more objective in the process of insurance project will be Concerned.

  15. Based on the Current Bidding Situation, General Situation of The Drug Prices in Our Analysis%基于当前招标形势下医院的药品价格概况分析

    Institute of Scientific and Technical Information of China (English)

    黄好武; 林伟杰; 孟茜

    2016-01-01

    目的:了解在当前招标形式下医院药品价格的波动情况,为指导药事管理人员及药学人员掌握当前医院药品价格情况提供参考。方法以启动新招标模式前后医院的药品价格做比较,比较时间从2013年1月至2015年12月,从竞价品种的价格、议价品种的价格以及基本用药及非基本用药进入低价目录后的价格等进行统计分析。结果药品价格下降品种有107个,价格上升品种有82个,价格无变化品种520个,厂家/通用名/规格完全一致的药品总费用下降了211.85万元。结论从目前该院药品价格统计信息可以看出,启动新的招标模式后,纳入低价目录及采购困难品种的大部分药品价格上涨,参与竞价采购模式的药品价格下降,药品总费用也在下降。%Objective In order to understand the fluctuation of prices in our hospital in the form of the current bidding and offer some reference of the hospital drug price at present to pharmacy management personnel and pharmacists.Methods Compare the hospital drug price before and after the new bidding mode from January 2013 to December 2015,analyze the statistic from multiple aspects such as the price of the bidding varieties,the price of the bargaining varieties,the price of the basic medicine and non essential drugs in the low-cost directory.Results There were reduction in drug price of 107 varieties and price rise of 82 varieties,there were 520 varieties without price fluctuation.The overal cost decreased about 211.85 milion yuan.Conclusion As can be seen from the current drug prices in our statistical information, start a new bidding mode,in low price catalog and procurement difficulties most varieties of drug prices,participate in the bidding model drug prices fal, drugs total cost is faling.

  16. Bidding Agents That Perpetrate Auction Fraud

    Science.gov (United States)

    Trevathan, Jarrod; McCabe, Alan; Read, Wayne

    This paper presents a software bidding agent that inserts fake bids on the seller's behalf to inflate an auction's price. This behaviour is referred to as shill bidding. Shill bidding is strictly prohibited by online auctioneers, as it defrauds unsuspecting buyers by forcing them to pay more for the item. The malicious bidding agent was constructed to aid in developing shill detection techniques. We have previously documented a simple shill bidding agent that incrementally increases the auction price until it reaches the desired profit target, or it becomes too risky to continue bidding. This paper presents an adaptive shill bidding agent which when used over a series of auctions with substitutable items, can revise its strategy based on bidding behaviour in past auctions. The adaptive agent applies a novel prediction technique referred to as the Extremum Consistency (EC) algorithm, to determine the optimal price to aspire for. The EC algorithm has successfully been used in handwritten signature verification for determining the maximum and minimum values in an input stream. The agent's ability to inflate the price has been tested in a simulated marketplace and experimental results are presented.

  17. Competitive bidding in Medicare Advantage: effect of benchmark changes on plan bids.

    Science.gov (United States)

    Song, Zirui; Landrum, Mary Beth; Chernew, Michael E

    2013-12-01

    Bidding has been proposed to replace or complement the administered prices that Medicare pays to hospitals and health plans. In 2006, the Medicare Advantage program implemented a competitive bidding system to determine plan payments. In perfectly competitive models, plans bid their costs and thus bids are insensitive to the benchmark. Under many other models of competition, bids respond to changes in the benchmark. We conceptualize the bidding system and use an instrumental variable approach to study the effect of benchmark changes on bids. We use 2006-2010 plan payment data from the Centers for Medicare and Medicaid Services, published county benchmarks, actual realized fee-for-service costs, and Medicare Advantage enrollment. We find that a $1 increase in the benchmark leads to about a $0.53 increase in bids, suggesting that plans in the Medicare Advantage market have meaningful market power. Copyright © 2013 Elsevier B.V. All rights reserved.

  18. The Effect of Information Feedback in Construction Bidding

    Directory of Open Access Journals (Sweden)

    Alexander Soo

    2010-07-01

    Full Text Available  With the goal to achieve efficiency in bidding competitions, many codes of bidding procedure recommend clients provide contractors with bidding feedback information. Contractors strive to bid competitively via learning based on their experiences in past bidding attempts. The level of bidding feedback information, however, varies across clients. In many cases, clients do not provide feedback or provide insufficient feedback to contractors. Focussing on two information feedback conditions (full and partial, we examine: (i the changes in bidding trend over time, and (ii the effects of bidding feedback information on bidders’ competitiveness in bidding. Data were gathered using a bidding experiment that involved student (inexperienced bidders with a construction project management background. The results show that the variations in bids over time for full information feedback condition are statistically significant, but not for bids from bidders with partial bidding feedback information. Bidders with full bidding feedback information are more competitive than those with partial bidding feedback information. The findings add to both our theoretical and empirical understanding of construction bidding: an understanding of the process of changes in the price of building work, and how the process can be manipulated through the release of bidding feedback information.

  19. 75 FR 13345 - Pricing for Certain 2010 United States Mint Products

    Science.gov (United States)

    2010-03-19

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for Certain 2010 United States Mint Products AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The United States Mint is announcing the price of...

  20. Bidding for Concessions Bidding for Concessions

    Directory of Open Access Journals (Sweden)

    Michael Klein

    1998-03-01

    Full Text Available Privatization of infrastructure ventures in sectors such as energy, telecommunications, transport and water has become popular over the last decade. Often –for good or bad reasons- private firms are given monopoly franchises under some type of long-term concession agreement, for example "Build-Operate-Transfer" schemes. The article surveys the issues arising in designing concession contracts and in awarding them to private parties. It is crucial to define performance specifications as well as incentive and risk-sharing parameters comprehensively and consistently both to achieve efficient performance by the concessionaire and to minimize post-award re-negotiation. Concession award should as a rule be made competitively, unless special requirements of speed, innovation or excessive transaction costs argue otherwise. Typically, competitive concession award is made by first price sealed bids. There are strong arguments, however, to consider open auctions more seriously in a number of cases. Auctions may also be re-awarded by way of auction. However, somewhat arbitrary bid preferences may have to be set. Auctioneers for complex concession contracts should operate at arms-length for all interested parties, including politicians. It may be sensible to let independent agencies that regulate the concession scheme run the auction. Privatization of infrastructure ventures in sectors such as energy, telecommunications, transport and water has become popular over the last decade. Often –for good or bad reasons- private firms are given monopoly franchises under some type of long-term concession agreement, for example "Build-Operate-Transfer" schemes. The article surveys the issues arising in designing concession contracts and in awarding them to private parties. It is crucial to define performance specifications as well as incentive and risk-sharing parameters comprehensively and consistently both to achieve efficient performance by the concessionaire and

  1. Reducing electricity consumption peaks with parametrised dynamic pricing strategies given maximal unit prices

    NARCIS (Netherlands)

    Höning, N.F.; La Poutré, J.A.; Lopes, F.; Vale, Z.; Sousa, J.; Coelho, H.

    2013-01-01

    Demand response is a crucial mechanism for flattening of peak loads. For its implementation, we not only require consumers who react to price changes, but also intelligent strategies to select prices. We propose a parametrised meta-strategy for dynamic pricing and identify suitable strategies for gi

  2. Cost savings of unit-based pricing of household waste; the case of the Netherlands

    NARCIS (Netherlands)

    E. Dijkgraaf (Elbert); R.H.J.M. Gradus (Raymond)

    2003-01-01

    textabstractUsing a panel data set for Dutch municipalities we estimate effects for weight-based, bag-based, frequency-based and volume-based pricing of household waste collection. Unit-based pricing shows to be effective in reducing solid and compostable and increasing recyclable waste. Pricing has

  3. Bid distribution derived from consistent mixed strategy in lowest unique bid auction

    Science.gov (United States)

    Zhao, Yinan; Chen, Qinghua; Wang, Yougui

    2014-12-01

    The Lowest Unique Bid Auction (LUBA) booms recently through the Internet. A typical distribution pattern of bid price in this reverse auction has been found and needs to be interpreted. The distribution curve is a decreasing one whose slope has a close relationship with the number of agents participating in the auction. To explain this stylized fact, we develop a model assuming that agents prefer to bid on the price at which the probability of winning is higher. The bid distributions of actual auctions with the number of agents less than 200 can be fitted very well using the parameters for the value of items and the number of bids. When this number becomes larger, however, a deviation occurs between prediction and empirical data, which can be adjusted by introducing cognitive illusion of the bid number.

  4. 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 regulation capability that may be provided by the individual small-scale distributed energy resources (DER power units) may be insignificant. However, the aggregated response from a large number of DER power units can be significant and thereby provide valuable system services to the power...... 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...... electricity prices for indirect control of active power. The local, dynamic electricity prices are realised as dynamic adjustments of the quasi-stationary global power price. The aims of the dynamic price adjustments are to prevent overloading of the grid, to reduce the grid power losses and to regulate...

  5. Optimal risky bidding strategy for a generating company by self-organising hierarchical particle swarm optimisation

    Energy Technology Data Exchange (ETDEWEB)

    Boonchuay, Chanwit [Energy Field of Study, School of Environment, Resources and Development, Asian Institute of Technology (Thailand); Ongsakul, Weerakorn, E-mail: ongsakul@ait.asi [Energy Field of Study, School of Environment, Resources and Development, Asian Institute of Technology (Thailand)

    2011-02-15

    In this paper, an optimal risky bidding strategy for a generating company (GenCo) by self-organising hierarchical particle swarm optimisation with time-varying acceleration coefficients (SPSO-TVAC) is proposed. A significant risk index based on mean-standard deviation ratio (MSR) is maximised to provide the optimal bid prices and quantities. The Monte Carlo (MC) method is employed to simulate rivals' behaviour in competitive environment. Non-convex operating cost functions of thermal generating units and minimum up/down time constraints are taken into account. The proposed bidding strategy is implemented in a multi-hourly trading in a uniform price spot market and compared to other particle swarm optimisation (PSO). Test results indicate that the proposed SPSO-TVAC approach can provide a higher MSR than the other PSO methods. It is potentially applicable to risk management of profit variation of GenCo in spot market.

  6. 关于双航段收益管理网络上投标价格法的分析%Analysis of Bid-Price Control for a Two-Leg Airline Revenue Management Network

    Institute of Scientific and Technical Information of China (English)

    贺洪智

    2015-01-01

    本文提出了双航段网络上投标价格法的三种性质:经济互补性、原始-对偶模型解之间的关系和系统的单调性。这些性质可以很好地帮助收益管理人员理解所操作的收益管理系统,从而提升人机互动的效果。%The bid-price method is the most commonly used revenue management method in today’ s airlines. The revenue management staff on the front desk usually doesn ’ t know the internal principle of revenue management systems.This paper puts forward three characteristics of bid-price method of the two-leg revenue management sys-tem:economic complementarity , relationship between the primal-dual solutions , and the monotonicity of the sys-tem.These properties can well enhance the revenue management staff ’ s understanding toward the revenue manage-ment system they operate .

  7. The price of a drink: the potential of alcohol minimum unit pricing as a public health measure in the UK.

    Science.gov (United States)

    Rice, Peter; Drummond, Colin

    2012-09-01

    The UK has seen a dramatic increase in alcohol consumption and alcohol-related harm over the past 30 years. Alcohol taxation has long been considered a key method of controlling alcohol-related harm but a combination of factors has recently led to consideration of methods which affect the price of the cheapest alcohol as a means of improved targeting of alcohol control measures to curb the consumption of the heaviest drinkers. Although much of the evidence in favour of setting a minimum price of a unit of alcohol is based on complex econometric models rather than empirical data, all jurisdictions within the UK now intend to make selling alcohol below a set price illegal, which will provide a naturalistic experiment allowing assessment of the impact of minimum pricing.

  8. Effects of unit-based garbage pricing : A differences-in-differences approach

    NARCIS (Netherlands)

    Allers, Maarten A.; Hoeben, Corine

    Using a unique 10-year dataset of all 458 Dutch municipalities, we apply a differences-in-differences approach to estimate the effect of unit-based pricing on household waste quantities and recycling. Community-level studies of unit-based pricing typically do not include fixed effects at the local

  9. Efficiency Effects of Unit-based Pricing Systems and Institutional Choices of Waste Collection

    NARCIS (Netherlands)

    E. Dijkgraaf (Elbert); R.H.J.M. Gradus (Raymond)

    2014-01-01

    markdownabstract__Abstract__ Much attention has been paid to the influence of the institutional form of waste collection on costs. We extend this literature in three directions by including the unit-based pricing system. First, we show that unit-based pricing systems are more important from a

  10. 77 FR 23283 - All Items Consumer Price Index for All Urban Consumers; United States City Average

    Science.gov (United States)

    2012-04-18

    ... of the Secretary All Items Consumer Price Index for All Urban Consumers; United States City Average... this notice in the Federal Register that the United States City Average All Items Consumer Price Index for All Urban Consumers (1967 = 100) increased 116.6 percent from its 1984 annual average of 311.1...

  11. 76 FR 31991 - All Items Consumer Price Index for All Urban Consumers; United States City Average

    Science.gov (United States)

    2011-06-02

    ... of the Secretary All Items Consumer Price Index for All Urban Consumers; United States City Average... this notice in the Federal Register that the United States City Average All Items Consumer Price Index for All Urban Consumers (1967 = 100) increased 110.0 percent from its 1984 annual average of 311.1...

  12. 78 FR 35054 - All Items Consumer Price Index for All Urban Consumers; United States City Average

    Science.gov (United States)

    2013-06-11

    ... of the Secretary All Items Consumer Price Index for All Urban Consumers; United States City Average... in the Federal Register that the United States City Average All Items Consumer Price Index for All Urban Consumers (1967=100) increased 121.1 percent from its 1984 annual average of 311.1 to its...

  13. 75 FR 22164 - All Items Consumer Price Index for All Urban Consumers; United States City Average

    Science.gov (United States)

    2010-04-27

    ... of the Secretary All Items Consumer Price Index for All Urban Consumers; United States City Average... this notice in the Federal Register that the United States City Average All Items Consumer Price Index for All Urban Consumers (1967=100) increased 106.6 percent from its 1984 annual average of 311.1...

  14. Modelling contractor’s bidding decision

    Directory of Open Access Journals (Sweden)

    Biruk Sławomir

    2017-03-01

    Full Text Available The authors aim to provide a set of tools to facilitate the main stages of the competitive bidding process for construction contractors. These involve 1 deciding whether to bid, 2 calculating the total price, and 3 breaking down the total price into the items of the bill of quantities or the schedule of payments to optimise contractor cash flows. To define factors that affect the decision to bid, the authors rely upon literature on the subject and put forward that multi-criteria methods are applied to calculate a single measure of contract attractiveness (utility value. An attractive contract implies that the contractor is likely to offer a lower price to increase chances of winning the competition. The total bid price is thus to be interpolated between the lowest acceptable and the highest justifiable price based on the contract attractiveness. With the total bid price established, the next step is to split it between the items of the schedule of payments. A linear programming model is proposed for this purpose. The application of the models is illustrated with a numerical example.

  15. Discussion on unbalanced bid and coping strategy under bill pricing mode%清单计价模式下不平衡报价及应对策略探讨

    Institute of Scientific and Technical Information of China (English)

    王新杰; 侯庆德

    2011-01-01

    从建设单位角度,介绍了不平衡报价的常见做法,分析了存在的原因及后果,结合实践提出了几点实用的不平衡报价应对策略,以维护建设方正常利益和市场秩序,促进建筑业健康发展。%From the perspective of construction unit, this paper introduced the common method of unbalanced bid, analysed the existed reasons and consequences, combining with the practice put forward a few practical unbalanced bid coping strategies, so as to maintenance the normal profit of construction party and market order, promoted the healthy development of construction industry.

  16. Optimal GENCO bidding strategy

    Science.gov (United States)

    Gao, Feng

    Electricity industries worldwide are undergoing a period of profound upheaval. The conventional vertically integrated mechanism is being replaced by a competitive market environment. Generation companies have incentives to apply novel technologies to lower production costs, for example: Combined Cycle units. Economic dispatch with Combined Cycle units becomes a non-convex optimization problem, which is difficult if not impossible to solve by conventional methods. Several techniques are proposed here: Mixed Integer Linear Programming, a hybrid method, as well as Evolutionary Algorithms. Evolutionary Algorithms share a common mechanism, stochastic searching per generation. The stochastic property makes evolutionary algorithms robust and adaptive enough to solve a non-convex optimization problem. This research implements GA, EP, and PS algorithms for economic dispatch with Combined Cycle units, and makes a comparison with classical Mixed Integer Linear Programming. The electricity market equilibrium model not only helps Independent System Operator/Regulator analyze market performance and market power, but also provides Market Participants the ability to build optimal bidding strategies based on Microeconomics analysis. Supply Function Equilibrium (SFE) is attractive compared to traditional models. This research identifies a proper SFE model, which can be applied to a multiple period situation. The equilibrium condition using discrete time optimal control is then developed for fuel resource constraints. Finally, the research discusses the issues of multiple equilibria and mixed strategies, which are caused by the transmission network. Additionally, an advantage of the proposed model for merchant transmission planning is discussed. A market simulator is a valuable training and evaluation tool to assist sellers, buyers, and regulators to understand market performance and make better decisions. A traditional optimization model may not be enough to consider the distributed

  17. Energy prices and substitution in United States manufacturing plants

    Science.gov (United States)

    Grim, Cheryl

    Persistent regional disparities in electricity prices, growth in wholesale power markets, and recent deregulation attempts have intensified interest in the performance of the U.S. electric power industry, while skyrocketing fuel prices have brought renewed interest in the effect of changes in prices of all energy types on the U.S. economy. This dissertation examines energy prices and substitution between energy types in U.S. manufacturing. I use a newly constructed database that includes information on purchased electricity and electricity expenditures for more than 48,000 plants per year and additional data on the utilities that supply electricity to study the distribution of electricity prices paid by U.S. manufacturing plants from 1963 to 2000. I find a large compression in the dispersion of electricity prices from 1963 to 1978 due primarily to a decrease in quantity discounts for large electricity purchasers. I also find that spatial dispersion in retail electricity prices among states, counties and utility service territories is large, rises over time for smaller purchasers, and does not diminish as wholesale power markets expand in the 1990s. In addition, I examine energy type consumption patterns, prices, and substitution in U.S. manufacturing plants. I develop a plant-level dataset for 1998 with data on consumption and expenditures on energy and non-energy production inputs, output, and other plant characteristics. I find energy type consumption patterns vary widely across manufacturing plants. Further, I find a large amount of dispersion across plants in the prices paid for electricity, oil, natural gas, and coal. These high levels of dispersion are accounted for by the plant's location, industry, and purchase quantity. Finally, I present estimates of own- and cross-price elasticities of demand for both the energy and non-energy production inputs.

  18. Optimal generator bidding strategies for power and ancillary services

    Science.gov (United States)

    Morinec, Allen G.

    As the electric power industry transitions to a deregulated market, power transactions are made upon price rather than cost. Generator companies are interested in maximizing their profits rather than overall system efficiency. A method to equitably compensate generation providers for real power, and ancillary services such as reactive power and spinning reserve, will ensure a competitive market with an adequate number of suppliers. Optimizing the generation product mix during bidding is necessary to maximize a generator company's profits. The objective of this research work is to determine and formulate appropriate optimal bidding strategies for a generation company in both the energy and ancillary services markets. These strategies should incorporate the capability curves of their generators as constraints to define the optimal product mix and price offered in the day-ahead and real time spot markets. In order to achieve such a goal, a two-player model was composed to simulate market auctions for power generation. A dynamic game methodology was developed to identify Nash Equilibria and Mixed-Strategy Nash Equilibria solutions as optimal generation bidding strategies for two-player non-cooperative variable-sum matrix games with incomplete information. These games integrated the generation product mix of real power, reactive power, and spinning reserve with the generators's capability curves as constraints. The research includes simulations of market auctions, where strategies were tested for generators with different unit constraints, costs, types of competitors, strategies, and demand levels. Studies on the capability of large hydrogen cooled synchronous generators were utilized to derive useful equations that define the exact shape of the capability curve from the intersections of the arcs defined by the centers and radial vectors of the rotor, stator, and steady-state stability limits. The available reactive reserve and spinning reserve were calculated given a

  19. Comparison of United States and Canadian Glaucoma Medication Costs and Price Change from 2006 to 2013

    Directory of Open Access Journals (Sweden)

    Matthew B. Schlenker

    2015-01-01

    Full Text Available Objective. Compare glaucoma medication costs between the United States (USA and Canada. Methods. We modelled glaucoma brand name and generic medication annual costs in the USA and Canada based on October 2013 Costco prices and previously reported bottle overfill rates, drops per mL, and wastage adjustment. We also calculated real wholesale price changes from 2006 to 2013 based on the Average Wholesale Price (USA and the Ontario Drug Benefit Price (Canada. Results. US brand name medication costs were on average 4x more than Canadian medication costs (range: 1.9x–6.9x, averaging a cost difference of $859 annually. US generic costs were on average the same as Canadian costs, though variation exists. US brand name wholesale prices increased from 2006 to 2013 more than Canadian prices (US range: 29%–349%; Canadian range: 9%–16%. US generic wholesale prices increased modestly (US range: −23%–58%, and Canadian wholesale prices decreased (Canadian range: −38%–0%. Conclusions. US brand name glaucoma medications are more expensive than Canadian medications, though generic costs are similar (with some variation. The real prices of brand name medications increased more in the USA than in Canada. Generic price changes were more modest, with real prices actually decreasing in Canada.

  20. Bidding in sequential electricity markets: The Nordic case

    DEFF Research Database (Denmark)

    Boomsma, Trine Krogh; Juul, Nina; Fleten, Stein-Erik

    2014-01-01

    For electricity market participants trading in sequential markets with differences in price levels and risk exposure, coordinated bidding is highly relevant. We consider a Nordic power producer who engages in the day-ahead spot market and the near real-time balancing market. In both markets......, clearing prices and dispatched volumes are unknown at the time of bidding. However, in the balancing market, the agent faces an additional risk of not being dispatched. Taking into account the sequential clearing of these markets and the gradual realization of market prices, we formulate the bidding...... problem as a multi-stage stochastic program. We investigate whether higher risk exposure can explain the hesitation, often observed in practice, to bid into the balancing market, even in cases of higher expected price levels. Furthermore, we quantify the gain from coordinated bidding, and by deriving...

  1. Bidding Strategies for Generation Company Considering Randomness and Correlation Relationship of Electricity and Carbon Prices%考虑电价碳价随机性及其相关性的发电商投标决策

    Institute of Scientific and Technical Information of China (English)

    周任军; 刘照; 陈彦秀; 张浩; 李莹莹; 范龙; 尹权

    2016-01-01

    Carbon price and electricity price are bound together under the influence of external factors. Thus,the price randomness of carbon and electricity along with their correlation should be taken into consideration to form the bidding model for generation compa-nies. The difference between actual profit and the expectation is defined as the risk and measured by multi-stochastic conditional risk method in this paper. Then,a CVaR-based bidding model which considers the price randomness of electricity and carbon along with their correlation is proposed. The Linear method is used to sample of the random variables concerning the correlation and to solve the conditional value at risk. Cases considering the correlation between electricity price and carbon price,carbon price cost,carbon price randomness and other risk measurement methods are tested respectively to evaluate their influences on the investment decision risk of generation companies. The results show that considering the price randomness of both electricity and carbon as well as their correlation is more in accordance with the generation companies’requirement of increasing revenue and reducing risk,and conditional risk method is able to describe the risk more accurately.%电价、碳价在外界因素的影响下具有某种相依关系,因此需要在发电商投标模型中考虑电价、碳价的随机性及其相关性对其决策的影响。本文将低于发电商预期收益部分的期望值定义为风险,采用多随机变量的条件风险方法对其进行度量,建立了考虑电价碳价随机性及其相关性影响的发电商投标决策模型,利用线性变换方法对相关性随机变量进行抽样并求解条件风险值。对电价碳价相关性、碳价成本、碳价随机性和不同风险度量方法对发电商投资决策风险的影响进行了仿真对比,结果表明考虑电价和碳价随机性及其相关性影响的投标模型更符合发电商提高收益降低

  2. Research on Power Producer’s Bidding Behavior Based on the Best-Response Dynamic Model

    Directory of Open Access Journals (Sweden)

    Jingqi Sun

    2014-01-01

    Full Text Available As China’s electricity market is facing many problems, the research on power producer’s bidding behavior can promote the healthy and sustainable development of China’s electricity market. As a special commodity, the “electricity” possesses complicated production process. The instable market constraint condition, nonsymmetric information, and a lot of random factors make the producer’s bidding process more complex. Best-response dynamic is one of the classic dynamic mechanisms of the evolutionary game theory, which applies well in the repeated game and strategy evolution that happen among a few bounded rational players with a quick learning capability. The best-response dynamic mechanism is employed to study the power producer’s bidding behavior in this paper, the producer’s best-response dynamic model is constructed, and how the producers would engage in bidding is analyzed in detail. Taking two generating units in South China regional electricity market as the example, the producer’s bidding behavior by following the producer’s best-response dynamic model is verified. The relationships between the evolutionarily stable strategy (ESS of power producer’s bidding and the market demand, and ceiling and floor price as well as biding frequency are discussed in detail.

  3. Strategic Bidding Behaviors in Nondecreasing Sponsored Search Auctions

    Directory of Open Access Journals (Sweden)

    Chen-Kun Tsung

    2013-01-01

    Full Text Available To realize the specific results in the sponsored search auctions, most advertisers submit particular bid prices. The bidding behaviors with specific purposes are called as the strategic bidding. However, some strategic bidding behaviors will result in negative effects, such as the elimination of the equilibrium and the payment increase for some advertisers. The bidding behaviors with negative results are termed as the vindictive bidding. We survey four strategic bidding behaviors which include a rational bidding and three vindictive bidding strategies. In this paper, we study the relationship between the effects resulted by the vindictive bidding and the valuations of the vindictive advertisers. In our experiments, the search engine provider (SEP is benefited by all vindictive bidding behaviors, and the increment of the SEP's revenue is proportional to the degree of the vindictiveness. Bidding vindictively without sacrificing the own utility improves the advertiser's utility with high probability. Moreover, we observe that the SEP's revenue is improved by the following situations. First, the vindictive advertiser with low valuation in the keywords with high market value results in more SEP's revenue than that in the keywords with low market value. The second case is to raise the bidding competition between advertisers.

  4. Analysis of Bidder Collusion in First-Price Sealed-Bid Auction---based on“Strong” Cartel Mechanism of First-Price Pre-auction Knockout%密封第一价格拍卖中的竞拍者串谋分析--基于“强”卡特尔的第一价格预拍

    Institute of Scientific and Technical Information of China (English)

    林菡密; 孙绍荣

    2015-01-01

    已有密封一价拍卖竞拍者串谋均衡研究中存在不符合现实的诸多约束,鉴于此,在串谋只包含部分竞拍者、串谋成员与非串谋尔成员间形成独立、非对称以及连续的价值分布并同时存在竞价策略互动的假设下,建立串谋方和非串谋方互动的竞价优化模型以及拍卖方的保留价格优化模型,得到串谋方和非串谋方的最优竞拍出价以及竞拍方的最优保留价格。结果表明串谋方和非串谋方的出价策略不仅与自身的估价、竞标人数、串谋人数相关,也与对方的估价存在关联性;拍卖方的最优保留价格设定与非串谋方和串谋方的价值分布存在关联。%The existing researches of bidder collusion in first-price sealed-bid auction have many constraints that do not conform to the reality.In view of this, by the assumption that cartels include only a partial of the bidders, collusive and non-collusive members whose value are independent,continuous and asymmetric will respond strate-gically to each other on bidding, this paper gets the optimal bidding price of collusive members and non-collusive members and the optimal reserve price of the auctioneer.As a result, bidding strategy of collusive and non-collu-sive members is not only decided by their own valuations, the numbers of bidders, the number of collusive mem-bers, but also the valuations of the other side.Optimal reserve price is related to valuation distribution of collu-sive and non-collusive members.

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

    Science.gov (United States)

    Brannan, Michael James

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

  6. Determination of the Prosumer's Optimal Bids

    Science.gov (United States)

    Ferruzzi, Gabriella; Rossi, Federico; Russo, Angela

    2015-12-01

    This paper considers a microgrid connected with a medium-voltage (MV) distribution network. It is assumed that the microgrid, which is managed by a prosumer, operates in a competitive environment and participates in the day-ahead market. Then, as the first step of the short-term management problem, the prosumer must determine the bids to be submitted to the market. The offer strategy is based on the application of an optimization model, which is solved for different hourly price profiles of energy exchanged with the main grid. The proposed procedure is applied to a microgrid and four different its configurations were analyzed. The configurations consider the presence of thermoelectric units that only produce electricity, a boiler or/and cogeneration power plants for the thermal loads, and an electric storage system. The numerical results confirmed the numerous theoretical considerations that have been made.

  7. Smart self-scheduling of Gencos with thermal and energy storage units under price uncertainty

    OpenAIRE

    Soroudi, Alireza

    2013-01-01

    This paper provides a self-scheduling tool for price taker Gencos. This methodology is based on Robust Optimization (RO) to deal with the uncertainties of market price values in the day-ahead electricity pool market. The Genco is assumed to be the entity who decides about the operating schedules of its thermal units and Compressed Air Energy Storage units. The benefits of Genco brought by smart grid technology and energy storage systems are investigated in this work. The applicability of the ...

  8. 75 FR 10561 - Pricing for 2010 United States Mint America the Beautiful QuartersTM

    Science.gov (United States)

    2010-03-08

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for 2010 United States Mint America the Beautiful Quarters\\TM\\ Two-Roll Set, etc. AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The...

  9. 75 FR 10345 - Pricing for 2010 United States Mint America the Beautiful Quarters Proof Set, etc.

    Science.gov (United States)

    2010-03-05

    ... [Federal Register Volume 75, Number 43 (Friday, March 5, 2010)] [Notices] [Pages 10345-10346] [FR Doc No: 2010-4534] DEPARTMENT OF THE TREASURY United States Mint Pricing for 2010 United States Mint America the Beautiful Quarters Proof Set, etc. AGENCY: United States Mint, Department of the...

  10. Option pricing with COS method on Graphics Processing Units

    NARCIS (Netherlands)

    B. Zhang (Bo); C.W. Oosterlee (Cornelis)

    2009-01-01

    htmlabstractIn this paper, acceleration on the GPU for option pricing by the COS method is demonstrated. In particular, both European and Bermudan options will be discussed in detail. For Bermudan options, we consider both the Black-Scholes model and Levy processes of infinite activity. Moreover, th

  11. Option pricing with COS method on Graphics Processing Units

    NARCIS (Netherlands)

    Zhang, B.; Oosterlee, C.W.

    2009-01-01

    In this paper, acceleration on the GPU for option pricing by the COS method is demonstrated. In particular, both European and Bermudan options will be discussed in detail. For Bermudan options, we consider both the Black-Scholes model and Levy processes of infinite activity. Moreover, the influence

  12. Comparing Generic Drug Markets in Europe and the United States: Prices, Volumes, and Spending.

    Science.gov (United States)

    Wouters, Olivier J; Kanavos, Panos G; McKEE, Martin

    2017-09-01

    Policy Points: Our study indicates that there are opportunities for cost savings in generic drug markets in Europe and the United States. Regulators should make it easier for generic drugs to reach the market. Regulators and payers should apply measures to stimulate price competition among generic drugmakers and to increase generic drug use. To meaningfully evaluate policy options, it is important to analyze historical context and understand why similar initiatives failed previously. Rising drug prices are putting pressure on health care budgets. Policymakers are assessing how they can save money through generic drugs. We compared generic drug prices and market shares in 13 European countries, using data from 2013, to assess the amount of variation that exists between countries. To place these results in context, we reviewed evidence from recent studies on the prices and use of generics in Europe and the United States. We also surveyed peer-reviewed studies, gray literature, and books published since 2000 to (1) outline existing generic drug policies in European countries and the United States; (2) identify ways to increase generic drug use and to promote price competition among generic drug companies; and (3) explore barriers to implementing reform of generic drug policies, using a historical example from the United States as a case study. The prices and market shares of generics vary widely across Europe. For example, prices charged by manufacturers in Switzerland are, on average, more than 2.5 times those in Germany and more than 6 times those in the United Kingdom, based on the results of a commonly used price index. The proportion of prescriptions filled with generics ranges from 17% in Switzerland to 83% in the United Kingdom. By comparison, the United States has historically had low generic drug prices and high rates of generic drug use (84% in 2013), but has in recent years experienced sharp price increases for some off-patent products. There are policy

  13. Auctioning Process Innovations when Losers' Bids Determine Royalty Rates

    OpenAIRE

    Fan, Cuihong; Jun, Byoung Heon; Elmar G. Wolfstetter

    2009-01-01

    We consider a licensing mechanism for process innovations that combines a license auction with royalty contracts to those who lose the auction. Firms’ bids are dual signals of their cost reductions: the winning bid signals the own cost reduction to rival oligopolists, whereas the losing bid influences the beliefs of the innovator who uses that information to set the royalty rate. We derive conditions for existence of a separating equilibrium, explain why a sufficiently high reserve price is e...

  14. Optimal Bidding Strategies for Generation Companies in a Day-Ahead Electricity Market with Risk Management Taken into Account

    Directory of Open Access Journals (Sweden)

    Azmi Saleh

    2009-01-01

    Full Text Available Problem statement: In a competitive electricity market with limited number of producers, Generation Companies (Gencos is facing an oligopoly market rather than a perfect competition. Under oligopoly market environment, each Genco may increase its own profit through a favorable bidding strategy. The objective of a Genco is to maximize its profit and minimize the associated risk. In order to achieve this goal, it is necessary and important for the Genco to make optimal bidding strategies with risk management before bidding into spot market to get an expected high profit, since spot prices are substantially volatile. This study propose a method to build optimal bidding strategies in a day-ahead electricity market with incomplete information and considering both risk management and unit commitment. Approach: The proposed methodology employs the Monte Carlo simulation for modeling a risk management and a strategic behavior of rival. A probability density function (pdf, Value at Risk (VaR and Monte Carlo simulation used to build optimal bidding strategies for a Genco. Results: The result of the proposed method shows that a Genco can build optimal bidding strategies to maximize expected total profit considering unit commitment and risk management. The Genco controls the risk by setting the confidence level. If the Genco increase the confidence level, the expected total VaR of profit decrease. Conclusions/Recommendations: The proposed method for building optimal bidding strategies in a day-ahead electricity market to maximize expected total profit considering unit commitment and risk management is helpful for a Genco to make a decision to submit bidding to the Independent System Operator (ISO.

  15. 78 FR 35054 - All Items Consumer Price Index for All Urban Consumers United States City Average

    Science.gov (United States)

    2013-06-11

    ... of the Secretary All Items Consumer Price Index for All Urban Consumers United States City Average... Commission and publishes this notice in the Federal Register that the United States City Average All Items... average of 147.7 to its 2012 annual average of 687.761 and that it increased 29.7 percent from its...

  16. 77 FR 23282 - All Items Consumer Price Index for All Urban Consumers; United States City Average

    Science.gov (United States)

    2012-04-18

    ... of the Secretary All Items Consumer Price Index for All Urban Consumers; United States City Average... Election Commission and publishes this notice in the Federal Register that the United States City Average... 1974 annual average of 147.7 to its 2011 annual average of 673.818 and that it increased 27.0...

  17. 75 FR 22164 - All Items Consumer Price Index for All Urban Consumers United States City Average

    Science.gov (United States)

    2010-04-27

    ... of the Secretary All Items Consumer Price Index for All Urban Consumers United States City Average... Commission and publishes this notice in the Federal Register that the United States City Average All Items... average of 147.7 to its 2009 annual average of 642.658 and that it increased 21.2 percent from its...

  18. The effect of virtual bidding on forward premiums in the New York wholesale energy market

    Science.gov (United States)

    Knudsen, Andrew D.

    In many parts of the United States, the power industry has been deregulated and replaced with regional wholesale energy markets, where utilities purchase electricity from generators at competitive market rates for subsequent distribution to customers. Numerous studies have shown that in each of these markets, the price of energy purchased in the Day Ahead (futures) market exceeds the price in the Real Time (spot) market on average. The existence of this "forward premium" is evidence of market inefficiency and may indicate participants' aversion to risk in the Real Time market or the exercise of market power by generators. To address this inefficiency, the New York Independent System Operator introduced a virtual bidding system within its wholesale market, which permitted participants to engage in purely financial transactions and hedge their exposure to risk. The new policy was expected to promote price convergence by allowing bidders to arbitrage expected differences between Day Ahead and Real Time prices. This study examines whether the presence of virtual bidding was associated with a change in the mean value and magnitude of forward premiums in the NYISO energy market. The study applies a GARCH model to hourly pricing data from 2001 to 2009, controlling for temperature and economic activity. The results indicate that prior to 2005, virtual bidding was associated with significantly lower and less volatile forward premiums in New York's five most congested zones but with increased premiums in the remaining less congested zones. However, when the entire period from 2001 to 2009 is examined, the results suggest that prices have become significantly more divergent in the presence of virtual bidding. Closer examination of the data reveals a dramatic increase in forward premium volatility across all zones beginning in 2005 that is not accounted for by temperature or economic activity and may have biased the results. This study attempts to account for this unexplained

  19. 76 FR 15047 - Pricing for 2010 United States Mint America the Beautiful Quarters Silver Proof SetTM

    Science.gov (United States)

    2011-03-18

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for 2010 United States Mint America the Beautiful Quarters Silver Proof Set\\TM\\, etc. ACTION: Pricing for 2010 United States Mint America the Beautiful Quarters Silver Proof Set...

  20. Short Term Price Forecasting in Electricity Market Considering the Effect of Wind Units\\\\\\' Generation

    Directory of Open Access Journals (Sweden)

    H. Taherian

    2014-05-01

    Full Text Available The price signal in a competitive electricity market has a major importance in all planning and commissioning activities. Also, the electricity price has a non-deterministic nature and is affected by various parameters in short and long terms. Active players in electricity market need accurate and effective price forecasting for risk management. With the increased use of renewable energies, especially wind energy, the electricity price is being affected by this new parameter, as the intermittent nature of wind generation has further complicated the process of instantaneous balancing of power system demand against power generation. In this paper, using the Nord Pool electricity market data, the effect of wind units' generation on price forecasting is studied. The main idea is based on presenting an intelligent model for forecasting the Market Clearing Price through the use of a multilayer perceptron neural network based on hybrid genetic model and Imperialist Competitive algorithm. This hybrid model has a better accuracy, compared to the conventional neural networks (based on gradient-based optimization algorithms, and has the ability of converging towards the absolute optimum. The results verify the high accuracy of this model in short term electricity price forecasting.

  1. 物资设备招标采购“最低投标价法”存在的问题及风险防范%Problems and Risk Precaution in "Lowest Bid Price Method" of the Material Equipment Procurement

    Institute of Scientific and Technical Information of China (English)

    蔡顺根

    2012-01-01

    Based on expounding the advantages of"the lowest bid price method"of the material equipment bid procurement,the problems of whether the "lowest bid price" is lower than cost in the tender and bid is hard to determine,"bad money out good money"frequently occurs which easily cause contract execution rate low and influence project construction are analyzed.Through the analysis and discussion,"the lowest bid price method"is at risk in procurement is put forward.We can take actions to enhance admittance threshold and execute pre-qualification.According to the design documents and requirements,we carefully prepare the tender documents and technical specifications and establish margin system to ensure that the renderers' legitimate rights and interests.If preventive measures are good,the"lowest bid price method"can make the bidding work run smoothly and effectively to realize the purposes of reducing the cost and controlling the project cost.%在阐述物资设备采购采用"最低投标价法"优点的基础上,对"最低投标价法"在招投标中存在的"最低投标价"是否低于成本难以界定,"劣币驱逐良币"现象时有发生,易造成合同履约率低,影响工程建设等主要问题进行分析。通过分析与探讨,提出招标采购采用"最低投标价法"存在的风险,可采取提高准入门槛,进行资格预审;根据设计文件及要求,认真编制招标文件和技术规格书;建立保证金制度,保证招标人的合法权益等措施进行防范。如果防范措施采取得好,采用"最低投标价法"可使招投标工作顺利进行,从而达到有效降低采购成本,控制工程造价的目的。

  2. 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.

  3. First price bidding with employment constraint in the SOE auction in China%附加职工安置约束的国企产权拍卖机制研究

    Institute of Scientific and Technical Information of China (English)

    汪海; 张卫东

    2008-01-01

    The transfer of SOE's property right involves benefits readjustment of its stakeholders; therefore the design of the trading mechanism is not only to sell the SOE with a high price but also to realize other non-price objectives such as rearrangement of original employees, further development of the enterprise etc. This paper constructs a bidding mechanism with the constraint of accommo- dating employees to analyze the tradeoff between maximizing SOE-auction revenue and minimizing induced unemployment. By adding that the winner is required to settle down a certain quantity of former SOE employees in the new enterprise, this mechanism brings on the competition among prospective inve- stors in both the price and the quantity of employment, which can help the go- vernment to balance the different objectives more efficiently. However, the constraint will only work under the condition that the government has stressed sufficiently on the employees' rearrangement and set the best constraint thre- shold. Moreover, the government should set an explicit compensation standard for the induced lay-offsto eliminate the investors' accommodating cost disper- sion and introduce more strategic investors with considerable heterogeneity to participate in the bidding.%国企产权转让牵涉到国有企业利益相关者利益的重新调整,因此其交易机制的设计不仅要使国有企业以尽可能高的价格出售,还要充分考虑其他非价格因素,如国企职工的安置、企业未来的发展等.通过提出一种附加职工安置约束的国企产权拍卖机制,在价格投标中增加职工安置人数的约束,实现了潜在投资者在国企产权转让价格和安置职工人数两个维度上的竞争,从而使政府能够很好地兼顾不同的目标.职工安置约束要发挥预期的效果需要政府对职工安置问题显示出足够的重视程度,同时设置最优的职工安置人数最低标准.如果政府能够根据当地经济的发展

  4. Optimal Bidding Strategies for a Small Generation Company in a Day-Ahead Electricity Market with Bilateral Contracts Taken into Account

    Directory of Open Access Journals (Sweden)

    Azmi Saleh

    2009-01-01

    Full Text Available Problem Statement: Deregulation power systems have been force to change their structures, from vertically integrated to open market systems. Each generation company (Genco is required to compete with rivals through bidding in a pool market and making a bilateral contract with a distribution company (Disco or consumers to maximize its own profits. A unit commitment becomes responsible for each Genco and difficult for Genco that have one generation plant or small generation capacity. The objective of a Genco is to maximize its profits with makes a decision submit bidding price function to the Independent System Operator (ISO. In order to achieve this goal, it is necessary and important for a small Genco to build optimal bidding strategies considering a bilateral contract and a unit commitment with constraints in time periods for possibilities to get a discontinuous dispatch that could reduce total profits. Approach: The proposed methodology employs an optimization method like Lagrange Relaxation to solve the optimal bidding problem. The solution procedure is applied in the study case and change the market condition to show the effect of bilateral contract to marginal clearing price (MCP, generation output and total profit for a small Genco. Result: The result of the proposed method shows that a Genco can build optimal bidding strategies to maximize total profit considering unit commitment and bilateral contract. Simulation results of a numerical example have demonstrated the bilateral contract reduced the hourly MCP. The bilateral contract will guarantee the Genco getting continuous dispatch during time periods. Conclusions/Recommendations: The proposed method for building optimal bidding strategies in a day-ahead electricity market to maximize total profit considering unit commitment and bilateral contract is helpful for a Genco to make decision in submit bidding to an ISO.

