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. A Robust Open Ascending-price Multi-unit Auction Protocol against False-name Bids

    Science.gov (United States)

    Iwasaki, Atsushi; Yokoo, Makoto; Terada, Kenji

    This paper develops a new ascending-price multi-unit auction protocol that has following characteristics: (i) it has an open format, (ii) sincere bidding is an equilibrium strategy even if the marginal utilities of each agent can increase and agents can submit false-name bids. False-name bids are bids submitted under fictitious names such as multiple e-mail addresses, which can be done easily in the Internet. This is the first protocol that has these two characteristics. We show that our new protocol outperforms an existing protocol, which satisfies (ii), with respect to the social surplus and the seller's revenue.

  3. 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.

  4. 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...

  5. 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...

  6. Bidding price analysis for competitive generators and large consumers

    International Nuclear Information System (INIS)

    Ping Wei; Luonan Chen; Hsiao Dong Chiang

    2005-01-01

    We present a new method to analyze the bidding price of each participant (power suppliers and large consumers) in a pay-as-bid market. The bidding price will be decomposed into a variety of components corresponding to five factors, such as the incremental values of the subject bidder's generation on the system operational costs, on the income or payment of other bidders, and on the binding tradable constraints, and the first-order approximation of the subjective participant's bidding price. From an economic viewpoint, each component provides useful information for participants to design the strategic planning. The advantages of the method include that the decomposition is well defined without assumptions and that each decomposition term has its own economical and/or engineering meaning. The proposed method is numerically verified through computer simulations on a three-bus example system and a modified IEEE 30-bus power system with both generator and large consumer bidding. (author)

  7. 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......'s capacities and its profits of undercutting increase....

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

    Science.gov (United States)

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

    2003-03-04

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

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

    DEFF Research Database (Denmark)

    Mazzi, Nicolò; Kazempour, Jalal; Pinson, Pierre

    2017-01-01

    The recent increase in the deployment of renewable energy sources may affect the offering strategy of conventional producers, mainly in the balancing market. The topics of optimal offering strategy and self-scheduling of thermal units have been extensively addressed in the literature. The feasible...... 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...

  10. Strategic bidding of generating units in competitive electricity market with considering their reliability

    International Nuclear Information System (INIS)

    Soleymani, S.; Ranjbar, A.M.; Shirani, A.R.

    2008-01-01

    In the restructured power systems, they are typically scheduled based on the offers and bids to buy and sell energy and ancillary services (AS) subject to operational and security constraints. Generally, no account is taken of unit reliability when scheduling it. Therefore generating units have no incentive to improve their reliability. This paper proposes a new method to obtain the equilibrium points for reliability and price bidding strategy of units when the unit reliability is considered in the scheduling problem. The proposed methodology employs the supply function equilibrium (SFE) for modeling a unit's bidding strategy. Units change their bidding strategies and improve their reliability until Nash equilibrium points are obtained. GAMS (general algebraic modeling system) language has been used to solve the market scheduling problem using DICOPT optimization software with mixed integer non-linear programming. (author)

  11. 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

  12. 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

  13. A bid solicitation and selection method for developing a competitive spot priced electric market

    International Nuclear Information System (INIS)

    Ancona, J.J.

    1997-01-01

    The electric utility industry is in the beginning throes of a transformation from a cost-based regulated structure to a more market based less regulated system. Traditional unit commitment and economic dispatch methodologies can continue to provide reliable least-cost solutions, providing they are modified to accommodate a larger sphere of market participants. This paper offers a method for an entity such as an Independent System Operator (ISO) to solicit and evaluate bids for developing a spot priced electric market by replicating existing utility practices that are effective and efficient, while creating an open and equitable competitive marketplace for electricity

  14. 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.

  15. 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...

  16. Bidding: Getting the Best Price for School Foodservice.

    Science.gov (United States)

    DiBella, Cecilia M.

    1998-01-01

    Sharon (Massachusetts) Public Schools developed an alternative procurement process for school food services that complies with state public bidding laws while evading "low-bid" constraints. The new process features evaluative criteria covering nutrition education, community outreach, management expertise, site visits, and price…

  17. Competitive bidding for independent power: developments in the United States

    International Nuclear Information System (INIS)

    Kliman, M.

    1995-01-01

    In the United States electric utilities are using competitive bidding programs to procure power supplies from non-utility generators and, in some cases, to establish contracts with energy service companies for the implementation of demand-side management projects. Such programs are viewed as a path to efficient contracts in the private power industry. But bidding programs are complex, subject to pitfalls, and are developing very quickly. This paper reports on that development as of the early 1990s and, as an illustration, briefly describes and analyzes the bidding program of an electric utility in the State of New York. (author). 2 tabs

  18. 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......-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...... can be largely captured in the form of a complex market bid, so that this could be ultimately used for the cluster to participate in the wholesale electricity market....

  19. A Comparative Study on the Bidding Behavior of Pay as Bid and Uniform Price Electricity Market Players

    DEFF Research Database (Denmark)

    Haji Bashi, Mazaher; Khazraj, Hesam; Bak, Claus Leth

    2018-01-01

    High prices are expected for high demand times in the electricity markets and vice versa. The System Capacity Margin (SCM) demonstrates the abundance of electricity in the market. Naturally, higher SCM causes to lower price but, the players' behavior distortions have been frequently addressed...... in the literature. The overall producers’ bidding behaviors participating in Iran Electricity Market (IEM) as the low wind penetrated case and the Danish Electricity Market (DEM) as a high wind penetrated case are studied in this paper. An index is introduced to describe the overall market players’ behaviors....... Considering the players' behavior and using adaptive Neuro-fuzzy inference system, a model is derived. Although the total trend of prices is descending while the SCM increases, the results show some unexpected behaviors in IEM. Finally, players' biding behavior are compared in DEM and IEM. Markov transition...

  20. Electricity market auction settings in a future Danish electricity system with a high penetration of renewable energy sources - A comparison of marginal pricing and pay-as-bid

    International Nuclear Information System (INIS)

    Nielsen, Steffen; Sorknaes, Peter; Ostergaard, Poul Alberg

    2011-01-01

    The long-term goal for Danish energy policy is to be free of fossil fuels through the increasing use of renewable energy sources (RES) including fluctuating renewable electricity (FRE). The Danish electricity market is part of the Nordic power exchange, which uses a Marginal Price auction system (MPS) for the day-ahead auctions. The market price is thus equal to the bidding price of the most expensive auction winning unit. In the MPS, the FRE bid at prices of or close to zero resulting in reduced market prices during hours of FRE production. In turn, this reduces the FRE sources' income from market sales. As more FRE is implemented, this effect will only become greater, thereby reducing the income for FRE producers. Other auction settings could potentially help to reduce this problem. One candidate is the pay-as-bid auction setting (PAB), where winning units are paid their own bidding price. This article investigates the two auction settings, to find whether a change of auction setting would provide a more suitable frame for large shares of FRE. This has been done with two energy system scenarios with different shares of FRE. From the analysis, it is found that MPS is generally better for the FRE sources. The result is, however, very sensitive to the base assumptions used for the calculations. -- Highlights: → In this study two different auction settings for the Danish electricity market are compared. → Two scenarios are used in the analyses, one representing the present system and one representing a future 100% renewable energy system. → We find that marginal price auction system is most suitable for supporting fluctuating renewable energy in both scenarios. → The results are very sensitive to the assumptions about bidding prices for each technology.

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

    Science.gov (United States)

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

    2018-02-01

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

  2. Self-scheduling and bidding strategies of thermal units with stochastic emission constraints

    International Nuclear Information System (INIS)

    Laia, R.; Pousinho, H.M.I.; Melíco, R.; Mendes, V.M.F.

    2015-01-01

    Highlights: • The management of thermal power plants is considered for different emission allowance levels. • The uncertainty on electricity price is considered by a set of scenarios. • A stochastic MILP approach allows devising the bidding strategies and hedging against price uncertainty and emission allowances. - Abstract: This paper is on the self-scheduling problem for a thermal power producer taking part in a pool-based electricity market as a price-taker, having bilateral contracts and emission-constrained. An approach based on stochastic mixed-integer linear programming approach is proposed for solving the self-scheduling problem. Uncertainty regarding electricity price is considered through a set of scenarios computed by simulation and scenario-reduction. Thermal units are modelled by variable costs, start-up costs and technical operating constraints, such as: forbidden operating zones, ramp up/down limits and minimum up/down time limits. A requirement on emission allowances to mitigate carbon footprint is modelled by a stochastic constraint. Supply functions for different emission allowance levels are accessed in order to establish the optimal bidding strategy. A case study is presented to illustrate the usefulness and the proficiency of the proposed approach in supporting biding strategies

  3. The Price Is Right, but Are the Bids? An Investigation of Rational Decision Theory.

    OpenAIRE

    Berk, Jonathan B; Hughson, Eric; Vandezande, Kirk

    1996-01-01

    The television game show The Price Is Right is used as a laboratory to conduct a preference-free test of rational decision theory in an environment with substantial economic incentives. It is found that contestants' strategies are transparently suboptimal. In response to this evidence, simple rules of thumb are developed that are shown to explain observed bidding patterns better than rational decision theory. Further, learning during the show reduces the frequency of strategic errors. This is...

  4. Preliminary Study on Bidding Price Ratio Pattern of Public Works in Taiwan - a Case Study of Bridges, Elevated Highways, Tunnels and Subways

    Science.gov (United States)

    Tseng, Paoshan; Wang, Hanhsiang; Chen, Pingfu; Yeh, Lihsu

    2018-01-01

    Commonly seen tender bid price information of the public works in Taiwan are the budget amount, floor price, awarding price and so on. The ratio of the awarding price to the floor price or budget price is the so-called bidding price ratio. This ratio is influenced by multifaceted factor interactions and is significant to decision making management in engineering projects. Low bidding price ratio may imply that the budget allocation by the tendering agency is inconsiderate or due to the improper market competition of low price bid rigging. High bidding price ratio in turn may indicate that the allocated budget is relatively low, bidder risks in increased contract execution uncertainty or even exclusive bidding scenario. Therefore, the correlation between the bidding price ratio and the aforementioned tender award information is the key issue of this study. This study gathered the tender information of the civil engineering projects in Taiwan within the past seven years. By performing statistical analysis and clustering the gathered data by bidding price ratio, this study investigated the influencing factors and regulations of bidding price ratio using data mining approach.

  5. G-Doob-Meyer Decomposition and Its Applications in Bid-Ask Pricing for Derivatives under Knightian Uncertainty

    Directory of Open Access Journals (Sweden)

    Wei Chen

    2015-01-01

    Full Text Available The target of this paper is to establish the bid-ask pricing framework for the American contingent claims against risky assets with G-asset price systems on the financial market under Knightian uncertainty. First, we prove G-Dooby-Meyer decomposition for G-supermartingale. Furthermore, we consider bid-ask pricing American contingent claims under Knightian uncertainty, by using G-Dooby-Meyer decomposition; we construct dynamic superhedge strategies for the optimal stopping problem and prove that the value functions of the optimal stopping problems are the bid and ask prices of the American contingent claims under Knightian uncertainty. Finally, we consider a free boundary problem, prove the strong solution existence of the free boundary problem, and derive that the value function of the optimal stopping problem is equivalent to the strong solution to the free boundary problem.

  6. Pricing decision-making units

    OpenAIRE

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

    2013-01-01

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

  7. Bidding strategy in pay-as-bid power markets

    International Nuclear Information System (INIS)

    Oloomi-Buygi, M.; Nazarian, H.

    2007-01-01

    Electricity markets around the world can be classified as pool-based electricity markets; pure bilateral contract markets; and hybrid markets. The bidding strategy has emerged as an important issue for producers in pool-based electricity markets. Power producers can use several approaches to develop bidding strategies that determine the optimal bid to maximize profit. The various approaches fall into 2 categories, notably forecasting market clearing prices, and estimating the behaviour of other competitors. This paper presented a simple and efficient approach for developing a bidding strategy in pay-as-bid electricity markets. It used the multiple step bid to estimate the optimal bid. One step was allocated to revenue earning while the other steps were allocated to information acquiring. Information acquiring steps obtain information from the market for estimating the optimal bid of the next day. The proposed method was used at a specified power generating unit operating in the Iranian electricity market. The study showed that the proposed bidding strategy can increase the total revenue of the unit by thirty nine per cent. 22 refs., 8 figs

  8. Varying the number of bidders in the first-price sealed-bid auction: experimental evidence for the one-shot game

    NARCIS (Netherlands)

    Füllbrunn, S.C.; Neugebauer, T.

    2013-01-01

    The paper reports experimental data on the behavior in the first-price sealed-bid auction for a varying number of bidders when values and bids are private information. This feedback-free design is proposed for the experimental test of the one-shot game situation. We consider both within-subjects and

  9. Modelling the transition from cost-based to bid-based pricing in a deregulated electricity-market

    Energy Technology Data Exchange (ETDEWEB)

    Druce, Donald J. [BC Hydro, 6911 Southpoint Drive, Burnaby, British Columbia (Canada)

    2007-12-15

    Alberta is a province in western Canada with a deregulated electricity-market. Market clearing prices for most hours reflect the cost of either coal-fired or gas-fired thermal generation. Whenever there is a chronic shortage of generation or even a temporary one due to an outage, prices can be bid much higher than fuel costs would suggest. The province of British Columbia borders Alberta to the west and its electric utility, BC Hydro, has a history of trade with the utilities in Alberta. BC Hydro has predominantly hydroelectric resources and large storage reservoirs. Prior to Alberta's deregulation in 1996, BC Hydro was able to enter into mutually beneficial load-factoring contracts with the Alberta utilities. Now, as long as the transmission is available, BC Hydro can buy low priced off-peak coal-fired energy and sell into the high priced periods without having to share the benefits. BC Hydro uses a combination of econometric and Monte Carlo modelling to simulate hourly price-duration curves for Alberta that capture both cost-based and bid-based characteristics. This approach provides a good fit with the stochastic dynamic programming model that BC Hydro has developed for its mid-term hydro scheduling. (author)

  10. Modelling the transition from cost-based to bid-based pricing in a deregulated electricity-market

    International Nuclear Information System (INIS)

    Druce, Donald J.

    2007-01-01

    Alberta is a province in western Canada with a deregulated electricity-market. Market clearing prices for most hours reflect the cost of either coal-fired or gas-fired thermal generation. Whenever there is a chronic shortage of generation or even a temporary one due to an outage, prices can be bid much higher than fuel costs would suggest. The province of British Columbia borders Alberta to the west and its electric utility, BC Hydro, has a history of trade with the utilities in Alberta. BC Hydro has predominantly hydroelectric resources and large storage reservoirs. Prior to Alberta's deregulation in 1996, BC Hydro was able to enter into mutually beneficial load-factoring contracts with the Alberta utilities. Now, as long as the transmission is available, BC Hydro can buy low priced off-peak coal-fired energy and sell into the high priced periods without having to share the benefits. BC Hydro uses a combination of econometric and Monte Carlo modelling to simulate hourly price-duration curves for Alberta that capture both cost-based and bid-based characteristics. This approach provides a good fit with the stochastic dynamic programming model that BC Hydro has developed for its mid-term hydro scheduling

  11. Robust Multi-unit Auction Protocol against False-name Bids

    Science.gov (United States)

    Yokoo, Makoto; Sakurai, Yuko; Matsubara, Shigeo

    This paper presents a new multi-unit auction protocol (IR protocol) that is robust against false-name bids. Internet auctions have become an integral part of Electronic Commerce and a promising field for applying agent and Artificial Intelligence technologies. Although the Internet provides an excellent infrastructure for executing auctions, the possibility of a new type of cheating called false-name bids has been pointed out. A false-name bid is a bid submitted under a fictitious name. A protocol called LDS has been developed for combinatorial auctions of multiple different items and has proven to be robust against false-name bids. Although we can modify the LDS protocol to handle multi-unit auctions, in which multiple units of an identical item are auctioned, the protocol is complicated and requires the auctioneer to carefully pre-determine the combination of bundles to obtain a high social surplus or revenue. For the auctioneer, our newly developed IR protocol is easier to use than the LDS, since the combination of bundles is automatically determined in a flexible manner according to the declared evaluation values of agents. The evaluation results show that the IR protocol can obtain a better social surplus than that obtained by the LDS protocol.

  12. 48 CFR 52.214-10 - Contract Award-Sealed Bidding.

    Science.gov (United States)

    2010-10-01

    ... the solicitation, will be most advantageous to the Government considering only price and the price... quantity less than the quantity offered, at the unit prices offered, unless the bidder specifies otherwise in the bid. (d) A written award or acceptance of a bid mailed or otherwise furnished to the...

  13. 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.

  14. Bidding behaviour in multi-unit auctions – an experimental investigation

    Czech Academy of Sciences Publication Activity Database

    Engelmann, Dirk; Grimm, V.

    2009-01-01

    Roč. 119, č. 537 (2009), s. 855-882 ISSN 0013-0133 Institutional research plan: CEZ:AV0Z70850503 Keywords : multi-unit auctions * bidding behavior * laboratory experiments Subject RIV: AH - Economics Impact factor: 1.902, year: 2009

  15. Varying the number of bidders in the first-price sealed-bid auction: experimental evidence for the one-shot game

    OpenAIRE

    Tibor Neugebauer; Sascha F llbrunn

    2013-01-01

    The paper reports experimental data on the behavior in the first-price sealed-bid auction for a varying number of bidders when values and bids are private information. This feedback-free design is proposed for the experimental test of the one-shot game situation. We consider both within-subject and betweensubjects variations. In line with the qualitative risk neutral Nash equilibrium prediction, the data show that bids increase in the number of bidders. However, in auctions involving a small ...

  16. 48 CFR 52.214-27 - Price Reduction for Defective Certified Cost or Pricing Data-Modifications-Sealed Bidding.

    Science.gov (United States)

    2010-10-01

    ... reduction. This right to a price reduction is limited to that resulting from defects in data relating to... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Price Reduction for... PROVISIONS AND CONTRACT CLAUSES Text of Provisions and Clauses 52.214-27 Price Reduction for Defective...

  17. 48 CFR 52.214-28 - Subcontractor Certified Cost or Pricing Data-Modifications-Sealed Bidding.

    Science.gov (United States)

    2010-10-01

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

  18. 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.

  19. How does the revelation of previous bid affect new bid?

    OpenAIRE

    Li, Yingzi; Gallardo, R. Karina; McCracken, Vicki A.; Yue, Chengyan; Luby, James; McFerson, James R.

    2014-01-01

    This study investigates the effect of the revelation of posted bids in second-price experimental auctions for apple quality attributes under the experimental design where information is added progressively across rounds. We find that the revelation of posted bids does not bias the following bids and that increased information about the apple increases the accuracy of participants’ following bids. Therefore, the final round bids are used to evaluate consumers’ willingness to pay for the apple ...

  20. 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.

  1. Unit root behavior in energy futures prices

    OpenAIRE

    Serletis, Apostolos

    1992-01-01

    This paper re-examines the empirical evidence for random walk type behavior in energy futures prices. In doing so, tests for unit roots in the univariate time-series representation of the daily crude oil, heating oil, and unleaded gasoline series are performed using recent state-of-the-art methodology. The results show that the unit root hypothesis can be rejected if allowance is made for the possibility of a one-time break in the intercept and the slope of the trend function at an unknown po...

  2. 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)

  3. 7 CFR 1726.204 - Multiparty unit price quotations.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 11 2010-01-01 2010-01-01 false Multiparty unit price quotations. 1726.204 Section....204 Multiparty unit price quotations. The borrower or its engineer must contact a sufficient number of... basis of written unit price quotations, the borrower will select the supplier or contractor based on the...

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

    OpenAIRE

    Jan Vilasuso; Fredric C. Menz

    1998-01-01

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

  5. 75 FR 13345 - Pricing for Certain United States Mint Products

    Science.gov (United States)

    2010-03-19

    ... 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 First Spouse Bronze Medals and 2010 First Spouse Bronze Medal Series: Four...

  6. 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 if...

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

    International Nuclear Information System (INIS)

    Bigdeli, N.; Afshar, K.; Amjady, N.

    2009-01-01

    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)

  8. 41 CFR 102-38.225 - What are the additional requirements in the bid process?

    Science.gov (United States)

    2010-07-01

    ... OF PERSONAL PROPERTY Bids Acceptance of Bids § 102-38.225 What are the additional requirements in the bid process? All sales except fixed price sales must contain a certification of independent price...

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

    International Nuclear Information System (INIS)

    Xiaoling Chen; He, Y.; Song, Y.H.

    2004-01-01

    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)

  10. Bid specifications and bid evaluations

    International Nuclear Information System (INIS)

    Zijl, N.A. van

    1977-01-01

    Bid specifications are in view of the size of these projects important and comprehensive documents. The basic content and set up of the specifications are discussed such as: 1) Bid invitation letter, 2) instruction to bidders, 3) draft contract (terms and conditions), 4) technical specifications, 5) side data and information. - The evaluations of bids for nuclear power stations is due to the complexity of such bids a difficult undertaking. Evaluation methods and approaches which can be applied for such bid evaluations are discussed as well as the preparations which are required for carrying out such evaluations. (orig.) [de

  11. 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

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

    International Nuclear Information System (INIS)

    Powe, I.

    1992-01-01

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

  13. 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

  14. State cigarette minimum price laws - United States, 2009.

    Science.gov (United States)

    2010-04-09

    Cigarette price increases reduce the demand for cigarettes and thereby reduce smoking prevalence, cigarette consumption, and youth initiation of smoking. Excise tax increases are the most effective government intervention to increase the price of cigarettes, but cigarette manufacturers use trade discounts, coupons, and other promotions to counteract the effects of these tax increases and appeal to price-sensitive smokers. State cigarette minimum price laws, initiated by states in the 1940s and 1950s to protect tobacco retailers from predatory business practices, typically require a minimum percentage markup to be added to the wholesale and/or retail price. If a statute prohibits trade discounts from the minimum price calculation, these laws have the potential to counteract discounting by cigarette manufacturers. To assess the status of cigarette minimum price laws in the United States, CDC surveyed state statutes and identified those states with minimum price laws in effect as of December 31, 2009. This report summarizes the results of that survey, which determined that 25 states had minimum price laws for cigarettes (median wholesale markup: 4.00%; median retail markup: 8.00%), and seven of those states also expressly prohibited the use of trade discounts in the minimum retail price calculation. Minimum price laws can help prevent trade discounting from eroding the positive effects of state excise tax increases and higher cigarette prices on public health.

  15. Effect of the accuracy of price forecasting on profit in a Price Based Unit Commitment

    International Nuclear Information System (INIS)

    Delarue, Erik; Van Den Bosch, Pieterjan; D'haeseleer, William

    2010-01-01

    This paper discusses and quantifies the so-called loss of profit (i.e., the sub-optimality of profit) that can be expected in a Price Based Unit Commitment (PBUC), when incorrect price forecasts are used. For this purpose, a PBUC model has been developed and utilized, using Mixed Integer Linear Programming (MILP). Simulations are used to determine the relationship between the Mean Absolute Percentage Error (MAPE) of a certain price forecast and the loss of profit, for four different types of power plants. A Combined Cycle (CC) power plant and a pumped storage unit show highest sensitivity to incorrect forecasts. A price forecast with a MAPE of 15%, on average, yields 13.8% and 12.1% profit loss, respectively. A classic thermal power plant (coal fired) and cascade hydro unit are less affected by incorrect forecasts, with only 2.4% and 2.0% profit loss, respectively, at the same price forecast MAPE. This paper further demonstrates that if price forecasts show an average bias (upward or downward), using the MAPE as measure of the price forecast might not be sufficient to quantify profit loss properly. Profit loss in this case has been determined as a function of both shift and MAPE of the price forecast. (author)

  16. 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.

  17. Cost Indexing and Unit Price Adjustments for Construction Materials

    Science.gov (United States)

    2012-10-30

    This project was focused on the assimilation of information regarding unit price adjustment clauses, or PACs, : that are offered for construction materials at the state Departments of Transportation (DOTs). It is intended to : provide the South Carol...

  18. The impacts of different bidding segment numbers on bidding strategies of generation companies

    International Nuclear Information System (INIS)

    Wang, L.; Yu, C.W.; Wen, F.S.

    2008-01-01

    In a competitive electricity market, generation companies design bidding strategies to maximize their individual profits subject to the constraints imposed by bidding rules. For a generation company, obviously, the optimal bidding strategy and hence the potential of exercising market power may be different if different bidding rules are employed. Hence, a well-designed bidding protocol is vital to the effective and efficient operation of an electricity market. Based on the widely used stepwise bidding rules, the impacts of different numbers of bidding segments on the bidding strategies of generation companies are investigated. This study is focused on a price-taker generation company in an electricity market. A probabilisic model is used to simulate electricity price in the competitive market environment. With a given number of bidding segments, the optimal bidding strategy for a price-taker generation company is then developed. The effects of risk preferences as well as information asymmetry on the optimal bidding strategy are also examined. With particular references to the impacts of different numbers of bidding segments on the optimal bidding strategy, a numerical example is employed to demonstrate the validity of the proposed model and methodology. (author)

  19. 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...... auction, which is the multi unit analogue of a second-price auction. Furthermore, we characterize these equilibria when valuations take a number of different forms: diminishing marginal valuations, increasing average valuations, and marginal valuations with single turning points...

  20. Unit of Account, Medium of Exchange, and Prices

    OpenAIRE

    Young Sik Kim; Manjong Lee

    2011-01-01

    The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity-money system is investigated by considering explicitly a seller¡¯s choice with regard to posting price in terms of either an MoE or a UoA. If the likelihood of debasement of MoE or its rate is high enough and agents are sufficiently risk averse, there exists a monetary equilibrium in which price is quoted in terms of a UoA. Further, a UoA-posting equilibrium yields the flexible nominal price, whereas ...

  1. COMPETITIVE BIDDING IN MEDICARE ADVANTAGE: EFFECT OF BENCHMARK CHANGES ON PLAN BIDS

    Science.gov (United States)

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

    2013-01-01

    Bidding has been proposed to replace or complement the administered prices in 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. PMID:24308881

  2. 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.

  3. Unit root properties of crude oil spot and futures prices

    International Nuclear Information System (INIS)

    Maslyuk, Svetlana; Smyth, Russell

    2008-01-01

    In this article, we examine whether WTI and Brent crude oil spot and futures prices (at 1, 3 and 6 months to maturity) contain a unit root with one and two structural breaks, employing weekly data over the period 1991-2004. To realise this objective we employ Lagrange multiplier (LM) unit root tests with one and two endogenous structural breaks proposed by Lee and Strazicich [2003. Minimum Lagrange multiplier unit root test with two structural breaks. Review of Economics and Statistics, 85, 1082-1089; 2004. Minimum LM unit root test with one structural break. Working Paper no. 04-17, Department of Economics, Appalachian State University]. We find that each of the oil price series can be characterised as a random walk process and that the endogenous structural breaks are significant and meaningful in terms of events that have impacted on world oil markets

  4. 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.

  5. 48 CFR 52.228-1 - Bid Guarantee.

    Science.gov (United States)

    2010-10-01

    ... as accepted. (c) The amount of the bid guarantee shall be ____ percent of the bid price or $____, whichever is less. (d) If the successful bidder, upon acceptance of its bid by the Government within the period specified for acceptance, fails to execute all contractual documents or furnish executed bond(s...

  6. Supply curve bidding of electricity in constrained power networks

    International Nuclear Information System (INIS)

    Al-Agtash, Salem Y.

    2010-01-01

    This paper presents a Supply Curve Bidding (SCB) approach that complies with the notion of the Standard Market Design (SMD) in electricity markets. The approach considers the demand-side option and Locational Marginal Pricing (LMP) clearing. It iteratively alters Supply Function Equilibria (SFE) model solutions, then choosing the best bid based on market-clearing LMP and network conditions. It has been argued that SCB better benefits suppliers compared to fixed quantity-price bids. It provides more flexibility and better opportunity to achieving profitable outcomes over a range of demands. In addition, SCB fits two important criteria: simplifies evaluating electricity derivatives and captures smooth marginal cost characteristics that reflect actual production costs. The simultaneous inclusion of physical unit constraints and transmission security constraints will assure a feasible solution. An IEEE 24-bus system is used to illustrate perturbations of SCB in constrained power networks within the framework of SDM. By searching in the neighborhood of SFE model solutions, suppliers can obtain their best bid offers based on market-clearing LMP and network conditions. In this case, electricity producers can derive their best offering strategy both in the power exchange and the long-term contractual markets within a profitable, yet secure, electricity market. (author)

  7. Supply curve bidding of electricity in constrained power networks

    Energy Technology Data Exchange (ETDEWEB)

    Al-Agtash, Salem Y. [Hijjawi Faculty of Engineering; Yarmouk University; Irbid 21163 (Jordan)

    2010-07-15

    This paper presents a Supply Curve Bidding (SCB) approach that complies with the notion of the Standard Market Design (SMD) in electricity markets. The approach considers the demand-side option and Locational Marginal Pricing (LMP) clearing. It iteratively alters Supply Function Equilibria (SFE) model solutions, then choosing the best bid based on market-clearing LMP and network conditions. It has been argued that SCB better benefits suppliers compared to fixed quantity-price bids. It provides more flexibility and better opportunity to achieving profitable outcomes over a range of demands. In addition, SCB fits two important criteria: simplifies evaluating electricity derivatives and captures smooth marginal cost characteristics that reflect actual production costs. The simultaneous inclusion of physical unit constraints and transmission security constraints will assure a feasible solution. An IEEE 24-bus system is used to illustrate perturbations of SCB in constrained power networks within the framework of SDM. By searching in the neighborhood of SFE model solutions, suppliers can obtain their best bid offers based on market-clearing LMP and network conditions. In this case, electricity producers can derive their best offering strategy both in the power exchange and the long-term contractual markets within a profitable, yet secure, electricity market. (author)

  8. 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

  9. Emerging behavior in electronic bidding

    Science.gov (United States)

    Yang, I.; Jeong, H.; Kahng, B.; Barabási, A.-L.

    2003-07-01

    We characterize the statistical properties of a large number of agents on two major online auction sites. The measurements indicate that the total number of bids placed in a single category and the number of distinct auctions frequented by a given agent follow power-law distributions, implying that a few agents are responsible for a significant fraction of the total bidding activity on the online market. We find that these agents exert an unproportional influence on the final price of the auctioned items. This domination of online auctions by an unusually active minority may be a generic feature of all online mercantile processes.

  10. Equilibrium Selection with Risk Dominance in a Multiple-unit Unit Uniform Price Auction

    DEFF Research Database (Denmark)

    Boom, Anette

    This paper uses an adapted version of the linear tracing procedure, suggested by Harsanyi and Selten (1988), in order to discriminate between two types of multiple Nash equilibria. Equilibria of the same type are pay-off equivalent in the analysed multiple-unit unit price auction where two seller...

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

    International Nuclear Information System (INIS)

    Boonchuay, Chanwit; Ongsakul, Weerakorn

    2011-01-01

    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.

  12. 75 FR 10561 - Pricing for 2010 United States Mint America the Beautiful QuartersTM

    Science.gov (United States)

    2010-03-08

    ... 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 United States Mint is announcing the price of the 2010 United States Mint America...

  13. 75 FR 13345 - Pricing for Certain 2010 United States Mint Products

    Science.gov (United States)

    2010-03-19

    ... 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 the 2010 United States Mint Presidential $1 Coin and First Spouse Medal...

  14. 75 FR 10345 - Pricing for 2010 United States Mint America the Beautiful Quarters Proof Set, etc.