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

    NARCIS (Netherlands)

    Schrager, D.F.; Pelsser, A.

    2004-01-01

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

  6. 75 FR 4451 - Notification of United States Mint 2010 Commemorative Coin Pricing

    Science.gov (United States)

    2010-01-27

    ... of America Centennial Silver Dollar Programs. Public Laws 110-227 and 110-363 require the United States Mint to mint and issue American Veterans Disabled for Life and Boy Scouts of America Centennial.... The Boy Scouts of America Centennial Silver Dollar will be offered at an introductory price on March...

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

    NARCIS (Netherlands)

    Schrager, D.F.; Pelsser, A.

    2004-01-01

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

  8. The Impact of Global Cultural Differences on the Pricing Strategies in United States of America

    Directory of Open Access Journals (Sweden)

    Eston Kwach Odongo

    2012-02-01

    Full Text Available The purpose of the study was to examine the impact and the extent to which global Cultural differences affects a company’s pricing decisions, a study based on Da-Wood Trading in the United States of America. Data for this study was collected through observation during a three month internship at the company, and questionnaires were later administered to respondents. Personal interview was also used to gather data from one respondent. The findings were then presented in form of tables and graphs. The data collected indicates that there are globalization factors that play a role in determining prices for services offered. Exposure to crime comes out as the most prominent global political factor while literacy rates and global oil prices stand out as the most influential cultural and economic factors, respectively. However, factors like tariffs, religion, and currency fluctuations are seen to not have a significant impact on pricing decisions. The factors that are considered and highlighted in this study therefore are seen to vary in degree of importance and in how they influence pricing decisions.

  9. The impact of competitive bidding on the market prospects for renewable electric technologies

    Energy Technology Data Exchange (ETDEWEB)

    Swezey, B G

    1993-09-01

    This report examines issues regarding the ability of renewable-energy-based generation projects to compete fossil-fuel-based projects in competitive bidding solicitations. State and utility bidding results revealed that on a relative basis, utilities contract for less renewable-energy-based capacity under competitive bidding than under past methods of qualifying facility contracting. It was concluded that renewables are not being chosen more often under competitive bidding because it emphasizes price and operating considerations over other attributes of renewables, such as environmental considerations, fuel diversity, and fuel price stability. Examples are given of bidding approaches used by some states and utilities that have resulted in renewables-based projects winning generation bids. In addition, the appendix summarizes, by state, competitive bidding activities and results for supply-side solicitations that were open to all fuels and technologies.

  10. A Q-Learning-Based Supplier Bidding Strategy in Electricity Auction Market

    Science.gov (United States)

    Xiong, Gaofeng; Hashiyama, Tomonori; Okuma, Shigeru

    One of the most important issues for power suppliers in the deregulated electric industry is how to bid into the electricity auction market to satisfy their profit-maximizing goals. Based on the Q-Learning algorithm, this paper presents a novel supplier bidding strategy to maximize supplier’s profit in the long run. In this approach, the supplier bidding strategy is viewed as one kind of stochastic optimal control problem and each supplier can learn from experience. A competitive day-ahead electricity auction market with hourly bids is assumed here, where no supplier possesses the market power and all suppliers winning the market are paid based on their own bid prices. The dynamics and the incomplete information of the market are considered. The impact of suppliers’ strategic bidding on the market price is analyzed. Agent-based simulations are presented. The simulation results show the feasibility of the proposed bidding strategy.

  11. Bidding strategy in pay-as-bid markets based on supplier-market interaction analysis

    Energy Technology Data Exchange (ETDEWEB)

    Bigdeli, N., E-mail: bigdeli@ee.sharif.ed [EE Department, Imam Khomeini International University, Qazvin (Iran, Islamic Republic of); Afshar, K., E-mail: k_afshar@ee.sharif.ed [EE Department, Imam Khomeini International University, Qazvin (Iran, Islamic Republic of); Fotuhi-Firuzabad, M., E-mail: fotuhi@sharif.ed [EE Department, Sharif University of Technology, Tehran (Iran, Islamic Republic of)

    2010-12-15

    In this paper, a new bidding strategy for pay-as-bid market suppliers is introduced. This method is based on a systematic analysis of interactions of market with the suppliers via several market indices as well as forecasting important indices by artificial neural networks. Besides, the proposed method considers the practical limitations in the system and deals with incomplete information handling, closely. Next, a strategic bidding approach is proposed for optimal bidding by the suppliers. In these investigations, the paper focus is on the experimental situation of Iran electricity market as a pay-as-bid market and a sample generating company with several generating units from this market is considered as the benchmark. The results of applying this approach to this generating company are representative of good performance of the proposed method.

  12. A Supplier Bidding Strategy Through Q-Learning Algorithm in Electricity Auction Markets

    Science.gov (United States)

    Xiong, Gaofeng; Hashiyama, Tomonori; Okuma, Shigeru

    One of the most important issues for power suppliers in the deregulated electric industry is how to bid into the electricity auction market to satisfy their profit-maximizing goals. Based on the Q-Learning algorithm, this paper presents a novel supplier bidding strategy to maximize supplier’s profit in the long run. In this approach, the supplier bidding strategy is viewed as a kind of stochastic optimal control problem and each supplier can learn from experience. A competitive day-ahead electricity auction market with hourly bids is assumed here, where no supplier possesses the market power. The dynamics and the incomplete information of the market are considered. The impacts of suppliers’ strategic bidding on the market price are analyzed under uniform pricing rule and discriminatory pricing rule. Agent-based simulations are presented. The simulation results show the feasibility of the proposed bidding strategy.

  13. Bidding Strategy for Deregulated Power Markets

    Directory of Open Access Journals (Sweden)

    Preeti

    2016-07-01

    Full Text Available Load and Price forecasting play a vital role in enhancing the energy-efficient and reliable operation of electricity companies. This paper proposes a bidding strategy based on Short-Term Load Forecasting and Short-Term Price Forecasting technique used in the deregulated electricity market. The main aim of the proposed approach is to forecast load and price so as to enhance the efficiency of the power system. The input variables which are taken into account include the past load, weather and calendar data and price bidding on an hourly basis. A comparison of the accuracy of fuzzy, artificial neural network and state estimation technique is performed on the two datasets of the electricity markets of IEEE Reliability Test System and Haryana State Load Dispatch Centre. The forecasted load and price aids in increasing the profits by judiciously utilizing the generators with less cost in periods of high demand. Price forecasts are used to determine the cost of electric power and hence, plan the budget according to the consumption of power over the scheduled interval.

  14. Bidding for Representative Allocations for Display Advertising

    CERN Document Server

    Ghosh, Arpita; Papineni, Kishore; Vassilvitskii, Sergei

    2009-01-01

    Display advertising has traditionally been sold via guaranteed contracts -- a guaranteed contract is a deal between a publisher and an advertiser to allocate a certain number of impressions over a certain period, for a pre-specified price per impression. However, as spot markets for display ads, such as the RightMedia Exchange, have grown in prominence, the selection of advertisements to show on a given page is increasingly being chosen based on price, using an auction. As the number of participants in the exchange grows, the price of an impressions becomes a signal of its value. This correlation between price and value means that a seller implementing the contract through bidding should offer the contract buyer a range of prices, and not just the cheapest impressions necessary to fulfill its demand. Implementing a contract using a range of prices, is akin to creating a mutual fund of advertising impressions, and requires {\\em randomized bidding}. We characterize what allocations can be implemented with rando...

  15. 78 FR 70414 - Pricing for the 2013 United States Mint Limited Edition Silver Proof SetTM

    Science.gov (United States)

    2013-11-25

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for the 2013 United States Mint Limited Edition Silver Proof Set TM AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The United States Mint...

  16. Variation in cash price of the generic medications most prescribed by dermatologists in pharmacies across the United States.

    Science.gov (United States)

    Alghanem, Noor; Abokwidir, Manal; Fleischer, Alan B; Feldman, Steven R; Alghanem, Ward

    2017-03-01

    The United States has the highest drug costs in the world. Consumers complain about large price differences at pharmacies on generic drugs. To evaluate variation in cash prices of generic medications most prescribed in dermatology across different drugstores and states in United States. The 11 generic drugs most prescribed by dermatologists according to National Ambulatory Medical Care Survey were assessed. By using Google, the most common used pharmacies in United States were listed, which are located at a random selection of six states. By calling the first available number of each pharmacy in the six states and asking about the generic cash price of the smallest stock size and the most prescribed type, the data were collected. Drug prices varied; the median cumulative price of the 11 medications was highest at Rite Aid ($1226) and lowest at Walmart ($795.34) with 35% difference. The prices at CVS differed by 20% across different states; however, the prices at Walmart, Rite Aid and Walgreens were consistent. New York has the highest and Iowa the lowest prices, especially at CVS, ($1160.79) versus ($931.32). There are varieties in the prices for the generic medications in different pharmacies and States.

  17. Industrial Fuel Gas Demonstration Plant Program. Bid packages for materials (Deliverable No. 28)

    Energy Technology Data Exchange (ETDEWEB)

    None

    1979-01-01

    Fixed-price supply type bid packages for materials and/or service essentially are comprised of two parts, namely: (1) a technical requisition of the material, equipment, or service to be supplied; and (2) commercial and legal requirements, normally referred to as terms and conditions. Requisitions, providing technical requirements, for all equipment items identified for the Industrial Fuel Gas Demonstration Plant may be found in the 12 volumes of the Demonstration Plant Mechanical Design. The requisitions have been included within separate sections of the design report, sorted by appropriate plant unit. Combined with any General Notes Requisition and the necessary FWEC Job Standards, these various item requisitions provide all technical information for the prospective vendor to furnish his bid. The terms and conditions (boiler plate) to be included in the bid package identify all the contractual requirements which will be imposed upon the bidder. These requirements cover the conditions he must meet to bid on the particular item as well as the clauses to be included within the eventual purchase order/subcontract. A typical package of such terms and conditions is included.

  18. Influence of feasibility constrains on the bidding strategy selection in a day-ahead electricity market session

    Energy Technology Data Exchange (ETDEWEB)

    Borghetti, Alberto [Dept. of Electrical Engineering, University of Bologna, Viale risorgimento 2, 40136 Bologna (Italy); Massucco, Stefano; Silvestro, Federico [Dept. of Electrical Engineering, University of Genova, via all' Opera Pia 11a, 16145 Genova (Italy)

    2009-12-15

    Large part of liberalized electricity markets, including the Italian one, features an auction mechanism, called day-ahead energy market, which matches producers' and buyers' simple bids, consisting of energy quantity and price pairs. The match is achieved by a merit-order economic dispatch procedure independently applied for each of the hours of the following day. Power plants operation should, however, take into account several technical constraints, such as maximum and minimum production bounds, ramp constraints and minimum up and downs times, as well as no-load and startup costs. The presence of these constraints forces to adjust the scheduling provided by the market in order to obtain a feasible scheduling. The paper presents an analysis of the possibility and the limits of taking into account the power plants technical constraints in the bidding strategy selection procedure of generating companies (Gencos). The analysis is carried out by using a computer procedure based both on a simple static game-theory approach and on a cost-minimization unit-commitment algorithm. For illustrative purposes, we present the results obtained for a system with three Gencos, each owning several power plants, trying to model the bidding behaviour of every generator in the system. This approach, although complex from the computational point of view, allows an analysis of both price and quantity bidding strategies and appears to be applicable to markets having different rules and features. (author)

  19. The Myriad United States Price Indexes and Inflation Measures: A Primer.

    Science.gov (United States)

    Stratford, Jean Slemmons; Stratford, Juri

    1993-01-01

    Describes various inflationary measures, price indexes, and price deflators. Highlights include Bureau of Labor Statistics price indexes, including the Consumer Price Index and the Producer Price Index; Bureau of Economic Analysis price deflators; the Cost of Living Index; and a comparison of measures of inflation. (27 references) (LRW)

  20. 南京市某医院药品集中招标采购对药品价格和医院收入的影响%The Effect of Drug Purchase by Centralized Bidding on Drug Price and Revenue of a Hospital,Nanjing

    Institute of Scientific and Technical Information of China (English)

    张宇; 陈玉文

    2015-01-01

    目的:探讨南京市某三甲医院药品集中招标采购对药品价格和医院收入的影响.方法:查询南京市某三甲医院西药库计算机管理系统2009-2015年全部药品管理信息,分类汇总并统计分析中标药品种数、价格、差价率等管理指标数据.结果:2009-2015年采购中标药品品种构成比呈逐年上升趋势;部分药品零售价在招标采购的情况下有一定程度降低,抗生素类具有较大的降价幅度;其中国产氟康唑注射液具有最大的降价幅度,达到了86.68%;合资或进口药品零售价显著高于国产药品(P<0.05),同时其降价幅度显著低于国产药品(P<0.05);中标药品和非中标药品的差价率均逐年降低,中标药品差价率年降幅显著高于非中标药品(P<0.05);中标药品购入金额占总购入金额的百分比逐年提升.结论:南京某医院药品集中招标采购能够有效降低药品价格,在一定程度上提升医院收入.%Objective: To investigate the effect of drug purchase by centralized bidding on drug price and revenue of a hospital in Nanjing . Methods: The information of pharmaceutical administration in computer management system from 2009 to 2015 at one top three hospital was in-quired.Some management indicator including kinds, price, price differences rate and so on were classified, collected and statistically analyzed. Results:From 2009 to 2015, the drug variety constituent ratio showed an increasing trend year by year.The retail price of some drugs represented a certain extent of decrease.Antibiotics possessed a large extent of depreciation, and domestic fluconazole injection was the maximal with 86. 68%.For joint-ventured and imported drugs, the retail price was significantly higher than domestic drugs (P<0.05), and the extent of depre-ciation was significantly lower than domestic drugs (P<0.05).The price differences rate of bidding drugs and unbidding drugs was reducing year by year.The price differences rate of

  1. The effects of retail concentration on retail dairy product prices in the United States.

    Science.gov (United States)

    Hovhannisyan, V; Bozic, M

    2016-06-01

    This study provides an empirical investigation of the relationship between grocery retail concentration and retail dairy product prices in the United States. The analysis was performed based on a unique data set on store-level retail prices provided by the Information Resources Inc. Further, alternative measures of retail concentration were considered, which included revenue and store selling space-based Herfindahl-Hirschman Index that were computed based on a Nielsen TDLinx data set on store characteristics. Results from a reduced-form empirical framework estimated via panel data techniques indicated that grocery retail concentration had a positive statistically significant effect on retail dairy product prices in the analyzed locations during the analyzed period of time. Specifically, a 10% increase in concentration was found to lead to a 0.46% rise in retail dairy product prices. This central result was robust to the way in which retail concentration was measured and was consistent with broader empirical evidence in the literature on retail market power.

  2. Medicare Program; Revisions to Payment Policies Under the Physician Fee Schedule and Other Revisions to Part B for CY 2017; Medicare Advantage Bid Pricing Data Release; Medicare Advantage and Part D Medical Loss Ratio Data Release; Medicare Advantage Provider Network Requirements; Expansion of Medicare Diabetes Prevention Program Model; Medicare Shared Savings Program Requirements. Final rule.

    Science.gov (United States)

    2016-11-15

    This major final rule addresses changes to the physician fee schedule and other Medicare Part B payment policies, such as changes to the Value Modifier, to ensure that our payment systems are updated to reflect changes in medical practice and the relative value of services, as well as changes in the statute. This final rule also includes changes related to the Medicare Shared Savings Program, requirements for Medicare Advantage Provider Networks, and provides for the release of certain pricing data from Medicare Advantage bids and of data from medical loss ratio reports submitted by Medicare health and drug plans. In addition, this final rule expands the Medicare Diabetes Prevention Program model.

  3. Electricity pricing and the financial health of electric utilities in the United States. Final report

    Energy Technology Data Exchange (ETDEWEB)

    1984-08-01

    The electric utility industry in the United States is characterized by wide diversity in utility ownership, management, cost structure, and regulation. There are approxiately 240 investor-owned utilities in the US. There are more than 1900 government utilities in the US. There are more than 50 regulatory commissions which regulate retail prices to ultimate customers. This substantial diversity in regulatory policies, processes, and rules applied to utilities across the country as well as significant regional variations in costs results in a wide variation in electricity prices and financial health among utilities. Prices and financial conditions for the industry as a whole also have varied substantially over time. During the 1960s, utilities were financially healthy, and real electricity prices were falling. In the decade following the Arab oil embargo in 1973, however, the industry was characterized by poor financial health and rapidly rising prices, although the reasons for these conditions varied somewhat between the first part of the decade and the last few years (1980-82) of the decade. Improved economic conditions during 1983 have contributed to improved utility financial health. A continuation of these economic conditions would result in continued financial stability for most utilties. Some individual utilities - particularly those with large constuction programs and those facing substantial reductions in the demand for electricity - may continue to exhibit financial problems. Utilities that have attempted to complete large nuclear projects during the presence of sharply declining load growth face severe financial problems. Prospects for the future financial health of the industry depend critically on the future demand for electricity, requirements for new generating capacity and other utility investments, and resolution of several policy issues affecting utility ratemaking, operations, and financial accounting.

  4. The price of surgery: markup of operative procedures in the United States.

    Science.gov (United States)

    Gani, Faiz; Makary, Martin A; Pawlik, Timothy M

    2017-02-01

    Despite cost containment efforts, the price for surgery is not subject to any regulations. We sought to characterize and compare variability in pricing for commonly performed major surgical procedures across the United States. Medicare claims corresponding to eight major surgical procedures (aortic aneurysm repair, aortic valvuloplasty, carotid endartectomy, coronary artery bypass grafting, esophagectomy, pancreatectomy, liver resection, and colectomy) were identified using the Medicare Provider Utilization and Payment Data Physician and Other Supplier Public Use File for 2013. For each procedure, total charges, Medicare-allowable costs, and total payments were recorded. A procedure-specific markup ratio (MR; ratio of total charges to Medicare-allowable costs) was calculated and compared between procedures and across states. Variation in MR was compared using a coefficient of variation (CoV). Among all providers, the median MR was 3.5 (interquartile range: 3.1-4.0). MR was noted to vary by procedure; ranging from 3.0 following colectomy to 6.0 following carotid endartectomy (P < 0.001). MR also varied for the same procedure; varying the least after liver resection (CoV = 0.24), while coronary artery bypass grafting pricing demonstrated the greatest variation in MR (CoV = 0.53). Compared with the national average, MR varied by 36% between states ranging from 1.8 to 13.0. Variation in MR was also noted within the same state varying by 15% within the state of Arkansas (CoV = 0.15) compared with 51% within the state of Wisconsin (CoV = 0.51). Significant variation was noted for the price of surgery by procedure as well as between and within different geographical regions. Greater scrutiny and transparency in the price of surgery is required to promote cost containment. Copyright © 2016 Elsevier Inc. All rights reserved.

  5. DMEPOS Competitive Bidding

    Data.gov (United States)

    U.S. Department of Health & Human Services — The DMEPOS Competitive Bidding Program was mandated by Congress through the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA). The statute...

  6. Forward and Spot Prices in Multi-Settlement Wholesale Electricity Markets

    Science.gov (United States)

    Larrieu, Jeremy

    In organized wholesale electricity markets, power is sold competitively in a multi-unit multi-settlement single-price auction comprised of a forward and a spot market. This dissertation attempts to understand the structure of the forward premium in these markets, and to identify the factors that may lead forward and spot prices to converge or diverge. These markets are unique in that the forward demand is price-sensitive, while spot residual demand is perfectly inelastic and must be met in full, a crucial design feature the literature often glosses over. An important contribution of this dissertation is the explicit modeling of each market separately in order to understand how generation and load choose to act in each one, and the consequences of these actions on equilibrium prices and quantities given that firms maximize joint profits over both markets. In the first essay, I construct a two-settlement model of electricity prices in which firms that own asymmetric capacity-constrained units facing convex costs compete to meet demand from consumers, first in quantities, then in prices. I show that the forward premium depends on the costliness of spot production relative to firms' ability to exercise market power by setting quantities in the forward market. In the second essay, I test the model from the first essay with unit-level capacity and marginal cost data from the California Independent System Operator (CAISO). I show that the model closely replicates observed price formation in the CAISO. In the third essay, I estimate a time series model of the CAISO forward premium in order to measure the impact that virtual bidding has had on forward and spot price convergence in California between April 2009 and March 2014. I find virtual bidding to have caused forward and spot prices to diverge due to the large number of market participants looking to hedge against - or speculate on - the occurrence of infrequent but large spot price spikes by placing virtual demand bids.

  7. The BID`s of New York

    DEFF Research Database (Denmark)

    Jensen, Ole B.

    The aim of this paper is to analyse selected examples of Business Improvement Districts on Manhatten, NYC in order to uncover how this sort of urban interventions shapes the physical urban space as well as the image and representation of that particular space. In the first part of the paper, the ....... In the third part of the paper empirical field data from selected New York BIDs are presented. Finally the paper ends with a section in which concluding remarks will be accompanied by reflections on the comparative similarities and differences to European cities......., the aim is to present a theoretical and analytical framework for understanding such ? urban mini territories? both in relation to urban power an politics, and in relation to the spatial layout of such forms of urban intervention. In section two the paper shortly describe the phenomenon of New York BIDs...

  8. The BID`s of New York

    DEFF Research Database (Denmark)

    Jensen, Ole B.

    The aim of this paper is to analyse selected examples of Business Improvement Districts on Manhatten, NYC in order to uncover how this sort of urban interventions shapes the physical urban space as well as the image and representation of that particular space. In the first part of the paper......, the aim is to present a theoretical and analytical framework for understanding such ? urban mini territories? both in relation to urban power an politics, and in relation to the spatial layout of such forms of urban intervention. In section two the paper shortly describe the phenomenon of New York BIDs....... In the third part of the paper empirical field data from selected New York BIDs are presented. Finally the paper ends with a section in which concluding remarks will be accompanied by reflections on the comparative similarities and differences to European cities....

  9. Trend arbitrage, bid-ask spread and market dynamics

    CERN Document Server

    Zaitsev, N

    2006-01-01

    Microstructure of market dynamics is studied through analysis of tick price data. Linear trend is introduced as a tool for such analysis. Trend arbitrage inequality is developed and tested. The inequality sets limiting relationship between trend, bid-ask spread, market reaction and average update frequency of price information. Average time of market reaction is measured from market data. This parameter is interpreted as a constant value of the stock exchange and is attributed to the latency of exchange reaction to actions of traders. This latency and cost of trade are shown to be the main limit of bid-ask spread. Data analysis also suggests some relationships between trend, bid-ask spread and average frequency of price update process.

  10. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

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

  11. Sticky continuous processes have consistent price systems

    DEFF Research Database (Denmark)

    Bender, Christian; Pakkanen, Mikko; Sayit, Hasanjan

    Under proportional transaction costs, a price process is said to have a consistent price system, if there is a semimartingale with an equivalent martingale measure that evolves within the bid-ask spread. We show that a continuous, multi-asset price process has a consistent price system, under arb...

  12. Generation unit selection via capital asset pricing model for generation planning

    Energy Technology Data Exchange (ETDEWEB)

    Romy Cahyadi; K. Jo Min; Chung-Hsiao Wang; Nick Abi-Samra [College of Engineering, Ames, IA (USA)

    2003-11-01

    The USA's electric power industry is undergoing substantial regulatory and organizational changes. Such changes introduce substantial financial risk in generation planning. In order to incorporate the financial risk into the capital investment decision process of generation planning, this paper develops and analyses a generation unit selection process via the capital asset pricing model (CAPM). In particular, utilizing realistic data on gas-fired, coal-fired, and wind power generation units, the authors show which and how concrete steps can be taken for generation planning purposes. It is hoped that the generation unit selection process will help utilities in the area of effective and efficient generation planning when financial risks are considered. 20 refs., 14 tabs.

  13. Generation unit selection via capital asset pricing model for generation planning

    Energy Technology Data Exchange (ETDEWEB)

    Cahyadi, Romy; Jo Min, K. [College of Engineering, Ames, IA (United States); Chunghsiao Wang [LG and E Energy Corp., Louisville, KY (United States); Abi-Samra, Nick [Electric Power Research Inst., Palo Alto, CA (United States)

    2003-07-01

    The electric power industry in many parts of U.S.A. is undergoing substantial regulatory and organizational changes. Such changes introduce substantial financial risk in generation planning. In order to incorporate the financial risk into the capital investment decision process of generation planning, in this paper, we develop and analyse a generation unit selection process via the capital asset pricing model (CAPM). In particular, utilizing realistic data on gas-fired, coal-fired, and wind power generation units, we show which and how concrete steps can be taken for generation planning purposes. It is hoped that the generation unit selection process developed in this paper will help utilities in the area of effective and efficient generation planning when financial risks are considered. (Author)

  14. Preventing conflicts among bid curves used with transactive controllers in a market-based resource allocation system

    Science.gov (United States)

    Fuller, Jason C.; Chassin, David P.; Pratt, Robert G.; Hauer, Matthew; Tuffner, Francis K.

    2017-03-07

    Disclosed herein are representative embodiments of methods, apparatus, and systems for distributing a resource (such as electricity) using a resource allocation system. One of the disclosed embodiments is a method for operating a transactive thermostatic controller configured to submit bids to a market-based resource allocation system. According to the exemplary method, a first bid curve is determined, the first bid curve indicating a first set of bid prices for corresponding temperatures and being associated with a cooling mode of operation for a heating and cooling system. A second bid curve is also determined, the second bid curve indicating a second set of bid prices for corresponding temperatures and being associated with a heating mode of operation for a heating and cooling system. In this embodiment, the first bid curve, the second bid curve, or both the first bid curve and the second bid curve are modified to prevent overlap of any portion of the first bid curve and the second bid curve.

  15. Preventing conflicts among bid curves used with transactive controllers in a market-based resource allocation system

    Energy Technology Data Exchange (ETDEWEB)

    Fuller, Jason C.; Chassin, David P.; Pratt, Robert G.; Hauer, Matthew; Tuffner, Francis K.

    2017-03-07

    Disclosed herein are representative embodiments of methods, apparatus, and systems for distributing a resource (such as electricity) using a resource allocation system. One of the disclosed embodiments is a method for operating a transactive thermostatic controller configured to submit bids to a market-based resource allocation system. According to the exemplary method, a first bid curve is determined, the first bid curve indicating a first set of bid prices for corresponding temperatures and being associated with a cooling mode of operation for a heating and cooling system. A second bid curve is also determined, the second bid curve indicating a second set of bid prices for corresponding temperatures and being associated with a heating mode of operation for a heating and cooling system. In this embodiment, the first bid curve, the second bid curve, or both the first bid curve and the second bid curve are modified to prevent overlap of any portion of the first bid curve and the second bid curve.

  16. Effects of Suboptimal Bidding in Combinatorial Auctions

    Science.gov (United States)

    Schneider, Stefan; Shabalin, Pasha; Bichler, Martin

    Though the VCG auction assumes a central place in the mechanism design literature, there are a number of reasons for favoring iterative combinatorial auction designs. Several promising ascending auction formats have been developed throughout the past few years based on primal-dual and subgradient algorithms and linear programming theory. Prices are interpreted as a feasible dual solution and the provisional allocation is interpreted as a feasible primal solution. iBundle( 3) (Parkes and Ungar 2000), dVSV (de Vries et al. 2007) and the Ascending Proxy auction (Ausubel and Milgrom 2002) result in VCG payoffs when the coalitional value function satisfies the buyer submodularity condition and bidders bid straightforward, which is an expost Nash equilibrium in that case. iBEA and CreditDebit auctions (Mishra and Parkes 2007) do not even require the buyer submodularity condition and achieve the same properties for general valuations. In many situations, however, one cannot assume bidders to bid straightforward and it is not clear from the theory how these non-linear personalized price auctions (NLPPAs) perform in this case. Robustness of auctions with respect to different bidding behavior is therefore a critical issue for any application. We have conducted a large number of computational experiments to analyze the performance of NLPPA designs with respect to different bidding strategies and different valuation models. We compare the results of NLPPAs to those of the VCG auction and those of iterative combinatorial auctions with approximate linear prices, such as ALPS (Bichler et al. 2009) and the Combinatorial Clock auction (Porter et al. 2003).

  17. PRICING AND ASSESSING UNIT-LINKED INSURANCE CONTRACTS WITH INVESTMENT GUARANTEES

    Directory of Open Access Journals (Sweden)

    Ciumas Cristina

    2014-07-01

    Full Text Available One of the most interesting life insurance products to have emerged in recent years in the Romanian insurance market has been the unit-linked contract. Unit-linked insurance products are life insurance policies with investment component. A unit-linked life insurance has two important components: protection and investment. The protection component refers to the insured sum in case of the occurrence of insured risks and the investment component refers to the policyholders’ account that represents the present value of the units from the chosen investment funds. Due to the financial instability caused by the Global Crisis and the amplification of market competitiveness, insurers from international markets have started to incorporate guarantees in unit-linked products. So a unit- linked life insurance policy with an asset value guarantee is an insurance policy whose benefit payable on death or at maturity consists of the greater of some guaranteed amount and the value of the units from the investment funds. One of the most challenging issues concerns the pricing of minimum death benefit and maturity benefit guarantees and the establishing of proper reserves for these guarantees. Insurers granting guarantees of this type must estimate the cost and include the cost in the premium. An important component of the activity carried out by the insurance companies is the investment of the premiums paid by policyholders in various types of assets, in order to obtain higher yields than those guaranteed by the insurance contracts, while providing the necessary liquidity for the payment of insurance claims in case of occurrence of the assumed risks. So the guaranteed benefits can be broadly matched or immunized with various types of financial assets, especially with fixed-interest instruments. According to Romanian legislation which regulates the unit-linked life insurance market, unit-linked life insurance contracts pass most of the investment risk to the

  18. Auctioning Process Innovations when Losers’ Bids Determine Royalty Rates

    OpenAIRE

    Fan, Cuihong; Jun, Byoung Heon; Elmar G. Wolfstetter

    2009-01-01

    We consider a licensing mechanism for process innovations that combines a license auction with royalty contracts to those who lose the auction. Firms’ bids are dual signals of their cost reductions: the winning bid signals the own cost reduction to rival oligopolists, whereas the losing bid influences the beliefs of the innovator who uses that information to set the royalty rate. We derive conditions for existence of a separating equilibrium, explain why a sufficiently high reserve price is...

  19. 省级集中招标采购降低药价和减轻药费负担的效果研究%Study on the Provincial Drug Centralized Bidding and Purchasing to Reduce Drtug Prices and the Burden on Drugs of Mass

    Institute of Scientific and Technical Information of China (English)

    刘桂林

    2012-01-01

    省级药品集中招标采购政策已实施两年多,为对该政策效果进行评估,选择该政策目标中的降低药价和减轻群众药费负担作用为评估指标,收集相关统计数据,从实证的角度对省级药品集中招标采购政策效果进行评价.研究发现该政策实施后并没有显著降低药价,也无法控制群众药费负担的增长.%The policy of Provincial drug bidding and purchasing has been implemented more than two years. In the article, statistical data has been collected, then the policy goals of reducing drug prices and Burden on Mass medication as Index is selected to assess its effect of this policy. It is found that the policy of provincial drug bidding and purchasing did not significantly reduce the drug prices, and the increase Burden on Drugs of Mass cannot be controlled loo. Finally, the reasons for the poor results of the policy have been analyzed.

  20. A minimum price per unit of alcohol: A focus group study to investigate public opinion concerning UK government proposals to introduce new price controls to curb alcohol consumption

    Directory of Open Access Journals (Sweden)

    Lonsdale Adam J

    2012-11-01

    Full Text Available Abstract Background UK drinkers regularly consume alcohol in excess of guideline limits. One reason for this may be the high availability of low-cost alcoholic beverages. The introduction of a minimum price per unit of alcohol policy has been proposed as a means to reduce UK alcohol consumption. However, there is little in-depth research investigating public attitudes and beliefs regarding a minimum pricing policy. The aim of the present research was to investigate people’s attitudes and beliefs toward the introduction of a minimum price per unit of alcohol policy and their views on how the policy could be made acceptable to the general public. Methods Twenty-eight focus groups were conducted to gain in-depth data on attitudes, knowledge, and beliefs regarding the introduction of a minimum price per unit of alcohol policy. Participants (total N = 218 were asked to give their opinions about the policy, its possible outcomes, and how its introduction might be made more acceptable. Transcribed focus-group discussions were analysed for emergent themes using inductive thematic content analysis. Results Analysis indicated that participants’ objections to a minimum price had three main themes: (1 scepticism of minimum pricing as an effective means to reduce harmful alcohol consumption; (2 a dislike of the policy for a number of reasons (e.g., it was perceived to ‘punish’ the moderate drinker; and (3 concern that the policy might create or exacerbate existing social problems. There was a general perception that the policy was aimed at ‘problem’ and underage drinkers. Participants expressed some qualified support for the policy but stated that it would only work as part of a wider campaign including other educational elements. Conclusions There was little evidence to suggest that people would support the introduction of a minimum price per unit of alcohol policy. Scepticism about the effectiveness of the policy is likely to represent the most

  1. The degree of rationality in actual bidding of hydropower at Nord Pool

    DEFF Research Database (Denmark)

    Alnæs, Erik Nicholas; Grøndahl, Roger; Fleten, Stein-Erik;

    2013-01-01

    In deregulated electricity markets, power producers bid to sell tomorrow's generation in day-ahead auctions. We analyse bids submitted by three medium to large sized Norwegian reservoir hydropower producers over four two-week periods in 2011. Being price takers, the producers maximize their profi...

  2. Detailed Modelling of Thermal Units From a Price-Taker Perspective

    OpenAIRE

    Maenhoudt, Marijn; Deconinck, Geert

    2012-01-01

    Generation Companies (GenCos) acting as price-takers, schedule their plants according to market price forecasts. As these GenCos do not consider active market price setting as a strategy to increase profits, their performance solely relies on (1) price forecast accuracy and (2) the representation of a plant’s operational characteristics. This paper strives at constituting a reference work for thermal plant modelling from a price-taker’s perspective. Two main contributions can be distinguish...

  3. Potential benefits of minimum unit pricing for alcohol versus a ban on below cost selling in England 2014: modelling study.

    Science.gov (United States)

    Brennan, Alan; Meng, Yang; Holmes, John; Hill-McManus, Daniel; Meier, Petra S

    2014-09-30

    To evaluate the potential impact of two alcohol control policies under consideration in England: banning below cost selling of alcohol and minimum unit pricing. Modelling study using the Sheffield Alcohol Policy Model version 2.5. England 2014-15. Adults and young people aged 16 or more, including subgroups of moderate, hazardous, and harmful drinkers. Policy to ban below cost selling, which means that the selling price to consumers could not be lower than tax payable on the product, compared with policies of minimum unit pricing at £0.40 (€0.57; $0.75), 45 p, and 50 p per unit (7.9 g/10 mL) of pure alcohol. Changes in mean consumption in terms of units of alcohol, drinkers' expenditure, and reductions in deaths, illnesses, admissions to hospital, and quality adjusted life years. The proportion of the market affected is a key driver of impact, with just 0.7% of all units estimated to be sold below the duty plus value added tax threshold implied by a ban on below cost selling, compared with 23.2% of units for a 45 p minimum unit price. Below cost selling is estimated to reduce harmful drinkers' mean annual consumption by just 0.08%, around 3 units per year, compared with 3.7% or 137 units per year for a 45 p minimum unit price (an approximately 45 times greater effect). The ban on below cost selling has a small effect on population health-saving an estimated 14 deaths and 500 admissions to hospital per annum. In contrast, a 45 p minimum unit price is estimated to save 624 deaths and 23,700 hospital admissions. Most of the harm reductions (for example, 89% of estimated deaths saved per annum) are estimated to occur in the 5.3% of people who are harmful drinkers. The ban on below cost selling, implemented in the England in May 2014, is estimated to have small effects on consumption and health harm. The previously announced policy of a minimum unit price, if set at expected levels between 40 p and 50 p per unit, is estimated to have an approximately 40-50 times

  4. Envy-Free Pricing with General Supply Constraints for Unit Demand Consumers

    Institute of Scientific and Technical Information of China (English)

    Sungjin Im; Pin-Yan Lu; Ya-Jun Wang

    2012-01-01

    The envy-free pricing problem can be stated as finding a pricing and allocation scheme in which each consumer is allocated a set of items that maximize his/her utility under the pricing.The goal is to maximize seller revenue.We study the problem with general supply constraints which are given as an independence system defined over the items.The constraints,for example,can be a number of linear constraints or matroids.This captures the situation where items do not pre-exist,but are produced in reflection of consumer valuation of the items under the limit of resources.This paper focuses on the case of unit-demand consumers.In the setting,there are n consumers and m items; each item may be produced in multiple copies.Each consumer i ∈ [n] has a valuation vij on item j in the set Si in which he/she is interested.He/she must be allocated (if any) an item which gives the maximum (non-negative) utility.Suppose we are given an α-approximation oracle for finding the maximum weight independent set for the given independence system (or a slightly stronger oracle); for a large number of natural and interesting supply constraints,constant approximation algorithms are available.We obtain the following results.1) O(α log n)-approximation for the general case.2) O(αk)-approximation when each consumer is interested in at most k distinct types of items.3) O(αf)-approximation when each type of item is interesting to at most f consumers.Note that the final two results were previously unknown even without the independence system constraint.

  5. Price analysis of multiple sclerosis disease-modifying therapies marketed in the United States.

    Science.gov (United States)

    Bin Sawad, Aseel; Seoane-Vazquez, Enrique; Rodriguez-Monguio, Rosa; Turkistani, Fatema

    2016-11-01

    This study assessed trends in the average wholesale price (AWP) at the market entry of disease-modifying therapies (DMTs) approved by Food and Drug Administration (FDA) in the period 1987-2014. DMT regulatory information was derived from the FDA website. The AWPs per unit at market entry data were derived from the Red Book (Truven Health Analytics Inc.). The AWP history for each DMT was collected from its date of approval to 31 December 2014. The FDA approved label defined daily dose (DDD) for adult patients was obtained from FDA approved labels. The AWP per DDD and the AWP/DDD per year of therapy were computed. Descriptive statistics, Wilcoxon tests, t-test, and multiple linear regression were performed. The statistical significance level was set at 0.05. The FDA approved 12 multiple sclerosis (MS) DMTs, including five new drug applications (NDAs) and seven biologic license applications (BLAs) as of 31 December 2014. The FDA granted orphan designation to five DMTs. There was one DMT approved by the FDA in the 1980s, three in the 1990s, three in 2000s, and five in the period 2010-2014. The market entry inflation-adjusted AWP per DDD was $10.23 for the first DMT (mitoxantrone hydrochloride) that was approved in the 1980s. The median market entry inflation-adjusted AWP per DDD was $12.41 (interquartile range [IQR] = 4.51) for DMTs approved in the 1990s, $71.26 (IQR = 58.35) in the 2000s, and $172.56 (IQR = 84.97) in the period 2010-2014. The median AWP per DDD was statistically significantly different (p = 0.011) for orphan (median = $41.82, IQR = 56.077) compared to non-orphan drugs (median = $171.32, IQR = 199.29). Year of market entry was positively associated with DMT prices at US market entry (p = 0.01). The AWP per DDD for DMTs at market entry increased substantially over time. The increase in DMTs prices exceeded the general consumer price index.

  6. Bidding for Nothing? The Pitfalls of overly Neutral Framing

    NARCIS (Netherlands)

    P. Dürsch (Peter); J. Müller (Julia)

    2014-01-01

    markdownabstract__Abstract__ Neutral framing is a standard tool of experimental economics. However, overly neutral instructions, which lack any contextual clues, can lead to strange behavior. In a contextless second price auction for a meaningless good, a majority of subjects enter positive bids -

  7. Bid Responsiveness and the Acceptable Nonconforming Bid.

    Science.gov (United States)

    1979-09-30

    I t ,i(, e ted b.Y aad i ti ona 1 t s _Z of ,a , , ’ ,,, thP ru1p i.- that deviation is mater ia i . , ", vial P,{0ct uDon price, iual i ty, -,uan-- t...1y wod ,v, an i ripa t upon Lid price a well. Th; ,et hat ht iri * , jua 1 ty Iu a inti t , o r d c , , 2 , y t FSt I o 0 o0 Stud 1 a th vr thani pate

  8. Long Term Expected Revenue of Wind Farms Considering the Bidding Admission Uncertainty

    Directory of Open Access Journals (Sweden)

    Mazaher Haji Bashi

    2016-11-01

    Full Text Available As a long term bidding behavior, bid shading is exhibited by wind farms participating in real Uniform Price (UP markets. This signifies that the wind farm owners bid far below their true long run marginal cost. In this paper, a method is proposed to consider the uncertainty of bidding admission in the long term expected revenue of wind farms. We show that this consideration could perfectly explain the observed bid shading behavior of wind farm owners. We use a novel market price model with a stochastic model of a wind farm to derive indices describing the uncertainty of bidding admission. The optimal behavior of the wind farm is then obtained by establishing a multi objective optimization problem and subsequently solved using genetic algorithm. The method is applied to the analysis of long term bidding behavior of a wind farm participating in a Pay-as-Bid (PAB auction such as Iran Electricity Market (IEM. The results demonstrate that wind farm owners change their bid shading behavior in a PAB Auction. However, the expected revenue of the wind farm will also decrease in a PAB auction. As a result, it is not recommended to make an obligation for the wind farms to participate in a PAB auction as a normal market player.

  9. Multi-Objective Bidding Strategy for Genco Using Non-Dominated Sorting Particle Swarm Optimization

    Science.gov (United States)

    Saksinchai, Apinat; Boonchuay, Chanwit; Ongsakul, Weerakorn

    2010-06-01

    This paper proposes a multi-objective bidding strategy for a generation company (GenCo) in uniform price spot market using non-dominated sorting particle swarm optimization (NSPSO). Instead of using a tradeoff technique, NSPSO is introduced to solve the multi-objective strategic bidding problem considering expected profit maximization and risk (profit variation) minimization. Monte Carlo simulation is employed to simulate rivals' bidding behavior. Test results indicate that the proposed approach can provide the efficient non-dominated solution front effectively. In addition, it can be used as a decision making tool for a GenCo compromising between expected profit and price risk in spot market.

  10. Demand bidding construction for a large consumer through a hybrid IGDT-probability methodology

    Energy Technology Data Exchange (ETDEWEB)

    Zare, Kazem [Tabriz University, Tabriz, P.O. Box: 51666-15813 (Iran); Moghaddam, Mohsen Parsa; Sheikh El Eslami, Mohammad Kazem [Tarbiat Modares University, Tehra (Iran)

    2010-07-15

    This paper provides a technique to derive the bidding strategy in the day-ahead market for a large consumer that procures its electricity demand in both day-ahead market and a subsequent adjustment market. It is considered that hourly market prices are normally distributed and this correlation is modeled by variance-covariance matrix. The uncertainty of procurement cost is modeled using concepts derived from information gap decision theory which allows deriving robust bidding strategies with respect to price volatility. First Order Reliability Method is applied to construct the robust bidding curve. The proposed technique is illustrated through a realistic case study. (author)

  11. Simulating GenCo bidding strategies in electricity markets with an agent-based model

    Energy Technology Data Exchange (ETDEWEB)

    Botterud, Audun; Thimmapuram, Prakash R.; Yamakado, Malo

    2005-12-15

    In this paper we use an agent-based simulation model, EMCAS, to analyze market power in electricity markets. We focus on the effect of congestion management on the ability of generating companies (GenCos) to raise prices beyond competitive levels. An 11-node test power system is used to compare a market design based on locational marginal pricing with a market design that uses system marginal pricing and congestion management by counter trading. Bidding strategies based on both physical and economic withholding are compared to a base case with production cost bidding. The results show that unilateral market power is exercised under both pricing mechanisms. However, the largest changes in consumer costs and GenCo profits due to strategic bidding occur under the locational marginal pricing scheme. The analysis also illustrates that agent-based modeling can contribute important insights into the complex interactions between the participants in transmission-constrained electricity markets. (Author)

  12. ALTERNATE PRICING STRATEGIES IN CONSTRUCTION

    Directory of Open Access Journals (Sweden)

    Krishna Mochtar

    2000-01-01

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

  13. Optimal bidding strategy of wind farms for joint operation with other ‎renewable resources in power market

    Directory of Open Access Journals (Sweden)

    Moein parastegari

    2015-03-01

    Full Text Available Optimal operation and bidding strategy of renewable units are two important problems of the restructured power market. In this paper, a new method for the joint operation of wind, photovoltaic and pump-storage units in day ahead power market is studied to increase the profit of joint units. In this study, artificial neural network is used to predict the wind power generation of wind farms. Since, there are uncertainties in energy and reserve prices, wind and photovoltaic power generation, the optimal operation of joint units can be modeled as a stochastic optimization problem. For this purpose, uncertainties of parameters are modeled by scenario tree method. The performance of the proposed method is evaluated on the renewable energy resources (wind farms, photovoltaic and pump-storage units of the modified IEEE 118 bus test system. Results of the proposed joint operation of renewable resources confirm that the value of expected profit increases in comparison with uncoordinated operation (UO of units.

  14. Review of integrated resource bidding at Niagara Mohawk

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, C.A.; Busch, J.F.; Kahn, E.P.; Stoft, S.S.; Cohen, S.

    1992-05-01

    In June 1988, the New York Public Service Commission (PSC) ordered the state's investor-owned utilities to develop competitive bidding programs that included both supply and demandside resource options. The New York State Energy Research Development Authority (NYSERDA), the New York Department of Public Service, and the Department of Energy's Integrated Resource Planning program asked Lawrence Berkeley Laboratory (LBL) to review the integrated bidding processes of two New York utilities, Niagara Mohawk and Consolidated Edison. This interim report focuses on Niagara Mohawk (NMPC). In terms of overall approach, our analysis is intended as a critical review of a large-scale experiment in competitive resource acquisition implemented by New York utilities at the direction of their state regulators. The study is not a formal impact or process evaluation. Based on priorities established jointly with project sponsors, the report focuses on selected topics: analysis of the two-stage scoring system used by NMPC, ways that the scoring system can be improved, an in-depth review of the DSM bidding component of the solicitation including surveys of DSM bidders, relationship between DSM bidding and other utility-sponsored DSM programs, and major policy issues that arise in the design and implementation of competitive resource procurements. The major findings of this report are: NMPC's solicitation elicited an impressive response from private power developers and energy service companies. In the initial ranking of bids, DSM projects were awarded significantly more points on price and environmental factors compared to supply-side bids. NMPC's scoring system gave approximately twice as much weight nominally to price as to non-price factors (850 vs. 460 points).

  15. Review of integrated resource bidding at Niagara Mohawk

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, C.A.; Busch, J.F.; Kahn, E.P.; Stoft, S.S.; Cohen, S.

    1992-05-01

    In June 1988, the New York Public Service Commission (PSC) ordered the state`s investor-owned utilities to develop competitive bidding programs that included both supply and demandside resource options. The New York State Energy Research & Development Authority (NYSERDA), the New York Department of Public Service, and the Department of Energy`s Integrated Resource Planning program asked Lawrence Berkeley Laboratory (LBL) to review the integrated bidding processes of two New York utilities, Niagara Mohawk and Consolidated Edison. This interim report focuses on Niagara Mohawk (NMPC). In terms of overall approach, our analysis is intended as a critical review of a large-scale experiment in competitive resource acquisition implemented by New York utilities at the direction of their state regulators. The study is not a formal impact or process evaluation. Based on priorities established jointly with project sponsors, the report focuses on selected topics: analysis of the two-stage scoring system used by NMPC, ways that the scoring system can be improved, an in-depth review of the DSM bidding component of the solicitation including surveys of DSM bidders, relationship between DSM bidding and other utility-sponsored DSM programs, and major policy issues that arise in the design and implementation of competitive resource procurements. The major findings of this report are: NMPC`s solicitation elicited an impressive response from private power developers and energy service companies. In the initial ranking of bids, DSM projects were awarded significantly more points on price and environmental factors compared to supply-side bids. NMPC`s scoring system gave approximately twice as much weight nominally to price as to non-price factors (850 vs. 460 points).

  16. Pricing and Application of Electric Storage

    Science.gov (United States)

    Zhao, Jialin

    Electric storage provides a vehicle to store power for future use. It contributes to the grids in multiple aspects. For instance, electric storage is a more effective approach to provide electricity ancillary services than conventional methods. Additionally, electric storage, especially fast-responding units, allows owners to implement high-frequency power transactions in settings such as the 5-min real-time trading market. Such high-frequency power trades were limited in the past. However, as technology advances, the power markets have evolved. For instance, the California Independent System Operator now supports the 5-min real-time trading and the hourly day-ahead ancillary services bidding. Existing valuation models of electric storage were not designed to accommodate these recent market developments. To fill this gap, I focus on the fast-responding grid-level electric storage that provides both the real-time trading and the day-ahead ancillary services bidding. To evaluate such an asset, I propose a Monte Carlo Simulation-based valuation model. The foundation of my model is simulations of power prices. This study develops a new simulation model of electric prices. It is worth noting that, unlike existing models, my proposed simulation model captures the dependency of the real-time markets on the day-ahead markets. Upon such simulations, this study investigates the pricing and the application of electric storage at a 5-min granularity. Essentially, my model is a Dynamic Programming system with both endogenous variables (i.e., the State-of-Charge of electric storage) and exogenous variables (i.e., power prices). My first numerical example is the valuation of a fictitious 4MWh battery. Similarly, my second example evaluates the application of two units of 2MWh batteries. By comparing these two experiments, I investigate the issues related to battery configurations, such as the impacts of splitting storage capability on the valuation of electric storage.

  17. PRICING STRATEGY IN THE INDONESIAN CONSTRUCTION INDUSTRY

    Directory of Open Access Journals (Sweden)

    Krishna Mochtar

    2002-01-01

    Full Text Available Issues related to pricing strategy in the Indonesian construction industry are covered%2C including problems of current pricing strategy in construction%2C exploration of pricing strategies with a market-based approach%2C and survey findings of the top Indonesian contractors regarding their current pricing practices and the applicability of market-based pricing strategy models developed by Mochtar and Arditi. Comparisons with similar survey findings of the top U.S. contractors are conducted whenever possible. In conclusion%2C the belief that current pricing strategy in construction is predominantly cost-based is confirmed by the survey findings%3B indeed%2C in setting the markup%2C most contractors rely on subjective assessment of the competition. Using simulated bidding scenarios%2C it is discovered that Indonesian contractors tend to be more market-based as they know more about the owner%5C%27s characteristics%2C competitors%5C%27 characteristics%2C and market demand. Consequently%2C the implementation of bidding procedure proposed by Mochtar and Arditi is supported. To maximize the benefits of market-based pricing strategies%2C the bidding procedure change should be explored by all parties involved in the Indonesian construction industry. Abstract in Bahasa Indonesia : Cost-based+pricing%2C+market-based+pricing%2C+pricing+variables%2C+bidding+procedure.

  18. Information Feedback and Learning in Construction Bidding

    Directory of Open Access Journals (Sweden)

    Bee Lan Oo

    2011-09-01

    Full Text Available Information feedback condition in recurrent construction bidding is an important design variable about optimal procurement design. Contractors tend to optimize their bids in recurrent bidding with positive review of historic bids. Our experiment examines the effects of partial and no information feedback conditions on student (inexperienced bidders’ bidding trends, and the extent to which their bidding trends agree with the behavioural patterns proposed by learning direction theory. The results show that the variations in bids over time for both information feedback conditions are statistically significant. Although the bidders with partial bidding feedback information are more likely to vary their bids as indicated by learning direction theory, their bids are less competitive than those with no bidding feedback information. Construction clients would need to consider the information feedback conditions in their procurement of construction services with the goal to achieve efficiency in construction bidding.

  19. Co-operative bidding of SMEs in health care sector.

    Science.gov (United States)

    Mezgár, István; Kovács, György; Bonfatti, Fabio

    2002-01-01

    Tendering become an important process for customers in the health care sector to select products and services from the market for the lowest price, with the highest quality and with the shortest delivery time. The number of SMEs (Small and Medium-sized Enterprises) delivering products or services for the health care sector is increasing, but they have usually limited capital and expertise to participate in tenders. The paper introduces a possible solution for this problem, when SMEs form special groups, so called Smart Bidding Organisations (SBO), to prepare a bid for the tender jointly. The SBO appears for the customer (tender issuer) as a single enterprise and the bidding procedure will be faster and less expensive in this way.

  20. A Model for Contract Bid Markup Strategies

    Institute of Scientific and Technical Information of China (English)

    LI Yong-ping; CHEN Rong-qiu; ZHOU Shao-fu

    2001-01-01

    This paper presents a bid model which can be readily implemented in a competitive bid environment within the construction industry. Competitive bid situations involve a multiplicity of criteria. In this paper, 31 criteria, which effect optimum estimation, are considered. The model is based on CBR, the database of past completed bids, and information associated with successful bids. CBR is considered the best method because of the complexity of the construction domain and the wealth of information that the contractors possessed on past bids.

  1. Residential, Commercial, and Utility-Scale Photovoltaic (PV) System Prices in the United States: Current Drivers and Cost-Reduction Opportunities

    Energy Technology Data Exchange (ETDEWEB)

    Goodrich, A.; James, T.; Woodhouse, M.

    2012-02-01

    The price of photovoltaic (PV) systems in the United States (i.e., the cost to the system owner) has dropped precipitously in recent years, led by substantial reductions in global PV module prices. However, system cost reductions are not necessarily realized or realized in a timely manner by many customers. Many reasons exist for the apparent disconnects between installation costs, component prices, and system prices; most notable is the impact of fair market value considerations on system prices. To guide policy and research and development strategy decisions, it is necessary to develop a granular perspective on the factors that underlie PV system prices and to eliminate subjective pricing parameters. This report's analysis of the overnight capital costs (cash purchase) paid for PV systems attempts to establish an objective methodology that most closely approximates the book value of PV system assets.

  2. Stock Prices and Exchange Rates in the EU and the United States: Evidence on their Mutual Interactions (in English)

    OpenAIRE

    Daniel Stavárek

    2005-01-01

    This paper investigates the nature of the causal relationships among stock prices and effective exchange rates in four old EU member countries (Austria, France, Germany, and the UK), four new EU member countries (Czech Republic, Hungary, Poland, and Slovakia), and in the United States. Both the long- and short-term causalities between these variables are explored using monthly data. The paper also endeavors to answer the question of whether the linkages between the analyzed economic variables...

  3. PRICE AND PRICING STRATEGIES

    OpenAIRE

    Titus SUCIU

    2013-01-01

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

  4. PRICE AND PRICING STRATEGIES

    OpenAIRE

    Titus SUCIU

    2013-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Matthew Ocran

    2010-09-01

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

  6. Menthol cigarette pricing at military and community retail outlets in the United States

    Directory of Open Access Journals (Sweden)

    Poston Walker SC

    2012-09-01

    Full Text Available Abstract Background Cigarette prices at military exchanges historically have been discounted. DoD Instruction 1330.9 has mandated that prices be within 5% of the price offered in the local community since 2001. Because minorities are highly represented in the military, we determined whether menthol cigarette prices, the leading choice of African Americans, were compliant with the instruction. Methods We collected, via telephone, menthol cigarette price data from 48 randomly selected US military installation exchanges and matched local area Walmarts. We collected prices after taxes to determine the cost to consumer. Newport was selected as the index brand for menthol cigarettes because it is the leading and second leading brand smoked by African Americans and by Hispanics, respectively and has the second overall highest market share in the US. Results Smokers purchasing menthols at exchanges would realize average savings of 22.78%. There were no significant differences in savings based on military service (F = 1.850, p = 0.152 or US Census Division (F = 1.226, p = 0.311: data not shown. In addition, not a single exchange price was compliant with the DoD instruction. Conclusions Newport menthol cigarettes at military exchanges cost substantially less than the nearest Walmart, with an average savings of 23%. Our findings demonstrate that menthol cigarettes are substantially discounted on military installations, in a manner similar to other cigarette prices, and that DoD Instruction 1330.09 is not enforced.

  7. Characteristics of Low-Priced Solar Photovoltaic Systems in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Nemet, Gregory F. [Univ. of Wisconsin, Madison, WI (United States); O' Shaughnessy, Eric [National Renewable Energy Lab. (NREL), Golden, CO (United States); Wiser, Ryan H. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Darghouth, Naim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Gillingham, Ken [Yale Univ., New Haven, CT (United States); Rai, Varun [Univ. of Texas, Austin, TX (United States)

    2016-01-01

    Despite impressive recent cost reductions, there is wide dispersion in the prices of installed solar photovoltaic (PV) systems. We identify the most important factors that make a system likely to be low priced (LP). Our sample consists of detailed characteristics for 42,611 small-scale (< 15 kW) PV systems installed in 15 U.S. states during 2013. Using four definitions of LP systems, we compare LP and non-LP systems and find statistically significant differences in nearly all factors explored, including competition, installer scale, markets, demographics, ownership, policy, and system components. Logit and probit model results robustly indicate that LP systems are associated with markets with few active installers; experienced installers; customer ownership; large systems; retrofits; and thin-film, low-efficiency, and Chinese modules. We also find significant differences across states, with LP systems much more likely to occur in some than in others. Our focus on the left tail of the price distribution provides implications for policy that are distinct from recent studies of mean prices. While those studies find that PV subsidies increase mean prices, we find that subsidies also generate LP systems. PV subsidies appear to simultaneously shift and broaden the price distribution. Much of this broadening occurs in a particular location, northern California, which is worthy of further investigation with new data.

  8. Price Discrimination and Consumer Surplus. Applications of Calculus to Economics Modules and Monographs in Undergraduate Mathematics and Its Applications Project. UMAP Unit 294.

    Science.gov (United States)

    Nevison, Christopher H.

    This unit considers the application of calculus in determining price discrimination and consumer surplus in a competitive market. Producer surplus and two-tier price discrimination are also developed in problems. It is noted that calculus cannot usually provide numerical answers for practical economic problems. The importance of calculus…

  9. 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. Second

  10. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

    -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...

  11. Building and Researching the Bidding Model Based on the Cost of Power Plant

    Institute of Scientific and Technical Information of China (English)

    秦春申; 叶春; 赵景峰

    2004-01-01

    A bidding model of neural network was presented to pursue the largest benefit according to the policy of separating power plants from network and bidding transaction. This model bases on the cost of power plant and its research object is a power plant in the market. The market clearing price (MCP) can be predicted and an optimized load curve can be decided in this model. The model may provide technical support for the power plant.

  12. Resource use and costs of exenatide bid or insulin in clinical practice

    DEFF Research Database (Denmark)

    Kiiskinen, Urpo; Matthaei, Stephan; Reaney, Matthew

    2013-01-01

    initiated, and the mean cost difference between treatments varied by country (P cost of exenatide bid, compared with insulin, therapy was compensated for by lower mean costs of other health service utilization. Costs associated with exenatide bid or insulin......-month, prospective, noninterventional observational study. Clinical and resource use data were collected at initiation of first injectable therapy (exenatide bid or insulin) and at regular intervals for 24 months. Costs were evaluated from the national health care system perspective at 2009 prices...... over the course of the study in both cohorts (P costs for the 24 months post baseline were €3997...

  13. Optimal Bidding Strategies for Wind Power Producers in the Day-ahead Electricity Market

    Directory of Open Access Journals (Sweden)

    Xiaolin Liu

    2012-11-01

    Full Text Available Wind Power Producers (WPPs seek to maximize profit and minimize the imbalance costs when bidding into the day-ahead market, but uncertainties in the hourly available wind and forecasting errors make the bidding risky. This paper assumes that hourly wind power output given by the forecast follows a normal distribution, and proposes three different bidding strategies, i.e., the expected profit-maximization strategy (EPS, the chance-constrained programming-based strategy (CPS and the multi-objective bidding strategy (ECPS. Analytical solutions under the three strategies are obtained. Comparisons among the three strategies are conducted on a hypothetical wind farm which follows the Spanish market rules. Results show that bid under the EPS is highly dependent on market clearing price, imbalance prices, and also the mean value and standard deviation of wind forecast, and that bid under the CPS is largely driven by risk parameters and the mean value and standard deviation of the wind forecast. The ECPS combining both EPS and CPS tends to choose a compromise bid. Furthermore, the ECPS can effectively control the tradeoff between expected profit and target profit for WPPs operating in volatile electricity markets.

  14. 24 CFR 291.304 - Bidding process.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Bidding process. 291.304 Section 291.304 Housing and Urban Development Regulations Relating to Housing and Urban Development (Continued... Family Mortgage Loans § 291.304 Bidding process. (a) Submission of bids. All bids must be submitted...

  15. 36 CFR 223.231 - Bidding methods.

    Science.gov (United States)

    2010-07-01

    ...) Ensure open and fair competition; (b) Ensure that the Federal Government receives minimum rates or... prospectus. The Forest Service shall not accept a bid at oral auction that is less than the bidder's initial sealed bid; and (e) Specify the use of sealed bids or a mix of bidding methods in the affected area...

  16. Models for electricity market efficiency and bidding strategy analysis

    Science.gov (United States)

    Niu, Hui

    This dissertation studies models for the analysis of market efficiency and bidding behaviors of market participants in electricity markets. Simulation models are developed to estimate how transmission and operational constraints affect the competitive benchmark and market prices based on submitted bids. This research contributes to the literature in three aspects. First, transmission and operational constraints, which have been neglected in most empirical literature, are considered in the competitive benchmark estimation model. Second, the effects of operational and transmission constraints on market prices are estimated through two models based on the submitted bids of market participants. Third, these models are applied to analyze the efficiency of the Electric Reliability Council Of Texas (ERCOT) real-time energy market by simulating its operations for the time period from January 2002 to April 2003. The characteristics and available information for the ERCOT market are considered. In electricity markets, electric firms compete through both spot market bidding and bilateral contract trading. A linear asymmetric supply function equilibrium (SFE) model with transmission constraints is proposed in this dissertation to analyze the bidding strategies with forward contracts. The research contributes to the literature in several aspects. First, we combine forward contracts, transmission constraints, and multi-period strategy (an obligation for firms to bid consistently over an extended time horizon such as a day or an hour) into the linear asymmetric supply function equilibrium framework. As an ex-ante model, it can provide qualitative insights into firms' behaviors. Second, the bidding strategies related to Transmission Congestion Rights (TCRs) are discussed by interpreting TCRs as linear combination of forwards. Third, the model is a general one in the sense that there is no limitation on the number of firms and scale of the transmission network, which can have

  17. Optimal Bidding Strategy for Renewable Microgrid with Active Network Management

    Directory of Open Access Journals (Sweden)

    Seung Wan Kim

    2016-01-01

    Full Text Available Active Network Management (ANM enables a microgrid to optimally dispatch the active/reactive power of its Renewable Distributed Generation (RDG and Battery Energy Storage System (BESS units in real time. Thus, a microgrid with high penetration of RDGs can handle their uncertainties and variabilities to achieve the stable operation using ANM. However, the actual power flow in the line connecting the main grid and microgrid may deviate significantly from the day-ahead bids if the bids are determined without consideration of the real-time adjustment through ANM, which will lead to a substantial imbalance cost. Therefore, this study proposes a formulation for obtaining an optimal bidding which reflects the change of power flow in the connecting line by real-time adjustment using ANM. The proposed formulation maximizes the expected profit of the microgrid considering various network and physical constraints. The effectiveness of the proposed bidding strategy is verified through the simulations with a 33-bus test microgrid. The simulation results show that the proposed bidding strategy improves the expected operating profit by reducing the imbalance cost to a greater degree compared to the basic bidding strategy without consideration of ANM.

  18. APPLE PRICE AND PRODUCTION FORECASTS FOR MAINE AND THE UNITED STATES

    OpenAIRE

    Hayward, Russel A.; Criner, George K.; Skinner, Steven P.

    1984-01-01

    An econometric model of U.S. and Maine apple production and prices was estimated with ordinary least squares multiple regression. A Gauss-Seidel solution technique was used to examine the equation system goodness of fit and to forecast endogenous variable values. Results indicate that supply expansion in the U.S. and Maine will continue, but Maine's slower rate of increase will erode its market share. Apple prices for the U.S. and Maine are predicted to decline in real terms by the year 2000 ...

  19. Net Tuition and Net Price Trends in the United States: 2000-2009

    Science.gov (United States)

    Gillen, Andrew; Robe, Jonathan; Garrett, Daniel

    2011-01-01

    While the most visible measure of college costs is published tuition, because of financial aid, this "sticker price" does not necessarily reflect the costs that students and their families actually pay. To the extent that students and their families are concerned about what costs they will need to pay to cover tuition charges, the relevant measure…

  20. Bidding for Clubs

    DEFF Research Database (Denmark)

    Julien, Benoit; Kennes, John; Ritter, Moritz

    . The function of this amenity is to ensure a critical mass of bidders at the seller’s location. For example, if a firm is attempting to assemble a team to utilize a club good at its location, it will also choose to advertise commitment to an additional amenity, such as a set of free health club memberships......This paper studies the mechanism by which club memberships, activities, and rules are chosen in a decentralized economy. For this purpose, we develop a model of competing auctions for club goods. This is a dynamic game where each seller first chooses an auction format; next, each buyer chooses...... the anonymity of buyer strategies implies coordination frictions - the sellers generally choose negative reserve prices and the equilibrium is constrained efficient. The advertisement of a negative reserve price is equivalent to the advertisement of an amenity that augments the value of the club good...

  1. Try to Discuss how to Use the Construction Drawing Budget to Prepare Bid Control Price%试论如何利用施工图预算编制招标控制价

    Institute of Scientific and Technical Information of China (English)

    吁磊

    2015-01-01

    随着市场竞争的日益激烈,国家发改委于2011年下发了《关于降低部分建设项目收费标准规范收费行为等有关问题的通知》(发改价格〔2011〕534 号),很多甲方希望招标代理机构能够利用设计部门出具的施工图预算免费编制招标控制价.主要阐述了如何利用施工图预算最大程度地减少编制招标控制价的工作量.%With the increasingly fierce market competition, National Development and Reform Commission in 2011 issued a "Notice on the Issues Related to Lower Part of the Construction Project Fees and Other Related Issues", a lot of party a hope that the tendering agency can use the design department issued by the construction plan budget free preparation tender control price. This paper mainly expounds how to use the construction drawing budget to reduce the workload of the tender control price.

  2. 17 CFR 242.612 - Minimum pricing increment.

    Science.gov (United States)

    2010-04-01

    ...) REGULATIONS M, SHO, ATS, AC, AND NMS AND CUSTOMER MARGIN REQUIREMENTS FOR SECURITY FUTURES Regulation Nms... display, rank, or accept from any person a bid or offer, an order, or an indication of interest in any NMS... accept from any person a bid or offer, an order, or an indication of interest in any NMS stock priced...

  3. Utility-Scale Solar 2016: An Empirical Analysis of Project Cost, Performance, and Pricing Trends in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark; Seel, Joachim; LaCommare, Kristina Hamachi

    2017-09-19

    The utility-scale solar sector has led the overall U.S. solar market in terms of installed capacity since 2012. In 2016, the utility-scale sector installed more than 2.5 times as much new capacity as did the residential and commercial sectors combined, and is expected to maintain its dominant position for at least another five years. This report—the fifth edition in an ongoing annual series—provides data-driven analysis of the utility-scale solar project fleet in the United States. We analyze not just installed project prices, but also operating costs, capacity factors, and power purchase agreement ("PPA") prices from a large sample of utility-scale PV and CSP projects throughout the United States. Highlights from this year's edition include the following: Installation Trends: The use of solar tracking devices dominated 2016 installations, at nearly 80% of all new capacity. In a reflection of the ongoing geographic expansion of the market beyond California and the Southwest, the median long-term average insolation level at newly built project sites declined again in 2016. While new fixed-tilt projects are now seen predominantly in less-sunny regions, tracking projects are increasingly pushing into these same regions. The median inverter loading ratio has stabilized in 2016 at 1.3 for both tracking and fixed-tilt projects. Installed Prices: Median installed PV project prices within a sizable sample have fallen by two-thirds since the 2007-2009 period, to $2.2/WAC (or $1.7/WDC) for projects completed in 2016. The lowest 20th percentile of projects within our 2016 sample were priced at or below $2.0/WAC, with the lowest-priced projects around $1.5/WAC. Overall price dispersion across the entire sample and across geographic regions decreased significantly in 2016. Operation and Maintenance (“O&M”) Costs: What limited empirical O&M cost data are publicly available suggest that PV O&M costs were in the neighborhood of $18/kWAC-year, or $8/MWh, in 2016. These

  4. Estimación del precio de oferta de la energía eléctrica en Colombia mediante inteligencia artificial || Estimating the Spot Market Price Bid in Colombian Electricity Market by Using Artificial Intelligence

    Directory of Open Access Journals (Sweden)

    Hurtado Moreno, Laura

    2014-12-01

    Full Text Available Uno de los sectores económicos estratégicos más importantes en cualquier economía es el Mercado de Energía Mayorista, cuya característica fundamental es que se trata de un mercado oligopolístico, provocado por la barrera de entrada que supone tener economías de escala. De esta manera, los agentes pueden presentar comportamientos estratégicos que contribuyen a la maximización de sus utilidades, los cuales se ven reflejados en la oferta diaria del precio y de la cantidad de energía por hora en cada una de sus centrales de generación. En este trabajo se presenta una metodología para la estimación de los precios diarios a los que ofertan la energía que producen los principales recursos hídricos y térmicos en Colombia. Se emplean dos herramientas de Inteligencia Artificial: la Lógica Difusa y las Redes Neuronales. Dichas técnicas resultan ser parcialmente efectivas para seguir las tendencias de dichos precios. También se comparan los resultados con los de modelos autorregresivos, que resultan ser inapropiados para el caso de estudio. || One of the most important economic strategic sectors in any economy is the electricity market. Its main feature is its oligopolistic character favoured by the returns to scale which act as an entry barrier. As a result, the energy generators can use their power market in order to increase their benefits through the daily offered price and quantity of energy for each of their power plants. This paper presents a methodology for estimating the daily offered price of the most important power stations in Colombia (hydraulic and thermal by applying artificial intelligence techniques: Fuzzy Logic and Neural Networks. Such techniques are found to be partially useful particularly for price tendencies. It also compares the results with autoregressive models that turned out inappropriate for the case of study.

  5. Tracking the Sun IX: The Installed Price of Residential and Non-Residential Photovoltaic Systems in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Energy Technologies Area; Darghouth, Naïm [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Energy Technologies Area; Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Cates, Sarah [Exeter Associates, Columbia, MD (United States); DiSanti, Nicholas [Exeter Associates, Columbia, MD (United States); Widiss, Rebecca [Exeter Associates, Columbia, MD (United States)

    2016-08-16

    Now in its ninth edition, Lawrence Berkeley National Laboratory (LBNL)’s Tracking the Sun report series is dedicated to summarizing trends in the installed price of grid-connected solar photovoltaic (PV) systems in the United States. The present report focuses on residential and non-residential systems installed through year-end 2015, with preliminary trends for the first half of 2016. An accompanying LBNL report, Utility-Scale Solar, addresses trends in the utility-scale sector. This year’s report incorporates a number of important changes and enhancements from prior editions. Among those changes, LBNL has made available a public data file containing all non-confidential project-level data underlying the analysis in this report. Installed pricing trends presented within this report derive primarily from project-level data reported to state agencies and utilities that administer PV incentive programs, solar renewable energy credit (SREC) registration systems, or interconnection processes. Refer to the text box to the right for several key notes about these data. In total, data were collected and cleaned for more than 820,000 individual PV systems, representing 85% of U.S. residential and non-residential PV systems installed cumulatively through 2015 and 82% of systems installed in 2015. The analysis in this report is based on a subset of this sample, consisting of roughly 450,000 systems with available installed price data.

  6. Transition from monopoly pricing to competitive pricing

    Energy Technology Data Exchange (ETDEWEB)

    Perera, L. [Eastern Energy Ltd., Melbourne, VIC (Australia)

    1995-12-31

    The Victorian Government has embarked on a program to restructure the State electricity supply industry, that will be the precursor to reform throughout the whole of Australia. The Government is depending on competition to drive efficiency improvements to both generation and distribution businesses. Retail pricing will be the key determinant to a future assessment of the success or failure of these reforms. The paper examines electricity pricing before and after the restructuring from the viewpoint of a practitioner at the cutting edge of the reform process. Economic rationale is put forward why the Value Proposition will replace the Cost Recovery basis previously used in electricity pricing. It is concluded that limitations of interstate links will temper intestate competition unless innovative solution can be found. The current method of setting market prices based on a `Pool System` is only efficient if the generators bid their marginal price on a regular basis. In essence the pool replaces the `merit order` previously used to load generators and is basically a scheduling mechanism. Serious consideration needs to be given to the question whether this mechanism should be also setting the price of electricity. (author). 5 tabs.

  7. Linkages between Stock Prices and Exchange Rates in the EU and the United States

    OpenAIRE

    Daniel Stavarek

    2004-01-01

    This paper investigates the nature of the causal relationship between stock prices and effective exchange rates in four old EU-member countries (Austria, France, Germany, and the UK), four new EU-member countries (Czech Republic, Hungary, Poland, and Slovakia) and in the USA. Both the long-run and short run causalities between these variables are explored using monthly data. The paper also tries to answer the question whether the linkages between analyzed economic variables are of the similar...

  8. The Loser’s Bliss in Auctions with Price Externality

    Directory of Open Access Journals (Sweden)

    Ernan Haruvy

    2015-07-01

    Full Text Available We consider auctions with price externality where all bidders derive utility from the winning price, such as charity auctions. In addition to the benefit to the winning bidder, all bidders obtain a benefit that is increasing in the winning price. Theory makes two predictions in such settings: First, individual bids will be increasing in the multiplier on the winning price. Second, individual bids will not depend on the number of other bidders. Empirically, we find no evidence that increasing the multiplier increases individual bids in a systematic way, but we find that increasing the number of bidders does. An analysis of individual bidding functions reveals that bidders underweight the incentives to win and overweight the incentives to lose.

  9. New Sealed-Bid Electronic Auction with Fairness, Security and Efficiency

    Institute of Scientific and Technical Information of China (English)

    Chia-Chi Wu; Chin-Chen Chang; Iuon-Chang Lin

    2008-01-01

    Electronic sealed-bid auction schemes usually have a common drawback, the third party (auction host) can conspire with a malicious bidder to leak all bidding prices before the opening stage. It results in the malicious bidder wining the auction with an optimal bidding price. Recently, Liaw et al. proposed an auction protocol for electronic online bidding in which they designed a deposit deduction certification for government procurement. However, it also has above mentioned flaw. Moreover, we further found that there were some extra security drawbacks in their protocol. First, the bidder can forge a bidding receipt to claim that he/she is a valid auction winner. Second, it may suffer from the third party forging attack. Third, their protocol leaked some bidders' private information to the third party, such as the bidder's bank account number and the authorization code. Thus, it cannot protect the bidder's privacy at all. In this paper, we not only point out the drawbacks from the previous scheme but also propose a new electronic auction scheme to overcome the above mentioned drawbacks. Furthermore, the computational complexity can be decreased in our online sealed-bid auction scheme.

  10. Utility-Scale Solar 2014. An Empirical Analysis of Project Cost, Performance, and Pricing Trends in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Seel, Joachim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2015-09-01

    Other than the nine Solar Energy Generation Systems (“SEGS”) parabolic trough projects built in the 1980s, virtually no large-scale or “utility-scale” solar projects – defined here to include any groundmounted photovoltaic (“PV”), concentrating photovoltaic (“CPV”), or concentrating solar thermal power (“CSP”) project larger than 5 MWAC – existed in the United States prior to 2007. By 2012 – just five years later – utility-scale had become the largest sector of the overall PV market in the United States, a distinction that was repeated in both 2013 and 2014 and that is expected to continue for at least the next few years. Over this same short period, CSP also experienced a bit of a renaissance in the United States, with a number of large new parabolic trough and power tower systems – some including thermal storage – achieving commercial operation. With this critical mass of new utility-scale projects now online and in some cases having operated for a number of years (generating not only electricity, but also empirical data that can be mined), the rapidly growing utility-scale sector is ripe for analysis. This report, the third edition in an ongoing annual series, meets this need through in-depth, annually updated, data-driven analysis of not just installed project costs or prices – i.e., the traditional realm of solar economics analyses – but also operating costs, capacity factors, and power purchase agreement (“PPA”) prices from a large sample of utility-scale solar projects in the United States. Given its current dominance in the market, utility-scale PV also dominates much of this report, though data from CPV and CSP projects are presented where appropriate.

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

    Directory of Open Access Journals (Sweden)

    Junyong Wang

    2015-01-01

    Conclusion: While the NEMS zero-markup policy significantly reduced retail prices at pilot health institutions, the centralized bidding system was insufficient to lower wholesale prices. A drug price management system should be constructed to control medicine prices and a long-term price information system is needed to monitor price changes.

  12. The Health and Social Security Act 1984 and the price of spectacles among corporate practices in the United Kingdom (1980-2007): a review.

    Science.gov (United States)

    Calver, Richard

    2010-03-01

    The Health and Social Security Act 1984 deregulated certain aspects of optometry in the United Kingdom, including advertising and the supply of spectacles, in the hope that greater competition would reduce spectacle prices. The effects of this legislation are tested by plotting the mean prices of private spectacles purchased from corporate optometric practices, from 1980 to 2007. Historical evidence is used to gauge the effect on prices of other factors such as National Health Service (NHS) payments, sight test fees and pressure exerted by consumer organisations. The high prices in 1980 reduced markedly throughout the rest of the 1980s, remained low for most of the 1990s and rose between 1999 and 2003, before falling. Changes in price were associated with changes to the system of NHS payments and variations in private sight test fees, but prices have generally been lower since the deregulation of dispensing than they were before. Although the price of private spectacles remains heavily influenced by other factors, the deregulation of opticians' services has benefited the public by maintaining lower prices, as intended by proponents of the legislation.

  13. Bidding Strategy for Aggregators of Electric Vehicles in Day-Ahead Electricity Markets

    Directory of Open Access Journals (Sweden)

    Yunpeng Guo

    2017-01-01

    Full Text Available To make full use of the flexible charging and discharging capabilities of the growing number of electric vehicles (EVs, a bidding strategy for EV aggregators to participate in a day-ahead electricity energy market is proposed in this work. The proposed bidding strategy is able to reduce the operating cost of the EV aggregators and to handle the uncertainties of day-ahead market prices properly at the same time. Agreements between the EV owners and the aggregators are discussed, and a hierarchical market structure is proposed. While assuming the aggregators as economic rational entities, the bidding strategy is established based on the market prices, extra battery charging/discharging costs and the expected profits. The bidding clearing system will display the current/temporal market clearance results of the day-ahead market before the final clearance, and hence the market participants can revise their bids and mitigate the risks, to some extent, of forecasted market price forecast errors. Numerical results with a modified IEEE 30-bus system have demonstrated the feasibility and effectiveness of the proposed strategy.

  14. Understanding Price Formation in Electricity Markets

    Science.gov (United States)

    Kadoya, Toshihisa; Sasaki, Tetsuo; Yokoyama, Akihiko; Ihara, Satoru

    The electricity price will influence the future growth and mix of generation capacity that will in turn influence the future electricity price, and therefore, it is important to understand how electricity price is formed as well as its short-term and long-term impacts on the economy. This paper describes evaluation of PJM day-ahead market bidding data and comparison of various electricity markets in terms of the market clearing price and volatility. The objective is to find critical factors and mechanisms determining the movements of electricity price. It was found that speculation by a small number of bidders can cause price spikes, that a Nash equilibrium may exist during a delayed response of the electricity price to a decline of the fuel price, and that the hydro generation with storage capability effectively stabilizes the electricity price.

  15. The U.S. Agency-Level Bid Protest Mechanism: A Model for Bid Challenge Procedures in Developing Nations

    Science.gov (United States)

    2005-08-31

    35 V. Bid Protest Procedures in the UNCITRAL Model Procurement Law and World Bank Development...Program...................................................................... 39 A. UNCITRAL Model Procurement Law...government procurement,5 and the assistance offered by the United Nations Committee on International Trade Law ( UNCITRAL )6 in the form of its Model Law

  16. Retail marijuana purchases in designer and commercial markets in New York City: sales units, weights, and prices per gram.

    Science.gov (United States)

    Sifaneck, Stephen J; Ream, Geoffrey L; Johnson, Bruce D; Dunlap, Eloise

    2007-09-01

    This paper documents the bifurcation of the market for commercial marijuana from the market for designer marijuana in New York City. Commercial marijuana is usually grown outdoors, imported to NYC, and of average quality. By contrast, several varities of designer marijuana are usually grown indoors from specially bred strains and carefully handled for maximum quality. The mechanisms for marijuana sales include street/park sellers, delivery services, private sales, and storefronts. Retail sales units vary from 5 dollars to 50 dollars and more, but the actual weights and price per gram of retail marijuana purchases lacks scientific precision. Ethnographic staff recruited marijuana purchasers who used digital scales to weigh a purposive sample of 99 marijuana purchases. Results indicate clear differences in price per gram between the purchases of commercial (average 8.20 dollars/g) and designer (average 18.02 dollars/g) marijuana. Designer purchases are more likely to be made by whites, downtown (Lower East Side/Union Square area), via delivery services, and in units of 10 dollar bags, 50 dollar cubes, and eighth and quarter ounces. Commercial marijuana purchases are more likely to be made by blacks, uptown (Harlem), via street dealers, and in units of 5 dollar and 20 dollar bags. Imported commercial types Arizona and Chocolate were only found uptown, while designer brand names describing actual strains like Sour Diesel and White Widow were only found downtown. Findings indicate clear divisions between commercial and designer marijuana markets in New York City. The extent that these differences may be based upon different THC potencies is a matter for future research.

  17. 42 CFR 414.910 - Bidding process.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 3 2010-10-01 2010-10-01 false Bidding process. 414.910 Section 414.910 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES (CONTINUED... Under Part B § 414.910 Bidding process. (a) Entities may bid to furnish CAP drugs in all...

  18. 40 CFR 73.71 - Bidding.

    Science.gov (United States)

    2010-07-01

    ... using the Bid Form for SO2 Allowance Auctions, or some method of electronic transfer if the Administrator, following public notice, so requires or permits at some future time. The bid form shall state: (1... Representative Form must accompany the bid. New account information shall include at a minimum: Name,...

  19. 47 CFR 90.910 - Bidding credits.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 5 2010-10-01 2010-10-01 false Bidding credits. 90.910 Section 90.910....910 Bidding credits. A winning bidder that qualifies as a very small business, as defined in § 90.912(b)(2), or a consortium of very small businesses may use a bidding credit of 35 percent to lower the...

  20. Multi-unit price promotions and their impact on purchase decisions and sales

    NARCIS (Netherlands)

    Drechsler, Salome; Leeflang, Peter S. H.; Bijmolt, Tammo H. A.; Natter, Martin

    2017-01-01

    Purpose - The purpose of this paper is to compare the impact of different multi-unit promotions (MUPs) and a single-unit promotion (SUP) on store-level sales and consumer-level purchase probability and quantity decision. Design/methodology/approach - The paper combines two empirical studies. Study 1

  1. Supplier bidding strategy based on non-cooperative game theory concepts in single auction power pools

    Energy Technology Data Exchange (ETDEWEB)

    Kang, Dong-Joo [Korea Electrotechnology Research Institute, 665 Naeson2-dong, Uiwang City, Gyeonggi Province 437-808 (Korea); Kim, Balho H. [Hong-Ik University, School of Electronic and Electrical Engineering, 72-1 Sangsu-dong, Mapo-gu, Seoul 121-791 (Korea); Hur, Don [Kwangwoon University, Department of Electrical Engineering, 447-1 Wolgye1-dong, Nowon-gu, Seoul 139-701 (Korea)

    2007-04-15

    In single auction power pools, only generators bid several energy price segments depending on the amount of energy supply, at individual generating companies' (GENCO) own discretion, for every trading interval. Then all selected bidders are paid a uniform Market Clearing Price (MCP). In this paper, it is realized that each GENCO has the complete information on its own payoff as well as the other parties' payoffs, corresponding to each potential combination of choices of strategies by all the players. Specifically, all the suppliers attempt to estimate the others' bids using the concept of Nash equilibrium in the general sense of profit maximization. Under some simplified assumptions, this problem can be modeled as a simultaneous-move game confronted by the bidders. Here, the system demand forecast by competitive sellers is captured for the purpose of constructing the optimal bidding strategy. Finally, a numerical example is presented demonstrating the effectiveness of the proposed solution scheme. (author)

  2. Research on Mechanism and Model of Centralized Bidding for Pumped Storage Power in Shanghai

    Science.gov (United States)

    Hua, Zhong; Ying, Zhiwei; Lv, Zhengyu; Jianlin, Yang; Huang, Yupeng; Li, Dong

    2017-05-01

    China is now in the transition stage toward power market and in some specific area, market approach has already been adopted to improve the overall efficiency. In this paper, Bidding and trading modes of pumped storage energy in various regions of China are analysed. Based on the constraints of bidding price and electricity, as well as the system power flow, the trading model is established to collect the capacity cost of pumped storage energy in Shanghai. With the trading model proposed, that the generators who actively undertake the capacity cost of pumped storage energy and bid enough electricity with lower price can be rewarded, while those attempts to conspire and manipulate the market will be penalized. Finally, using seven generators in Shanghai as examples to simulate the market operation, the effectiveness of the proposed model is verified.