    Science.gov (United States)

    2010-03-05

    ... 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 Treasury. ACTION: Notice. SUMMARY: The United States Mint is announcing the prices of the 2010 United States Mint America the...

  15. Impact of Railroad Contracts on Grain Bids to Farmers

    OpenAIRE

    Steven D. Hanson; C. Phillip Baumel; Daniel Schnell

    1989-01-01

    The deregulation of railroads by the Staggers Rail Act of 1980 reversed nearly a century of prohibition of contracts between railroads shippers/receivers. This paper presents an analysis of the impact that railroad contracts have on grain bids to corn, wheat, and soybean farmers. The empirical results indicate that destination contracts had significant impacts on prices bid to corn and soybean farmers, while origin contracts had significant and large impacts on prices bid to wheat farmers.

  16. Competitive bidding might create antitrust problems

    International Nuclear Information System (INIS)

    Smith, D.J.

    1991-01-01

    With the increased use and complexity of competitive bidding systems for new generating capacity there is the possibility that federal antitrust laws may be violated. Anyone violating Section 1 of the Sherman Act could face stiff penalties. Falling into this category of violations are agreements among competitors, price fixing, and elimination of competitors through the allocations of customers and/or territories. It does not have to be in writing for someone to be charged with bid rigging. In fact, it is stated that bid rigging is typically proved from the testimony of one of the persons involved. According to this paper, a charge of rigging the bids can come from: One or more bidders offering to provide power at a higher price than another bidder. Two or more bidders offering to supply power at the same price. One or more potential bidders not submitting a bid or intentionally bidding high. One bidder and not the others offering a more favorable construction schedule or an alternative proposal. One firm offering to renegotiate if its bid is rejected while the other bidders refuse. These are just some of the agreements that are illegal. The penalties for such violations of the Sherman Act are severe: fines of up to $100,000 and up to three years in jail for individuals; up to $1 million in fines for corporations

  17. 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.

  18. Competitive bidding in Medicare: who benefits from competition?

    Science.gov (United States)

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

    2012-09-01

    To conduct the first empirical study of competitive bidding in Medicare. We analyzed 2006-2010 Medicare Advantage data from the Centers for Medicare and Medicaid Services using longitudinal models adjusted for market and plan characteristics. A $1 increase in Medicare's payment to health maintenance organization (HMO) plans led to a $0.49 (P service plans included, higher Medicare payments increased bids less ($0.33 per dollar), suggesting more competition among these latter plans. As a market-based alternative to cost control through administrative pricing, competitive bidding relies on private insurance plans proposing prices they are willing to accept for insuring a beneficiary. However, competition is imperfect in the Medicare bidding market. As much as half of every dollar in increased plan payment went to higher bids rather than to beneficiaries. While having more insurers in a market lowered bids, the design of any bidding system for Medicare should recognize this shortcoming of competition.

  19. 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

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

    Science.gov (United States)

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

    2013-11-01

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

  1. 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.

  2. Bidding in sequential electricity markets: The Nordic case

    DEFF Research Database (Denmark)

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

    2014-01-01

    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......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...

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

    NARCIS (Netherlands)

    N.F. Höning (Nicolas); J.A. La Poutré (Han); F. Lopes; Z. Vale; J. Sousa; H. Coelho

    2013-01-01

    htmlabstractDemand 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

  4. 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.

  5. Income Migration and Home Price Trajectories in the United States

    OpenAIRE

    Samuel M. Otterstrom

    2015-01-01

    This paper models one facet of the relationship between housing market price shifts and income migration among U.S. regions: how income migration relates to regional housing price clusters. The tremendous negative slide in national housing prices from 2006 to 2012 had an uneven spatial distribution. These differences are explored within the context of net income and net population migration (movement of money with people). Median housing prices for urban areas from 2005 to 2010 and IRS county...

  6. 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

  7. 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.

  8. 23 CFR 635.113 - Bid opening and bid tabulations.

    Science.gov (United States)

    2010-04-01

    ... CONSTRUCTION AND MAINTENANCE Contract Procedures § 635.113 Bid opening and bid tabulations. (a) All bids... contractors, during the period following the opening of bids and before the award of the contract shall not be...

  9. Electric power bidding model for practical utility system

    Directory of Open Access Journals (Sweden)

    M. Prabavathi

    2018-03-01

    Full Text Available A competitive open market environment has been created due to the restructuring in the electricity market. In the new competitive market, mostly a centrally operated pool with a power exchange has been introduced to meet the offers from the competing suppliers with the bids of the customers. In such an open access environment, the formation of bidding strategy is one of the most challenging and important tasks for electricity participants to maximize their profit. To build bidding strategies for power suppliers and consumers in the restructured electricity market, a new mathematical framework is proposed in this paper. It is assumed that each participant submits several blocks of real power quantities along with their bidding prices. The effectiveness of the proposed method is tested on Indian Utility-62 bus system and IEEE-118 bus system. Keywords: Bidding strategy, Day ahead electricity market, Market clearing price, Market clearing volume, Block bid, Intermediate value theorem

  10. Wind power bidding in electricity markets with high wind penetration

    International Nuclear Information System (INIS)

    Vilim, Michael; Botterud, Audun

    2014-01-01

    Highlights: • We analyze the pricing systems and wind power trading in electricity markets. • We propose a model that captures the relation between market prices and wind power. • A probabilistic bidding model can increase profits for wind power producers. • Profit maximizing bidding strategies carry risks for power system operators. • We conclude that modifications of current market designs may be needed. - Abstract: Objective: The optimal day-ahead bidding strategy is studied for a wind power producer operating in an electricity market with high wind penetration. Methods: A generalized electricity market is studied with minimal assumptions about the structure of the production, bidding, or consumption of electricity. Two electricity imbalance pricing schemes are investigated, the one price and the two price scheme. A stochastic market model is created to capture the price effects of wind power production and consumption. A bidding algorithm called SCOPES (Supply Curve One Price Estimation Strategy) is developed for the one price system. A bidding algorithm called MIMICS (Multivariate Interdependence Minimizing Imbalance Cost Strategy) is developed for the two price system. Results: Both bidding strategies are shown to have advantages over the assumed “default” bidding strategy, the point forecast. Conclusion: The success of these strategies even in the case of high deviation penalties in a one price system and the implicit deviation penalties of the two price system has substantial implications for power producers and system operators in electricity markets with a high level of wind penetration. Practice implications: From an electricity market design perspective, the results indicate that further penalties or regulations may be needed to reduce system imbalance

  11. Bidding in common value fair division games

    OpenAIRE

    Brünner, Tobias; Becker, Alice

    2013-01-01

    In a fair division game an indivisible object with an unknown common value is owned by a group of individuals and should be allocated to one of them while the others are compensated monetarily. Implementing fair division games in the lab, we fi nd many occurrences of the winner's curse under the first-price rule but only few occurrences under the second-price rule. Moreover, bidding behavior is very heterogeneous across subjects. A considerable share of our subjects anticipates that other bid...

  12. DOE turns down all bids for Elk Hills crude

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the U.S. Department of Energy has rejected all bids submitted in the Mar. 5 semiannual sale of crude oil from Elk Hills Naval Petroleum Reserve (NPR-1) in California. DOE the all 19 bids for the 53,740 b/d of crude were too low. The bids ranged from $11.71 to $14.06/bbl, with the top bids for the highest quality Stevens zone crude averaging $13.25/bbl. California oil companies the they bid what the market would bear, explaining a surplus of Alaskan crude on the West Coast has driven down the price of local crudes, notably heavy crudes. DOE will extend the current oil purchase contracts through April while it issues a new request for bids. It planned to issue the solicitation Mar. 23 and receive bids Apr. 15

  13. Per-pack price reductions available from different cigarette purchasing strategies: United States, 2009-2010.

    Science.gov (United States)

    Pesko, Michael F; Xu, Xin; Tynan, Michael A; Gerzoff, Robert B; Malarcher, Ann M; Pechacek, Terry F

    2014-06-01

    Following cigarette excise tax increases, smokers may use cigarette price minimization strategies to continue their usual cigarette consumption rather than reducing consumption or quitting. This reduces the public health benefits of the tax increase. This paper estimates the price reductions for a wide-range of strategies, compensating for overlapping strategies. We performed regression analysis on the 2009-2010 National Adult Tobacco Survey (N=13,394) to explore price reductions that smokers in the United States obtained from purchasing cigarettes. We examined five cigarette price minimization strategies: 1) purchasing discount brand cigarettes, 2) using price promotions, 3) purchasing cartons, 4) purchasing on Indian reservations, and 5) purchasing online. Price reductions from these strategies were estimated jointly to compensate for overlapping strategies. Each strategy provided price reductions between 26 and 99cents per pack. Combined price reductions were possible. Additionally, price promotions were used with regular brands to obtain larger price reductions than when price promotions were used with generic brands. Smokers can realize large price reductions from price minimization strategies, and there are many strategies available. Policymakers and public health officials should be aware of the extent that these strategies can reduce cigarette prices. Published by Elsevier Inc.

  14. Evidence of efficiency in United States futures oil prices

    International Nuclear Information System (INIS)

    Duchock, C.J. Jr.

    1991-01-01

    The purpose of this study was to use the Perpetual Contract Data for West Texas Intermediate Crude Oil futures contracts in studies of the US crude oil futures market prices to determine whether the market was efficient. Analysis was done to determine whether the Perpetual Contract Data exhibited the characteristics of a random walk. Daily data on US crude oil perpetual futures contract prices were analyzed using standard statistical techniques and spectral analysis techniques. Spectral analysis was used on the first differences of daily data to determine whether the price change data contained cyclicality. Results showed no significant cycles or autocorrelation in the data, concluding there was evidence to indicate the Perpetual Contract Data for futures prices is a random walk. This is similar to the conclusion by Howard (1988) that spot West Texas Intermediate Crude prices follow a random walk. Thus, both the futures and spot markets efficiently capture current information in prices

  15. 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

  16. Analisis Faktor-Faktor Yang Mempengaruhi Bid Ask Spread Pada Masa Sebelum Dan Sesudah Stock Split Di Bursa Efek Indonesia Periode 2008-2013

    OpenAIRE

    Pakpahan, Quitsyah Agnes

    2014-01-01

    Bid Ask Spread is the difference of ask-price and bid-price of shares on the capital market. Bid ask spread is a factor that can influence the investor decision whether hold or sell their shares and make profit from spread of ask price and bid price. This is indicates that the stock liquidity as reflected in the stock price, trading volume, stock return will affect bid ask spread. Bid ask spread will increase if the risk of stock is increase, such as the less liquidity of stock, the higher ri...

  17. Manufacturers’ Bids for WIC Infant Formula Rebate Contracts, 2003-2013

    OpenAIRE

    Oliveira, Victor; Davis, David

    2015-01-01

    The U.S. Department of Agriculture’s Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) is the major purchaser of infant formula in the United States, and its mandatory rebate program saved WIC $1.9 billion in FY 2013. WIC State agencies are required by law to have competitively bid infant formula rebate contracts with infant formula manufacturers. Contracts are awarded to the manufacturer offering the WIC State agency the lowest net price (as determined by the manu...

  18. 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.

  19. 26 CFR 301.7505-1 - Sale of personal property acquired by the United States.

    Science.gov (United States)

    2010-04-01

    ... by the United States in payment of or as security for debts arising under the internal revenue laws... substantially higher price may be obtained, the sale may be held outside his district. (ii) Rejection of bids... any and all bids and withdraw the property from the sale. When it appears to the internal revenue...

  20. 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

    ... full and open competition, a qualified HUBZone SBC submits an offer of $98, a non-HUBZone SBC submits..., the non-HUBZone SBC's offer at $100 does not displace the large business' offer because a price... and open competition, a qualified HUBZone SBC submits an offer of $98 and a non-HUBZone SBC submits an...

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

    DEFF Research Database (Denmark)

    Nørgård, Per Bromand; Isleifsson, Fridrik Rafn

    2013-01-01

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

  2. Economic bid evaluation

    International Nuclear Information System (INIS)

    Bode, T.

    1975-01-01

    When it is intended to install a new nuclear power station, the usual procedure is to invite for tenders. In due course, bids will be received from various manufacturers, out of which the most favourable one is then to be selected. Appraisal is concluded in the Economic Bid Evaluation, the purpose of which is to define the economically most favourable bid by comparing overall costs and benefits of the various alternatives. Thus, Economic Bid Evaluation is a most important instrument for deciding on award of contract. (orig.) [de

  3. The economics of power generation in Alberta : the pool price impact of Genesee Unit 3

    International Nuclear Information System (INIS)

    Topping, D.

    2003-01-01

    Alberta power pool prices for year 2000 were reviewed. The model assumptions were: studies based on PROSYM market simulations; base-load units offered at incremental cost; and, considerations in those cases where system gas units were modeled as coal units. The current situation in Alberta was reviewed. The Genesee 3 coal-fired facility is expected to be completed in the Winter 2004-2005 with an efficiency of 8 to 18 per cent better than other coal units. A graph was shown to examine the expected impact of Genesee 3 on Alberta prices. Electricity prices would increase during the period 2005-2008 without Genesee 3. Alberta prices are affected by factors such as: load-resource balance, fuel prices, cost of new capacity, offer strategy, available transmission, and tie lines. A capacity surplus is expected for the period 2003-2008. In addition, good correlation is expected for pool prices with gas prices. With Genesee 3 in operation, lower pool prices are expected in Alberta. figs

  4. 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

  5. Review of US utility demand-side bidding programs

    International Nuclear Information System (INIS)

    Goldman, C.A.; Kito, M.S.

    1995-01-01

    In this study, we review utility experiences with demand-side management (DSM) bidding programs. Since 1987, about 35 US utilities have signed long-term contracts with developers of DSM resources (ie energy service companies and customers) to provide a quantity of demand and energy savings at specified prices. Total resource costs range between 5.4 and 8 cents/kWh for DSM bidding programs where complete information on program costs is available. Almost all DSM bidding programs have been cost-effective compared with the utility's own supply-side alternatives, although there is substantial disagreement regarding the value of these programs compared with the utility's own DSM programs. In most bidding programs, payments to bidders account for between 70 and 90% of total program costs. Variation in winning bid prices is influenced primarily by DSM bid ceiling prices, differences in the mix of measures and markets targeted by developers, and the degree of performance risk borne by the DSM developer. Bids targeting residential customers averaged 6.2 cents/kWh compared with about 5.0 cents/kWh for commercial/industrial bids. We also compared the costs of acquiring lighting savings in DSM bidding contracts with a sample of 20 utility sponsored commercial/industrial lighting programs. We found that, on average total resource costs were slightly higher in bidding programs (6.1 vs 5.6 cents/kWh), although ratepayers bear significantly less performance risk in bidding programs compared with traditional utility-sponsored DSM programs. (author)

  6. Option pricing with COS method on Graphics Processing Units

    NARCIS (Netherlands)

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

    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,

  7. 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.

  8. Improve The Capacity Of Competition About The Financial In The Bid Construction

    Directory of Open Access Journals (Sweden)

    Xuan Nam Chu

    2017-10-01

    Full Text Available According to experts enhancing competitiveness is an important solution for enterprises to build competitive capacity in bidding deciding the majority of win or lose in bidding. A good contractor can be eliminated in the first round because the bid does not meet the requirements of the investor. In order to have a good quality of bids enterprises should pay attention to the following tasks organizing the preparation of bidding dossiers setting the bidding prices selecting the optimum construction methods and work implementation plans. after bidding. Improving the quality of the bid preparation process should start from improving the quality of the staff in charge of bidding. At present the experience of bidding of many enterprises is limited especially the experience of working with foreign investors. Therefore businesses need to build a team of qualified professionals in the field of bidding. The training and professional fostering in this field should be carried out annually. They focus on foreign languages informatics knowledge of law and knowledge on international bidding. This is considered important preparatory steps that enterprises want to improve their competitiveness when participating in bidding especially participation in bidding packages using international donors and bidding packages cannot ignore it.

  9. The BID`s of New York

    DEFF Research Database (Denmark)

    Jensen, Ole B.

    , 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....

  10. 78 FR 70414 - Pricing for the 2013 United States Mint Limited Edition Silver Proof SetTM

    Science.gov (United States)

    2013-11-25

    ... 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 is announcing a price of $139.95 for the 2013 United States Mint Limited...

  11. 76 FR 15047 - Pricing for 2010 United States Mint America the Beautiful Quarters Silver Proof SetTM

    Science.gov (United States)

    2011-03-18

    ... 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 TM ; 2010 United States Mint Silver Proof Set TM ; 2011 United States...

  12. Construction of Discrete Time Shadow Price

    International Nuclear Information System (INIS)

    Rogala, Tomasz; Stettner, Lukasz

    2015-01-01

    In the paper expected utility from consumption over finite time horizon for discrete time markets with bid and ask prices and strictly concave utility function is considered. The notion of weak shadow price, i.e. an illiquid price, depending on the portfolio, under which the model without bid and ask price is equivalent to the model with bid and ask price is introduced. Existence and the form of weak shadow price is shown. Using weak shadow price usual (called in the paper strong) shadow price is then constructed

  13. Strategic bidding in electricity markets using particle swarm optimization

    International Nuclear Information System (INIS)

    Yucekaya, Ahmet D.; Valenzuela, Jorge; Dozier, Gerry

    2009-01-01

    Profit maximization for power companies is highly related to the bidding strategies used. In order to sell electricity at high prices and maximize profit, power companies need suitable bidding models that consider power operating constraints and price uncertainty within the market. In this paper, we present two particle swarm optimization (PSO) algorithms to determine bid prices and quantities under the rules of a competitive power market. The first method uses a conventional PSO technique to find solutions. The second method uses a decomposition technique in conjunction with the PSO approach. This new decomposition-based PSO dramatically outperforms the conventional form of PSO. We show that for nonlinear cost functions PSO solutions provide higher expected profits than marginal cost-based bidding. (author)

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

    Science.gov (United States)

    Trolldal, Björn; Ponicki, William

    2005-08-01

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

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

    International Nuclear Information System (INIS)

    Bigdeli, N.; Afshar, K.; Fotuhi-Firuzabad, M.

    2010-01-01

    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.

  16. Risk analysis of bidding strategies in an electricity pay as bid auction: A new theorem

    International Nuclear Information System (INIS)

    Rahimiyan, Morteza; Rajabi Mashhadi, Habib

    2007-01-01

    Considering the uncertainties in the power market, the bidding problem has an important role for the power supplier to reach his goals, and using risk management methods to protect against the market risk is unavoidable. Thus, in this paper, the bidding decision making problem is formulated from a supplier's viewpoint in a spot market. The spot market works based on a pay as bid auction or a discriminatory price auction. The market clearing price (MCP) is uncertain, and we consider a probabilistic model for it. Regarding the literature of the bidding problem and forecasting methods of MCP, a normal probability density function, pdf (N(μ m , σ m )), is a proper distribution for the MCP. The statistical parameters of MCP vary on different times (peak and off peak), and considering the concept of supplier risk, their effects on the supplier expected benefit and expected sell from selling energy will be discussed analytically. An important section of this research work concerns the optimal bidding strategy when μ m and σ m vary in different conditions of the power market. Thus, the coefficient of variation index (CV), as a proper measure, mathematically defined as σ m divided by μ m , is introduced to measure the market risk index. In this paper, the CV index is used to analyze and manage the supplier risk and introduce the optimal strategy. Then, for a constant amount of the CV as a theorem, it is proved that: (1) the maximum of the expected sell occurs at a constant level of the supplier risk and (2) the optimal bid price linearly depends on the standard deviation of the MCP. This theorem is generalized for the case that the expected value of the supplier benefit is considered as an objective function in the bidding process. Some numerical examples are presented, and application of the proposed theorem is discussed

  17. 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

  18. High Bids and Low Recovery: A Possible Case for Non-Performing Loan Auctions in India

    OpenAIRE

    Pandey, Ashish

    2016-01-01

    This paper considers the possibility that the prices bid by asset reconstruction companies in India under a security receipt mechanism may not reflect the ultimate recoverable value of nonperforming loans. The paper establishes, using a model and simulations, that the price bid by asset reconstruction companies will reveal their own rational interest and can significantly exceed the recoverable value. The conclusions arrived in this paper raise concerns regarding the use of bids as an indicat...

  19. New bidding strategy formulation for day-ahead energy and reserve markets based on evolutionary programming

    International Nuclear Information System (INIS)

    Attaviriyanupap, Pathom; Kita, Hiroyuki; Tanaka, Eiichi; Hasegawa, Jun

    2005-01-01

    In this paper, a new bidding strategy for a day-ahead market is formulated. The proposed algorithm is developed from the viewpoint of a generation company wishing to maximize a profit as a participant in the deregulated power and reserve markets. Separate power and reserve markets are considered, both are operated by clearing price auction system. The optimal bidding parameters for both markets are determined by solving an optimization problem that takes unit commitment constraints such as generating limits and unit minimum up/down time constraints into account. This is a non-convex and non-differentiable which is difficult to solve by traditional optimization techniques. In this paper, evolutionary programming is used to solve the problem. The algorithm is applied to both single-sided and double-sided auctions, numerical simulations are carried out to demonstrate the performance of the proposed scheme compared with those obtained from a sequential quadratic programming. (author)

  20. The determination of parameters for thermal unit pricing and economic interchange

    International Nuclear Information System (INIS)

    Briggs, D.W.; Pickles, R.; McPhail, E.M.

    1988-01-01

    When an interchange of energy occurs between adjoining utilities which is not the subject of a predetermined fixed price agreement but is related to the immediate cost of generating and transmitting the power, the purchaser and seller need to know the cost of the power before agreeing to the interchange. A working party from three Maritime utilities was set up to reveiw areas of interchange energy pricing between them and in particular standardize the following aspects: test procedure for a unit heat rate over its load range; maintenance and operating costs; provision for contingency costs; start up costs of units; and a pricing formula considering the above items. The three utilities are Nova Scotia Power Corporation, Maritime Electric, and New Brunswick Power Commission. Details are presented of the three utility's methods of determining heat rate, operating factor, total fuel cost, transmission loss, operations and maintenance costs, gas turbine parameters, pricing formulae, and start up costs. 2 figs., 7 tabs

  1. The effects of unit pricing system upon household solid waste management: The Korean experience

    Energy Technology Data Exchange (ETDEWEB)

    Hong, S.

    1999-09-01

    Initial effects of adoption of a unit pricing system paired with aggressive recycling programs appear to be substantial. This paper explores the impact of price incentives under the unit pricing system on household solid waste generation and recycling in Korea. The author employs a simultaneous equation model considering the feedback effects between total waste generation and recycling. Estimation results using 3017 Korean household survey data indicate that a rise in waste collection fee induces households to recycle more wastes. However, this effect is partially offset by decreases in source-reduction efforts due to the feedback effects, resulting in relatively lower price elasticity of demand for solid waste collection services. This implies that household demand for solid waste collection services will not decrease much with additional increases in the collection fee, unless further recycling incentives such as more frequent recyclable pickup services are accompanied.

  2. 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.

  3. 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...

  4. Who wins olympic bids?

    OpenAIRE

    Maennig, Wolfgang; Vierhaus, Christopher

    2014-01-01

    The prospect of hosting the Olympic Games is attractive to many cities around the world. This article examines 147 variables’ potential to discriminate successful from unsuccessful Olympic bids. Our stepwise, rank-ordered logistic regression model includes 10 determinants supporting the contention that economic, political and sports/Olympic factors are important for winning the host city election. IOC members favor cities if more than 2/3 of the population support the bid, but disfavor biddin...

  5. Bid Responsiveness and the Acceptable Nonconforming Bid.

    Science.gov (United States)

    1979-09-30

    the. fuidaIenta prin ciples of responsiveness. The Conhl trot ler, hnwever, has ta ken this sairn "reasonable- tit’, ’ t. ,t ’’ , T (I I e l iLd i I...cvo rcome otherwise material deviation i f; the bid, thereby renderin gj it a(,ceptable. Tne Comptroller General’s o) p loach to the , i..sue ft

  6. Price

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

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

  7. Multi-objective optimal strategy for generating and bidding in the power market

    International Nuclear Information System (INIS)

    Peng Chunhua; Sun Huijuan; Guo Jianfeng; Liu Gang

    2012-01-01

    Highlights: ► A new benefit/risk/emission comprehensive generation optimization model is established. ► A hybrid multi-objective differential evolution optimization algorithm is designed. ► Fuzzy set theory and entropy weighting method are employed to extract the general best solution. ► The proposed approach of generating and bidding is efficient for maximizing profit and minimizing both risk and emissions. - Abstract: Based on the coordinated interaction between units output and electricity market prices, the benefit/risk/emission comprehensive generation optimization model with objectives of maximal profit and minimal bidding risk and emissions is established. A hybrid multi-objective differential evolution optimization algorithm, which successfully integrates Pareto non-dominated sorting with differential evolution algorithm and improves individual crowding distance mechanism and mutation strategy to avoid premature and unevenly search, is designed to achieve Pareto optimal set of this model. Moreover, fuzzy set theory and entropy weighting method are employed to extract one of the Pareto optimal solutions as the general best solution. Several optimization runs have been carried out on different cases of generation bidding and scheduling. The results confirm the potential and effectiveness of the proposed approach in solving the multi-objective optimization problem of generation bidding and scheduling. In addition, the comparison with the classical optimization algorithms demonstrates the superiorities of the proposed algorithm such as integrality of Pareto front, well-distributed Pareto-optimal solutions, high search speed.

  8. Common Agency and Coordinated Bids in Sponsored Search Auctions

    OpenAIRE

    Maris Goldmanis; Antonio Penta; Francesco Decarolis

    2012-01-01

    As auctions are becoming the main mechanism for selling advertisement space on the web, marketing agencies specialized in bidding in online auctions are proliferating. We analyze theoretically how bidding delegation to a common marketing agency can undermine both revenues and efficiency of the generalized second price auction, the format used by Google and Microsoft-Yahoo!. Our characterization allows us to quantify the revenue losses relative to both the case of full competition and the case...

  9. The impact of crude oil price volatility on agricultural employment in the United States

    International Nuclear Information System (INIS)

    Uri, N.D.

    1996-01-01

    This study addresses the question of whether fluctuations in the price of crude oil have affected agricultural employment in the United States. After reviewing previous assessments of the issue, the existence of an empirical relationship between agricultural employment and crude oil price volatility is established using cointegration tests. Subsequently, the nature of the relationship is estimated with the results suggesting that at least three full years are required before the measurable impacts of a percentage change in the real price of crude oil on the change in agricultural employment are exhausted. Finally, the structural stability of the functional relationship between the change in agricultural employment and the volatility of the price of crude oil, the percentage changes in expected net farm income, realized technological innovation, and the wage rate is examined. (author)

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

    Science.gov (United States)

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

    2014-11-01

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

  11. Feed-in tariff and market electricity price comparison. The case of cogeneration units in Croatia

    International Nuclear Information System (INIS)

    Uran, Vedran; Krajcar, Slavko

    2009-01-01

    In August 2007, the Government of the Republic of Croatia instituted a feed-in tariff system, requiring the Croatian Electricity Market Operator (HROTE) to off-take the electricity produced from renewable energy sources or cogeneration units fueled by natural gas. Analysis of the off-take electricity price range, which depends on the net electrical output and electricity market trends, indicates that it is more cost effective for cogeneration units greater than 1 MW to sell their electricity on the exchange market. This was confirmed by developing a mathematical model to calculate the cost-effectiveness ratio of a cogeneration unit. This ratio represents the relation between the profit spread, i.e. the difference between the profit generated from selling the electricity on the exchange market and the profit made from dispatching the electricity to HROTE, as well as the total investment costs. The model can be applied for changes in certain parameters, such as the net electrical output, volatility and spot electricity price. The Monte Carlo method is used to obtain the most probable cost-effectiveness ratio and average future electricity price. Together with these two economic parameters and market price analysis, it is possible to calculate and calibrate an acceptable off-take electricity price. (author)

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

    International Nuclear Information System (INIS)

    Borghetti, Alberto; Massucco, Stefano; Silvestro, Federico

    2009-01-01

    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)

  13. Extending the bidding format to promote demand response

    International Nuclear Information System (INIS)

    Liu, Yanchao; Holzer, Jesse T.; Ferris, Michael C.

    2015-01-01

    We propose an extended bidding structure to allow more realistic demand characteristics and behaviors to be expressed via flexible bids. In today's ISO-run energy markets, demand bid formats are all separable over time. However, a significant and growing segment of demand can be shifted across time and therefore has no way to bid its true valuation of consumption. We propose additional bid types that allow deferrable, adjustable and storage-type loads to better express their value, and thus elicit demand response in the most natural way – via direct participation in the market. We show that the additional bid types are easily incorporated into the existing market with no technological barrier and that they preserve the market's efficiency and incentive-compatibility properties. Using real market data, we give a numerical demonstration that the extended bid format could substantially increase social welfare, and also present additional insight on storage expansion scenarios. - Highlights: • Three new bid types are proposed to enrich demand-side participation. • Time value of electricity demand can be clearly conveyed to central dispatcher. • The extended format preserves market efficiency and incentive compatibility. • Energy storage is most effective to neutralize price volatility, with a limitation.

  14. Sequential bidding in day-ahead auctions for spot energy and power systems reserve

    International Nuclear Information System (INIS)

    Swider, Derk J.

    2005-01-01

    In this paper a novel approach for sequential bidding on day-ahead auction markets for spot energy and power systems reserve is presented. For the spot market a relatively simple method is considered as a competitive market is assumed. For the reserve market one bidder is assumed to behave strategically and the behavior of the competitors is summarized in a probability distribution of the market price. This results in a method for sequential bidding, where the bidding prices and capacities on the spot and reserve markets are calculated by maximizing a stochastic non-linear objective function of expected profit. With an exemplary application is shown that the trading sequence leads to increasing bidding capacities and prices in the reverse rank number of the markets. Hence, the consideration of a defined trading sequence greatly influences the mathematical representation of the optimal bidding behavior under price uncertainty in day-ahead auctions for spot energy and power systems reserve. (Author)

  15. 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

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

    Science.gov (United States)

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

    2007-01-01

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

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

    NARCIS (Netherlands)

    Dijkgraaf, E.; Gradus, R.H.J.M.

    2015-01-01

    Municipal residential waste costs are rising. Therefore, it is important to introduce measures that lower waste collection and disposal costs. Based on a large panel data set for the Netherlands we show that unit-based pricing systems are more important from a cost-minimizing point of view than the

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

    Energy Technology Data Exchange (ETDEWEB)

    None, None

    2017-10-27

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

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

    Science.gov (United States)

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

    2007-01-01

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

  20. Technical bid evaluation

    International Nuclear Information System (INIS)

    Bruchhausen, E. v.

    1975-01-01

    It is shown which kind of problems arise for the owners of the project and what is the recommendable method of approach. A detailed description of the necessary working team, information in delegation of work and tasks of procedure, criteria of valuation and classification method. Examples of schemes are shown which are the basis of the technical bid evaluation: tables 'data of system/component' and 'scope of supply'. The procedure of normalization of the bids and of specifying the owners supplies are explained. The content of the final report is described. (HP) [de

  1. 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).