  3. Decision-Theoretic Bidding Based on Learned Density Models in Simultaneous, Interacting Auctions

    CERN Document Server

    Csirik, J A; McAllester, D; Schapire, R E; Stone, P; 10.1613/jair.1200

    2011-01-01

    Auctions are becoming an increasingly popular method for transacting business, especially over the Internet. This article presents a general approach to building autonomous bidding agents to bid in multiple simultaneous auctions for interacting goods. A core component of our approach learns a model of the empirical price dynamics based on past data and uses the model to analytically calculate, to the greatest extent possible, optimal bids. We introduce a new and general boosting-based algorithm for conditional density estimation problems of this kind, i.e., supervised learning problems in which the goal is to estimate the entire conditional distribution of the real-valued label. This approach is fully implemented as ATTac-2001, a top-scoring agent in the second Trading Agent Competition (TAC-01). We present experiments demonstrating the effectiveness of our boosting-based price predictor relative to several reasonable alternatives.

  4. Takeover bids and insider trading

    NARCIS (Netherlands)

    Nelemans, Matthijs; Bainbridge, Stephen M.

    2014-01-01

    This paper analyses the law and economics of insider trading in the context of takeover bids, focusing on the European regulatory framework. We distinguish between trading by the bidder, by the target and by classical insiders and first address the issue of precisely when information about potential

  5. Takeover bids and insider trading

    NARCIS (Netherlands)

    Nelemans, Matthijs; Bainbridge, Stephen M.

    2014-01-01

    This paper analyses the law and economics of insider trading in the context of takeover bids, focusing on the European regulatory framework. We distinguish between trading by the bidder, by the target and by classical insiders and first address the issue of precisely when information about potential

  6. Tracking the Sun VIII. The Installed Price of Residential and Non-Residential Photovoltaic Systems in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Barbose, Galen L. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Darghouth, Naïm R. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Spears, Mike [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Wiser, Ryan H. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Buckley, Michael [Exeter Associates, Columbia, MD (United States); Widiss, Rebecca [Exeter Associates, Columbia, MD (United States); Grue, Nick [National Renewable Energy Lab. (NREL), Golden, CO (United States)

    2015-08-01

    Now in its eighth edition, Lawrence Berkeley National Laboratory (LBNL)’s Tracking the Sun report series is dedicated to summarizing trends in the installed price of grid-connected solar photovoltaic (PV) systems in the United States. The present report focuses on residential and nonresidential systems installed through year-end 2014, with preliminary trends for the first half of 2015. As noted in the text box below, this year’s report incorporates a number of important changes and enhancements. Among those changes, this year's report focuses solely on residential and nonresidential PV systems; data on utility-scale PV are reported in LBNL’s companion Utility-Scale Solar report series. Installed pricing trends presented within this report derive primarily from project-level data reported to state agencies and utilities that administer PV incentive programs, solar renewable energy credit (SREC) registration systems, or interconnection processes. In total, data were collected for roughly 400,000 individual PV systems, representing 81% of all U.S. residential and non-residential PV capacity installed through 2014 and 62% of capacity installed in 2014, though a smaller subset of this data were used in analysis.

  7. A United Method for Sensitivity Analysis of the Locational Marginal Price Based on the Optimal Power Flow

    Directory of Open Access Journals (Sweden)

    Liu Yang

    2014-01-01

    Full Text Available Locational marginal prices (LMPs are influenced by various factors in the electricity market; knowing the sensitivity information of LMPs is very important for both the purchase and the consumer. This paper presents a united method to compute the sensitivities of LMPs based on the optimal power flow (OPF. The Karush-Kuhn-Tucher (KKT system to solve LMPs can be transferred into an equation system by using an NCP function, and then by using the properties of the derivative of the semismooth NCP function, this paper provides a simultaneous obtention of the sensitivities of LMPs with respect to power demands, the cost of production, voltage boundary, and so forth. Numerical examples illustrate the concepts presented and the proposed methodology by a 6-bus electric energy system. Some relevant conclusions are drawn in the end.

  8. 75 FR 9946 - United States v. Keyspan Corporation; Proposed Final Judgment and Competitive Impact Statement

    Science.gov (United States)

    2010-03-04

    ... each of the types of auctions, capacity suppliers offer price and quantity bids. Supplier bids are... ``look at the overall picture not hypercritically, nor with a microscope, but with an artist's...

  9. Analysis on bidding parts preparation of curtain wall project tender documents%幕墙工程招标文件的投标报价部分编制分析

    Institute of Scientific and Technical Information of China (English)

    郑明娟

    2015-01-01

    This paper mainly analyzed the setting ways of comprehensive unit price analysis table in outer decorative curtain wall engineering ten-dering and bidding documents,and discussed in detail the shall be clearly quote part of other aspects bidding documents,in order to reasonably and effectively control the project cost.%主要分析了外装饰幕墙工程招标文件中综合单价分析表设置方式,并对招标文件中投标报价部分应明确的其他方面内容进行了详细说明,以合理有效的控制工程造价。

  10. Effectiveness of unit-based pricing of waste in the Netherlands: applying a general equilibrium model.

    Science.gov (United States)

    van Beukering, Pieter J H; Bartelings, Heleen; Linderhof, Vincent G M; Oosterhuis, Frans H

    2009-11-01

    Differential and variable rates (DVR) in waste collection charging give a price incentive to households to reduce their waste and increase recycling. International empirical evidence confirms the effectiveness of DVR schemes, with limited unwanted side effects. In the Netherlands, currently some 20% of the population is charged at DVR. This is less than in several other countries. Taking into account differences between types of households and dwellings, this study analyses various scenarios for extended use of DVR in the Netherlands. The analysis shows that further penetration of DVR is a cost-effective instrument for waste reduction and more recycling. Moreover, DVR can itself be seen as a necessary condition for the successful implementation of other economic instruments, such as waste taxes. It is therefore recommended to stimulate municipalities to adopt DVR schemes in the Netherlands, accompanied by the provision of adequate facilities for waste separation by households. Before introducing DVR in 'very strongly urbanized' municipalities (i.e. the 12 largest cities in the Netherlands) a pilot experiment in one of them might be useful to test the behavioral response in this category.

  11. tBid and cardiolipin

    DEFF Research Database (Denmark)

    Klösgen, Beate; Perry, Mark; Rostovtseva, Tanya

    The abundant presence of cardiolipin (CL) in mitochondria membranes has given rise to the suspicion that this lipid play be an essential role in triggering cell apoptosis, possibly by mechanically destabilizing the host membrane and thus enhancing the effect of the tBid apoptosis protein. Therefo...... and absence of CL. We interpret this as a formation of patches of protein-lipid clusters that in effect reduce the amount of expandable fluid membrane area. The rupture tension falls significantly as soon as tBid is present on the outer vesicle membrane.......The abundant presence of cardiolipin (CL) in mitochondria membranes has given rise to the suspicion that this lipid play be an essential role in triggering cell apoptosis, possibly by mechanically destabilizing the host membrane and thus enhancing the effect of the tBid apoptosis protein. Therefore...... the mechanical effect of the presence of CL in model bilayer membranes was investigated by a combination of micromechanical deformation studies and differential calorimetry (DSC). The calorimetry data are not easy to interpret due to the continuous chemical decay of the system upon hydrolysis. The induction...

  12. tBid and cardiolipin

    DEFF Research Database (Denmark)

    Klösgen, Beate; Perry, Mark; Rostovtseva, Tanya

    2007-01-01

    The abundant presence of cardiolipin (CL) in mitochondria membranes has given rise to the suspicion that this lipid play be an essential role in triggering cell apoptosis, possibly by mechanically destabilizing the host membrane and thus enhancing the effect of the tBid apoptosis protein. Therefo...... and absence of CL. We interpret this as a formation of patches of protein-lipid clusters that in effect reduce the amount of expandable fluid membrane area. The rupture tension falls significantly as soon as tBid is present on the outer vesicle membrane.......The abundant presence of cardiolipin (CL) in mitochondria membranes has given rise to the suspicion that this lipid play be an essential role in triggering cell apoptosis, possibly by mechanically destabilizing the host membrane and thus enhancing the effect of the tBid apoptosis protein. Therefore...... the mechanical effect of the presence of CL in model bilayer membranes was investigated by a combination of micromechanical deformation studies and differential calorimetry (DSC). The calorimetry data are not easy to interpret due to the continuous chemical decay of the system upon hydrolysis. The induction...

  13. Pricing Strategy. Unit 10. Level 2. Instructor Guide. PACE: Program for Acquiring Competence in Entrepreneurship. Third Edition. Research & Development Series No. 302-10.

    Science.gov (United States)

    Ohio State Univ., Columbus. Center on Education and Training for Employment.

    This instructor guide for a unit on pricing strategy in the PACE (Program for Acquiring Competence in Entrepreneurship) curriculum includes the full text of the student module and lesson plans, instructional suggestions, and other teacher resources. The competencies that are incorporated into this module are at Level 2 of learning--planning for a…

  14. Pricing Strategy. Unit 10. Level 3. Instructor Guide. PACE: Program for Acquiring Competence in Entrepreneurship. Third Edition. Research & Development Series No. 303-10.

    Science.gov (United States)

    Ohio State Univ., Columbus. Center on Education and Training for Employment.

    This instructor guide for a unit on pricing strategy in the PACE (Program for Acquiring Competence in Entrepreneurship) curriculum includes the full text of the student module and lesson plans, instructional suggestions, and other teacher resources. The competencies that are incorporated into this module are at Level 3 of learning--starting and…

  15. Pricing Strategy. Unit 10. Level 1. Instructor Guide. PACE: Program for Acquiring Competence in Entrepreneurship. Third Edition. Research & Development Series No. 301-10.

    Science.gov (United States)

    Ohio State Univ., Columbus. Center on Education and Training for Employment.

    This instructor guide for a unit on pricing strategy in the PACE (Program for Acquiring Competence in Entrepreneurship) curriculum includes the full text of the student module and lesson plans, instructional suggestions, and other teacher resources. The competencies that are incorporated into this module are at Level 1 of learning--understanding…

  16. Endogenous Market-Clearing Prices and Reference Point Adaptation

    Science.gov (United States)

    Dragicevic, Arnaud Z.

    When prices depend on the submitted bids, i.e. with endogenous market-clearing prices in repeated-round auction mechanisms, the assumption of independent private values that underlines the property of incentive-compatibility is to be brought into question; even if these mechanisms provide active involvement and market learning. In its orthodox view, adaptive bidding behavior imperils incentive-compatibility. We relax the assumption of private values' independence in the repeated-round auctions, when the market-clearing prices are made public at the end of each round. Instead of using game-theory learning models, we introduce a behavioral model that shows that bidders bid according to the anchoring-and-adjustment heuristic, which neither ignores the rationality and incentive-compatibility constraints, nor rejects the posted prices issued from others' bids. Bidders simply weight information at their disposal and adjust their discovered value using reference points encoded in the sequential price weighting function. Our model says that bidders and offerers are sincere boundedly rational utility maximizers. It lies between evolutionary dynamics and adaptive heuristics and we model the concept of inertia as high weighting of the anchor, which stands for truthful bidding and high regard to freshly discovered preferences. Adjustment means adaptive rule based on adaptation of the reference point in the direction of the posted price. It helps a bidder to maximize her expected payoff, which is after all the only purpose that matters to rationality. The two components simply suggest that sincere bidders are boundedly rational. Furthermore, by deviating from their anchor in the direction of the public signal, bidders operate in a correlated equilibrium. The correlation between bids comes from the commonly observed history of play and each bidder's actions are determined by the history. Bidders are sincere if they have limited memory and confine their reference point adaptation

  17. Estimation of Bid Curves in Power Exchanges using Time-varying Simultaneous-Equations Models

    Science.gov (United States)

    Ofuji, Kenta; Yamaguchi, Nobuyuki

    Simultaneous-equations model (SEM) is generally used in economics to estimate interdependent endogenous variables such as price and quantity in a competitive, equilibrium market. In this paper, we have attempted to apply SEM to JEPX (Japan Electric Power eXchange) spot market, a single-price auction market, using the publicly available data of selling and buying bid volumes, system price and traded quantity. The aim of this analysis is to understand the magnitude of influences to the auctioned prices and quantity from the selling and buying bids, than to forecast prices and quantity for risk management purposes. In comparison with the Ordinary Least Squares (OLS) estimation where the estimation results represent average values that are independent of time, we employ a time-varying simultaneous-equations model (TV-SEM) to capture structural changes inherent in those influences, using State Space models with Kalman filter stepwise estimation. The results showed that the buying bid volumes has that highest magnitude of influences among the factors considered, exhibiting time-dependent changes, ranging as broad as about 240% of its average. The slope of the supply curve also varies across time, implying the elastic property of the supply commodity, while the demand curve remains comparatively inelastic and stable over time.

  18. Shadow price in the power utility case

    OpenAIRE

    Attila Herczegh; Vilmos Prokaj

    2011-01-01

    We consider the problem of maximizing expected power utility from consumption over an infinite horizon in the Black–Scholes model with proportional transaction costs, as studied in Shreve and Soner [ Ann. Appl. Probab. 4 (1994) 609–692]. ¶ Similar to Kallsen and Muhle-Karbe [ Ann. Appl. Probab. 20 (2010) 1341–1358], we derive a shadow price, that is, a frictionless price process with values in the bid-ask spread which leads to the same optimal policy.

  19. Market Efficiency and Price Formation When Dealers are Asymmetrically Informed

    NARCIS (Netherlands)

    Calcagno, R.; Lovo, S.M.

    2002-01-01

    We consider the effect of asymmetric information on the price formation process in a quote-driven market where one market maker receives a private signal on the security fundamental.A model is presented where market makers repeatedly compete in prices: at each stage a bid-ask auction occurs and the

  20. Market Efficiency and Price Formation When Dealers are Asymmetrically Informed

    NARCIS (Netherlands)

    Calcagno, R.; Lovo, S.M.

    2002-01-01

    We consider the effect of asymmetric information on the price formation process in a quote-driven market where one market maker receives a private signal on the security fundamental.A model is presented where market makers repeatedly compete in prices: at each stage a bid-ask auction occurs and the

  1. 48 CFR 14.202-1 - Bidding time.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Bidding time. 14.202-1... AND CONTRACT TYPES SEALED BIDDING Solicitation of Bids 14.202-1 Bidding time. (a) Policy. A reasonable time for prospective bidders to prepare and submit bids shall be allowed in all invitations,...

  2. Impact of Contractors’ Bidding Strategies on Bid Success in the Nigeria Construction Industry

    Directory of Open Access Journals (Sweden)

    Tolulope Samuel Fawale

    2017-01-01

    Full Text Available Several types of researches have been carried out prior to the new millennium on the subject of bidding strategies in the construction industry. Today, organizations are faced with a very complex decision of bid/no-bid because it requires the assessment of large number of highly inter-related variables. The study aims at examining different types of Contractors’ Bidding Strategies (CBS with a view to determining their impact on bid success. In line with the aim, the study objectives include; evaluation of different types of CBS and; assessment of the success rate of contractors’ bid. The method of approach elicits information on the number of projects bided and successes recorded over a period of time. A total of one hundred and seventy-one useable responses were retrieved from questionnaire administration. Descriptive statistics, tables and percentages as well as mean item score (MIS were used for data analysis. The study showed that lowest bid, public relations and joint venture bidding strategies have great impact on contractors’ bid success especially on residential, educational and administrative projects in the Nigeria Construction Industry (NCI. Therefore, the study concluded that relationship exists between contractors’ bidding strategies and equivalent successes recorded over a period of time. It is important to also know that lowest bid strategy still remains the most effective bidding strategy for public works contracting in the NCI.

  3. Representations of minimum unit pricing for alcohol in UK newspapers: a case study of a public health policy debate.

    Science.gov (United States)

    Patterson, Chris; Katikireddi, Srinivasa Vittal; Wood, Karen; Hilton, Shona

    2015-03-01

    Mass media influence public acceptability, and hence feasibility, of public health interventions. This study investigates newsprint constructions of the alcohol problem and minimum unit pricing (MUP). Quantitative content analysis of 901 articles about MUP published in 10 UK and Scottish newspapers between 2005 and 2012. MUP was a high-profile issue, particularly in Scottish publications. Reporting increased steadily between 2008 and 2012, matching the growing status of the debate. The alcohol problem was widely acknowledged, often associated with youths, and portrayed as driven by cheap alcohol, supermarkets and drinking culture. Over-consumption was presented as a threat to health and social order. Appraisals of MUP were neutral, with supportiveness increasing slightly over time. Arguments focused on health impacts more frequently than more emotive perspectives or business interests. Health charities and the NHS were cited slightly more frequently than alcohol industry representatives. Emphases on efficacy, evidence and experts are positive signs for evidence-based policymaking. The high profile of MUP, along with growing support within articles, could reflect growing appetite for action on the alcohol problem. Representations of the problem as structurally driven might engender support for legislative solutions, although cultural explanations remain common. © The Author 2014. Published by Oxford University Press on behalf of Faculty of Public Health.

  4. Utility-Scale Solar 2015: An Empirical Analysis of Project Cost, Performance, and Pricing Trends in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division; Seel, Joachim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States). Environmental Energy Technologies Division

    2016-08-17

    The utility-scale solar sector—defined here to include any ground-mounted photovoltaic (“PV”), concentrating photovoltaic (“CPV”), or concentrating solar power (“CSP”) project that is larger than 5 MWAC in capacity—has led the overall U.S. solar market in terms of installed capacity since 2012. It is expected to maintain its market-leading position for at least another five years, driven in part by December 2015’s three-year extension of the 30% federal investment tax credit (“ITC”) through 2019 (coupled with a favorable switch to a “start construction” rather than a “placed in service” eligibility requirement, and a gradual phase down of the credit to 10% by 2022). In fact, in 2016 alone, the utility-scale sector is projected to install more than twice as much new capacity as it ever has previously in a single year. This unprecedented boom makes it difficult, yet more important than ever, to stay abreast of the latest utility-scale market developments and trends. This report—the fourth edition in an ongoing annual series—is intended to help meet this need, by providing in-depth, annually updated, data-driven analysis of the utility-scale solar project fleet in the United States. Drawing on empirical project-level data from a wide range of sources, this report analyzes not just installed project costs or prices—i.e., the traditional realm of most solar economic analyses—but also operating costs, capacity factors, and power purchase agreement (“PPA”) prices from a large sample of utility-scale solar projects throughout the United States. Given its current dominance in the market, utility-scale PV also dominates much of this report, though data from CPV and CSP projects are also presented where appropriate.

  5. Power Pool中发电公司的竞价策略%BIDDING STRATEGIES OF GENERATION COMPANIES IN POWER POOL

    Institute of Scientific and Technical Information of China (English)

    李灿; 龚乐年; 宋燕敏; 曹荣章; 朱为民

    2001-01-01

    This paper studies the bidding strategies of generation companiesin Power Pool. In an imperfect competition Power Pool, some generation companies (GenComs) may have market power. A GenCom can bid as a price acceptor or as a price changer. A price acceptor will bid according to its marginal cost curve, but the minimum bid price must be decided by dynamic programming based on price forecasting. A price changer will bid according to the strategy of restricting output and forcing up price. The Power Pool will be inefficient when market power of GenComs are strong.%研究了电力联营体(PowerPool)中发电公司的报价策略。在非完全竞争的PowerPool中,发电公司可以作为一个价格接受者,也可利用其市场势力操纵市场价格。发电公司作为价格接受者时将基于边际成本曲线报价,但其最低报价必须根据市场行情而变化;具有市场势力的发电公司可以采取限制产量、抬高电价的策略。PowerPool中市场势力的存在不利于资源的优化配置和利用。

  6. Particle swarm optimization based optimal bidding strategy in an ...

    African Journals Online (AJOL)

    user

    Particle swarm optimization based optimal bidding strategy in an open ... relaxation-based approach for strategic bidding in England-Wales pool type electricity market has ... presents the mathematical formulation of optimal bidding problem.

  7. Tracking the Sun V: An Historical Summary of the Installed Price of Photovoltaics in the United States from 1998 to 2011

    Energy Technology Data Exchange (ETDEWEB)

    Barbose, Galen [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Darghouth, Naim [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Wiser, Ryan [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2012-11-01

    As the deployment of grid-connected solar photovoltaic (PV) systems has increased, so too has the desire to track the installed price of these systems over time and by location, customer type, and system characteristics. This report helps to fill this need by summarizing trends in the installed price of grid-connected PV systems in the United States from 1998 through 2011, with preliminary data for 2012. The analysis is based on project-level data for more than 150,000 individual residential, commercial, and utility-scale PV systems, totaling more than 3,000 megawatts (MW) and representing 76% of all grid-connected PV capacity installed in the United States through 2011. The report describes installed price trends for residential and commercial PV systems, and another set of trends for utility-scale PV. In all cases, installed prices are identified in terms of real 2011 dollars per installed watt (DC-STC), prior to receipt of any direct financial incentives or tax credits.

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

    DEFF Research Database (Denmark)

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

    2012-01-01

    minimization problem for trading wind power in the short-term electricity market is described, to help the wind power owners optimize their bidding strategy. Stochastic optimization and a Monte Carlo method are adopted to find the optimal bidding strategy for trading wind power in the short-term electricity...... market in order to deal with the uncertainty of the regulation price, the activated regulation of the power system and the forecasted wind power generation. The Danish short-term electricity market and a wind farm in western Denmark are chosen as study cases due to the high wind power penetration here....... Simulation results show that the stochastic optimal bidding strategy for trading wind power in the Danish short-term electricity market is an effective measure to maximize the revenue of the wind power owners....

  9. Rent seeking with efforts and bids

    NARCIS (Netherlands)

    Haan, M.A.; Schoonbeek, L.

    2003-01-01

    We introduce bids in a rent-seeking contest. Players compete for a prize. Apart from exerting lobbying efforts, they also submit a bid which is payable only if they win the prize. We show that our model has a unique Nash equilibrium in pure strategies, in which each active player submits the same bi

  10. 36 CFR 17.5 - Bids.

    Science.gov (United States)

    2010-07-01

    ... fair market value or $2,500, whichever is greater, in the case of a freehold interest or for the amount... other persons may attend the bid opening. No bid in an amount less than the fair market value, as herein defined, shall be considered. ...

  11. An experimental study of precautionary bidding

    NARCIS (Netherlands)

    Kocher, M.G.; Pahlke, J.; Trautmann, S.T.

    2015-01-01

    Auctions often involve goods exhibiting a common-knowledge ex-post risk. In such auctions, precautionary bidding predicts that under expected utility, DARA bidders reduce their bids by more than the appropriate risk premium. Because the degree of riskiness of an auctioned good and bidders’ levels of

  12. Valuing the Environment Via Bidding Games: A Psychological Perspective

    Energy Technology Data Exchange (ETDEWEB)

    Hebert, J. A.; Shikiar, R.; Perry, R. W.

    1980-08-01

    play the wrong game (from his/her perspective) results in invalid data. This paper views the bidding games procedure as basically a socialpsychological experiment; accordingly, many of the concerns associated with such experiments are relevant here. Sampling of respondents is a key issue. To assure an accurate measure of social value for an area (town, region, state, etc.), a representative sample of respondents must give their estimates. Stimuli or the thing people are asked to bid on must be representative as well. Actual environmental settings (a forest or stream) are not always representative in the sense that the change itself cannot be represented. Photographs and verbal descriptions may suffice, depending on specific circumstances, and, in some cases, may be superior to the "real thing." Issues of bid format are reviewed. Formats that restrict the response range, say in dollars, have the advantage of structure, but may lead the respondent. Open-ended formats may offer less reliable responses and do not represent a typical market situation where a specific price is proposed. The bid itself is viewed as a stated behavioral intention, which mayor may not correlate highly with actual payment (behavior). Accordingly, the paper examines the relationship variables between attitude and behavior and concludes that the games could be designed to maximize this correlation. A review of interviewer-respondent biases was made. It was concluded that no insurmountable problems were present so long as these variables of interpersonal dynamics were taken into consideration. Psychometric concerns were explored, asking the basic question: Are the "dollars" of the response scale equivalent to the dollars exchanged for goods in the marketplace? It was concluded that the scales of response undoubtedly have interval properties, but no evidence exists to suggest the presence of ratio properties. Validation studies must be done. A final assessment of bidding games must await the future

  13. Managing risks of market price uncertainty for a microgrid operation

    Science.gov (United States)

    Raghavan, Sriram

    After deregulation of electricity in the United States, the day-ahead and real-time markets allow load serving entities and generation companies to bid and purchase/sell energy under the supervision of the independent system operator (ISO). The electricity market prices are inherently uncertain, and can be highly volatile. The main objective of this thesis is to hedge against the risk from the uncertainty of the market prices when purchasing/selling energy from/to the market. The energy manager can also schedule distributed generators (DGs) and storage of the microgrid to meet the demand, in addition to energy transactions from the market. The risk measure used in this work is the variance of the uncertain market purchase/sale cost/revenue, assuming the price following a Gaussian distribution. Using Markowitz optimization, the risk is minimized to find the optimal mix of purchase from the markets. The problem is formulated as a mixed integer quadratic program. The microgrid at Illinois Institute of Technology (IIT) in Chicago, IL was used as a case study. The result of this work reveals the tradeoff faced by the microgrid energy manager between minimizing the risk and minimizing the mean of the total operating cost (TOC) of the microgrid. With this information, the microgrid energy manager can make decisions in the day-ahead and real-time markets according to their risk aversion preference. The assumption of market prices following Gaussian distribution is also verified to be reasonable for the purpose of hedging against their risks. This is done by comparing the result of the proposed formulation with that obtained from the sample market prices randomly generated using the distribution of actual historic market price data.

  14. Linear Clearing Prices in Non-Convex European Day-Ahead Electricity Markets

    CERN Document Server

    Martin, Alexander; Pokutta, Sebastian

    2012-01-01

    The European power grid can be divided into several market areas where the price of electricity is determined in a day-ahead auction. Market participants can provide continuous hourly bid curves and combinatorial bids with associated quantities given the prices. The goal of our auction is to maximize the economic surplus of all participants subject to transmission constraints and the existence of linear prices. In general strict linear prices do not exist in non-convex markets. Therefore we enforce the existence of linear prices where no one incurs a loss and only combinatorial bids might see a not realized gain. The resulting optimization problem is an MPEC that can not be solved efficiently by a standard solver. We present an exact algorithm and a fast heuristic for this type of problem. Both algorithms decompose the MPEC into a master MIP and price subproblems (LPs). The modeling technique and the algorithms are applicable to all MIP based combinatorial auctions.

  15. Perspectives on econometric modelling to inform policy: a UK qualitative case study of minimum unit pricing of alcohol.

    Science.gov (United States)

    Katikireddi, Srinivasa V; Bond, Lyndal; Hilton, Shona

    2014-06-01

    Novel policy interventions may lack evaluation-based evidence. Considerations to introduce minimum unit pricing (MUP) of alcohol in the UK were informed by econometric modelling (the 'Sheffield model'). We aim to investigate policy stakeholders' views of the utility of modelling studies for public health policy. In-depth qualitative interviews with 36 individuals involved in MUP policy debates (purposively sampled to include civil servants, politicians, academics, advocates and industry-related actors) were conducted and thematically analysed. Interviewees felt familiar with modelling studies and often displayed detailed understandings of the Sheffield model. Despite this, many were uneasy about the extent to which the Sheffield model could be relied on for informing policymaking and preferred traditional evaluations. A tension was identified between this preference for post hoc evaluations and a desire for evidence derived from local data, with modelling seen to offer high external validity. MUP critics expressed concern that the Sheffield model did not adequately capture the 'real life' world of the alcohol market, which was conceptualized as a complex and, to some extent, inherently unpredictable system. Communication of modelling results was considered intrinsically difficult but presenting an appropriate picture of the uncertainties inherent in modelling was viewed as desirable. There was general enthusiasm for increased use of econometric modelling to inform future policymaking but an appreciation that such evidence should only form one input into the process. Modelling studies are valued by policymakers as they provide contextually relevant evidence for novel policies, but tensions exist with views of traditional evaluation-based evidence. © The Author 2013. Published by Oxford University Press on behalf of the European Public Health Association.

  16. Searching for Symbolic Value of Cattle: Tropical Livestock Units, Market Price, and Cultural Value of Maasai Livestock

    Directory of Open Access Journals (Sweden)

    Robert J. Quinlan

    2016-10-01

    Full Text Available We examine metabolic, market, and symbolic values of livestock relative to cultural “positioning” by gender, marriage, and household production among Maasai people in Simanjiro, Tanzania to assess local “proximate currencies” relevant for “cultural success.” Data from mixed methods ethnographic research include qualitative interviews since 2012, observation of 85 livestock market sales in 2013 and 2015, and 37 short key informant interviews in 2015. We examine fit between market values, Tropical Livestock Units (TLU, weight-based species exchange ratio, and perceived value from interviews for moran (unmarried men, muruo (married men, and tɔmɔnɔ́k (married women. Hedonic regression using livestock species, sex, maturity, and size accounted for 90% of the local market price of livestock. We compared the market-based exchange ratio between cattle and smallstock (sheep and goats to TLU and perceived values situating symbolic value of cattle in terms of Maasai household production schema. One TLU model accurately predicted market exchange ratios, while another predicted hypothetical exchanges, suggesting need for improved livestock wealth estimation for pastoralists. Ritual context, subsistence work, and cultural position influenced perceived values: Moran overvalued cattle by 100% of the local market value. Tɔmɔnɔ́k accurately perceived the market exchange ratio despite never directly engaging in livestock market transactions. Muruo perceived exchange ratios intermediate between moran and tɔmɔnɔ́k. We argue that these perceptions of value reflect distinct labor responsibilities of moran, muruo, and tɔmɔnɔ́k in livestock management, differential value of bridewealth, and control of meat and milk.Attention to value of different livestock species in cultural models of production may prove useful for development efforts.

  17. Bidding strategy based on artificial intelligence for a competitive electric market

    Energy Technology Data Exchange (ETDEWEB)

    Hong, Y.-Y.; Tsai, S.-W.; Weng, M.-T. [Chung Yuan Univ., Dept. of Electrical Engineering, Chung Li (China)

    2001-03-01

    A bidding strategy using a fuzzy-c-mean (FCM) algorithm and the artificial neural network (ANN) was developed for competitive electric markets. The nodal price information was assumed to be released into the market. The FCM was used, first, to classify the daily load pattern into peak, medium-peak and off-peak levels and, secondly, to classify the competitive generation companies (gencos) into less-menacing, possible-menacing and menacing gencos. The back-propagation ANN was used for determining the bidding price for a genco. The FCM results aided in lessening the training data and reducing the ANN input nodes. The IEEE 30-busbar system was used for illustrating the applicability of the proposed method. (Author)

  18. Essays in financial transmission rights pricing

    Science.gov (United States)

    Posner, Barry

    This work examines issues in the pricing of financial transmission rights in the PJM market region. The US federal government is advocating the creation of large-scale, not-for-profit regional transmission organizations to increase the efficiency of the transmission of electricity. As a non-profit entity, PJM needs to allocate excess revenues collected as congestion rents, and the participants in the transmission markets need to be able to hedge their exposure to congestion rents. For these purposes, PJM has developed an instrument known as the financial transmission right (FTR). This research, utilizing a new data set assembled by the author, looks at two aspects of the FTR market. The first chapter examines the problem of forecasting congestion in a transmission grid. In the PJM FTR system firms bid in a competitive auction for FTRs that cover a period of one month. The auctions take place in the middle of the previous month; therefore firms have to forecast congestion rents for the period two to six weeks after the auction. The common methods of forecasting congestion are either time-series models or full-information engineering studies. In this research, the author develops a forecasting system that is more economically grounded than a simple time-series model, but requires less information than an engineering model. This method is based upon the arbitrage-cost methodology, whereby congesting is calculated as the difference of two non-observable variables: the transmission price difference that would exist in the total absence of transmission capacity between two nodes, and the ability of the existing transmission to reduced that price difference. If the ability to reduce the price difference is greater than the price difference, then the cost of electricity at each node will be the same, and congestion rent will be zero. If transmission capacity limits are binding on the flow of power, then a price difference persists and congestion rents exist. Three

  19. 48 CFR 14.301 - Responsiveness of bids.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Responsiveness of bids. 14.301 Section 14.301 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION CONTRACTING METHODS AND CONTRACT TYPES SEALED BIDDING Submission of Bids 14.301 Responsiveness of bids. (a) To be...

  20. 48 CFR 814.301 - Responsiveness of bids.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Responsiveness of bids. 814.301 Section 814.301 Federal Acquisition Regulations System DEPARTMENT OF VETERANS AFFAIRS CONTRACTING METHODS AND CONTRACT TYPES SEALED BIDDING Submission of Bids 814.301 Responsiveness of bids. Where...

  1. 公路工程变更中如何确定变更单价%How to determine alteration unit price in highway engineering change

    Institute of Scientific and Technical Information of China (English)

    贾勇

    2012-01-01

    Based on brief introduction on the definition and type of engineering change,according to many years' highway construction management experience,starting from the aspect of engineering management,the paper summarizes the alteration unit price determining principle of engineering change,and explores the pricing method of engineering change,which has provided guarantee for accurately and effectively controlling total engineering cost.%在简单介绍工程变更的定义和类型的基础上,根据多年的公路建设管理经验,从工程管理角度出发,归纳了工程变更单价确定的原则,探讨了工程变更的定价方法,为准确、有效地控制工程总造价提供了保障。

  2. KNMR Aircraft Hangar Invitation to Bid 121575

    Data.gov (United States)

    US Fish and Wildlife Service, Department of the Interior — Invitation to bid on materials, equipment and labor necessary to construct a metal aircraft hangar on Government-furnished concrete foundation at the City Airport,...

  3. Network analysis of online bidding activity

    Science.gov (United States)

    Yang, I.; Oh, E.; Kahng, B.

    2006-07-01

    With the advent of digital media, people are increasingly resorting to online channels for commercial transactions. The online auction is a prototypical example. In such online transactions, the pattern of bidding activity is more complex than traditional offline transactions; this is because the number of bidders participating in a given transaction is not bounded and the bidders can also easily respond to the bidding instantaneously. By using the recently developed network theory, we study the interaction patterns between bidders (items) who (that) are connected when they bid for the same item (if the item is bid by the same bidder). The resulting network is analyzed by using the hierarchical clustering algorithm, which is used for clustering analysis for expression data from DNA microarrays. A dendrogram is constructed for the item subcategories; this dendrogram is compared to a traditional classification scheme. The implication of the difference between the two is discussed.

  4. Some Problems in Garden Engineering Construction Project Bidding%园林工程建设项目招投标若干问题探讨

    Institute of Scientific and Technical Information of China (English)

    崔思成

    2014-01-01

    Construction project bidding system not only promotes the implementation of the preparatory work before construction, it also strengthens the construction management of engineering projects to a certain extent, and enhances the quality consciousness of construction unit which is of great significance in shortening construction period, standardizing the order of construction site and control ing material price, and so on.%招投标制度不仅推动了施工项目在开工前各项准备工作的落实,在一定程度上也加强了对工程项目的施工管理,增强了施工单位的质量意识,对缩短工程工期、规范施工现场秩序、控制材料价格等方面有非常重要的意义。

  5. Europe wrestles with ITER site bid

    CERN Multimedia

    Feder, T

    2003-01-01

    "The European Union is in a quandary over whether to put forward the French or Spanish site to host ITER, a $5 billion magnetic fusion experiment intended to prove the feasability of fusion energy. The decision is set for 27 November, with the final site selection, between the victorious European bid and bids from Canada and Japan, to follow within a couple of months" (1 page)

  6. Political entrepreneurship and bidding for political monopoly

    OpenAIRE

    Michael Wohlgemuth

    2000-01-01

    An analytical framework for dealing with political entrepreneurship and reform is proposed which is based on some new combinations of Schumpeterian political economy, an extended version of Tullock's model of democracy as franchise-bidding for natural monopoly and some basic elements of New Institutional Economics. It is shown that problems of insufficient award criteria and incomplete contracts which may arise in economic bidding schemes, also - and even more so - characterise political comp...

  7. Integrated Bidding and Operating Strategies for Wind-Storage Systems

    DEFF Research Database (Denmark)

    Ding, Huajie; Pinson, Pierre; Hu, Zechun

    2016-01-01

    to perform arbitrage and to alleviate wind power deviations from day-ahead contracts. The strategy is developed with two-price balancing markets in mind. A mixed integer nonlinear optimization formulation is built to determine optimal offers by taking into account expected wind power forecasting errors......Due to their flexible charging and discharging capabilities, energy storage systems (ESS) are considered a promising complement to wind farms (WFs) participating in electricity markets. This paper presents integrated day-ahead bidding and real-time operation strategies for a wind-storage system...... and the power balancing capability of the ESS. A modified gradient descent algorithm is designed to solve this nonlinear problem. A number of case studies validate the computational efficiency and optimality of the algorithm. Compared to the existing strategies, the proposed strategies yield increased economic...

  8. Convergence of metropolitan house prices in South Africa: a re-examination using efficient unit root tests

    CSIR Research Space (South Africa)

    Das, Sonali

    2010-01-01

    Full Text Available This paper analyzes whether the Law of One Price (LOOP) holds in the housing market of five metropolitan areas of South Africa, namely Cape Town, Durban, Greater Johannesburg, Port Elizabeth/Uitenhage and Pretoria. The authors test the existence...

  9. Comment on G.E. Mizon, Modelling relative price variability and aggregate inflation in the United Kingdom

    NARCIS (Netherlands)

    H.K. van Dijk (Herman)

    1991-01-01

    textabstractComments on an article on the modelling of relative price variability and aggregate inflation in Great Britain. Advantage of the general to specific modeling approach; Steps in the analysis of macroeconomic time series; Information on the PC-GIVE menu-driven program.

  10. Stackelberg Network Pricing Games

    CERN Document Server

    Briest, Patrick; Krysta, Piotr

    2008-01-01

    We study a multi-player one-round game termed Stackelberg Network Pricing Game, in which a leader can set prices for a subset of $m$ priceable edges in a graph. The other edges have a fixed cost. Based on the leader's decision one or more followers optimize a polynomial-time solvable combinatorial minimization problem and choose a minimum cost solution satisfying their requirements based on the fixed costs and the leader's prices. The leader receives as revenue the total amount of prices paid by the followers for priceable edges in their solutions, and the problem is to find revenue maximizing prices. Our model extends several known pricing problems, including single-minded and unit-demand pricing, as well as Stackelberg pricing for certain follower problems like shortest path or minimum spanning tree. Our first main result is a tight analysis of a single-price algorithm for the single follower game, which provides a $(1+\\epsilon) \\log m$-approximation for any $\\epsilon >0$. This can be extended to provide a ...

  11. THEORY AND MISBEHAVIOR OF FIRST-PRICE AUCTIONS: THE IMPORTANCE OF INFORMATION FEEDBACK IN EXPERIMENTAL MARKETS

    OpenAIRE

    Tibor Neugebauer; Javier Perote

    2005-01-01

    This article reports the results of a market experiment designed to test the predictions of the constant relative risk aversion model and to study the importance of information feedback in repeated first-price sealed-bid auctions. The data reveal that introduction of price information feedback implies a significant change of individual behavior. Without price information feedback, the data support the risk neutral Nash equilibrium prediction; with price information feedback, on the other hand...

  12. Auction development for the price-based electric power industry

    Science.gov (United States)

    Dekrajangpetch, Somgiat

    The restructuring of the electric power industry is to move away from the cost-based monopolistic environment of the past to the priced-based competitive environment. As the electric power industry is restructuring in many places, there are still many problems that need to be solved. The work in this dissertation contributes to solve some of the electric power auction problems. The majority of this work is aimed to help develop good markets. A LaGrangian relaxation (LR) Centralized Daily Commitment Auction (CDCA) has been implemented. It has been shown that the solution might not be optimal nor fair to some generation companies (GENCOs) when identical or similar generating units participate in a LR CDCA based auction. Supporting information for bidding strategies on how to change unit data to enhance the chances of bid acceptance has been developed. The majority of this work is based on Single Period Commodity Auction (SPCA). Alternative structures for the SPCA are outlined. Whether the optimal solution is degenerated is investigated. Good pricing criteria are summarized and the pricing method following good pricing criteria is developed. Electricity is generally considered as a homogeneous product. When availability level is used as additional characteristic to distinct electricity, electricity can be considered a heterogeneous product. The procedure to trade electricity as a heterogeneous product is developed. The SPCA is formulated as a linear program. The basic IPLP algorithm has been extended so that sensitivity analysis can be performed as in the simplex method. Sensitivity analysis is used to determine market reach. Additionally, sensitivity analysis is used in combination with the investigation of historical auction results to provide raw data for power system expansion. Market power is a critical issue in electric power deregulation. Firms with market power have an advantage over other competitor firms in terms of market reach. Various approaches to

  13. Study on Hydraulic Engineering Cost Prediction by Unit Price Method%单价法预测水利工程造价的商榷

    Institute of Scientific and Technical Information of China (English)

    周峰; 岳春芳

    2011-01-01

    The infrastructure of water conservancy projects is one of the basic industries for the development of national economy. The hydraulic engineering is characterized by large scale,sophisticated technique, long duration,and big investment,which is a systematic and comprehensive work. The current method of cost prediction for water conservancy projects is the unit price method, which is still following the planned economy system. Although adjusted and improved several times, the unit price method still has many defects and the results are often inconsistent with the fact. The problems of calculating the hydraulic engineering cost in unit price predicting, such as labor budgeting and indirect expenditure, were analyzed and improving suggestions were proposed in this paper.%水利工程基本建设是我国国民经济发展的基础性产业之一,工程规模大,技术复杂,工期较长,投资很大,有很强的系统性和综合性.现行预测水利工程造价的单价法仍然沿用了计划经济体制时代模式,虽然经过了多次调整和改进,但还是存在诸多弊端,计算结果常常与实际偏差较大或与实际不符.现针对单价法预测水利工程造价中人工费、其他直接费、现场经费等计算中存在的问题进行分析,并提出了改进建议.