  2. Solve the organ shortage: let the bidding begin!

    Science.gov (United States)

    Kevorkian, J

    2001-01-01

    Commercialization of transplantable human organs is the only sure way to end the crisis of their supply. This is best accomplished by implementing a free, non-profit, nationwide, ultimately global online auction market. It should be independent of the current United Network of Organ Sharing (UNOS) system dealing solely with altruistic donation, and of governmental, sectarian, academic, and other bureaucratic control. The operation of such an auction is described with a hypothetical example. An included provision guarantees equity for poor, uninsured, and indigent recipients. Money accrued can be substantial, and would be disbursed by established formula, with major portions going to donors' families and to special funds to be used to bid for the poor and to defray costs incurred by them. As the organ shortage eases, bid prices should drop, resulting perhaps in eventual altruistic donation. Objections to commericalization based on ethics, bodily sanctity, inequity, pecuniary greed, and the slippery slope tocsin are nullified by cogent arguments and examples. The current situation has worsened despite so-called required request laws, proposed token payments to cover funeral expenses for donor families, and extensive media advertising to spur altruistic donation. Prohibitive national and state laws must be rescinded for the sake of more than 60,000 patients now on lengthening waiting lists. A profession committed to saving lives is duty-bound to endorse, help implement, and participate in an auction system dedicated to that end.

  3. Per-pack price reductions available from different cigarette purchasing strategies: United States, 2009–2010☆

    Science.gov (United States)

    Pesko, Michael F.; Xu, Xin; Tynan, Michael A.; Gerzoff, Robert B.; Malarcher, Ann M.; Pechacek, Terry F.

    2015-01-01

    Objective Following cigarette excise tax increases, smokers may use cigarette price minimization strategies to continue their usual cigarette consumption rather than reducing consumption or quitting. This reduces the public health benefits of the tax increase. This paper estimates the price reductions for a wide-range of strategies, compensating for overlapping strategies. Method We performed regression analysis on the 2009–2010 National Adult Tobacco Survey (N = 13,394) to explore price reductions that smokers in the United States obtained from purchasing cigarettes. We examined five cigarette price minimization strategies: 1) purchasing discount brand cigarettes, 2) using price promotions, 3) purchasing cartons, 4) purchasing on Indian reservations, and 5) purchasing online. Price reductions from these strategies were estimated jointly to compensate for overlapping strategies. Results Each strategy provided price reductions between 26 and 99 cents per pack. Combined price reductions were possible. Additionally, price promotions were used with regular brands to obtain larger price reductions than when price promotions were used with generic brands. Conclusion Smokers can realize large price reductions from price minimization strategies, and there are many strategies available. Policymakers and public health officials should be aware of the extent that these strategies can reduce cigarette prices. PMID:24594102

  4. 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.

  5. The United States nuclear liability regime under the Price-Anderson Act

    International Nuclear Information System (INIS)

    Brown, O. F.

    2011-01-01

    The 1958 U. S. Price-Anderson Act created the worlds first national nuclear liability regime. It now provides US $12,6 Billion of nuclear liability coverage for the 104 nuclear power plants in the United States, by far the highest monetary coverage of any nuclear liability regime in the world. Each power plant operator provides nuclear hazards coverage for anyone liable through a combination of private insurance from the American nuclear insurance pool (now US$ 375 million) and a retrospective assessment (now US$111,9 million per power plant per incident plus 5 percent for claims and costs). The United States in 2008 ratified the International Atomic Energy Agency's Convention on Supplementary Compensation for Nuclear Damage (CSC). and is promoting it as the basis for a more global nuclear liability regime uniting States that are party to the Vienna Convention or the Paris Convention, or have a domestic law consistent with the CSC Annex. The CSC Annex was written to grad father the Price-Anderson Acts economic channeling of liability to the installation operator. The omnibus feature of Price-Anderson is similar to the legal channeling of all liability to the installation operator under the international nuclear liability conventions and domestic laws of many other countries. The Price-Anderson system (like the Vienna and Paris Conventions) does not provide liability coverage for nuclear damage to or loss of use of on-site property. (Author)

  6. Cigarette brand diversity and price changes during the implementation of plain packaging in the United Kingdom.

    Science.gov (United States)

    Breton, Magdalena Opazo; Britton, John; Huang, Yue; Bogdanovica, Ilze

    2018-05-29

    Plain packaging of cigarettes appeared in the UK in July 2016 and was ubiquitous by May 2017. The change coincided with another legislative change, raising the minimum pack size from 10 to 20 cigarettes. Laws imposing plain packaging on cigarette packs remove another promotional route from tobacco companies but the effect of such laws on brand diversity, pricing, and sales volume is unknown. This study aimed to 1) describe and quantify changes in brand diversity, price segmentation and sales volumes and 2) estimate the association between the introduction of plain cigarette packaging and cigarette pricing in the UK. We used a natural experiment design to assess the impact of plain packaging legislation on brand diversity and cigarette prices. The data comprised a sample of 76% of sales of cigarettes in the UK between March 2013 and June 2017. United Kingdom MEASUREMENTS: Cigarette prices, number of brands and products, volumes of sales FINDINGS: During the period analysed, there was a slight decrease in the number of cigarette brands. There was also an initial increase observed in the number of cigarette products, mainly due to an increase in the number of products in packs of fewer than 20 cigarettes sold before July 2016, which was then followed by a rapid decrease in the number of products that coincided with the implementation of the new legislation. Cigarette sales volumes during this period did not deviate from the preceding secular trend, but prices rose substantially. Regression results showed that price per cigarette, regardless of pack size, was 5.0 (95% CI 4.8 to 5.3) pence higher in plain than in fully branded packs. For packs of 20 cigarettes, price increases were greater in the lower price quintiles, ranging from 2.6 (95% CI 2.4 to 2.7) GBP in the lowest to 0.3 (95% CI 0.3-0.4) GBP per pack in the highest quintile. The implementation of standardised packaging legislation in the UK, which included minimum pack sizes of 20, was associated with

  7. Macroeconomic effects of oil price shocks in Brazil and in the United States

    International Nuclear Information System (INIS)

    Cavalcanti, Tiago; Jalles, João Tovar

    2013-01-01

    Highlights: ► We find that output growth volatility in the US has been decreasing over time. ► The contribution of oil price shocks to such volatility has also been decreasing. ► In Brazil, oil shocks do not seem to have a clear impact on growth. ► They account for a small fraction of the Brazilian inflation and output volatility. ► Counterfactuals show US output would be 10% less volatile with Brazil’s oil import share. - Abstract: This paper studies the effects of oil price shocks in the last 30 years on the Brazilian and American inflation rate and rhythm of economic activity. The Brazilian and the United States economies are interesting polar cases, since they had a completely different path on the oil import dependence rate. While the oil import dependence rate has increase sharply in the United States (US), it has decreased substantially in Brazil. We found that output growth volatility in the United States has been decreasing over time as well as the contribution of oil price shocks to such volatility, despite the increase in oil import dependence. Inflation volatility has also been decreasing but oil price shocks are accounting for a larger fraction of this volatility in the US. In Brazil, such shocks do not seem to have a clear impact on output growth and they account for a very small fraction of the Brazilian inflation and output growth rate volatility. We finally run some counterfactual experiments to analyze how real output growth in the United States would had been if net oil import share in the United States behaved similarly to what was observed in Brazil. We conclude that output level would be roughly the same, however, it would be about 10% less volatile if the US had the actual Brazilian oil import share

  8. Financing power facilities in the competitive bidding environment

    International Nuclear Information System (INIS)

    Hills, A.L.

    1993-01-01

    In 1988 the Federal Energy Regulatory Commission (open-quote FERC close-quote) issued proposed rules and guidelines for the use of competitive bidding by state utility commissions to chose new power supplies. Since then, more than 20 states have implemented bidding programs to determine the price and sources of incremental generating capacity. This presentation discusses the impact of the use of competitive bidding on how landers and equity investors perceive the risks of project-supported financing arrangements and describes the actions that project developers have taken to adapt the project financing process to win bidding contests and as importantly, successfully obtain project financing in spite of the open-quotes credit crunchclose quotes market environment

  9. 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 profits...

  10. Unit Price and Cost Estimation Equations through Items Percentage of Construction Works in a Desert Area

    Directory of Open Access Journals (Sweden)

    Kadhim Raheem

    2015-02-01

    Full Text Available This research will cover different aspects of estimating process of construction work in a desert area. The inherent difficulties which accompany the cost estimating of the construction works in desert environment in a developing country, will stem from the limited information available, resources scarcity, low level of skilled workers, the prevailing severe weather conditions and many others, which definitely don't provide a fair, reliable and accurate estimation. This study tries to present unit price to estimate the cost in preliminary phase of a project. Estimations are supported by developing mathematical equations based on the historical data of maintenance, new construction of managerial and school projects. Meanwhile, the research has determined the percentage of project items, in such a remote environment. Estimation equations suitable for remote areas have been formulated. Moreover, a procedure for unite price calculation is concluded.

  11. Current disparities in the prices of medical materials between Japan and the United States: further investigation of cardiovascular medical devices.

    Science.gov (United States)

    Yasunaga, Hideo; Ide, Hiroo; Imamura, Tomoaki

    2007-02-01

    Prices of medical devices in Japan were previously reported to be 2 to 4 times higher than those in the United States in 1996 and 1997. However, such data are out of date. We previously compared the market prices in early 2005 between Japan and the US for 16 items in 10 categories of medical materials, and showed that price differences still existed for all these items. However, the number of items investigated was small for each category, and generalization of the results might have been limited. The present study conducted a further investigation into price information for multiple items for each category, focusing on 5 cardiovascular devices. The US market price information was obtained from interviews of a healthcare provider network and 2 different group-purchasing organizations. We could obtain price information on 19 items in 5 categories. We substituted the Japanese reimbursement prices for the Japanese market prices. The price ratio (Japanese reimbursement price / US market price)was 2.0-3.5 for coronary stents, 5.9-6.8 for percutaneous transluminal coronary angioplasty catheters, 2.2-3.5 for pacemakers, 1.6-2.5 for mechanical valves, and 3.4-4.7 for oxygenators. The price disparities for cardiovascular devices between Japan and the US were reconfirmed. Japan's healthcare system should establish group-purchasing organizations, promote centers of clinical excellence, and abolish regulation of parallel imports and protectionism under the Japanese Pharmaceutical Affairs Law.

  12. An analysis of residential PV system price differences between the United States and Germany

    International Nuclear Information System (INIS)

    Seel, Joachim; Barbose, Galen L.; Wiser, Ryan H.

    2014-01-01

    Residential photovoltaic (PV) systems were twice as expensive in the United States as in Germany (median of $5.29/W vs. $2.59/W) in 2012. This price discrepancy stems primarily from differences in non-hardware or “soft” costs between the two countries, which can only in part be explained by differences in cumulative market size and associated learning. A survey of German PV installers was deployed to collect granular data on PV soft costs in Germany, and the results are compared to those of a similar survey of U.S. PV installers. Non-module hardware costs and all analyzed soft costs are lower in Germany, especially for customer acquisition, installation labor, and profit/overhead costs, but also for expenses related to permitting, interconnection, and inspection procedures. Additional costs occur in the United States due to state and local sales taxes, smaller average system sizes, and longer project-development times. To reduce the identified additional costs of residential PV systems, the United States could introduce policies that enable a robust and lasting market while minimizing market fragmentation. Regularly declining incentives offering a transparent and certain value proposition—combined with simple interconnection, permitting, and inspection requirements—might help accelerate PV cost reductions in the United States. - Highlights: • Residential PV system prices are twice as high in the USA than in Germany in 2012. • Different cumulative national PV market sizes explain only 35% of price gap. • Installer surveys show that price differences stem from non-module and soft costs. • Largest cost differences stem from customer acquisition and installation labor. • Incentives in the US are less effective in driving and following cost reductions

  13. 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.

  14. The Role of the Sheffield Model on the Minimum Unit Pricing of Alcohol Debate: The Importance of a Rhetorical Perspective

    Science.gov (United States)

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

    2016-01-01

    The minimum unit pricing (MUP) alcohol policy debate has been informed by the Sheffield model, a study which predicts impacts of different alcohol pricing policies. This paper explores the Sheffield model's influences on the policy debate by drawing on 36 semi-structured interviews with policy actors who were involved in the policy debate.…

  15. Sealed-Bid Auction of Dutch Mussels : Statistical Analysis

    NARCIS (Netherlands)

    Kleijnen, J.P.C.; van Schaik, F.D.J.

    2007-01-01

    This article presents an econometric analysis of the many data on the sealed-bid auction that sells mussels in Yerseke town, the Netherlands. The goals of this analy- sis are obtaining insight into the important factors that determine the price of these mussels, and quantifying the performance of an

  16. Sealed-bid auction of Netherlands mussels: statistical analysis

    NARCIS (Netherlands)

    Kleijnen, J.P.C.; van Schaik, F.D.J.

    2011-01-01

    This article presents an econometric analysis of the many data on the sealed-bid auction that sells mussels in Yerseke town, the Netherlands. The goals of this analysis are obtaining insight into the important factors that determine the price of these mussels, and quantifying the performance of an

  17. 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.

  18. Modeling Prices for Sawtimber Stumpage in the South-Central United States

    Directory of Open Access Journals (Sweden)

    Rajan Parajuli

    2016-07-01

    Full Text Available The South-Central United States, which includes the states of Louisiana, Mississippi, Texas, and Arkansas, represents an important segment of the softwood sawtimber market. By using the Seemingly Unrelated Regression (SUR method to account for the linkage among the four contiguous timber markets, this study examines the dynamics of softwood sawtimber stumpage markets within the region. Based on quarterly data from 1981 to 2014, the findings reveal that both pulpwood and chip-and-saw (CNS prices have a positive influence on the Texas and Arkansas sawtimber markets. Moreover, Granger-causality tests suggest that unidirectional causality runs from pulpwood and CNS markets to the respective sawtimber market. Compared to the pre-financial crisis period, sawtimber prices in these four states are 9%–17% lower in the recent years.

  19. Range war: IPALCO's bid for PSI resources

    International Nuclear Information System (INIS)

    Studness, C.M.

    1993-01-01

    IPALCO Enterprises Inc. announced a hostile, unsolicited bid to acquire PSI Resources on March 15. IPALCO's bid for PSI is aggressive and well thought out, which befits the strong incentive that it had to take action. Besides topping Cincinnati Gas ampersand Electric's offering price made late last year, IPALCO took the initiative on three other fronts. First, it filed a lawsuit in federal court in Indianapolis to block the merger between PSI and Cincinnati. The suit claims that the proposed merger violates Indiana law and that PSI and Cincinnati have made false and misleading statements about the benefits of their proposed merger. Second, IPALCO announced it will oppose the merger between PSI and Cincinnati in proceedings before Indiana regulators. Third, IPALCO said it plans to nominate a slate of five candidates to stand election for PSI's Board of Directors at the company's annual shareholders meeting this spring. However, these initiatives and IPALCO's accompanying appeal to Hoosier loyality are little more than diversionary tactics. In the final analysis, whether PSI merges with IPALCO or with Cincinnati will depend rather simply on who is willing to make the highest bid

  20. Strategic bidding for wind power producers in electricity markets

    International Nuclear Information System (INIS)

    Sharma, Kailash Chand; Bhakar, Rohit; Tiwari, H.P.

    2014-01-01

    Highlights: • Game theoretic bidding strategy approach developed to optimize wind power producers bids. • Rival behavior modeled through Stochastic Cournot model. • Location based dual imbalance price mechanism proposed to obtain imbalance charges. • Proposed approach evaluated using two realistic case studies. • Proposed approach increases profit of strategic wind power producers significantly. - Abstract: In evolving electricity markets, wind power producers (WPPs) would increase their profit through strategic bidding. However, generated power by WPPs is highly random, which may result into heavy imbalance charges. In markets dominated by wind generators, they would optimize their offered bids, considering rival behavior. In oligopolistic day-ahead electricity markets, this strategic behavior can be represented as a Stochastic Cournot model. Wind uncertainty is represented by scenarios generated using Auto Regressive Moving Average (ARMA) model. With a consideration of wind power uncertainty and imbalance charges, strategic WPPs can maximize their expected payoff or profit through the proposed Nash equilibrium based bidding strategy. Nash equilibrium is obtained using payoff matrix approach. Proposed approach is evaluated on two realistic case studies considering different technical constraints. Obtained results shows that proposed bidding strategy mechanism offers quantum increase in profit for WPPs, when their behavior is modeled in a game theoretic framework. Flexibility of approach offers opportunities for its extension to associated challenges

  1. Analysis of equilibrium about bidding strategy of suppliers with future contracts

    International Nuclear Information System (INIS)

    Yuan, Zhiqiang; Liu, Dong; Jiang, Chuanwen

    2007-01-01

    In this paper, the supply function model is employed to simulate the bidding strategy of suppliers in the power pool, and models of the supply function with future contracts are presented. It is proved that only one of the parameters between slope and intercept of the bidding curve is an independent variable in order to achieve definite equilibrium. In the meantime, the equilibria of the bidding strategy about suppliers are studied when different intercepts of the bidding curve are chosen. Some examples are employed to study the Nash equilibrium strategies of suppliers with different future contracts in various bidding strategy models. The results show that the equilibria are different in different bidding strategy models, but the future contracts can effectively make spot prices decrease in all the models

  2. DOE to accept bids for Elk Hills crude

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that the Department of Energy will accept bids in a reoffering sale covering 53,400 b/d of Elk Hills field oil but later may exercise an option to cut sales volumes and ship 20,000 b/d to Strategic Petroleum Reserve sites in Texas. DOE rejected all 19 bids submitted in an earlier semiannual sale of crude oil from the California naval petroleum reserve, saying they were too low. DOE the, The unique combination of federal and state government policies affecting the movement of oil into and out of the California market has contributed to a situation in which it apparently is very difficult for the government to receive a price for Elk Hills oil that satisfies the minimum price tests that govern the sale of Elk Hills oil. The 12 winning bids in the reoffering sale averaged $13.58/bbl, with bids for the higher quality Stevens zone crude averaging $13.92/bbl, about 67 cents/bbl higher than bids rejected last month. DOE the 20,000 b/d is all local pipelines can ship to the interstate All-American pipeline for transfer to Texas beginning in June

  3. Assessment of the Average Price and Ethanol Content of Alcoholic Beverages by Brand – United States, 2011

    Science.gov (United States)

    DiLoreto, Joanna T.; Siegel, Michael; Hinchey, Danielle; Valerio, Heather; Kinzel, Kathryn; Lee, Stephanie; Chen, Kelsey; Shoaff, Jessica Ruhlman; Kenney, Jessica; Jernigan, David H.; DeJong, William

    2011-01-01

    Background There are no existing data on alcoholic beverage prices and ethanol content at the level of alcohol brand. A comprehensive understanding of alcohol prices and ethanol content at the brand level is essential for the development of effective public policy to reduce alcohol use among underage youth. The purpose of this study was to comprehensively assess alcoholic beverage prices and ethanol content at the brand level. Methods Using online alcohol price data from 15 control states and 164 online alcohol stores, we estimated the average alcohol price and percentage alcohol by volume for 900 brands of alcohol, across 17 different alcoholic beverage types, in the United States in 2011. Results There is considerable variation in both brand-specific alcohol prices and ethanol content within most alcoholic beverage types. For many types of alcohol, the within-category variation between brands exceeds the variation in average price and ethanol content among the several alcoholic beverage types. Despite differences in average prices between alcoholic beverage types, in 12 of the 16 alcoholic beverage types, customers can purchase at least one brand of alcohol that is under one dollar per ounce of ethanol. Conclusions Relying on data or assumptions about alcohol prices and ethanol content at the level of alcoholic beverage type is insufficient for understanding and influencing youth drinking behavior. Surveillance of alcohol prices and ethanol content at the brand level should become a standard part of alcohol research. PMID:22316218

  4. 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.

  5. Empirical observations of bidding patterns in Australia's National Electricity Market

    International Nuclear Information System (INIS)

    Hu Xinmin; Grozev, George; Batten, David

    2005-01-01

    For more than a decade, electricity industries have been undergoing reform worldwide. However, there are various, sometimes contradictory, conclusions about the performance of these restructured electricity markets. Market performance depends largely on how each market participant responds to the market design -- including market rules, market operational procedures, and information revelation. In this paper, we identify and examine the strategies adopted by generators in Australia's National Electricity Market, based on publicly available data for the period from May 1, 2002 to May 31, 2003. We try to understand and answer some basic questions like how generators respond collectively or individually to changes in market conditions (e.g. load changes) and why they behave in this way. The statistics calculated from the data show that wide variations in the frequency of strategic bidding and rebidding exist; that generators more frequently use capacity offers as a strategic tool than price offers; that large generating units are more likely to use capacity strategies to control market prices; and that generators are capable of responding to changes in market conditions

  6. Empirical observations of bidding patterns in Australia's National Electricity Market

    International Nuclear Information System (INIS)

    Xinmin Hu; Grozev, G.; Batten, D.

    2005-01-01

    For more than a decade, electricity industries have been undergoing reform worldwide. However, there are various, sometimes contradictory, conclusions about the performance of these restructured electricity markets. Market performance depends largely on how each market participant responds to the market design - including market rules, market operational procedures, and information revelation. In this paper, we identify and examine the strategies adopted by generators in Australia's National Electricity Market, based on publicly available data for the period from May 1, 2002 to May 31, 2003. We try to understand and answer some basic questions like how generators respond collectively or individually to changes in market conditions (e.g. load changes) and why they behave in this way. The statistics calculated from the data show that wide variations in the frequency of strategic bidding and rebidding exist; that generators more frequently use capacity offers as a strategic tool than price offers; that large generating units are more likely to use capacity strategies to control market prices; and that generators are capable of responding to changes in market conditions. (author)

  7. Are Alcohol Taxation and Pricing Policies Regressive? Product-Level Effects of a Specific Tax and a Minimum Unit Price for Alcohol.

    Science.gov (United States)

    Vandenberg, Brian; Sharma, Anurag

    2016-07-01

    To compare estimated effects of two policy alternatives, (i) a minimum unit price (MUP) for alcohol and (ii) specific (per-unit) taxation, upon current product prices, per capita spending (A$), and per capita consumption by income quintile, consumption quintile and product type. Estimation of baseline spending and consumption, and modelling policy-to-price and price-to-consumption effects of policy changes using scanner data from a panel of demographically representative Australian households that includes product-level details of their off-trade alcohol spending (n = 885; total observations = 12,505). Robustness checks include alternative price elasticities, tax rates, minimum price thresholds and tax pass-through rates. Current alcohol taxes and alternative taxation and pricing policies are not highly regressive. Any regressive effects are small and concentrated among heavy consumers. The lowest-income consumers currently spend a larger proportion of income (2.3%) on alcohol taxes than the highest-income consumers (0.3%), but the mean amount is small in magnitude [A$5.50 per week (95%CI: 5.18-5.88)]. Both a MUP and specific taxation will have some regressive effects, but the effects are limited, as they are greatest for the heaviest consumers, irrespective of income. Among the policy alternatives, a MUP is more effective in reducing consumption than specific taxation, especially for consumers in the lowest-income quintile: an estimated mean per capita reduction of 11.9 standard drinks per week (95%CI: 11.3-12.6). Policies that increase the cost of the cheapest alcohol can be effective in reducing alcohol consumption, without having highly regressive effects. © The Author 2015. Medical Council on Alcohol and Oxford University Press. All rights reserved.

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

    International Nuclear Information System (INIS)

    Zare, Kazem; Moghaddam, Mohsen Parsa; Sheikh El Eslami, Mohammad Kazem

    2010-01-01

    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)

  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. 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)

  11. 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.

  12. 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

  13. Heavy Drinkers and the Potential Impact of Minimum Unit Pricing-No Single or Simple Effect?

    Science.gov (United States)

    Gill, J; Black, H; Rush, R; O'May, F; Chick, J

    2017-11-01

    To explore the potential impact of a minimum unit price (MUP: 50 pence per UK unit) on the alcohol consumption of ill Scottish heavy drinkers. Participants were 639 patients attending alcohol treatment services or admitted to hospital with an alcohol-related condition. From their reported expenditure on alcohol in their index week, and assuming this remained unchanged, we estimated the impact of a MUP (50 ppu) on future consumption. (Around 15% purchased from both the more expensive on-sale outlets (hotels, pubs, bars) and from off-sales (shops and supermarkets). For them we estimated the change in consumption that might follow MUP if (i) they continued this proportion of 'on-sales' purchasing or (ii) their reported expenditure was moved entirely to off-sale purchasing (to maintain consumption levels)). Around 69% of drinkers purchased exclusively off-sale alcohol at sales purchases could support, for some, an increase in consumption. While a proportion of our harmed, heavy drinkers might be able to mitigate the impact of MUP by changing purchasing habits, the majority are predicted to reduce purchasing. This analysis, focusing specifically on harmed drinkers, adds a unique dimension to the evidence base informing current pricing policy. From drink purchasing data of heavy drinkers, we estimated the impact of legislating £0.50 minimum unit price. Over two thirds of drinkers, representing all multiple deprivation quintiles, were predicted to decrease alcohol purchasing; remainder, hypothetically, could maintain consumption. Our data address an important gap within the evidence base informing policy. © The Author 2017. Medical Council on Alcohol and Oxford University Press. All rights reserved.

  14. Transfer Pricing

    DEFF Research Database (Denmark)

    Rohde, Carsten; Rossing, Christian Plesner

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

  15. 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...

  16. Sales Trends in Price-Discounted Cigarettes, Large Cigars, Little Cigars, and Cigarillos-United States, 2011-2016.

    Science.gov (United States)

    Wang, Teresa W; Falvey, Kyle; Gammon, Doris G; Loomis, Brett R; Kuiper, Nicole M; Rogers, Todd; King, Brian A

    2017-12-15

    Tobacco manufacturers continue to implement a range of pricing strategies to increase the affordability and consumption of tobacco products. To demonstrate the extent of retail- and brand-level price discounts at the point of sale, this study assessed national sales trends in price-discounted cigarettes, large cigars, little cigars, and cigarillos. Retail scanner data for tobacco product sales were obtained for convenience stores (C-store) and all-other-outlets-combined (AOC) from September 25, 2011, to January 9, 2016. The proportion of price-discounted sales, average nondiscounted unit price, and average discounted unit price were examined by product category and brand. JoinPoint regression was used to assess average monthly percentage change. Overall, price-discounted sales accounted for 11.3% of cigarette, 3.4% of large cigar, 4.1% of little cigar, and 3.9% of cigarillo sales. The average difference between nondiscounted and discounted prices was 25.5% (C-store) and 36.7% (AOC) for cigarettes; 11.0% (C-store) and 11.2% (AOC) for large cigars; 19.2% (C-store) and 9.6% (AOC) for little cigars; and 5.3% (C-store) and 14.7% (AOC) for cigarillos. Furthermore, price-discounted sales of top-selling tobacco brands comprised up to 36% of cigarette, 7.4% of large cigar, 7.7% of little cigar, and 4.2% of cigarillo unit sales. These findings highlight the use of price discounts by tobacco manufacturers to reduce the cost of cigarettes, large cigars, little cigars, and cigarillos to consumers. These sales patterns underscore the importance of sustained efforts to implement evidence-based strategies to increase prices and reduce availability and consumption of combustible tobacco in the United States. This study highlights the prevalence and provides a baseline of price-discounted cigarettes, large cigars, little cigars, and cigarillos. Surveillance of tobacco sales data, including state-level trends and additional product types, is critical for informing approaches to

  17. Contract Bidding for Rehabilitation Facilities.

    Science.gov (United States)

    Gilbertson, Alan D.

    This book for sheltered workshop administrators outlines and explains the essential elements of an accurate work bid. Part 1 discusses issues that need to be resolved prior to calculating costs for a potential job. Part 2 describes the factors necessary for determining accurate bids, including direct costs (job setup, direct labor, direct…

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

    International Nuclear Information System (INIS)

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

    2005-01-01

    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)

  19. IMPROVING THE BIDS EVALUATION CRITERIA AND REDUCING TIME AND EFFORT OF THE ASSESSMENT BY DEVELOPING A SOFTWARE PROGRAM

    Directory of Open Access Journals (Sweden)

    Muaid A. Shhatha

    2018-05-01

    Full Text Available A number of studies have been conducted to specify the most effecting factors on the success of projects. Those studies titled the most influencing factor, which is the bid selection criterion. By this criterion, the most qualified bidder/contractor could be chosen where the contractor has a considerable impact upon projects successes. Moreover, the published studies helped a lot in correcting the improper adopted criterion in selecting the best bid, which is the lowest price bid. Awarding the bid depending on the lowest price bid ended many projects in failure. Therefore, this study aimed to revise the popular mistaken selection criterion, recommend an evaluation criterion, and develop a computer program that works on finding the best bid according to the recommended criterion. The suggested criterion was followed in selecting one of the contractors to construct some projects in Iraq. That projects were felicitously finished; the projects were completed on time and budget.

  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. 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

    Science.gov (United States)

    2012-01-01

    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 significant barrier to

  2. 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.

    Science.gov (United States)

    Lonsdale, Adam J; Hardcastle, Sarah J; Hagger, Martin S

    2012-11-23

    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. 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. 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. 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 significant barrier to public support. Findings also suggest that clearer

  3. 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.

  4. The capital asset pricing model versus the three factor model: A United Kingdom Perspective

    Directory of Open Access Journals (Sweden)

    Chandra Shekhar Bhatnagar

    2013-07-01

    Full Text Available The Sharpe (1964, Lintner (1965 and Black (1972 Capital Asset Pricing Model (CAPM postulates that the equilibrium rates of return on all risky assets are a linear function of their covariance with the market portfolio. Recent work by Fama and French (1996, 2006 introduce a Three Factor Model that questions the “real world application” of the CAPM Theorem and its ability to explain stock returns as well as value premium effects in the United States market. This paper provides an out-of-sample perspective to the work of Fama and French (1996, 2006. Multiple regression is used to compare the performance of the CAPM, a split sample CAPM and the Three Factor Model in explaining observed stock returns and value premium effects in the United Kingdom market. The methodology of Fama and French (2006 was used as the framework for this study. The findings show that the Three Factor Model holds for the United Kingdom Market and is superior to the CAPM and the split sample CAPM in explaining both stock returns and value premium effects. The “real world application” of the CAPM is therefore not supported by the United Kingdom data.

  5. 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

  6. Bidding for Clubs

    DEFF Research Database (Denmark)

    Julien, Benoit; Kennes, John; Ritter, Moritz

    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....... 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...

  7. Market Makers' Supply and Pricing of Financial Market Liquidity

    OpenAIRE

    Shen, Pu; Starr, Ross M.

    2000-01-01

    This study models the bid-ask spread in financial markets as a function of asset price variability and order flow. The market-maker is characterized as passively accepting orders to buy and to sell a security at the market's prevailing price (plus or minus half the bid-ask spread). The bid-ask spread adjusts to cover market-makers' average costs. The bid-ask spread then varies positively with: the security's price volatility, the volatility of order flow, and the absolute value of the market-...

  8. Bid invitations for nuclear power stations

    International Nuclear Information System (INIS)

    Zijl, N.A. van.

    1975-01-01

    Types of bid invitations, basic requirements on bid invitation documents, basic content of a turnkey bid invitation (bid invitation letter, instructions to the bidders, terms and conditions of the draft contract, technical specifications, site data and information), nuclear fuel procurement, differences turnkey - non-turnkey, legal, commerical, and technical matters concerning the contract document. (HP) [de

  9. 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 to...

  10. The Netherlands Bid Bood (GBIF)

    NARCIS (Netherlands)

    Los, W.

    2001-01-01

    GBIF=Global Biodiversity Information Facility. The Bid Book was prepared for the Ministry of Education, Culture and Sciences, the Netherlands by a working group, co-ordinated by the University of Amsterdam.

  11. Valuing inter-sectoral costs and benefits of interventions in the healthcare sector: methods for obtaining unit prices.

    Science.gov (United States)

    Drost, Ruben M W A; Paulus, Aggie T G; Ruwaard, Dirk; Evers, Silvia M A A

    2017-02-01

    There is a lack of knowledge about methods for valuing health intervention-related costs and monetary benefits in the education and criminal justice sectors, also known as 'inter-sectoral costs and benefits' (ICBs). The objective of this study was to develop methods for obtaining unit prices for the valuation of ICBs. By conducting an exploratory literature study and expert interviews, several generic methods were developed. The methods' feasibility was assessed through application in the Netherlands. Results were validated in an expert meeting, which was attended by policy makers, public health experts, health economists and HTA-experts, and discussed at several international conferences and symposia. The study resulted in four methods, including the opportunity cost method (A) and valuation using available unit prices (B), self-constructed unit prices (C) or hourly labor costs (D). The methods developed can be used internationally and are valuable for the broad international field of HTA.

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

    DEFF Research Database (Denmark)

    Bashi, Mazaher Haji; Yousefi, G.R.; Bak, Claus Leth

    2016-01-01

    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...

  13. 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.

  14. RISIKO INVESTASI, BID-ASK SPREAD, DAN COST OF EQUITY CAPITAL DI PASAR MODAL INDONESIA

    Directory of Open Access Journals (Sweden)

    Agus Haryono

    2017-03-01

    Full Text Available A number of studies investigated how financial information affected investment decisions. The study extendedthis line of research by examining the effect of risk, proxied by price per share, number of shareholders, numberof dealers, trading volume, accounting risk and market risk measures on the bid ask spread. Further, theresearch tried to test the relationship between bid ask spread and cost of equity capital. The samples of thisresearch were the manufacturing companies listed at Indonesian Stock Exchange which shared the dividendfor 3 years; there were 40 companies. Data analysis technique used multiple regression analysis. The results ofregression provided evidence of statistically significant effect of price per share, market value, asset size andprice variability on bid ask spread. At last, there was a positive relationship between bid ask spread and cost ofequity capital

  15. 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

  16. Exploring the impact of permitting and local regulatory processes on residential solar prices in the United States

    International Nuclear Information System (INIS)

    Burkhardt, Jesse; Wiser, Ryan; Darghouth, Naïm; Dong, C.G.; Huneycutt, Joshua

    2015-01-01

    This article statistically isolates the impacts of city-level permitting and other local regulatory processes on residential PV prices in the United States. We combine data from two “scoring” mechanisms that independently capture local regulatory process efficiency with the largest dataset of installed PV prices in the United States. We find that variations in local permitting procedures can lead to differences in average residential PV prices of approximately $0.18/W between the jurisdictions with the least-favorable and most-favorable permitting procedures. Between jurisdictions with scores across the middle 90% of the range (i.e., 5th percentile to 95th percentile), the difference is $0.14/W, equivalent to a $700 (2.2%) difference in system costs for a typical 5-kW residential PV installation. When considering variations not only in permitting practices, but also in other local regulatory procedures, price differences grow to $0.64–$0.93/W between the least-favorable and most-favorable jurisdictions. Between jurisdictions with scores across the middle 90% of the range, the difference is equivalent to a price impact of at least $2500 (8%) for a typical 5-kW residential PV installation. These results highlight the magnitude of cost reduction that might be expected from streamlining local regulatory regimes. - Highlights: • We show local regulatory processes meaningfully affect U.S. residential PV prices. • We use regression analysis and two mechanisms for “scoring” regulatory efficiency. • Local permitting procedure variations can produce PV price differences of $0.18/W. • Broader regulatory variations can produce PV price differences of $0.64–$0.93/W. • The results suggest the cost-reduction potential of streamlining local regulations

  17. Interconnected Power Systems Mexico-Guatemala financed by BID

    International Nuclear Information System (INIS)

    Martinez, Veronica

    2003-01-01

    The article describes the plans for the interconnection of the electric power systems of Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and Mexico within the project Plan Pueba Panama. The objective of the interconnection is to create an electric market in the region that contributes to reduce costs and prices. The project will receive a financing of $37.5 millions of US dollars from the Banco Intrameramericano de Desarrollo (BID)

  18. Potential Impact of Minimum Unit Pricing for Alcohol in Ireland: Evidence from the National Alcohol Diary Survey.

    Science.gov (United States)

    Cousins, Gráinne; Mongan, Deirdre; Barry, Joe; Smyth, Bobby; Rackard, Marion; Long, Jean

    2016-11-01

    One of the main provisions of the Irish Public Health (Alcohol) Bill is the introduction of a minimum unit price (MUP) for alcohol in Ireland, set at €1.00/standard drink. We sought to identify who will be most affected by the introduction of a MUP, examining the relationship between harmful alcohol consumption, personal income, place of purchase and price paid for alcohol. A nationally representative survey of 3187 respondents aged 18-75 years, completing a diary of their previous week's alcohol consumption. The primary outcome was purchasing alcohol at  5), low personal annual income (target those suffering the greatest harm, and reduce alcohol-attributable mortality in Ireland. Further prospective studies are needed to monitor consumption trends and associated harms following the introduction of minimum unit pricing of alcohol. © The Author 2016. Medical Council on Alcohol and Oxford University Press. All rights reserved.

  19. The Benefits and Risks of Virtual Bidding in Multi-Settlement Markets

    International Nuclear Information System (INIS)

    Isemonger, Alan G.

    2006-01-01

    While it is possible that multi-settlement markets can exist without virtual trading, it is equally clear that virtual trading can provide many market benefits. The main one: In the absence of explicit virtual bidding (EVB), the price arbitrage trades that are benign in other commodity markets affect the reliability of the underlying electricity markets, resulting in a situation where EVB is most useful when it neutralizes the deleterious reliability effects of implicit virtual bidding and physical arbitrage. (author)

  20. Investors flock to Venezuelan bidding rounds

    International Nuclear Information System (INIS)

    Kielmas, M.

    1997-01-01

    The Venezuelan government has disproved the long-cherished oil industry mantra that low tax rates attract private sector investors. At a time when most company managements feel they need to collect balance sheet assets at any price. Venezuela is ensuring that it remains the upmarket not the bargain basement investor target. Despite offering some of the most punitive and complicated fiscal terms worldwide, a near certainty that taxes will rise in the future and state oil company control of the join ventures' operating committees, oil investors of all sizes cannot keep away. The third marginal field reactivation round, launched late last year attracted a staggering 259 companies, both foreign and local, which prequalified to bid. (Author)

  1. 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.

  2. Pure equilibrium strategies in multi-unit auctions with private value bidders

    Czech Academy of Sciences Publication Activity Database

    Břeský, Michal

    -, č. 376 (2008), s. 1-44 ISSN 1211-3298 Institutional research plan: CEZ:MSM0021620846 Keywords : multiple-unit auction * existence of equilibrium in discontinuous games * pay-your- bid and uniform-price auctions Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp376.pdf

  3. Evolving reimbursement and pricing policies for devices in Europe and the United States should encourage greater value.

    Science.gov (United States)

    Sorenson, Corinna; Drummond, Michael; Burns, Lawton R

    2013-04-01

    Rising health care costs are an international concern, particularly in the United States, where spending on health care outpaces that of other industrialized countries. Consequently, there is growing desire in the United States and Europe to take a more value-based approach to health care, particularly with respect to the adoption and use of new health technology. This article examines medical device reimbursement and pricing policies in the United States and Europe, with a particular focus on value. Compared to the United States, Europe more formally and consistently considers value to determine which technologies to cover and at what price, especially for complex, costly devices. Both the United States and Europe have introduced policies to provide temporary coverage and reimbursement for promising technologies while additional evidence of value is generated. But additional actions are needed in both the United States and Europe to ensure wise value-based reimbursement and pricing policies for all devices, including the generation of better pre- and postmarket evidence and the development of new methods to evaluate value and link evidence of value to reimbursement.

  4. 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. Therefore...... 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....

  5. Analysis: climate policy in the United States: what economic instrument for a carbon price signal?

    International Nuclear Information System (INIS)

    2009-03-01

    At the time of his election as President of the United States, Barack Obama declared that 'We will make it clear to the world that America is ready to lead to protect our environment'. The 2050 objective of cutting CO 2 emissions by 80% compared to the 1990 level, as affirmed in the election campaign, will involve directing the market in accordance with a carbon price signal that includes the true cost of greenhouse gas emissions so as to establish a policy that is both effective and credible, i.e. likely to lead developing countries into the global effort. An emission allowance market, rather than a carbon tax, should therefore come into being. However, those who advocate the tax - more numerous in academic circles than among political decision-makers - are sharpening up their arguments. In particular, they identify the measures to be taken if we wish to attain an environmental objective and curb social inequalities. Similar arguments could serve as the basis for an international agreement that would strongly incite emerging countries to reduce their emissions while remaining equitable towards them. (author)

  6. Development of risk management strategies for state DOTs to effectively deal with volatile prices of transportation construction materials.

    Science.gov (United States)

    2014-06-01

    Volatility in price of critical materials used in transportation projects, such as asphalt cement, leads to : considerable uncertainty about project cost. This uncertainty may lead to price speculation and inflated : bid prices submitted by highway c...

  7. 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.

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

    Science.gov (United States)

    Poston, Walker S C; Jahnke, Sara A; Haddock, Christopher K; Hyder, Melissa L; Taylor, Jennifer E; Lando, Harry A; Kaipust, Christopher M

    2012-09-01

    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. 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. 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. 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.

  9. 48 CFR 52.203-2 - Certificate of Independent Price Determination.

    Science.gov (United States)

    2010-10-01

    ... offeror or competitor before bid opening (in the case of a sealed bid solicitation) or contract award (in the case of a negotiated solicitation) unless otherwise required by law; and (3) No attempt has been... for determining the prices being offered in this bid or proposal, and that the signatory has not...

  10. Tracking the Sun 10: 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); Darghouth, Naim R. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Millstein, Dev [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); LaCommare, Kristina [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); DiSanti, Nicholas [Exeter Associates, Columbia, MD (United States); Widiss, Rebecca [Exeter Associates, Columbia, MD (United States)

    2017-09-21

    Berkeley Lab’s Tracking the Sun report series is dedicated to summarizing trends in the installed price of grid-connected, residential and non-residential systems solar photovoltaic (PV) systems in the United States. The present report, the tenth edition in the series, focuses on systems installed through year-end 2016, with preliminary data for the first half of 2017. The report provides an overview of both long-term and more-recent trends, highlighting key drivers for installed price declines over different time horizons. The report also extensively characterizes the widespread variability in system pricing, comparing installed prices across states, market segments, installers, and various system and technology characteristics. The trends described in this report derive from project-level data collected by state agencies and utilities that administer PV incentive programs, solar renewable energy credit (SREC) registration systems, or interconnection processes. In total, data for this report were compiled and cleaned for more than 1.1 million individual PV systems, though the analysis in the report is based on a subset of that sample, consisting of roughly 630,000 systems with available installed price data. The full underlying dataset of project-level data (excluding any confidential information) is available in a public data file, for use by other researchers and analysts.

  11. 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

  12. 36 CFR 223.51 - Bid monitoring.

    Science.gov (United States)

    2010-07-01

    ... 36 Parks, Forests, and Public Property 2 2010-07-01 2010-07-01 false Bid monitoring. 223.51 Section 223.51 Parks, Forests, and Public Property FOREST SERVICE, DEPARTMENT OF AGRICULTURE SALE AND... Bid monitoring. Each Regional Forester shall monitor bidding patterns on timber sales to determine if...

  13. 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 competitive...

  14. 36 CFR 223.231 - 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. 223.231... methods. The Contracting Officer or designated forest officer shall offer advertised sales of special forest products through sealed bid or sealed bid followed by oral auction. The method selected shall: (a...

  15. 30 CFR 256.44 - Bids disqualified.

    Science.gov (United States)

    2010-07-01

    ... by law, regulation, lease or stipulation to lease shall not disqualify an otherwise qualified bid; or... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Bids disqualified. 256.44 Section 256.44... OIL AND GAS IN THE OUTER CONTINENTAL SHELF Issuance of Leases § 256.44 Bids disqualified. The...

  16. 10 CFR 452.5 - Bidding procedures.

    Science.gov (United States)

    2010-01-01

    ... for the reverse auction. (e) Bid evaluation and incentive awards selection procedures include the... bids, preference will be given to the lowest tied bidder based on DOE's evaluation of the extent to... feedstock suppliers. (4) In the event more than one lowest tied bid equally meets the standards in paragraph...

  17. Understanding the development of minimum unit pricing of alcohol in Scotland: a qualitative study of the policy process.

    Science.gov (United States)

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

    2014-01-01

    Minimum unit pricing of alcohol is a novel public health policy with the potential to improve population health and reduce health inequalities. Theories of the policy process may help to understand the development of policy innovation and in turn identify lessons for future public health research and practice. This study aims to explain minimum unit pricing's development by taking a 'multiple-lenses' approach to understanding the policy process. In particular, we apply three perspectives of the policy process (Kingdon's multiple streams, Punctuated-Equilibrium Theory, Multi-Level Governance) to understand how and why minimum unit pricing has developed in Scotland and describe implications for efforts to develop evidence-informed policymaking. Semi-structured interviews were conducted with policy actors (politicians, civil servants, academics, advocates, industry representatives) involved in the development of MUP (n = 36). Interviewees were asked about the policy process and the role of evidence in policy development. Data from two other sources (a review of policy documents and an analysis of evidence submission documents to the Scottish Parliament) were used for triangulation. The three perspectives provide complementary understandings of the policy process. Evidence has played an important role in presenting the policy issue of alcohol as a problem requiring action. Scotland-specific data and a change in the policy 'image' to a population-based problem contributed to making alcohol-related harms a priority for action. The limited powers of Scottish Government help explain the type of price intervention pursued while distinct aspects of the Scottish political climate favoured the pursuit of price-based interventions. Evidence has played a crucial but complex role in the development of an innovative policy. Utilising different political science theories helps explain different aspects of the policy process, with Multi-Level Governance particularly useful for

  18. 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.

  19. A matrix game model for analyzing FTR bidding strategies in deregulated electric power markets

    International Nuclear Information System (INIS)

    Das, Tapas K.; Rocha, Patricio; Babayigit, Cihan

    2010-01-01

    Suppliers in deregulated electric power markets compete for financial transmission rights (FTRs) to hedge against congestion charges. The system operator receives the bids for FTRs submitted by the suppliers and develops an allocation strategy by solving an optimization model. Each FTR bid is defined by a path, a quantity indicating the amount of FTRs the supplier is bidding for in that path, and the price that the supplier is willing to pay for each FTR. The FTR revenue is calculated only after the electricity market has been cleared by computing the differences in the LMPs at the pair of nodes that connect each path. Thus, suppliers rely on forecasts of locational marginal prices (LMPs) to develop their FTR bids. In this paper, we present a game theoretic modeling approach to develop FTR bidding strategies for power suppliers assuming that they have forecasts of LMPs. The game theoretic model considers multiple participants as well as network contingencies. We apply the game theoretic model on a sample network to assess impacts of variations of bid and network parameters on the FTR market outcome. (author)

  20. A reexamination of the crude oil price-unemployment relationship in the United States

    International Nuclear Information System (INIS)

    Uri, N.D.; Boyd, R.

    1996-01-01

    This study begins by asking whether fluctuations in the price of crude oil have affected employment and the rate of unemployment in the US. After reviewing previous assessments of the issue, the existence of an empirical relationship between the rate of unemployment and crude oil price volatility is established using Granger causality. Subsequently, the nature of the relationship is estimated with the results suggesting that at least three full years are required before the measurable impact of a percentage change in the real price of crude oil on the change in unemployment is exhausted. Finally, the structural stability of the functional relationship between the change in unemployment and the volatility of the price of crude oil and the percentage change in gross national product is examined

  1. 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.

  2. 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.

  3. Pay-as-bid based reactive power market

    International Nuclear Information System (INIS)

    Amjady, N.; Rabiee, A.; Shayanfar, H.A.

    2010-01-01

    In energy market clearing, the offers are stacked in increasing order and the offer that intersects demand curve, determines the market clearing price (MCP). In reactive power market, the location of reactive power compensator is so important. A low cost reactive producer may not essentially be favorable if it is far from the consumer. Likewise, a high cost local reactive compensator at a heavily loaded demand center of network could be inevitably an alternative required to produce reactive power to maintain the integrity of power system. Given the background, this paper presents a day-ahead reactive power market based on pay-as-bid (PAB) mechanism. Generators expected payment function (EPF) is used to construct a bidding framework. Then, total payment function (TPF) of generators is used as the objective function of optimal power flow (OPF) problem to clear the PAB based market. The CIGRE-32 bus test system is used to examine the effectiveness of the proposed reactive power market.

  4. Pay-as-bid based reactive power market

    Energy Technology Data Exchange (ETDEWEB)

    Amjady, N. [Department of Electrical Engineering, Semnan University, Semnan (Iran, Islamic Republic of); Rabiee, A., E-mail: Rabiee@iust.ac.i [Center of Excellence for Power System Automation and Operation, Department of Electrical Engineering, Iran University of Science and Technology, Tehran (Iran, Islamic Republic of); Shayanfar, H.A. [Center of Excellence for Power System Automation and Operation, Department of Electrical Engineering, Iran University of Science and Technology, Tehran (Iran, Islamic Republic of)

    2010-02-15

    In energy market clearing, the offers are stacked in increasing order and the offer that intersects demand curve, determines the market clearing price (MCP). In reactive power market, the location of reactive power compensator is so important. A low cost reactive producer may not essentially be favorable if it is far from the consumer. Likewise, a high cost local reactive compensator at a heavily loaded demand center of network could be inevitably an alternative required to produce reactive power to maintain the integrity of power system. Given the background, this paper presents a day-ahead reactive power market based on pay-as-bid (PAB) mechanism. Generators expected payment function (EPF) is used to construct a bidding framework. Then, total payment function (TPF) of generators is used as the objective function of optimal power flow (OPF) problem to clear the PAB based market. The CIGRE-32 bus test system is used to examine the effectiveness of the proposed reactive power market.

  5. 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.

  6. 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.

  7. A dynamic replicator model of the players' bids in an oligopolistic electricity market

    International Nuclear Information System (INIS)

    Sahraei-Ardakani, Mostafa; Rahimi-Kian, Ashkan

    2009-01-01

    In this paper, the replicator dynamics of the power suppliers' bids in an oligopolistic electricity market are derived for both the fixed and variable demand cases. The replicator dynamics stability analysis is also performed. The dynamics of the electricity markets are the results of players' decisions. The physical parameters of the power systems (such as the lines capacities, voltage limitations, etc.) also affect the market dynamics indirectly, through the changes in players' behaviors. Assuming rational players, an optimal bidding strategy for constructing the supply function (SF) of a generating firm is presented and based on that, the dynamics of the bid replicators are studied. Both fixed demands and price sensitive demands are taken into account. The replicator model is presented in the well-known state space structure. A case study is presented to show the applicability of the developed dynamic replicator bid model, and also to show how the Nash-SFE equilibrium evolves over time. (author)

  8. Incorporating reliability evaluation into the uncertainty analysis of electricity market price

    International Nuclear Information System (INIS)

    Kang, Chongqing; Bai, Lichao; Xia, Qing; Jiang, Jianjian; Zhao, Jing

    2005-01-01

    A novel model and algorithm for analyzing the uncertainties in electricity market is proposed in this paper. In this model, bidding decision is formulated as a probabilistic model that takes into account the decision-maker's willingness to bid, risk preferences, the fluctuation of fuel-price, etc. At the same time, generating unit's uncertain output model is considered by its forced outage rate (FOR). Based on the model, the uncertainty of market price is then analyzed. Taking the analytical results into consideration, not only the reliability of the power system can be conventionally analyzed, but also the possible distribution of market prices can be easily obtained. The probability distribution of market prices can be further used to calculate the expected output and the sales income of generating unit in the market. Based on these results, it is also possible to evaluate the risk involved by generating units. A simple system with four generating units is used to illustrate the proposed algorithm. The proposed algorithm and the modeling technique are expected to helpful to the market participants in making their economic decisions

  9. Supplier's optimal bidding strategy in electricity pay-as-bid auction: Comparison of the Q-learning and a model-based approach

    International Nuclear Information System (INIS)

    Rahimiyan, Morteza; Rajabi Mashhadi, Habib

    2008-01-01

    In this paper, the bidding decision making problem in electricity pay-as-bid auction is studied from a supplier's point of view. The bidding problem is a complicated task, because of suppliers' uncertain behaviors and demand fluctuation. In a specific case, in which, the market clearing price (MCP) is considered as a continuous random variable with a known probability distribution function (PDF), an analytic solution is proposed. The suggested solution is generalized to consider the effect of supplier market power due to transmission congestion. As a result, an algebraic equation is developed to compute optimal offering price. The basic assumption in this approach is to take the known probabilistic model for the MCP. The above-mentioned method, called model-based approach, is not more applicable in a realistic situation. In order to overcome the drawback of this method, which needs information about the MCP and its PDF, the supplier learns from past experiences using the Q-learning algorithm to find out the optimal bid price. The simulation results of the model-based and Q-learning methods are compared on a studied system. It is shown that a supplier using the Q-learning algorithm is able to find the optimal bidding strategy similar to one obtained by the model-based approach. Furthermore, to analyze a more realistic situation, the suppliers' behaviors are modeled using a multi-agent system. Simulation results illustrate that the studied supplier finds the optimal bidding strategy in power market using the Q-learning algorithm. (author)

  10. Understanding the Development of Minimum Unit Pricing of Alcohol in Scotland: A Qualitative Study of the Policy Process

    Science.gov (United States)

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

    2014-01-01

    Background Minimum unit pricing of alcohol is a novel public health policy with the potential to improve population health and reduce health inequalities. Theories of the policy process may help to understand the development of policy innovation and in turn identify lessons for future public health research and practice. This study aims to explain minimum unit pricing’s development by taking a ‘multiple-lenses’ approach to understanding the policy process. In particular, we apply three perspectives of the policy process (Kingdon’s multiple streams, Punctuated-Equilibrium Theory, Multi-Level Governance) to understand how and why minimum unit pricing has developed in Scotland and describe implications for efforts to develop evidence-informed policymaking. Methods Semi-structured interviews were conducted with policy actors (politicians, civil servants, academics, advocates, industry representatives) involved in the development of MUP (n = 36). Interviewees were asked about the policy process and the role of evidence in policy development. Data from two other sources (a review of policy documents and an analysis of evidence submission documents to the Scottish Parliament) were used for triangulation. Findings The three perspectives provide complementary understandings of the policy process. Evidence has played an important role in presenting the policy issue of alcohol as a problem requiring action. Scotland-specific data and a change in the policy ‘image’ to a population-based problem contributed to making alcohol-related harms a priority for action. The limited powers of Scottish Government help explain the type of price intervention pursued while distinct aspects of the Scottish political climate favoured the pursuit of price-based interventions. Conclusions Evidence has played a crucial but complex role in the development of an innovative policy. Utilising different political science theories helps explain different aspects of the policy process

  11. The wisdom of the crowd playing The Price Is Right.

    Science.gov (United States)

    Lee, Michael D; Zhang, Shunan; Shi, Jenny

    2011-07-01

    In The Price Is Right game show, players compete to win a prize, by placing bids on its price. We ask whether it is possible to achieve a "wisdom of the crowd" effect, by combining the bids to produce an aggregate price estimate that is superior to the estimates of individual players. Using data from the game show, we show that a wisdom of the crowd effect is possible, especially by using models of the decision-making processes involved in bidding. The key insight is that, because of the competitive nature of the game, what people bid is not necessarily the same as what they know. This means better estimates are formed by aggregating latent knowledge than by aggregating observed bids. We use our results to highlight the usefulness of models of cognition and decision-making in studying the wisdom of the crowd, which are often approached only from non-psychological statistical perspectives.

  12. Market performance and bidders' bidding behavior in the New York Transmission Congestion Contract market

    International Nuclear Information System (INIS)

    Zhang, Ning

    2009-01-01

    Using publicly available bidder level bids data for Transmission Congestion Contracts (TCCs) and the realized awards of TCCs in the NYISO monthly reconfiguration auctions from June 2000 to December 2004, we examine both market performance and bidders' bidding behavior in the auctions. The data show significant under-pricing in the realized awards of TCCs. Theories suggest that under-pricing may arise from risk-aversion, monopsonistic market power or winner's curse. Our empirical analysis illustrates that all of the three effects play a role in the NYISO TCCs market. Both market performance and bidders' bidding strategies can be best explained by the theoretical model with asymmetric information and risk-averse bidders. (author)

  13. Transportation Service Procurement Bid Construction Problem from Less Than Truckload Perspective

    Directory of Open Access Journals (Sweden)

    Fang Yan

    2018-01-01

    Full Text Available This paper presents mixed integer programming for a transportation service procurement bid construction problem from a less than full truckload perspective, in which the bidders (carriers generate their best bid (package using a bundled price to maximize their utility and increase the chance of winning the business. The models are developed from both the carriers and shippers perspectives to establish a relationship between the quoted price and the likelihood of winning to assist the carriers in balancing the potential benefits and the possibility of winning the bid. An intelligent algorithm based on Particle Swarm Optimization is then designed to solve the proposed model and hypothetical data sets are used to test the effectiveness and efficiency of the proposed model and algorithm.

  14. The strategy curve. A method for representing and interpreting generator bidding strategies

    International Nuclear Information System (INIS)

    Lucas, N.; Taylor, P.

    1995-01-01

    The pool is the novel trading arrangement at the heart of the privatized electricity market in England and Wales. This central role in the new system makes it crucial that it is seen to function efficiently. Unfortunately, it is governed by a set of complex rules, which leads to a lack of transparency, and this makes monitoring of its operation difficult. This paper seeks to provide a method for illuminating one aspect of the pool, that of generator bidding behaviour. We introduce the concept of a strategy curve, which is a concise device for representing generator bidding strategies. This curve has the appealing characteristic of directly revealing any deviation in the bid price of a genset from the costs of generating electricity. After a brief discussion about what constitutes price and cost in this context we present a number of strategy curves for different days and provide some interpretation of their form, based in part on our earlier work with game theory. (author)

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

    International Nuclear Information System (INIS)

    Kang, Dong-Joo; Kim, Balho H.; Hur, Don

    2007-01-01

    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)

  16. Coordination of bidding strategies in day-ahead energy and spinning reserve markets

    International Nuclear Information System (INIS)

    Fushuan Wen; David, A.K.

    2002-01-01

    In this paper, the problem of building optimally coordinated bidding strategies for competitive suppliers in day-ahead energy and spinning reserve markets is addressed. It is assumed that each supplier bids 24 linear energy supply functions and 24 linear spinning reserve supply functions, one for each hour, into the energy and spinning reserve markets, respectively, and each market is cleared separately and simultaneously for all the 24 delivery hours. Each supplier makes decisions on unit commitment and chooses the coefficients in the linear energy and spinning reserve supply functions to maximise total benefits, subject to expectations about how rival suppliers will bid in both markets. Two different bidding schemes have been suggested for each hour, and based on them an overall coordinated bidding strategy in the day-ahead energy and spinning reserve market is then developed. Stochastic optimisation models are first developed to describe these two different bidding schemes and a genetic algorithm (GA) is then used to build the optimally coordinated bidding strategies for each scheme and to develop an overall bidding strategy for the day-ahead energy and spinning reserve markets. A numerical example is utilised to illustrate the essential features of the method. (Author)

  17. Value based pricing, research and development, and patient access schemes. Will the United Kingdom get it right or wrong?

    Science.gov (United States)

    Towse, Adrian

    2010-09-01

    The National Health Service (NHS) should reward innovation it values. This will enable the NHS and the United Kingdom (UK) economy to benefit and impact positively on the Research and Development (R&D) decision making of companies. The National Institute for Health and Clinical Excellence (NICE) currently seeks to do this on behalf of the NHS. Yet the Office of Fair Trading proposals for Value Based Pricing add price setting powers--initially for the Department of Health (DH) and then for NICE. This introduces an additional substantial uncertainty that will impact on R&D and, conditional on R&D proceeding, on launch (or not) in the UK. Instead of adding to uncertainty the institutional arrangements for assessing value should seek to be predictable and science based, building on NICE's current arrangements. The real challenge is to increase understanding of the underlying cost-effectiveness of the technology itself by collecting evidence alongside use. The 2009 Pharmaceutical Price Regulation Scheme sought to help do this with Flexible Pricing (FP) and Patient Access Schemes (PASs). The PASs to date have increased access to medicines, but no schemes proposed to date have yet helped to tackle outcomes uncertainty. The 2010 Innovation Pass can also be seen as a form of 'coverage with evidence development.' The NHS is understandably concerned about the costs of running such evidence collection schemes. Enabling the NHS to deliver on such schemes will impact favourably on R&D decisions. Increasing the uncertainty in the UK NHS market through government price setting will reduce incentives for R&D and for early UK launch.

  18. The debate over weight- versus price-based taxation of snuff in the United States' state legislatures.

    Science.gov (United States)

    Timberlake, David S; Sami, Mojgan; Patel, Sonam; Thiagarajan, Shamili; Badiyan, Ramin; Willard, Shay

    2014-08-01

    Discount snuff, known for its cheap price, high nicotine content, and popularity among youth, has increased substantially in market share in the United States. As a likely result, the leading manufacturer of premium snuff has supported legislation changing the basis for taxing snuff from price to weight. To determine which public health issues arose in legislative debates, we transcribed 17 of 52 bills from US state legislatures and coded for arguments broadly categorized into public health, fair taxation, tax revenue, tax efficiency, and anti-competitiveness. State legislators expressed frustration that equitable taxation, revenue generation, and prevention of youth tobacco use were frequently conflated in the debates. Public health advocates expressed concerns over youths' incentives to purchase low-weight snuff, but seldom discussed youths' growing preference for discount snuff. The evolving market of moist snuff is a critical consideration for US state legislators as well as policy makers from other countries who may evaluate taxation methods for alternate tobacco products.

  19. PRICE AND PRICING STRATEGIES

    OpenAIRE

    SUCIU Titus

    2013-01-01

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

  20. Generators' bidding behavior in the NYISO day-ahead wholesale electricity market

    International Nuclear Information System (INIS)

    Zhang, Ning

    2009-01-01

    This paper proposes a statistical and econometric model to analyze the generators' bidding behavior in the NYISO day-ahead wholesale electricity market. The generator level bidding data show very strong persistence in generators' grouping choices over time. Using dynamic random effect ordered probit model, we find that persistence is characterized by positive state dependence and unobserved heterogeneity and state dependence is more important than unobserved heterogeneity. The finding of true state dependence suggests a scope for economic policy intervention. If NYISO can implement an effective policy to switch generators from higher price groups to lower price groups, the effect is likely to be lasting. As a result, the market price can be lowered in the long-run. Generators' offered capacity is estimated by a two-stage sample selection model. The estimated results show that generators in higher-priced groups tend to withhold their capacity strategically to push up market prices. It further confirms the importance of an effective policy to turn generators into lower price groups in order to mitigate unexpected price spikes. The simulated market prices based on our estimated aggregate supply curve can replicate most volatility of actual DA market prices. Applying our models to different demand assumptions, we find that demand conditions can affect market prices significantly. It validates the importance of introducing demand side management during the restructure of electricity industry. (author)

  1. The FDA Unapproved Drugs Initiative: An Observational Study of the Consequences for Drug Prices and Shortages in the United States.