  14. How might the alcohol minimum unit pricing (MUP) impact upon local off-sales shops and the communities which they serve?

    Science.gov (United States)

    Forsyth, Alasdair J M; Ellaway, Anne; Davidson, Neil

    2014-01-01

    The aim of the study was to assess the likely impact of the Scottish Government's proposed alcohol minimum unit pricing (MUP) policy on community off-sales outlets (convenience stores or corner shops), and, in turn, on the local people who purchase drinks at such premises. This research adds to our knowledge by linking sales of alcohol products which will be affected by MUP (e.g. at the proposed 50 ppu) to the types of communities where these are the 'drinks-of-choice'. A survey of independent community off-sales operating within the city of Glasgow, Scotland (n = 271) returned 144 completed questionnaires enquiring about each shop's customer base, best-selling alcohol products and participating shopkeepers' views on MUP. Responses were measured against current alcohol product prices (i.e. whether potentially affected by MUP) and local levels of socio-economic deprivation. Participating shopkeepers were divided in their support for MUP, although more were in favour than against. Support for MUP tended to be rooted in business concerns. A majority reported having at least one best-selling alcohol product which will be affected by the proposed MUP policy at current prices, with the beverages that would be most affected (e.g. white cider) tending to be best-sellers at shops serving deprived communities. MUP is likely to impact most in socio-economically deprived communities. This is also where alcohol-related health and other inequalities are currently greatest.

  15. Price Discrimination

    OpenAIRE

    Armstrong, Mark

    2008-01-01

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

  16. Medium and Long Term Crude Oil Price Outlook: Economic research on shale oil and gas production behavior in the United States (Japanese)

    OpenAIRE

    2015-01-01

    It has been pointed out that the steep fall in crude oil prices after the latter half of 2014 has been strongly affected by both demand side factors such as the slowdown of world economic growth and supply side factors such as a massive increase in shale oil production in the United States and other structural factors. Shale oil and gas production is well known for its different aspects compared to conventional oil and gas production such as differences in oil and gas reserves, differences in...

  17. Optimal Bidding Strategy of Generation Companies (GenCos) in Energy and Spinning Reserve Markets Using Linear Programming

    OpenAIRE

    Hassan Barati; Ali Habibzadeh; Afshin Lashkarara; Jamshid Aghaei

    2011-01-01

    In this paper a new bidding strategy become modeling to day-ahead markets. The proposed algorithm is related to the point of view of a generation company (Genco) that its end is maximized its benefit as a participant in sale markets of active power and spinning reserve. In this method, hourly forecasted energy price (FEP) and forecasted reserve price (FRP) is used as a reference to model the possible and probable price strategies of Gencos. A bi-level optimization problem That first level, is...

  18. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

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

  19. The Race for Sponsored Links: Bidding Patterns for Search Advertising

    OpenAIRE

    Zsolt Katona; Miklos Sarvary

    2010-01-01

    Paid placements on search engines reached sales of nearly $11 billion in the United States last year and represent the most rapidly growing form of online advertising today. In its classic form, a search engine sets up an auction for each search word in which competing websites bid for their sponsored links to be displayed next to the search results. We model this advertising market, focusing on two of its key characteristics: (1) the interaction between the list of search results and the lis...

  20. New approach for strategic bidding of Gencos in energy and spinning reserve markets

    Energy Technology Data Exchange (ETDEWEB)

    Soleymani, S. [Sharif University of Technology, Tehran (Iran); Ranjbar, A.M. [Sharif University of Technology, Tehran (Iran); Niroo Research Institute, Tehran (Iran); Shirani, A.R. [Niroo Research Institute, Tehran (Iran)

    2007-07-15

    In restructured and de-regulated power systems, generating companies (Gencos) are responsible for supplying electricity for both energy and reserve markets, which usually operate simultaneously. In this condition, the question is how much and for what price must each Genco generate for each market to maximize its profit, so this paper intends to answer to this question. In this paper, first, the combined energy and reserve markets are considered, and the Nash equilibrium points are determined. Then, the bidding strategies for each Genco at these points will be presented. The bids for the energy and 10 min spinning reserve (TMSR) markets are separated in the second stage, and again, the bidding strategies for each Genco for the two separated markets will be demonstrated. Comparison of the results shows that the separated bidding strategies, while being simplified with the algebraic optimization model and reducing the time consumed, give the same results as the combined ones. The Western System Coordinating Council (WSCC) nine bus test system is employed to illustrate and verify the results of the proposed method. (author)

  1. Learning Based Bidding Strategy for HVAC Systems in Double Auction Retail Energy Markets

    Energy Technology Data Exchange (ETDEWEB)

    Sun, Yannan; Somani, Abhishek; Carroll, Thomas E.

    2015-07-01

    In this paper, a bidding strategy is proposed using reinforcement learning for HVAC systems in a double auction market. The bidding strategy does not require a specific model-based representation of behavior, i.e., a functional form to translate indoor house temperatures into bid prices. The results from reinforcement learning based approach are compared with the HVAC bidding approach used in the AEP gridSMART® smart grid demonstration project and it is shown that the model-free (learning based) approach tracks well the results from the model-based behavior. Successful use of model-free approaches to represent device-level economic behavior may help develop similar approaches to represent behavior of more complex devices or groups of diverse devices, such as in a building. Distributed control requires an understanding of decision making processes of intelligent agents so that appropriate mechanisms may be developed to control and coordinate their responses, and model-free approaches to represent behavior will be extremely useful in that quest.

  2. The Settlement Cost Method under the Bidding Mode of Bill Quantities%工程量清单招投标模式下的结算造价方法

    Institute of Scientific and Technical Information of China (English)

    谢翔军

    2014-01-01

    院工程量清单招投标模式下的结算造价一般包括以下五方面的造价:①招投标清单项目内的结算造价;②重新进行清单组价的结算造价;③价差调整造价,即招投标清单项目内的工料机价格变化超过合同约定的风险变化幅度时引起的价格调整造价;④综合单价调整引起的造价,即招投标清单项目内的清单工程量变化超过合同约定的风险变化幅度时综合单价引起的造价;⑤措施费调整造价。本文在介绍相关理论的基础上,结合实际案例论述了相关清单计价软件和电子表格软件的实战操作。%The settlement cost under the bidding mode of bill quantities includes the following five aspects of the cost:①the settlement cost within the bidding listing project; ②the settlement cost of renewed listing; ③the settlement cost for price adjustment, which is caused by the more machine price change within the bidding listing than the change variations in contract risk; ④the settlement cost for comprehensive unit price adjustment, which is induced by the more list of quantities within the bidding listing than the change variations in contract risk; ⑤the settlement cost for measures costs adjustment. In the current study, on the basis of the introduction of the relative theory, the actual practice of the related list valuation and spreadsheet software is discussed combined with the case.

  3. Demand Side Bidding. Final Report

    Energy Technology Data Exchange (ETDEWEB)

    Spahn, Andrew

    2003-12-31

    This document sets forth the final report for a financial assistance award for the National Association of Regulatory Utility Commissioners (NARUC) to enhance coordination between the building operators and power system operators in terms of demand-side responses to Location Based Marginal Pricing (LBMP). Potential benefits of this project include improved power system reliability, enhanced environmental quality, mitigation of high locational prices within congested areas, and the reduction of market barriers for demand-side market participants. NARUC, led by its Committee on Energy Resources and the Environment (ERE), actively works to promote the development and use of energy efficiency and clean distributive energy policies within the framework of a dynamic regulatory environment. Electric industry restructuring, energy shortages in California, and energy market transformation intensifies the need for reliable information and strategies regarding electric reliability policy and practice. NARUC promotes clean distributive generation and increased energy efficiency in the context of the energy sector restructuring process. NARUC, through ERE's Subcommittee on Energy Efficiency, strives to improve energy efficiency by creating working markets. Market transformation seeks opportunities where small amounts of investment can create sustainable markets for more efficient products, services, and design practices.

  4. New approach to bidding strategies of generating companies in day ahead energy market

    Energy Technology Data Exchange (ETDEWEB)

    Soleymani, S.; Ranjbar, A.M. [Sharif University of Technology, Tehran (Iran); Niroo Research Institute, Tehran (Iran); Shirani, A.R. [Niroo Research Institute, Tehran (Iran)

    2008-06-15

    In the restructured power systems, generating companies (Genco) are responsible for selling their product in the energy market. In this condition, the question is how much and for what price must each Genco generate to maximize its profit. Therefore, this paper intends to propose a rational method to answer this question. In the proposed methodology, the hourly forecasted market clearing price (FMCP) is used as a reference to model the possible and probable price strategies of Gencos. The forecasted price is the basis of the bidding strategies of each Genco, which can be achieved by solving a bi-level optimization problem using GAMS (general algebraic modeling system) language. The first level, called upper sub-problem is used to maximize the individual Genco's payoffs for obtaining the optimal offered quantity of Gencos. The second one, hereafter called the lower sub-problem uses the results of the upper sub-problem and minimizes the consumer's payment with regard to the technical and network constraints, which leads to the awarded generation of the Gencos. Similar to the other game problems, the Nash equilibrium strategies are the optimum bidding strategies of Gencos. A six bus system is employed to illustrate the application of the proposed method and to show its high precision and capabilities. (author)

  5. Division Unit for Binary Integer Decimals

    DEFF Research Database (Denmark)

    Lang, Tomas; Nannarelli, Alberto

    2009-01-01

    -recurrence algorithm to BID representation and implement the division unit in standard cell technology. The implementation of the proposed BID division unit is compared to that of a BCD based unit implementing the same algorithm. The comparison shows that for normalized operands the BID unit has the same latency......In this work, we present a radix-10 division unit that is based on the digit-recurrence algorithm and implements binary encodings (binary integer decimal or BID) for significands. Recent decimal division designs are all based on the binary coded decimal (BCD) encoding. We adapt the radix-10 digit...

  6. Understanding Irrigator Bidding Behavior in Australian Water Markets in Response to Uncertainty

    Directory of Open Access Journals (Sweden)

    Alec Zuo

    2014-11-01

    Full Text Available Water markets have been used by Australian irrigators as a way to reduce risk and uncertainty in times of low water allocations and rainfall. However, little is known about how irrigators’ bidding trading behavior in water markets compares to other markets, nor is it known what role uncertainty and a lack of water in a variable and changing climate plays in influencing behavior. This paper studies irrigator behavior in Victorian water markets over a decade (a time period that included a severe drought. In particular, it studies the evidence for price clustering (when water bids/offers end mostly around particular numbers, a common phenomenon present in other established markets. We found that clustering in bid/offer prices in Victorian water allocation markets was influenced by uncertainty and strategic behavior. Water traders evaluate the costs and benefits of clustering and act according to their risk aversion levels. Water market buyer clustering behavior was mostly explained by increased market uncertainty (in particular, hotter and drier conditions, while seller-clustering behavior is mostly explained by strategic behavioral factors which evaluate the costs and benefits of clustering.

  7. Support vector machine for day ahead electricity price forecasting

    Science.gov (United States)

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

    2015-05-01

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

  8. Decomposition of Market Clearing Price in Electricity Markets

    Science.gov (United States)

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

    This paper aims to develop a novel methodology to decompose MCP (market clearing price) in a single price auction market with AC transmission network. Specifically, we first formulate the auction market as a nonlinear optimization problem, and then propose an algorithm to decompose MCP into various factors, such as bidding curves, generations, transmission congestion, voltage limitations and other constraints. Several numerical simulations have been used to demonstrate the effectiveness of our approach.

  9. Research on the Level of the Artiifcial Unit Price of the Budget of the Rural Land Renovation Project%关于农村土地整治项目预算人工单价水平研究

    Institute of Scientific and Technical Information of China (English)

    陈多多; 卫学众

    2015-01-01

    随着农村土地整治事业的快速发展,农村土地整治项目已深入我国农村的各个角落,项目施工需要的农民工也越来越多,市场人工单价的快速增长与预算人工单价的相对稳定之间的矛盾越来越突出,本文从专业的角度对市场人工单价和预算人工单价进行全面的比较分析,并通过实证分析和与其它类似行业预算人工单价进行对比,得出现行的土地整治项目预算人工单价水平基本符合目前的社会经济发展水平,并对社会普遍反映的预算人工单价偏低的原因进行说明。%With the rapid development of rural land remediation business, rural land remediation projects has penetrated every corner of our countryside, project construction needs of migrant workers is also increasing, the conlfict between rapid growth of market aitiifcial unite price and relative stable aitificial budget unit price has become increasingly prominent. From the prospective of profession, the article comparative analysis the market artificial unit price and artificial budget uniti price, and empirical analysis and comparison with other similar industries' budget artiifcial unit price, obtaining the current land remediation project budget artificial unit price level in line with the current socio-economic development, and the reasons for the low artiifcial budget unit price relfected by the general society has been described.

  10. Unbalanced Bidding in Government Contracts

    Science.gov (United States)

    1989-02-19

    Id. at 71213 167. Id. 168. Id. at 71218 169. Nager Electric Co., Inc. v. United States, 194 Ct. Cl. 835 (1971) 170. J. W. Bateson Co. v. United...BCA 13402 (1978) 176. Gregory & Reilley Associates, Inc., FAACAP No. 65-30, 65-2 BCA 4918 (1965) 177. ASBCA no. 18348, 74-2 BCA 10781 (1974) 178. Id. at

  11. Valuing the Environment Via Bidding Games: A Psychological Perspective

    Energy Technology Data Exchange (ETDEWEB)

    Hebert, J. A.; Shikiar, R.; Perry, R. W.

    1980-08-01

    play the wrong game (from his/her perspective) results in invalid data. This paper views the bidding games procedure as basically a socialpsychological experiment; accordingly, many of the concerns associated with such experiments are relevant here. Sampling of respondents is a key issue. To assure an accurate measure of social value for an area (town, region, state, etc.), a representative sample of respondents must give their estimates. Stimuli or the thing people are asked to bid on must be representative as well. Actual environmental settings (a forest or stream) are not always representative in the sense that the change itself cannot be represented. Photographs and verbal descriptions may suffice, depending on specific circumstances, and, in some cases, may be superior to the "real thing." Issues of bid format are reviewed. Formats that restrict the response range, say in dollars, have the advantage of structure, but may lead the respondent. Open-ended formats may offer less reliable responses and do not represent a typical market situation where a specific price is proposed. The bid itself is viewed as a stated behavioral intention, which mayor may not correlate highly with actual payment (behavior). Accordingly, the paper examines the relationship variables between attitude and behavior and concludes that the games could be designed to maximize this correlation. A review of interviewer-respondent biases was made. It was concluded that no insurmountable problems were present so long as these variables of interpersonal dynamics were taken into consideration. Psychometric concerns were explored, asking the basic question: Are the "dollars" of the response scale equivalent to the dollars exchanged for goods in the marketplace? It was concluded that the scales of response undoubtedly have interval properties, but no evidence exists to suggest the presence of ratio properties. Validation studies must be done. A final assessment of bidding games must await the future

  12. A BID on mitochondria with MTCH2

    Institute of Scientific and Technical Information of China (English)

    Sara Cogliati; Luca Scorrano

    2010-01-01

    @@ Apoptosis is a key process for tissue homeostasis and renewal. Its dysregulation is implicated in most human diseases, from cancer to neurodegeneration. Apoptosis is triggered by stimuli that damage the internal structures of the cell, or by specialized "death"receptors on its surface. In certain cell types, Bid, a "BH3-only" member of the Bcl-2 family of death regulators integrates these two pathways at the mitochondrial level. Despite years of intense research, the mechanisms by which Bid translocates to mitochondria remain unclear. A recent study by Gross and colleagues sheds new light on this process.

  13. International business of banking: the pricing example of retail currency spreads

    Directory of Open Access Journals (Sweden)

    Enn Listra

    2013-05-01

    Full Text Available In this paper the pricing of a specific service of currency exchange based on the retail exchange rate spreads is studied on the example of four international banking groups. The aim of this study is to explore pricing of currency exchange services based on bid-ask differences in some commercial banks and possible price discrimination in this segment of market comparing the behaviour of Western mothers and Eastern daughters in European international banking groups. The retail currency rate spreads in different bank groups and countries are compared with each other. The main results of the study are that statistically significant differences exist in the spreads set by banking groups in different countries. All banking groups in the pilot sample offer more favourable rates in Western countries indicating that the pricing policy of bank groups may be discriminatory. The volatility of spreads over different currencies suggests that different decision making mechanisms may be present in the groups depending on the location of banking unit. The results of this pilot study suggest that further research is needed to understand the extent and the mechanism of findings.

  14. Reducing the price of treatment for multidrug-resistant tuberculosis through the Global Drug Facility.

    Science.gov (United States)

    Lunte, Kaspars; Cordier-Lassalle, Thierry; Keravec, Joel

    2015-04-01

    Many countries have limited experience of securing the best prices for drugs and have little negotiating power. This is particularly true for the complex, lengthy and expensive regimens used to treat multidrug-resistant tuberculosis. The Stop TB Partnership's Global Drug Facility is dedicated to improving worldwide access to antituberculosis medicines and diagnostic techniques that meet international quality standards. The Global Drug Facility is able to secure price reductions through competitive tendering among prequalified drug manufacturers and by consolidating orders to achieve large purchase volumes. Consolidating the market in this way increases the incentives for suppliers of quality-assured medicines. In 2013 the Global Drug Facility reduced the price of the second-line drugs it supplies for multidrug-resistant tuberculosis: the overall cost of the longest and most expensive treatment regimen for a patient decreased by 26% - from 7890 United States dollars (US$) in 2011 to US$ 5822 in 2013. The price of treatment for multidrug-resistant tuberculosis supplied by the Global Drug Facility was reduced by consolidating orders to achieve large purchase volumes, by international, competitive bidding and by the existence of donor-funded medicine stockpiles. The rise in the number of suppliers of internationally quality-assured drugs was also important. The savings achieved from lower drug costs could be used to increase the number of patients on high-quality treatment.

  15. Analysis of electricity price in Danish competitive electricity market

    DEFF Research Database (Denmark)

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

    2012-01-01

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

  16. Implications for alcohol minimum unit pricing advocacy: what can we learn for public health from UK newsprint coverage of key claim-makers in the policy debate?

    Science.gov (United States)

    Hilton, Shona; Wood, Karen; Patterson, Chris; Katikireddi, Srinivasa Vittal

    2014-02-01

    On May 24th 2012, Scotland passed the Alcohol (Minimum Pricing) Bill. Minimum unit pricing (MUP) is an intervention that raises the price of the cheapest alcohol to reduce alcohol consumption and related harms. There is a growing literature on industry's influence in policymaking and media representations of policies, but relatively little about frames used by key claim-makers in the public MUP policy debate. This study elucidates the dynamic interplay between key claim-makers to identify lessons for policy advocacy in the media in the UK and internationally. Content analysis was conducted on 262 articles from seven UK and three Scottish national newspapers between 1st May 2011 and 31st May 2012, retrieved from electronic databases. Advocates' and critics' constructions of the alcohol problem and MUP were examined. Advocates depicted the problem as primarily driven by cheap alcohol and marketing, while critics' constructions focused on youth binge drinkers and dependent drinkers. Advocates justified support by citing the intervention's targeted design, but critics denounced the policy as illegal, likely to encourage illicit trade, unsupported by evidence and likely to be ineffective, while harming the responsible majority, low-income consumers and businesses. Critics' arguments were consistent over time, and single statements often encompassed multiple rationales. This study presents advocates with several important lessons for promoting policies in the media. Firstly, it may be useful to shift focus away from young binge drinkers and heavy drinkers, towards population-level over-consumption. Secondly, advocates might focus on presenting the policy as part of a wider package of alcohol policies. Thirdly, emphasis on the success of recent public health policies could help portray the UK and Scotland as world leaders in tackling culturally embedded health and social problems through policy; highlighting past successes when presenting future policies may be a valuable

  17. Multi-unit auctions with budget-constrained bidders

    Science.gov (United States)

    Ghosh, Gagan Pratap

    In my dissertation, I investigate the effects of budget-constraints in multi-unit auctions. This is done in three parts. First, I analyze a case where all bidders have a common budget constraint. Precisely, I analyze an auction where two units of an object are sold at two simultaneous, sealed bid, first-price auctions, to bidders who have demand for both units. Bidders differ with respect to their valuations for the units. All bidders have an identical budget constraint which binds their ability to spend in the auction. I show that if valuation distribution is atom-less, then their does not exist any symmetric equilibrium in this auction game. In the second and third parts of my thesis, I analyze the sale of licenses for the right to drill for oil and natural gas in the Outer Continental Shelf (OCS) of the United States. These sales are conducted using simultaneous sealed-bid first-price auctions for multiple licenses, each representing a specific area (called a tract). Using aspects of observed bidding-behavior, I first make a prima facie case that bidders are budget-constrained in these auctions. In order to formalize this argument, I develop a simple extension of the standard model (where bidders differ in their valuations for the objects) by incorporating (random) budgets for the bidders. The auction-game then has a two-dimensional set of types for each player. I study the theoretical properties of this auction, assuming for simplicity that two units are being sold. I show that this game has an equilibrium in pure strategies that is symmetric with respect to the players and with respect to the units. The strategies are essentially pure in the sense that each bidder-type has a unique split (up to a permutation) of his budget between the two auctions. I then characterize the equilibrium in terms of the bid-distribution and iso-bid curves in the value-budget space. I derive various qualitative features of this equilibrium, among which are: (1) under mild

  18. 48 CFR 52.214-31 - Facsimile Bids.

    Science.gov (United States)

    2010-10-01

    ... a bid that is transmitted to and received by the Government via electronic equipment that.... (d) Facsimile bids must contain the required signatures. (e) The Government reserves the right to..., receiving speed, communications protocol): (g) If the bidder chooses to transmit a facsimile bid, the...

  19. 48 CFR 731.771 - Bid and proposal costs.

    Science.gov (United States)

    2010-10-01

    ...) below, bid and proposal costs of the current accounting period of both successful and unsuccessful bids and proposals normally should be treated as indirect costs for allocation to all current activities, and no bid and proposal costs of past accounting periods will be allocable to the current...

  20. 47 CFR 1.2104 - Competitive bidding mechanisms.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Competitive bidding mechanisms. 1.2104 Section 1.2104 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL PRACTICE AND PROCEDURE Competitive Bidding Proceedings General Procedures § 1.2104 Competitive bidding mechanisms. (a)...

  1. 48 CFR 814.404-2 - Rejection of individual bids.

    Science.gov (United States)

    2010-10-01

    ... reject the offer simply because it specifies a bid acceptance time that is shorter than that contained in... that the bid as submitted is in such a form that acceptance would create a valid and binding contract... determination that the bid as submitted is in such form that acceptance would not create a valid and...

  2. 48 CFR 14.202-8 - Electronic bids.

    Science.gov (United States)

    2010-10-01

    ... subpart 4.5, contracting officers may authorize use of electronic commerce for submission of bids. If electronic bids are authorized, the solicitation shall specify the electronic commerce method(s) that bidders... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Electronic bids....

  3. 23 CFR 635.112 - Advertising for bids and proposals.

    Science.gov (United States)

    2010-04-01

    ... 23 Highways 1 2010-04-01 2010-04-01 false Advertising for bids and proposals. 635.112 Section 635... OPERATIONS CONSTRUCTION AND MAINTENANCE Contract Procedures § 635.112 Advertising for bids and proposals. (a) No work shall be undertaken on any Federal-aid project, nor shall any project be advertised for bids...

  4. Synthetic Evaluation on Decision of Public Bidding for Construction Project

    Institute of Scientific and Technical Information of China (English)

    孙涛; 颜秋许

    2002-01-01

    Public bidding is the international current practice to contract construction project. But the decision on the bidding often is made according to the qualitative evaluation based on the subjective opinion of specialists. Therefore, the fuzzy mathematics principle was applied and a synthetic evaluation model was established to provide an effective method for the development of quantitative bidding decision in this paper.

  5. A Game Theoretical Approach Based Bidding Strategy Optimization for Power Producers in Power Markets with Renewable Electricity

    Directory of Open Access Journals (Sweden)

    Yi Tang

    2017-05-01

    Full Text Available In a competitive electricity market with substantial involvement of renewable electricity, maximizing profits by optimizing bidding strategies is crucial to different power producers including conventional power plants and renewable ones. This paper proposes a game-theoretic bidding optimization method based on bi-level programming, where power producers are at the upper level and utility companies are at the lower level. The competition among the multiple power producers is formulated as a non-cooperative game in which bidding curves are their strategies, while uniform clearing pricing is considered for utility companies represented by an independent system operator. Consequently, based on the formulated game model, the bidding strategies for power producers are optimized for the day-ahead market and the intraday market with considering the properties of renewable energy; and the clearing pricing for the utility companies, with respect to the power quantity from different power producers, is optimized simultaneously. Furthermore, a distributed algorithm is provided to search the solution of the generalized Nash equilibrium. Finally, simulation results were performed and discussed to verify the feasibility and effectiveness of the proposed non-cooperative game-based bi-level optimization approach.

  6. 36 CFR 223.88 - Bidding methods.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Bidding methods. 223.88 Section 223.88 Parks, Forests, and Public Property FOREST SERVICE, DEPARTMENT OF AGRICULTURE SALE AND... determines that departures are necessary to protect the public interest. (f) The Chief, Forest Service,...

  7. Bidding Strategies in Brazilian Treasury Auctions

    Directory of Open Access Journals (Sweden)

    Anderson Caputo Silva

    2003-06-01

    Full Text Available Most empirical work in treasury auctions use aggregate auction results to examine bidding behavior. We investigate the strategies of bidders in Brazilian treasury auctions using both aggregate and bidder level data and find that more detailed information allows great improvements in the understanding of bidding behavior in treasury auctions. Classifying bidders according to characteristics regarding their institutional category and their nationality, we find evidence of distinct bidding behavior across types of bidders. Moreover, in line with previous evidence in auctions of Japanese government securities, we find that foreign bidders seem to obtain higher profits than those of national institutions. These results suggest that caution should be exercised in the interpretation of testes of bidding behavior that do not take differences in bidder’s characteristics into account and (or that assume that treasury securities are pure common-value goods. We find that Brazilian auctions are relatively illiquid as higher competition yields lower bidders’ discounts. Contrary to theoretical predictions of both common- and private-value auctions, we also find that bidders obtain lower profits in auctions with higher dispersion in bidders’ valuations.

  8. Five bid to host Middle East synchroton

    CERN Multimedia

    McCabe, H

    1999-01-01

    Germany is willing to donate a synchrotron to a research centre to be built somewhere in the Middle East. Bids to host the centre were submitted by Turkey, Cyprus, Iran, the Palestinian Authority and Egypt. Funding of at least 30 million US dollars still needs to be found (1 page).

  9. Pricing Options.

    Science.gov (United States)

    Tenopir, Carol

    1998-01-01

    Presents results of a recent survey of over 100 public and academic libraries about pricing options from online companies. Most options fall into three categories: pay-as-you-go, fixed-rate, and user-based. Results are discussed separately for public and academic libraries and for consortial discounts. Trends in pricing options preferred by…

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

    NARCIS (Netherlands)

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

    2010-01-01

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

  11. Vested Interests in Addiction Research and Policy The challenge corporate lobbying poses to reducing society’s alcohol problems: insights from UK evidence on minimum unit pricing

    Science.gov (United States)

    McCambridge, Jim; Hawkins, Benjamin; Holden, Chris

    2014-01-01

    Background There has been insufficient research attention to alcohol industry methods of influencing public policies. With the exception of the tobacco industry, there have been few studies of the impact of corporate lobbying on public health policymaking more broadly. Methods We summarize here findings from documentary analyses and interview studies in an integrative review of corporate efforts to influence UK policy on minimum unit pricing (MUP) of alcohol 2007–10. Results Alcohol producers and retailers adopted a long-term, relationship-building approach to policy influence, in which personal contacts with key policymakers were established and nurtured, including when they were not in government. The alcohol industry was successful in achieving access to UK policymakers at the highest levels of government and at all stages of the policy process. Within the United Kingdom, political devolution and the formation for the first time of a Scottish National Party (SNP) government disrupted the existing long-term strategy of alcohol industry actors and created the conditions for evidence-based policy innovations such as MUP. Conclusions Comparisons between policy communities within the United Kingdom and elsewhere are useful to the understanding of how different policy environments are amenable to influence through lobbying. Greater transparency in how policy is made is likely to lead to more effective alcohol and other public policies globally by constraining the influence of vested interests. PMID:24261642

  12. Marketing CE approved off-the-shelf FC-operated power backup units for the telecom industry at competitive prices : a continuing success story

    Energy Technology Data Exchange (ETDEWEB)

    Mortensen, P. [Dantherm Power, Skive (Denmark)

    2009-07-01

    Dantherm Power receives a steady supply of fuel cell stacks packed on pallets at its factory in Denmark. Once unpacked, they go to an assembly line to be integrated into power modules designed for telecom- and IT network-base-stations around the world. The CE approved units are designed and tested to meet current telecom standards. Customers can purchase the off-the-shelf units at competitive prices. Dantherm Power has brought fuel-cell technology beyond the research and development stage. Since 2005, the company has sold backup units providing uninterruptible power supply (UPS) to the telecom industry on standard commercial terms. Their fuel cell-based-solutions have proven to be successful. The company began in 2003 as a research and development project within Dantherm Air Handling A/S. Development was driven by the idea that a UPS-system based on hydrogen and fuel-cell-technology may be better solution than traditional battery and diesel driven backup for many of the company's existing clients.

  13. Thinking Twice about Second-Price Ad Auctions

    CERN Document Server

    Azar, Yossi; Karlin, Anna R; Nguyen, C Thach

    2008-01-01

    Recent work has addressed the algorithmic problem of allocating advertisement space for keywords in sponsored search auctions so as to maximize revenue, most of which assume that pricing is done via a first-price auction. This does not realistically model the Generalized Second Price (GSP) auction used in practice, in which bidders pay the next-highest bid for keywords that they are allocated. Towards the goal of more realistically modeling these auctions, we introduce the Second-Price Ad Auctions problem, in which bidders' payments are determined by the GSP mechanism. We show that the complexity of the Second-Price Ad Auctions problem is quite different than that of the more studied First-Price Ad Auctions problem. First, unlike the first-price variant, for which small constant-factor approximations are known, it is NP-hard to approximate the Second-Price Ad Auctions problem to any non-trivial factor, even when the bids are small compared to the budgets. Second, this discrepancy extends even to the 0-1 speci...

  14. Research on bidding quotation game of international project

    Science.gov (United States)

    Lin, Tao; Xu, Xin

    2017-04-01

    Bidding competition of international projects is more and more fierce currently. However, China started late relatively in the field, it is still lack of experience in the aspect of participation in bidding of international projects, and more effective bidding quotation system is not formed till present. Therefore, China can not win through systemic bidding quotation methods compared with many powerful bidding enterprises in the international field. Research on the field is also focused by many aspects as a result. It is urgent to solve related problems. Game theory is combined for analyzing the effectiveness and operability of bidding quotation models mainly based on current situation of bidding market in China international projects during research process in the paper. The research starts with the perspective of bidders for analyzing their game with tenderers and other bidders. The results have operational value aiming at bidders.

  15. Organic Chemicals Remain High Prices

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    @@ Phenol In early April 2007, China's phenol price remained bullish, and with the restart of phenol/acetone units in Sinopec Beijing Yanhua Petrochemical being ahead of schedule, there were few trading actions in the market, and the price of phenol dropped considerably afterwards.

  16. 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.

  17. Price increase

    CERN Multimedia

    2006-01-01

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

  18. Price increase

    CERN Multimedia

    2005-01-01

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

  19. A Statistical Approach for Interval Forecasting of the Electricity Price

    DEFF Research Database (Denmark)

    Zhao, Jun Hua; Dong, Zhao Yang; Xu, Zhao

    2008-01-01

    of the electricity price series, which is widely accepted as a nonlinear time series; 2) to accurately estimate the prediction interval of the electricity price series. In the proposed approach, support vector machine (SVM) is employed to forecast the value of the price. To forecast the prediction interval, we......Electricity price forecasting is a difficult yet essential task for market participants in a deregulated electricity market. Rather than forecasting the value, market participants are sometimes more interested in forecasting the prediction interval of the electricity price. Forecasting...... the prediction interval is essential for estimating the uncertainty involved in the price and thus is highly useful for making generation bidding strategies and investment decisions. In this paper, a novel data mining-based approach is proposed to achieve two major objectives: 1) to accurately forecast the value...

  20. Optimal Sizing and Sitting of Smart Microgrid Units under Pool Electricity Market

    DEFF Research Database (Denmark)

    Hajizadeh, Amin; Hakimi, Mehdi; Moghaddas tafreshi, Masoud

    2017-01-01

    This paper presents an approach for optimal sizing and sitting of distribution generation units in smart microgrid under pool electricity market to reduce total cost and power loss of whole smart microgrid. The costs comprise capital cost, replacement cost, operation and maintenance cost, fuel cost......, reliability cost, power loss cost and selling and buying electricity cost. The new idea of this paper is the investigation of pool electricity market aspects in optimization of smart microgrid. On the other hand, cost minimization of smart microgrid is related to their bidding strategies. Therefore two...... different optimization tools are considered. First, a game-theoretical (GT) model has been used for bidding strategy of smart microgrid as a price-maker, in a long-term electricity market. Secondly, a particle swarm optimization (PSO) algorithm is employed to obtain the best cost value of smart microgrids...

  1. 76 FR 53533 - Notification of New Pricing Methodology

    Science.gov (United States)

    2011-08-26

    ... United States Mint Notification of New Pricing Methodology ACTION: Notice. SUMMARY: The United States Mint is implementing a new pricing methodology for its commemorative gold coins to mitigate the effect that fluctuating gold commodity costs has on the pricing of these products. The new pricing methodology...

  2. Utility-Scale Solar 2013: An empirical analysis of project cost, performance, and pricing trends in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Bolinger, Mark [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Weaver, Samantha [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

    2014-09-17

    Other than the SEGS I-IX parabolic trough projects built in the 1980s, virtually no large-scale or "utility-scale" solar projects-defined here to include any ground-mounted photovoltaic ("PV"), concentrating photovoltaic ("CPV"), or concentrating solar power ("CSP" or solar thermal) project larger than 5 MWAC-existed in the United States prior to 2007.

  3. Changing policy framing as a deliberate strategy for public health advocacy: a qualitative policy case study of minimum unit pricing of alcohol.

    Science.gov (United States)

    Katikireddi, Srinivasa Vittal; Bond, Lyndal; Hilton, Shona

    2014-06-01

    Scotland is the first country in the world to pass legislation introducing a minimum unit price (MUP) for alcohol in an attempt to reduce consumption and associated harms by increasing the price of the cheapest alcohol. We investigated the competing ways in which policy stakeholders presented the debate. We then established whether a change in framing helped explain the policy's emergence. We conducted a detailed policy case study through analysis of evidence submitted to the Scottish parliament, and in-depth, one-to-one interviews (n = 36) with politicians, civil servants, advocates, researchers, and industry representatives. Public- and voluntary-sector stakeholders tended to support MUP, while industry representatives were more divided. Two markedly different ways of presenting alcohol as a policy problem were evident. Critics of MUP (all of whom were related to industry) emphasized social disorder issues, particularly among young people, and hence argued for targeted approaches. In contrast, advocates for MUP (with the exception of those in industry) focused on alcohol as a health issue arising from overconsumption at a population level, thus suggesting that population-based interventions were necessary. Industry stakeholders favoring MUP adopted a hybrid framing, maintaining several aspects of the critical framing. Our interview data showed that public health advocates worked hard to redefine the policy issue by deliberately presenting a consistent alternative framing. Framing alcohol policy as a broad, multisectoral, public health issue that requires a whole-population approach has been crucial to enabling policymakers to seriously consider MUP, and public health advocates intentionally presented alcohol policy in this way. This reframing helped prioritize public health considerations in the policy debate and represents a deliberate strategy for consideration by those advocating for policy change around the world and in other public health areas. © 2014

  4. Research on Comprehensive Unit Price Determination for Engineering Modification under Similar Condition%类似条件下工程变更项目综合单价确定研究

    Institute of Scientific and Technical Information of China (English)

    黄佳祯; 陶学明

    2013-01-01

    Engineering modification will occur inevitably during the engineering construction period. According to the effective confirmation on the cost of engineering modification, the key is to analyze the composition of comprehensive unit price, and the type profile as well accurately. In order to work out the issues about comprehensive unit price, this article conducted a study on the confirmation progress of comprehensive unit price of the modified project on basis of the definition under similar conditions, which put forward the method to confirm comprehensive unit price of those modified projects with changeable material.%工程施工期间工程变更的发生具有不可回避的特点,对于工程变更价款的有效确定,关键在于准确分析变更项目综合单价的组成以及所属类型。为了解决类似条件下变更项目综合单价的确定问题,文章从界定类似条件下变更项目综合单价的定价适用内容出发,对变更项目综合单价的确定过程展开研究,最终提出材料改变情况下变更工程综合单价的确定方法。

  5. MANDATORY TAKEOVER BIDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2017-05-01

    Full Text Available The Romanian Capital Market Law (Law no 297/2004 lays down rules regarding public offers (to buy or sell of securities admitted to trading on a regulated market. Such offers are not unknown in the general framework of companies’ regulations, i.e. Company Law no 31/1990. Actually a public limited liability company (joint stock company can use a public subscriptions (offering shares for sale to raise the registered capital for incorporation of the company or to increase the company’s share capital already established. But all such operations are voluntary decisions. The founders or the shareholders of the company are those who decide to launch a public subscriptions. Capital Market Law comes with something new and at least peculiar at first sight: mandatory takeover bid, meaning a mandatory public offer made by an offeror to the holders of the securities of a company (offeree to acquire all or some of those securities. Can someone be forced to buy securities on the regulated market? The Capital Market Law responds affirmatively, but only if such takeover bid follows or has as its objective the acquisition of control of the offeree company in accordance with national law. The takeover bid remains under supervision and authorization of the national authority of the Capital Market (FSA – Financial Supervisory Authority.

  6. 75 FR 14257 - Pricing for Bronze Medals

    Science.gov (United States)

    2010-03-24

    ... United States Mint Pricing for Bronze Medals AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The United States Mint is announcing the price of the 1\\5/16\\- inch bronze medals, 1\\1/2\\-inch bronze medals and three-inch bronze medals. Beginning March 25, 2010, the...

  7. Fair pricing, and pricing paradoxes

    Directory of Open Access Journals (Sweden)

    Barbara Swart

    2016-05-01

    Full Text Available The St Petersburg Paradox revolves round the determination of a fair price for playing the St Petersburg Game. According to the original formulation, the price for the game is infinite, and, therefore, paradoxical. Although the St Petersburg Paradox can be seen as concerning merely a game, Paul Samuelson (1977 calls it a “fascinating chapter in the history of ideas”, a chapter that gave rise to a considerable number of papers over more than 200 years involving fields such as probability theory and economics. In a paper in this journal, Vivian (2013 undertook a numerical investigation of the St Petersburg Game. In this paper, the central issue of the paradox is identified as that of fair (risk-neutral pricing, which is fundamental in economics and finance and involves important concepts such as no arbitrage, discounting, and risk-neutral measures. The model for the St Petersburg Game as set out in this paper is new and analytical and resolves the so-called pricing paradox by applying a discounting procedure. In this framework, it is shown that there is in fact no infinite price paradox, and simple formulas for obtaining a finite price for the game are also provided.

  8. A Price Hedging Model in Dynamic Market

    Directory of Open Access Journals (Sweden)

    Kuo-Wei Lin

    2012-01-01

    Full Text Available Problem statement: Pricing is a problem when a firm has to set a price for the first time. This happens when the firm develops or acquires a new product, introduces its regular product into a new distribution or geographical area, or enters bids on the new contract work. Many companies try to set the price to maximize current profits. They estimate the demand and costs associated with alternative prices and choose the price that maximizes current profit, cash flow, or rate of return on investment. There are, however, some problems associated with the current profit maximizing approach as it assumes that the firm knows its demand and cost functions; in reality, demand is difficult to estimate and is unpredictable. Approach: Due to demand’s unpredictability, we assume that it follows a lognormal random walk. Based on this, we develop a mathematical pricing processes model by stochastic calculus, which is similar to the financial process mathematical model. From Ito’s lemma, a product’s profit correlates with demand, is also unpredictable and follows a random walk. Such random behavior is the marketing risk. Results: By choosing a price strategy to eliminate randomness, called price hedging, we obtain risk-free profit determined by the Black-Scholes equation. This riskless profit, which is predictable, is the same we would get by putting the equivalent amount of cash in a risk-free interest-bearing account. Conclusion: From price hedging and the Black-Scholes equation, we determine the basic product price, which changes with time and demand.

  9. 公路投标预算编制技巧与报价策略%Technique of Budget Estimate Compilation and Tactics of Quotation for Highway Bid

    Institute of Scientific and Technical Information of China (English)

    郭宗文

    2001-01-01

    在公路建设市场中,投标的施工企业都期望中标并获得利润和信誉。通过对各种资料和信息的准确了解,认真分析招标办法和竞争对手投标报价水平,编制出的投标价尽可能接近业主预算价,使最终报价成为最佳标价,提高中标率。%In the highway construction market, all the construction enterprises hope to win the bid and gain profit & reputation. Based on the accurate grasp of all kinds of data and information and through analyzing carefully the bidding method and the bid quotation level of the competitors to compile a budget estimate price which is close as possible to the budget price of the client, so as to work out the best quotation price and thus to increase the chance of winning the bid.

  10. Improving the design of competitive bidding in Medicare Advantage.

    Science.gov (United States)

    Cawley, John H; Whitford, Andrew B

    2007-04-01

    In 2003, Congress passed the Medicare Prescription Drug, Improvement, and Modernization Act, which required that in 2006 the Centers for Medicare and Medicaid Services (CMS) implement a system of competitive bids to set payments for the Medicare Advantage program. Managed care plans now bid for the right to enroll Medicare beneficiaries. Data from the first year of bidding suggest that imperfect competition is limiting the success of the bidding system. This article offers suggestions to improve this system based on findings from auction theory and previous government-run auctions. In particular, CMS can benefit by adjusting its system of competitive bids in four ways: credibly committing to regulations governing bidding; limiting the scope for collusion, entry deterrence, and predatory behavior among bidders; adjusting how benchmark reimbursement rates are set; and accounting for asymmetric information among bidders.