    Science.gov (United States)

    Gupta, Ravi; Dhruva, Sanket S; Fox, Erin R; Ross, Joseph S

    2017-10-01

    Hundreds of drug products are currently marketed in the United States without approval from the FDA. The 2006 Unapproved Drugs Initiative (UDI) requires manufacturers to remove these drug products from the market or obtain FDA approval by demonstrating evidence of safety and efficacy. Once the FDA acts against an unapproved drug, fewer manufacturers remain in the market, potentially enabling drug price increases and greater susceptibility to drug shortages. There is a need for systematic study of the UDI's effect on prices and shortages of all targeted drugs. To examine the clinical evidence for approval and association with prices and shortages of previously unapproved prescription drugs after being addressed by the UDI. Previously unapproved prescription drugs that faced UDI regulatory action or with at least 1 product that received FDA approval through manufacturers' voluntary compliance with the UDI between 2006 and 2015 were identified. The clinical evidence was categorized as either newly conducted clinical trials or use of previously published literature and/or bioequivalence studies to demonstrate safety and efficacy. We determined the change in average wholesale price, presence of shortage, and duration of shortage for each drug during the 2 years before and after UDI regulatory action or approval through voluntary compliance. Between 2006 and 2015, 34 previously unapproved prescription drugs were addressed by the UDI. Nearly 90% of those with a drug product that received FDA approval were supported by literature reviews or bioequivalence studies, not new clinical trial evidence. Among the 26 drugs with available pricing data, average wholesale price during the 2 years before and after voluntary approval or UDI action increased by a median of 37% (interquartile range [IQR] = 23%-204%; P Innovation; from the Blue Cross Blue Shield Association to better understand medical technology evidence generation; from the Centers for Medicare & Medicaid Services to

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

    NARCIS (Netherlands)

    van Beukering, P.J.H.; Bartelings, H.; Linderhof, V.G.M.; Oosterhuis, F.H.

    2009-01-01

    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%

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

    NARCIS (Netherlands)

    Beukering, van P.J.H.; Bartelings, H.; Linderhof, V.G.M.; Oosterhuis, F.H.

    2009-01-01

    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%

  4. Shareholder Wealth Effects of European Domestic and Cross-Border Takeover Bids

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.

    2002-01-01

    In this paper, we analyse the short-term wealth effects of large (intra)European takeover bids.We find large announcement effects of 9% for target firms and a cumulative abnormal return that includes the price run-up over the two-month period prior to the announcement date of 23%.However, the share

  5. 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.

  6. 48 CFR 14.202-8 - Electronic bids.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Electronic bids. 14.202-8... AND CONTRACT TYPES SEALED BIDDING Solicitation of Bids 14.202-8 Electronic bids. In accordance with subpart 4.5, contracting officers may authorize use of electronic commerce for submission of bids. If...

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

    African Journals Online (AJOL)

    In an electricity market generating companies and large consumers need suitable bidding models to maximize their profits. Therefore, each supplier and large consumer will bid strategically for choosing the bidding coefficients to counter the competitors bidding strategy. In this paper, bidding strategy problem modeled as an ...

  8. 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, consistent...

  9. Terror in the Board Room: The Bid-Opening Process

    Science.gov (United States)

    Shoop, James

    2009-01-01

    Competitive bids and the bid-opening process are the cornerstones of public school purchasing. The bid-opening process does not begin on the day of the bid opening. It begins with good planning by the purchasing agent to ensure that the advertised bid complies with the public school contracts law. In New Jersey, that raises the following…

  10. 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

  11. 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.

  12. 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.

  13. The implementation of unit price of work standard SNI 7394: 2008 for the construction of reinforced concrete beam

    Science.gov (United States)

    Tripoli; Mubarak; Nurisra; Mahmuddin

    2018-05-01

    This paper discusses the implementation of Indonesian National Standard (SNI) 7394: 2008 on procedures for calculating the unit price of concrete work for the construction of building and housing. The standard provides some reinforced concrete constructions unit price (UP) analysis by specified the total number of reinforcing uses. Related to reinforced concrete beam work (Analysis No. 6.31), the reinforcement requirement is stated at 200 kg/m3 of concrete. Once the implementation considers various earthquake zoning, the question will arise about the extent to which the standard is feasible to apply. Therefore, this research aimed to analyze the possibility of UP standard implementation by certain earthquake zonation. This research is focused on the construction of reinforced concrete beam for buildings with function as educational, residential and office buildings. The data used are sourced from 21 buildings in two zones in Aceh Province, covering Zone 10 and Zone 15 based on earthquake map of SNI 1726: 2012. The analysis results indicate that the UP standard for reinforced concrete beam cannot be applied to all zoning. The UP standard is only possible on buildings constructed in Zone 10 or zonation with seismic spectral response 0.6g to 0.7g or lower.

  14. 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... methods. (a) Competitive sales of National Forest timber shall be offered through either sealed or oral auction bidding. The method chosen for each sale will: (1) Insure open and fair competition, (2) Insure...

  15. 40 CFR 73.71 - Bidding.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 16 2010-07-01 2010-07-01 false Bidding. 73.71 Section 73.71 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) AIR PROGRAMS (CONTINUED) SULFUR DIOXIDE ALLOWANCE SYSTEM Auctions, Direct Sales, and Independent Power Producers Written Guarantee § 73.71 Bidding...

  16. 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.

  17. Bidding strategy for pumped-storage plant in pool-based electricity market

    International Nuclear Information System (INIS)

    Kanakasabapathy, P.; Shanti Swarup, K.

    2010-01-01

    This paper develops optimal bidding strategies for a pumped-storage plant in a pool-based electricity market. In the competitive regime, when compared to simple hydroelectric generator, profit of the pumped-storage plant is maximized by operating it as a generator when market clearing price is high and as a pump when the price is low. Based on forecasted hourly market clearing price, a multistage looping algorithm to maximize the profit of a pumped-storage plant is developed, considering both the spinning and non-spinning reserve bids and meeting the technical operating constraints of the plant. The proposed model is adaptive for the nonlinear three-dimensional relationship between the power produced, the energy stored, and the head of the associated reservoir. Different operating cycles for a realistic pumped-storage plant are considered and simulation results are reported and compared. (author)

  18. 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

  19. Do producers apply a capacity cutting strategy to increase prices? The case of the England and Wales electricity market

    Czech Academy of Sciences Publication Activity Database

    Lízal, L. M.; Tashpulatov, Sherzod N.

    2014-01-01

    Roč. 43, May (2014), s. 114-124 ISSN 0140-9883 Institutional support: PRVOUK-P23 Keywords : capacity bids * electricity prices * uniform price auction Subject RIV: AH - Economics Impact factor: 2.708, year: 2014

  20. Do producers apply a capacity cutting strategy to increase prices? The case of the England and Wales electricity market

    Czech Academy of Sciences Publication Activity Database

    Lízal, L. M.; Tashpulatov, Sherzod N.

    2014-01-01

    Roč. 43, May (2014), s. 114-124 ISSN 0140-9883 Institutional support: RVO:67985998 Keywords : capacity bids * electricity prices * uniform price auction Subject RIV: AH - Economics Impact factor: 2.708, year: 2014

  1. 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

    2007-01-01

    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 strains of designer marijuana are usually grown indoors from specially-bred strains and carefully handled for maximum quality. The mechanisms for selling include street/park sellers, delivery services, private sales, and storefronts. Retail sales units vary from $5 to $50 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 (avg. $8.20/gram) and designer (avg. $18.02/gram) 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 bags, $50 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 and $20 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. PMID:17055670

  2. 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

    .9 in the exenatide bid cohort and €3265.5 in the insulin cohort (€1791.9 versus €2465.5 due to costs other than those of injectable therapy). When baseline direct cost and patients' and disease characteristics were controlled for, mean direct costs differed by country (P ...-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....... RESULTS: A total of 2515 patients were recruited. At the 24-month analysis, significant treatment change had occurred during the study in 42.2% of 1114 eligible patients in the exenatide bid cohort and 36.0% of 1274 eligible patients in the insulin cohort. Improvements in glycemic control were observed...

  3. 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.

  4. Wind power price trends in the United States: Struggling to remain competitive in the face of strong growth

    International Nuclear Information System (INIS)

    Bolinger, Mark; Wiser, Ryan

    2009-01-01

    The amount of wind power capacity being installed globally is surging, with the United States the world leader in terms of annual market share for three years running (2005-2007). The rapidly growing market for wind has been a double-edged sword, however, as the resulting supply-demand imbalance in wind turbines, along with the rising cost of materials and weakness in the US dollar, has put upward pressure on wind turbine costs, and ultimately, wind power prices. Two mitigating factors-reductions in the cost of equity provided to wind projects and improvements in project-level capacity factors-have helped to relieve some of the upward pressure on wind power prices over the last few years. Because neither of these two factors can be relied upon to further cushion the blow going forward, policymakers should recognize that continued financial support may be necessary to sustain the wind sector at its current pace of development, at least in the near term. Though this article emphasizes developments in the US market for wind power, those trends are similar to, and hold implications for, the worldwide wind power market

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

    Science.gov (United States)

    2010-10-01

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

  6. The Price-Anderson Act: A Linchpin in the Development of Commercial Nuclear Power in the United States

    International Nuclear Information System (INIS)

    Quattrocchi, J. L.

    2006-01-01

    The dawn of the atomic age brought with it both the hope of great benefit and the fear of great disaster. By the mid-1950's, the United States recognized that it was in the national interest to promote commercial development of nuclear energy in medicine and industry, particularly in the generation of electric power. The uncertainties of the technology and the potential for severe accidents were clear obstacles to commercial development. Exposure to potentially serious uninsured liabilities inhibited the private sector. These impediments led Congress to enact the Price-Anderson Act in 1957. Its three-fold purpose was to encourage private development of nuclear power, establish a framework for handling liability claims and provide a ready source of funds to compensate accident victims. The law was originally enacted for ten years but has now been extended four times. The major provisions of the Act and its importance to the public and to insurers are described in this paper.(author)

  7. 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.

  8. Revenue and efficiency in multi-unit uniform-price auctions

    Czech Academy of Sciences Publication Activity Database

    Břeský, Michal

    2013-01-01

    Roč. 82, November (2013), s. 205-217 ISSN 0899-8256 R&D Projects: GA ČR(CZ) GAP402/11/1531 Institutional support: RVO:67985998 Keywords : multi-unit auction * multiple-object auction * market efficiency Subject RIV: AH - Economics Impact factor: 1.025, year: 2013

  9. Revenue and efficiency in multi-unit uniform-price auctions

    Czech Academy of Sciences Publication Activity Database

    Břeský, Michal

    -, č. 384 (2009), s. 1-39 ISSN 1211-3298 Institutional research plan: CEZ:MSM0021620846 Keywords : multi-unit auction * multiple-object auction * market efficiency * optimal selling mechanism Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp384.pdf

  10. 48 CFR 814.404-2 - Rejection of individual bids.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Rejection of individual... Rejection of individual bids. (a) When a contracting officer finds a bid that is being considered for an... nonresponsive an individual bid that is not in compliance with the Government's bid acceptance time, since...

  11. The Committee System For Competitive Bids In Local ...

    African Journals Online (AJOL)

    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 ...

  12. 7 CFR 1955.147 - Sealed bid sales.

    Science.gov (United States)

    2010-01-01

    ... Law 103-354 will accept the bid or bids which are in the best financial interest of the Government... agency under Public Law 103-354 office. All bids will be date and time stamped. Advertisements and... 7 Agriculture 14 2010-01-01 2009-01-01 true Sealed bid sales. 1955.147 Section 1955.147...

  13. 7 CFR 1780.95 - Public bidding on bonds.

    Science.gov (United States)

    2010-01-01

    ... public bidding. The Agency will not submit a bid at the advertised sale unless required by State law, nor... 7 Agriculture 12 2010-01-01 2010-01-01 false Public bidding on bonds. 1780.95 Section 1780.95... Bonds and Bond Transcript Documents for Public Body Applicants § 1780.95 Public bidding on bonds. Bonds...

  14. 23 CFR 635.111 - Tied bids.

    Science.gov (United States)

    2010-04-01

    ... MAINTENANCE Contract Procedures § 635.111 Tied bids. (a) The STD may tie or permit the tying of Federal-aid...-financed highway projects may be combined in one contract if the conditions of the projects are so similar...

  15. Competitive bidding tactics for new exploration concessions

    Energy Technology Data Exchange (ETDEWEB)

    Hawley, P.W.; Bramley, A.D.; Castellani, J.M. [Little (Arthur D.), London (United Kingdom)

    1994-12-31

    In some (mostly developing) countries, oil companies compete for new exploration agreements by bidding the key economic parameters. We believe that an increasing number of companies are making generous offers in order to win bids, in the expectation of being able to renegotiate economic terms if they make a discovery. However, the tactic damages the performance of the E and P industry in developing countries - for governments and companies alike. The means of combating `tactical overbidding` rests largely with governments and national oil companies in making better contracts and taking a cautious approach to the evaluation of bids. Reputable companies can contribute to the process by emphasising that their bids are formulated in good faith and based on sound commercial considerations. (author)

  16. Competitive bidding tactics for new exploration concessions

    International Nuclear Information System (INIS)

    Hawley, P.W.; Bramley, A.D.; Castellani, J.M.

    1994-01-01

    In some (mostly developing) countries, oil companies compete for new exploration agreements by bidding the key economic parameters. We believe that an increasing number of companies are making generous offers in order to win bids, in the expectation of being able to renegotiate economic terms if they make a discovery. However, the tactic damages the performance of the E and P industry in developing countries - for governments and companies alike. The means of combating 'tactical overbidding' rests largely with governments and national oil companies in making better contracts and taking a cautious approach to the evaluation of bids. Reputable companies can contribute to the process by emphasising that their bids are formulated in good faith and based on sound commercial considerations. (author)

  17. 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...

  18. 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)

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

    International Nuclear Information System (INIS)

    Vassilopoulos, Philippe

    2007-01-01

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

  20. Price Forecasting of Electricity Markets in the Presence of a High Penetration of Wind Power Generators

    OpenAIRE

    Saber Talari; Miadreza Shafie-khah; Gerardo J. Osório; Fei Wang; Alireza Heidari; João P. S. Catalão

    2017-01-01

    Price forecasting plays a vital role in the day-ahead markets. Once sellers and buyers access an accurate price forecasting, managing the economic risk can be conducted appropriately through offering or bidding suitable prices. In networks with high wind power penetration, the electricity price is influenced by wind energy; therefore, price forecasting can be more complicated. This paper proposes a novel hybrid approach for price forecasting of day-ahead markets, with high penetration of wind...

  1. Asymmetry in retail gasoline and crude oil price movements in the United States. An application of hidden cointegration technique

    International Nuclear Information System (INIS)

    Honarvar, Afshin

    2009-01-01

    There is a common belief that gasoline prices respond more quickly to crude oil price increases than decreases. Some economists and politicians believe that asymmetry in oil and gasoline price movements is the outcome of a non-competitive gasoline market requiring that governments take policy action to address 'unfair pricing'. There is no consensus as to the existence, or nature, of the asymmetric relationship between prices of gasoline and crude oil. Much of this literature specifies asymmetry in the speed of adjustment and short-run adjustment coefficients. In contrast, Granger and Yoon's [Granger, C.W. and Yoon, G. 'Hidden Cointegration', University of California, San Diego, Department of Economics Working Paper, (2002).] Crouching Error Correction Model (CECM) identifies asymmetry of the cointegrating vectors between components (cumulative positive and negative changes) of the series. Applying the CECM to retail gasoline and crude oil prices for the U.S., we find that there is only evidence of cointegration between positive components of crude oil prices and negative components of gasoline prices. In contrast to the literature which attributes asymmetric price movements to market power of refiners, these findings suggest that gasoline prices -in the long run- are more influenced by the technological changes on the demand side than crude oil price movements on the supply side. (author)

  2. 75 FR 9946 - United States v. Keyspan Corporation; Proposed Final Judgment and Competitive Impact Statement

    Science.gov (United States)

    2010-03-04

    ... the market. This ``bid the cap'' strategy would keep market prices high, but at a significant cost... its best strategy during the 2006-2009 period. The ``bid the cap'' strategy would keep market prices... financial services company, the likely effect of which was to increase prices in the New York City (NYISO...

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

    International Nuclear Information System (INIS)

    Hong, Y.-Y.; Tsai, S.-W.; Weng, M.-T.

    2001-01-01

    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)

  4. 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)

  5. Exporter Price Premia?

    DEFF Research Database (Denmark)

    Jäkel, Ina Charlotte; Sørensen, Allan

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

  6. 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

  7. 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…

  8. 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…

  9. 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…

  10. Constructing forward price curves in electricity markets

    DEFF Research Database (Denmark)

    Fleten, S.-E.; Lemming, Jørgen Kjærgaard

    2003-01-01

    We present and analyze a method for constructing approximated high-resolution forward price curves in electricity markets. Because a limited number of forward or futures contracts are traded in the market, only a limited picture of the theoretical continuous forward price curve is available...... to the analyst. Our method combines the information contained in observed bid and ask prices with information from the forecasts generated by bottom-up models. As an example, we use information concerning the shape of the seasonal variation from a bottom-up model to improve the forward price curve quoted...

  11. Constructing forward price curves in electricity markets

    International Nuclear Information System (INIS)

    Fleten, Stein-Erik; Lemming, Jacob

    2003-01-01

    We present and analyze a method for constructing approximated high-resolution forward price curves in electricity markets. Because a limited number of forward or futures contracts are traded in the market, only a limited picture of the theoretical continuous forward price curve is available to the analyst. Our method combines the information contained in observed bid and ask prices with information from the forecasts generated by bottom-up models. As an example, we use information concerning the shape of the seasonal variation from a bottom-up model to improve the forward price curve quoted on the Nordic power exchange

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

    Directory of Open Access Journals (Sweden)

    H. Raouf Sheybani

    2016-09-01

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

  13. Subsalt bids, strategies analyzed from Gulf of Mexico Sale 147

    International Nuclear Information System (INIS)

    Lerche, I.

    1994-01-01

    Analysis of the bid distributions for the 10 most expensively acquired blocks at the March 1994 Gulf of Mexico Lease Sale 147 indicates that the global distribution of bids splits into two groups at a bid of around $2 million. Both the low bid group--25 bids--and the high bid group--17 bids--follow approximately log normal distributions with different slopes. On an individual block basis, four blocks had sufficient numbers of bids (≥5) to indicate a statistical ''mix'' of low and high group bids, but no preference with respect to physical location of the blocks is apparent. On a corporate basis, two bidding groups--Amoco on its own or with partners, Anadarko on its own or with partners--each made a sufficient number of bids to indicate that both groups followed a very similar bidding pattern, both of which are approximately log normally distributed, but that the Amoco groups was systematically conservative relative to the Anadarko group. The paper discusses the overall distribution of bids, distribution by blocks, and bids by corporation

  14. 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...

  15. Competitive bidding tactics for new exploration concessions

    International Nuclear Information System (INIS)

    Hawley, P.D.; Bramley, A.D.; Castellani, J.M.

    1992-01-01

    In some (mostly developing) countries, oil companies compete for new exploration agreements by bidding the key economic parameters. Companies are faced with a trade off between profitability of potential discoveries and probability of winning the bid. The authors believe that an increasing number of companies are making generous offers in order to win bids, in the expectation of being able to renegotiate economic terms if they make a discovery. This tactic is hard to recognize and may have a good chance of success, due to the strength of the oil company's bargaining position upon discovery. However, the tactic damages the performance of the E and P industry in developing countries --- for governments and companies alike. This paper reports that the means of combating tactical underbidding rest largely with governments and national oil companies in making better contracts and taking a cautious approach to the evaluation of bids. Reputable companies can contribute to the process by emphasizing that their bids are formulated in good faith and based on sound commercial considerations

  16. Essays on empirical analysis of multi-unit auctions: Impacts of financial transmission rights on the restructured electricity industry

    Science.gov (United States)

    Zang, Hailing

    This dissertation uses recently developed empirical methodologies for the study of multi-unit auctions to test the impacts of Financial Transmission Rights (FTRs) on the competitiveness of restructured electricity markets. FTRs are a special type of financial option that hedge against volatility in the cost of transporting electricity over the grid. Policy makers seek to use the prices of FTRs as market signals to incentivize efficient investment and utilization of transmission capacity. However, prices will not send the correct signals if market participants strategically use FTRs. This dissertation uses data from the Texas electricity market to test whether the prices of FTRs are efficient to achieve such goals. The auctions studied are multi-unit, uniform-price, sealed-bid auctions. The first part of the dissertation studies the auctions on the spot market of the wholesale electricity industry. I derive structural empirical models to test theoretical predictions as to whether bidders fully internalize the effect of FTRs on profits into their bidding decisions. I find that bidders are learning as to how to optimally bid above marginal cost for their inframarginal capacities. The bidders also learn to bid to include FTRs into their profit maximization problem during the course of the first year. But starting from the second year, they deviated from optimal bidding that includes FTRs in the profit maximization problems. Counterfactual analysis show that the primary effect of FTRs on market outcomes is changing the level of prices rather than production efficiency. Finally, I find that in most months, the current allocations of FTRs are statistically equivalent to the optimal allocations. The second part of the dissertation studies the bidding behavior in the FTR auctions. I find that FTRs' strategic impact on the FTR purchasing behavior is significant for large bidders---firms exercising market power in the FTR auctions. Second, trader forecasts future FTR credit

  17. 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.

  18. 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.

  19. Applicability Analysis of Bidding Strategy in Electricity Market

    Directory of Open Access Journals (Sweden)

    Zhou Suyan

    2017-01-01

    Full Text Available With the development of the electricity market, competition has been introduced in the generation side. It is the overall development trend of the electricity market reformulation to optimize the allocation of different resources through bidding. Therefore, it is significant to research the bidding strategies of the generation companies and the large consumers. This paper reviews the existing research methods of bidding strategy. According to the different market mechanisms, the market participators will choose different bidding strategies based on their own cases. We analyze the applicability of bidding strategies under the different conditions, and give suggestions on how to select bidding strategy for the different market participators under different conditions.

  20. Value of flexible resources, virtual bidding, and self-scheduling in two-settlement electricity markets with wind generation - Part II: ISO Models and Application

    DEFF Research Database (Denmark)

    Kazempour, Jalal; Hobbs, Benjamin F.

    2017-01-01

    In Part II of this paper, we present formulations for three two-settlement market models: baseline cost-minimization (Stoch-Opt); and two sequential market models in which an independent system operator (ISO) runs real-time (RT) balancing markets after making day-ahead (DA) generating unit...... commitment decisions based upon deterministic wind forecasts, while virtual bidders arbitrage the two markets (Seq and SeqSS). The latter two models differ in terms of whether some slow-start generators can self-schedule in the DA market while anticipating probabilities of RT prices. Models in Seq and Seq......-SS build on components of the two-settlement equilibrium model (Stoch-MP) defined in Part I of this paper [1]. We then provide numerical results for all four models. A simple single-node case illustrates the economic impacts of flexibility, virtual bidding, and self-schedules, and is followed by a larger...

  1. Prices dip on slow demand

    International Nuclear Information System (INIS)

    Anon.

    1993-01-01

    The Restricted Uranium Spot Market Price Range slipped to $9.90-$10.35, mostly due to lackluster demand. Only three transactions took place during the month. Two of the purchases, accounting for 98% of the month's volume, were by European utilities; the other was made by a US utility. One of the European purchases was made in the unrestricted market, but since it included a host of fuel cycle services, the U3O8 price could not be determined. Hence, NUKEM's Unrestricted Uranium Spot Market Price Range stays the same, at $7.90-$8.00. The other European deal, concluded in the restricted market, represents the low end of the restricted market price range. The US deal was based on bids that were made at the beginning of November and therefore does not reflect market conditions in December. Looking ahead, we see four utilities ready to enter the market for nearly 1 million lbs U3O8 equivalent

  2. Option Price Estimates for Water Quality Improvements: A Contingent Valuation Study for the Monongahela River (1985)

    Science.gov (United States)

    This paper presents the findings from a contingent valuation survey designed to estimate the option price bids for the improved recreation resulting from enhanced water quality in the Pennsylvania portion of the Monongahela River.

  3. 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.

  4. Optimal bidding strategy for microgrids in joint energy and ancillary service markets considering flexible ramping products

    International Nuclear Information System (INIS)

    Wang, Jianxiao; Zhong, Haiwang; Tang, Wenyuan; Rajagopal, Ram; Xia, Qing; Kang, Chongqing; Wang, Yi

    2017-01-01

    Highlights: •Flexible ramping products are modelled in the framework of a microgrid. •Microgrids’ optimal bidding model is proposed in energy and ancillary service markets. •A hybrid stochastic and robust optimization approach is adopted. •The effectiveness of the proposed bidding model is verified based on real-world data. -- Abstract: Due to the volatile nature of wind and photovoltaic power, wind farms and solar stations are generally thought of as the consumers of ramping services. However, a microgrid (MG) is able to strategically integrate various distributed energy resources (DERs) to provide both energy and ancillary services (ASs) for the bulk power system. To evaluate the ramping capabilities of an MG in the joint energy and AS markets, an optimal bidding strategy is developed in this paper considering flexible ramping products (FRPs). By aggregating and coordinating various DERs, including wind turbines (WTs), photovoltaic systems (PVs), micro-turbines (MTs) and energy storage systems (ESSs), the MG is able to optimally allocate the capacities for energy, spinning reserve and ramping. Taking advantage of the synergy among DERs, the MG can maximize its revenues from different markets. Moreover, the flexibility of the MG for the bulk power system can be fully explored. To address the uncertainties introduced by renewable generation and market prices, a hybrid stochastic/robust optimization (RO) approach is adopted. Case studies based on a real-world MG with various DERs demonstrate the market behavior of the MG using the proposed bidding model.

  5. Normal boundary intersection method for suppliers' strategic bidding in electricity markets: An environmental/economic approach

    International Nuclear Information System (INIS)

    Vahidinasab, V.; Jadid, S.

    2010-01-01

    In this paper the problem of developing optimal bidding strategies for the participants of oligopolistic energy markets is studied. Special attention is given to the impacts of suppliers' emission of pollutants on their bidding strategies. The proposed methodology employs supply function equilibrium (SFE) model to represent the strategic behavior of each supplier and locational marginal pricing mechanism for the market clearing. The optimal bidding strategies are developed mathematically using a bilevel optimization problem where the upper-level subproblem maximizes individual supplier payoff and the lower-level subproblem solves the Independent System Operator's market clearing problem. In order to solve market clearing mechanism the multiobjective optimal power flow is used with supplier emission of pollutants, as an extra objective, subject to the supplier physical constraints. This paper uses normal boundary intersection (NBI) approach for generating Pareto optimal set and then fuzzy decision making to select the best compromise solution. The developed algorithm is applied to an IEEE 30-bus test system. Numerical results demonstrate the potential and effectiveness of the proposed multiobjective approach to develop successful bidding strategies in those energy markets that minimize generation cost and emission of pollutants simultaneously.

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

    International Nuclear Information System (INIS)

    Soleymani, S.; Ranjbar, A.M.; Shirani, A.R.

    2007-01-01

    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

  7. Estimating the Impact of Raising Prices and Eliminating Discounts on Cigarette Smoking Prevalence in the United States.

    Science.gov (United States)

    Marynak, Kristy L; Xu, Xin; Wang, Xu; Holmes, Carissa Baker; Tynan, Michael A; Pechacek, Terry

    2016-01-01

    The average retail price per pack of cigarettes is less than $6, which is substantially lower than the $10 per-pack target established in 2014 by the Surgeon General to reduce the smoking rate. We estimated the impact of three cigarette pricing scenarios on smoking prevalence among teens aged 12-17 years, young adults aged 18-25 years, and adults aged ≥26 years, by state: (1) $0.94 federal tax increase on cigarettes, as proposed in the fiscal year 2017 President's budget; (2) $10 per-pack retail price, allowing discounts; and (3) $10 per-pack retail price, eliminating discounts. We conducted Monte Carlo simulations to generate point estimates of reductions in cigarette smoking prevalence by state. We found that each price scenario would substantially reduce cigarette smoking prevalence. A $10 per-pack retail price eliminating discounts could result in 637,270 fewer smokers aged 12-17 years; 4,186,954 fewer smokers aged 18-25 years; and 7,722,460 fewer smokers aged ≥26 years. Raising cigarette prices and eliminating discounts could substantially reduce cigarette smoking prevalence as well as smoking-related death and disease.

  8. Single-Bid Awards Under the GSA Service Schedules

    National Research Council Canada - National Science Library

    Stott, Bethany

    2004-01-01

    This study seeks to examine the verity of the common perception that single-bid orders are more costly, lower in performance quality, and shorter in pre-award process time than competitively-bid orders...

  9. 48 CFR 14.202-4 - Bid samples.

    Science.gov (United States)

    2010-10-01

    ... be described adequately in the specification or purchase description. (2) Bid samples will be used... the bidder's intention was to qualify the bid. (See 14.404-2(d) if the qualification does not conform...

  10. Single-Bid Awards Under the GSA Service Schedules

    National Research Council Canada - National Science Library

    Stott, Bethany

    2004-01-01

    .... To this end, we look at why single-bid orders exist in the current procurement system, how these orders measure up to competitively-bid orders in cost and performance, and how customer satisfaction...

  11. 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.

  12. 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.

  13. Mathematical modelling and optimization of a large-scale combined cooling, heat, and power system that incorporates unit changeover and time-of-use electricity price

    International Nuclear Information System (INIS)

    Zhu, Qiannan; Luo, Xianglong; Zhang, Bingjian; Chen, Ying

    2017-01-01

    Highlights: • We propose a novel superstructure for the design and optimization of LSCCHP. • A multi-objective multi-period MINLP model is formulated. • The unit start-up cost and time-of-use electricity prices are involved. • Unit size discretization strategy is proposed to linearize the original MINLP model. • A case study is elaborated to demonstrate the effectiveness of the proposed method. - Abstract: Building energy systems, particularly large public ones, are major energy consumers and pollutant emission contributors. In this study, a superstructure of large-scale combined cooling, heat, and power system is constructed. The off-design unit, economic cost, and CO_2 emission models are also formulated. Moreover, a multi-objective mixed integer nonlinear programming model is formulated for the simultaneous system synthesis, technology selection, unit sizing, and operation optimization of large-scale combined cooling, heat, and power system. Time-of-use electricity price and unit changeover cost are incorporated into the problem model. The economic objective is to minimize the total annual cost, which comprises the operation and investment costs of large-scale combined cooling, heat, and power system. The environmental objective is to minimize the annual global CO_2 emission of large-scale combined cooling, heat, and power system. The augmented ε–constraint method is applied to achieve the Pareto frontier of the design configuration, thereby reflecting the set of solutions that represent optimal trade-offs between the economic and environmental objectives. Sensitivity analysis is conducted to reflect the impact of natural gas price on the combined cooling, heat, and power system. The synthesis and design of combined cooling, heat, and power system for an airport in China is studied to test the proposed synthesis and design methodology. The Pareto curve of multi-objective optimization shows that the total annual cost varies from 102.53 to 94.59 M

  14. 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).

  15. 47 CFR 1.2103 - Competitive bidding design options.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Competitive bidding design options. 1.2103 Section 1.2103 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL PRACTICE AND PROCEDURE Competitive Bidding Proceedings General Procedures § 1.2103 Competitive bidding design options. (a) The...

  16. 23 CFR 635.112 - Advertising for bids and proposals.

    Science.gov (United States)

    2010-04-01

    ... 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... 23 Highways 1 2010-04-01 2010-04-01 false Advertising for bids and proposals. 635.112 Section 635...