  11. Financing long term care under Medicaid: competitive bidding, vouchers and expenditure matching in an HMO framework.

    Science.gov (United States)

    Hogan, A J

    1983-01-01

    Within the framework of a Long Term Care--HMO, a series of innovative financing mechanisms are proposed to encourage efficiency, reduce cost increases and promote the quality of long term care. Competitive bidding is used to set prices for long term care. Based upon these competitively set prices, HMO enrollees are given long term care vouchers with which to purchase care. Cost savings, arising from choices of care less expensive than the value of the voucher, are shared with the enrollee and the case management team. Incentive payments to this team are made only after a quality of care review. A portion of the payment to the long term care provider is set aside as a quality assurance withhold. If quality of care is inadequate, the withhold is forfeit.

  12. A Sealed-Bid Two-Attribute Yardstick AuctionWithout Prior Scoring

    DEFF Research Database (Denmark)

    Leth Hougaard, Jens; Nielsen, Kurt; Papakonstantinou, Athanasios

    2016-01-01

    that following this type of equilibrium behavior often leads to winner’s curse. The simulations show that in auctions with more than 12 participants the chance of facing winner’s curse is around 95%. Truthful reporting, on the other hand, does not constitute a Nash equilibrium but it is ex post individually......We analyze a two-attribute single item procurement auction that uses yardstick competition to settle prices. The auction simplifies the procurement process by reducing the principal’s articulation of preferences to simply choosing the most preferred offer as if it was a market with posted prices...... rational. Using a simulation study we demonstrate that truthful bidding may indeed represent some kind of focal point....

  13. Optimization models and techniques for implementation and pricing of electricity markets

    Science.gov (United States)

    Madrigal Martinez, Marcelino

    Vertically integrated electric power systems extensively use optimization models and solution techniques to guide their optimal operation and planning. The advent of electric power systems re-structuring has created needs for new optimization tools and the revision of the inherited ones from the vertical integration era into the market environment. This thesis presents further developments on the use of optimization models and techniques for implementation and pricing of primary electricity markets. New models, solution approaches, and price setting alternatives are proposed. Three different modeling groups are studied. The first modeling group considers simplified continuous and discrete models for power pool auctions driven by central-cost minimization. The direct solution of the dual problems, and the use of a Branch-and-Bound algorithm to solve the primal, allows to identify the effects of disequilibrium, and different price setting alternatives over the existence of multiple solutions. It is shown that particular pricing rules worsen the conflict of interest that arise when multiple solutions exist under disequilibrium. A price-setting alternative based on dual variables is shown to diminish such conflict. The second modeling group considers the unit commitment problem. An interior-point/cutting-plane method is proposed for the solution of the dual problem. The new method has better convergence characteristics and does not suffer from the parameter tuning drawback as previous methods The robustness characteristics of the interior-point/cutting-plane method, combined with a non-uniform price setting alternative, show that the conflict of interest is diminished when multiple near optimal solutions exist. The non-uniform price setting alternative is compared to a classic average pricing rule. The last modeling group concerns to a new type of linear network-constrained clearing system models for daily markets for power and spinning reserve. A new model and

  14. Import price elasticities: reconsidering the evidence

    OpenAIRE

    Hélène Erkel-Rousse; Daniel Mirza

    2002-01-01

    Recent economic geography and trade empirical studies based on monopolistic competition suggest high levels of trade price elasticities (between 3 and 11). However, price elasticity estimations in trade equations using unit values as price proxies usually lead to lower values of around unity. We show that those inconclusive results may be due to some misspecification in these equations as well as measurement errors in prices. When suitable instrumental variables are used, within a panel of in...

  15. Import price elasticities: reconsidering the evidence

    OpenAIRE

    Hélène Erkel-Rousse; Daniel Mirza

    2002-01-01

    Recent economic geography and trade empirical studies based on monopolistic competition suggest high levels of trade price elasticities (between 3 and 11). However, price elasticity estimations in trade equations using unit values as price proxies usually lead to lower values of around unity. We show that those inconclusive results may be due to some misspecification in these equations as well as measurement errors in prices. When suitable instrumental variables are used, within a panel of in...

  16. Strategic Bidding in Hybrid CPC/CPM Auctions

    OpenAIRE

    Yi Zhu; Wilbur, Kenneth C.

    2008-01-01

    Websites increasingly allow advertisers to choose whether to bid for advertising on a per-impression or per-click basis. We present the first analysis of this new hybrid auction market. The conventional wisdom in this industry is that brand advertisers (e.g., Coca-Cola) will bid for impressions, while direct response advertisers (e.g., Amazon.com) will bid for clicks. We find that in an auction setting similar to that used by Facebook and Google, brand advertisers may have an incentive to bid...

  17. Review of consolidated Edison`s integrated resource bidding program

    Energy Technology Data Exchange (ETDEWEB)

    Goldman, C.A.; Busch, J.F.; Kahn, E.P.; Baldick, R.; Milne, A.

    1993-07-01

    Competitive bidding has emerged as the dominant method for procuring new resources by US utilities. In New York, the Public Service Commission (NYPSC) ordered the state`s seven investor-owned utilities to develop bidding programs to acquire supply and DSM resource options. Utilities were allowed significant discretion in program design in order to encourage experimentation. Competitive bidding programs pose formidable policy, design, and management challenges for utilities and their regulators. Yet, there have been few detailed case studies of bidding programs, particularly of those utilities that take on the additional challenge of having supply and DSM resources compete head-to-head for a designated block of capacity. To address that need, the New York State Energy Research and Development Authority (NYSERDA), the New York Department of Public Service, and the Department of Energy`s Integrated Resource Planning program asked Lawrence Berkeley Laboratory (LBL) to review the bidding programs of two utilities that tested the integrated ``all-sources`` approach. This study focuses primarily on Consolidated Edison Company of New York`s (Con Edison) bidding program; an earlier report discusses our review of Niagara Mohawk`s program (Goldman et al 1992). We reviewed relevant Commission decisions, utility filings and signed contracts, interviewed utility and regulatory staff, surveyed DSM bidders and a selected sample of DSM non-bidders, and analyzed the bid evaluation system used in ranking bids based on detailed scoring information on individual bids provided by Con Edison.

  18. BID-ASK SPREAD DAN PERIODE KEPEMILIKAN SAHAM PADA PERUSAHAAN LQ-45

    Directory of Open Access Journals (Sweden)

    Vinus Maulina

    2011-10-01

    Full Text Available Global crisis gives quite big impact to the Indonesian Stock Exchange and also changes the investor behavior as well. Fundamental exchange which is considered fragile becomes instability threat and reflects uncertain condition. This research aims to analyze and explain empirically the impact of variance return, trading volume, stock prices and return shares toward bid-ask spread which is the measurement of asymmetrical information cost, also the impact of variance return, market value, bid-ask spread and dividend pay out towards common shares holding periods in Indonesia Stock Exchange and some dominant variable that affect them.The findings of this research strengthen the presumption that in conducting the investment, investors in Indonesian Stock Exchange is more oriented to short term investment by expecting more on common shares than dividend. Most investors keep their ownership in common shares in Indonesian Stock Exchange for two years. Besides, the efficient investment strategy which optimizes profit is “switching strategy”, following the market movement every time exactly, using technical information to active shares by moving from the shares that the price is predicted to decline to the increased ones. Moreover, the researcher also got the evidence that the investors in Indonesian capital market conduct their investment irrationally, investor’s analysis is getting technical and gives less attention to the fundamental factors. The decision of selling and buying which is conducted by the investors on common shares is based on the trading activity, that is actually a measurement of the scale of asymmetry information.

  19. How did policy actors use mass media to influence the Scottish alcohol minimum unit pricing debate? Comparative analysis of newspapers, evidence submissions and interviews.

    Science.gov (United States)

    Katikireddi, Srinivasa Vittal; Hilton, Shona

    2015-04-01

    Aims: To explore how policy actors attempted to deliberately frame public debate around alcohol minimum unit pricing (MUP) in the UK by comparing and contrasting their constructions of the policy in public (newspapers), semi-public (evidence submissions) and private (interviews). Methods: Content analysis was conducted on articles published in ten national newspapers between 1 January 2005 and 30 June 2012. Newsprint data were contrasted with alcohol policy documents, evidence submissions to the Scottish Parliament's Health and Sport Committee and 36 confidential interviews with policy stakeholders (academics, advocates, industry representatives, politicians and civil servants). Findings: A range of policy actors exerted influence both directly (through Parliamentary institutions and political representatives) and indirectly through the mass media. Policy actors were acutely aware of mass media's importance in shaping public opinion and used it tactically to influence policy. They often framed messages in subtly different ways, depending on target audiences. In general, newspapers presented the policy debate in a "balanced" way, but this arguably over-represented hostile perspective and suggested greater disagreement around the evidence base than is the case. Conclusions: The roles of policy actors vary between public and policy spheres, and how messages are communicated in policy debates depends on perceived strategic advantage.

  20. Assessment of emission trading impacts on competitive electricity market price

    DEFF Research Database (Denmark)

    Singh, S.N.; Saxena, D.; Østergaard, Jacob

    2011-01-01

    analyzes the impact of electricity prices in the competitive electricity markets having a uniform market clearing price mechanism. Findings - It is found that the electricity prices depend on the system loading, generation mix, etc. at a particular hour. Various emission trading instruments are discussed...... side emission trading impact on electricity prices in the competitive power market. Design/methodology/approach - Various schemes are suggested and are being implemented to achieve this objective. It is expected that electricity price will increase due to imposition of emission taxes. This paper...... with a special emphasis on the European market. Research limitations/implications - Block bidding of the suppliers is considered whereas the demand is assumed to be inelastic. Originality/value - The emission trading impacts are analyzed on a simple example....

  1. The bidding paradox: why rational politicians still want to bid for mega sports events

    NARCIS (Netherlands)

    de Nooij, M.; van den Berg, M.R.

    2013-01-01

    This paper discusses reasons why politicians still favor hosting mega events despite the discouraging evidence regarding their financial benefits: (1) early political enthusiasm, (2) tying side-projects to the bid to raise political support, (3) biased reading of history, (4) the winners curse, (5)

  2. 42 CFR 414.412 - Submission of bids under a competitive bidding program.

    Science.gov (United States)

    2010-10-01

    ... HEALTH AND HUMAN SERVICES (CONTINUED) MEDICARE PROGRAM PAYMENT FOR PART B MEDICAL AND OTHER HEALTH SERVICES Competitive Bidding for Certain Durable Medical Equipment, Prosthetics, Orthotics, and Supplies.... Except as provided under § 414.404(b), in order for a supplier to receive payment for items furnished...

  3. ATTac-2000: An Adaptive Autonomous Bidding Agent

    CERN Document Server

    Kearns, M; Singh, S; Stone, P; 10.1613/jair.865

    2011-01-01

    The First Trading Agent Competition (TAC) was held from June 22nd to July 8th, 2000. TAC was designed to create a benchmark problem in the complex domain of e-marketplaces and to motivate researchers to apply unique approaches to a common task. This article describes ATTac-2000, the first-place finisher in TAC. ATTac-2000 uses a principled bidding strategy that includes several elements of adaptivity. In addition to the success at the competition, isolated empirical results are presented indicating the robustness and effectiveness of ATTac-2000's adaptive strategy.

  4. Pool Strategy of a Price-Maker Wind Power Producer

    DEFF Research Database (Denmark)

    Zugno, Marco; Morales González, Juan Miguel; Pinson, Pierre

    2013-01-01

    We consider the problem of a wind power producer trading energy in short-term electricity markets. The producer is a price-taker in the day-ahead market, but a price-maker in the balancing market, and aims at optimizing its expected revenues from these market floors. The problem is formulated...... as a mathematical program with equilibrium constraints (MPEC) and cast as a mixed-integer linear program (MILP), which can be solved employing off-the-shelf optimization software. The optimal bid is shown to deliver significantly improved performance compared to traditional bids such as the conditional mean...... or median forecast of wind power distribution. Finally, sensitivity analyses are carried out to assess the impact on the offering strategy of the producer's penetration in the market, of the correlation between wind power production and residual system deviation, and of the shape of the forecast...

  5. 42 CFR 423.272 - Review and negotiation of bid and approval of plans submitted by potential Part D sponsors.

    Science.gov (United States)

    2010-10-01

    ... determinations. (1) Application of revenue requirements standard. CMS approves a bid submitted under § 423.265... revenue requirements (as used for purposes of section 1302(8)(C) of the Public Health Service Act) for... within a formulary is consistent with the model guidelines (if any) established by the United...

  6. 76 FR 18578 - Notice of Realty Action: Competitive Sealed Bid Sale of Public Lands in Clark County, NV

    Science.gov (United States)

    2011-04-04

    ... proposed sale of public land and the Competitive Sealed Bid Sale, June 1, 2011 Environmental Assessment (EA... Disposal Boundary Environmental Impact Statement (EIS), approved by Record of Decision on December 23, 2004... instrumentality, or political subdivision authorized to hold real property. United States citizenship is...

  7. Quantifying bid-ask spreads in the Chinese stock market using limit-order book data. Intraday pattern, probability distribution, long memory, and multifractal nature

    Science.gov (United States)

    Gu, G.-F.; Chen, W.; Zhou, W.-X.

    2007-05-01

    The statistical properties of the bid-ask spread of a frequently traded Chinese stock listed on the Shenzhen Stock Exchange are investigated using the limit-order book data. Three different definitions of spread are considered based on the time right before transactions, the time whenever the highest buying price or the lowest selling price changes, and a fixed time interval. The results are qualitatively similar no matter linear prices or logarithmic prices are used. The average spread exhibits evident intraday patterns consisting of a big L-shape in morning transactions and a small L-shape in the afternoon. The distributions of the spread with different definitions decay as power laws. The tail exponents of spreads at transaction level are well within the interval (2,3) and that of average spreads are well in line with the inverse cubic law for different time intervals. Based on the detrended fluctuation analysis, we found the evidence of long memory in the bid-ask spread time series for all three definitions, even after the removal of the intraday pattern. Using the classical box-counting approach for multifractal analysis, we show that the time series of bid-ask spread do not possess multifractal nature.

  8. 47 CFR 90.903 - Competitive bidding mechanisms.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 5 2010-10-01 2010-10-01 false Competitive bidding mechanisms. 90.903 Section 90.903 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) SAFETY AND SPECIAL RADIO... Radio Service § 90.903 Competitive bidding mechanisms. (a) Sequencing. The Wireless...

  9. 48 CFR 2052.214-72 - Bid evaluation.

    Science.gov (United States)

    2010-10-01

    ... SOLICITATION PROVISIONS AND CONTRACT CLAUSES Text of Provisions and Clauses 2052.214-72 Bid evaluation. As... be made to that responsive, responsible bidder within the meaning of FAR Subpart 9.1 whose total bid... the bidder is responsible within the meaning of FAR 9.1, and whether the bidder...

  10. Bid Optimization in Broad-Match Ad auctions

    CERN Document Server

    Even-dar, Eyal; Mirrokni, Vahab; Muthukrishnan, S; Nadav, Uri

    2009-01-01

    Ad auctions in sponsored search support ``broad match'' that allows an advertiser to target a large number of queries while bidding only on a limited number. While giving more expressiveness to advertisers, this feature makes it challenging to optimize bids to maximize their returns: choosing to bid on a query as a broad match because it provides high profit results in one bidding for related queries which may yield low or even negative profits. We abstract and study the complexity of the {\\em bid optimization problem} which is to determine an advertiser's bids on a subset of keywords (possibly using broad match) so that her profit is maximized. In the query language model when the advertiser is allowed to bid on all queries as broad match, we present an linear programming (LP)-based polynomial-time algorithm that gets the optimal profit. In the model in which an advertiser can only bid on keywords, ie., a subset of keywords as an exact or broad match, we show that this problem is not approximable within any ...

  11. Policy Rules and Bidding Behaviour in the Ethiopian Foreign Exchange Auction Policy Rules and Bidding Behaviour in the Ethiopian Foreign Exchange Auction

    Directory of Open Access Journals (Sweden)

    Janine Aron

    1998-03-01

    Full Text Available Ethiopia adopted a repeated Dutch auction for foreign exchange in May, 1993, for dedicated imports by the private and the state sectors. Various African countries with rudimentary financial systems and thin foreign exchange markets have successfully employed auctions in transition from centralised, controlled systems to decentralised interbank markets. This paper characterises the rules, regime shifts and auction outcomes in Ethiopia. It is emphasised that institutional micro-design and operation of an auction can have important macroeconomic consequences during of an auction can have important macroeconomic consequences during liberalisation. Models for the Central Bank’s supply rules for pre-announced supply of dollars in fortnightly can later weekly auctions, confirm the objective was to stabilise the exchange rate (the marginal auction price in a thin market around depreciating trends. Bidders were able to learn the supply rules, clustering their bids around predicted target rates. Using a method novel in auction empirical literature, bidders’ learning in repeated auctions is examined via the adjustment to equilibrium in error correction equations for the bid spread. Robust models for a similar learning process were found across both frequency regimes; but learning was faster where the exchange rate target was more transparent and uncertainty lower. Thus, a fairly stable depreciation was achieved over four years, despite considerable regime shifts from trade liberalisation, the progressive lifting of auction entry barriers, increased frequency of auctions, fiscal and other seasonality in demand, and temporary price shocks in coffee export earnings. Ethiopia adopted a repeated Dutch auction for foreign exchange in May, 1993, for dedicated imports by the private and the state sectors. Various African countries with rudimentary financial systems and thin foreign exchange markets have successfully employed auctions in transition from

  12. 42 CFR 447.505 - Determination of best price.

    Science.gov (United States)

    2010-10-01

    ... best price. (a) Best price means, with respect to a single source drug or innovator multiple source... 42 Public Health 4 2010-10-01 2010-10-01 false Determination of best price. 447.505 Section 447...), the lowest price available from the manufacturer during the rebate period to any entity in the United...

  13. 76 FR 417 - 2011 Numismatic Products Pricing

    Science.gov (United States)

    2011-01-04

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint 2011 Numismatic Products Pricing ACTION: Notice. SUMMARY: The United States Mint is announcing the prices of its 2011 numismatic products. Pursuant to the authority that 31 U.S.C....

  14. On precautious problems in fixed unit price contract at construction enterprises%施工企业在固定单价合同适用方面应注意的问题

    Institute of Scientific and Technical Information of China (English)

    霍明华

    2015-01-01

    The paper interprets the definition of the fixed unit price contract,introduces its features reference and applied scopes,illustrates its operation and requirements by combining with its significance in practice,and points out respective measures for some problems in the fixed unit price contract.%解释了固定单价合同的定义,对固定单价合同的特点、依据及适用范围作了介绍,结合固定单价合同的使用意义,阐述了固定单价合同的操作和要求,并针对固定单价合同容易出现的问题提出了应对措施。

  15. Expressiveness and Robustness of First-Price Position Auctions

    OpenAIRE

    Dütting, Paul; Fischer, Felix; Parkes, David C.

    2013-01-01

    Since economic mechanisms are often applied to very different instances of the same problem, it is desirable to identify mechanisms that work well in a wide range of circumstances. We pursue this goal for a position auction setting and specifically seek mechanisms that guarantee good outcomes under both complete and incomplete information. A variant of the generalized first-price mechanism with multi-dimensional bids turns out to be the only standard mechanism able to achieve this goal, even ...

  16. Price as indicator for quality?

    DEFF Research Database (Denmark)

    Nielsen, Jørgen Ulff-Møller; Hansen, Jørgen Drud

    This paper examines the relation between price differences and quality differences in an oligopoly model with intra-industry trade, where goods are horizontally as well as vertically differentiated. The analysis demonstrates that the ratio of prices is not linked to the ratio of qualities in any...... simple way. The paper therefore questions the procedure of using unit value differences between exported and imported goods as criteria for disentangling intra-industry trade in a vertical and a horizontal part....

  17. Status Quo and Countermeasures of Essential Drug Bidding Policy in China%我国基本药物招投标政策的实施现状和完善对策

    Institute of Scientific and Technical Information of China (English)

    李玮; 伍林生

    2012-01-01

    OBJECTIVE: To investigate the status quo and countermeasure of essential drug bidding policy. METHODS: Through understanding national essential drug bidding policy, based on the status quo of essential drug bidding policy, the problems about essential drug bidding were analyzed. RESULTS: Cost and price are not in balance during the implementation of national essential drug bidding policy, so that some enterprises had to withdraw from competitive bidding and the public were prevent from benefit. CONCLUSION: In the process of essential drugs bidding, the medical problems of "Difficulty and High Cost of Getting Medical Service" can really be resolved by balancing the relationship of quality and price, providing good quality and reasonable price drugs.%目的:探讨基本药物招投标政策的实施现状和完善对策.方法:通过解读国家基本药物招投标政策,着眼于基本药物招投标的实施现状,分析当前基本药物招投标实际操作中存在的问题.结果:国家基本药物招投标政策在推行过程中成本与价格倒挂的尴尬局面,使得一部分企业不得不退出竞标,百姓无法得到真正的实惠.结论:在基本药物招投标实施的过程中,平衡质量与价格的关系,为百姓提供质量优先、价格合理的药物,才有可能真正缓解百姓“看病难,看病贵”的问题.

  18. Price offers of pharmaceutical procurement in China: evidence from Guangdong province.

    Science.gov (United States)

    Yao, Ying; Tanaka, Makoto

    2016-06-01

    Using a sample from the pharmaceutical procurement in Guangdong, China, over the period from 2007-2009 and a data set of comprehensive potential bidders, this article analyzes the determinants of bidding behaviors in the presence of sample selection. Bidding patterns between highly competitive and less competitive groups are also examined. Price differentials are further decomposed to explain factors that account for the gap. We find that a high level of competitiveness and more winning experiences induce manufacturers to behave aggressively and make lower bids. Moreover, bidders in a less competitive group are less sensitive to the number of potential bidders and the experience of past wins. The decomposition results indicate that the characteristics of bidders are not the main driver for the large price differentials between those groups.

  19. State energy-price system: 1981 update

    Energy Technology Data Exchange (ETDEWEB)

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

    1983-08-01

    This report updates the State Energy Price Data System (STEPS) to include state-level energy prices by fuel and by end-use sectors for 1981. Both physical unit prices and Btu prices are presented. Basic documentation of the data base remains generally the same as in the original report: State Energy Price System; Volume 1: Overview and Technical Documentation (DOE/NBB-0029 Volume 1 of 2, November 1982). The present report documents only the changes in procedures necessitated by the update to 1981 and the corrections to the basic documentation.

  20. Options for pricing ancillary services in a deregulated power system

    Science.gov (United States)

    Yamin, Hatim Yahya

    2001-07-01

    GENCOs in restructured systems are compensated for selling energy in the market. In a restructured market, a mechanism is required to entice participants in the market to provide ancillary services and to ensure adequate compensation that would guarantee its economic viability. The ISO controls the dispatch of generation, manages the reliability of the transmission grid, provides open access to the transmission, buys and provides ancillary services as required, coordinates day-ahead, hour-ahead schedules and performs real time balancing of load and generation, settles real time imbalances and ancillary services sales and purchases. The ISO, also, administers congestion management protocols for the transmission grid. Since the ISO does not own any generating units it must ensure that there is enough reserves for maintaining reliability according to FERC regulations, and sufficient unloaded generating capacity for balancing services in a real-time market. The ISO could meet these requirements by creating a competitive market for ancillary services, which are metered and remain unbundled to provide an accurate compensation for each supplier and cost to each consumer, In this study, we give an overview for restructuring and ancillary services in a restructured power marketplace. Also, we discuss the effect of GENCOs' actions in the competitive energy and ancillary service markets. In addition, we propose an auction market design for hedging ancillary service costs in California market. Furthermore, we show how to include the n-1 and voltage contingencies in security constrained unit commitment. Finally, we present two approaches for GENCOs' unit commitment in a restructured power market; one is based on game theory and the other is based on market price forecasting. In each of the two GENCOs' unit commitment approaches, we discuss the GENCOs' optimal bidding strategies in energy and ancillary service markets to maximize the GENCOs' profit.

  1. Price and Volume Dynamics in the Japanese Stock Market

    Science.gov (United States)

    Yamashita, Hirofumi; Takayasu, Hideki; Takayasu, Misako

    We investigated data of stocks listed on Tokyo Stock Exchange. Although the data we used contains limited number of limit orders around the best prices in the ask and bid sides, we could confirm some issues of the layered structure which is similar to that in FX markets. We show time series of a market impact index, which is made using high correlation between dynamics of price and volume of limit orders. In the last section, we remark differences in our observations comparing with the FX market case.

  2. Limit orders, asymmetric information and the formation of asset prices with a computerized specialist

    NARCIS (Netherlands)

    M.R. Baye (Michael); A. Gilette (Ann); C.G. de Vries (Casper)

    1994-01-01

    textabstractWe analyze the existence of equilibrium in an asset market under asymmetric information. Price formation is modeled as a bilateral sealed bid auction where uninformed and informed traders submit limit orders to a computerized specialist. The computerized specialist is programmed to sell

  3. Parallel Binomial American Option Pricing with (and without) Transaction Costs

    CERN Document Server

    Zhang, Nan; Zastawniak, Tomasz

    2011-01-01

    We present a parallel algorithm that computes the ask and bid prices of an American option when proportional transaction costs apply to the trading of the underlying asset. The algorithm computes the prices on recombining binomial trees, and is designed for modern multi-core processors. Although parallel option pricing has been well studied, none of the existing approaches takes transaction costs into consideration. The algorithm that we propose partitions a binomial tree into blocks. In any round of computation a block is further partitioned into regions which are assigned to distinct processors. To minimise load imbalance the assignment of nodes to processors is dynamically adjusted before each new round starts. Synchronisation is required both within a round and between two successive rounds. The parallel speedup of the algorithm is proportional to the number of processors used. The parallel algorithm was implemented in C/C++ via POSIX Threads, and was tested on a machine with 8 processors. In the pricing ...

  4. The Committee System for Competitive Bids in Local Government

    Directory of Open Access Journals (Sweden)

    P Bolton

    2009-07-01

    Full Text Available When a municipality contracts for goods or services, it must make use of competitive bidding / a public call for tenders for contracts over R200 000 as well as for long term contracts. A competitive bidding process generally consists of different stages, for example, compiling bid specifications, advertising the bid, the receipt and evaluation of bids, and the award and implementation of the contract. The Municipal Supply Chain Management Regulations require a municipality’s Supply Chain Management Policy to provide for a committee system to oversee the different stages. Such committee system must, moreover, consist of at least a bid specification committee, a bid evaluation committee and a bid adjudication committee. Until recently, little attention has been given by the courts to the roles and composition of the different committees in the committee system. It is only after government, and in particular, municipalities have begun to implement the committee system in their procurement processes that it is evident that problems are arising. In recent months, the courts have increasingly had to deal with issues pertaining to the implementation of the committee system.In this article, the relevant legislative provisions on the committee system for competitive bids in local government are discussed. The functions of each committee are explained and all the cases that have thus far involved the implementation of the committee system are critically analysed. Much attention is given to the cases since they serve as a warning to municipalities to uphold and comply with the rules relating to the roles and composition of the different committees. The cases illustrate how important it is for municipalities to ensure that the different committees are properly constituted and that decisions at meetings are properly taken. They also highlight the importance of the supervisory role of the municipal manager over the different committees. In light of the

  5. 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.

  6. An Online Multi-unit Auction with Improved Competitive Ratio

    CERN Document Server

    Chakraborty, Sourav

    2009-01-01

    We improve the best known competitive ratio (from 1/4 to 1/2), for the online multi-unit allocation problem, where the objective is to maximize the single-price revenue. Moreover, the competitive ratio of our algorithm tends to 1, as the bid-profile tends to ``smoothen''. This algorithm is used as a subroutine in designing truthful auctions for the same setting: the allocation has to be done online, while the payments can be decided at the end of the day. Earlier, a reduction from the auction design problem to the allocation problem was known only for the unit-demand case. We give a reduction for the general case when the bidders have decreasing marginal utilities. The problem is inspired by sponsored search auctions.

  7. Prices for Tobacco and Nontobacco Products in Pharmacies Versus Other Stores: Results From Retail Marketing Surveillance in California and in the United States.

    Science.gov (United States)

    Henriksen, Lisa; Schleicher, Nina C; Barker, Dianne C; Liu, Yawen; Chaloupka, Frank J

    2016-10-01

    To examine disparities in the price of tobacco and nontobacco products in pharmacies compared with other types of stores. We recorded the prices of Marlboro, Newport, the cheapest cigarettes, and bottled water in a random sample of licensed tobacco retailers (n = 579) in California in 2014. We collected comparable data from retailers (n = 2603) in school enrollment zones for representative samples of US 8th, 10th, and 12th graders in 2012. Ordinary least squares regressions modeled pretax prices as a function of store type and neighborhood demographics. In both studies, the cheapest cigarettes cost significantly less in pharmacies than other stores; the average estimated difference was $0.47 to $1.19 less in California. We observed similar patterns for premium-brand cigarettes. Conversely, bottled water cost significantly more in pharmacies than elsewhere. Newport cost less in areas with higher proportions of African Americans; other cigarette prices were related to neighborhood income and age. Neighborhood demographics were not related to water prices. Compared with other stores, pharmacies charged customers less for cigarettes and more for bottled water. State and local policies to promote tobacco-free pharmacies would eliminate an important source of discounted cigarettes.

  8. A Grey Decision Model Used in Bidding for Equipment Purchase

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    Bidding has long been used as a method for allocating and procuring goods andservices.An acurrate and comprehensive evaluation of bidders is the key to make the bid-ding a successful one for tenderee. Howoever, evaluation of bidders is a tough work and theresult of evaluation is always affected by the evaluator's understanding of the standardsset for evaluation, and the evaluator's expertise, experience and preferrence. We make aneffort to find a method for selecting bidders as accurately as possible. A grey decisionmodel is presented, and an example is illustrated to make the practioners kenow how to usethe model.

  9. ADP Bid Protests: Better Disclosure and Accountability of Settlements Needed

    Science.gov (United States)

    1990-03-01

    but Few A With Mosey S -7 The.Census Bureaus expeice and concern about ossCA’s bid 1rotest procedures prompted.a DN Aft•ment of Commerce official in...GAO/GGD-S-13 ADP Bid Protest Settlements * 4 r 0 @ Appendix I ADP Bid Protests Fil With the GSBCA and£ G O From April to September 30, 18N General...J. Socolar Special Assistant to the Comptroller General General Accounting Office 蚉 G Street, N.V. Vashington, D.C. 20548 Subject: Analysis of

  10. Construction And Application Of Thermal Power Plant Coal-Fired Unit Price Analysis Model%火力发电厂燃煤单价分析模型的构建与应用

    Institute of Scientific and Technical Information of China (English)

    徐旭; 王树政; 方良兵

    2015-01-01

    The article introduces the background, model innovation of analysis coal-fired unit price analysis model construction. It also introduces model construction method and contented model application casesdetail. It finally proposes economic benefits after the model is applied. Through establishment of model embedded into EXCEL table, we can quantitatively analyze the whole the process of coal-fired price from entering the factory to burning in the furnace, it reveals the standard coal unit price change trend and its cause, which help guide the business management practice and provide effective reference for administrators decision-making.%简单介绍了燃煤单价分析模型构建的背景,模型的创新点,详细介绍了模型的构建方法和内容及模型应用的实例,最后给出了模型应用后的经济效益。通过建立模型嵌入到EXCEL表格中,文表并茂进行定量分析,可以实现对燃煤价格从入厂到入炉的全过程分析,揭示标煤单价变化的态势及其成因,有助于指导经营管理实践,为管理者制订决策提供有效的参考。

  11. 41 CFR 102-38.210 - What happens when bids have been rejected?

    Science.gov (United States)

    2010-07-01

    ... have been rejected? 102-38.210 Section 102-38.210 Public Contracts and Property Management Federal... OF PERSONAL PROPERTY Bids Acceptance of Bids § 102-38.210 What happens when bids have been rejected? You may re-offer items for which all bids have been rejected at the same sale, if possible, or...

  12. The Precious Sortie: The United States Air Force at the Intersection of Rising Energy Prices, an Aging Fleet, a Struggling Recapitalization Effort, and Stressed Defense Budgets

    Science.gov (United States)

    2009-03-01

    Respondents should be aware that notwithstanding any other provision of law , no person shall be subject to a penalty for failing to comply with a collection...them at their own peril. 26 NOTES 1 Gayle Putrich and Vago Muridan, "Rising Oil Prices Change USAF Ops," DefenseNews, July 14, 200S, http...accessed July 30, 200S). 4 Vago Muridan, "Oil Prices Reshape How the Air Force Flies," AirForceTimes, July 14, 200S,_ http://www.airforcetimes.com

  13. Application of Q-learning with temperature variation for bidding strategies in market based power systems

    Energy Technology Data Exchange (ETDEWEB)

    Naghibi-Sistani, M.B.; Akbarzadeh-Tootoonchi, M.R.; Javidi-Dashte Bayaz, M.H.; Rajabi-Mashhadi, H. [Department of Electrical Engineering, Ferdowsi University of Mashhad, P.O. Box 91775-1111, Mashhad (Iran)

    2006-07-15

    The electric power industry is confronted with restructuring in which the operation scheduling is going to be decided based on a competitive market. In this new arrangement, bidding strategy has become a major issue. Participants in this deregulated energy market place may be able to compete better by choosing a suitable bidding strategy for trading electricity. Different classical methods for decision making in the uncertain environment of the market can be applied to select a suitable strategy. Most of these methods, such as game theory, that insure reaching the best solution for all market participants, require a lot of information about the other market players and the market. However, in the real market place only a little information, such as the spot price, is available for all participants. In this paper, a modified reinforcement learning based on temperature variation has been first proposed and then applied to determine the optimal strategy for a power supplier in the electricity market. A Pool-Co model has been considered here, and the simulation results are shown to be the same as those of standard game theory. Adaptation of the method in the presence of parameter variation has been verified as well. The main advantage of the proposed method is that no information about other participants is required. Furthermore, our investigation shows that even if all participants use this method, they will stay in Nash equilibrium. (author)

  14. War-gaming application for future space systems acquisition part 2: acquisition and bidding war-gaming modeling and simulation approaches for FFP and FPIF

    Science.gov (United States)

    Nguyen, Tien M.; Guillen, Andy T.

    2017-05-01

    This paper describes cooperative and non-cooperative static Bayesian game models with complete and incomplete information for the development of optimum acquisition strategies associated with the Program and Technical Baseline (PTB) solutions obtained from Part 1 of this paper [1]. The optimum acquisition strategies discussed focus on achieving "Affordability" by incorporating contractors' bidding strategies into the government acquisition strategies for acquiring future space systems. The paper discusses System Engineering (SE) frameworks, analytical and simulation approaches and modeling for developing the optimum acquisition strategies from both the government and contractor perspectives for Firm Fixed Price (FFP) and Fixed Price Incentive Firm (FPIF) contract types.

  15. Use of Markov Chains to Design an Agent Bidding Strategy for Continuous Double Auctions

    CERN Document Server

    Birmingham, W P; Park, S; 10.1613/jair.1466

    2011-01-01

    As computational agents are developed for increasingly complicated e-commerce applications, the complexity of the decisions they face demands advances in artificial intelligence techniques. For example, an agent representing a seller in an auction should try to maximize the seller?s profit by reasoning about a variety of possibly uncertain pieces of information, such as the maximum prices various buyers might be willing to pay, the possible prices being offered by competing sellers, the rules by which the auction operates, the dynamic arrival and matching of offers to buy and sell, and so on. A naive application of multiagent reasoning techniques would require the seller?s agent to explicitly model all of the other agents through an extended time horizon, rendering the problem intractable for many realistically-sized problems. We have instead devised a new strategy that an agent can use to determine its bid price based on a more tractable Markov chain model of the auction process. We have experimentally ident...

  16. Cancer Drugs: An International Comparison of Postlicensing Price Inflation.

    Science.gov (United States)

    Savage, Philip; Mahmoud, Sarah; Patel, Yogin; Kantarjian, Hagop

    2017-06-01

    The cost of cancer drugs forms a rising proportion of health care budgets worldwide. A number of studies have examined international comparisons of initial cost, but there is little work on postlicensing price increases. To examine this, we compared cancer drug prices at initial sale and subsequent price inflation in the United States and United Kingdom and also reviewed relevant price control mechanisms. The 10 top-selling cancer drugs were selected, and their prices at initial launch and in 2015 were compared. Standard nondiscounted prices were obtained from the relevant annual copies of the RED BOOK and the British National Formulary. At initial marketing, prices were on average 42% higher in the United States than in the United Kingdom. After licensing in the United States, all 10 drugs had price rises averaging an overall annual 8.8% (range, 1.4% to 24.1%) increase. In comparison, in the United Kingdom, six drugs had unchanged prices, two had decreased prices, and two had modest price increases. The overall annual increase in the United Kingdom was 0.24%. Cancer drug prices are rising substantially, both at their initial marketing price and, in the United States, at postlicensing prices. In the United Kingdom, the Pharmaceutical Price Regulation Scheme, an agreement between the government and the pharmaceutical industry, controls health care costs while allowing a return on investment and funds for research. The increasing costs of cancer drugs are approaching the limits of sustainability, and a similar government-industry agreement may allow stability for both health care provision and the pharmaceutical industry in the United States.

  17. Engineer’s estimate reliability and statistical characteristics of bids

    Directory of Open Access Journals (Sweden)

    Fariborz M. Tehrani

    2016-12-01

    Full Text Available The objective of this report is to provide a methodology for examining bids and evaluating the performance of engineer’s estimates in capturing the true cost of projects. This study reviews the cost development for transportation projects in addition to two sources of uncertainties in a cost estimate, including modeling errors and inherent variability. Sample projects are highway maintenance projects with a similar scope of the work, size, and schedule. Statistical analysis of engineering estimates and bids examines the adaptability of statistical models for sample projects. Further, the variation of engineering cost estimates from inception to implementation has been presented and discussed for selected projects. Moreover, the applicability of extreme values theory is assessed for available data. The results indicate that the performance of engineer’s estimate is best evaluated based on trimmed average of bids, excluding discordant bids.

  18. Universality of Tail Exponents of Price Changes?

    Science.gov (United States)

    Huang, Luwen; Farmer, Doyne

    2007-03-01

    We study the tail exponents of the distribution of logarithmic price changes in financial markets, and investigate the conjecture that they are universal with an exponent near three. Using data from the London Stock Exchange, we construct the empirical distributions of price returns on several different time scales and study their variation as a function of parameters such as trading volume and tick size (the minimal unit of price variation).

  19. State energy price and expenditure report 1992

    Energy Technology Data Exchange (ETDEWEB)

    1994-12-01

    The State Energy Price and Expenditure Report (SEPER) presents energy price and expenditure estimates individually for the 50 States and the District of Columbia and in aggregate for the United States. The price and expenditure estimates are provided by energy source and economic sector and are published for the years 1970, 1980, and 1985 through 1992. Data for all years, 1970 through 1992, are available on personal computer diskettes.

  20. 美国土地发展权转让定价主体、模型、制度的演进及启示%Evolution and Inspiration of Pricing Subject,Pricing Model,Pricing System of Transferable Development Rights in the United States

    Institute of Scientific and Technical Information of China (English)

    徐莉萍; 张淑霞; 李姣

    2016-01-01

    This paper chronologically clarifies three aspects:the background of transferable development rights and pricing subject and pricing model under the US private free market;the formation of organizations of transferable development rights regulated by the government and the relevant system and the effect of the implementation of the system;pricing subject and pricing model under the coordinating role of government regulation and market mechanism,the influence of the system on pricing subject and pricing model as well as the re-influence of pricing subject and pricing model on the system. China 's cur-rent land expropriation compensation policy lacks the equivalent value of transferable development rights ,resulting in the con-figuration of land development presenting"the competition at the bottom". Accordingly,China should make full use of the ex-perience of the US transferable development rights and its pricing,and establish transferable development rights pricing mod-el and organization management system in the form of nonprofit organization with Chinese characteristics.%文章按时间顺序系统梳理了美国私人自由市场下土地发展权转让的产生背景及定价主体与模型,政府调控土地发展权转让的组织机构与相关制度的形成及制度的执行效果,政府调控与市场机制协调作用下土地发展权转让定价主体与模型、制度对定价主体与模型的影响及定价主体与模型对制度的再影响.中国目前推行的征地补偿政策缺失了土地发展权对价,导致土地开发配置呈现"底部竞争"势态,应充分借鉴美国土地发展权转让及其定价经验,建立适用中国特色的土地发展权转让定价模型,并以非营利组织形式确立中国特色的土地发展权组织管理制度.

  1. Bid-Ask Spreads with Indirect Competition among Specialists

    OpenAIRE

    Gehrig, Thomas; Jackson, Matthew O.

    1997-01-01

    We examine the bid-ask quotes offered by specialists (or dealers) who face indirect competition from other specialists who trade in related assets. In the context of a simple model where investors have mean variance preferences, we characterize the equilibrium bids and asks quoted by K specialists in N assets, where some specialists may control more than one asset. We compare the equilibrium spreads as the number (and factor structure) of the assets each specialist controls is varied. It is s...

  2. An empirical behavioral model of price formation

    CERN Document Server

    Mike, S

    2005-01-01

    Although behavioral economics has demonstrated that there are many situations where rational choice is a poor empirical model, it has so far failed to provide quantitative models of economic problems such as price formation. We make a step in this direction by developing empirical models that capture behavioral regularities in trading order placement and cancellation using data from the London Stock Exchange. For order placement we show that the probability of placing an order at a given price is well approximated by a Student distribution with less than two degrees of freedom, centered on the best quoted price. This result is surprising because it implies that trading order placement is symmetric, independent of the bid-ask spread, and the same for buying and selling. We also develop a crude but simple cancellation model that depends on the position of an order relative to the best price and the imbalance between buying and selling orders in the limit order book. These results are combined to construct a sto...

  3. The Weird Vegetable Price

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    The Chinese Government faces the task of stabilizing vegetable prices to avoid steep increases and dips Fluctuations of vegetable prices in China have recently caused near panic in the domestic market.Purchase prices for farm produce are decreasing dramatically

  4. Retrospective Evaluation of Appliance Price Trends

    Energy Technology Data Exchange (ETDEWEB)

    Dale, Larry; Antinori, Camille; McNeil, Michael; McMahon, James E.; Fujita, K. Sydny

    2008-07-20

    Real prices of major appliances (refrigerators, dishwashers, heating and cooling equipment) have been falling since the late 1970s despite increases in appliance efficiency and other quality variables. This paper demonstrates that historic increases in efficiency over time, including those resulting from minimum efficiency standards, incur smaller price increases than were expected by Department of Energy (DOE) forecasts made in conjunction with standards. This effect can be explained by technological innovation, which lowers the cost of efficiency, and by market changes contributing to lower markups and economies of scale in production of higher efficiency units. We reach four principal conclusions about appliance trends and retail price setting: 1. For the past several decades, the retail price of appliances has been steadily falling while efficiency has been increasing. 2. Past retail price predictions made by DOE analyses of efficiency standards, assuming constant prices over time, have tended to overestimate retail prices. 3. The average incremental price to increase appliance efficiency has declined over time. DOE technical support documents have typically overestimated this incremental price and retail prices. 4. Changes in retail markups and economies of scale in production of more efficient appliances may have contributed to declines in prices of efficient appliances.

  5. 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...

  6. Drug Pricing Reforms

    DEFF Research Database (Denmark)

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

    2015-01-01

    Reference price systems for prescription drugs have found widespread use as cost containment tools. Under such regulatory regimes, patients co-pay a fraction of the difference between pharmacy retail price of the drug and a reference price. Reference prices are either externally (based on drug...... prices in other countries) or internally (based on domestic drug prices) determined. In a recent study, we analysed the effects of a change from external to internal reference pricing in Denmark in 2005, finding that the reform led to substantial reductions in prices, producer revenues, and expenditures...

  7. Pricing and Trust

    DEFF Research Database (Denmark)

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

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

  8. 39 CFR 551.6 - Pricing.

    Science.gov (United States)

    2010-07-01

    ... 39 Postal Service 1 2010-07-01 2010-07-01 false Pricing. 551.6 Section 551.6 Postal Service UNITED STATES POSTAL SERVICE POSTAGE PROGRAMS SEMIPOSTAL STAMP PROGRAM § 551.6 Pricing. (a) The Semipostal Authorization Act, as amended by Public Law 107-67, section 652, 115 Stat. 514 (2001), prescribes that the...

  9. Extension theorems for linear operators on $L_\\infty$ and application to price systems

    CERN Document Server

    Bion-Nadal, Jocelyne

    2011-01-01

    In an $L_\\infty$-framework, we present a few extension theorems for linear operators. We focus the attention on majorant preserving and sandwich preserving types of extensions. These results are then applied to the study of price systems derived by a reasonable restriction of the class of equivalent martingale measures applicable. First we consider equivalent martingale measures with bounds on densities and the corresponding prices bounded by linear minorant and majorant. Then we consider prices bounded by bid-ask dynamics. Finally we study price systems consistent with no-good-deal pricing measures for given bounds on the Sharpe ratio. Within this study we introduce the definition of dynamic no-good-deal pricing measure.

  10. Buy-it-Now Prices in eBay Auctions The Field in the Lab

    OpenAIRE

    Grebe, Tim; Ivanova-Stenzel, Radosveta; Kröger, Sabine

    2014-01-01

    In eBay s Buy-it-Now auctions sellers can post prices at which buyers can purchase a good prior to an auction. We study how sellers set Buy-it-Now prices when buyers have independent private values for a single object for sale. We test the predictions of a model by combining the real auction environment (eBay auction platform and eBay traders) with the techniques of lab experiments. We observe that the eBay auction format supports deviations from truthful bidding leading to auction prices bel...

  11. ACCOUNTING ASPECTS OF PRICING AND TRANSFER PRICING

    Directory of Open Access Journals (Sweden)

    TÜNDE VERES

    2011-01-01

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

  12. Pricing and reimbursement experiences and insights in the European Union and the United States: Lessons learned to approach adaptive payer pathways.

    Science.gov (United States)

    Faulkner, S D; Lee, M; Qin, D; Morrell, L; Xoxi, E; Sammarco, A; Cammarata, S; Russo, P; Pani, L; Barker, R

    2016-12-01

    Earlier patient access to beneficial therapeutics that addresses unmet need is one of the main requirements of innovation in global healthcare systems already burdened by unsustainable budgets. "Adaptive pathways" encompass earlier cross-stakeholder engagement, regulatory tools, and iterative evidence generation through the life cycle of the medicinal product. A key enabler of earlier patient access is through more flexible and adaptive payer approaches to pricing and reimbursement that reflect the emerging evidence generated. © 2016 American Society for Clinical Pharmacology and Therapeutics.

  13. The Association of Gasoline Prices With Hospital Utilization and Costs for Motorcycle and Nonmotorcycle Motor Vehicle Injuries in the United States.

    Science.gov (United States)

    Zhu, He; Wilson, Fernando A; Stimpson, Jim P; Araz, Ozgur M; Kim, Jungyoon; Chen, Baojiang; Wu, Li-Tzy

    2016-09-01

    This study examined the association between gasoline prices and hospitalizations for motorcycle and nonmotorcycle motor vehicle crash (MVC) injuries. Data on inpatient hospitalizations were obtained from the 2001 to 2010 Nationwide Inpatient Sample. Panel feasible generalized least squares models were used to estimate the effects of monthly inflation-adjusted gasoline prices on hospitalization rates for MVC injuries and to predict the impact of increasing gasoline taxes. On the basis of the available data, a $1.00 increase in the gasoline tax was associated with an estimated 8348 fewer annual hospitalizations for nonmotorcycle MVC injuries, and reduced hospital costs by $143 million. However, the increase in the gasoline tax was also associated with an estimated 3574 more annual hospitalizations for motorcycle crash injuries, and extended hospital costs by $73 million. This analysis of some existing data suggest that the increased utilization and costs of hospitalization from motorcycle crash injuries associated with an increase in the price of gasoline are likely to substantially offset reductions in nonmotorcycle MVC injuries. A policy decision to increase the gasoline tax could improve traffic safety if the increased tax is paired with public health interventions to improve motorcycle safety.

  14. From tariffs to prices

    Energy Technology Data Exchange (ETDEWEB)

    Baena, D. Eduardo Martin [Endesa, Principe de Vergara 187, Madrid (Spain)

    1998-07-01

    It looks like that all over the World things are changing. Many countries, Spain among them, where electricity regulations were usual, are changing their regulatory mainframe. Since January 1, 1998, electricity production is a deregulated activity in Spain. There has to be open market competition. Prices that are very important for the time coming, have to cover the production cost plus some profits in order to maintain the company profitability. This cultural change applies to all our production facilities, including nuclear power plants. Taking into account this new situation and the nuclear competitiveness, it is important for all of us to understand this issue. As it is well known, nuclear energy is capital intensive, that means it has to compete as base load units due to their low operating costs and their large capital ones. For that reason it is important to reduce as much as possible the operating and maintenance cost as well as the fuel one, which will allow nuclear plants to compete in marginal costs with others units. Nuclear energy, in Spain, is not going to fix the pool price but it has to recover some depreciation through it, the remaining being recovered by the recognition of an important part of the stranded cost. (author)

  15. State energy price and expenditure report 1994

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1997-06-01

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

  16. Modeling the Volatility in Global Fertilizer Prices

    NARCIS (Netherlands)

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

    2010-01-01

    textabstractThe main purpose of this paper is to estimate the volatility in global fertilizer prices. The endogenous structural breakpoint unit root test and alternative volatility models, including the generalized autoregressive conditional heteroskedasticity (GARCH) model, Exponential GARCH (EGARC

  17. Pricing and Trust

    DEFF Research Database (Denmark)

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

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

  18. Research on the Project Bidding Based on Game Analysis%基于博弈分析的工程招投标研究

    Institute of Scientific and Technical Information of China (English)

    胡小明

    2011-01-01

    The bidding is a kind of non-cooperation and incomplete static game. And its also "a closed and top price auction. Put the game theory into the construction project bidding, with the specific biddi -ng rules and set up a model of the game bidding mechanism, it will make the two sides of the bidding satisfied with "the incentive and compatibility constraints", avoid of "the risk of moral hazard" and "the adverse selection, "arrive at the greatest degree of balance and win-win condiction, to achieve the largest profit.%招投标是一种非合作不完全静态博弈,也是“密封式一级价格拍卖”。将博弈论引入到建设工程的招投标中,结合招投标特定规则,建立招投标博弈机制模型,使招投标双方满足“激励相容约束”,防止“道德风险”和“逆向选择”,达到最大程度的均衡和双赢,从而达到获利最大的目的。

  19. State Energy Price System: 1982 update

    Energy Technology Data Exchange (ETDEWEB)

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

    1984-10-01

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

  20. Bidding strategies that minimize risk with options and futures contracts

    Energy Technology Data Exchange (ETDEWEB)

    Richter, C.W. Jr.; Sheble, G.B. [Iowa State Univ., Ames, IA (United States). Electrical and Computer Engineering

    1998-12-31

    This research builds on earlier research in developing bidding strategies through the inclusion of options and future contracts. In the competitive environment, electric traders` profits depends on the implementation of a successful bidding strategy. Bidding strategies are studied in an environment in which distribution companies (DISTCOs) and generation companies (GENCOs), buy and sell power via double auctions in regional commodity exchanges. The market framework being used was proposed by Kumar and Sheble and allows participants to trade in the spot, future, planning and swap markets, and also gives rise to the use of option contracts. Bid-strategy research previously published by the authors focused on increasing electric generators` profit as they participated in a spot/cash market. Here the authors incorporate techniques such as game theory and decision analysis to minimize the risk to the electric utility or energy trader. The goal is to ensure reliable power system operation while also ensuring that contracts are fulfilled and traders adopting the strategies remain profitable. The developed strategies are tested in the electric market trading simulator which can be used off-line to predict whether bid strategies will be profitable and successful.

  1. Oil Price Fluctuations and Industry Stock Return

    OpenAIRE

    Reza Tahmoorespour; Marjan Rezvani; Meysam Safari; Elias Randjbarand

    2015-01-01

    This study investigates the impact of oil price variation on 14 industries in six markets, including Canada, China, France, India, the United Kingdom, and the United States. Panel weekly data were collected from June 1998 to December 2011. The results indicate that price fluctuations primarily affect the Oil and Gas as well as the Mining industries and have the least influence on the Food and Beverage industry. Furthermore, in three out of six of these countries (Canada, France, and the U.K.)...

  2. 77 FR 840 - Pricing for 2012 Products Featuring $1 Coins

    Science.gov (United States)

    2012-01-06

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for 2012 Products Featuring $1 Coins AGENCY: United States Mint, Department of the Treasury. ACTION: Notice. SUMMARY: The United States Mint is announcing 2012 pricing for...

  3. 建设工程综合工日人工单价的合理性探讨%The Rationality of the Artificial Unit Price in Comprehensive Man-Days in the Construction Project

    Institute of Scientific and Technical Information of China (English)

    杨智慧; 王文华

    2014-01-01

    Guangdong province construction engineering quota of labor cost accounts for the proportion of the total cost for 15 ~20%, profit margins of 18%of the labor .In recent years , with the construction labor costs continue to rise , artificial cost account-ing for the proportion of the total cost is rising .Based on the quota of labor cost and labor comprehensive unit price , artificial con-sumption quota and the actual consumption quota , construction project quota of labor will be analyzed by three aspects , thus, it is concluded that the current comprehensive man-days released artificial unit price reasonable conclusion .%广东省建筑工程定额人工费占总造价的比例为15%~20%,利润率为人工费的18%。近几年随着建设工程人工成本不断上涨,人工费占总造价的比例也在不断上升。该文从定额人工费与劳务综合单价、定额人工消耗量与实际人工消耗量和建设工程定额人工费的组成3个方面进行分析论证,从而得出现行公布的综合工日人工单价具有合理性的结论。

  4. Strategic Transfer Pricing

    OpenAIRE

    Michael Alles; Srikant Datar

    1998-01-01

    Most research into cost systems has focused on their motivational implications. This paper takes a different approach, by developing a model where two oligopolistic firms strategically select their cost-based transfer prices. Duopoly models frequently assume that firms game on their choice of prices. Product prices, however, are ultimately based on the firms' transfer prices that communicate manufacturing costs to marketing departments. It is for this reason that transfer prices will have a s...

  5. The Pricing of Payments

    OpenAIRE

    Krueger, Malte

    2009-01-01

    The pricing of payments has received increasing attention of regulators. In many cases, regulators are concerned that consumers do not face cost based prices. They argue that without cost based prices consumers will make inefficient choices. In this paper, it is argued that both, economics of scale and the particular laws governing pricing in two-sided markets provide a case against cost based pricing.

  6. Quantifying bid-ask spreads in the Chinese stock market using limit-order book data: Intraday pattern, probability distribution, long memory, and multifractal nature

    CERN Document Server

    Gu, G F; Zhou, W X; Chen, Wei; Gu, Gao-Feng; Zhou, Wei-Xing

    2006-01-01

    The statistical properties of the bid-ask spread of a frequently traded Chinese stock listed on the Shenzhen Stock Exchange are investigated using the limit-order book data. Three different definitions of spread are considered based on the time right before transactions, the time whenever the highest buying price or the lowest selling price changes, and a fixed time interval. The results are qualitatively similar no matter linear prices or logarithmic prices are used. The average spread exhibits evident intraday patterns consisting of a big L-shape in the morning and a small L-shape in the afternoon. The distributions of the spread with different definitions decay as power laws. The tail exponents of spreads at transaction level are well within the interval $(2,3)$ and that of average spreads are well in line with the inverse cubic law for different time intervals. Based on the detrended fluctuation analysis, we find evidence of long memory in the bid-ask spread time series for all three definitions, even aft...

  7. Importance of International Project Bidding Management and Planning%国际工程投标管理规划的重要性

    Institute of Scientific and Technical Information of China (English)

    李传海

    2012-01-01

    In the fierce competition in the international construction market, the construction enterprise how to face the complicated and volatile international situation and environment influence factors to compile and sub- mit a bidding documents with advanced technology, reasonable economy and competitiveness bidding is a key research content of management unit or departments in project bidding, is also an important compre- hensive subject of keeping sustainable development. This combination combines the international engi- neering bidding practice and related engineering experience in recent years to discuss the control meas- ures of compiling bidding documents in the project bidding management and eonstruction management ac- cording to the importance of making international project bidding management and planning.%在国际建筑市场的激烈竞争中,施工企业如何面对复杂多变的国际形势和环境影响因素,针对招标项目编制提交一份完全符合招标文件要求,且技术先进、经济合理又富有竞争力的投标文件,是经营管理单位或部门在工程投标阶段需要研究的重点工作内容,也是企业保持可持续发展的一个重要综合性课题。此文结合近年来国际工程投标实践及相关工程经验,从制订国际工程投标管理规划的重要性入手,论述工程投标管理与施工管理有效结合编制投标文件和报价应采取的控制措施。

  8. Applications of Classifying Bidding Strategies for the CAT Tournament

    Science.gov (United States)

    Gruman, Mark L.; Narayana, Manjunath

    In the CAT Tournament, specialists facilitate transactions between buyers and sellers with the intention of maximizing profit from commission and other fees. Each specialist must find a well-balanced strategy that allows it to entice buyers and sellers to trade in its market while also retaining the buyers and sellers that are currently subscribed to it. Classification techniques can be used to determine the distribution of bidding strategies used by all traders subscribed to a particular specialist. Our experiments showed that Hidden Markov Model classification yielded the best results. The distribution of strategies, along with other competition-related factors, can be used to determine the optimal action in any given game state. Experimental data shows that the GD and ZIP bidding strategies are more volatile than the RE and ZIC strategies. An MDP framework for determining optimal actions given an accurate distribution of bidding strategies is proposed as a motivator for future work.

  9. Cargo Revenue Management: Bid-Prices for a 0-1 Multi Knapsack Problem

    NARCIS (Netherlands)

    K. Pak; R. Dekker (Rommert)

    2004-01-01

    textabstractRevenue management is the practice of selecting those customers that generate the maximum revenue from a fixed and perishable capacity. Cargo revenue management differs from the well-known passenger revenue management problem by the fact that its capacity constraint is 2-dimensional, i.e

  10. Cargo Revenue Management: Bid-Prices for a 0-1 Multi Knapsack Problem

    NARCIS (Netherlands)

    K. Pak; R. Dekker (Rommert)

    2004-01-01

    textabstractRevenue management is the practice of selecting those customers that generate the maximum revenue from a fixed and perishable capacity. Cargo revenue management differs from the well-known passenger revenue management problem by the fact that its capacity constraint is 2-dimensional,

  11. 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...

  12. 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...

  13. 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.

  14. Dynamics and impacts of fine-scale climate change: greenhouse forcing, heat-waves, and corn price volatility in the United States

    Science.gov (United States)

    Diffenbaugh, N. S.; Ashfaq, M.; Hertel, T. W.; Scherer, M.; Verma, M.

    2012-12-01

    We explore the use of climate impacts as a probe for understanding the dynamics governing the response of the climate system to changes in radiative forcing. As a case study, we focus on the volatility of corn prices in the U.S. Recent price spikes have raised concern that climate change could increase food insecurity by reducing grain yields in the coming decades. However, commodity price volatility is also influenced by other factors, which may either exacerbate or buffer the effects of climate change. Here we show that US corn price volatility exhibits higher sensitivity to near-term climate change than to energy policy influences or agriculture-energy market integration, and that the presence of a biofuels mandate enhances the sensitivity to climate change by more than 50%. The climate change impact is driven primarily by intensification of severe hot conditions in the primary corn-growing region of the US, which causes US corn price volatility to increase sharply in response to global warming projected to occur over the next three decades. Given this sensitivity to severe heat, we next explore the dynamics shaping the projected near-term intensification of severe heat over the US in our high-resolution ensemble climate model experiment. We find that the intensification of hot extremes is associated not only with increased downward long-wave radiation from increasing greenhouse gases, but also with a shift towards more anticyclonic atmospheric circulation during the warm season, along with warm season drying over much of the US. We find that the coupling between surface temperature change and surface moisture change is robust across a suite of global climate model experiments. Given these projected changes in climate dynamics associated with near-term intensification of severe hot events, we next explore the transient response of summer climate in the US to increasing greenhouse forcing through the end of the 21st century. We find that the central US exhibits

  15. Performance Targets and External Market Prices

    DEFF Research Database (Denmark)

    Hansen, Allan; Friis, Ivar; Vámosi, Tamás S.

    In this paper we explore the processes of ‘bringing the market inside the firm’ to set performance targets and benchmark production workers productivity. We analyze attempts to use external suppliers’ bids in target setting in a Danish manufacturing company. The case study illustrates how...... the implementation of external market information in target setting – well known in transfer pricing, relative performance evaluation, beyond budgeting, target costing, piece rates systems and value based management – relate to challenging motivation and information problem. The analysis and discussion of those...... problems, in particular those related to accounting for the internal performance (that are going to be compared with the external target), calculating the ‘inside’ costs and defining controllability, contributes to the management accounting as well as the piece-rate literature....

  16. 31 CFR 351.10 - What do I need to know about market yields, or market bid yields, to understand redemption value...

    Science.gov (United States)

    2010-07-01

    ... SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT OFFERING OF UNITED STATES SAVINGS BONDS... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What do I need to know about market yields, or market bid yields, to understand redemption value calculations in this subpart? 351.10...

  17. Wine Pricing Inefficiencies among Major Online Wine Sellers

    OpenAIRE

    Ron Christner; Daniel Arango

    2014-01-01

    The purpose of this paper is to compare, analyze and evaluate the relative competitiveness of wine pricing across major online wine retailers as it relates to the Law of One Price. The design utilized is to measure and evaluate the reasons for the differences, between the per bottle prices, of recent internet wine offerings by major internet wine retailers against the average United States prices found on winesearcher.com, a very comprehensive and constantly updated shopbot listing of wine pr...

  18. Private Companies Hopeful to Bid on Oil Blocks

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    @@ Based on the recent reports from China's news media,China is considering opening oil exploration blocks in its smaller basins to private domestic private companies in what could be the first step toward introducing competition in the country's highly regulated upstream energy market. The Ministry of Land and Resources plans to develop a bidding system for exploration rights in small and mid-sized basins over the next five to 10 years.Trial bidding is expected to start in three to five years, the report said, citing Che Changbo, deputy chief of the Oil and Gas Resources Strategic Research Center under the land ministry.

  19. A graphical formalism for mixed multi-unit combinatorial auctions

    NARCIS (Netherlands)

    Gionvannucci, A.; Cerquides, J.; Endriss, U.; Rodríguez-Aguilar, J.A.

    2010-01-01

    Mixed multi-unit combinatorial auctions are auctions that allow participants to bid for bundles of goods to buy, for bundles of goods to sell, and for transformations of goods. The intuitive meaning of a bid for a transformation is that the bidder is offering to produce a set of output goods after h

  20. Modelling the Effects of Oil Prices on Global Fertilizer Prices and Volatility

    NARCIS (Netherlands)

    Chen, P.Y. Chen, P.Y. (Chen, P.Y.); C-L. Chang (Chia-Lin); M.J. McAleer (Michael)

    2013-01-01

    textabstractThe main purpose of this paper is to evaluate the effect of crude oil price on global fertilizer prices in both the mean and volatility. The endogenous structural breakpoint unit root test, ARDL model, and alternative volatility models, including GARCH, EGARCH, and GJR models, are used t

  1. The importance of analyzing the bidding in building economic management%招投标在建筑经济管理中的重要性

    Institute of Scientific and Technical Information of China (English)

    徐蓓

    2016-01-01

    In the construction industry, bidding management can effectively control project costs and improve project quality, promote fair trade and carry out construction, the development of the construction industry has an important role. Construction units to pay attention to bidding, through scientific methods and reasonable means, thus promoting the development of bidding.%在建筑行业中,招投标管理工作能够有效的控制工程成本,提高工程质量,推动建筑交易公平进行,对建筑行业的发展具有重要作用。建筑单位要对招投标工作引起重视,通过科学的方法和合理的手段,推动招投标工作的发展。

  2. 42 CFR 422.256 - Review, negotiation, and approval of bids.

    Science.gov (United States)

    2010-10-01

    ... 42 Public Health 3 2010-10-01 2010-10-01 false Review, negotiation, and approval of bids. 422.256... Information and Plan Approval § 422.256 Review, negotiation, and approval of bids. (a) Authority. Subject to... submitted under § 422.252 and conduct negotiations with MA organizations regarding these bids (including...

  3. 48 CFR 14.406 - Receipt of an unreadable electronic bid.

    Science.gov (United States)

    2010-10-01

    ... an unreadable electronic bid. If a bid received at the Government facility by electronic data... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Receipt of an unreadable electronic bid. 14.406 Section 14.406 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION...

  4. 48 CFR 31.205-18 - Independent research and development and bid and proposal costs.

    Science.gov (United States)

    2010-10-01

    ... Contracts With Commercial Organizations 31.205-18 Independent research and development and bid and proposal..., defined in this subsection. Basic research, (See 2.101). Bid and proposal (B&P) costs means the costs... 9904.420, Accounting for independent research and development costs and bid and proposal costs,...

  5. 48 CFR 814.404-70 - Questions involving the responsiveness of a bid.

    Science.gov (United States)

    2010-10-01

    ... responsiveness of a bid. 814.404-70 Section 814.404-70 Federal Acquisition Regulations System DEPARTMENT OF... Contract 814.404-70 Questions involving the responsiveness of a bid. If a contracting officer cannot resolve a question involving the responsiveness of a bid, the contracting officer may submit the question...

  6. 48 CFR 52.214-25 - Step Two of Two-Step Sealed Bidding.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Step Two of Two-Step... Clauses 52.214-25 Step Two of Two-Step Sealed Bidding. As prescribed in 14.201-6(t), insert the following provision: Step Two of Two-Step Sealed Bidding (APR 1985) (a) This invitation for bids is issued to...

  7. Script Fading to Promote Unscripted Bids for Joint Attention in Children with Autism

    Science.gov (United States)

    Pollard, Joy S.; Betz, Alison M.; Higbee, Thomas S.

    2012-01-01

    We used a script-fading procedure to teach 3 children with autism to initiate bids for joint attention. We examined the effects of (a) scripts, (b) varied adult scripted responses, and (c) multiple-exemplar script training on promoting unscripted language during bids for joint attention. All 3 participants learned to initiate bids for joint…

  8. Beijing won the bid for hosting the FISM 2009 Convention

    Institute of Scientific and Technical Information of China (English)

    陆定纲

    2006-01-01

    On August 4th, 2006, the fifth day of the 23rd FISM 2006 Convention in Stockholm. Beijing. after a fierce competition with the other two candidates-Granada and Vienna, finally won the bid for hosting FISM 2009 Convention, gaining 62 percent of the votes in the General Assembly.

  9. Metalearning to support competitive electricity market players' strategic bidding

    DEFF Research Database (Denmark)

    Pinto, Tiago; Sousa, Tiago M.; Morais, Hugo

    2016-01-01

    a dynamic artificial neural network to create its own output, taking advantage on several learning algorithms already implemented in ALBidS (Adaptive Learning strategic Bidding System). The proposed metalearner considers different weights for each strategy, based on their individual performance...

  10. CHINA NATIONAL PETROLEUM CORPORATION Notice for Third Round of Bidding

    Institute of Scientific and Technical Information of China (English)

    1995-01-01

    @@ Authorized by the Government of the People's Republic of China, China National Petroleum Corporation (CNPC)hereby announces the commencement of the Third Round of Bidding for the Exploration of Land Petroleum Resources of P.R. China in Cooperation with Foreign Enterprises. 12 exploration blocks with a total area of 112 739 square kilometers are on offer.

  11. Application of fuzzy mathematics in assessment of mine design bidding

    Energy Technology Data Exchange (ETDEWEB)

    Zhu Sen

    1988-12-01

    Assessment of mine design bidding is mainly to evaluate the quality of a mine design. The paper established a 3-stage model to assess quality of mine design using fuzzy criterion. A concept of assessment figures was proposed in the analysis of the results. Finally, a mine design was assessed. 2 refs., 2 figs., 1 tab.

  12. Bidding Strategies in Agent-based Continuous Double Auctions

    NARCIS (Netherlands)

    Ma, H.; Leung, H.-F.

    2008-01-01

    Online auctions are a platform to trade goods on the Internet. In this context, negotiation capabilities for software agents in continuous double auctions (CDAs) are a central concern. Agents need to be able to prepare bids for and evaluate offers on behalf of the users they represent with the aim o

  13. Bid Protests on DoD Source Selections

    Science.gov (United States)

    2017-06-13

    298 (Rev. 8/98) Prescribed by ANSI Std Z39 18 Adobe Professional 7 .0 CLEARANCE REQUEST FOR PUBLIC RELEASE OF DEPARTMENT OF DEFENSE INFORMATION...D>lc: 2017.06. 13 O’) 51:5? .Q.l’(Xl’ DD FORM 1910, APR 2016 PREVIOUS EDITION IS OBSOLETE. Adobe Professional XI 1-Z-5-f72.K Bid

  14. Mothers Respond Differently to Infants' Gestural versus Nongestural Communicative Bids

    Science.gov (United States)

    Olson, Janet; Masur, Elise Frank

    2013-01-01

    Thirty infants at 1;1 and their mothers were videotaped while playing for 18 minutes. Experimental stimuli were presented in three communicative intent contexts--proto-declarative, proto-imperative, and ambiguous--to elicit infant communicative bids that did and did not contain gestures. Mothers' responses were analyzed, and their verbal responses…

  15. 27 CFR 72.68 - Sale on sealed, competitive bids.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Sale on sealed, competitive bids. 72.68 Section 72.68 Alcohol, Tobacco Products and Firearms ALCOHOL AND TOBACCO TAX AND TRADE... PROPERTY Administrative Sale or Disposition of Personal Property § 72.68 Sale on sealed, competitive...

  16. 48 CFR 52.214-5 - Submission of Bids.

    Science.gov (United States)

    2010-10-01

    ... authorized by the solicitation. (e) Bids submitted by electronic commerce shall be considered only if the electronic commerce method was specifically stipulated or permitted by the solicitation. (End of provision) ... submitted by electronic means) (1) addressed to the office specified in the solicitation, and (2)...

  17. Study on impact factors of rotary machine price (investment) in petrochemical industry%石油化工动设备价格(投资)影响因素探讨

    Institute of Scientific and Technical Information of China (English)

    罗明

    2011-01-01

    The prices of rotary machine for petrochemical service, which account for 10% -15% of cost of equipment and materials, have a great impact on the capital investment of process units. There are many factors affecting the prices and the extents of impacts are different for different times, locations and project conditions. By a case study, the impact factors of rotary machine prices are qualitatively and quantitatively analyzed in respect of cost, special project requirements, import of overseas equipment, codes & standards requirements, competition environment in the bidding for equipment procurement and time of equipment delivery. The main causes of increased capital investment are found out, which provides a good guideline for project implementation , such as design scheme comparison and selection, design review, invitation for bidders and bidding for procurement of equipment and materials, etc.%石油化工动设备的价格对装置建设投资影响较大,通常占到设备材料费的10%~15%。其价格影响因素很多,视时间、地点、项目具体情况的不同,影响程度也不相同。通过实例,从成本、项目特殊要求、引进国外设备、标准要求、设备采购招投标竞争环境及交货周期等方面,定性和定量分析了动设备价格影响因素,找出了投资增加的主要原因,对工程建设领域设计方案比选、设计审查、采购招投标等等有参考作用。

  18. Airline Price Discrimination

    OpenAIRE

    Stacey, Brian

    2015-01-01

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

  19. Price control and macromarketing

    Directory of Open Access Journals (Sweden)

    Kancir Rade

    2003-01-01

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

  20. Regulation of Pharmaceutical Prices

    DEFF Research Database (Denmark)

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

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

  1. Valuation Struggles over Pricing

    DEFF Research Database (Denmark)

    Pallesen, Trine

    2016-01-01

    public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed...

  2. Dutch house price fundamentals

    NARCIS (Netherlands)

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

    2009-01-01

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

  3. Dutch house price fundamentals

    NARCIS (Netherlands)

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

    2009-01-01

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

  4. Deal with price raise

    Institute of Scientific and Technical Information of China (English)

    2004-01-01

    The price raise in natural resources is inevitable. At present, building ceramic industry is facing the pressure brought by price raise in raw material. Marketing directors still hesitate whether the price of ceramic tiles should be raised. The crisis brought by social environment made the employees care-laden.

  5. Genetic algorithm evolution of utility bidding strategies for the competitive marketplace

    Energy Technology Data Exchange (ETDEWEB)

    Richter, C.W. Jr.; Sheble, G.B. [Iowa State Univ., Ames, IA (United States)

    1998-02-01

    This paper describes an environment in which distribution companies (discos) and generation companies (gencos), buy and sell power via double auctions implemented in a regional commodity exchange. The electric utilities` profits depend on the implementation of a successful bidding strategy. In this research, a genetic algorithm evolves bidding strategies as gencos and discos trade power. A framework in which bidding strategies may be tested and modified is presented. This simulated electric commodity exchange can be used off-line to predict whether bid strategies will be profitable and successful. It can also be used to experimentally verify how bidding behavior affects the competitive electric marketplace.

  6. Primary Study of Power-Exchanging Transaction Model Among Price-Varied Power Plants in Practical Conditions

    Institute of Scientific and Technical Information of China (English)

    2005-01-01

    At present, electricity price to grid of domestic power plants is priced by the national administration based on the policy of "one power plant with one electricity price to grid," which is difficult to realize real bidding for access to grid in practice in a short term. This paper presents one kind of power-exchanging transaction model among price-varied power plants, which will be beneficial to price-varied power plants without any loss of profits of them and guarantee state-owned assets profits in minimum loss with no promotion of average price limit by power plants. Under ideal conditions, the computation results showed the sufficiency and necessity of power-exchanging transaction and maximum similarity with the requirements of optimized resources disposition in economics. The presented model is shown to be full of practicability and has been used in some part of power market.

  7. Internet resource pricing models

    CERN Document Server

    Xu, Ke; He, Huan

    2013-01-01

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

  8. Value-based pricing

    Directory of Open Access Journals (Sweden)

    Netseva-Porcheva Tatyana

    2010-01-01

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

  9. Dutch house price fundamentals

    OpenAIRE

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

    2009-01-01

    This paper discusses house price developments in the Netherlands, specifically focussing on the question whether current house prices in the Dutch owner-occupied market are likely to decrease. We analyse three aspects of the question based on a literature review: (1) whether there is a house price bubble ready to burst; (2) whether house prices will decline in response to the credit crisis that started in 2007; and (3) whether it is likely that house prices will decrease as a result of reform...

  10. PRICING STRATEGIES – ASPECTS, TYPES AND CHARACTERISTICS

    Directory of Open Access Journals (Sweden)

    Căruntu Roxana Corina

    2011-09-01

    Full Text Available Companies that want to maximize their profits must decide on several elements that influence this aspect. An important role is pricing the product or service offered by the company. In determining the best price for the product, management must take into account several factors such as cost / unit, market characteristics where the product is intended to be placed, consumer needs. Those that make this type of decisions often use price strategies which help enter a particular market. Economists state that there are many types of strategies out of which I will present those strategies that are based on marginal cost, incremental costs, break even and mark-up.

  11. Dissecting Two Approaches to Energy Prices

    Directory of Open Access Journals (Sweden)

    Julius N. Esunge

    2011-01-01

    Full Text Available Problem statement: This research tested the viability of Geometric Brownian Motion as a stochastic model of oil prices. Approach: Using autoregressions and unit root tests, we determined that oil prices tend not to exhibit the Markov Property and thus GBM may be a problematic model. Results: Instead, oil prices seem to be mean reverting over the long run, possibly following an Ornstein-Uhlenbeck process. Conclusion/Recommendations: To determine whether or not OPEC was the cause of mean reversion, we repeated the tests after controlling for quotas, only to find the same results did not apply over the short run.

  12. Calculating proper transfer prices

    Energy Technology Data Exchange (ETDEWEB)

    Dorkey, F.C. (Meliora Research Associates, Rochester, NY (United States)); Jarrell, G.A. (Univ. of Rochester, NY (United States))

    1991-01-01

    This article deals with developing a proper transfer pricing method. Decentralization is as American as baseball. While managers laud the widespread benefits of both decentralization and baseball, they often greet the term transfer price policy with a yawn. Since transfer prices are as critical to the success of decentralized firms as good pitchers are to baseball teams, this is quite a mistake on the part of our managers. A transfer price is the price charged to one division for a product or service that another division produced or provided. In many, perhaps most, decentralized organizations, the transfer pricing policies actually used are grossly inefficient and sacrifice the potential advantages of decentralization. Experience shows that far too many companies have transfer pricing policies that cost them significantly in foregone growth and profits.

  13. 30 CFR 203.78 - Do I keep relief approved by MMS under §§ 203.60-203.77 for my lease, unit or project if prices...

    Science.gov (United States)

    2010-07-01

    ... base oil price threshold set under paragraph (a) is $28.00 per barrel, and the daily closing NYMEX light sweet crude oil prices for the previous calendar year exceeds $28.00 per barrel, as adjusted in... daily closing NYMEX light sweet crude oil prices for the previous calendar year exceeds $3.50...

  14. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

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

  15. PENGARUH RETURN SAHAM, VOLUME PERDAGANGAN SAHAM DAN VARIAN RETURN SAHAM TERHADAP BID ASK SPREAD SAHAM PADA PERUSAHAAN MANUFAKTUR YANG TERGABUNG DALAM INDEKS LQ 45 PERIODE TAHUN 2003-2005

    Directory of Open Access Journals (Sweden)

    Sri Dwi Ari Ambarwati

    2009-02-01

    Full Text Available The objective of this research is to test the impact of stock return, stock trading volume and variance of stock return toward bid-ask spread. Using sampling of 20 manufacture companies which are united in LQ 45 index during the period of 2003 until 2005. The compilation of data is done in Jakarta Stock Exchange corner UII, and Indonesian Capital Market Directory (ICMD. The analysis is done with multiple linear regression method, regretted classical assumption examined, f- test and t –test. The result shows that the hypothesis of stock return are rejected, in this result shows that stock return have a positive significant impact toward bid-ask spread while the hypothesis of stock trading volume and variance of stock return are accepted, in this result shows that stock trading volume has a negative significant impact toward bid-ask spread and variance of stock return has a positive significant impact toward bid-ask spread. While as it simultaneously show that stock return, stock trading volume, and variance of stock return have significantly impact toward bid-ask spread and variance of stock return have dominant impact.Key words: Bid-ask spread, multiple linear regression method, stock trading volume, stock return, variance of stock return.

  16. A randomized pilot study of tenofovir/emtricitabine (TDF/FTC + boosted atazanavir (ATV/r vs. raltegravir (RAL BID + ATV/r vs. RAL BID + ATV BID

    Directory of Open Access Journals (Sweden)

    C Cohen

    2012-11-01

    Full Text Available Patients virologically suppressed on TDF/FTC + ATV/r may require alternative regimens that maintain suppression while addressing some drug-related side effects. We explored two alternative regimens that replace RTV and/or TDF/FTC. This open-label exploratory pilot trial enrolled 43 patients on TDF/FTC + ATV/r. Subjects were randomized to one of three arms. Arm 1 (n=15 replaced TDF/FTC with RAL 400 mg BID while continuing ATV/r. Arm 2 (n=14 made two changes: TDF/FTC was stopped and RAL BID was used instead; ritonavir was stopped and ATV 300 mg BID was used. Arm CTL (n=14 continued the baseline (BL regimen. The week 48 final endpoint is summarized. The primary endpoint was maintaining virologic suppression (<40 c/mL; secondary endpoints compared safety measures. Overall mean age was 46, with 74% Caucasian, 21% black race and 12% female; similar characteristics noted across arms. Through week 48, all but two patients maintained virologic suppression; both virologic failures (>200 c/mL on two consecutive tests were on arm 2; both reported adherence problems and no resistance mutations were detected. Overall CD4 counts were 534/mm3 at BL and 555/mm3 at week 48. There was a significant CD4 cell count difference favoring CTL (+52/mm3 vs. arm 2 (−14/mm3, p=0.03. No significant differences across arms were noted in lipid fractions or other lab tests. There were no clinically significant EKG changes across arms. Among AEs of interest through week 48, there were more neurologic AEs on arm 1 (n=7 and 2 (n=6 vs. CTL (n=1, and more musculoskeletal events noted on arm 2 (n=7 vs. arm 1 (n=3 and CTL (n=1. Quality of life was measured with a self-assessment Likert scale. Scores were similar across arms despite the BID dosing in two arms. Self-reported adherence using 3-day recall was>95% in all three arms at both baseline and week 48. In this randomized pilot study, two of the three arms maintained virologic suppression in all subjects; there were two virologic

  17. 浅谈工程施工投标技巧%Discussion on Project Construction Bidding Skills

    Institute of Scientific and Technical Information of China (English)

    王震宇

    2012-01-01

    With the development of economic conditions, market competition becomes increasingly intense. In project tendering process, a prerequisite for the successful bidding of bidding companies is a reasonable budget and investment quotes. Therefore, the tender offer is the key to the construction tender, and the accurate or not tender offer is directly related to the economic interests of construction units. So, the bid quotation must be effectively and reasonably controlled. The paper discussed the issue and talked about awareness and use of the budget and tender offer skills.%目前,随着经济条件的发展,市场竞争日趋白热化.在工程招标的过程中,投标企业能否取胜的先决条件来自于能否合理进行预算和投资报价.因此,投标报价是工程施工投标的关键,准确与否直接关系建设单位及施工单位的经济利益,所以,就必须对工程投标报价工作进行有效合理的控制,本文就这一问题展开论述,谈谈预算和投标报价技巧的认知和运用.

  18. The Intraday Behaviour of Bid-Ask Spreads Across Auction and Specialist Market Structures: Evidence From The Italian Market

    Directory of Open Access Journals (Sweden)

    Dionigi Gerace

    2010-03-01

    Full Text Available Several studies have analysed liquidity across a trading day, and have documented that bid-ask spreads exhibita U-shaped pattern, with spreads wider at the start and end of the trading day, whilst spreads are tighter in themiddle of the day. This pattern has been attributed to inventory holding costs, the specialist’s market powerand adverse selection risk. On the 2nd April, 2001, several stocks on the Italian Bourse switched from anauction market to a specialist market. This provides a natural experiment where intraday spreads acrossdifferent market structures can be compared. Results indicate that volume, volatility and bid-ask spreadsexhibit the U-shaped intraday pattern both before and after the structural change. While time-weightedspreads are consistently higher throughout the trading day under the specialist structure, the specialists abilityto offer price improvement with the best quotes results in the ‘real’ cost of trading being lower under aspecialist system. These results are robust to the size of the firm, the event window around the structuralchange, as well as overall market-wide changes.

  19. Optimal Bidding Strategy of Generation Companies (GenCos in Energy and Spinning Reserve Markets Using Linear Programming

    Directory of Open Access Journals (Sweden)

    Hassan Barati

    2011-10-01

    Full Text Available In this paper a new bidding strategy become modeling to day-ahead markets. The proposed algorithm is related to the point of view of a generation company (Genco that its end is maximized its benefit as a participant in sale markets of active power and spinning reserve. In this method, hourly forecasted energy price (FEP and forecasted reserve price (FRP is used as a reference to model the possible and probable price strategies of Gencos. A bi-level optimization problem That first level, is used to maximize the individual Genco’s payoffs for obtaining the optimal offered quantity of Gencos. The second one, uses the results of the upper sub-problem and minimizes the consumer’s payment with regard to the technical and network constraints, which leads to the awarded generation of the Gencos. In this paper use of the game theory in exist optimization model. The paper proposes a linear programming approach. A six bus system is employed to illustrate the application of the proposed method and to show its high precision and capabilities.

  20. 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.

  1. New algorithm for the unit commitment based on the system marginal price%基于边际电价的短期机组组合求解新方法

    Institute of Scientific and Technical Information of China (English)

    江健健; 夏清; 沈瑜; 康重庆; 许洪强; 张元鹏

    2001-01-01

    在制定电力市场中的电力交易计划时,由于系统边际电价(SMP)的引入,机组组合问题呈现出非解析的特点。论文建立了基于系统边际电价机组组合问题的数学模型,并结合电力市场的新特点,在分析Lagrangian分解与协调算法机理的基础上,提出了一种求解基于系统边际电价的机组组合问题的新方法。与传统Lagrangian方法相比,新算法很好地解决了传统方法求解基于SMP的机组组合问题时遇到的“振荡”以及“调整死区”等问题。实际应用表明:新算法具有很好的快速收敛性以及优化效果。%he concept of system marginal price (SMP) is introduced intopower generation planning. The objective function of the unit commitment is non-analytic. This paper presents the mathematical model of the unit commitment based on SMP with a new method for solving the unit commitment by analyzing the mechanism of the Lagrangian relaxation method and its coordinating process. The method overcomes the “calculated oscillation” and “dead-zone regulation” problems arising from the analysis of the unit commitment in a deregulated environment by traditional methods. The quick convergence and excellent optimizing ability of the new method are demonstrated by a practical application.

  2. Process Document for the Conservation Competitive Bidding Pilot Program.

    Energy Technology Data Exchange (ETDEWEB)

    United States. Bonneville Power Administration.

    1990-09-01

    Bonneville Power Administration (Bonneville) is proposing to test competitive bidding for Conservation Resources to expand its existing resource acquisition capabilities. Competitive bidding may target specific types of electric end-uses or end-use sectors. It is a new acquisition approach through which Bonneville seeks to acquire resources that are not acquired through other existing or planned conservation programs. This proposal describes the conservation component of the all-source competitive acquisition approach that will be developed. It is expected that the combined resource acquisition effort will target about 100 average megawatts (aMW) as proposed in the 1990 Resource Program, although the exact amount has not yet been determined. Increasing the acquisition target will, to some extent, depend on whether the proposed pilot program is large enough to establish confidence in the approach.