  17. 47 CFR 25.403 - Bidding application and certification procedures.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Bidding application and certification procedures. 25.403 Section 25.403 Telecommunication FEDERAL COMMUNICATIONS COMMISSION (CONTINUED) COMMON CARRIER SERVICES SATELLITE COMMUNICATIONS Competitive Bidding Procedures for DARS § 25.403 Bidding...

  18. 48 CFR 731.771 - Bid and proposal costs.

    Science.gov (United States)

    2010-10-01

    ... GENERAL CONTRACTING REQUIREMENTS CONTRACT COST PRINCIPLES AND PROCEDURES Contracts With Nonprofit Organizations 731.771 Bid and proposal costs. Pending the establishment of Government-wide principles in...) below, bid and proposal costs of the current accounting period of both successful and unsuccessful bids...

  19. 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.

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

    Energy Technology Data Exchange (ETDEWEB)

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

    2012-07-01

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

  1. 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.

  2. 48 CFR 36.207 - Pricing fixed-price construction contracts.

    Science.gov (United States)

    2010-10-01

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

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

    International Nuclear Information System (INIS)

    Soleymani, S.; Ranjbar, A.M.; Shirani, A.R.

    2008-01-01

    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)

  4. Sustainable promotion nuclear power enterprise procurement bidding risk management

    International Nuclear Information System (INIS)

    Wu Yimin

    2014-01-01

    Nuclear power enterprise procurement bidding work faced with certain risk in recent years, the domestic nuclear power enterprises in the bidding work never stop research and explore the effective ways to guard against legal risks, and has made considerable progress, the eighteenth big country advocates the safety and efficiency of nuclear power development policy, in the face of the subsequent nuclear power construction projects have started, nuclear power enterprise bidding risk management work shoulder heavy responsibilities article through nuclear power enterprise procurement bidding risk management present situation, proposed the sustainable promotion nuclear power enterprise procurement bidding risk management countermeasures. (author)

  5. Developing Medicare Competitive Bidding: A Study of Clinical Laboratories

    Science.gov (United States)

    Hoerger, Thomas J.; Meadow, Ann

    1997-01-01

    Competitive bidding to derive Medicare fees promises several advantages over administered fee systems. The authors show how incentives for cost savings, quality, and access can be incorporated into bidding schemes, and they report on a study of the clinical laboratory industry conducted in preparation for a bidding demonstration. The laboratory industry is marked by variable concentration across geographic markets and, among firms themselves, by social and economic heterogeneity. The authors conclude that these conditions can be accommodated by available bidding design options and by careful selection of bidding markets. PMID:10180003

  6. Modeling bidding decision in engineering field with incomplete information: A static game–based approach

    Directory of Open Access Journals (Sweden)

    Zhi-xing Huang

    2016-01-01

    Full Text Available Corporate investment decision about engineering projects is a key issue for project management. This article aims to study the process of bidding decision-making in engineering field under the condition of incomplete information and investigating the influence of bidders’ game behaviors on investment decision. With reasonable assumed scenes, this article uses an approach to describe the decision process for bidding. The approach is based on the static game theory. With the proposed model, the effectiveness of game participants and the objective function are put forward, and the characteristics of price quotation and the best strategies of bidders under the equilibrium condition are discussed. The results can give a better understanding of investment decision in engineering management and are helpful for tenderees to avoid excessive competition among bidders.

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

    DEFF Research Database (Denmark)

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

    2012-01-01

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

  8. 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.

  9. Equilibrium prices supported by dual price functions in markets with non-convexities

    International Nuclear Information System (INIS)

    Bjoerndal, Mette; Joernsten, Kurt

    2004-06-01

    The issue of finding market clearing prices in markets with non-convexities has had a renewed interest due to the deregulation of the electricity sector. In the day-ahead electricity market, equilibrium prices are calculated based on bids from generators and consumers. In most of the existing markets, several generation technologies are present, some of which have considerable non-convexities, such as capacity limitations and large start up costs. In this paper we present equilibrium prices composed of a commodity price and an uplift charge. The prices are based on the generation of a separating valid inequality that supports the optimal resource allocation. In the case when the sub-problem generated as the integer variables are held fixed to their optimal values possess the integrality property, the generated prices are also supported by non-linear price-functions that are the basis for integer programming duality. (Author)

  10. The bio-energies development: the role of biofuels and the CO2 price

    International Nuclear Information System (INIS)

    Jouvet, Pierre-Andre; Lantz, Frederic; Le Cadre, Elodie

    2012-01-01

    Reduction in energy dependency and emissions of CO 2 via renewable energies targeted in the European Union energy mix and taxation system, might trigger the production of bio-energy production and competition for biomass utilization. Torrefied biomass could be used to produce second generation biofuels to replace some of the fuels used in transportation and is also suitable as feedstock to produce electricity in large quantities. This paper examines how the CO 2 price affects demand of torrefied biomass in the power sector and its consequences on the profitability of second generation biofuel units (Biomass to Liquid units). Indeed, the profitability of the BtL units which are supplied only by torrefied biomass is related to the competitive demand of the power sector driven by the CO 2 price and feed-in tariffs. We propose a linear dynamic model of supply and demand. On the supply side, a profit-maximizing torrefied biomass sector is modelled. The model aims to represent the transformation of biomass into torrefied biomass which could be sold to the refinery sector and the power sector. A two-sided (demanders and supplier) bidding process led us to arrive at the equilibrium price for torrefied biomass. The French case is used as an example. Our results suggest that the higher the CO 2 price, the more stable and important the power sector demand. It also makes the torrefied biomass production less vulnerable to uncertainty on demand coming from the refining sector. The torrefied biomass co-firing with coal can offer a near-term market for the torrefied biomass for a CO 2 emission price lower than 20 euros/tCO 2 , which can stimulate development of biomass supply systems. Beyond 2020, the demand for torrefied biomass from the power sector could be substituted by the refining sector if the oil price goes up whatever the CO 2 price. (authors)

  11. The bio-energies development: the role of biofuels and the CO{sub 2} price

    Energy Technology Data Exchange (ETDEWEB)

    Jouvet, Pierre-Andre [Universite Paris Ouest Nanterre La Defense, Climate Economics Chair (France); Lantz, Frederic [IFP Energies nouvelles, 1-4, avenue de Bois-Preau, 92852 Rueil-Malmaison Cedex (France); Le Cadre, Elodie [IFPEN, INRA, Universite Paris Ouest Nanterre La Defense (France)

    2012-07-01

    Reduction in energy dependency and emissions of CO{sub 2} via renewable energies targeted in the European Union energy mix and taxation system, might trigger the production of bio-energy production and competition for biomass utilization. Torrefied biomass could be used to produce second generation biofuels to replace some of the fuels used in transportation and is also suitable as feedstock to produce electricity in large quantities. This paper examines how the CO{sub 2} price affects demand of torrefied biomass in the power sector and its consequences on the profitability of second generation biofuel units (Biomass to Liquid units). Indeed, the profitability of the BtL units which are supplied only by torrefied biomass is related to the competitive demand of the power sector driven by the CO{sub 2} price and feed-in tariffs. We propose a linear dynamic model of supply and demand. On the supply side, a profit-maximizing torrefied biomass sector is modelled. The model aims to represent the transformation of biomass into torrefied biomass which could be sold to the refinery sector and the power sector. A two-sided (demanders and supplier) bidding process led us to arrive at the equilibrium price for torrefied biomass. The French case is used as an example. Our results suggest that the higher the CO{sub 2} price, the more stable and important the power sector demand. It also makes the torrefied biomass production less vulnerable to uncertainty on demand coming from the refining sector. The torrefied biomass co-firing with coal can offer a near-term market for the torrefied biomass for a CO{sub 2} emission price lower than 20 euros/tCO{sub 2}, which can stimulate development of biomass supply systems. Beyond 2020, the demand for torrefied biomass from the power sector could be substituted by the refining sector if the oil price goes up whatever the CO{sub 2} price. (authors)

  12. 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

  13. Bidding Strategy to Support Decision-Making Based on Comprehensive Information in Construction Projects

    Directory of Open Access Journals (Sweden)

    Ru Liang

    2016-01-01

    Full Text Available This paper develops a unified method to support contractor for bidding selection in construction projects. A cross-functional contractor with 28 candidate units distributed in the three departments (construction units, design units, and suppliers is used as an example. This problem is first formulated as a 0-1 quadratic programming problem through optimizing individual performance and collaborative performance of the candidate units based on individual information and collaborative information. Then, a multiobjective evolutionary algorithm is designed to solve this problem and a bidding selection problem for a major bridge project is used to demonstrate our proposed method. The results show that the decision-maker (DM obtains a better contractor if he pays more attention to collaborative performance.

  14. Bidding strategies in Brazilian electricity auctions

    International Nuclear Information System (INIS)

    Azevedo, Erick M.; Correia, Paulo B.

    2006-01-01

    Double bilateral contract auctions for electric energy purchase and sale occur in Brazil. These auctions present incomplete information and possess some subjectivity in relation to the future scenario of the Brazilian electric system, inserted in the agent's bids. In this work, a model using Bayes' rule and the game theory is proposed to aid the agent in its bid definition. Through the existing relations between the Conditional probabilities of Bayes' Rule, the model transforms beliefs into information. In this way, the absence of information is supplied and the problem is transformed into a game with complete information. The present study has no worries in terms of transmission constraints, since they are not usually considered in the bilateral contract auctions in Brazil. At the end, Nash equilibrium (NE) can be found through the expected payoff matrix of each agent. (author)

  15. Bidding behavior in a symmetric Chinese auction

    Directory of Open Access Journals (Sweden)

    Mauricio Benegas

    2015-01-01

    Full Text Available This paper purposes a symmetric all-pay auction where the bidders compete neither for an object nor the object itself but for a lottery on receive. That lottery is determined endogenously through the bids. This auction is known as chance auction or more popularly as Chinese auction. The model considers the possibility that for some bidders the optimal strategy is to bid zero and to rely on luck. It showed that bidders become less aggressive when the lottery satisfies a variational condition. It was also shown that luck factor is decisive to determine if the expected payoff in Chinese auction is bigger or smaller than expected payoff in standard all-pay auction.

  16. A New Paradigm to Address Bid Protests

    OpenAIRE

    Melese, Francois; Angelis, Diana; Coughlan, Peter; Franck, Raymond; Kidalov, Max; LaCivita, C.J.; Gates, William

    2010-01-01

    Sponsored Report (for Acquisition Research Program) Approved for public release distribution unlimited. The goal of this study is to offer senior decision-makers a useful framework to evaluate, articulate, and recommend modifications of the government''s bid protest policy to improve procurement outcomes. Most countries allow disappointed bidders to protest public procurement decisions as an oversight mechanism to minimize fraud and errors by procurement officials. The expectation is...

  17. 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.

  18. 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.

  19. 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...

  20. Free and Reduced-Price Meal Application and Income Verification Practices in School Nutrition Programs in the United States

    Science.gov (United States)

    Kwon, Junehee; Lee, Yee Ming; Park, Eunhye; Wang, Yujia; Rushing, Keith

    2017-01-01

    Purpose/Objectives: This study assessed current practices and attitudes of school nutrition program (SNP) management staff regarding free and reduced-price (F-RP) meal application and verification in SNPs. Methods: Stratified, randomly selected 1,500 SNP management staff in 14 states received a link to an online questionnaire and/or a printed…

  1. Stochastic optimal generation bid to electricity markets with emissions risk constraints.

    Science.gov (United States)

    Heredia, F-Javier; Cifuentes-Rubiano, Julián; Corchero, Cristina

    2018-02-01

    There are many factors that influence the day-ahead market bidding strategies of a generation company (GenCo) within the framework of the current energy market. Environmental policy issues are giving rise to emission limitation that are becoming more and more important for fossil-fueled power plants, and these must be considered in their management. This work investigates the influence of the emissions reduction plan and the incorporation of the medium-term derivative commitments in the optimal generation bidding strategy for the day-ahead electricity market. Two different technologies have been considered: the high-emission technology of thermal coal units and the low-emission technology of combined cycle gas turbine units. The Iberian Electricity Market (MIBEL) and the Spanish National Emissions Reduction Plan (NERP) defines the environmental framework for dealing with the day-ahead market bidding strategies. To address emission limitations, we have extended some of the standard risk management methodologies developed for financial markets, such as Value-at-Risk (VaR) and Conditional Value-at-Risk (CVaR), thus leading to the new concept of Conditional Emission at Risk (CEaR). This study offers electricity generation utilities a mathematical model for determining the unit's optimal generation bid to the wholesale electricity market such that it maximizes the long-term profits of the utility while allowing it to abide by the Iberian Electricity Market rules as well as the environmental restrictions set by the Spanish National Emissions Reduction Plan. We analyze the economic implications for a GenCo that includes the environmental restrictions of this National Plan as well as the NERP's effects on the expected profits and the optimal generation bid. Copyright © 2017 Elsevier Ltd. All rights reserved.

  2. Electricity prices and generator behaviour in gross pool electricity markets

    International Nuclear Information System (INIS)

    O'Mahoney, Amy; Denny, Eleanor

    2013-01-01

    Electricity market liberalisation has become common practice internationally. The justification for this process has been to enhance competition in a market traditionally characterised by statutory monopolies in an attempt to reduce costs to end-users. This paper endeavours to see whether a pool market achieves this goal of increasing competition and reducing electricity prices. Here the electricity market is set up as a sealed bid second price auction. Theory predicts that such markets should result with firms bidding their marginal cost, thereby resulting in an efficient outcome and lower costs to consumers. The Irish electricity system with a gross pool market experiences among the highest electricity prices in Europe. Thus, we analyse the Irish pool system econometrically in order to test if the high electricity prices seen there are due to participants bidding outside of market rules or out of line with theory. Overall we do not find any evidence that the interaction between generator and the pool in the Irish electricity market is not efficient. Thus, the pool element of the market structure does not explain the high electricity prices experienced in Ireland. - Highlights: • We consider whether a gross pool achieves competitive behaviour. • We analyse the Irish pool system econometrically. • Results indicate the Irish pool system appears to work efficiently. • Generators appear to be bidding appropriately

  3. Improving Agent Bidding in Power Stock Markets through a Data Mining Enhanced Agent Platform

    Science.gov (United States)

    Chrysopoulos, Anthony C.; Symeonidis, Andreas L.; Mitkas, Pericles A.

    Like in any other auctioning environment, entities participating in Power Stock Markets have to compete against other in order to maximize own revenue. Towards the satisfaction of their goal, these entities (agents - human or software ones) may adopt different types of strategies - from na?ve to extremely complex ones - in order to identify the most profitable goods compilation, the appropriate price to buy or sell etc, always under time pressure and auction environment constraints. Decisions become even more difficult to make in case one takes the vast volumes of historical data available into account: goods’ prices, market fluctuations, bidding habits and buying opportunities. Within the context of this paper we present Cassandra, a multi-agent platform that exploits data mining, in order to extract efficient models for predicting Power Settlement prices and Power Load values in typical Day-ahead Power markets. The functionality of Cassandra is discussed, while focus is given on the bidding mechanism of Cassandra’s agents, and the way data mining analysis is performed in order to generate the optimal forecasting models. Cassandra has been tested in a real-world scenario, with data derived from the Greek Energy Stock market.

  4. 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

  5. Price fairness

    OpenAIRE

    Diller, Hermann

    2013-01-01

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

  6. A Study of the Determinants of Emissions Unit Allowance Price in the European Union Emissions Trading Scheme

    Directory of Open Access Journals (Sweden)

    Alina Maydybura

    2011-12-01

    Full Text Available In 2005 the European Union (EU began the first phase of the largest and most ambitious emissions trading system (EU ETS ever attempted, which then applied to all members of the EU. In its second phase whichbegan in 2008 the EU ETS now applies to all 27 members of the EU together with Norway, Iceland and Lichtenstein, the members of the European Economic Area (EEA which are not members of the Union. Inthe first phase of the EU ETS permits to emit carbon into the atmosphere known as European Union Allowances (EUA were traded in a market where the price rose to €30 and eventually fell to well below 10 Euro cents as the imperfections of the market became obvious. In the second phase which began in 2008 the price has fluctuated between €30 and €8. EUA are traded in a manner which is similar to the trading of financial instruments and a range of derivatives has developed with the total value of the market now above €120b, a growing market dominated by a few large players.This paper reports some results of an empirical investigation into the factors which appear to drive the carbon price and the key determinants of the price of an EUA. Over the last decade a number of environmental products have been developed alongside the EUA, including Certified Emissions Reductions (CERs, Renewable Energy Certificates and White Certificates (energy efficiency credits and markets have developed for a range of these environmental products. A better understanding of the determinants of these markets willhelp regulators manage these new markets and this paper aims to enhance our knowledge of the market.

  7. 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.

  8. 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

  9. Dynamic Pricing

    DEFF Research Database (Denmark)

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

    2017-01-01

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

  10. Applicability Analysis of Bidding Strategy in Electricity Market

    OpenAIRE

    Zhou Suyan; Chen Fei; Qiao Yahui; Zhang Wenzhe; Zhang Kaifeng; Yuan Kun; Dai Xuemei

    2017-01-01

    With the development of the electricity market, competition has been introduced in the generation side. It is the overall development trend of the electricity market reformulation to optimize the allocation of different resources through bidding. Therefore, it is significant to research the bidding strategies of the generation companies and the large consumers. This paper reviews the existing research methods of bidding strategy. According to the different market mechanisms, the market partic...

  11. Advertising and Sealed Bid Auctions in a Transshipment Game

    Science.gov (United States)

    1996-06-01

    distributors promote their sales by advertising . While the maximum quantity demanded by each customer is fixed and given, his bids on the various...brands are determined by the advertising and other promotional efforts. The bid response function for each consumer is supposed to be given and known. The...the optimal distribution of the product, and the bids of the consumers . A numerical example is provided and the solution routine is discussed.

  12. Bidding Strategy of Virtual Power Plant with Energy Storage Power Station and Photovoltaic and Wind Power

    Directory of Open Access Journals (Sweden)

    Zhongfu Tan

    2018-01-01

    Full Text Available For the virtual power plants containing energy storage power stations and photovoltaic and wind power, the output of PV and wind power is uncertain and virtual power plants must consider this uncertainty when they participate in the auction in the electricity market. In this context, this paper studies the bidding strategy of the virtual power plant with photovoltaic and wind power. Assuming that the upper and lower limits of the combined output of photovoltaic and wind power are stochastically variable, the fluctuation range of the day-ahead energy market and capacity price is stochastically variable. If the capacity of the storage station is large enough to stabilize the fluctuation of the output of the wind and photovoltaic power, virtual power plants can participate in the electricity market bidding. This paper constructs a robust optimization model of virtual power plant bidding strategy in the electricity market, which considers the cost of charge and discharge of energy storage power station and transmission congestion. The model proposed in this paper is solved by CPLEX; the example results show that the model is reasonable and the method is valid.

  13. Strategic Bidding in Hybrid CPC/CPM Auctions

    OpenAIRE

    Yi Zhu; Kenneth C. Wilbur

    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...

  14. Pricing objectives in nonprofit hospitals.

    OpenAIRE

    Bauerschmidt, A D; Jacobs, P

    1985-01-01

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

  15. 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... electronic bid. 14.406 Section 14.406 Federal Acquisition Regulations System FEDERAL ACQUISITION REGULATION... bid as originally submitted; and (b) That the unreadable condition of the bid was caused by Government...

  16. 42 CFR 414.412 - Submission of bids under a competitive bidding program.

    Science.gov (United States)

    2010-10-01

    ... D of this part. (c) Furnishing of items. A bid must include all costs related to furnishing an item... capital, stock or profits of another supplier; (ii) A controlling interest exists if one or more of owners... controlling interest and each supplier which has an ownership or controlling interest in it. (3) Commonly...

  17. Harms to 'others' from alcohol consumption in the minimum unit pricing policy debate: a qualitative content analysis of U.K. newspapers (2005-12).

    Science.gov (United States)

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

    2014-04-01

    Minimum unit pricing is a fiscal intervention intended to tackle the social and health harms from alcohol to individual drinkers and wider society. This paper presents the first large-scale qualitative examination of how newsprint media framed the debate around the harms of alcohol consumption to 'others' during the development and passing of minimum unit pricing legislation in Scotland. Qualitative content analysis was conducted on seven U.K. and three Scottish national newspapers between 1 January 2005 and 30 June 2012. Relevant articles were identified using the electronic databases Nexis U.K. and Newsbank. A total of 403 articles focused on the harms of alcohol consumption to 'others' and were eligible for detailed coding and analysis. Alcohol harms to wider society and communities were identified as being a worsening issue increasingly affecting everyone through shared economic costs, social disorder, crime and violence. The availability of cheap alcohol was blamed, alongside a minority of 'problem' youth binge drinkers. The harm caused to families was less widely reported. If news reporting encourages the public to perceive the harms caused by alcohol to wider society as having reached crisis point, a population-based intervention may be deemed necessary and acceptable. However, the current focus in news reports on youth binge drinkers may be masking the wider issue of overconsumption across the broader population. © 2013 The Authors. Addiction published by John Wiley & Sons Ltd on behalf of Society for the Study of Addiction.

  18. Ramsey prices in the Italian electricity market

    International Nuclear Information System (INIS)

    Bigerna, Simona; Bollino, Carlo Andrea

    2016-01-01

    In this paper, we derive optimal zonal prices in the Italian day-ahead electricity market using estimation of a complete system of hourly demand in 2010–2011. In Italy, the hourly equilibrium price for all buyers is computed as a uniform average of supply zonal prices, resulting from market splitting due to line congestion. We model ex-ante individual bids expressed by heterogeneous consumers, which are distinguished by geographical zones. Using empirical estimations, we compute demand elasticity values and new zonal prices, according to a Ramsey optimal scheme. This is a new approach in the wholesale electricity market literature, as previous studies have discussed the relative merit of zonal prices, considering only the issue of line congestion. Our results show that the optimal pricing scheme can improve welfare in the day-ahead Italian electricity market, with respect to both the existing uniform price scheme and the proposal to charge the existing supply zonal prices to the demand side. - Highlights: • We model and estimate the demand of heterogeneous buyers in the electricity market. • Transmission line congestion creates welfare distortions in the market. • We derive optimal Ramsey prices in the Italian day-ahead electricity market. • We compare optimal prices with historical ones showing how to improve welfare.

  19. Risk pricing practices in finance, insurance and construction

    OpenAIRE

    Laryea, Samuel

    2008-01-01

    A review of current risk pricing practices in the financial, insurance and construction sectors is conducted through a comprehensive literature review. The purpose was to inform a study on risk and price in the tendering processes of contractors: specifically, how contractors take account of risk when they are calculating their bids for construction work. The reference to mainstream literature was in view of construction management research as a field of application rather than a fundamental ...

  20. Transfer Pricing

    DEFF Research Database (Denmark)

    Nielsen, Søren Bo

    2014-01-01

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

  1. Gold prices

    OpenAIRE

    Joseph G. Haubrich

    1998-01-01

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

  2. Learning from the implementation of residential optional time of use pricing in the United States electricity industry

    Science.gov (United States)

    Li, Xibao

    Residential time-of-use (TOU) rates have been in practice in the U.S. since the 1970s. However, for institutional, political, and regulatory reasons, only a very small proportion of residential customers are actually on these schedules. In this thesis, I explore why this is the case by empirically investigating two groups of questions: (1) On the "supply" side: Do utilities choose to offer TOU rates in residential sectors on their own initiative if state commissions do not order them to do so? Since utilities have other options, what is the relationship between the TOU rate and other alternatives? To answer these questions, I survey residential tariffs offered by more than 100 major investor-owned utilities, study the impact of various factors on utilities' rate-making behavior, and examine utility revealed preferences among four rate options: seasonal rates, inverted block rates, demand charges, and TOU rates. Estimated results suggest that the scale of residential sectors and the revenue contribution from residential sectors are the only two significant factors that influence utility decisions on offering TOU rates. Technical and economic considerations are not significant statistically. This implies that the little acceptance of TOU rates is partly attributed to utilities' inadequate attention to TOU rate design. (2) On the "demand" side: For utilities offering TOU tariffs, why do only a very small proportion of residential customers choose these tariffs? What factors influence customer choices? Unlike previous studies that used individual-level experimental data, this research employs actual aggregated information from 29 utilities offering optional TOU rates. By incorporating neo-classical demand analysis into an aggregated random coefficient logit model, I investigate the impact of both price and non-price tariff characteristics and non-tariff factors on customer choice behavior. The analysis indicates that customer pure tariff preference (which captures the

  3. 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....

  4. 48 CFR 536.213-371 - Bids that include options.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 4 2010-10-01 2010-10-01 false Bids that include options... Contracting for Construction 536.213-371 Bids that include options. (a) Subject to the limitations in paragraph (c) of this section, you may include options in contracts if it is in the Government's interest...

  5. 7 CFR 1726.201 - Formal competitive bidding.

    Science.gov (United States)

    2010-01-01

    ... send invitations to bid only to persons or organizations on its QBL for the specific project (see... factors, other than lowest dollar amount of the bid, which are to be considered in evaluating the proposals of qualified bidders (e.g., power consumption, losses, etc.) must be stated in the “Notice and...

  6. 7 CFR 1726.202 - Informal competitive bidding.

    Science.gov (United States)

    2010-01-01

    ... persons or organizations on its qualified bidder list for the specific project (see § 1726.23). (b... a responsive bid. (d) Evaluation basis. Any factors, other than lowest dollar amount of the bid, which are to be considered in evaluating the proposals of qualified bidders (e.g., power consumption...

  7. 48 CFR 245.7303 - Formal bid procedures.

    Science.gov (United States)

    2010-10-01

    ... descriptions attached. (d) In addition to mailing or delivering notice of the proposed sale to prospective... type of sale, i.e., sealed bid, spot bid, auction; and (G) The location of the property. (f) The plant..., signed by the witnessing Government representative. ...

  8. United Arab Emirates- fall of $0.75/b of retroactive prices from Abu Dhabi for the month of february

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    The Abu Dhabi National Oil Company (Adnoc) announced a fall of $0.75/b of petroleum prices for sales executed in february. The production of the new deposit Neewat al-Ohalan, put in production in june 1995 is 7000 b/day. The production of the Mubarraz field is 20 000 b/day. The Abu Dhabi Onshore Oil Operating Company (Adco) has announced that all these projects have been realized in 1995. It is the first company of Abu Dhabi and its production capacity is one million of barrels by day. The contract for a refinery of 4.5 millions of tons /year at Mahmood Kot near Multan has been attributed to the Babcock King Wilkinson britain company and is expected for 2000. The project plans an extension of the pipeline, from Karachi to Multan, on 350 km towards Faisalabad and Lahore. (N.C.)

  9. African electricity market liberalization, competition and structuring: Should double bid markets be set up?

    International Nuclear Information System (INIS)

    Founanou, M.

    2011-01-01

    In this paper, we analyse the possibility of using double auction mechanisms in the organization of the electricity markets in African countries. Today's electricity markets around the world are de-regulated and going through a restructuring process. In a context marked by the opening up to competition, a double auction for electricity supply is henceforth used to set prices in wholesale and retail electricity markets. Game theory analysis useful for studying the double auction prices proprieties. The double auction is a non-cooperative game, which is strategically equivalent to the auctions theory. The price formed, depending on the buyers and sellers' strategies, is a competitive price, which tends to the ideal price when competition operates intensely on both sides of market. For Africa, the presence of congestion costs and a chronic lack of capacity require the search for other solutions. We investigate optimal strategic behaviour when buyers and sellers are separated by a possibly constrained transmission line and show that bidders' strategies converge to truth-telling behaviour as the number of market participants increases. In the congestion case, this fails to occur. We also investigate how participants in wholesale electricity markets modify their bidding strategies as a function of the influence and behaviour of a transmission line owner. (author)

  10. Oil price uncertainty in Canada

    Energy Technology Data Exchange (ETDEWEB)

    Elder, John [Department of Finance and Real Estate, 1272 Campus Delivery, Colorado State University, Fort Collins, CO 80523 (United States); Serletis, Apostolos [Department of Economics, University of Calgary, Calgary, Alberta (Canada)

    2009-11-15

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

  11. 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.

  12. 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.

  13. Bidding cost evaluation with fuzzy methods on building project in Jakarta

    Science.gov (United States)

    Susetyo, Budi; Utami, Tin Budi

    2017-11-01

    National construction companies today demanded to become more competitive to face increasingly competition. Every construction company especially the contractor must work better than ever. Ability to prepare cost of the work that represents the efficiency and effectiveness of the implementation of the work necessary to produce cost - competitive. The project is considered successful if the target meets the quality, cost and time. From the aspect of cost, the project has been designed in accordance with certain technical criteria to be taken into account based on standard costs. To ensure the cost efficiency of the bidding process carried out meet the rules of a fairly and competitive. The research objective is to formulate the proper way to compare several deals with the standard cost of the work. The fuzzy technique is used as a evaluation methods to decision making. The evaluation not merely based on the lowest prices. The methods is looking for the most valuable and reasonable prices. The comparison is conducted to determine the most cost-competitive and reasonable as the winner of the bidding.

  14. Bid Preparation and Evaluation for Nuclear Power Plant Project Management

    International Nuclear Information System (INIS)

    Mohd Idris Taib, Mohd Khairulezwan Abdul Manan and Nur Farizan Amadzun

    2011-01-01

    Bid preparation and evaluation is one of the main activities in Nuclear Power Plant Project management. International Atomic Energy Agency guide and Korean experience was studied for Malaysian requirement in realization of first Nuclear Power Plant. Several aspects shall be taken into consideration such as political scenario, financial capabilities, sitting, human resource, technologies, fuel supplies and decommissioning for long term exceeded hundred years. Bidding process and activities is proposed for our country requirement. The main activities included but unlimited to Bid Invitation Specification, Bid Evaluation Process, Technical Evaluation, Economic Bid Evaluation and Contracting. On the end of day, Malaysia need safe and reliable Nuclear Power Plant. Malaysian Economic Transformation Programme also get benefit from spin-off localization products and services as well as Technology Transfer Programme. (author)

  15. 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

  16. Electricity price forecasting through transfer function models

    International Nuclear Information System (INIS)

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

    2006-01-01

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

  17. Measuring the influence of Canadian carbon stabilization programs on natural gas exports to the United States via a 'bottom-up' intertemporal spatial price equilibrium model

    International Nuclear Information System (INIS)

    Gabriel, S.A.; Vikas, S.; Ribar, D.M.

    2000-01-01

    In this paper, we present the results of a study of the impact of Canadian carbon stabilization programs on exports of natural gas to the United States. This work was based on a study conducted for the US Environmental Protection Agency. The Gas Systems Analysis model (GSAM), developed by ICF Consulting for the US Department of Energy, was used to gauge the overall impact of the stabilization programs on the North American natural gas market. GSAM is an intertemporal, spatial price equilibrium (SPE) type model of the North American natural gas system. Salient features of this model include characterization of over 17 000 gas production reservoirs with explicit reservoir-level geologic and economic information used to build up the supply side of the market. On the demand side, four sectors, residential, commercial, industrial and electric power generation, are characterized in the model. Lastly, both above and below ground storage facilities as well as a comprehensive pipeline network are used with the supply and demand side characterizations to arrive at estimates of market equilibrium prices and quantities and flows. 35 refs

  18. 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....

  19. Understanding the unbundled utility conservation bidding proposal

    International Nuclear Information System (INIS)

    Joskow, P.L.