  3. Bay Area Council Announce Bid for 2020 World Expo

    Institute of Scientific and Technical Information of China (English)

    Audrey

    2010-01-01

    @@ During his visit in Shanghai in September, Governor Arnold Schwarzenegger joined Bay Area Council President & CEO Jim Wunderman to announce that California will bid to host the 2020 World Expo in Silicon Valley. The announcement was made at the World Expo in Shanghai before the Governor toured the U.S., Austrian and Chinese pavilions. World Expos typically occur every five years and at-tract exhibits from countries around the globe and bring as many as 770 million visitors.

  4. Target Price Accuracy

    Directory of Open Access Journals (Sweden)

    Alexander G. Kerl

    2011-04-01

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

  5. Optimal Asset Pricing

    Directory of Open Access Journals (Sweden)

    Rolf Turner

    2014-07-01

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

  6. FORECASTING ELECTRICITY PRICES IN DEREGULATED WHOLESALE SPOT ELECTRICITY MARKET - A REVIEW

    Directory of Open Access Journals (Sweden)

    Girish Godekere Panchakshara Murthy,

    2014-01-01

    Full Text Available In the new framework of competitive electricity markets, all power market participants need accurate price forecasting tools. Electricity price forecasts characterize significant information that can help captive power producer, independent power producer, power generation companies, power distribution companies or open access consumers in careful planning of their bidding strategies for maximizing their profits, benefits and utilities from long term, medium term and short term perspective. Short term spot electricity price forecasting techniques are either inspired from electrical engineering literature (i.e. load forecasting or from economics literature (i.e. game theory models and the time-series econometric models. In this study we investigate the emergence of spot electricity markets with particular emphasis on Indian electricity market which has never been done before and review selected finance and econometrics inspired literature and models for forecasting electricity spot prices in deregulated wholesale spot electricity markets.

  7. Bid, a Widely Expressed Proapoptotic Protein of the Bcl-2 Family, Displays Lipid Transfer Activity

    Science.gov (United States)

    Esposti, Mauro Degli; Erler, Janine T.; Hickman, John A.; Dive, Caroline

    2001-01-01

    Bid is an abundant proapoptotic protein of the Bcl-2 family that is crucial for the induction of death receptor-mediated apoptosis in primary tissues such as liver. Bid action has been proposed to involve the relocation of its truncated form, tBid, to mitochondria to facilitate the release of apoptogenic cytochrome c. The mechanism of Bid relocation to mitochondria was unclear. We report here novel biochemical evidence indicating that Bid has lipid transfer activity between mitochondria and other intracellular membranes, thereby explaining its dynamic relocation to mitochondria. First, physiological concentrations of phospholipids such as phosphatidic acid and phosphatidylgycerol induced an accumulation of full-length Bid in mitochondria when incubated with light membranes enriched in endoplasmic reticulum. Secondly, native and recombinant Bid, as well as tBid, displayed lipid transfer activity under the same conditions and at the same nanomolar concentrations leading to mitochondrial relocation and release of cytochrome c. Thus, Bid is likely to be involved in the transport and recycling of mitochondrial phospholipids. We discuss how this new role of Bid may relate to its proapoptotic action. PMID:11585909

  8. Fluorescence Resonance Energy Transfer Analysis of Bid Activation in Living Cells during Ultraviolet-induced Apoptosis

    Institute of Scientific and Technical Information of China (English)

    Yinyuan WU; Da XING; Lei LIU; Tongsheng CHEN; Wei R. CHEN

    2007-01-01

    Ultraviolet (UV) irradiation is a DNA-damaging agent that triggers apoptosis through both the membrane death receptor and mitochondrial apoptotic signaling pathways. Bid, a pro-apoptotic Bcl-2family member, is important in most cell types to apoptosis in response to DNA damage. In this study, a recombinant plasmid, YFP-Bid-CFP, comprised of yellow and cyan fluorescent protein and a full length Bid,was used as a fluorescence resonance energy transfer analysis (FRET) probe. Using the FRET technique based on YFP-Bid-CFP, we found that Bid activation was initiated at 9±1 h after UV irradiation, and the average duration of the activation was 75± 10 min. Bid activation coincided with a collapse of the mitochondrial membrane potential with an average duration of 50±10 min. When cells were pretreated with Z-IETD-fmk(caspase-8 specific inhibitor) the process of Bid activation was completely inhibited, but the apoptosis was only partially affected. Z-DEVD-fmk (caspase-3 inhibitor) and Z-FA-fmk (non asp specific inhibitor) did not block Bid activation. Furthermore, the endogenous Bid activation with or without Z-IETD-fmk in response to UV irradiation was confirmed by Western blotting. In summary, using the FRET technique, we observed the dynamics of Bid activation during UV-induced apoptosis and found that it was a caspase-8 dependent event.

  9. 76 FR 53717 - Pricing for the 2011 American Eagle Silver Uncirculated Coin

    Science.gov (United States)

    2011-08-29

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for the 2011 American Eagle Silver Uncirculated Coin AGENCY: United States... pricing of the 2011 American Eagle Silver Uncirculated Coin. The price of the coin will be $60.45....

  10. 76 FR 65563 - Pricing for 2011 American Eagle Silver Proof and Uncirculated Coins

    Science.gov (United States)

    2011-10-21

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY United States Mint Pricing for 2011 American Eagle Silver Proof and Uncirculated Coins AGENCY: United... the re-pricing of the 2011 American Eagle Silver Proof and Uncirculated Coins. The price of the...

  11. Customizing Prices in Online Markets

    OpenAIRE

    Reinartz, Werner

    2002-01-01

    Dynamic pricing is the dynamic adjustment of prices to consumers depending on the value these customers attribute to a good. Underlying the concept of dynamic pricing is what marketers call price customization. Price customization is the charging of different prices to end consumers based on a discriminatory variable. Internet technology will serve as a great enabling tool for making dynamic pricing accessible to many industries.

  12. Analysis on the Problems in Water Conservancy Project Bidding Budget%水利工程招标预算编制应注意的问题

    Institute of Scientific and Technical Information of China (English)

    李静

    2015-01-01

    In public bidding processes of water conservancy , one of the most significant parts is the preparation of bidding budget . To ensure the bidding budget could estimate the project cost and its market price accurately , cost engineers should 1) be familiar with the budget preparation methods; 2 ) have a good understanding of the technical terms in the contract and a comprehensive investigation in the construction site;3) seriously select and use the relevant quota .%招标预算编制是工程招投标过程的重要环节,要求承担招标预算编制工作的造价专业人员,除必须熟练掌握招标预算基本编制方法外,还必须认真阅读合同技术条款,认真查勘现场,正确选择并使用相关定额,使招标预算真实体现工程成本,准确反映工程真实的市场价格。

  13. 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 h

  14. Aggregators’ Optimal Bidding Strategy in Sequential Day-Ahead and Intraday Electricity Spot Markets

    Directory of Open Access Journals (Sweden)

    Xiaolin Ayón

    2017-04-01

    Full Text Available This paper proposes a probabilistic optimization method that produces optimal bidding curves to be submitted by an aggregator to the day-ahead electricity market and the intraday market, considering the flexible demand of his customers (based in time dependent resources such as batteries and shiftable demand and taking into account the possible imbalance costs as well as the uncertainty of forecasts (market prices, demand, and renewable energy sources (RES generation. The optimization strategy aims to minimize the total cost of the traded energy over a whole day, taking into account the intertemporal constraints. The proposed formulation leads to the solution of different linear optimization problems, following the natural temporal sequence of electricity spot markets. Intertemporal constraints regarding time dependent resources are fulfilled through a scheduling process performed after the day-ahead market clearing. Each of the different problems is of moderate dimension and requires short computation times. The benefits of the proposed strategy are assessed comparing the payments done by an aggregator over a sample period of one year following different deterministic and probabilistic strategies. Results show that probabilistic strategy reports better benefits for aggregators participating in power markets.

  15. Competitive bidding for health insurance contracts: lessons from the online HMO auctions.

    Science.gov (United States)

    Gupta, Alok; Parente, Stephen T; Sanyal, Pallab

    2012-12-01

    Healthcare is an important social and economic component of modern society, and the effective use of information technology in this industry is critical to its success. As health insurance premiums continue to rise, competitive bidding may be useful in generating stronger price competition and lower premium costs for employers and possibly, government agencies. In this paper, we assess an endeavor by several Fortune 500 companies to reduce healthcare procurement costs for their employees by having HMOs compete in open electronic auctions. Although the auctions were successful in generating significant cost savings for the companies in the first year, i.e., 1999, they failed to replicate the success and were eventually discontinued after two more years. Over the past decade since the failed auction experiment, effective utilization of information technologies have led to significant advances in the design of complex electronic markets. Using this knowledge, and data from the auctions, we point out several shortcomings of the auction design that, we believe, led to the discontinuation of the market after three years. Based on our analysis, we propose several actionable recommendations that policy makers can use to design a sustainable electronic market for procuring health insurance.

  16. Combined hydro-wind generation bids in a pool-based electricity market

    Energy Technology Data Exchange (ETDEWEB)

    Angarita, Jorge L. [INDRA S.A., Parque Empresarial LA FINCA, edif. 4 y 5 P del Club Deportivo 1, 28223-Pozuelo de Alarcon, Madrid (Spain); Usaola, Julio; Martinez-Crespo, Jorge [Department of Electrical Engineering, Universidad Carlos III de Madrid, Avda. Universidad 30, 28911-Leganes, Madrid (Spain)

    2009-07-15

    Present regulatory trends are promoting the direct participation of wind energy in electricity markets. The final result of these markets sets the production scheduling for the operation time, including a power commitment from the wind generators. However, wind resources are uncertain, and the final power delivered usually differs from the initial power committed. This imbalance produces an overcost in the system, which must be paid by those who produce it, e.g., wind generators among others. As a result, wind farm revenue decreases, but it could increase by allowing wind farms to submit their bids to the markets together with a hydro generating unit, which may easily modify its production according to the expected imbalance. This paper presents a stochastic optimization technique that maximizes the joint profit of hydro and wind generators in a pool-based electricity market, taking into account the uncertainty of wind power prediction. (author)

  17. The dynamics of crude oil price differentials

    Energy Technology Data Exchange (ETDEWEB)

    Fattouh, Bassam [The Oxford Institute for Energy Studies, 57 Woodstock Road, Oxford OX2 6FA (United Kingdom)

    2010-03-15

    Crude oil price differentials are modelled as a two-regime threshold autoregressive (TAR) process using the method proposed by Caner and Hansen [Caner, M., Hansen, B.E. Threshold autoregression with a unit root. Econometrica 2001; 69; 1555-1596.]. While standard unit root tests suggest that the prices of crude oil of different varieties move closely together such that their price differential is stationary, the TAR results indicate strong evidence of threshold effects in the adjustment process to the long-run equilibrium. These findings suggest that crude oil prices are linked and thus at the very general level, the oil market is 'one great pool' (Adelman, M.A. International oil agreements. The Energy Journal 1984; 5; 1-9.). However, differences in the dynamics of adjustment suggest that within this one pool, oil markets are not necessarily integrated in every time period and hence the dynamics of crude oil price differentials may not follow a stationary process at all times. Although the development of a liquid futures market around the crude oil benchmarks has helped make some distant markets more unified, arbitrage is not costless or risk-free and temporary breakdowns in the benchmarks can lead to decoupling of crude oil prices. (author)

  18. Modeling UK Natural Gas Prices when Gas Prices Periodically Decouple from the Oil Price

    OpenAIRE

    2015-01-01

    When natural gas prices are subject to periodic decoupling from oil prices, for instance due to peak-load pricing, conventional linear models of price dynamics such as the Vector Error Correction Model (VECM) can lead to erroneous inferences about cointegration relationships, price adjustments and relative values. We propose the use of regime-switching models to address these issues. Our regime switching model uses price data to infer whether pricing is oil-driven (integrated) or gas-specific...

  19. The volatility of stock market prices.

    Science.gov (United States)

    Shiller, R J

    1987-01-02

    If the volatility of stock market prices is to be understood in terms of the efficient markets hypothesis, then there should be evidence that true investment value changes through time sufficiently to justify the price changes. Three indicators of change in true investment value of the aggregate stock market in the United States from 1871 to 1986 are considered: changes in dividends, in real interest rates, and in a direct measure of intertemporal marginal rates of substitution. Although there are some ambiguities in interpreting the evidence, dividend changes appear to contribute very little toward justifying the observed historical volatility of stock prices. The other indicators contribute some, but still most of the volatility of stock market prices appears unexplained.

  20. Price learning during grocery shopping

    DEFF Research Database (Denmark)

    Jensen, Birger Boutrup

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

  1. Price Discrimination in Academic Journals.

    Science.gov (United States)

    Joyce, Patrick; Merz, Thomas E.

    1985-01-01

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

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

    Energy Technology Data Exchange (ETDEWEB)

    Henriques, Irene; Sadorsky, Perry [Schulich School of Business, 4700 Keele Street, Toronto, Ontario (Canada)

    2008-05-15

    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)

  3. House Prices and Taxes

    DEFF Research Database (Denmark)

    Gjedsted Nielsen, Mads

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

  4. Manufacturer's Suggested Retail Prices

    NARCIS (Netherlands)

    Rosenkranz, S.

    2003-01-01

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

  5. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

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

  6. Natural Gas Price Rises

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    @@ As was projected in the third-quarter monetary policy implementation report published by the People's Bank of China on November 15th, 2006, the residents' consumption price index in China would reach 1.5% in 2006. Prices of consumer commodities such as water, power and natural gas would rise and the pressure of inflation would persist in the future.

  7. Cotton Pricing Discussion

    Institute of Scientific and Technical Information of China (English)

    2010-01-01

    @@ Cotton prices have received a lot of attention recently.Cotton Incorporated especically designed this Special Edition of Supply Chain Insights to frame the discussion concerning prices throughout the cotton supply chain in terms of the cyclical events that contributed to recent volatility and how a return to long-term averages over time can be expected.

  8. Essays on asset pricing

    NARCIS (Netherlands)

    Nazliben, Kamil

    2015-01-01

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

  9. Attributes Determining Condominium Prices in Bangkok (in Thai)

    OpenAIRE

    Kiriya Kulkolkarn; Chotiwut Laophairoj

    2012-01-01

    The housing market, particularly the condominium sector in Bangkok has been rapidly expanding. In this paper, the hedonic price model is used to analyze the housing attributes that determine the price of condominiums in Bangkok. The Box-Cox technique is used to find an appropriate functional form of the model. The data of condominium prices and 20 attributes of 146 condominium units were collected from 42 sales offices during 1-31 January 2011. The results indicate that the attributes determi...

  10. Price Elasticity Estimates of Cigarette Demand in Vietnam

    OpenAIRE

    Eozenou, Patrick; Fishburn, Burke

    2001-01-01

    In this paper, we analyze a complete demand system to estimate the price elasticity for cigarette demand in Vietnam. Following Deaton (1990), we build a spatial panel using cross sectional household survey data. We consider a model of simultaneous choice of quantity and quality. This allows us to exploit unit values from cigarette consumption in order to disentangle quality choice from exogenous price variations. We then rely on spatial variations in prices and quantities demanded to estimate...

  11. Full Length Bid is sufficient to induce apoptosis of cultured rat hippocampal neurons

    Directory of Open Access Journals (Sweden)

    Ward Manus W

    2007-02-01

    Full Text Available Abstract Background Bcl-2 homology domain (BH 3-only proteins are pro-apoptotic proteins of the Bcl-2 family that couple stress signals to the mitochondrial cell death pathways. The BH3-only protein Bid can be activated in response to death receptor activation via caspase 8-mediated cleavage into a truncated protein (tBid, which subsequently translocates to mitochondria and induces the release of cytochrome-C. Using a single-cell imaging approach of Bid cleavage and translocation during apoptosis, we have recently demonstrated that, in contrast to death receptor-induced apoptosis, caspase-independent excitotoxic apoptosis involves a translocation of full length Bid (FL-Bid from the cytosol to mitochondria. We induced a delayed excitotoxic cell death in cultured rat hippocampal neurons by a 5-min exposure to the glutamate receptor agonist N-methyl-D-aspartate (NMDA; 300 μM. Results Western blot experiments confirmed a translocation of FL-Bid to the mitochondria during excitotoxic apoptosis that was associated with the release of cytochrome-C from mitochondria. These results were confirmed by immunofluorescence analysis of Bid translocation during excitotoxic cell death using an antibody raised against the amino acids 1–58 of mouse Bid that is not able to detect tBid. Finally, inducible overexpression of FL-Bid or a Bid mutant that can not be cleaved by caspase-8 was sufficient to induce apoptosis in the hippocampal neuron cultures. Conclusion Our data suggest that translocation of FL-Bid is sufficient for the activation of mitochondrial cell death pathways in response to glutamate receptor overactivation.

  12. Book Trade Research and Statistics. Prices of U.S. and Foreign Published Materials; Book Title Output and Average Prices: 2001 Final and 2002 Preliminary Figures; Book Sales Statistics, 2002: AAP Preliminary Estimates; U.S. Book Exports and Imports:2002; Number of Book Outlets in the United States and Canada; Review Media Statistics.

    Science.gov (United States)

    Sullivan, Sharon G.; Grabois, Andrew; Greco, Albert N.

    2003-01-01

    Includes six reports related to book trade statistics, including prices of U.S. and foreign materials; book title output and average prices; book sales statistics; book exports and imports; book outlets in the U.S. and Canada; and numbers of books and other media reviewed by major reviewing publications. (LRW)

  13. HOW IS CURRENT PHARMACEUTICALS PRICING POLICY ON GENERICS PERFORMING IN TURKEY REGARDING PRICE EROSION?

    Directory of Open Access Journals (Sweden)

    Kadir GÜRSOY

    2017-02-01

    Full Text Available Generics are commonly accepted to contribute significantly to treating disease by improving the affordability of pharmaceuticals. Once the patent expires for an originator brand, generics erode prices through creating fierce competition. The objective of this study is to investigate on Turkish pharmaceutical policies over generics through measuring how much they lower the prices, and then develop alternative strategies to maintain higher level of price reduction, and hence saving. Claims data from Turkish Social Security Institution (SSI for all ambulatory care drugs reimbursed were collected monthly in the period of January 2009 to December 2013 and for selected 12 equivalent groups price erosion and saving impacts due to generic entry be computed. Moreover, the price erosion for 15 generics entering the reimbursement list in 2012 as first generics was measured. For 12 equivalent groups constituting nearly 7% of SSI drug spending, the price erosion was nearly 41% ranging from 8% to 74%. In the first year of the first generic entry, on average the prices were only shrank by 39% with an increase of 41% in units sold. As a result of those analyses, it is concluded that Turkey is not maximizing its full potential with respect to generic medicines. Therefore, it is of great importance that policies such as therapeutic equivalence, tendering, and aggressive generic pricing policy to stimulate higher savings need to be introduced in the near future.

  14. Price Formation by Bargaining and Posted Prices

    NARCIS (Netherlands)

    Kultti, K.K.

    1997-01-01

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

  15. A new approach for GenCos profit based unit commitment in day-ahead competitive electricity markets considering reserve uncertainty

    Energy Technology Data Exchange (ETDEWEB)

    Yamin, H.Y. [Department of Power Engineering, Hijjawi Faculty, Yarmouk University, Irbid 21163 (Jordan); El-Dwairi, Q. [Department of Anatomy, Jordan University of Science and Technology, Irbid (Jordan); Shahidehpour, S.M. [Department of Electrical and Computer Engineering, Illinois Institute of Technology (United States)

    2007-10-15

    This paper presents a new approach for GenCos Profit Based Unit Commitment (GPBUC) in day-ahead competitive electricity markets. Generation, spinning and non-spinning reserves are considered in the proposed formulation. The estimated probability that spinning and non-spinning reserves are called and generated is also considered in the formulation to simulate the reserve uncertainty. The artificial neural network (ANN) is applied for forecasting the reserve probability considering line limits, line and generator outages, market prices, bidding strategy, load and reserves patterns. Fuel and emission constraints are included in the model. A hybrid method between Lagrangian relaxation (LR) and evolutionary programming (EP) is applied to solve the proposed GPBUC problem. The proposed approach is applied to a 36 unit test system and the results are compared with those obtained from other approaches. (author)

  16. 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....

  17. THE IMPACTS OF PRICING SCHEMES ON DECENTRALIZED ASSEMBLY SYSTEMS

    Institute of Scientific and Technical Information of China (English)

    Li JIANG

    2008-01-01

    We study an assembly system where one assembler produces a final product to satisfy the price sensitive and uncertain demands.One unit of final product needs inputs from n complementary components each provided from a distinct supplier.The assembler orders from the suppliers and their relationships are governed by price-only contracts.The assembler practices two alternative pricing schemes:a fixed pricing scheme by which she fixes a retail price in all market situations.and a responsive pricing scheme by which she adjusts retail prices after observing actual demand curves.We find that,when the assembler practices the two pricing schemes,the suppliers charge the same wholesale prices,channel profit is allocated among the firms according to the same proportions,and the relative performances of the system under decentralized decision makings with respect to those under centralized decision makings are the same.Furthermore,responsive pricing improves the assembler's absolute performance,and the gains pass over to the suppliers in terms of higher profits and to the customers in terms of enhanced product availability and lowered market price.

  18. Optimal pricing and lot-sizing for perishable inventory with price and time dependent ramp-type demand

    Science.gov (United States)

    Panda, S.; Saha, S.; Basu, M.

    2013-01-01

    Product perishability is an important aspect of inventory control. To minimise the effect of deterioration, retailers in supermarkets, departmental store managers, etc. always want higher inventory depletion rate. In this article, we propose a dynamic pre- and post-deterioration cumulative discount policy to enhance inventory depletion rate resulting low volume of deterioration cost, holding cost and hence higher profit. It is assumed that demand is a price and time dependent ramp-type function and the product starts to deteriorate after certain amount of time. Unlike the conventional inventory models with pricing strategies, which are restricted to a fixed number of price changes and to a fixed cycle length, we allow the number of price changes before as well as after the start of deterioration and the replenishment cycle length to be the decision variables. Before start of deterioration, discounts on unit selling price are provided cumulatively in successive pricing cycles. After the start of deterioration, discounts on reduced unit selling price are also provided in a cumulative way. A mathematical model is developed and the existence of the optimal solution is verified. A numerical example is presented, which indicates that under the cumulative effect of price discounting, dynamic pricing policy outperforms static pricing strategy. Sensitivity analysis of the model is carried out.

  19. A Framework for Price Statistics

    OpenAIRE

    Kimberly D. Zieschang

    2000-01-01

    This paper describes the primary framework associating the four principal price indices in the system of economic statistics—the Producer Price Index (PPI), the Consumer Price Index (CPI), and the Export and Import Price Indices (XPI and MPI)—with the macroeconomic value aggregates they decompose into price and volume components. The paper begins by defining the basic algebra of price indices. It then discusses the definition of the value aggregates comprising the goods and services component...

  20. Asset Pricing - A Brief Review

    OpenAIRE

    Li, Minqiang

    2010-01-01

    I first introduce the early-stage and modern classical asset pricing and portfolio theories. These include: the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), the consumption capital asset pricing model (CCAPM), the intertemporal capital asset pricing model (ICAPM), and some other important modern concepts and techniques. Finally, I discuss the most recent development during the last decade and the outlook in the field of asset pricing.

  1. Tourism Equilibrium Price Trends

    Directory of Open Access Journals (Sweden)

    Mohammad Mohebi

    2012-01-01

    Full Text Available Problem statement: A review of the tourism history shows that tourism as an industry was virtually unknown in Malaysia until the late 1960s. Since then, it has developed and grown into a major industry, making an important contribution to the country's economy. By allocating substantial funds to the promotion of tourism and the provision of the necessary infrastructure, the government has played an important role in the impressive progress of the Malaysian tourism industry. One of the important factors which can attract tourists to Malaysia is the tourism price. Has the price of tourism decreased? To answer this question, it is necessary to obtain the equilibrium prices as well as the yearly trend for Malaysia during the sample period as it will be useful for analysis of the infrastructure situation of the tourism industry in this country. The purpose of the study is to identify equilibrium tourism price trends in Malaysian tourism market. Approach: We use hotel room as representative of tourism market. Quarterly data from 1995-2009 are used and a dynamic model of simultaneous equation is employed. Results: Based on the result during the period of 1995 until 2000, the growth rate of the equilibrium price was greater than consumer price index and producer price index. Conclusion: In the Malaysian tourism market, new infrastructure during this period had not been developed to keep pace with tourist arrivals.

  2. Pricing of new vaccines.

    Science.gov (United States)

    Lee, Bruce Y; McGlone, Sarah M

    2010-08-01

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

  3. Circulation Price Elasticity in the Daily Newspaper Industry.

    Science.gov (United States)

    Grotta, Gerald L.; Taylor, Michael Lee

    Pricing of subscriptions and single copies has historically been arbitrary. Evidence indicates that the newspaper industry has tended to overestimate the elasticity of demand for newspaper circulation. This study analyzed price changes, circulation changes, and population changes for all daily newspapers in the United States between 1970 and 1975.…

  4. Approximate option pricing

    Energy Technology Data Exchange (ETDEWEB)

    Chalasani, P.; Saias, I. [Los Alamos National Lab., NM (United States); Jha, S. [Carnegie Mellon Univ., Pittsburgh, PA (United States)

    1996-04-08

    As increasingly large volumes of sophisticated options (called derivative securities) are traded in world financial markets, determining a fair price for these options has become an important and difficult computational problem. Many valuation codes use the binomial pricing model, in which the stock price is driven by a random walk. In this model, the value of an n-period option on a stock is the expected time-discounted value of the future cash flow on an n-period stock price path. Path-dependent options are particularly difficult to value since the future cash flow depends on the entire stock price path rather than on just the final stock price. Currently such options are approximately priced by Monte carlo methods with error bounds that hold only with high probability and which are reduced by increasing the number of simulation runs. In this paper the authors show that pricing an arbitrary path-dependent option is {number_sign}-P hard. They show that certain types f path-dependent options can be valued exactly in polynomial time. Asian options are path-dependent options that are particularly hard to price, and for these they design deterministic polynomial-time approximate algorithms. They show that the value of a perpetual American put option (which can be computed in constant time) is in many cases a good approximation to the value of an otherwise identical n-period American put option. In contrast to Monte Carlo methods, the algorithms have guaranteed error bounds that are polynormally small (and in some cases exponentially small) in the maturity n. For the error analysis they derive large-deviation results for random walks that may be of independent interest.

  5. Six Sigma pricing.

    Science.gov (United States)

    Sodhi, ManMohan S; Sodhi, Navdeep S

    2005-05-01

    Many companies are now good at managing costs and wringing out manufacturing efficiencies. The TQM movement and the disciplines of Six Sigma have seen to that. But the discipline so often brought to the cost side of the business equation is found far less commonly on the revenue side. The authors describe how a global manufacturer of industrial equipment, which they call Acme Incorporated, recently applied Six Sigma to one major revenue related activity--the price-setting process. It seemed to Acme's executives that pricing closely resembled many manufacturing processes. So, with the help of a Six Sigma black belt from manufacturing, a manager from Acme's pricing division recruited a team to carry out the five Six Sigma steps: Define what constitutes a defect. At Acme, a defect was an item sold at an unauthorized price. Gather data and prepare it for analysis. That involved mapping out the existing pricing-agreement process. Analyze the data. The team identified the ways in which people failed to carry out or assert effective control at each stage. Recommend modifications to the existing process. The team sought to decrease the number of unapproved prices without creating an onerous approval apparatus. Create controls. This step enabled Acme to sustain and extend the improvements in its pricing procedures. As a result of the changes, Acme earned dollar 6 million in additional revenue on one product line alone in the six months following implementation--money that went straight to the bottom line. At the same time, the company removed much of the organizational friction that had long bedeviled its pricing process. Other companies can benefit from Acme's experience as they look for ways to exercise price control without alienating customers.

  6. International trade and determinants of price differentials of insulin medicine.

    Science.gov (United States)

    Helble, Matthias; Aizawa, Toshiaki

    2017-02-01

    Empirical studies on pharmaceutical pricing across countries have found evidence that prices vary according to per capita income. These studies are typically based on survey data from a subset of countries and cover only one year. In this paper, we study the international trade and price of insulin by using detailed trade data for 186 importing countries from 1995 to 2013. With almost 12,000 observations, our study constitutes the largest comparative study on pharmaceutical pricing conducted so far. The large dataset allows us to uncover new determinants of price differentials. Our analysis shows that the international trade of insulin increased substantially over this time period, clearly outpacing the increasing prevalence of diabetes. Using the unit values of imports, we also study the determinants of price differentials between countries. Running various panel regressions, we find that the differences in prices across countries can be explained by the following factors: First, corroborating earlier studies, we find that per capita GDP is positively correlated with the unit price of insulin. Second, the price of insulin drugs originating from Organisation for Economic Co-operation and Development countries tends to be substantially higher than for those imported from developing countries. Third, more intense competition among suppliers leads to lower insulin prices. Fourth, higher out-of-pocket payments for health care are associated with higher prices. Finally, higher volumes and tariffs seem to result in lower unit prices. © The Author 2016. Published by Oxford University Press in association with The London School of Hygiene and Tropical Medicine. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  7. Poverty and price transmission

    DEFF Research Database (Denmark)

    Elleby, Christian

    A key parameter determining the welfare impact from a world market shock is the transmission elasticity which measures the average domestic response to an international price change. Many studies have estimated price transmission elasticities for a large number of countries but the variation in t...... growth but the relationship is less significant. The finding that food prices in middle-income countries increased the most during the food crises is a cause for concern in light of the fact that the majority of the world's poor today live in middle-income countries....

  8. Pemilihan Model Asset Pricing

    OpenAIRE

    Pasaribu, Rowland Bismark Fernando

    2010-01-01

    The Capital Asset Pricing Model (CAPM) has dominated finance theory for over thirty years; it suggests that the market beta alone is sufficient to explain stock returns. However evidence shows that the cross-section of stock returns cannot be described solely by the one-factor CAPM. Therefore, the idea is to add other factors in order to complete the beta in explaining the price movements in the stock exchange. The Arbitrage Pricing Theory (APT) has been proposed as the first multifactor succ...

  9. State energy price and expenditure report 1989

    Energy Technology Data Exchange (ETDEWEB)

    1991-09-30

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

  10. Expression of Bcl-2 Family Member Bid in Normal and Malignant Tissues

    Directory of Open Access Journals (Sweden)

    Maryla Krajewska

    2002-01-01

    Full Text Available Bid is the only known Bcl-2 family member that can function as an agonist of proapoptotic Bcl-2-related proteins such as Bax and Bak. Expression of the proapoptotic Bcl-2 family protein Bid was assessed by immunoblotting and immunohistochemical methods in normal murine and human tissues, and in several types of human cancers and tumor cell lines. Bid expression in normal tissues varied widely, with prominent Bid immunostaining occurring in several types of short-lived cells (e.g., germinal center B cells, peripheral blood granulocytes, differentiated keratinocytes and in apoptosissensitive cells (e.g., adult neurons. Analysis of Bid expression by immunostaining of 100 colon, 95 ovarian, and 254 prostate cancers, as well as 59 brain tumors and 50 lymphomas, revealed evidence of altered Bid regulation in sometypes of cancers. Correlations with clinical outcome data revealed association of higher levels of Bid with longer recurrence-free survival in men with locally advanced (T3 stage prostate cancer (P=0.04. Immunoblot analysis of Bid protein levels in the NCI's panel of 60 human tumor cell lines revealed a correlation between higher levels of Bid and sensitivity to ribonucleotide reductase (RR-inhibiting drugs (P<0.0005. Overexpression of Bid in a model tumor cell line by gene transfection resulted in increased sensitivity to apoptosis induction by a RR inhibitor. Taken together, these observations suggest a potential role for Bid in tumor responses to specific chemotherapeutic drugs, and lay a foundation for future investigations of this member of the Bcl-2 family in healthy and diseased tissues.

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

    OpenAIRE

    Noel, Michael

    2004-01-01

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

  12. Organic Chemicals Showed Different Price Change

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    @@ Phenol In early August 2007, China's phenol price remained bullish. With the increase of imported goods and the restart of phenol/acetone unit in Harbin Branch Company of BlueStar New Chemical Materials Co., Ltd., the market supply increased and the pace of phenol came down.

  13. Are shocks to commodity prices persistent?

    Energy Technology Data Exchange (ETDEWEB)

    Narayan, Paresh Kumar; Liu, Ruipeng [School of Accounting, Economics and Finance, Deakin University (Australia)

    2011-01-15

    This paper considers the issue of whether shocks to ten commodity prices (gold, silver, platinum, copper, aluminum, iron ore, lead, nickel, tin, and zinc) are persistent or transitory. We use two recently developed unit root tests, namely the Narayan and Popp (NP) test and the Liu and Narayan (LN) test. Both tests allow for two structural breaks in the data series. Using the NP test, we are able to reject the unit root null for iron ore and tin. Using the GARCH-based unit root test of LN, we are able to reject the unit root null for five commodity prices (iron ore, nickel, zinc, lead, and tin). Our findings, thus, suggest that only shocks to gold, silver, platinum, aluminum, and copper are persistent. (author)

  14. Medicare Program; End-Stage Renal Disease Prospective Payment System, Coverage and Payment for Renal Dialysis Services Furnished to Individuals With Acute Kidney Injury, End-Stage Renal Disease Quality Incentive Program, Durable Medical Equipment, Prosthetics, Orthotics and Supplies Competitive Bidding Program Bid Surety Bonds, State Licensure and Appeals Process for Breach of Contract Actions, Durable Medical Equipment, Prosthetics, Orthotics and Supplies Competitive Bidding Program and Fee Schedule Adjustments, Access to Care Issues for Durable Medical Equipment; and the Comprehensive End-Stage Renal Disease Care Model. Final rule.

    Science.gov (United States)

    2016-11-04

    This rule updates and makes revisions to the End-Stage Renal Disease (ESRD) Prospective Payment System (PPS) for calendar year 2017. It also finalizes policies for coverage and payment for renal dialysis services furnished by an ESRD facility to individuals with acute kidney injury. This rule also sets forth requirements for the ESRD Quality Incentive Program, including the inclusion of new quality measures beginning with payment year (PY) 2020 and provides updates to programmatic policies for the PY 2018 and PY 2019 ESRD QIP. This rule also implements statutory requirements for bid surety bonds and state licensure for the Durable Medical Equipment, Prosthetics, Orthotics, and Supplies (DMEPOS) Competitive Bidding Program (CBP). This rule also expands suppliers' appeal rights in the event of a breach of contract action taken by CMS, by revising the appeals regulation to extend the appeals process to all types of actions taken by CMS for a supplier's breach of contract, rather than limit an appeal for the termination of a competitive bidding contract. The rule also finalizes changes to the methodologies for adjusting fee schedule amounts for DMEPOS using information from CBPs and for submitting bids and establishing single payment amounts under the CBPs for certain groupings of similar items with different features to address price inversions. Final changes also are made to the method for establishing bid limits for items under the DMEPOS CBPs. In addition, this rule summarizes comments on the impacts of coordinating Medicare and Medicaid Durable Medical Equipment for dually eligible beneficiaries. Finally, this rule also summarizes comments received in response to a request for information related to the Comprehensive ESRD Care Model and future payment models affecting renal care.

  15. A Mixed Bidding Mode and Its Clearing Algorithm for Electricity Market Applications%电力市场混合竞价模式及其出清算法

    Institute of Scientific and Technical Information of China (English)

    王建学; 张成刚; 王秀丽; 陈虹静

    2011-01-01

    提出了一种电力市场混合竞价模式.该模式将负荷曲线分为基础负荷与波动负荷两部分,基础负荷采用分段竞价进行出清,波动负荷部分采用分时竞价进行出清.对此建立了电力市场混合竞价的数学模型,解决了分段竟价模式处理分时段约束的困难,提高了市场出清结果的可行性.分析了市场分界线讨出清结果的影响,提出分段市场与分时市场的划分要根据系统约束的满足情况来动态优化调整.对现有的2种结算方式进行了分析比较,确定了在混合竞价机制下基础负荷部分的分段竞价市场采用全网边际电价进行统一结算,波动负荷部分的分时竞价市场则按各个机组报价分别进行结算.IEEE 30节点算例验证了所提竞价模式和算法的有效性和可行性.%A new mixed bidding mode for electricity market is proposed. In this mode, the load curve is divided into two parts including basic load part and fluctuating load part. The basic load part adopts the block bidding mode, and the fluctuating load part adopts the hourly bidding mode, so that not only a series of advantages of block bidding are preserved, but also the difficulties of dealing with constraints related to time periods of the block bidding are overcome. The optimization model of the mixed bidding mode is established to increase the feasibility of market clearing results. The boundary of block bidding market and hourly bidding market is determined by dynamic optimization adjustment according to system constraints, as well as minimizing the power purchasing cost. By comparing and analyzing the current two settlement methods, the unified marginal price clearing mechanism is adopted in the basic load part of the block bidding market for settlement, and the pay as bid mechanism is adopted in the hourly bidding market for settlement. An example of IEEE 30-bus system validates that the bidding mode and algorithm proposed are certainly feasible

  16. Market Equilibrium and Impact of Market Mechanism Parameters on the Electricity Price in Yunnan’s Electricity Market

    OpenAIRE

    Chuntian Cheng; Fu Chen; Gang Li; Qiyu Tu

    2016-01-01

    In this paper, a two-dimensional Cournot model is proposed to study generation companies’ (GENCO’s) strategic quantity-setting behaviors in the newly established Yunnan’s electricity market. A hybrid pricing mechanism is introduced to Yunnan’s electricity market with the aim to stimulate electricity demand. Market equilibrium is obtained by iteratively solving each GENCO’s profit maximization problem and finding their optimal bidding outputs. As the market mechanism is a key element of the el...

  17. Pricing and reimbursement of drugs in Ireland.

    Science.gov (United States)

    Barry, Michael; Tilson, Lesley; Ryan, Máirín

    2004-06-01

    Expenditure on healthcare in Ireland, which is mainly derived from taxation, has increased considerably in recent years to an estimated 9.2 billion euro in 2003. Pharmaceuticals account for approximately 10% of total healthcare expenditure. Approximately one-third of patients receive their medications free of charge whilst the remaining two-thirds are subject to a co-payment threshold of 78 euro per month, i.e. 936 euro per year. The price of medications in Ireland is linked to those of five other member states where the price to the wholesaler of any medication will not exceed the lesser of the currency-adjusted wholesale price in the United Kingdom or the average of wholesale prices in Denmark, France, Germany, The Netherlands and the United Kingdom. A price freeze at the introduction price has been in existence since 1993. Despite the price freeze, expenditure on medicines on the community drugs scheme has increased from 201 million euro in 1993 to 898 million euro in 2002. The two main factors contributing to the increased expenditure on medicines include "product mix", the prescribing of new and more expensive medication, and "volume effect" comprising growth in the number of prescription items. Changing demographics and the extension of the General Medical Services (GMS) Scheme to provide free medicines for all those over the age of 70 years have also contributed. Prior to reimbursement under the community drugs schemes, a medicine must be included in the GMS code book or positive list. A demonstration of cost-effectiveness is not a pre-requisite for reimbursement.

  18. Local house prices and mental health.

    Science.gov (United States)

    Joshi, Nayan Krishna

    2016-03-01

    This paper examines the impact of local (county-level) house prices on individual self-reported mental health using individual level data from the United States Behavioral Risk Factor Surveillance System between 2005 and 2011. Exploiting a fixed-effects model that relies on within-county variations, relative to the corresponding changes in other counties, I find that while individuals are likely to experience worse self-reported mental health when local house prices decline, this association is most pronounced for individuals who are least likely to be homeowners. This finding is not consistent with a prediction from a pure wealth mechanism but rather with the hypothesis that house prices act as an economic barometer. I also demonstrate that the association between self-reported mental health and local house prices is not driven by unemployment or foreclosure. The primary result-that lower local house prices have adverse impact on self-reported mental health of homeowners and renters-is consistent with studies using data from the United Kingdom.

  19. Food Price Volatility and Decadal Climate Variability

    Science.gov (United States)

    Brown, M. E.

    2013-12-01

    The agriculture system is under pressure to increase production every year as global population expands and more people move from a diet mostly made up of grains, to one with more meat, dairy and processed foods. Weather shocks and large changes in international commodity prices in the last decade have increased pressure on local food prices. This paper will review several studies that link climate variability as measured with satellite remote sensing to food price dynamics in 36 developing countries where local monthly food price data is available. The focus of the research is to understand how weather and climate, as measured by variations in the growing season using satellite remote sensing, has affected agricultural production, food prices and access to food in agricultural societies. Economies are vulnerable to extreme weather at multiple levels. Subsistence small holders who hold livestock and consume much of the food they produce are vulnerable to food production variability. The broader society, however, is also vulnerable to extreme weather because of the secondary effects on market functioning, resource availability, and large-scale impacts on employment in trading, trucking and wage labor that are caused by weather-related shocks. Food price variability captures many of these broad impacts and can be used to diagnose weather-related vulnerability across multiple sectors. The paper will trace these connections using market-level data and analysis. The context of the analysis is the humanitarian aid community, using the guidance of the USAID Famine Early Warning Systems Network and the United Nation's World Food Program in their response to food security crises. These organizations have worked over the past three decades to provide baseline information on food production through satellite remote sensing data and agricultural yield models, as well as assessments of food access through a food price database. Econometric models and spatial analysis are used

  20. Optimal bidding in Turkey day ahead electricity market for wind energy and pumped storage hydro power plant

    Directory of Open Access Journals (Sweden)

    Ceyhun Yıldız

    2016-10-01

    Full Text Available In electrical grid; when the demand power increases energy prices increase, when the demand decreases energy prices decrease. For this reason; to increase the total daily income, it is required to shift generations to the hours that high demand power values occurred. Wind Power Plants (WPP have unstable and uncontrollable generation characteristic. For this reason, energy storage systems are needed to shift the generations of WPPs in time scale. In this study, four wind power plants (WPP which are tied to the Turkish interconnected grid and a pumped hydro storage power plant (PSPP that meets the energy storage requirement of these power plants are investigated in Turkey day ahead energy market. An optimization algorithm is developed using linear programming technique to maximize the day ahead market bids of these plants which are going to generate power together. When incomes and generations of the plants that are operated with optimization strategy is analyzed, it is seen that annual income increased by 2.737% compared with WPPs ‘s alone operation and generations are substantially shifted to the high demand power occurred hours.