    1990-01-01

    For several years regulatory advisers have been engaged in controversy about the propriety of integrating energy conservation measures into the total resource planning processes of electric utilities, and of proposed methods of doing so in the competitive supply procurement programs which have been initiated by some utilities. Two prominent economists conceived a method for doing this in competitive bidding programs and at the same time overcoming objections to previous proposals which were based on perceived violations of basic economic principles. They explained their concept and its operation in an article published here in June of last year. In this article another economist subjects the concept to further analysis, identifying its essential elements, and point to inevitable results of their application

  20. 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

  1. 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.

  2. 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

    2014-02-01

    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. 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. 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. 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. ©2013 The Authors. Addiction published by John Wiley & Sons Ltd on behalf of The Society for the Study of Addiction.

  3. 77 FR 20413 - Notice of Realty Action: Modified Competitive, Sealed-Bid Sale of Public Land in Clark County, NV

    Science.gov (United States)

    2012-04-04

    ...)(1)(i), a designated bidder is offered the right to meet the highest bid. Refusal or failure to meet... and the bid guarantee. Sealed bid envelopes must be clearly marked on the front lower left corner with ``Sealed Bid, BLM Land Sale, N-90450.'' The sealed bid envelope must contain the $20,000 bid guarantee, the...

  4. Security-Constrained Unit Commitment in AC Microgrids Considering Stochastic Price-Based Demand Response and Renewable Generation

    DEFF Research Database (Denmark)

    Vahedipour-Dahraie, Mostafa; Najafi, Hamid Reza; Anvari-Moghaddam, Amjad

    2018-01-01

    In this paper, a stochastic model for scheduling of AC security‐constrained unit commitment associated with demand response (DR) actions is developed in an islanded residential microgrid. The proposed model maximizes the expected profit of microgrid operator and minimizes the total customers...

  5. Energy pricing under uncertain supply

    International Nuclear Information System (INIS)

    Serra, P.J.

    1997-01-01

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

  6. Economic evaluation of bids for nuclear power plants. 1999 edition

    International Nuclear Information System (INIS)

    2000-01-01

    The introduction of a nuclear power plant (NPP) in a country is a major undertaking for all entities involved. The necessary planning work and co-ordination of the different fields of interest, from the point of view of governments, authorities, industries, universities and of the general public, must be done on a long term basis. This IAEA report may help support the work of the utility in the bidding process, especially in the economic bid evaluation. The different methods, aspects and parameters described should be regarded as a guide. The report's target criterion of lowest levelised discounted electricity generation costs (LDEGC) is a very useful and practical way of ranking bids. In view of the huge investment needed, the owner's country must be fully committed to a nuclear programme. A nuclear programme also requires a guarantee of long term financing, which implies the provision of local and foreign contributions. The necessary staff for all of the various areas of a nuclear programme must be recruited and trained. Within the planning phase, the bid invitation specification (BIS) has to be prepared and sent out in order to receive bids for the scope of supply and services desired by the owner. The evaluation of the bids received from the suppliers in response to the BIS is a huge and long-term task. The evaluation process should lead to the selection of the best bidder and at least to the final decision on the partners constructing the NPP. The responsibility for the entire bidding process lies with the plant owner. For technology transfer, two requirements need to be satisfied: the owner needs a well established and experienced engineering capability, and the supplier must be ready to transfer the agreed technology in such a way as to support the project goals. During the bid evaluation process, all aspects of the technical, financial and contractual approaches must be considered. Nowadays, political, socioeconomic and public acceptance aspects play a

  7. 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

  8. 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.

  9. 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.

  10. Economic evaluation of bids for nuclear power plants

    International Nuclear Information System (INIS)

    1976-01-01

    The purpose of the guidebook is to assist an organisation responsible for a nuclear power project in evaluating and establishing an economic order of merit among competing bids. An approximate overall time schedule for a first nuclear power plant project is provided. A schematic outline of technical bid evaluation is given. The basic procedure of economic bid evaluation is outlined, e.g. evaluation of the present worth of all cost items of plant capital investment, of the nuclear cycle, of O and M costs (operation and maintenance costs), and of economic corrections. All these cost items are evaluated for the economic life of the plant and corrected for escalation where applicable

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

    International Nuclear Information System (INIS)

    Madrigal Martinez, M.

    2001-01-01

    The operation and planning of vertically integrated electric power systems can be optimized using models that simulate solutions to problems. As the electric power industry is going through a period of restructuring, there is a need for new optimization tools. This thesis describes the importance of optimization tools and presents techniques for implementing them. It also presents methods for pricing primary electricity markets. Three modeling groups are studied. The first considers a simplified continuous and discrete model for power pool auctions. The second considers the unit commitment problem, and the third makes use of a new type of linear network-constrained clearing system model for daily markets for power and spinning reserve. The newly proposed model considers bids for supply and demand and bilateral contracts. It is a direct current model for the transmission network

  12. Petroleum price

    International Nuclear Information System (INIS)

    Chevallier, B.

    2009-01-01

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

  13. Utility-Scale Solar 2013: An Empirical Analysis of Project Cost, Performance, and Pricing Trends in the United States

    OpenAIRE

    Bolinger, M; Weaver, S

    2014-01-01

    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...

  14. Competitive nonlinear pricing and bundling

    OpenAIRE

    Armstrong, Mark; Vickers, John

    2006-01-01

    We examine the impact of multiproduct nonlinear pricing on profit, consumer surplus and welfare in a duopoly. When consumers buy all their products from one firm (the one-stop shopping model), nonlinear pricing leads to higher profit and welfare, but often lower consumer surplus, than linear pricing. By contrast, in a unit-demand model where consumers may buy one product from one firm and another product from another firm, bundling generally acts to reduce profit and welfare and to boost cons...

  15. 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

  16. 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

    2014-01-01

    Context 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. Methods 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. Findings 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. Conclusions 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

  17. Business cycles and natural gas prices

    International Nuclear Information System (INIS)

    Apostolos, S.; Asghar, S.

    2005-01-01

    This paper investigates the basic stylised facts of natural gas price movements using data for the period that natural gas has been traded on an organised exchange and the methodology suggested by Kydland and Prescott (1990). Our results indicate that natural gas prices are procyclical and lag the cycle of industrial production. Moreover, natural gas prices are positively contemporaneously correlated with United States consumer prices and lead the cycle of consumer prices, raising the possibility that natural gas prices might be a useful guide for US monetary policy, like crude oil prices are, possibly serving as an important indicator variable. (author)

  18. 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...

  19. 48 CFR 14.301 - Responsiveness of bids.

    Science.gov (United States)

    2010-10-01

    ... conditions that do not vary from the terms and conditions of the invitation. (e) Bids submitted by electronic commerce shall be considered only if the electronic commerce method was specifically stipulated or...

  20. Hiding information in open auctions with jump bids

    Czech Academy of Sciences Publication Activity Database

    Ettinger, D.; Michelucci, Fabio

    2016-01-01

    Roč. 126, č. 594 (2016), s. 1484-1502 ISSN 0013-0133 Institutional support: RVO:67985998 Keywords : hiding information * open auctions * jump bids Subject RIV: AH - Economics Impact factor: 2.608, year: 2016

  1. 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.

  2. Invitation and Evaluation of Bids for Nuclear Power Plants

    International Nuclear Information System (INIS)

    2011-01-01

    This publication emphasizes the integrity and interdependence of various activities related to the bid invitation, technical and economic evaluation and contracting, it updates information included in the existing IAEA documents in order to better reflect the developments in the nuclear and energy industry, compiles a more compact and user friendly guidebook integrating the existing IAEA documents on the subject. It provides the necessary information to organize, guide and realize the activities related to the invitation, the technical and economic evaluation of bids, and contracting as an integrated process. Furthermore, this publication indicates how and to what degree the activities preceding the preparation of the bid invitation specification, the evaluation of bids and contracting could influence the process.

  3. Hiding information in open auctions with jump bids

    Czech Academy of Sciences Publication Activity Database

    Ettinger, D.; Michelucci, Fabio

    2016-01-01

    Roč. 126, č. 594 (2016), s. 1484-1502 ISSN 0013-0133 Institutional support: PRVOUK-P23 Keywords : hiding information * open auctions * jump bids Subject RIV: AH - Economics Impact factor: 2.608, year: 2016

  4. 25 CFR 163.17 - Deposit with bid.

    Science.gov (United States)

    2010-04-01

    ... submit a written request to have their bids considered for acceptance will be retained pending acceptance... damages available under applicable law or terms of the contract. (f) In the event of an administrative...

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

    African Journals Online (AJOL)

    user

    A considerable amount of work has also been reported on the game theory applications ... probability distribution function (Song et al, 1999) and as a continuous ..... compared with GA and Monte Carlo method, therefore the bidding strategies.

  6. 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

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

  7. 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

  8. Gas prices and price process

    International Nuclear Information System (INIS)

    Groenewegen, G.G.

    1992-01-01

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

  9. Resource use and costs of exenatide bid or insulin in clinical practice: the European CHOICE study

    Directory of Open Access Journals (Sweden)

    Kiiskinen U

    2013-07-01

    Full Text Available Urpo Kiiskinen,1 Stephan Matthaei,2 Matthew Reaney,3 Chantal Mathieu,4 Claes-Göran Östenson,5 Thure Krarup,6 Michael Theodorakis,7,* Jacek Kiljanski,8 Carole Salaun-Martin,9 Hélène Sapin,9 Bruno Guerci10 1Eli Lilly, Helsinki, Finland; 2Quakenbrück Diabetes Center, Quakenbrück, Germany; 3Eli Lilly, Windlesham, Surrey, UK; 4Department of Endocrinology, UZ Gasthuisberg, Leuven, Belgium; 5Department of Molecular Medicine and Surgery, Karolinska Institutet, Stockholm, Sweden; 6Department of Endocrinology, Bispebjerg Hospital, Copenhagen, Denmark; 7Department of Clinical Therapeutics, University of Athens School of Medicine, Athens, Greece; 8Eli Lilly, Warsaw, Poland; 9Eli Lilly, Neuilly Cedex, France; 10Department of Diabetes, Metabolic Diseases, and Nutrition, Hôpital Brabois, Vandoeuvre-Lès-Nancy, France *Michael Theodorakis was affiliated with the institution shown above at the time of the study, but has since left this institution Purpose: CHOICE (CHanges to treatment and Outcomes in patients with type 2 diabetes initiating InjeCtablE therapy assessed patterns of exenatide bid and initial insulin therapy usage in clinical practice in six European countries and evaluated outcomes during the study. Methods: CHOICE was a 24-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. Results: A total of 2515 patients were recruited. At the 24-month analysis, significant treatment change had occurred during the study in 42.2% of 1114 eligible patients in the exenatide bid cohort and 36.0% of 1274 eligible patients in the insulin cohort. Improvements in glycemic control were observed over the course of the study in both cohorts (P < 0.001 for both, but mean weight was reduced in the exenatide bid cohort (P < 0

  10. Strategies in responding to a hostile takeover bid

    International Nuclear Information System (INIS)

    Shaw, R.

    1997-01-01

    This paper examines the steps to be taken by a corporation and its board in order to be properly prepared before a hostile takeover bid is made. The procedures and steps to be followed in responding to a bid with a view to maximizing value for shareholders are also outlined. Reasons why a company may become target for a hostile takeover bid are reviewed, followed by a more detailed examination of the responsibilities of a board in responding to a takeover bid. These responsibilities include the adoption of a shareholders' rights plan ('poison pill'), review of executive employment contracts, making sure that a corporate indemnification agreement and directors' and officers' liability insurance plan are in place, implementation of structural deterrents, investor communication plans, preparing the 'black book', creating or updating the list of 'white knights', designating a data room, entering into confidentiality agreements with white knights, preparation of a response timetable, review of recent takeover bids, strategies for dealing with hostile bidders, strategies for enticing one or more a white knights to enter the bidding. Sample copy of a confidentiality agreement is contained in Schedule A. A list of break-up fees in recent Canadian mergers and acquisitions transactions is provided in Schedule B. 24 refs

  11. Price and utilization: why we must target both to curb health care costs.

    Science.gov (United States)

    Spiro, Topher; Lee, Emily Oshima; Emanuel, Ezekiel J

    2012-10-16

    The United States spends nearly $8000 per person on health care annually. Even for a wealthy country, this amount is substantially more than would be expected and 2.5 times the average spent by other Organization for Economic Cooperation and Development (OECD) countries. The growth rate of health care spending in the United States has also far outpaced that in all other high-income OECD countries since 1970, even accounting for population growth. This increase in health spending threatens to squeeze out critical investments in education and infrastructure. To successfully develop and implement policies that effectively address both the level and growth of U.S. health care costs, it is critical to first understand cost drivers. Many health policy and economics scholars have contributed to an ongoing debate on whether to blame high prices or high utilization of services for escalating health care spending in the United States. This paper argues that price and volume both contribute to high and increasing health care costs, along with high administrative costs, supply issues, and the fee-for-service payment system. Initial strategies to contain costs might include implementation and expansion of bundled payment systems and competitive bidding.

  12. 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.

  13. 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.

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

    National Research Council Canada - National Science Library

    Troff, Erik A

    2005-01-01

    ... comply with established procurement rules. The decisive question for a developing nation is which of the available structural options best integrates the essential elements of an effective bid protest system in the context of existing legal...

  15. The California ISO experience with price spikes and search for remedies

    Energy Technology Data Exchange (ETDEWEB)

    Barkovich, B. R. [Barkovich and Yap, Inc., San Francisco, CA (United States)

    2000-07-01

    An overview of the conditions under which price spikes have occurred in California, and the attempts to eliminate those conditions are discussed. Several periods of price spikes have occurred since the competitive electricity market became a reality in California, usually at times of high system load.. Price spikes in the ancillary services (A/S) (one of the two markets run by the California Independent System Operator (CAISO), the other being balancing or real-time energy), occurred when the supply of competitive bids has been restricted either by bid insufficiency or gaming. Bid insufficiency is the failure of the market to produce enough bids for a particular product. Gaming is defined as taking advantage of an occasion when there is likely to be short supply due to transmission constraints or geographical distribution of generation and using the occasion to maximize prices. The key tool used by the CAISO to reduce price spikes has been to reduce and adjust procurement of A/S by instituting additional enforcement of market participants' ability to meet their requirements to provide A/S on command. If they fail to do so, they do not receive payment for capacity that has been bid, with the bids accepted, but not provided. Changes in the scheduling system to facilitate inter-Scheduling Coordinator trades of A/S obligations, designed to reduce procurement through the CAISO markets and thus potentially lower market clearing prices for A/S in those markets, has been another technique used. The institution of 'Rational Buyer' has been yet another, and more substantial, means used to reduce price spikes. This mechanism, involving demand substitution across the markets for A/S, has the effect of defeating attempts by a generator to place a high-priced bid in a generally lower value market in the expectation of a smaller number of bids in that market. Significant decline in the amount of A/S procured, and a significant decline in the ratio of the total cost

  16. The California ISO experience with price spikes and search for remedies

    International Nuclear Information System (INIS)

    Barkovich, B. R.

    2000-01-01

    An overview of the conditions under which price spikes have occurred in California, and the attempts to eliminate those conditions are discussed. Several periods of price spikes have occurred since the competitive electricity market became a reality in California, usually at times of high system load.. Price spikes in the ancillary services (A/S) (one of the two markets run by the California Independent System Operator (CAISO), the other being balancing or real-time energy), occurred when the supply of competitive bids has been restricted either by bid insufficiency or gaming. Bid insufficiency is the failure of the market to produce enough bids for a particular product. Gaming is defined as taking advantage of an occasion when there is likely to be short supply due to transmission constraints or geographical distribution of generation and using the occasion to maximize prices. The key tool used by the CAISO to reduce price spikes has been to reduce and adjust procurement of A/S by instituting additional enforcement of market participants' ability to meet their requirements to provide A/S on command. If they fail to do so, they do not receive payment for capacity that has been bid, with the bids accepted, but not provided. Changes in the scheduling system to facilitate inter-Scheduling Coordinator trades of A/S obligations, designed to reduce procurement through the CAISO markets and thus potentially lower market clearing prices for A/S in those markets, has been another technique used. The institution of 'Rational Buyer' has been yet another, and more substantial, means used to reduce price spikes. This mechanism, involving demand substitution across the markets for A/S, has the effect of defeating attempts by a generator to place a high-priced bid in a generally lower value market in the expectation of a smaller number of bids in that market. Significant decline in the amount of A/S procured, and a significant decline in the ratio of the total cost of A

  17. A JOINT EXPERIMENTAL ANALYSIS OF INVESTOR BEHAVIOR IN IPO PRICING METHODS

    Directory of Open Access Journals (Sweden)

    Vinicio de Souza e Almeida

    2015-01-01

    Full Text Available This article jointly examines the differences of laboratory versions of the Dutch clock open auction, a sealed-bid auction to represent book building, and a two-stage sealed bid auction to proxy for the “competitive IPO”, a recent innovation used in a few European equity initial public offerings. We investigate pricing, seller allocation, and buyer welfare allocation efficiency and conclude that the book building emulation seems to be as price efficient as the Dutch auction, even after investor learning, whereas the competitive IPO is not price efficient, regardless of learning. The competitive IPO is the most seller allocative efficient method because it maximizes offer proceeds. The Dutch auction emerges as the most buyer welfare allocative efficient method. Underwriters are probably seeking pricing efficiency rather than seller or buyer welfare allocative efficiency and their discretionary pricing and allocation must be important since book building is prominent worldwide.

  18. Freemium Pricing

    DEFF Research Database (Denmark)

    Runge, Julian; Wagner, Stefan; Claussen, Jörg

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

  19. Petroleum price

    International Nuclear Information System (INIS)

    Maurice, J.

    2001-01-01

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

  20. 27 CFR 70.182 - Disposition of personal property acquired by the United States.

    Science.gov (United States)

    2010-04-01

    ... payment of or as security for debts arising under the internal revenue laws may be sold by the appropriate... substantially higher price may be obtained, the sale may be held outside such area. (ii) Rejection of bids and adjournment of sale. The officer conducting the sale reserves the right to reject any and all bids and...

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

    International Nuclear Information System (INIS)

    Naghibi-Sistani, M.B.; Akbarzadeh-Tootoonchi, M.R.; Javidi-Dashte Bayaz, M.H.; Rajabi-Mashhadi, H.

    2006-01-01

    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)

  2. 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)

    Hilton, Shona

    2015-01-01

    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. PMID:26045639

  3. Support Vector Machines for decision support in electricity markets׳ strategic bidding

    DEFF Research Database (Denmark)

    Pinto, Tiago; Sousa, Tiago M.; Praça, Isabel

    2015-01-01

    . The ALBidS system allows MASCEM market negotiating players to take the best possible advantages from the market context. This paper presents the application of a Support Vector Machines (SVM) based approach to provide decision support to electricity market players. This strategy is tested and validated...... by being included in ALBidS and then compared with the application of an Artificial Neural Network (ANN), originating promising results: an effective electricity market price forecast in a fast execution time. The proposed approach is tested and validated using real electricity markets data from MIBEL......׳ research group has developed a multi-agent system: Multi-Agent System for Competitive Electricity Markets (MASCEM), which simulates the electricity markets environment. MASCEM is integrated with Adaptive Learning Strategic Bidding System (ALBidS) that works as a decision support system for market players...

  4. The Price-Anderson Act

    International Nuclear Information System (INIS)

    Jones, R.

    2000-01-01

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

  5. 75 FR 14257 - Pricing for Bronze Medals

    Science.gov (United States)

    2010-03-24

    ... DEPARTMENT OF THE TREASURY 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...

  6. Marketplace pricing

    International Nuclear Information System (INIS)

    Anon.

    1991-01-01

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

  7. Parallel imports of hospital pharmaceuticals: An empirical analysis of price effects from parallel imports and the design of procurement procedures in the Danish hospital sector

    OpenAIRE

    Hostenkamp, Gisela; Kronborg, Christian; Arendt, Jacob Nielsen

    2012-01-01

    We analyse pharmaceutical imports in the Danish hospital sector. In this market medicines are publicly tendered using first-price sealed-bid procurement auctions. We analyse whether parallel imports have an effect on pharmaceutical prices and whether the way tenders were organised matters for the competitive effect of parallel imports on prices. Our theoretical analysis shows that the design of the procurement rules affects both market structure and pharmaceutical prices. Parallel imports may...

  8. Rationality, irrationality and escalating behavior in lowest unique bid auctions.

    Science.gov (United States)

    Radicchi, Filippo; Baronchelli, Andrea; Amaral, Luís A N

    2012-01-01

    Information technology has revolutionized the traditional structure of markets. The removal of geographical and time constraints has fostered the growth of online auction markets, which now include millions of economic agents worldwide and annual transaction volumes in the billions of dollars. Here, we analyze bid histories of a little studied type of online auctions--lowest unique bid auctions. Similarly to what has been reported for foraging animals searching for scarce food, we find that agents adopt Lévy flight search strategies in their exploration of "bid space". The Lévy regime, which is characterized by a power-law decaying probability distribution of step lengths, holds over nearly three orders of magnitude. We develop a quantitative model for lowest unique bid online auctions that reveals that agents use nearly optimal bidding strategies. However, agents participating in these auctions do not optimize their financial gain. Indeed, as long as there are many auction participants, a rational profit optimizing agent would choose not to participate in these auction markets.

  9. Rationality, irrationality and escalating behavior in lowest unique bid auctions.

    Directory of Open Access Journals (Sweden)

    Filippo Radicchi

    Full Text Available Information technology has revolutionized the traditional structure of markets. The removal of geographical and time constraints has fostered the growth of online auction markets, which now include millions of economic agents worldwide and annual transaction volumes in the billions of dollars. Here, we analyze bid histories of a little studied type of online auctions--lowest unique bid auctions. Similarly to what has been reported for foraging animals searching for scarce food, we find that agents adopt Lévy flight search strategies in their exploration of "bid space". The Lévy regime, which is characterized by a power-law decaying probability distribution of step lengths, holds over nearly three orders of magnitude. We develop a quantitative model for lowest unique bid online auctions that reveals that agents use nearly optimal bidding strategies. However, agents participating in these auctions do not optimize their financial gain. Indeed, as long as there are many auction participants, a rational profit optimizing agent would choose not to participate in these auction markets.

  10. Optimal bidding strategies for competitive generators and large consumers

    International Nuclear Information System (INIS)

    Fushuan Wen; David, A.K.

    2001-01-01

    There exists the potential for gaming such as strategic bidding by participants (power suppliers and large consumers) in a deregulated power market, which is more an oligopoly than a laissez-faire market. Each participant can increase his or her own profit through strategic bidding but this has a negative effect on maximising social welfare. A method to build bidding strategies for both power suppliers and large consumers in a poolco-type electricity market is presented in this paper. It is assumed that each supplier/large consumer bids a linear supply/demand function, and the system is dispatched to maximise social welfare. Each supplier/large consumer chooses the coefficients in the linear supply/demand function to maximise benefits, subject to expectations about how rival participants will bid. The problem is formulated as a stochastic optimisation problem, and solved by a Monte Carlo approach. A numerical example with six suppliers and two large consumers serves to illustrate the essential features of the method. (author)

  11. BID links ferroptosis to mitochondrial cell death pathways

    Directory of Open Access Journals (Sweden)

    Sandra Neitemeier

    2017-08-01

    Full Text Available Ferroptosis has been defined as an oxidative and iron-dependent pathway of regulated cell death that is distinct from caspase-dependent apoptosis and established pathways of death receptor-mediated regulated necrosis. While emerging evidence linked features of ferroptosis induced e.g. by erastin-mediated inhibition of the Xc- system or inhibition of glutathione peroxidase 4 (Gpx4 to an increasing number of oxidative cell death paradigms in cancer cells, neurons or kidney cells, the biochemical pathways of oxidative cell death remained largely unclear. In particular, the role of mitochondrial damage in paradigms of ferroptosis needs further investigation.In the present study, we find that erastin-induced ferroptosis in neuronal cells was accompanied by BID transactivation to mitochondria, loss of mitochondrial membrane potential, enhanced mitochondrial fragmentation and reduced ATP levels. These hallmarks of mitochondrial demise are also established features of oxytosis, a paradigm of cell death induced by Xc- inhibition by millimolar concentrations of glutamate. Bid knockout using CRISPR/Cas9 approaches preserved mitochondrial integrity and function, and mediated neuroprotective effects against both, ferroptosis and oxytosis. Furthermore, the BID-inhibitor BI-6c9 inhibited erastin-induced ferroptosis, and, in turn, the ferroptosis inhibitors ferrostatin-1 and liproxstatin-1 prevented mitochondrial dysfunction and cell death in the paradigm of oxytosis. These findings show that mitochondrial transactivation of BID links ferroptosis to mitochondrial damage as the final execution step in this paradigm of oxidative cell death. Keywords: Ferroptosis, BID, Mitochondria, CRISPR, Oxytosis, Neuronal death

  12. Rationality, Irrationality and Escalating Behavior in Lowest Unique Bid Auctions

    Science.gov (United States)

    Radicchi, Filippo; Baronchelli, Andrea; Amaral, Luís A. N.

    2012-01-01

    Information technology has revolutionized the traditional structure of markets. The removal of geographical and time constraints has fostered the growth of online auction markets, which now include millions of economic agents worldwide and annual transaction volumes in the billions of dollars. Here, we analyze bid histories of a little studied type of online auctions – lowest unique bid auctions. Similarly to what has been reported for foraging animals searching for scarce food, we find that agents adopt Lévy flight search strategies in their exploration of “bid space”. The Lévy regime, which is characterized by a power-law decaying probability distribution of step lengths, holds over nearly three orders of magnitude. We develop a quantitative model for lowest unique bid online auctions that reveals that agents use nearly optimal bidding strategies. However, agents participating in these auctions do not optimize their financial gain. Indeed, as long as there are many auction participants, a rational profit optimizing agent would choose not to participate in these auction markets. PMID:22279553

  13. Issues in bidding for contracts for occupational therapy services.

    Science.gov (United States)

    Harms, S; Law, M

    2001-06-01

    There is an increasing number of occupational therapists in Canada who are involved in bidding for contracts to deliver occupational therapy services. Occupational therapists working in an institutional or community-based setting may not have had the responsibility of developing a proposal or a marketing plan for bidding purposes. However, the responsibility of developing a bid to compete for a service delivery contract often rests on occupational therapists who are sole practitioners in a private practice setting. The purpose of this paper is to highlight issues in the literature such as service delivery plans, marketing strategies and costing of services that can assist the occupational therapist in the development of a contractual bid. A specific clinical example, school therapy services, has been used to illustrate how these strategies can be applied to practice. Success in contractual bids appears to be primarily influenced by cost of the service, the expertise of the service provider, ability to provide coordinated care, ease of access for clients, and inclusion of methods to measure client outcome.

  14. Space-time modeling of timber prices

    Science.gov (United States)

    Mo Zhou; Joseph Buongriorno

    2006-01-01

    A space-time econometric model was developed for pine sawtimber timber prices of 21 geographically contiguous regions in the southern United States. The correlations between prices in neighboring regions helped predict future prices. The impulse response analysis showed that although southern pine sawtimber markets were not globally integrated, local supply and demand...

  15. 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 price...

  16. Automatic demand response referred to electricity spot price. Demo description

    International Nuclear Information System (INIS)

    Grande, Ove S.; Livik, Klaus; Hals, Arne

    2006-05-01

    This report presents background, technical solution and results from a test project (Demo I) developed in the DRR Norway) project. Software and technology from two different vendors, APAS and Powel ASA, are used to demonstrate a scheme for Automatic Demand Response (ADR) referred to spot price level and a system for documentation of demand response and cost savings. Periods with shortage of energy supply and hardly any investments in new production capacity have turned focus towards the need for increased price elasticity on the demand side in the Nordic power market. The new technology for Automatic Meter Reading (AMR) and Remote Load Control (RLC) provides an opportunity to improve the direct market participation from the demand side by introducing automatic schemes that reduce the need for customer attention to hourly market prices. The low prioritized appliances, and not the total load, are in this report defined as the Demand Response Objects, based on the assumption that there is a limit for what the customers are willing to pay for different uses of electricity. Only disconnection of residential water heaters is included in the demo, due to practical limitations. The test was performed for a group of single family houses over a period of 2 months. All the houses were equipped with a radio controlled 'Ebox' unit attached to the water heater socket. The settlement and invoicing were based on hourly metered values (kWh/h), which means that the customer benefit is equivalent to the accumulated changes in the electricity cost per hour. The actual load reduction is documented by comparison between the real meter values for the period and a reference curve. The curves show significant response to the activated control in the morning hours. In the afternoon it is more difficult to register the response, probably due to 'disturbing' activities like cooking etc. Demo I shows that load reduction referred to spot price level can be done in a smooth way. The experiences

  17. 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....

  18. 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.

  19. Electricity pricing

    International Nuclear Information System (INIS)

    Wijayatunga, P.D.C.

    1994-01-01

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

  20. Competitive bidding for OCS leases and environmental risk

    International Nuclear Information System (INIS)

    Englin, J.E.; Klan, M.S.

    1990-01-01

    In the last few years, the role of environment has become increasingly contentious in the process of competitive bidding for exploration and development rights of offshore petroleum leases in the outer continental shelf (OCS). Although an extensive literature exists on OCS leasing per se, relatively little work focuses on the role of environmental factors. This paper examines the effect on environmental risk on the number of firms (or joint ventures) entering bids for a given tract, which relates to the effective competition for the tracts. The next section outlines a theoretical model of bidding behavior under environmental risk. The third section presents the data used to estimate the model. The fourth section gives empirical results of an analysis of Sale No. 42, conducted in 1979 for Georges Bank in the North Atlantic. The last section provides concluding remarks

  1. Technical evaluation of bids for nuclear power stations

    International Nuclear Information System (INIS)

    Zijl, N.A. van

    1976-01-01

    A bid evaluation method is described which, it is claimed, facilitates a distinct and objective judgement of bids, taking into account the importance of the components, systems, and technical aspects evaluated with regard to the operation and safety of a nuclear power station. The evaluation basically consists of a cost assessment of the scope of supply deviations and a numerical evaluation of the technical design, the latter being a particularly novel feature of the method. The logic applied in both processes is shown. Main evaluation criteria which are applied for most components and systems are given as reliability, function and performance, safety, operation and maintenance, and materials. The judgements given to these evaluation criteria form the basis of the numerical bid evaluation described, which is carried out with the aid of computer programs. (U.K.)

  2. 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.

  3. Pricing offshore wind power

    International Nuclear Information System (INIS)

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

    2011-01-01

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

  4. Wind prices are down - but are they too low?

    International Nuclear Information System (INIS)

    Milborrow, D.

    1998-01-01

    The highly competitive nature of the NFFO and SRO bidding processes may be putting undue pressure on manufacturers' profit margins, restricting funds for investment and RandD. Taking the wider view, RandD in the wind industry is very modest relative to its output. Nevertheless, the wind industry is delivering increasingly reliable and cost effective wind turbines. The needs for further RandD are critically examined and the paper includes assessments of future wind energy price trends. (Author)

  5. Bidding strategies for virtual power plants considering CHPs and intermittent renewables

    International Nuclear Information System (INIS)

    Zapata Riveros, J.; Bruninx, K.; Poncelet, K.; D’haeseleer, W.

    2015-01-01

    Highlights: • A stochastic optimization evaluates the optimal bidding strategy of a VPP. • Three different strategies were assessed: ‘static’, ‘flexible DA’ and ‘flexible RT’. • The ‘flexible RT’ attains the largest profits. It adapts the VPP output in real-time. - Abstract: Energy efficiency and renewable-energy sources (RES) are fundamental parts of the European energy policy. For this reason, efficient distributed generation technologies such as combined heat and power coupled to district heating (CHP–DH) and RES based electricity are largely promoted. Additionally, the flexibility that CHP–DH offers to the power system is seen as an option to balance the intermittent output of RES-based generation. This could be done by aggregating RES based electricity generation and CHP DH in a virtual power plant (VPP). In this framework, the present work presents a methodology to evaluate the optimal bidding strategy of a VPP composed of a CHP–DH and RES based generators. The objective is to investigate the optimal bidding strategy for a VPP that uses CHP DH to compensate for the uncertainties regarding RES-based electricity generation and market prices. The VPP operator nominates its energy to the day ahead market the day before the actual delivery (D-1). In real time, any deviation from the day-ahead schedule is settled in the imbalance market. The uncertainties are modeled using a two stage stochastic programming approach. Three different bidding strategies are studied: ‘static’, ‘flexible DA’ and ‘flexible RT’. The major difference between the studied strategies lies in the dispatch decisions. The ‘static’ strategy does not adjust the scheduled output of the CHP. Whereas, the ‘flexible DA’ and ‘flexible RT’ strategies differ from each other in terms of the information available at the moment of performing the reschedule (second stage decision). The ‘flexible DA’ reschedules the CHP output for the whole day assuming

  6. Bid process and contracting for remediation in New Mexico

    International Nuclear Information System (INIS)

    Fox, K.

    1994-01-01

    In an effort to provide cost effective and timely reclamation services to high priority leaking underground storage tank sites the New Mexico Environment Department has implemented a reclamation bidding process for qualified state contractors. The bid process was implemented in an attempt to make reclamation contractors more competitive and to encourage innovative technologies and contracting mechanisms. Overall the Bureau has received positive feedback from contractors participating in the process, especially regarding innovative technology and contracting. In addition, the process has provided excellent training for project managers and has allowed a critical review of the reclamation process for UST sites in general

  7. 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.

  8. 77 FR 840 - Pricing for 2012 Products Featuring $1 Coins

    Science.gov (United States)

    2012-01-06

    ... 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 products featuring $1 coins, as follows: Product Retail price Presidential $1...

  9. Effects of series compensation on spot price power markets

    International Nuclear Information System (INIS)

    Shrestha, G.B.; Wang Feng

    2005-01-01

    The operation of a deregulated power market becomes more complex as the generation scheduling is dependent on suppliers' and consumers' bids. With large number of transactions in the power market changing in time, it is more likely for some transmission lines to face congestion. Series compensation, such as TCSC, with its ability to directly control the power flow can be very helpful to improve the operation of transmission networks. The effects of TCSC on the operation of a spot price power market are studied in this paper using the modified IEEE 14-bus system. Optimal Power Flow incorporating TCSC is used to implement the spot price market. Linear bids are used to model suppliers' and consumers' bids. Issues of location and cost of TCSC are discussed. The effects of levels of TCSC compensation on wide range of system quantities are studied. The effects on the total social benefit, the spot prices, transmission congestion, total generation and consumption, benefit to individual supplier and consumer etc. are discussed. It is demonstrated that though use of TCSC makes the system more efficient and augments competition in the market, it is not easy to establish general relationships between the levels of compensation and various market quantities. Simulation studies like these can be used to assess the effects of TCSC in specific systems. (Author)

  10. Application of auctions as a pricing mechanism for the interchange of electric power

    International Nuclear Information System (INIS)

    Post, D.L.; Coppinger, S.S.; Sheble, G.B.

    1995-01-01

    The expected move to a market-based electric power industry will significantly change electric utility operations. These changes will fundamentally alter the pricing of electric power. How this pricing will be accomplished is a key issue. Traditionally, embedded cost based methods have been used. Recently, spot-pricing has received attention as a possible approach in a market-based electric power environment. Another market-based approach is the use of auctions. This paper will present the application of a sequential sealed-bid and sealed-offer auction to the pricing of electric power by using linear programming

  11. 48 CFR 614.402-70 - Waiver of public opening of bids.

    Science.gov (United States)

    2010-10-01

    ... of public opening of bids. Overseas posts may request waiver of the public opening of bids if that activity is inconsistent with local law or legal practice, or with post security. For that purpose, the...

  12. The impact of European balancing rules on wind power economics and on short-term bidding strategies

    International Nuclear Information System (INIS)

    Chaves-Ávila, J.P.; Hakvoort, R.A.; Ramos, A.

    2014-01-01

    Wind power represents a significant percentage of the European generation mix and this will increase to fulfill the renewable energy targets. Different balancing rules are applied to wind power among the countries; for instance, to what extent wind power producers (WPPs) are responsible for the energy imbalances and how those imbalances are penalized. This paper discusses those different rules and evaluates their effects on WPP bidding strategies. To do so, a quantitative analysis is presented for an offshore wind farm, considering the differences in the balancing rules and prices of Belgium, Denmark, Germany and the Netherlands. The quantitative approach consists of a stochastic optimization model that maximizes the profits of a WPP by trading in different markets (day-ahead and intraday) and computes the final energy delivered. The model considers uncertainties of most important parameters such as wind energy forecasts and prices at different time frames. The results show that the imbalance pricing design and the allocation of balance responsibility significantly affect WPP’ revenues. Additionally, WPPs deviate differently from the expected energy depending on the balancing rules, which can impact the system. Furthermore, these balancing rules should be considered with other market regulations, such as the design of support schemes. - Highlights: • European countries apply different imbalance pricing rules. • The allocation of balance responsibility to wind power varies between the countries. • A stochastic optimization model is used to compare the effect of balancing rules. • Balancing rules have an important impact on wind generators bidding strategies. • Balancing rules have also an effect on the system imbalances

  13. The Impact of Capital Gains Taxes on Stock Price Reactions to S&P 500 Inclusion

    OpenAIRE

    Jennifer L. Blouin; Jana Smith Raedy; Douglas A. Shackelford

    2000-01-01

    This paper contributes to our understanding of the determinants of price responses to inclusion in the S&P 500 by providing evidence consistent with capital gains tax planning impacting stock reactions. Tests are conducted on 426 additions from 1978-1999. We regress the returns on the first trading day following announcement on a capital gains tax measure and controls. The evidence is consistent with the share prices of appreciated firms being temporarily bid up to compensate individual share...

  14. A Textbook Example of International Price Discrimination

    OpenAIRE

    Christos Cabolis; Sofronis Clerides; Ioannis Ioannou; Daniel Senft

    2005-01-01

    We investigate differences in book prices between the United States and other countries. We find that general audience books are similarly priced internationally, but textbooks are substantially more expensive in the United States (often more than double the price). This disparity is much more pronounced for commercial publishers than for university presses. We argue that supply-side factors like cost and market structure can not explain this phenomenon. We discuss several demand-side explana...

  15. Dynamic pricing for demand response considering market price uncertainty

    DEFF Research Database (Denmark)

    Ghazvini, Mohammad Ali Fotouhi; Soares, Joao; Morais, Hugo

    2017-01-01

    Retail energy providers (REPs) can employ different strategies such as offering demand response (DR) programs, participating in bilateral contracts, and employing self-generation distributed generation (DG) units to avoid financial losses in the volatile electricity markets. In this paper......, the problem of setting dynamic retail sales price by a REP is addressed with a robust optimization technique. In the proposed model, the REP offers price-based DR programs while it faces uncertainties in the wholesale market price. The main contribution of this paper is using a robust optimization approach...

  16. Bidding Strategies in Agent-based Continuous Double Auctions

    NARCIS (Netherlands)

    H. Ma (Huiye); H.-F. Leung

    2008-01-01

    htmlabstractOnline 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

  17. 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.

  18. Sealed bid auctions with ambiguity: theory and experiments

    Czech Academy of Sciences Publication Activity Database

    Chen, Y.; Katuščák, Peter; Ozdenoren, E.

    2007-01-01

    Roč. 136, č. 1 (2007), s. 513-535 ISSN 0022-0531 R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : sealed bid auctions * ambiguity * experiment Subject RIV: AH - Economics Impact factor: 1.353, year: 2007

  19. Sealed bid auctions with ambiguity: an experimental study

    Czech Academy of Sciences Publication Activity Database

    Chen, Y.; Katuščák, Peter; Ozdenoren, E.

    -, č. 269 (2005), s. 1-75 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z70850503 Keywords : sealed bid auctions * ambiguity * experiment Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp269.pdf

  20. 48 CFR 252.247-7008 - Evaluation of bids.

    Science.gov (United States)

    2010-10-01

    ... other factors, the Contracting Officer will evaluate bids on the basis of advantages or disadvantages to... evaluation, the Contracting Officer will assume that the administrative cost to the Government for issuing... Government, including the administrative costs in paragraph (b)(1). (c) When drayage is necessary for the...

  1. 48 CFR 811.104-74 - Bid evaluation and award.

    Science.gov (United States)

    2010-10-01

    ... COMPETITION AND ACQUISITION PLANNING DESCRIBING AGENCY NEEDS Selecting and Developing Requirements Documents... offered products are clearly identified in the bid and are equal in all material respects to the products... brand name and make or model number, descriptive material, and any modifications of brand name products...

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

    DEFF Research Database (Denmark)

    Ding, Huajie; Pinson, Pierre; Hu, Zechun

    2016-01-01

    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...

  3. 47 CFR 54.603 - Competitive bid requirements.

    Science.gov (United States)

    2010-10-01

    ... requester cannot obtain toll-free access to an Internet service provider; (iv) The requested service or... be sold, resold or transferred in consideration of money or any other thing of value; and (vi) If the.... (a) Competitive bidding requirement. To select the telecommunications carriers that will provide...

  4. The evolution of the competitive bidding process

    International Nuclear Information System (INIS)

    Oliver, W.J.; Dingle, R.J.

    1993-01-01

    From the 1920s to the early 1970s, the structure of the electric utility industry remained fairly constant. Up until this time, the generation, transportation and distribution of electricity was provided by local electric utility companies. The dominant pricing method was cost-of-service based rates, which relies on the premise that generation of electricity is not a competitive market, but a natural monopoly. This environment included close scrutiny by state and federal regulatory bodies to ensure that electric utility companies were making prudent management decisions. This stable environment changed with the passage of the Public Utility Regulatory Policies Act (PURPA) in 1978. The primary intent of PURPA was to encourage the use of renewable energy sources, energy efficiency measures, and cogeneration and small power production. The act guaranteed firms and developers Interconnection with the host utility company and administrated avoided costs for the basis of payment for sales of power by qualifying facilities to the host utility. By the early 1980s, the primary change that PURPA brought to the structure of the electric utility industry was the introduction of the small power producer (SPP). Since then, however, the emergence of new suppliers has challenged the basic infrastructure of the electric generation industry. Along the way, the concept that electric generation is a natural monopoly has been called into question

  5. 76 FR 417 - 2011 Numismatic Products Pricing

    Science.gov (United States)

    2011-01-04

    ... 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. 5111(2)(3) & 5112 grant the Secretary of the Treasury to mint, prepare and...

  6. Procurement of construction services: a case study on bidding competition in Singapore public sector contracts

    Science.gov (United States)

    Oo, B. L.; Yan, Y.

    2018-04-01

    There are many variables that public clients need to consider in their bidding procedure to enhance efficiency in their procurement for construction services. This paper focusses on the competitive bidding process for public sector procurement of construction services in Singapore. A distinctive feature of the Singapore government competitive bidding process is that full bidding feedback information is released to all competing bidders (and public). The specific objectives are: (i) to examine the degree of competition in the construction markets; and (ii) to examine the bidding performance of competing bidders. Based on a collection of bidding data for a 15-month period, the results show the market environment of the Singapore public sector construction contracting is highly competitive with long bidder lists. In selection of contractors, only 50% of the contracts were awarded to lowest bidders. The results also show that the competing contractors can be broadly classified into three groups based on their bidding performance in terms of number of bidding attempts, bidding success rate and bidding competitiveness. These results provide a useful insight into the bidding competition in the Singapore public sector construction contracting, especially to new market entrants and foreign contractors who want to bid for jobs in Singapore.

  7. 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 the...

  8. 47 CFR 1.2105 - Bidding application and certification procedures; prohibition of certain communications.

    Science.gov (United States)

    2010-10-01

    ....2110, a statement to that effect and a declaration, under penalty of perjury, that the applicant is... the post-auction market structure. (ix) Certification under penalty of perjury that it has not entered... amount of their bids, bidding strategies or the particular licenses on which they will or will not bid...

  9. 30 CFR 260.111 - What conditions apply to the bidding systems that MMS uses?

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false What conditions apply to the bidding systems that MMS uses? 260.111 Section 260.111 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE... What conditions apply to the bidding systems that MMS uses? (a) For each of the bidding systems in...

  10. 42 CFR 423.265 - Submission of bids and related information.

    Science.gov (United States)

    2010-10-01

    ... guidelines based on generally accepted actuarial principles. A qualified actuary must certify the plan's... member of the American Academy of Actuaries to be deemed qualified. Applicants may use qualified outside actuaries to prepare their bids. (d) Specific requirements for bids. The bid and supplemental information...

  11. 76 FR 20571 - Bidding by Affiliates in Open Seasons for Pipeline Capacity

    Science.gov (United States)

    2011-04-13

    ... bidding is inappropriate and, therefore, prohibited. \\9\\ Tenaska Marketing Ventures, et al., 126 FERC ] 61... multiple affiliates at a competitive disadvantage. In theory, a company could employ this strategy to the... submitting their bids. For example, a marketing arm of an energy company may bid to secure capacity for its...

  12. Game Theory Analysis of Bidding for A Construction Contract

    Science.gov (United States)

    Kembłowski, Marian W.; Grzyl, Beata; Siemaszko, Agata

    2017-10-01

    The authors are concerned with a bidding problem. There are two companies (P1 and P2) bidding for a highway construction project. In order to be more competitive, P1 considers buying a new gravel pit near the construction site. The basic cost of the pit is known to both companies. However, there is also an additional, hidden, cost (C) known only to P1. P2 is uncertain whether the hidden cost is C = 0 or C = x. P1 plans to bid for the job, but has to decide whether to buy the gravel pit. P2, not having a complete knowledge about C, thus not knowing the strategy choice of P1, has to decide if to bid for the job. In effect we have two payoff matrices, one for the additional cost C = 0, and the other one for C = x. If the probability of P2 bidding for the project can be estimated by propagating intelligence information through a Bayesian Belief Network, the best strategy for P1 can be readily determined. Otherwise, the solution calls for changing this game of incomplete information (players may or may not know some information about the other players, e.g., their “type,” their strategies, payoffs) into a game of imperfect information (players are simply unaware of the actions chosen by other players). This is achieved by introducing an additional “Nature” node which for this problem determines with some probability “p” the additional cost C= 0 (thus, C = x with probability 1-p). The solution of this game turns out to depend on the probability “p”. For some values of p the game is solved with pure strategies, whereas for other values the game is in equilibrium when the players randomly mix their strategies.

  13. Coal prices rise

    International Nuclear Information System (INIS)

    McLean, A.

    2001-01-01

    Coking and semi hard coking coal price agreements had been reached, but, strangely enough, the reaching of common ground on semi soft coking coal, ultra low volatile coal and thermal coal seemed some way off. More of this phenomenon later, but suffice to say that, traditionally, the semi soft and thermal coal prices have fallen into place as soon as the hard, or prime, coking coal prices have been determined. The rise and rise of the popularity of the ultra low volatile coals has seen demand for this type of coal grow almost exponentially. Perhaps one of the most interesting facets of the coking coal settlements announced to date is that the deals appear almost to have been preordained. The extraordinary thing is that the preordination has been at the prescience of the sellers. Traditionally, coking coal price fixing has been the prerogative of the Japanese Steel Mills (JSM) cartel (Nippon, NKK, Kawasaki, Kobe and Sumitomo) who presented a united front to a somewhat disorganised force of predominantly Australian and Canadian sellers. However, by the time JFY 2001 had come round, the rules of the game had changed

  14. Oil price and the dollar

    International Nuclear Information System (INIS)

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

    2007-01-01

    Oil prices and the United States (US) dollar exchange rate are driving the evolution of the world economy. This paper investigated long-term relationships between oil prices and the US effective exchange rate. An empirical study was performed on oil prices and the dollar real effective exchange rate between 1974 to 2004. The impact of the dollar exchange rate was also explored, and the effects of oil prices on supply and demand were considered. A dynamic partial equilibrium framework study was evaluated in order to compare how other countries used revenues from oil exports in dollars. The study showed that both variables had similar evolutions when price fluctuations were low. Strong increases in the dollar were associated with lower oil prices. However, adjustment speeds of the dollar real effective exchange rate was slow. Co-integration and causality tests showed that oil prices influenced the exchange rate, and that the link between the 2 variables was transmitted through the country's net foreign asset position. It was concluded that higher oil prices improved US net foreign asset position in relation to other countries, and had a positive impact on dollar appreciation. 24 refs., 6 tabs., 1 fig

  15. 42 CFR 447.505 - Determination of best price.

    Science.gov (United States)

    2010-10-01

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

  16. What’s a Cricketer’s Worth? Predicting Bid Prices for Indian Premier League Auctions

    Directory of Open Access Journals (Sweden)

    Siddhartha K. RASTOGI

    2017-04-01

    Full Text Available Indian Premier League is a twenty-over format cricket tournament of teams representing different Indian cities. Beginning 2008, it is established now as a grand annual affair. The team franchises are auctioned on long term basis, whereas cricketers are auctioned every season under certain conditions. Despite such wealth of information, studies on IPL auctions are rare barring four cited models. The present paper studies the results of year 2011 English-style auction of cricketers and recalibrates the old yet most accurate model by Rastogi and Deodhar (2009. Both models use ordinary least square method of regression albeit with different variable. The old models lack predictive power, whereas the recalibrated model presented displays better predictive capability as compared to earlier models. It also succeeds in reducing overall predictability gap and stands significantly parsimonious vis-à-vis previous models. Further, the final model presented is applied on 2013 and 2014 auction data to show superior results.

  17. MODELING OF BIDDING PRICES IN POWER MARKETS USING CLUSTERING AND FUZZY ASSOCIATION RULES

    Directory of Open Access Journals (Sweden)

    LUIS EDUARDO GALLEGO VEGA

    2011-01-01

    Full Text Available Este artículo propone una metodología para el descubrimiento de patrones sobre el dominio continuo de los precios de oferta en mercados de electricidad. El método propuesto representa las funciones de oferta como puntos en un espacio multidimensional donde un algoritmo de agrupación es aplicado. Como resultado se obtiene una gran reducción sobre el espacio de búsqueda de estrategias al igual que algunas relaciones de dominancia sobre las mismas, mejorando el reconocimiento de patrones de comportamiento de la oferta. Este método es aplicado para los 10 agentes generadores más grandes del mercado eléctrico colombiano. Adicionalmente, se presenta la aplicación de algoritmos de minería de datos con el propósito de cuantifi car la veracidad de algunas hipótesis tradicionalmente formuladas sobre el efecto de la hidrología tanto en los precios de oferta como en los precios de bolsa.

  18. EV Charging Algorithm Implementation with User Price Preference

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Bin; Hu, Boyang; Qiu, Charlie; Chu, Peter; Gadh, Rajit

    2015-02-17

    in this paper, we propose and implement a smart Electric Vehicle (EV) charging algorithm to control the EV charging infrastructures according to users’ price preferences. EVSE (Electric Vehicle Supply Equipment), equipped with bidirectional communication devices and smart meters, can be remotely monitored by the proposed charging algorithm applied to EV control center and mobile app. On the server side, ARIMA model is utilized to fit historical charging load data and perform day-ahead prediction. A pricing strategy with energy bidding policy is proposed and implemented to generate a charging price list to be broadcasted to EV users through mobile app. On the user side, EV drivers can submit their price preferences and daily travel schedules to negotiate with Control Center to consume the expected energy and minimize charging cost simultaneously. The proposed algorithm is tested and validated through the experimental implementations in UCLA parking lots.

  19. The price of electricity from private power producers

    Energy Technology Data Exchange (ETDEWEB)

    Kahn, E.; Milne, A.; Kito, S.

    1993-10-01

    The long-term wholesale electricity market is becoming increasingly competitive. Bidding for power contracts has become a dominant form of competition in this sector. The prices which emerge from this process have not been documented and compared in a systematic framework. This paper introduces a method to make such comparisons and illustrates it on a small sample of projects. This results show a wide range of prices for what is essentially the same technology, gas-fired combined cycle generation. The price range seems greater than what could be explained by transmission cost differences between high and low cost regions. For the smaller sample of coal-fired projects, price variation is substantially less. Further data collection and analysis should be able to help isolate more clearly what market or cost factors are responsible for the observed variation.

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

    DEFF Research Database (Denmark)

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

    2010-01-01

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

  1. 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.

  2. State energy price and expenditure report 1990

    International Nuclear Information System (INIS)

    1992-01-01

    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 estimates are provided by energy source and economic sector. This report is an update of the State Energy Price and Expenditure Report 1989 published in September 1991. Energy price and expenditure estimates are published for the years 1970, 1975, 1980, and 1985 through 1990. Documentation follows the tables and describes how the price estimates are developed, including sources of data, methods of estimation, and conversion factors applied

  3. Prices need no preferences: social trends determine decisions in experimental markets for pain relief.

    Science.gov (United States)

    Vlaev, Ivo; Seymour, Ben; Chater, Nick; Winston, Joel S; Yoshida, Wako; Wright, Nicholas; Symmonds, Mkael; Dolan, Ray

    2014-01-01

    A standard view in health economics is that, although there is no market that determines the "prices" for health states, people can nonetheless associate health states with monetary values (or other scales, such as quality adjusted life year [QALYs] and disability adjusted life year [DALYs]). Such valuations can be used to shape health policy, and a major research challenge is to elicit such values from people; creating experimental "markets" for health states is a theoretically attractive way to address this. We explore the possibility that this framework may be fundamentally flawed-because there may not be any stable values to be revealed. Instead, perhaps people construct ad hoc values, influenced by contextual factors, such as the observed decisions of others. The participants bid to buy relief from equally painful electrical shocks to the leg and arm in an experimental health market based on an interactive second-price auction. Thirty subjects were randomly assigned to two experimental conditions where the bids by "others" were manipulated to follow increasing or decreasing price trends for one, but not the other, pain. After the auction, a preference test asked the participants to choose which pain they prefer to experience for a longer duration. Players remained indifferent between the two pain-types throughout the auction. However, their bids were differentially attracted toward what others bid for each pain, with overbidding during decreasing prices and underbidding during increasing prices. Health preferences are dissociated from market prices, which are strongly referenced to others' choices. This suggests that the price of health care in a free-market has the capacity to become critically detached from people's underlying preferences. 2014 APA, all rights reserved

  4. PRICE REACTIONS AND ORGANIC PRICE PREMIUMS FOR PRIVATE LABEL AND BRANDED MILK

    OpenAIRE

    Zhuang, Yan; Dimitri, Carolyn; Jaenicke, Edward C.

    2010-01-01

    Using Nielsen Homescan data set from 52 markets in the United States, this paper assesses the price interactions among the four fluid milk categories (organic private label, organic national brand, non-organic private label and non-organic national brand), how demographic variables and product properties in a market affect milk prices, and the impacts of private label and organic milk market shares on milk prices. We find several types of price competition exist among the four milk categories...

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

    Science.gov (United States)

    Santhi, G.; Karthikeyan, K.

    2017-11-01

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

  6. Change in consumer sensitivity to electricity prices in response to retail deregulation: A panel empirical analysis of the residential demand for electricity in the United States

    International Nuclear Information System (INIS)

    Nakajima, Tadahiro; Hamori, Shigeyuki

    2010-01-01

    About ten years have passed since the deregulation of the U.S. retail electricity market, and it is now generally accepted that the available data is adequate to quantitatively assess and compare conditions before and after deregulation. This study, therefore, estimates the changes in price elasticity in the residential electricity market to examine the changes, if any, in household sensitivity (as a result of retail electricity market deregulation policies) to residential electricity rates. Specifically, six types of panel data are prepared, based on three cross-sections-all states (except for Alaska and Hawaii) and the District of Columbia, deregulated states, and non-deregulated states-and two time series-the period before deregulation and the period after deregulation. The panel empirical analysis techniques are used to determine whether or not the variables are stationary, and to estimate price elasticity. We find that there is no substantial difference in the price elasticity between deregulated and non-deregulated states for both periods-before deregulation and after deregulation. Thus, it can be said that the deregulation of the retail electricity market has not made consumers more sensitive to electricity rates and that retail deregulation policies are not the cause of price elasticity differences between deregulated and non-deregulated states.

  7. Change in consumer sensitivity to electricity prices in response to retail deregulation. A panel empirical analysis of the residential demand for electricity in the United States

    Energy Technology Data Exchange (ETDEWEB)

    Nakajima, Tadahiro [The Kansai Electric Power Company, Incorporated, 6-16, Nakanoshima 3-chome, Kita-Ku, Osaka 530-8270 (Japan); Hamori, Shigeyuki [Faculty of Economics, Kobe University 2-1, Rokkodai, Nada-Ku, Kobe 657-8501 (Japan)

    2010-05-15

    About ten years have passed since the deregulation of the U.S. retail electricity market, and it is now generally accepted that the available data is adequate to quantitatively assess and compare conditions before and after deregulation. This study, therefore, estimates the changes in price elasticity in the residential electricity market to examine the changes, if any, in household sensitivity (as a result of retail electricity market deregulation policies) to residential electricity rates. Specifically, six types of panel data are prepared, based on three cross-sections - all states (except for Alaska and Hawaii) and the District of Columbia, deregulated states, and non-deregulated states - and two time series - the period before deregulation and the period after deregulation. The panel empirical analysis techniques are used to determine whether or not the variables are stationary, and to estimate price elasticity. We find that there is no substantial difference in the price elasticity between deregulated and non-deregulated states for both periods - before deregulation and after deregulation. Thus, it can be said that the deregulation of the retail electricity market has not made consumers more sensitive to electricity rates and that retail deregulation policies are not the cause of price elasticity differences between deregulated and non-deregulated states. (author)

  8. 76 FR 53533 - Notification of New Pricing Methodology

    Science.gov (United States)

    2011-08-26

    ... products. The new pricing methodology is based primarily on the London Fix weekly average (average of the... DEPARTMENT OF THE TREASURY United States Mint Notification of New Pricing Methodology ACTION: Notice. SUMMARY: The United States Mint is implementing a new pricing methodology for its commemorative...

  9. Energy prices and taxes

    International Nuclear Information System (INIS)

    2004-01-01

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

  10. MARKET ECONOMICS PRICING PARTICULARS

    Directory of Open Access Journals (Sweden)

    V. I. Parshin

    2011-01-01

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

  11. 78 FR 59055 - Notice of Realty Action: Modified Competitive Sealed-Bid Sale of Public Land at Schoolhouse Butte...

    Science.gov (United States)

    2013-09-25

    ..., offering designated bidders the right to meet the highest valid bid. Refusal or failure to meet the highest... checks will not be accepted. Sealed bid envelopes must be clearly marked on the lower left corner with ``SEALED BID BLM LAND SALE'' and the identification number ``BLM SERIAL NUMBER N-85116.'' The bid envelope...

  12. 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.

  13. Decommissioning Cost Estimating -The ''Price'' Approach

    International Nuclear Information System (INIS)

    Manning, R.; Gilmour, J.

    2002-01-01

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

  14. Bid Protests on DoD Source Selections

    Science.gov (United States)

    2017-06-13

    values, Government Accountability Office 16. SECURITY CLASSIFICATION OF: 17. LIMITATION OF 18. NUMBER a. REPORT b. ABSTRACT c. THIS PAGE ABSTRACT OF...Logistics (AT&L) closely monitors the Government Accountability Office (GAO) Bid Protest statistics for trends. These statistics combined with our trend...protests, cost claims, and requests for reconsideration. This report discusses protests only. The GAO reports case types by docket numbers (B-#) where

  15. BID links ferroptosis to mitochondrial cell death pathways.

    Science.gov (United States)

    Neitemeier, Sandra; Jelinek, Anja; Laino, Vincenzo; Hoffmann, Lena; Eisenbach, Ina; Eying, Roman; Ganjam, Goutham K; Dolga, Amalia M; Oppermann, Sina; Culmsee, Carsten

    2017-08-01

    Ferroptosis has been defined as an oxidative and iron-dependent pathway of regulated cell death that is distinct from caspase-dependent apoptosis and established pathways of death receptor-mediated regulated necrosis. While emerging evidence linked features of ferroptosis induced e.g. by erastin-mediated inhibition of the X c - system or inhibition of glutathione peroxidase 4 (Gpx4) to an increasing number of oxidative cell death paradigms in cancer cells, neurons or kidney cells, the biochemical pathways of oxidative cell death remained largely unclear. In particular, the role of mitochondrial damage in paradigms of ferroptosis needs further investigation. In the present study, we find that erastin-induced ferroptosis in neuronal cells was accompanied by BID transactivation to mitochondria, loss of mitochondrial membrane potential, enhanced mitochondrial fragmentation and reduced ATP levels. These hallmarks of mitochondrial demise are also established features of oxytosis, a paradigm of cell death induced by X c - inhibition by millimolar concentrations of glutamate. Bid knockout using CRISPR/Cas9 approaches preserved mitochondrial integrity and function, and mediated neuroprotective effects against both, ferroptosis and oxytosis. Furthermore, the BID-inhibitor BI-6c9 inhibited erastin-induced ferroptosis, and, in turn, the ferroptosis inhibitors ferrostatin-1 and liproxstatin-1 prevented mitochondrial dysfunction and cell death in the paradigm of oxytosis. These findings show that mitochondrial transactivation of BID links ferroptosis to mitochondrial damage as the final execution step in this paradigm of oxidative cell death. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

  16. 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.

  17. Technical evaluation of bids for nuclear power plants

    International Nuclear Information System (INIS)

    1981-01-01

    In continuation of its efforts to provide comprehensive and impartial guidance to Member States facing the need to introduce nuclear power, the International Atomic Energy Agency is issuing this guidebook as part of a series of guidebooks and codes of practice and, in particular, as a necessary supplement to 'Economic Evaluation of Bids for Nuclear Power Plants: A Guidebook', published by the IAEA in 1976 as Technical Reports Series No.175. The present publication is intended for project managers and senior engineers of electric utilities who are concerned with the evaluation of bids for a nuclear power project. It assumes that the reader has a good knowledge of the technical characteristics of nuclear power plants and of nuclear power project implementation. Its purpose is to provide the information necessary to organize, guide and supervise the technical evaluation of bids for a nuclear power project. It goes without saying that the technical staff carrying out the evaluation must have prior technical experience which cannot be provided by a guidebook

  18. An Electricity Price Forecasting Model by Hybrid Structured Deep Neural Networks

    Directory of Open Access Journals (Sweden)

    Ping-Huan Kuo

    2018-04-01

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

  19. Tariff rebalancing and price structure in privatised utilities

    International Nuclear Information System (INIS)

    Weyman-Jones, T.; Burns, P.

    1996-01-01

    The document contains the end of award report on research into re-balancing and price structure in privatised utilities, funded by the Economic and Social Science Research Council (ESRC). Ramsey pricing ideas in United Kingdom utilities were modelled under different forms of regulation and cost/price relationships measured. Alternative forms of regulation that permit Ramsey pricing were also evaluated. Option price theory is shown to be central to an understanding of incentive mechanisms and their relationship to regulatory options. (UK)

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

    International Nuclear Information System (INIS)

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

    2012-01-01

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